Lu Wenjun, a former senior executive at a major Chinese state-owned heavy-machinery manufacturer, has been sentenced to 15 years in prison for accepting bribes totaling $10 million. The court also imposed a significant fine and ordered the confiscation of his illicit gains.
Archer Aviation has acquired Wisk Aero, its former rival in the electric aircraft sector, from Boeing. The deal includes other subsidiaries and gives Boeing a significant ownership stake in Archer.
Shipping giant Ceva Logistics confirmed a cyberattack impacting eight European warehouses, leading to a data breach of customer information. Several companies, including retailers Bol and De Bijenkorf, football club Ajax, bank ING, eyeglass maker Ace & Tate, and video game company Valve, reported that customer names, addresses, and contact details were compromised.
Harrods reported a pre-tax loss of £36.5 million for the year ending February 1, 2025, largely due to a £60 million provision for compensation related to historic abuse allegations against former owner Mohamed Al Fayed. Turnover increased slightly to £1 billion.
Realty of America has appointed Charles Boyett and Allison Watkins as anchor partners to lead its expansion into North and South Carolina. The company, founded in September 2024, has rapidly grown to over 3,500 agents across 25 markets.
Imperial Brands is preparing to cut thousands of jobs in key markets, including the United States and Europe, to reduce costs. The layoffs will affect various departments, with some roles being outsourced.
Major pharmaceutical companies including Pfizer, Eli Lilly, and AstraZeneca are committing billions of dollars to expand their manufacturing capacity and research operations within the United States. These investments aim to bolster infrastructure, mitigate supply chain risks, and respond to potential trade policies.
Australia's corporate regulator, Asic, has advised car owners to challenge insurers over steep premium increases, citing a lack of transparency in how prices are calculated and communicated. Many customers who questioned their insurers received lower premiums without policy changes.
Seaboard Corp. announced its second fiscal quarter results, with its Pork segment reporting $129 million in operating income, a significant increase from $9 million in the same period last year. Total net sales rose to $2.43 billion.
TPO GO is exiting the national wholesale mortgage channel through a strategic alliance with Stockton Mortgage, set to close August 10. The deal involves transferring most of TPO GO's wholesale sales and operations staff to Stockton, though it is not structured as an acquisition.
Ebru Koksal, a former investment banker and CEO of Galatasaray, noted that women in football often face patriarchal systems where difficult questions are disliked, contrasting it with finance's more merit-based advancement. She highlighted England's progress in appointing women to leadership roles but expressed concern about persistent barriers at the helm of clubs and governing bodies.
Peter Ruis will depart as managing director of John Lewis in September after less than three years, citing a desire to pursue new projects. He will be succeeded by non-executive board member Will Kernan amid challenging trading conditions for the British retailer.
A coroner has found the Treasury "materially contributed" to the death of Chloe Moffat, a 26-year-old personal assistant who died by suicide after flawed disciplinary proceedings. The coroner warned of a risk of future deaths within the civil service due to similar handling of misconduct allegations.
Blackstone Infrastructure's Safe Harbor Marinas is nearing a $1.5 billion deal to acquire recreational yacht retailer MarineMax. The agreement, expected to be announced this week, would cap a months-long bidding war for MarineMax, which caters to a wealthy clientele.
GameStop CEO Ryan Cohen is reportedly considering withdrawing the company's $56 billion bid to acquire eBay, according to Bloomberg News. eBay's board had previously rejected the offer.
Boutique investment bank Cavendish has enlisted Teneo to conduct a valuation exercise and support potential bid defense amid a wave of consolidation and foreign takeovers in the UK financial services sector. The firm is also pursuing diversification to reduce reliance on cyclical investment banking revenue.
A Delaware judge has ruled that Verisk must proceed with its planned $2.35 billion acquisition of AccuLynx, finding Verisk's termination of the deal invalid due to its own actions. The FTC had previously sought more details, delaying the transaction.
Andy O'Brien will succeed Ryan Lance as ConocoPhillips CEO on September 1, inheriting a critical Alaska oil project and a pledge to add $7 billion in free cash flow by 2029. The company's performance hinges on completing the costly Willow project amid rising inflation and supply chain challenges.
Beyoncé has acquired full ownership of the SirDavis American Whisky brand, buying out LVMH's Moët Hennessy stake. The partnership, launched in 2024, aimed to blend celebrity appeal with luxury spirits expertise, but LVMH is now refocusing on its core brands amid a sector downturn.
Luxury retailer Harvey Nichols faces collapse without new investment, with directors warning it could cease trading within a year. Frasers Group, owned by Mike Ashley, is reportedly leading the race to acquire the struggling department store chain.
Harvey Nichols directors warn the luxury retailer faces collapse without a rescue deal or additional funding.
Harvey Nichols faces collapse within a year without new investment, with Next withdrawing its bid.
