BUSINESS

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On Thursday, Japanese automotive giants Honda and Nissan announced that they have abandoned discussions regarding a merger that would have formed the world's third-largest automaker by unit sales. The proposed partnership was viewed as a strategy to compete with American powerhouse Tesla and Chinese companies in the electric vehicle sector, while also offering support to the struggling Nissan. In a joint statement, the companies confirmed that they had "agreed to terminate the MOU (memorandum of understanding) signed on December 23 of last year concerning the potential business integration between the two firms."

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Amazon announced on Thursday a significant increase in fourth-quarter net income, which nearly doubled to $20 billion, driven by robust holiday sales performance. However, the company's projections for the subsequent quarter fell short of analyst expectations, resulting in a decline of more than three percent in after-hours trading on Wall Street. Investor sentiment was also influenced by the anticipated costs associated with the ongoing development of artificial intelligence technologies.

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OpenAI CEO Sam Altman has rejected a $97.4 billion takeover bid from a consortium led by Elon Musk. Musk's attorney, Marc Toberoff, confirmed the "all assets" offer was submitted to OpenAI's board on Monday. The bid marks the latest development in a long-running dispute between Musk and Altman over the direction of the AI startup.

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Disney reported higher quarterly profits Wednesday, boosted by increased revenues in its streaming business as it prepares to launch a key ESPN product later this year. The entertainment giant cited the success of "Moana 2" and other box office hits as revenue drivers, while US hurricanes partially offset gains from its amusement parks.

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Ahead of Thursday's annual results, new Nestle CEO Laurent Freixe faces mounting pressure as the food giant's slumping share price rattles shareholders and pension funds. Freixe took the helm of the Swiss-based company, known for brands like Nespresso, Purina, and Maggi, in a surprise leadership change last September.

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In a major policy reversal, Alphabet Inc., the parent company of Google, has revised its artificial intelligence (AI) principles, purging earlier restrictions against AI development for weapon and surveillance purposes. This shift is consistent with the changing terrain of AI technology and its incorporation in national security paradigms.