BUSINESS

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As part of a cost-cutting initiative, Starbucks plans to eliminate about 900 jobs in the US and close its weakest stores there, along with some closures in the UK. The company’s CEO highlighted that the revamp will reduce wait times and support a sales turnaround. This comes after Starbucks cut 1,100 jobs and streamlined its US menu earlier this year to address sluggish sales.

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Jaguar Land Rover's production standstill continues, with the company confirming its UK factories will remain shut down until at least October 1st following a major cyberattack. This extended closure underscores the severity of the incident, prompting a visit from the business secretary and industry minister to the West Midlands on Tuesday.

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Tesla shares jumped more than 6% on Monday after Elon Musk announced he had purchased approximately $1 billion (£735 million) worth of the company's stock. The move by Musk, who already held a 13% stake, is being seen as a strong signal of confidence in the electric car maker, which has struggled to gain ground this year, especially with its plans to invest in robotaxis, automation and artificial intelligence (AI).

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Porsche's stock plummeted over 7% on Monday, a direct result of last week's profit warning. The luxury carmaker attributed the reduced profit margin projection—down from as high as 7% to 2% or less—to several factors including US import tariffs, a weakening Chinese luxury market, and delays in its electric vehicle rollout. These delays will also see a postponement of new EV launches and a continued production run of combustion engine models, despite the looming 2035 ban on new petrol and diesel car sales in Europe.