Business

413 summaries

All (413)Corporate (175)Economy (68)Automotive (27)Markets (26)Legal (25)Technology (23)

EU Fines Temu €200M Over Illegal Product Sales

The European Union fined Chinese online retailer Temu €200 million on Thursday, May 28 for violating the Digital Services Act (DSA) by failing to prevent illegal product sales. The fine follows a nearly two-year investigation launched after complaints from pan-European consumers' organization BEUC a

May 28, 7:29 AM ET Est. Read: 2 Mins

17 articles from 5 publishers

BusinessCorporate

Ousted BP Chair Manifold Disputes Conduct Allegations

Albert Manifold, the recently ousted chairman of BP, has strongly disputed allegations of misconduct that led to his removal from the company. According to multiple reports, Manifold was dismissed by the board on Tuesday after just eight months in the role due to serious concerns about his governanc

May 28, 3:38 AM ET Est. Read: 2 Mins

3 articles from 3 publishers

BusinessCorporate

CFTC Moves to Vacate $5M Penalty Against Gemini

The U.S. Commodity Futures Trading Commission (CFTC) asked a judge to vacate the agency's $5 million penalty against Gemini Trust Company , founded by twin brothers Tyler and Cameron Winklevoss. The CFTC admitted that regulators should never have accused Gemini of making false statements in connecti

May 27, 11:48 PM ET Est. Read: 2 Mins

4 articles from 3 publishers

More Business Summaries

Automotive

Volvo Cleared to Import Connected Cars Despite China Ban

Volvo Cars has received approval from the U.S. Department of Commerce to continue importing connected vehicles into the United States, despite an impending ban on such vehicle software with Chinese links starting from model year 2027. The Swedish automaker, which is partly owned by China's Zhejiang

May 27, 1:24 PM ET·2 min read

3 articles from 3 publishers

Markets

SpaceX, OpenAI IPOs Spark Fund Shifts; Micron Joins $1T Club

Large mutual funds and passive index funds are setting aside more cash in preparation for the upcoming IPOs of SpaceX and OpenAI, which could force these funds to sell down existing holdings in other large-cap stocks. According to multiple reports, SpaceX is targeting a valuation of about $1.75 tril

May 27, 7:18 AM ET·2 min read

14 articles from 3 publishers

Corporate

BP Ousts Chair Albert Manifold Over Conduct Concerns

British oil giant BP abruptly removed its chairman, Albert Manifold , citing serious governance and conduct concerns. The board unanimously decided to oust him less than a year after his appointment, effective immediately. The company's senior independent director, Amanda Blanc , stated that the boa

May 26, 6:20 PM ET·3 min read

7 articles from 5 publishers

Corporate

Eli Lilly to Acquire Three Vaccine Developers for $4 Billion

Eli Lilly announced on Tuesday its plans to acquire three early- and mid-stage vaccine developers— Curevo , LimmaTech Biologics , and The Vaccine Company —for a combined value of nearly $4 billion. This move signals the pharmaceutical giant's push into infectious disease prevention, according to mul

May 26, 9:56 AM ET·2 min read

4 articles from 3 publishers

Economy

Sorkin Warns of Market Crash Amid CEO Fear

CNBC's Andrew Ross Sorkin warned on CBS News' '60 Minutes' that a market crash is coming, citing CEO fear of political retaliation from the Trump administration. According to HuffPost and Fox News, Sorkin claimed most CEOs are too intimidated to criticize publicly due to concerns about regulatory at

May 26, 7:58 AM ET·1 min read

3 articles from 3 publishers

Automotive

Ferrari Unveils $640K Electric Luce Amid Mixed Reactions

Ferrari unveiled its first fully electric car, the $640,000 (€550,000) Luce , on May 27 in Rome. The four-door, five-seater model marks a significant departure from Ferrari's traditional sports cars and was developed in collaboration with former Apple design chief Sir Jony Ive and his agency LoveFro

May 25, 10:45 PM ET·3 min read

14 articles from 6 publishers

Corporate

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·1 min read

3 articles from 3 publishers

Markets

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·2 min read

10 articles from 3 publishers

Corporate

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·2 min read

4 articles from 3 publishers

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

......

Page 8 of 18

Business

EU Fines Temu €200M Over Illegal Product Sales

Ousted BP Chair Manifold Disputes Conduct Allegations