Trending Market News

LG Energy Solution is selling $2.86 billion in factory building and assets to Honda in Ohio to improve operational efficiency of their joint venture. The deal excludes land and equipment, with LGES maintaining its stake in the partnership as production is expected to begin next year. This follows a broader industry retreat from electric vehicles, with LGES also unwinding battery capacity deals with Ford worth $9.6 trillion won.

• The $2.86 billion asset sale is part of a $4.4 billion joint venture announced in 2022, with Honda committing to long-term battery production for both electric and hybrid vehicles
• Ford announced a non-cash charge related to unwinding EV battery capacity agreements with LGES and scrapping several electric vehicle models amid weakening EV demand
• South Korean battery makers are pivoting to alternative markets, with SK On canceling a battery deal with Ford and repurposing production lines for energy storage systems for data centers

BP has agreed to sell a 65% stake in its Castrol lubricants business to U.S. private equity firm Stonepeak for about $6 billion, valuing Castrol at $10.1 billion. The deal is a major step in BP's $20 billion divestment plan to cut debt and refocus on its core oil and gas operations, with BP retaining a 35% stake in the new joint venture.

• Sale proceeds will reduce BP's net debt from $26 billion to between $14-18 billion by 2027, with $800 million marked for accelerated dividend payments
• Canada Pension Plan Investment Board will invest up to $1.05 billion in the deal, gaining an indirect stake in Castrol
• Analysts question selling this 'highly cash generative, low volatility' asset, warning it could hurt BP's long-term dividend sustainability

Amazon's self-driving unit Zoox is recalling 332 robotaxis after vehicles were found crossing yellow center lines and potentially entering oncoming traffic lanes near intersections. The company has addressed the issue through a software update, with no collisions reported from the 62 documented instances of improper lane positioning.

• This marks Zoox's third recall in 2024, following 270 vehicles recalled in May for pedestrian tracking issues and an April recall for unexpected hard braking problems
• The recall highlights ongoing safety challenges in the autonomous vehicle industry, with competitor Waymo also recalling vehicles this month for illegally passing school buses
• NHTSA certified Zoox vehicles for demonstration use in August while continuing an investigation into federal compliance that began in 2022

Nestle CEO Philipp Navratil confirmed the company views its stake in L'Oreal as a financial investment that is regularly reviewed by the board, with no changes planned. The new CEO, who took over in September, is focusing on achieving 4% organic growth through innovation rather than acquisitions, while continuing planned divestitures of the water business and vitamins division to reduce debt.

• Nestle seeks to restore cash flow to 10 billion Swiss francs through strategic divestitures and balance sheet optimization
• CEO sees 'incredible opportunities' in coffee and strong growth prospects in pet food, prioritizing innovation over new acquisitions
• Company is actively searching for strategic partners for both its water business and mainstream vitamins/nutritional supplements division

Italy's antitrust authority fined Apple €98.6 million ($115.5 million) for allegedly abusing its dominant position in the mobile app market through restrictive privacy policies. The regulator claims Apple's App Tracking Transparency (ATT) requirements unfairly penalize third-party developers while Apple strongly disagrees and plans to appeal.

• Apple allegedly imposed 'more restrictive privacy policy' on third-party developers starting April 2021, requiring duplicative consent requests through ATT screens
• AGCM states Apple holds 'absolute dominance' in App Store dealings and that ATT terms are unilaterally imposed and not proportionate to privacy objectives
• Investigation was conducted in coordination with European Commission and other international antitrust regulators over 18+ months

Netflix has refinanced $25 billion of its $59 billion bridge loan for the acquisition of Warner Bros Discovery's film, TV studios and streaming assets, including HBO. The refinancing consists of a $5 billion revolving credit facility and two $10 billion term loans, leaving $34 billion to be syndicated. The deal, one of the biggest in media history, is expected to close after Warner Bros spins off its Global Networks unit in Q3 2026.

• Netflix beat rival bidders including Paramount Skydance's $108.4 billion all-cash offer, with Warner Bros board citing 'superior strategic benefits and financing certainty'
• The acquisition includes HBO, HBO Max, and other streaming and studio assets that Warner Bros is separating from its legacy networks business
• Bridge loan was initially secured December 4 to ensure funding certainty, with proceeds covering cash portions of the deal and related expenses

The U.S. economy expanded at a 4.3% annual rate in the third quarter, marking the strongest growth in two years, driven by robust consumer spending. This long-delayed government report from the Commerce Department shows GDP growth exceeded expectations, demonstrating continued economic resilience despite earlier predictions of slowdown.

• Third-quarter GDP rose at a seasonally and inflation-adjusted 4.3% annual rate from July through September
• Consumer spending was identified as the primary driver of the stronger-than-expected economic expansion
• The growth rate represents the fastest pace of expansion in two years for the U.S. economy

Nvidia is acquiring AI chip startup Groq's assets for $20 billion in what would be its largest acquisition ever, bringing aboard key talent including CEO Jonathan Ross, a co-creator of Google's TPU chip. The deal strengthens Nvidia's dominance in AI accelerator chips as Groq was targeting $500 million in revenue this year amid booming AI demand.

• Groq was valued at $6.9 billion just three months ago in September, meaning the deal represents a nearly 3x return for recent investors including BlackRock and Samsung
• Nvidia is positioning the transaction as a 'non-exclusive licensing agreement' and will integrate Groq's low-latency processors into its AI factory architecture
• Groq will remain as an independent company under new CEO Simon Edwards, with its GroqCloud business continuing to operate separately

The Pentagon awarded Boeing an $8.6 billion contract to build 25 F-15IA fighter jets for Israel, with an option for 25 more aircraft. The announcement came after President Trump met with Israeli Prime Minister Netanyahu in Florida, continuing long-standing U.S. military support despite protests over Israel's Gaza operations.

• Contract includes design, integration, testing, and delivery of 25 F-15IA aircraft with completion expected by December 2035
• Deal represents foreign military sales to Israel, America's largest Middle East ally and primary arms recipient
• Contract proceeds despite nationwide pro-Palestinian protests demanding an end to U.S. military support for Israel