BUSINESS

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Detroit's biggest automakers are cutting their white-collar workforces at a pace not seen in decades. And experts warn the worst may still be ahead.

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Sony Music Publishing has announced an agreement to acquire the complete music rights portfolio of Recognition Music Group from funds managed by Blackstone in a deal valued at more than $2 billion according to industry estimates. Although the exact financial details of the acquisition were not officially disclosed, reports from Billboard and other entertainment industry sources have placed the catalog’s value in the multibillion dollar range.

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Honda has reported its first annual loss in 70 years, recording a total operating deficit of $2.68 billion for the fiscal year ending March 2026. The company attributed the loss to a miscalculation in the electric vehicle (EV) market, where demand fell significantly short of forecasts. To mitigate rising costs, Honda is scaling back its EV production targets and shifting its supply chain to source cheaper parts from China.

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Saudi Aramco posted a sharp rise in first-quarter profit Sunday, beating market expectations as the Saudi oil giant relied heavily on its East-West pipeline to keep crude flowing during the escalating conflict involving Iran and the Strait of Hormuz.

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Nokia scored a major legal victory in Britain on Tuesday after the Court of Appeal halted patent claims brought by Taiwanese electronics groups Acer and Asus, marking another turn in a wider international dispute over video streaming technology.

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Toyota has warned that the ongoing war in Iran is expected to cost the company approximately $4.3 billion this financial year. On Friday, the world’s largest automaker reported a nearly 50% drop in quarterly earnings and projected that full-year profits will fall by 20%. The company stated that the rising expenses associated with the conflict are currently outweighing the record demand for its hybrid vehicles.

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EBay on Tuesday turned down GameStop's proposed $56 billion acquisition, saying the videogame retailer had failed to present a convincing financing plan and arguing the offer undervalued the online marketplace's ongoing turnaround.

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At a time when Hollywood is grappling with declining box office numbers, shrinking cable revenues, and widespread layoffs, the leaders of major media companies are earning record breaking pay packages. The contrast between industry hardship and executive compensation has sparked growing criticism, especially as shareholders begin to push back against what many see as excessive rewards.