MORNING NEWS

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.

Nvidia had a pleasant surprise in store for investors who thought the artificial-intelligence boom must be on the verge of leveling off. Shares in the chip maker gained 5.5% Wednesday after Chief Financial Officer Colette Kress, on a call to discuss the company’s second-quarter earnings, said to expect 70% revenue growth in the company’s 2028 fiscal year.

SpaceX, the space exploration company owned by tech billionaire Elon Musk, plans to build a massive new spaceport in the U.S. state of Louisiana. The company will invest approximately $100 billion in the site in Vermilion Parish on the Gulf Coast, SpaceX and the state’s economic development agency announced.

Amrize has appointed Samuel J. Poletti as Chief Financial Officer, effective August 24. Poletti succeeds Baris Oran, who is stepping down for personal reasons. The company has also named Dillon Cumming as vice president of Investor Relations. He will join the company on September 8, following a career in equity research and financial analysis, notably at Morgan Stanley and Walleye Capital.

After a yearslong effort to go public, Shein has finally priced an initial public offering in Hong Kong that could help the fast-fashion giant fetch a valuation of about $27 billion. It is a far cry from the roughly $100 billion price tag the China-founded company once boasted. Shein’s IPO path has been a long one, complicated by tensions between China and the West.