BUSINESS

KERING STRIKES $4.7 BILLION DEAL WITH L'OREAL TO SELL BEAUTY UNIT AS DE MEO MOVES TO REDUCE DEBT

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Kering has reached an agreement to sell its beauty arm to French cosmetics leader L'Oréal for €4 billion ($4.7 billion), marking a pivotal strategic shift for the luxury group and its new chief executive, Luca de Meo.

SOFTBANK ACQUIRES ABB ROBOTICS FOR $5.4BILLION IN MAJOR PUSH FOR AI

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SoftBank Group has struck a landmark $5.4 billion deal to acquire the robotics division of Swiss engineering giant ABB, marking its most ambitious move yet to merge robotics with artificial intelligence in what founder Masayoshi Son calls the age of "Physical AI."

NESTLE TO CUT 16,000 JOBS AMID COST CUTTING MEASURES

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Nestle shares surged Thursday after the food giant announced plans to cut 16,000 jobs globally over the next two years. The move, aimed at streamlining operations and adapting to a changing market, represents a reduction of approximately six percent of Nestle's workforce. Newly appointed CEO Philipp Navratil stated that these "hard but necessary decisions" were essential for the company's future. The news propelled the Zurich stock market to the best performing in Europe.

JOHNSON & JOHNSON ORDERED TO PAY $966 MILLION IN TALC CANCER CASE

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A Los Angeles jury has ordered Johnson & Johnson to pay a staggering $966 million to the family of Mae Moore, a California woman who died in 2021 from mesothelioma, a rare and aggressive form of cancer linked to asbestos exposure. The decision marks one of the largest verdicts against the company to date and adds to the mounting legal challenges it faces over its talc-based products.

GLOBAL EV SALES SURGE TO RECORD 2.1 MILLION IN SEPTEMBER, DRIVEN BY CHINA'S MARKET DOMINANCE

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Global sales of electric vehicles (EVs) hit a record 2.1 million units in September, fueled by surging demand in China and a final rush of tax-credit buyers in the United States, according to market research firm Rho Motion. The figure marks a 26 percent year-over-year increase, breaking the two-million threshold for the first time.

UK BECOMES BYD'S BIGGEST MARKET OUTSIDE CHINA

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The UK has emerged as BYD's largest market outside China, driven by an astonishing 880% increase in sales during September. The Chinese carmaker sold 11,271 vehicles last month, primarily the plug-in hybrid version of its Seal U SUV. The UK's attractiveness stems from its absence of tariffs on Chinese electric vehicles, a factor that distinguishes it from other major markets such as the European Union and the United States.

FERRARI TO MAKE FIRST FULLY ELECTRIC CAR

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Ferrari unveiled details of its first electric sports car on Thursday, announcing the four-seat coupe, dubbed "Elettrica," will boast over 1,000 horsepower and a range of 530 kilometers (329 miles).

RITE AID CLOSES DOWN ALL ITS STORES AMID BANKRUPTCY

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From its peak as one of the largest pharmacy chains in the US with 5,000 stores, Rite Aid's fortunes have dramatically reversed. Founded in 1962, the company has faced financial struggles and a Justice Department investigation in recent years. Following bankruptcy filings in October 2023 and May 2025, data on Friday showed that fewer than 100 stores remain.