China reportedly threatens to block sale of ports
Bengaluru — China is threatening to block the sale of more than 40 ports, owned by Hong Kong-based CK Hutchison, to BlackRock and Mediterranean Shipping Company (MSC) if Chinese shipping company Cosco does not get a stake, the Wall Street Journal reported on Thursday, citing unnamed sources.
Chinese officials have told BlackRock, MSC and Hutchison that if Cosco is left out of the deal, Beijing would take steps to block Hutchison’s proposed sale of the ports, the newspaper said.
Tycoon Li Ka-shing’s CK Hutchison in March announced it would sell its 80% holding in the ports business, which encompasses 43 ports in 23 countries.
The business has an enterprise value of $22.8bn, including debt. After much scrutiny and criticism in China, Hong Kong conglomerate CK Hutchison confirmed in May Italian billionaire Gianluigi Aponte’s family-run MSC, one of the world’s top container shipping groups, was the main investor in a group seeking to buy the ports. Reuters
Meta investors, Zuckerberg settle $8bn privacy case
Wilmington — Mark Zuckerberg and current and former directors and officers of Meta Platforms agreed on Thursday to settle claims seeking $8bn for the damage they allegedly caused the company by allowing repeated violations of Facebook users’ privacy.
The parties did not disclose details of the settlement and defence lawyers did not address the judge, Kathaleen McCormick of the Delaware Court of Chancery, who congratulated the parties. Billionaire venture capitalist Marc Andreessen, a defendant in the trial and a Meta director, was scheduled to testify on Thursday.
Shareholders of Meta sued Zuckerberg, Andreessen and other former company officials including former COO Sheryl Sandberg in hopes of holding them liable for billions of dollars in fines and legal costs the company paid in recent years. Reuters
Uber to invest $300m in Lucid for robotaxis
San Francisco — Uber will invest $300m in electric vehicle maker Lucid in a robotaxi deal, the companies said on Thursday.
Over six years starting in 2026, Uber will acquire and deploy more than 20,000 Lucid Gravity SUVs that will be equipped with autonomous vehicle (AV) technology from start-up Nuro, the three companies said.
The agreement illustrates the renewed plans and push for financing for self-driving cabs years after a first wave of autonomous driving investment produced only a limited number of vehicles. Tesla has recently launched a robotaxi trial in Austin and Alphabet’s driverless taxi unit Waymo is speeding up its expansion.
Lucid shares surged more than 26% to $2.95. They have fallen about 24% this year. Reuters
PepsiCo reports higher second-quarter revenue
Bengaluru — PepsiCo said on Thursday that it was expecting a smaller drop in annual core profit, helped by a rebound in demand for its energy drinks and healthier soda brands in the US as well as benefits from favourable foreign exchange rates.
PepsiCo shares were up 1.2% in premarket trading after the company reported a surprise rise in second-quarter revenue. The stock is down about 11% this year.
The company now expects full-year core earnings per share to fall 1.5%, compared with a 3% decline expected previously.
“Our core USD EPS outlook has improved versus our previous expectations as foreign exchange headwinds have moderated, due to the weakening of the US dollar,” CEO Ramon Laguarta said in a statement, adding that the North America business improved in key categories and channels. Reuters
Elevance slides after lowering annual profit forecast
Bengaluru — Elevance lowered its annual profit forecast on Thursday as it expects elevated medical costs in its government-backed plans to persist, sending its shares 7% lower in premarket trading.
The company forecast an annual profit of about $30 per share, compared with $34.15 to $34.85 per share it previously expected. Analysts on average were expecting $34.23 per share, according to data compiled by LSEG.
The company said it is updating its outlook to reflect elevated medical cost trends in the so-called Obamacare plans and slower rate alignment in Medicaid.
UnitedHealth, Centene and Molina Healthcare have cut their annual profit forecasts, underscoring industry-wide struggles over the past two years to rein in surging medical costs in government-backed plans. Reuters
European Commission delays X investigation
Bengaluru — The European Commission has stalled one of its investigations into Elon Musk’s social media platform X for breaching its digital transparency rules while it seeks to conclude trade talks with the US, the Financial Times reported on Thursday.
The commission will miss the deadline for finalising its investigation into X, which was expected to be done before its summer recess, the report said, citing three officials familiar with the matter.
A decision was likely to come after clarity emerged in the EU-US trade talks, the report said.
EU tech regulators said last year that X breached EU online content rules under the Digital Services Act. Any firm found in breach of the act faces a fine worth up to 6% of its global turnover, and repeat offenders may be banned from operating in Europe altogether. Reuters
Nippon Steel downgraded over financial concerns
Tokyo — Global ratings agency S&P downgraded Nippon Steel to “BBB” from “BBB+” with a “negative” outlook on Thursday, citing an increasing financial strain after the Japanese steelmaker’s acquisition of US Steel last month.
