BUSINESS

ALIBABA'S QUARTERLY PROFIT DROPS 29% AMID ECONOMIC SLOWDOWN , REVENUE MISSES ESTIMATES

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Alibaba Group Holding, once the undisputed titan of Chinese online retail, finds itself grappling with economic headwinds and fierce competition. The company's latest financial results, released on August 15, 2024, paint a picture of a behemoth struggling to maintain its dominance amidst shifting consumer preferences and a sluggish economy.

INCREASED PROFITS FOR SIEMENS AS SOFTWARE DEMAND BOOMS

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German industrial giant Siemens said Thursday its quarterly profits jumped sharply, driven by demand for production software as well as the "boom" in artificial intelligence and customers upgrading power grids.

PRINGLES MAKER KELLANOVA TO BE ACQUIRED BY MARS FOR NEARLY $36 BILLION

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Mars, M&M's and Snickers maker said on Wednesday that it would acquire snack food business Kellanova, marking a multibillion dollar agreement set to result in a new industry giant.

WARNER BROS. DISCOVERY TAKES $9.1 BILLION HIT AS LINEAR TV NETWORKS LOSE VALUE

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In a sobering sign of the challenges facing traditional television, Warner Bros. Discovery reported a massive $9.1 billion impairment charge related to the devaluation of its linear TV networks. This non-cash, pre-tax charge came after the company's asset reevaluation accounted for the difference between the "fair value" and "book value" of networks like Food Network, HGTV, Discovery, CNN, TNT, TBS, and Cartoon Network/Adult Swim.

STARBUCKS NAMES CHIPOTLE BOSS BRIAN NICCOL AS NEW CEO

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Starbucks said Tuesday that Brian Niccol, chief executive at Chipotle, would be the coffee chain's new CEO -- just over a year after current boss Laxman Narasimhan took over the role.

DISNEY HITS PROFITABILITY MILESTONE AS "INSIDE OUT 2" DRIVES SUCCESS

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In a landmark quarter for The Walt Disney Company, its streaming platforms Disney+, Hulu and ESPN+ have turned profitable for the first time, marking a significant milestone in the company's digital strategy. This achievement comes a quarter earlier than anticipated, driven by the blockbuster success of Pixar's "Inside Out 2" and overall strong performance across Disney's entertainment segment.

POLISH BILLIONAIRE RAFAL BRZOSKA TO SUE META OVER FAKE ADS ON FACEBOOK AND INSTAGRAM

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Polish billionaire Rafal Brzoska and his wife are preparing to take legal action against Meta, the parent company of Facebook and Instagram, over a series of fake advertisements circulating on the platforms. These ads falsely feature Brzoska's image and spread misinformation about his wife.

SONY DECLINES BID FOR PARAMOUNT GLOBAL AMID SKYDANCE MERGER

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Sony has officially decided not to submit a new bid for Paramount Global, choosing not to counter the ongoing merger between Paramount and Skydance Media. Sony Group President, COO, and CFO Hiroki Totoki announced during a recent earnings call that acquiring Paramount does not align with Sony’s strategic or financial plans.