BUSINESS

MERCK TARGETS $3BILLION IN CUTS AS PATENT CLIFF, TARIFFS CHALLENGE GROWTH STRATEGY

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Merck & Co. has launched a sweeping cost-cutting initiative, aiming at trimming $3 billion in annual expenses by the end of 2027 as it navigates shrinking vaccine revenues and braces for the expiration of its best-selling drug's patent protections.

PUMA DROPS 17% AS GROWTH OUTLOOK DISAPPOINTS INVESTORS

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Puma's stock nosedived 17% on Friday after the German sportswear giant slashed its 2025 outlook, citing escalating U.S. tariffs, softening demand, and strategic missteps. The company now forecasts a full-year sales decline in the low double digits, abandoning earlier expectations of modest growth.

PAYPAL BEATS Q2 FORECASTS, LIFTS OUTLOOK, STOCK STILL SLIPS

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PayPal reported strong second-quarter results on Tuesday, with revenue reaching $8.29 billion, exceeding analyst expectations. Adjusted earnings per share came in at $1.16, beating forecasts of $1.15. Despite the positive financials, shares fell nearly 2% in after-hours trading, reflecting investor caution.

SKYDANCE APPROVED TO ACQUIRE PARAMOUNT GLOBAL

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US regulators have greenlit Skydance's $8 billion acquisition of Paramount Global, but only after securing assurances that the merged company will comply with Trump administration guidelines regarding diversity, equity, and inclusion initiatives. Federal Communications Commission (FCC) Chairman Brendan Carr explained that the clearance was contingent upon "written commitments" from Skydance to guarantee that the new company's news and entertainment programming "will embody a diversity of viewpoints across the political and ideological spectrum."

WARNER BROS. DISCOVERY UNVEILS POST-SPLIT COMPANY NAMES AND EXECUTIVE TEAMS AHEAD OF 2026 SEPARATION

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Warner Bros. Discovery has officially revealed the names and executive leadership structures of the two companies it will become following its anticipated corporate split in mid-2026. The strategic move is aimed at streamlining operations and maximizing the potential of its expansive entertainment and media assets.

CARREFOUR SELLS LOSS-MAKING ITALIAN UNIT TO NEWPRINCES

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Carrefour, Europe's largest food retailer, has taken a bold step in its ongoing strategic overhaul by agreeing to sell its loss-making Italian operations to food and beverage manufacturer NewPrinces Group. The deal, which values Carrefour Italy at roughly 1.09 billion US dollars, is expected to close by the end of the third quarter, pending regulatory approval.

HEINEKEN MAINTAINS PROFIT OUTLOOK DESPITE LOWER SALES

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Heineken announced Monday that it sold less beer in the first half of the year, as sales slumps in Europe and the US outweighed stronger performance in Asia. The Dutch brewer's global beer volumes totaled 116.4 million hectoliters, down from 118.2 million in the first six months of 2024, and below analysts' expectations of 117.0 million hectoliters.

NESTLÉ PROFIT FALLS AMID WEAK CHINA SALES

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Nestlé has reported a 10.3% drop in net profit for the first half of the year, falling to 5.1 billion Swiss francs ($6.4 billion), as the company struggles to boost sales amid sluggish consumer spending in China. The Swiss food giant, whose brands include Nespresso, KitKat, Purina, and Maggi, is working to turn around its fortunes.