Loading summary
TrueStage Announcer
Trustage helps make annuities simple. Our flexible products and personalized support help you build stronger relationships and grow your business with confidence. Discover how@truestage.com grow. TrueStage is the marketing name for Trustage Financial Group, Inc. At subsidiaries and affiliates. Corporate headquarters is located in Madison, Wisconsin.
Kate Bullivant
The Trump administration looks to ramp up US Manufacturing with help from Japan. Plus, Congress heads for a shutdown brawl today with razor tight votes in the House and Senate.
Chuck Schumer
Well, time is running out on October 1st. Government funding lapses.
John Thune
Hopefully they will deliver the votes that are necessary for us to keep the government open. Keep the lights on.
Kate Bullivant
And production at Jaguar Land Rover is stuck in neutral after a major cyber attack. It's Friday, September 19th. I'm Kate Bullivant for the Wall Street Journal and here is the AM Edition of what's news, the top headlines and business stories moving your world. Today, President Trump is once again looking to revive US manufacturing, this time with the help of a $550 billion Japanese investment fund. According to documents and people familiar with the discussion, the plan to spur domestic factory construction would give priority to sectors such as semiconductors, pharmaceuticals, critical minerals, energy, ships, and quantum computing. The Journal's Jason Douglas is with us now. Jason, tell us a bit more about this $550 billion investment fund from Japan. What does it involve?
Jason Douglas
So this is part of the trade agreement between the United States and Japan. So Japan got lower tariffs on cars and steel and some other things. And in return, it has promised to invest an awful lot of money in the United States over the next few years of Trump's presidency. The way it works is a little bit controversial, particularly in Japan. So the United States has really quite a lot of discretion over what projects will get funded. And then the Japanese have the choice to either invest or not invest. If they don't invest, there's the risk that tariffs get reimposed at a higher level. So the incentive for the Japanese side at any rate, is very much to get involved in these investments. And as you said, they are in sectors that the Japanese government and Japanese companies are very interested in. It's things like semiconductors and energy and so on.
Kate Bullivant
So far, Trump has already secured a government stake in intel and negotiated a so called golden share in US Steel. Does this plan mark another example of Trump making inroads into the private sector?
Jason Douglas
I think that's fair, yes. I mean, President Trump has made no secret of his desire to revitalize US Manufacturing and he's pulling all the levers that he can to do it. And if that involves directing pretty large sums to particular enterprises to particular projects chosen by the government, then he will do that. It certainly gives the government a very central role in reshaping rebuilding US manufacturing for sure.
Kate Bullivant
Jason Douglas, thank you very much.
Jason Douglas
My pleasure.
Kate Bullivant
The details of how such a far reaching programme would be implemented are still being ironed out and those with direct knowledge of the negotiations cautioned that the plans could change. On Capitol Hill, House lawmakers are set to vote on a short term spending bill that would fund the government through mid November. Democratic leaders are adamantly opposed and are threatening a government shutdown if Republicans don't let them have a say on the measure. With some Democratic support needed to get the bill over the line. If it does, the bill moves on to the Senate for a vote later. However, neither side shows signs of budging despite the desire to avert a looming government shutdown on October 1. Speaking at a press at a press conference, Senate Minority Leader Chuck Schumer said time is running out.
Chuck Schumer
Democrats are clear we need Republicans to step up, not say, oh maybe we'll look at it down the road. We need them to step up now, now to protect the needs of the American people.
Kate Bullivant
Meanwhile, Senate Majority Leader John Thune said Republicans have given Democrats every opportunity to avoid a government shutdown.
John Thune
So I'm hoping that, notwithstanding what Senator Schumer is saying, that there are Democrats out there who think it's a really bad idea like they did last year, to shut down the government.
