Business
Corporate news, the real economy, management decisions, and sector-specific developments.
Volkswagen sales plunge as German automaker lays out plan to slash number of brands
Volkswagen reported an 8.6% drop in second-quarter 2026 deliveries and said it will streamline its model lineup by up to half as China sales slump and restructuring pressure builds.
Apollo outbids Castlelake with £5.7bn offer for easyJet
Apollo has proposed a £5.7 billion all-cash bid for easyJet at £7.15 a share, overtaking Castlelake’s latest offer. easyJet said its board is minded to recommend Apollo’s proposal, but the deal still needs a firm offer by 7 August and must clear regulatory and shareholder checks.
Seafarers attacked in the Strait of Hormuz sue shipping company in Thailand
Three former Thai seafarers have sued Precious Shipping in Bangkok over a March Strait of Hormuz attack on the Mayuree Naree, alleging unsafe orders, early dismissal and inadequate compensation.
French billionaire becomes Vodafone's largest shareholder with £4.4bn stake
Xavier Niel’s investment vehicle Vega has agreed to buy Emirates Telecommunications Group’s entire Vodafone stake for about £4.4 billion, making him the company’s largest shareholder once approvals are cleared.
Vodafone shares jump after Xavier Niel becomes largest shareholder
Xavier Niel is set to become Vodafone’s largest shareholder after his vehicle Vega agreed to buy e&’s 16.2% stake for about £4.4 billion, sending the shares sharply higher.
DCC founder attacks board over £5.7 billion takeover bid
DCC founder Jim Flavin has attacked the board for backing a £5.7 billion takeover bid from KKR and Energy Capital Partners, saying the offer undervalues the company and should be rejected.
Apollo makes surprise £5.7bn takeover bid for easyJet
easyJet says it has reached an agreement in principle with Apollo for a possible £7.15-a-share offer valuing the airline at about £5.7bn, and its board is minded to recommend the bid over Castlelake’s revised proposal. Apollo must still make a formal offer by August 7 and address EU ownership rules before any takeover can proceed.
Xavier Niel becomes Vodafone's largest shareholder
Xavier Niel has agreed to buy e&'s 16.2% stake in Vodafone through his vehicle Vega, making him the telecom group's largest shareholder if the deal closes. Vodafone says Vega does not intend to make a full takeover offer, while e& is giving up its board seat.
Apollo launches £5.7bn bid for easyJet
Apollo has made a £7.15-a-share all-cash approach for easyJet, valuing the airline at about £5.7bn and displacing Castlelake’s earlier proposal.
New York Fed’s Williams says inflation is still too high but expects energy prices to ease
New York Fed President John Williams said inflation is still far above the Fed’s goal and that policymakers must stay alert if price pressures prove persistent. He said oil and energy prices should eventually ease, while the labor market remains stable and the Fed stays data-dependent.
Capita warns pension-scheme failures will cut 2026 profit by up to £40m
Capita has warned that failures in its Civil Service Pension Scheme work will reduce 2026 adjusted operating profit by up to £40m and cash flow by up to £50m, as the government withholds payments and seeks to recover public costs.
Volkswagen seeks to halve model lineup and shrink capacity to cut costs
Volkswagen is reported to be planning a sweeping restructuring that would cut its model lineup by up to half and reduce global production capacity to 9 million vehicles a year.
FuboTV names Alisa Bowen CEO as David Gandler exits
FuboTV named former Disney streaming executive Alisa Bowen as chief executive officer effective July 10, replacing co-founder David Gandler after Disney’s Hulu + Live TV deal left it with majority ownership.
Spanish plants brace for Volkswagen restructuring fallout
Volkswagen’s restructuring plan is putting Spanish plants on alert as workers and managers watch for changes to future model allocation, including a second electric platform for Martorell.
Prologis presses Segro to open takeover talks before July 22 deadline
Prologis renewed its push on July 9 to get Segro's board into takeover talks over its £12.6 billion all-share proposal, keeping the bid in play ahead of a July 22 deadline.
Port of Galveston cruise terminal earns LEED Silver certification
The Port of Galveston says Cruise Terminal 16 has earned LEED Silver certification after converting about 85% of a former warehouse, adding another sustainability milestone to its cruise expansion.
Segro rejects Prologis bid and defends growth case
Segro has rejected Prologis’s £12.6 billion all-share approach and is defending its standalone growth case, while the US rival continues to press for talks ahead of a July 22 deadline under UK takeover rules.
PepsiCo says North American customers are pulling back as gas prices squeeze demand
PepsiCo beat second-quarter revenue and earnings estimates, but said North American demand softened as higher gas prices and tighter budgets curbed impulse purchases. The company reaffirmed full-year guidance and is leaning on smaller packs, meal bundles and extra shelf space to support sales.
Fed names Marc Andreessen, Doug McMillon and others to lead new task forces
The Federal Reserve has named outside leaders to five task forces created by Chair Kevin Warsh, including Marc Andreessen, Doug McMillon, Raj Chetty and Mervyn King. The panels will advise on productivity, communications, the balance sheet, inflation and economic data as Warsh presses for a broader review of Fed operations.
Civil service pension chaos deals Capita profits blow
Capita said problems on its civil service pension contract will cut 2026 adjusted operating profit by £25 million to £40 million and cash flow by £35 million to £50 million, deepening the impact of the service failure on the business.
SEC clears path for UBS crisis resolution plan with key bail-in guidance
The SEC has told UBS it will not object to certain securities transactions the bank may need if Swiss authorities direct a crisis resolution, easing one legal obstacle to its bail-in planning.
Hugo Boss urges shareholders to reject Frasers takeover bid
Hugo Boss has urged shareholders to reject Frasers Group’s €38-a-share takeover offer, saying the bid is financially inadequate and undervalues its long-term growth potential.
Paramount stock tumbles on Warner deal worries
Paramount shares fell as investors focused on rising regulatory and legal risk around its proposed Warner Bros. Discovery acquisition. The company said the European Commission review runs to July 22 and denied that Oregon’s records request changes the closing timeline.
Hugo Boss urges shareholders to reject Frasers' €2.7bn takeover bid
Hugo Boss has told shareholders to reject Frasers Group’s €38-a-share takeover offer, arguing the bid undervalues the German fashion company and misses its medium- to long-term growth potential. The move escalates the control battle around Frasers’ roughly 26% stake and shifts the decision to investors.