The downgrade reflects concerns over Nippon Steel’s financial position, which S&P expects to remain weak over the next one to two years due to debt-raising efforts and large-scale investments into US Steel assets.
“We believe that the negative effects of the increased financial burden will far outweigh the positive effects of the company’s expansion and strengthened geographic diversification of its earnings base in the growing North American market,” S&P said.
Nippon Steel plans to raise ¥800bn through two subordinated loans to partially fund the deal and to refinance previous loans. Reuters
Ghana’s central bank ‘to assess recent developments’
Accra — Ghana’s central bank convened an emergency meeting of its monetary policy committee (MPC) on Thursday to assess recent economic developments, the bank said in a statement.
The Bank of Ghana’s fourth rate-setting MPC meeting for the year had initially been slated to start on July 28, with the rate decision expected on July 30.
In a statement released late on Wednesday, the central bank said the MPC would “review recent developments in the economy” during the special session.
The outcome of the meeting, including any policy decisions, will be announced on Friday. Reuters
Stellantis targets higher output at Morocco plant
Rabat — Carmaker Stellantis plans to more than double production capacity at its plant in Kenitra, Morocco, in the coming months to 535,000 vehicles annually, Samir Cherfan, COO for the Middle East and Africa, said on Wednesday.
The plant aims to step up production of supermini electric cars — including the Citroën Ami, Opel Rocks-e and Fiat Topolino — to 70,000 from 20,000, Cherfan said at the inauguration of the plant’s expansion.
The €1.2bn expansion is expected to raise the local sourcing rate to 75% by 2030, Morocco Prime Minister Aziz Akhannouch said at the event. Reuters
GE Aerospace grows quarterly engine deliveries
Chicago — GE Aerospace CEO Larry Culp said on Thursday the company’s efforts to fix supply constraints are showing results and driving up jet engine deliveries.
The comments came after the company reported a 45% jump in total engine deliveries in the second quarter from a year ago. Deliveries of LEAP engines, which power narrowbody jets of Airbus and Boeing, were up 38% from a year ago.
“We are chasing a moving target. But I think those numbers ... suggest we’re making real progress,” Culp said in an interview. Reuters
Bristol Myers, Pfizer offer blood thinner at discount
Bengaluru — US drugmakers Bristol Myers and Pfizer said on Thursday that they will make their blood thinner, Eliquis, available directly to cash-paying patients at discounted rate through a new programme. Eligible patients will be able to buy the drug directly through the Eliquis 360 Support programme from September 8 at a rate that is more than 40% lower than the list price.
“Eliquis is the nation’s number one prescribed oral anticoagulant that provides important benefits to patients and the healthcare system,” said Bristol Myers CEO Christopher Boerner.
“This programme passes more savings directly to patients.”
Since its launch, Eliquis has been prescribed to more than 15-million Americans and in 2024 it generated about $11.4bn in global revenue. Reuters
Snap-On beats estimates on steady demand
Bengaluru — Snap-On beat estimates for second-quarter revenue on Thursday as steady demand from auto parts companies and repair shops boosted demand for the company’s toolmaking products.
The automotive aftermarket, the company’s major source of revenue, saw heightened activity during the quarter, as US road travel rose above pre-pandemic levels, while worries over inflation pushed more Americans to hold on to their existing vehicles.
For the quarter ended June 28, the company reported a revenue rise of nearly 2% in the Tools Group segment, citing higher US sales. Reuters
Abbott lifts forecast on sales of medical devices
Bengaluru — Abbott beat Wall Street estimates for quarterly profit on Thursday, driven by strong demand for its medical devices including continuous glucose monitors.
Continuous glucose monitor makers such as Abbott, Dexcom and Medtronic are riding a surge in demand as diabetes awareness rises, insurance coverage expands and patients embrace finger-prick-free technology.
On an adjusted basis, the company reported a profit of $1.26 per share for the second quarter, compared with analysts’ average estimate of $1.25, according to data compiled by LSEG.
Abbott’s quarterly revenue came in at $11.1bn, in line with expectations. Reuters
EQT raises $11bn for Asia-focused buyout fund
Singapore — Sweden’s EQT has received commitments totalling $11.4bn for its new Asia-focused buyout fund, with the fundraising expected to end before year-end and hit an upper limit or hard cap of $14.5bn in 2026, the investment firm said on Thursday.
EQT activated its ninth regional private equity fund — BPEA Private Equity Fund IX, managed by EQT Private Capital Asia — on March 1 2025, and held its first close in April, according to its half-year report 2025 published on Thursday. Private equity funds typically begin investing after their first close, once they have secured an initial round of investor commitments.” Reuters
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