Business and economics news covering markets, companies, trade, labor, macro trends, and financial developments worldwide.
The Consumer Sentiment Index rose to 54.4 in July, its highest since February, driven by lower gas prices. However, 70% of survey interviews were completed before gas prices rose again due to US strikes against Iran. Year-ahead inflation expectations fell to 4.2%.
On the 'What It Takes' podcast, Mark Cuban argued that companies should distribute stock to all employees to reduce income inequality. He proposed using tax code incentives, such as lower corporate tax rates for firms that broadly grant equity, and suggested proportional equity distribution relative to CEO compensation.
Aliko Dangote has nearly completed a $2.5 billion private share placement for his refinery business, Dangote Petroleum Refinery & Petrochemicals FZE, selling up to a 6% stake. The deal values the refinery at about $40 billion, ahead of what is expected to be Africa's largest IPO.
Jio Financial Services reported consolidated total income excluding dividends surged 141% year-on-year to INR1,496 crore in Q1 2027. JioCredit's gross AUM rose 2.6 times to INR30,667 crore, while Jio Payment Solutions volume grew 2.5 times to INR19,208 crore.
ArcBest will consolidate MoLo Solutions, Panther Premium Logistics, and ArcBest Technologies under the ArcBest brand effective Aug. 1, 2026, and cut about 2% of its workforce. The company is also consolidating select service centers, representing about 1% of network doors, expecting $40 million in annualized cost savings.
India's Wipro reported first-quarter revenue of 244.79 billion rupees ($2.54 billion), missing analysts' estimate of 247.76 billion rupees. Revenue rose 10.6% year-on-year. Clients are holding back non-essential tech spending due to geopolitical uncertainty and AI-led disruption.
Frasers Group reported an 8.7% rise in group revenues to £5.33 billion for the year to April 26, driven by a 59.2% surge in international revenues to £1.6 billion from acquisitions in South Africa and Norway. Profit before tax jumped 38.9% to £527.8m, though adjusted profit fell 4% to £538m due to impairments. UK sports retail revenue fell 4.7% to £2.57 billion.
ABB reported Q2 GAAP EPS of $0.68, missing estimates by $0.06, while revenue rose 14.2% to $9.47B, beating expectations. Electrification orders surged 58% to over $7 billion, while automation orders declined 14%. Order backlog reached a record $30 billion.