BUSINESS

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Volvo Cars said on Tuesday it will transform more than $300 million of outstanding loans to its affiliate Polestar into equity, a move designed to streamline manufacturing and center production of a key electric model in the United States.

The Swedish automaker confirmed it will immediately convert roughly $274 million in credit into shares, followed by an additional $65 million conversion scheduled for the second quarter of 2026. The second փուլ will coincide with a similar transaction led by parent company Geely Holding.

Once completed, Volvo Cars will nearly double its ownership stake in Polestar to just under 20%, reinforcing its strategic ties after previously reducing its holding in 2024.

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Air Canada CEO Michael Rousseau will retire by the end of the third quarter, the airline announced on Monday. The move follows widespread criticism of Rousseau for failing to speak French in a condolence video for two pilots killed in a collision at LaGuardia Airport. One of the deceased pilots, Antoine Forest, was from French-speaking Quebec. Rousseau had faced significant public pressure to resign after delivering his tribute in English only.

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Epic Games is laying off more than 1,000 employees, with CEO Tim Sweeney pointing to a sharp drop in Fortnite engagement that began in 2025.

In a note to staff released Tuesday, Sweeney acknowledged the company had reached a breaking point financially, writing that Epic is now "spending significantly more than we're making." He said the layoffs, alongside more than $500 million in cost reductions across operations, are aimed at stabilizing the business.

The cuts arrive despite Fortnite maintaining its position as one of the world's most recognizable games. However, Sweeney admitted that sustaining excitement around the title has proven difficult, citing struggles to deliver "consistent Fortnite magic" with each new season.

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U.S. pharmaceutical giant Eli Lilly has entered a multibillion-dollar partnership with Hong Kong-listed Insilico Medicine to develop and commercialize medicines discovered using artificial intelligence.

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A U.S. judge has dismissed a lawsuit filed by Elon Musk’s social media platform, X, which accused several major companies of an illegal advertising boycott. X Corp had alleged that firms including Unilever, Mars, and Orsted, along with the World Federation of Advertisers (WFA), conspired to deprive the platform of billions in revenue. However, U.S. District Judge Jane Boyle ruled on Thursday that X failed to demonstrate that it had suffered harm under federal competition laws.

X Corp's lawsuit, filed in a Texas court in 2024, came after the platform saw a decline in advertising revenue following Musk's acquisition of Twitter in 2022.

The tech billionaire had ushered in sweeping changes to the platform after purchasing it, including reinstating the accounts of controversial figures and lifting some content restrictions.