Business

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Estée Lauder Ends Merger Talks with Puig

Estée Lauder has ended merger talks with Spanish beauty group Puig , preventing a deal that would have created a $40 billion luxury beauty giant. The companies had been in discussions for months, but disagreements over governance and Charlotte Tilbury's minority stake led to the collapse of the pote

May 22, 2:47 PM ET Est. Read: 1 Mins

3 articles from 3 publishers

BusinessMarkets

US Stocks Rise Amid Iran Talks; Rupee Strengthens

U.S. stock index futures edged higher on Friday, May 23, as investors monitored US-Iran peace talks and rising Treasury yields. The Dow closed at an all-time high on Thursday for the first time since February. The benchmark S&P 500 remains less than 1% below its all-time high and is up more than 8%

May 22, 7:44 AM ET Est. Read: 2 Mins

10 articles from 3 publishers

BusinessCorporate

Schlitz Beer Production Halted After 177 Years

Pabst Brewing Co. has announced it will halt production of Schlitz beer after 177 years, according to CBS News . The final batch will be brewed using a mid-20th century recipe that duplicates the beer's flavor from its peak popularity. The decision comes amid declining beer sales and increased costs

May 22, 2:53 AM ET Est. Read: 2 Mins

4 articles from 3 publishers

More Business Summaries

Media

James Murdoch Acquires Half of Vox Media

James Murdoch's media and tech holding company Lupa Systems is set to acquire nearly half of Vox Media in a deal reportedly worth over $300 million, according to multiple reports. The acquisition includes New York Magazine, Vox.com, and the company's podcast network featuring popular shows like 'Tod

May 20, 5:40 PM ET·2 min read

6 articles from 6 publishers

Technology

Nvidia Forecasts $91B Revenue on AI Boom

Nvidia forecasted second-quarter revenue of $91 billion , plus or minus 2%, surpassing Wall Street expectations of $86.84 billion . The company also announced an $80 billion share repurchase program . Traders braced for significant stock movements, with options markets pricing in a 6.5% swing in eit

May 20, 5:40 PM ET·3 min read

16 articles from 3 publishers

Economy

SpaceX Files for Record-Setting $75B IPO

SpaceX has filed financial information with regulators for an initial public offering (IPO) that could raise up to $75 billion , making it potentially the largest IPO in history. The company is seeking to value itself at over $1 trillion , which would make it one of the most valuable companies globa

May 20, 5:40 PM ET·2 min read

31 articles from 13 publishers

Trade

UK Strikes £3.7bn Trade Deal With Six Gulf States

The UK has finalized a £3.7bn trade deal with six Gulf Cooperation Council (GCC) states—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates—as reported by BBC , The Guardian , Reuters , and CNBC . The agreement concludes four years of negotiations led by successive prime ministe

May 20, 2:46 PM ET·2 min read

6 articles from 4 publishers

Corporate

OpenAI Aims for $1 Trillion IPO Amid Tech Listing Rush

OpenAI is moving forward with plans to confidentially file for a U.S. initial public offering (IPO) within the coming weeks, according to multiple sources familiar with the matter. The company, valued at $852 billion , aims to go public as early as September and could see its valuation rise up to $1

May 20, 2:46 PM ET·2 min read

23 articles from 4 publishers

Corporate

Stellantis Unveils $70B Plan for 60 New Models by 2030

Stellantis announced a €60 billion ($70 billion) business plan on May 21, aiming to launch 60 new car models by 2030 . The Franco-Italian carmaker plans to refocus its portfolio, with 70% of investments going to Jeep, Ram, Peugeot, Fiat, and commercial vehicle unit Pro One. CEO Antonio Filosa will p

May 20, 7:29 AM ET·2 min read

12 articles from 4 publishers

Trade

EU Approves Trade Deal with US to Avert Trump Tariffs

The European Union has approved a trade deal with the United States that removes import duties on most American goods, according to multiple reports. The agreement was reached after five hours of negotiations between members of the European Parliament and EU member states. This move is expected to a

May 20, 5:10 AM ET·2 min read

5 articles from 4 publishers

Corporate

China Confirms Boeing Jet Purchase After Trump-Xi Summit

China has confirmed its intention to purchase 200 Boeing jets following a summit between US President Donald Trump and Chinese President Xi Jinping in Beijing last week. The deal includes supply guarantees for aircraft engine parts, as reported by BBC . According to the Chinese Commerce Ministry, bo

May 20, 3:15 AM ET·3 min read

4 articles from 4 publishers

Corporate

Netflix Abandons Warner Bros Deal

Netflix has abandoned its pursuit of Warner Bros. Discovery after refusing to counter Paramount Skydance’s revised offer of $111 billion in February. According to Time , Netflix co-CEO Greg Peters stated that the company walked away from the deal because it didn’t align with their value proposition

