BUSINESS

ALIBABA MAKES A $1.3 BILLION LOSS AFTER SELLING INTIME DEPARTMENT STORE

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Alibaba Group is making a strategic move by selling its entire stake in Intime, a leading Chinese department store chain, marking a significant pivot in its retail strategy. The company will incur a substantial loss of 9.3 billion yuan (US$1.3 billion) in the transaction, selling its 99% stake to a consortium led by Youngor Group and Intime's management team.

STANLEY RECALLS 2.6 MILLION MUGS FOLLOWING BURN INJURIES

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Stanley, a century-old brand synonymous with durable drinkware, has issued a significant recall of 2.6 million travel mugs. The affected products, the 12- and 16-ounce Switchback and Trigger Action models, were flagged after reports of burn injuries caused by faulty lids. Manufactured in China, these mugs were sold between June 2016 and December 2024 across major retailers like Walmart, Target, and Amazon.

META UNVEILS LIVE AI, TRANSLATIONS, AND SHAZAM ON RAY-BAN SMART GLASSES: EARLY ACCESS REQUIRED FOR SELECT FEATURES

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In their latest launch, Meta Platforms has unveiled groundbreaking features for its Ray-Ban smart glasses, marking a pivotal moment in wearable technology's evolution. The v11 software update introduces live AI interaction, real-time translation, and Shazam integration, positioning these glasses at the forefront of immersive digital experiences.

ALBERTSONS TERMINATES $25 BILLION MERGER WITH KROGER, FILES LAWSUIT

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The highly anticipated $25 billion merger between grocery giants Albertsons and Kroger has officially collapsed. On December 11, Albertsons announced the termination of the deal, citing legal obstacles and accusing Kroger of breaching contractual obligations.

SOFTBANK CEO AND TRUMP ANNOUNCE $100 BILLION U.S. INVESTMENT TO BOOST AI AND INFRASTRUCTURE

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SoftBank CEO Masayoshi Son revealed an ambitious $100 billion investment plan for the United States, marking a significant moment in technological and economic collaboration. The strategic partnership, rekindling a relationship first established in 2016, promises to inject substantial momentum into America's artificial intelligence and infrastructure landscape.

COFFEE PRICES HIT RECORD HIGH

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International coffee prices have reached an all-time high record following a sharp increase. Arabica coffee prices surged to over $3.44 per pound on Tuesday, an 80% increase this year alone, marking a fresh high for global coffee production. Robusta prices also hit a record high in September.

LAMBORGHINI DELAYS FIRST ELECTRIC VEHICLE LAUNCH UNTIL 2029

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Lamborghini, the iconic Italian luxury sports car brand, has announced a delay in the launch of its first electric vehicle (EV), now scheduled for 2029. This marks a strategic shift in its approach to the evolving automotive market. CEO Stephan Winkelmann confirmed this decision during a recent media briefing at the company's headquarters in Sant'Agata Bolognese, Italy, signaling the company's assessment of the current market's readiness for high-performance electric sports cars.

BOEING RESUMES PRODUCTION AT SEATTLE PLANTS

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Boeing has resumed production of the 737 MAX following a stoppage of nearly three months caused by an extended labor strike in the Seattle area. The company announced that its Renton factory recommenced production of the 737 MAX on Friday. Additionally, operations at its Everett facility, where the 767, 777, and 777X are manufactured, are set to resume in the coming days.