International business briefs: Ford recalls US vehicles

Teenagers arrested over cyberattacks on UK retailers

London — Four people have been arrested as part of a police investigation into cyberattacks that disrupted the operations of retailers Marks & Spencer, the Co-op and Harrods, Britain’s National Crime Agency (NCA) said.

The cyberattack on M&S was the most serious, costing it about £300m in lost operating profit.

The NCA said two males aged 19 and another aged 17, and a 20-year-old female were apprehended in the West Midlands, central England, and London on Thursday on suspicion of Computer Misuse Act offences, blackmail, money laundering and participating in the activities of an organised crime group.

The NCA said all four were arrested at their home addresses and had their electronic devices seized for digital forensic analysis. Reuters

Ulta Beauty buys British high street chain Space NK

Bengaluru — US cosmetics retailer Ulta Beauty on Thursday announced its venture into the British market with its purchase of high street chain Space NK.

Ulta Beauty did not disclose the financial terms of the transaction.

Sky News first reported on the deal earlier on Thursday.

While the exact price being paid by Ulta was unclear, the deal value was likely to be well in excess of £300m. Reuters

Conagra Brands forecasts profit below expectations

Bengaluru — Conagra Brands forecast annual profit below expectations on Thursday, anticipating higher costs of ingredients due to US tariffs, softer demand for its pantry staples and increased private label competition.

The packaged food company expects its adjusted profit per share to be $1.70-$1.85 for financial year 2026, compared with analysts’ average estimate of $2.19, according to data compiled by LSEG. Reuters

Glenmark division enters AbbVie cancer agreement

Bengaluru — India’s Glenmark Pharmaceuticals said on Thursday its innovation arm, Ichnos Glenmark Innovation (IGI), and AbbVie have signed an exclusive global licensing agreement for IGI’s cancer treatment, ISB 2001.

Under the agreement, AbbVie will get exclusive rights to develop, manufacture and commercialise ISB 2001 in North America, Europe, Japan and Greater China.

Subject to regulatory approvals, IGI will receive an upfront payment of $700m and could earn up to $1.225bn in additional milestone payments, according to the agreement. Reuters

Ford recalls US vehicles over faulty fuel pump

Bengaluru — Ford Motor is recalling 850,318 vehicles in the US due to a potential low-pressure fuel pump failure, which could cause an engine stall, the US National Highway Traffic Safety Administration said on Thursday.

A faulty fuel pump can reduce fuel flow from the tank to the engine, causing an engine stall and increasing the risk of a crash, NHTSA said.

The auto safety authority received six consumer complaints alleging loss of power due to pump failure.

Before a fuel pump fails, drivers may notice poor engine performance, including misfiring, rough running, reduced power or a check engine light, NHTSA said in a notice to dealers. Reuters

Italian industrial production falters in May

Rome — Italian industrial output fell in May by 0.7% from the month before, data showed on Thursday, and decreased again on a year-on-year basis after a tentative sign of recovery in April for the long-struggling manufacturing sector.

A Reuters survey of 14 analysts had pointed to a flat month-on-month reading.

National statistics agency ISTAT revised down April’s data to a 0.9% month-on-month rise, from an originally reported 1% increase.

On a workday-adjusted year-on-year basis, industrial output was down by 0.9% in May versus a forecast for a 0.2% rise, after a 0.1% increase in April. Reuters

Ireland regulator probes TikTok’s storage of data

Dublin — Ireland’s powerful Data Protection Commission has opened a new inquiry into TikTok over the storage of European users’ data on servers in China, the regulator said on Thursday.

TikTok, owned by China’s ByteDance, was in May fined €530m by the Irish commissioner over the transfer of European user data to China.

The new inquiry, by TikTok’s lead regulator in the EU as it is registered in Ireland for its HQ in the bloc, will look specifically at the storage of data. Reuters

Ferrero offer to buy WK Kellogg for $3bn accepted

Bengaluru — WK Kellogg on Thursday agreed to be bought by the owner of Ferrero Rocher in a deal worth about $3.1bn, uniting two of the world’s most recognisable consumer brands to weather a tough spending backdrop marked by persistent inflation.

Deal making in the snacking space has picked up pace as food brands battle with muted sales in the wake of price hikes owing to higher input costs and a shift in consumer preference for healthier options.

Kellanova, which was created at the same time as WK Kellogg when Kellogg Company split into two, is also in the process of being acquired by candy giant Mars in a nearly $36bn deal.

Shares of WK Kellogg jumped 30.6% at $22.85 in midday trading on Thursday, nearly matching the premium that Ferrero’s $23 per share deal represented. Reuters

Britain to invest in French satellite operator Eutelsat

London/Paris — Britain will invest €163m in French satellite operator Eutelsat, Les Echos reported on Thursday, citing an Elysee source, after a much bigger cash injection by France to help it compete with SpaceX’s Starlink.

French President Emmanuel Macron, who is on a two-day state visit to the UK, in a post on X thanked Britain as it continues to “follow us on the Eutelsat adventure”.

“We’re over the moon to keep going with you. Together we go further!,” Macron said.

Eutelsat and the British and French governments could not immediately be reached for comment. Reuters

TSMC second-quarter revenue beats forecasts

Taipei — TSMC, the world’s largest contract chipmaker, reported on Thursday second-quarter revenue of T$933.80bn ($31.9bn), beating market forecasts, as demand for the company’s products leaps on surging interest in AI applications.

Revenue for April-June came in at T$933.8bn, according to Reuters calculations, rising 38.6% from T$673.51bn in the year ago period.

The latest result topped an LSEG SmartEstimate of T$927.831bn drawn from 21 analysts, and was also better than the guidance of $28.4bn to $29.2bn issued by TSMC in April.

TSMC will report full second-quarter earnings on July 17, including an outlook for this quarter and full-year. Reuters

Masdar and Iberdola to invest in UK wind farm

Dubai — Abu Dhabi’s state-owned renewable energy company Masdar and Spain’s Iberdola will jointly invest in a 1.4GW wind farm in the UK, Masdar’s parent company TAQA said in a statement on Thursday.

The project is estimated to cost about €5.2bn and about €4.1bn in project financing was signed with 24 international banks, the statement said.

Under the agreement, Masdar and Iberdrola will each hold a 50% stake in the asset, East Anglia THREE, located off the eastern British coast and expected to start operations in the last quarter of 2026.

Masdar has previously invested in renewable projects in the UK and is expanding into several countries in Europe, as well as in Asia and the US, as parent TAQA seeks to boost its capacity to 150GW by 2030. Reuters

British ad group WPP names board member as CEO

London — British ad group WPP named board member Cindy Rose as its new CEO on Thursday, handing the top job to a senior executive from Microsoft a day after it downgraded profit forecasts.

Rose has been on the board since 2019 and will take over from outgoing CEO Mark Read on September 1, the company said. The company had said that Read would step down at the end of the year.

Rose has spent the past nine years in senior leadership positions at Microsoft, where she rose to COO, Global Enterprise, after formerly being head of its UK business. Before that she worked at Vodafone and Virgin Media.

WPP chair Philip Jansen said Rose had supported the digital transformation of large enterprises around the world — including embracing AI to create new business models and revenue streams. Reuters