BUSINESS

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Amazon said Tuesday it will acquire satellite firm Globalstar in a roughly $11.5 billion transaction, strengthening its emerging low-Earth-orbit internet ambitions as it seeks to narrow the gap with SpaceX's Starlink network.

Shares of Globalstar jumped more than 9% in premarket trading, extending recent gains amid speculation about a tie-up, while Amazon stock edged higher.

The agreement gives Amazon control of Globalstar's satellites, spectrum rights and ground infrastructure, allowing the companies to integrate existing assets with Amazon's expanding constellation.

Shareholders can opt to receive $90 in cash or 0.3210 Amazon shares for each Globalstar share, the companies said.

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Air Canada CEO Michael Rousseau will retire by the end of the third quarter, the airline announced on Monday. The move follows widespread criticism of Rousseau for failing to speak French in a condolence video for two pilots killed in a collision at LaGuardia Airport. One of the deceased pilots, Antoine Forest, was from French-speaking Quebec. Rousseau had faced significant public pressure to resign after delivering his tribute in English only.

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Disney Plus has taken another step in strengthening its European content strategy through a new agreement with Italian state broadcaster RAI. The deal, announced Tuesday, will bring a curated selection of RAI’s scripted and unscripted programming to the streaming platform, further broadening its local content offering in Italy.

Under the agreement, several well known RAI shows will become available to Disney Plus subscribers shortly after their original broadcast. Among the unscripted titles included are the talk show Belve, hosted by Francesca Fagnani, and the game show

The Floor Ne rimarrà solo uno, currently hosted by Paola Perego and Gabriele Vagnato. These programs will be made available for streaming starting the day after they air on RAI 2, giving audiences faster access to popular domestic programming.

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U.S. pharmaceutical giant Eli Lilly has entered a multibillion-dollar partnership with Hong Kong-listed Insilico Medicine to develop and commercialize medicines discovered using artificial intelligence.

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On any given day, billions of consumers rely on products from global giants like Unilever, spanning hundreds of brands. That reach, once a decisive advantage, is now being tested as changing preferences and slower growth reshape the sector.

Unilever's decision to merge its food business with spice maker McCormick marks one of the boldest responses yet. The transaction, which values the combined entity at roughly $65 billion, reflects mounting pressure to streamline portfolios and prioritize stronger segments.

For decades, consumer goods companies thrived by expanding across categories and geographies. But that model is weakening as post-pandemic pricing power fades and demand in key markets cools. Growth in Unilever's food division, while profitable, has lagged behind its beauty and personal care units.

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A U.S. judge has dismissed a lawsuit filed by Elon Musk’s social media platform, X, which accused several major companies of an illegal advertising boycott. X Corp had alleged that firms including Unilever, Mars, and Orsted, along with the World Federation of Advertisers (WFA), conspired to deprive the platform of billions in revenue. However, U.S. District Judge Jane Boyle ruled on Thursday that X failed to demonstrate that it had suffered harm under federal competition laws.

X Corp's lawsuit, filed in a Texas court in 2024, came after the platform saw a decline in advertising revenue following Musk's acquisition of Twitter in 2022.

The tech billionaire had ushered in sweeping changes to the platform after purchasing it, including reinstating the accounts of controversial figures and lifting some content restrictions.

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Volvo Cars said on Tuesday it will transform more than $300 million of outstanding loans to its affiliate Polestar into equity, a move designed to streamline manufacturing and center production of a key electric model in the United States.

The Swedish automaker confirmed it will immediately convert roughly $274 million in credit into shares, followed by an additional $65 million conversion scheduled for the second quarter of 2026. The second փուլ will coincide with a similar transaction led by parent company Geely Holding.

Once completed, Volvo Cars will nearly double its ownership stake in Polestar to just under 20%, reinforcing its strategic ties after previously reducing its holding in 2024.