The German government has officially halved its economic growth forecast for 2026, citing the severe impact of energy shocks stemming from the Iran war. This revision reflects a significant cooling for Europe's largest economy.
Microsoft announced Monday it will lay off approximately 4,800 employees, about 2% of its global workforce. The cuts will heavily impact Xbox, with 3,200 gaming jobs and four studios affected, as the company invests in AI and faces industry shifts.
Sky, owned by Comcast, will acquire ITV's media and entertainment arm for up to £1.6bn to create a major UK streaming competitor. The deal includes ITV's TV channels and streaming service, aiming for significant audience expansion and cost savings.
South Korea plans to use record-breaking tax income from its chip industry, driven by AI demand, to fund a "future response fund." Proceeds will support industrial infrastructure, young generations, and utilities for chip plants, reflecting strong profits from Samsung Electronics and SK hynix.
EasyJet shares surged over 10% after the British airline announced an agreement in principle with US investment firm Castlelake on key financial terms for a potential takeover valued at over £5 billion. Castlelake's latest offer is £6.90 per share, though a binding offer has not yet been made.
The EBRD is providing a €255 million loan to Kazakhstan for its first large-scale refractory gold ore processing facility in the Pavlodar region. Developed by Solidcore Resources, the Ertis complex will process previously inaccessible gold reserves, boosting the country's mining sector and mineral processing capabilities.
MEP Bernd Lange doubts the EU's October deadline for "tangible results" with China is realistic for a binding trade agreement. The EU faces a large trade deficit and seeks to rebalance trade, while China threatens retaliation against protectionist measures.
