OpenAI finalizes deal that values it at $500 billion

LEADERSHIP

The Boston Private Industry Council has picked Boston School Committee vice chair Michael O’Neill to take over as executive director on Jan. 5, succeeding longtime chief Neil Sullivan after his retirement. O’Neill, currently an executive vice president at marketing and PR firm Zozimus, has worked in financial services for much of his career, including at SBLI of Massachusetts and Bank of America-owned US Trust (now known as Bank of America Private Bank). O’Neill is also a lifelong Bostonian who has served on the Boston School Committee since 2008; he will step down from the committee at the end of the year. He has been a longtime member of the Boston PIC, which serves as the city’s workforce development board, and has chaired the PIC committee that oversees the distribution of federal workforce funds for youth. A search committee consisting of PIC board members and city officials, working with headhunting firm Isaacson, Miller, recommended O’Neill to the PIC board for the job. The PIC is a $12 million nonprofit, with funds coming from a mix of city, state, and federal sources, as well as foundation grants. Most of the money goes to the operating budget, which supports a 60-member staff, but more than $4 million is distributed in the form of student wages. Stacia Reidy MacNaught, PIC board chair and a vice president at Vertex Pharmaceuticals, said that in a strong field of applicants, O’Neill brought a unique set of qualifications, including deep familiarity with the PIC and a vision for its future potential. — JON CHESTO

DATA

The government shutdown that began Wednesday will deprive policymakers and investors of economic data vital to their decision-making at a time of unusual uncertainty about the direction of the US economy. The absence will be felt almost immediately, as the government’s monthly jobs report scheduled for release Friday will likely be delayed. A weekly report on the number of Americans seeking unemployment benefits — a proxy for layoffs that is typically published on Thursdays — will also be postponed. If the shutdown is short-lived, it won’t be very disruptive. But if the release of economic data is delayed for several weeks or longer, it could pose challenges, particularly for the Federal Reserve. The Fed is grappling with where to set a key interest rate at a time of conflicting signals, with inflation running above its 2 percent target and hiring nearly ground to a halt, driving the unemployment rate higher in August. The Fed typically cuts this rate when unemployment rises, but raises it — or at least leaves it unchanged — when inflation is rising too quickly. It’s possible the Fed will have little new federal economic data to analyze by its next meeting on Oct. 28-29, when it is widely expected to reduce its rate again. — ASSOCIATED PRESS

AUTO

Months after Elon Musk left the Trump administration to the relief of Tesla investors worried about boycotts, the world’s richest man has announced some good news: Sales of Tesla cars are back. Well, maybe. The electric vehicle maker run by Musk reported Thursday that car sales jumped 7 percent in the three months through September after plunging for most of the year as people turned off by his embrace of President Trump and far-right politicians in Europe balked at buying his cars. But the jump comes with a caveat: Tesla benefited from consumers taking advantage of a $7,500 tax credit before it expired on Sept. 30, a surge in buying that helped all EV makers. In fact, many Tesla rivals saw sales rise more. Rivian Automotive reported a 32 percent increase. Tesla stock rose sharply on the sales news but closed the day down 4.5 percent to $439 amid skepticism the new number really signals a turnaround given all the anti-Musk backlash. — ASSOCIATED PRESS

HOUSING

President Trump’s latest round of tariffs aimed at wood, furniture, and other household furnishings could drive up the cost of building and owning homes, further weighing on an already weak housing sector. In a proclamation this week, Trump said he would impose tariffs on imported wood, furniture, kitchen cabinets, and bathroom vanities beginning Oct. 14. The president said in a social media post that they were needed to protect American manufacturing because of “the large scale ‘FLOODING’ of these products” into the United States. Analysts said the steep levies could aggravate the nationwide housing shortage by slowing the pace of new home construction. The higher costs, as well as hefty tariffs on steel and aluminum that went into effect in June, could also dampen any jolt the housing market might have derived as the Federal Reserve begins to lower interest rates. Trump has spent months demanding lower rates to help bring down mortgage rates. — NEW YORK TIMES

FINANCE

Fair Isaac Corp. will now sell credit scores directly to mortgage resellers, a move that sent shares of third-party credit bureaus plunging. Through a new program, mortgage resellers will be able to calculate and distribute credit scores directly to customers, reducing their reliance on credit bureaus. This will bring more price transparency and savings for mortgage lenders, mortgage brokers, and other industry participants, FICO said in a statement. Shares of credit-reporting bureaus TransUnion and Equifax Inc. each fell more than 8 percent on Thursday. FICO shares were up 18 percent at the close after posting a 32 percent surge, the biggest intraday gain on record. Credit scores are a key tenet of American consumer financing, used by lenders to judge how well individuals can pay back their obligations. The three major providers of consumer credit reports in the United States — Equifax, TransUnion, and Experian Plc — help consumers apply for mortgages or car loans. Federal Housing Finance Agency director Bill Pulte said in a post on X that FICO took “a first step” in “ensuring a competitive and safe and sound market” to generate creative solutions to help consumers. — BLOOMBERG NEWS