BUSINESS

ELLIOT BUYS INTO PEPSICO WITH $4BILLION BET, CALLS FOR OVERHAUL AS SHARES SLUMP

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Elliott Investment Management revealed on Tuesday that it has taken a $4 billion position in PepsiCo, launching an activist campaign it says could reset the soft drink and snack giant's trajectory. The stake ranks among the hedge fund's largest and comes at a time when PepsiCo faces slowing growth and stiff competition in both food and beverages.

ALIBABA BUILDS NEW AI CHIP AS CHINA PUSHES TO CLOSE NVIDIA DIVIDE

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Alibaba is reportedly working on a new processor designed specifically for artificial intelligence, according to people familiar with the project. The chip, still under testing, is intended for inferencing—the process of running AI applications—rather than training large-scale models.

WALMART ADDS PEACOCK TO WALMART+ IN STREAMING AGGREGATOR PUSH AGAINST AMAZON

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Walmart is doubling down on its challenge to Amazon in the subscription and digital streaming arena, announcing a new benefit for its Walmart+ members: the ability to choose between streaming services. The retail giant has introduced a feature called “Video Subscription Choice,” with Peacock joining Paramount+ as streaming partners.

BYD PROFIT MISSES FORECASTS AS BEIJING TIGHTENS GRIP ON EV PRICING AND SUPPLIER PAYMENTS

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China's leading electric vehicle maker BYD reported weaker-than-expected second-quarter results, marking its first quarterly profit decline in more than three years. The setback reflects both Beijing's crackdown on aggressive discounting and new rules on faster supplier payments that have squeezed margins.

NESTLÉ FIRES CEO LAUREN FREIXE OVER A CONDUCT VIOLATION, NAMING PHILIPP AND NAVRATIL SUCCESSOR

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Nestlé SA (NESN.S) has removed Chief Executive Officer Laurent Freixe after an internal investigation concluded he violated the company's code of business conduct, the Swiss food and beverage giant said on Monday.

LUXURY CARMAKER LOTUS TO CUT 550 JOBS IN UK

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Chinese-owned luxury carmaker Lotus said Thursday that it planned to cut up to 550 UK jobs, in part over uncertainty caused by US tariffs. The layoffs represent over forty percent of its 1,300 employees in Britain. The carmaker, which is majority owned by Chinese auto giant Geely, has several sites in the UK, including its headquarters in Hethel, eastern England.

BYD SHARES SLIDE AMID PROFIT DROP

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Chinese electric vehicle maker BYD saw its shares drop by up to 8% on Monday following the release of disappointing quarterly results. The company reported a 30% year-on-year decline in net profit for the second quarter, falling to 6.4 billion yuan ($900 million; £660 million). BYD attributed the profit drop to a price war affecting China’s EV sector, stating in its filing that “increased price competition” among domestic brands has pressured margins.

LEGO REPORTS RECORD SALES AND GROWING MARKET SHARES

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Lego, the world's largest toymaker, reported record sales for the first half of the year and continues to increase its market share despite global economic uncertainty, according to its CEO. The Danish company saw its net profit rise 10% year-over-year to 9 billion kroner ($1.39 billion) for the January-June period. Sales rose by 12 percent to a record 34.6 billion kroner, its sixth straight increase for a half-year period.