BUSINESS

BYD PROFIT MISSES FORECASTS AS BEIJING TIGHTENS GRIP ON EV PRICING AND SUPPLIER PAYMENTS

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China's leading electric vehicle maker BYD reported weaker-than-expected second-quarter results, marking its first quarterly profit decline in more than three years. The setback reflects both Beijing's crackdown on aggressive discounting and new rules on faster supplier payments that have squeezed margins.

KEURIG DR PEPPER TO BUY PEET'S COFFEE OWNER IN $18 BILLION DEAL

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Keurig Dr Pepper said Monday it will buy Peet’s Coffee owner JDE Peet’s in a deal worth about $18 billion (15.7 billion euro).

LUXURY CARMAKER LOTUS TO CUT 550 JOBS IN UK

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Chinese-owned luxury carmaker Lotus said Thursday that it planned to cut up to 550 UK jobs, in part over uncertainty caused by US tariffs. The layoffs represent over forty percent of its 1,300 employees in Britain. The carmaker, which is majority owned by Chinese auto giant Geely, has several sites in the UK, including its headquarters in Hethel, eastern England.

NIKE ENTERS TRAIL RUNNING WITH ACG ULTRAFLY

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Nike is taking a bold step into the outdoor recreation market with the launch of its new ACG Ultrafly trail running shoe. Scheduled to debut at the Ultra-Trail du Mont-Blanc ultramarathon in France, the release signals a major push for Nike's ACG sub-brand, historically associated more with lifestyle fashion than high-performance sport.

LEGO REPORTS RECORD SALES AND GROWING MARKET SHARES

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Lego, the world's largest toymaker, reported record sales for the first half of the year and continues to increase its market share despite global economic uncertainty, according to its CEO. The Danish company saw its net profit rise 10% year-over-year to 9 billion kroner ($1.39 billion) for the January-June period. Sales rose by 12 percent to a record 34.6 billion kroner, its sixth straight increase for a half-year period.

FORMER TWITTER WORKERS REACH SETTLEMENT WITH MUSK AND X

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Former employees of Elon Musk's social media company X, who sued for $500 million in severance pay, have reached a tentative settlement with Musk and the company. The parties announced the agreement in a court filing on Wednesday jointly requesting the US appeals court in San Francisco to postpone an upcoming hearing to allow time to settle the paperwork.

MERCEDES-BENZ SELLS ITS STAKE AT NISSAN

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In a move that sent Nissan Motor shares tumbling, the pension trust of German automaker Mercedes-Benz has sold its entire 3.8% stake in the Japanese company for 47.83 billion yen ($324.65 million), a source with direct knowledge of the transaction revealed on Tuesday. Nissan shares closed more than 6% lower following Mercedes-Benz's Monday announcement, the stock's biggest single-day decline since early July.

SONY TO INCREASE PLAYSTATION PRICES IN US

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On Wednesday, Sony announced a $50 price increase for PlayStation 5 consoles in the United States, citing a "challenging economic environment." Isabelle Tomatis, vice president of global marketing at Sony Interactive Entertainment, stated in a post, "Like many global companies, we are navigating a difficult economic landscape." The revised prices for the PS5 will be $550, while the "Digital Edition" will cost $500, and the Pro version will be priced at $750, as noted by Tomatis.