Kate Bullivant
In a sign the votes could be a close call, President Trump weighed in yesterday urging Republicans to pass the bill. House Speaker Mike Johnson expressed confidence he has the votes to pass the bill. In the House, Health Secretary Robert F. Kennedy Jr. S vaccine panel has voted to no longer recommend a combined shot for measles, mumps, rubella and varicella or chickenpox for children under age 4. Under new guidance, parents are instead recommended to get their young children one vaccine for chickenpox and a second MMR vaccine. The committee chairman said the goal was to reduce seizures following the combined vaccine, though they are very rare, arguing that fewer adverse reactions will build TR in the vaccine schedule. Others said the decision risked scaring parents. According to immunisation experts, combination vaccines mean fewer shots and visits to the doctor, making it more likely that children get fully immunised and protected against diseases. The panel is today expected to vote on changing recommendations for COVID 19 shots. President Trump has said that broadcast networks that are against him might have their licenses taken away by the fcc. It comes after Disney suspended Jimmy Kimmel's late night show indefinitely following remarks about the killing of conservative activist Charlie Kirk. Speaking to reporters on Air Force One, Trump said any decision on whether to revoke licenses would be up to FCC chair Brendan Carr.
Donald Trump
They give me only bad publicity or press. I mean, they're getting a license. I would think maybe their license should be taken away. It would be up to Brendan Carr. I think Brendan Carr outstanding. He's a patriot, he loves our country and he's a tough guy. So we'll have to see.
Kate Bullivant
In a rare rebuke, former President Barack Obama said on X that the Trump administration had taken cancel culture to a, quote, new and dangerous level by routinely threatening regulatory action against media companies unless they muzzle or fire reporters and commentators it doesn't like, unquote. And while the Trump administration has blamed the radical left for Kirk's shooting, groups that track political viol in the US Generally find that right wing and jihadist violence has been more prevalent than left wing violence in recent decades. That said, the landscape is evolving, with researchers saying more acts are being committed by those holding either explicitly leftist views, no dominant political views, or a mix of fringe ideologies. That includes the alleged gunman in the fatal shooting of a United Healthcare executive in December and the suspect in the killing of two Israeli diplomats in Washington in May. Tyler Robinson, the 22 year old Utah man charged with murdering Charlie Kirk, had grown political and left leaning over the past year, according to his mother, a registered Republican. Coming up, a major hack forces Jaguar Land Rover to slam the brakes on production. That story after the break.
TrueStage Announcer
What does the future hold for business? Can someone invent a crystal ball? Until then, over 42,000 businesses have future proofed their business with NetSuite by Oracle number one AI Cloud ERP, bringing accounting, financial management, inventory and HR into one platform. With real time insights and forecasting, you're able to peer into the future and seize new opportunities. Download the CFO's guide to AI and machine learning for free at netsuite.com wallstreet that's netsuite.com wallstreet.
Kate Bullivant
Every day, hundreds of high end SUVs usually roll off Jaguar Land Rover's production lines in England. But no more. A cyber attack discovered late last month has effectively crippled the company, which manufactures popular vehicles including the Range Rover. It couldn't come at a worse time for the automaker known as jlr. President Trump's tariffs have effectively halved its profits, and one external estimate says the hack cost the company almost $7 million a day. Our Caitlin McCabe spoke to Stephen Wilmot, who covers automakers for the Journal, well.
Stephen Wilmot
It'S already dragging into a third week this week, so essentially they haven't been producing vehicles all month. As soon as they found the hack out, they shut down their IT systems, which meant that they've essentially shut down their production operations. They did manage to continue selling through their dealer network throughout, but by using manual workarounds. So it's a very difficult situation for them and it's unclear when it will be resolved. They're currently saying they're going to start back up next Wednesday, but they previously said it would be this Wednesday. So it's a bit of a moving feast. And the lesson of previous hacks is that these things take time. Once you shut down your IT operations, starting them up in a safe manner is seemingly extremely complex.
Caitlin McCabe
So big issue for the company here. Has anyone taken responsibility for this attack?
Stephen Wilmot
Yes, we've seen some notorious groups that communicate through telegram, that go by names such as Lapsus$, Shiny Hunters and Scattered Spider take credit in a kind of oblique way through their communication channels. We don't know how seriously to take these. These are groups of young hackers that have seemingly come out of the gaming community, transferred their gaming skills to criminal activity, often demanding ransom, but in other cases simply having fun. We know very little from jlr. They're being very tight lipped as they investigate the situation alongside law enforcement authorities in the uk.
Caitlin McCabe
Yeah, some interesting names associated with these groups. Do we know anything about previous hacks that they might have been involved in?
