BUSINESS

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Chinese-owned luxury carmaker Lotus said Thursday that it planned to cut up to 550 UK jobs, in part over uncertainty caused by US tariffs. The layoffs represent over forty percent of its 1,300 employees in Britain. The carmaker, which is majority owned by Chinese auto giant Geely, has several sites in the UK, including its headquarters in Hethel, eastern England.

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Lego, the world's largest toymaker, reported record sales for the first half of the year and continues to increase its market share despite global economic uncertainty, according to its CEO. The Danish company saw its net profit rise 10% year-over-year to 9 billion kroner ($1.39 billion) for the January-June period. Sales rose by 12 percent to a record 34.6 billion kroner, its sixth straight increase for a half-year period.

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Former employees of Elon Musk's social media company X, who sued for $500 million in severance pay, have reached a tentative settlement with Musk and the company. The parties announced the agreement in a court filing on Wednesday jointly requesting the US appeals court in San Francisco to postpone an upcoming hearing to allow time to settle the paperwork.

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In a move that sent Nissan Motor shares tumbling, the pension trust of German automaker Mercedes-Benz has sold its entire 3.8% stake in the Japanese company for 47.83 billion yen ($324.65 million), a source with direct knowledge of the transaction revealed on Tuesday. Nissan shares closed more than 6% lower following Mercedes-Benz's Monday announcement, the stock's biggest single-day decline since early July.

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On Wednesday, Sony announced a $50 price increase for PlayStation 5 consoles in the United States, citing a "challenging economic environment." Isabelle Tomatis, vice president of global marketing at Sony Interactive Entertainment, stated in a post, "Like many global companies, we are navigating a difficult economic landscape." The revised prices for the PS5 will be $550, while the "Digital Edition" will cost $500, and the Pro version will be priced at $750, as noted by Tomatis.

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Keurig Dr Pepper said Monday it will buy Peet’s Coffee owner JDE Peet’s in a deal worth about $18 billion (15.7 billion euro).

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SoftBank Group's shares fell sharply on Tuesday, slipping more than 5% and ending a nine-day winning streak, after the Japanese investment firm revealed a $2 billion equity injection into Intel.