May 19, 6:24 AM ET·2 min read

3 articles from 3 publishers

Corporate

Standard Chartered to Cut Over 7,500 Jobs by 2030

Standard Chartered plans to cut more than 7,500 jobs by 2030 , according to multiple reports. The London-headquartered bank aims to reduce over 15% of its corporate function roles through automation and AI adoption as part of a strategy to boost profitability and efficiency. The job cuts are primari

May 19, 4:08 AM ET·2 min read

10 articles from 5 publishers

Corporate

DOJ Drops Fraud Charges Against Adani After $10B US Investment Pledge

Indian billionaire Gautam Adani saw criminal fraud charges against him dropped by the U.S. Justice Department after he pledged $10 billion in investments and 15,000 jobs in the United States. The charges, filed in November 2024 during President Joe Biden's administration, accused Adani and his assoc

May 19, 12:25 AM ET·2 min read

9 articles from 7 publishers

Corporate

Lululemon Accuses Founder Wilson of Harming Brand

Lululemon Athletica has publicly accused its founder Chip Wilson of making escalating demands that led to a breakdown in settlement talks, according to regulatory filings. The company delayed filing its definitive proxy statement in hopes of reaching an agreement with Wilson, who founded the brand i

May 18, 1:53 PM ET·2 min read

3 articles from 3 publishers

Corporate

NextEra to Acquire Dominion in $67B Deal

NextEra Energy announced on Monday its acquisition of Dominion Energy in an all-stock deal valued at approximately $67 billion . This merger aims to create the world's largest regulated utility business, driven by rising electricity demand from AI and data center growth. The combined company will se

May 18, 1:53 PM ET·2 min read

10 articles from 6 publishers

Media

BBC's New Chief Warns of Tough Choices Amid Financial Challenges

The BBC's new director general Matt Brittin warned staff of 'tough choices' ahead on his first day, as the broadcaster faces significant financial challenges and operational strikes. According to multiple reports, Brittin succeeds Tim Davie who resigned last year following criticism over a misleadin

May 18, 9:58 AM ET·1 min read

6 articles from 4 publishers

Economy

Ryanair Warns of Flat Fares Amid Fuel Supply Concerns

Ryanair has warned investors that annual profits may be pressured by the effects of the US-Iran war, with economic uncertainty likely to wipe out any growth in fares during its peak summer months. The airline had previously predicted low single-digit growth in fare costs but now expects pricing to r

May 18, 6:05 AM ET·2 min read

3 articles from 3 publishers

Corporate

Starbucks Cuts 300 US Corporate Jobs in Restructuring

Starbucks announced on Friday that it will lay off 300 corporate employees in the U.S. and close regional offices as part of its ongoing restructuring efforts under CEO Brian Niccol. The job cuts primarily affect support functions such as marketing, human resources, and supply chain management. No c

May 15, 11:13 AM ET·1 min read

7 articles from 7 publishers

CorporateCONFLICTING REPORTS

British Gas to Pay £20M After Prepayment Meter Scandal

British Gas owner Centrica has agreed to pay £20 million into a redress fund following an investigation by regulator Ofgem. The probe found that British Gas installed prepayment meters in the homes of vulnerable customers without their consent, potentially leading to supply cut-offs if payments were

May 15, 4:50 AM ET·2 min read

3 articles from 3 publishers

Corporate

DOJ Nears Dropping Adani Fraud Charges

The U.S. Justice Department is reportedly close to dropping criminal fraud charges against Indian billionaire Gautam Adani, according to multiple sources familiar with the matter. Adani and his nephew Sagar Adani have agreed to pay a combined $18 million in penalties to settle a civil fraud lawsuit

May 15, 1:05 AM ET·2 min read

6 articles from 4 publishers

Automotive

Xpeng Eyes Volkswagen Factory as China Expands in Europe

Chinese electric vehicle (EV) manufacturer Xpeng is exploring the acquisition of a factory from Volkswagen in Europe, according to reports from The Guardian , TimesLIVE , and Reuters . This development comes as Chinese automakers increasingly expand their presence in Europe, while traditional Europe

May 15, 1:05 AM ET·2 min read

3 articles from 3 publishers

Automotive

Honda Posts First Annual Loss in 70 Years

Honda has reported its first annual loss in nearly 70 years as a listed company, attributing the setback primarily to failed investments in electric vehicle (EV) markets and changes in US policy. According to multiple reports, the Japanese car giant's operating loss for the year ending March totaled

May 14, 11:48 AM ET·3 min read

5 articles from 5 publishers

Corporate

Cisco Shares Surge 19% on AI Demand and Job Cuts

Cisco Systems' shares surged nearly 19% in premarket trading on Thursday following the company's announcement of approximately 4,000 job cuts and an increased revenue forecast driven by strong demand for AI infrastructure. According to multiple reports, this surge could propel Cisco's stock to a rec

May 14, 7:39 AM ET·2 min read

4 articles from 4 publishers

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Business

Estée Lauder Ends Merger Talks with Puig

US Stocks Rise Amid Iran Talks; Rupee Strengthens