MORNING NEWS

UBS CEO Sergio Ermotti sharply criticized the authorities ahead of the ‚Swiss Council of States’ decision on UBS regulation.

YETI Holdings expects its growth to continue in the years ahead as it looks to expand its product portfolio and international presence.

Shares of International Business Machines IBM spiked in May after the legacy tech giant unveiled an agreement with the U.S. government to build a standalone quantum chip foundry. On Wednesday, that industry first became a reality. Anderon, an IBM company, announced the finalization of a $1 billion award from the Commerce Department, structured as a research-and-development grant under the 2022 Chips and Science Act.

Glencore has ceased business dealings with the struggling Singapore-based iron ore trader Radiant World, as well as with Sapphire Minmetals and other associated companies. The Zug-based commodities giant, which is contesting “substantial claims” made against it by Radiant World and Minmetals, stated on Tuesday that it has evidence that the latter sent falsified invoices and contracts, as well as fraudulent emails, to financial institutions. Radiant World and Minmetals falsely claimed that the emails originated from Glencore employees, the Baar-based group said on Tuesday. Glencore is currently reviewing its business dealings with these companies.

Abbott Laboratories has agreed to pay $385 million to settle allegations related to its management of a baby formula facility where deadly bacteria was suspected of causing infant deaths, the Justice Department said Monday. The settlement is a more lenient outcome than some prosecutors had advocated for, believing they had evidence to criminally charge Abbott under a law that has been used to pursue other businesses for selling contaminated foods, the Journal previously reported.

Kroger lowered its full-year same-store sales outlook, as shoppers’ budget constraints and concerns about cyclospora resulted in lower spending.

Adobe ADBE lifted its full-year guidance and said it hit one billion monthly active users, as its profit and revenue rose in the third quarter.

Apple shares dropped 0.3% to $315.34 after recently appointed Chief Executive John Ternus revealed the gadget maker’s most consequential new product in decades.

Holcim is investing in the British technology company Cloud Cycle. The solution enables the building materials manufacturer to monitor the quality of ready-mix concrete from the plant to the construction site using real-time data and machine learning. More than 150 Holcim mixer trucks in the United Kingdom, Italy, and Switzerland are already equipped with the technology, Holcim announced on Wednesday.

At its Investor Day on Tuesday, Sandoz presented new medium-term targets and a long-term growth strategy for its biosimilars business. The previous targets through 2028, which call for a margin of 24 to 26 percent, were reaffirmed. By 2030, the generic drug manufacturer now aims for mid-to-high single-digit annual revenue growth at constant exchange rates, as well as a core EBITDA margin of 25 to 27 percent.