Business & Corporate news from the last 24 hours, AI-curated by PiQ Markets

Companies are increasingly exploring co-CEO models and leveraging technology for hiring as the demands of the top executive role grow and public trust in CEOs declines. A recent survey indicates only 37% of U.S. adults view CEOs favorably, contributing to a trend where executives are declining CEO positions due to the role's unrelenting demands. This shift suggests a reevaluation of leadership, work-life balance, and a move towards data-driven decision-making in corporate America.

German automakers and suppliers are facing a worsening economic outlook, prompting significant adjustments. BMW has drastically cut its 2026 profit forecast, now expecting an automotive EBIT margin of 1-3% due to a downturn in China and the Iran war's impact. Similarly, a survey of German auto suppliers indicates a negative sentiment, with companies reducing investment and jobs in Germany, often relocating them to Asia. Volkswagen is also cutting production at its Osnabrueck plant, extending holiday closures and adding production-free days, raising concerns among workers about the plant's future beyond next year.

Royal Orchid Hotels is set to open at least 50 new hotels in India within 12 to 18 months, anticipating a boom in domestic travel due to geopolitical tensions and a weaker rupee. Luxury luggage brand Delsey Paris plans to double its investment in India over the next three years to double its business. Additionally, TDI Infratech will invest Rs 75 crore to develop a 53-key Ramada by Wyndham hotel in Panipat, Haryana, scheduled to open in Q2 2028.

Noida International Airport is expanding its services with new flight routes and ground transportation options. Akasa Air has begun commercial operations connecting Noida with Navi Mumbai and plans to build a maintenance facility. Star Air will launch direct flights to Mundra, Gujarat, on June 23, serving multiple Indian cities. Complementing these air services, the airport has introduced 24/7 taxi services, including ride-sharing apps and premium electric vehicles, with fares ranging from Rs 1,000 to Rs 3,000.

UniCredit's €40 billion takeover bid for Commerzbank faces a Tuesday deadline, with the German government maintaining its opposition. The Italian bank currently holds a significant stake, including derivatives, and is awaiting approval from the European Central Bank. This development occurs amidst broader challenges in mergers and acquisitions, with Australia also reporting difficulties in its outbound M&A activities.

Hari Menon, co-founder and CEO of BigBasket, has stepped down from his role at the Tata Digital-owned online grocery platform. Amit Nanda, an Amazon veteran, has been appointed as the new CEO. Nanda is tasked with driving innovation and sharpening the company's quick commerce strategy to foster growth and innovation within the e-grocery firm.

Renault Group and Thales are partnering to produce weaponized drones, aiming to significantly increase France's industrial capacity in strategic defense manufacturing. The collaboration will leverage Renault's automotive production expertise to scale up output of Thales' Toutatis loitering munitions.

Qantas Airways is preparing to launch its first ultra-long-haul route under "Project Sunrise," potentially connecting eastern Australia non-stop to cities like London or New York. This move represents a significant gamble for the airline, aiming to drastically cut travel times. Meanwhile, Saudi Arabia's new carrier, Riyadh Air, has secured approval from the U.S. Transportation Department to operate flights to and from the United States. Backed by the Public Investment Fund, Riyadh Air plans to connect over 100 international destinations by 2030.

Used two-wheeler startup Speedioo has raised Rs 10 crore from Atomic Capital, valuing the company at Rs 40 crore post-money. The funds will support Speedioo's transition to a B2C model, investment in AI technology, and expansion of its leadership and dealer network. In a separate development, bid management firm ContraVault AI secured $3.1 million led by Chiratae Ventures and Titan Capital Winners Fund. ContraVault AI intends to use its funding for US expansion and the creation of advanced AI tools for infrastructure clients.

India's Competition Commission (CCI) has greenlit two major corporate transactions. The CCI approved TVS Group's acquisition of PGIM India Asset Management and Temasek's investment in Romsons Group, a medical devices firm. Additionally, the CCI cleared Kedaara Capital's purchase of a Rs 750 crore stake in Axis Finance, which represents the company's largest primary capital raise and first external funding round.

Ares Management is reportedly close to an agreement to take control of the financially troubled French football club Olympique Lyonnais. The investment firm is partnering with businesswoman Michele Kang for the acquisition.

Verizon is simplifying its wireless plans and eliminating activation and upgrade fees as part of a new strategy to attract and retain customers in a competitive U.S. telecom market. The company is also launching a loyalty program offering discounts and perks. This move aligns with a broader industry trend where U.S. wireless carriers are intensifying promotional activities and offering more freebies to gain market share.

A consortium led by Gareth Penny, former CEO of De Beers, is reportedly close to acquiring the world's largest diamond miner, with the conflict in Iran deterring other bidders. Meanwhile, Volkswagen is utilizing a sealed-bid process for the sale of its engine business, valued at $10 billion, to prevent conflicts of interest.

L3Harris Technologies is preparing to spin off its missile unit, Axyv, by selecting banks to manage its initial public offering. This move signals a significant restructuring for the major US defense contractor. Meanwhile, DP World, a global logistics giant, is reportedly exploring a return to US port operations, with a focus on the East Coast, after a 20-year hiatus from the sector. This potential venture marks a re-entry into the American market for the company.

Fox Corporation has struck a new content streaming deal with Roku, expanding its digital distribution. Concurrently, the New York Post, owned by Fox, is launching its first FAST channel, entering the free ad-supported streaming television market. This move signifies a broader strategy by Fox to increase its presence across various digital platforms.

Brandy Melville has closed its fitting rooms, a decision that is not expected to impact its popularity with young shoppers. The retailer's appealing clothing continues to draw customers back. Meanwhile, a separate trend sees Gen Z reducing alcohol consumption in favor of frozen yogurt, aligning with a broader shift towards mindful indulgence and healthier choices.

SpaceX is set to acquire Anysphere, the company behind the AI coding agent Cursor, in a deal valued at $60 billion. The transaction will be an all-stock deal, with the merger anticipated to be finalized by the third quarter of 2026. This move signals SpaceX's expansion into the artificial intelligence sector, aiming to leverage Anysphere's technology for its own development and operations.

Foreign activist investors are intensifying their campaigns in Japan, focusing on large industrial companies, particularly in the chemical sector. These investors are pushing for improved financial returns and greater strategic transparency from Japanese corporations. The trend signals a growing challenge to the traditionally conservative approach of Japanese boardrooms as activists seek to unlock shareholder value.

Tokio Marine Holdings is partnering with Berkshire Hathaway to pursue international mergers and acquisitions, particularly in markets like Australia and Canada. This strategic alliance will combine Berkshire Hathaway's substantial capital resources with Tokio Marine's operational expertise. The collaboration is designed to facilitate larger insurance acquisitions and expand Tokio Marine's global reach.

Former Star Entertainment CEO Matthias Bekier has been banned from managing companies for six years and fined A$700,000 (US$495,000) for failing to address money laundering risks. The court determined that Bekier and former Chief Legal & Risk Officer Paula Martin breached their duties. This action follows an investigation into the casino operator's compliance failures.