BUSINESS

GOOGLE ORDERED TO PAY $425 MILLION IN PRIVACY CLASS ACTION LAWSUIT, PLANS TO APPEAL

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Google has been ordered to pay $425 million after a U.S. federal jury ruled that the tech giant violated users' privacy by collecting data even when a key tracking feature was turned off.

NESTLÉ FIRES CEO LAUREN FREIXE OVER A CONDUCT VIOLATION, NAMING PHILIPP AND NAVRATIL SUCCESSOR

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Nestlé SA (NESN.S) has removed Chief Executive Officer Laurent Freixe after an internal investigation concluded he violated the company's code of business conduct, the Swiss food and beverage giant said on Monday.

PEPSICO FACES ACTIVIST PRESSURE AS DR PEPPER SURPASSES PEPSI

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The battle for PepsiCo’s future is heating up. Long overshadowed by Coca-Cola in the soda wars, PepsiCo has now suffered another blow: it has fallen behind Dr Pepper, slipping to third place in the U.S. soft drink market. The setback has sparked fresh scrutiny from Wall Street, with heavyweight activist investor Elliott Management announcing a major push for change.

BYD SHARES SLIDE AMID PROFIT DROP

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Chinese electric vehicle maker BYD saw its shares drop by up to 8% on Monday following the release of disappointing quarterly results. The company reported a 30% year-on-year decline in net profit for the second quarter, falling to 6.4 billion yuan ($900 million; £660 million). BYD attributed the profit drop to a price war affecting China’s EV sector, stating in its filing that “increased price competition” among domestic brands has pressured margins.

ELLIOT BUYS INTO PEPSICO WITH $4BILLION BET, CALLS FOR OVERHAUL AS SHARES SLUMP

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Elliott Investment Management revealed on Tuesday that it has taken a $4 billion position in PepsiCo, launching an activist campaign it says could reset the soft drink and snack giant's trajectory. The stake ranks among the hedge fund's largest and comes at a time when PepsiCo faces slowing growth and stiff competition in both food and beverages.

ALIBABA BUILDS NEW AI CHIP AS CHINA PUSHES TO CLOSE NVIDIA DIVIDE

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Alibaba is reportedly working on a new processor designed specifically for artificial intelligence, according to people familiar with the project. The chip, still under testing, is intended for inferencing—the process of running AI applications—rather than training large-scale models.

WALMART ADDS PEACOCK TO WALMART+ IN STREAMING AGGREGATOR PUSH AGAINST AMAZON

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Walmart is doubling down on its challenge to Amazon in the subscription and digital streaming arena, announcing a new benefit for its Walmart+ members: the ability to choose between streaming services. The retail giant has introduced a feature called “Video Subscription Choice,” with Peacock joining Paramount+ as streaming partners.

BYD PROFIT MISSES FORECASTS AS BEIJING TIGHTENS GRIP ON EV PRICING AND SUPPLIER PAYMENTS

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China's leading electric vehicle maker BYD reported weaker-than-expected second-quarter results, marking its first quarterly profit decline in more than three years. The setback reflects both Beijing's crackdown on aggressive discounting and new rules on faster supplier payments that have squeezed margins.