MORNING NEWS

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.

Novartis AG (NVS), a pharmaceutical company, on Friday announced that its phase III Lp(a)HORIZON trial of pelacarsen, an investigational cardiovascular therapy, failed to meet the primary endpoint.

Volkswagen’s supervisory board has approved a plan to double job losses at the automaker to 100,000 and halve its model portfolio as it contends with President Trump’s tariffs and intensifying competition from Chinese automakers.

Broadcom more than tripled its profit and nearly doubled its revenue in the third quarter, as the company said demand for its custom semiconductors should continue growing for the next two years. The company has in recent years found a lucrative business designing purpose-built computer chips for artificial-intelligence labs such as OpenAI, Anthropic, and Google.

Dell Technologies lifted its full fiscal year revenue outlook by $25 billion as demand for the company’s servers propelled its revenue to a record high in the second quarter.

Fast-fashion giant Shein saw its stock plummet on its highly anticipated stock market debut, as regulatory headwinds and slowing sales weigh on a company once valued at $100 billion. The retailer’s stock fell as much as 10% in early trading in Hong Kong. Shein shares dropped to as low as 43.72 Hong Kong dollars on Tuesday before regaining ground to trade at 44.50 Hong Kong dollars, implying a market capitalization of approximately 24 billion U.S. dollars.

Chevron and other U.S. energy companies are nearing deals to invest billions of dollars in Venezuela’s oil fields, positioning President Trump for a win after months of slow negotiations. The U.S. oil major is close to a deal to expand its longstanding operations in the Latin American country, potentially adding two heavy-oil fields to its portfolio in Venezuela, according to people familiar with the matter.

UBS has issued its first so-called Panda bond on the Chinese interbank market. The five-year bond has a value of 2 billion yuan (240 million Swiss francs) and was issued with a coupon of 1.78 per cent. The financial institution has thus achieved the lowest yield to date for a five-year Panda bond issued by a foreign financial institution, the company stated on Friday.