Stephen Wilmot
Scattered Spider was definitely responsible for the MGM hack in 2023 in Las Vegas. Again, manual workarounds were the only way for the company to operate. Had to kind of check people in by pen and paper, that kind of thing. And we know more about that because the company spoke about IT and there it was. An IT system was compromised just through what they call social engineering or essentially impersonation of an employee. That was also the case at a Ms. Hack, Marks and Spencer, the British retailer, earlier this year. And this could be an explanation for what's going on at jlr, but we don't know yet.
Caitlin McCabe
And what are the broader implications for JLR here? Obviously it's a very tough backdrop at the moment for automakers.
Stephen Wilmot
Yes, I mean, JLR was doing pretty well and actually reported its best profit in 10 years for the year through March. But then in April, President Trump introduced higher tariffs on shipments from Europe to the US or from everywhere to the US and of course the US is JLR's most important market and it doesn't have US production facilities, so that left it in a bit of a pickle. And in the most recent quarter, its profit almost halved.
Caitlin McCabe
I think your story notes that JLR is also Britain's second largest vehicle manufacturer by volume. What is the context here for Britain and the supply chain through the country?
Stephen Wilmot
The auto industry is such an economically important one for most countries that produce cars that there's a wider impact. They're buying parts from a broad network of suppliers across the West Midlands region of the uk. And so there's a concern in the UK and the company is talking to the government on a daily basis about whether it needs a Covid style bailout. Not the company itself, but its suppliers who are often in a much more fragile financial situation.
Caitlin McCabe
That's Stephen Wilmot. Stephen, thanks for being here.
Stephen Wilmot
Thank you very much.
Kate Bullivant
And that's it for what's news for this Friday morning. Today's show was produced by Daniel Bark. Our supervising producer is Sandra Kilhoff. And I'm Kate Bullivant for the Wall Street Journal. We'll be back tonight with a new show. Until then, have a nice weekend and thanks for listening.
Veeam Announcer
Cybercriminals. Count on chaos. Count on Veeam to stop them fast. Partner with the global leader in Data Resilience and get 24. 7 ransomware support for your business with Veeam. It's all good. Keep your business running@veeam.com.
Episode: House to Vote on GOP Bill to Avert a Shutdown
Date: September 19, 2025
Host: Kate Bullivant, The Wall Street Journal
This episode focuses on three major stories:
The episode features insights from WSJ reporters, lawmakers’ statements, and real-time developments in business, technology, and politics.
Notable Quotes:
"The United States has really quite a lot of discretion over what projects will get funded. And then the Japanese have the choice to either invest or not invest. If they don't invest, there's the risk that tariffs get reimposed at a higher level." (01:41)
"Does this plan mark another example of Trump making inroads into the private sector?" (02:27)
"President Trump has made no secret of his desire to revitalize US Manufacturing and he's pulling all the levers that he can to do it." (02:42)
Notable Quotes:
"We need [Republicans] to step up now, now to protect the needs of the American people." (04:01)
"I'm hoping that... there are Democrats out there who think it's a really bad idea like they did last year, to shut down the government." (04:24)
Notable Quotes:
"I would think maybe their license should be taken away. It would be up to Brendan Carr ... He's a patriot, he loves our country and he's a tough guy." (06:12)
"[The] Trump administration had taken cancel culture to a, quote, new and dangerous level by routinely threatening regulatory action against media companies unless they muzzle or fire reporters and commentators it doesn't like." (06:31)
Notable Quotes:
"As soon as they found the hack out, they shut down their IT systems, which meant that they've essentially shut down their production operations...starting them up in a safe manner is seemingly extremely complex." (09:02)
"Scattered Spider was definitely responsible for the MGM hack in 2023 in Las Vegas...an IT system was compromised just through what they call social engineering or essentially impersonation of an employee." (10:48)
"The auto industry is such an economically important one for most countries that produce cars that there's a wider impact...there's a concern in the UK...about whether it needs a Covid style bailout. Not the company itself, but its suppliers." (12:13)
The tone is brisk, analytical, and direct, typical for a news digest format. Reporters and lawmakers speak in clear, matter-of-fact language, mixing high-level summaries with direct insights and occasional pointed criticism.
This episode delivers a comprehensive look at imminent political, economic, and corporate challenges—from the high-stakes showdown in Congress and sweeping moves on industrial policy, to the vulnerabilities of modern manufacturing in the face of cyber threats. It contextualizes these stories within their broader societal and global impact, offering listeners a concise, authoritative update on the news shaping their world.