BUSINESS

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The European Commission has launched a formal investigation into online fashion retailer Shein, citing suspected breaches of EU digital rules including the sale of childlike sex dolls and weapons.

Announcing the move on Tuesday, the Commission said it would examine whether the company has adequate safeguards to prevent illegal goods from appearing on its marketplace. Officials indicated the probe will assess systems intended to detect and remove unlawful products, as well as broader structural risks posed by the platform.

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Chinese technology group ByteDance has vowed to tighten controls on its fast-growing artificial intelligence video generator, after a legal threat from entertainment powerhouse Disney.

The Beijing-based company said it "respects intellectual property rights" and is strengthening safeguards around Seedance 2.0, whose hyper-realistic clips have spread rapidly across social media in recent days.

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Billionaire Thomas Pritzker said he has stepped down as chairman of Hyatt Hotels after documents released by the US Department of Justice revealed his ties to Jeffrey Epstein. In a statement on Monday, Pritzker acknowledged he had shown “terrible judgement” by maintaining contact with the convicted sex offender. Newly released files indicate Pritzker was in regular contact with Epstein in the years following Epstein’s 2008 plea deal.

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As part of its ongoing bankruptcy restructuring, the empire that owns Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus is pruning its store footprint. Saks Global announced on Tuesday that it will close eight Saks Fifth Avenue outlets and one Neiman Marcus store.

Saks Fifth Avenue locations in Alabama, Ohio, New Jersey, Louisiana, Pennsylvania, Arizona, Virginia and Oklahoma are scheduled to close their doors in the spring, a company spokesperson said. One Neiman Marcus location in Massachusetts will also close.

Starting this weekend, the company will also close 14 locations of its Fifth Avenue Club personal shopping services, leaving just two in operation.

Saks said it doesn’t plan to make any changes to its Bergdorf Goodman stores.

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Warner Bros. Discovery said Tuesday it has reopened negotiations with Paramount Skydance after receiving a seven‑day waiver from Netflix to examine perceived “deficiencies” in Paramount’s bid to acquire the company. WBD said Netflix has granted a limited waiver under the terms of its merger agreement, allowing discussions through February 23, 2026 so the board can seek clarity for stockholders and give Paramount Skydance a chance to submit its best and final offer.

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German automaker Mercedes-Benz Group reported a 57% slide in annual profit, citing tariff expenses, competitive pressure in China and currency headwinds.

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BP said Tuesday it has paused its share buyback programme and posted fourth quarter earnings broadly in line with market expectations, as weaker crude prices pressured cash flow and prompted a renewed focus on balance sheet resilience.

For the final three months of 2025, the London listed energy group reported underlying replacement cost profit, a measure comparable to net income, of $1.54 billion, reflecting softer upstream margins and lower realised oil prices during the period.