French billionaire Bernard Arnault bought shares worth about €1.4 billion in the luxury goods company LVMH over eight months ending mid-September, as reported by the Euronext Paris website. Arnault acquired approximately 2.5 million shares, which represent 0.5% of the company, at an average price of €566 per share. These purchases were made through the holding companies Financiere Agache and...

Porsche announced that former McLaren Automotive CEO Michael Leiters could become the new CEO of the German luxury car brand. The supervisory board of the company will start talks with Chairman of the Board of Management Oliver Blume about his earlier arranged early retirement. Leiters is viewed as a possible replacement for Blume as the Chairman of the Board of Management at Porsche, and the...

The Bank of England has sanctioned new regulations regarding bonus payouts for senior executives at UK banks, enhancing flexibility, the regulator declared. The duration that executives have to wait for their complete compensation, known as the bonus deferral period, will be shortened from eight years to four years. The modifications, sanctioned by the UK Prudential Regulation Authority (PRA)...

The Verizon Communications Board of Directors has named Dan Schulman, the former CEO of PayPal Holdings Inc., as its new Chief Executive Officer. He will take over for Hans Vestberg. The change is effective immediately, as stated in a press release. Mark Bertolini has been appointed Chair of the Board. Vestberg will remain on the Verizon Board until the 2026 annual shareholder meeting. He...

Asian online fashion retailer Shein is set to launch its initial physical stores in France in November through a partnership with department store operator Societe des Grands Magasins (SGM), according to Reuters. Shein intends to start selling at the BHV department store in central Paris and at Galeries Lafayette locations in five additional cities nationwide. This signifies a new achievement for...

Deutsche Lufthansa intends to reduce around 4,000 positions by 2030 as part of a strategy focused on enhancing operational efficiency, which includes the use of artificial intelligence technologies. Lufthansa stated that the job cuts will mainly impact workers in its administrative sectors in Germany. The organization is undertaking a significant assessment of its activities across the group,...

Nintendo Co., the Japanese console and video game manufacturer, has named Devon Pritchard, its executive vice president of revenue, marketing, and customer experience, as the president of its U.S. division, the company disclosed. Pritchard, with 19 years of experience in the gaming industry, will take over from Doug Bowser on January 1 and will also become a member of Nintendo's executive board...

Nassef Sawiris, Egypt's wealthiest individual, intends to allocate as much as $50 billion toward infrastructure initiatives in the United States, as reported by the Financial Times. The firm created from the intended merger of his chemical and fertilizer firm, OCI Global, with his family's construction business, Orascom Construction, will concentrate on infrastructure investments in the United...

According to the audit and consulting firm, PwC's UK workforce decreased to around 33,700 from 36,000 during July 2024 to June 2025. PwC acknowledged the "challenging choice to reduce staff in certain sectors," but did not detail the extent of the job cuts. At the same time, compensation and promotion costs remained consistent with the prior financial year. PwC's UK operations include around...