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North America
CNBC Finance

Yum Brands reports mixed results but gives no update on Taco Bell cyclospora outbreak

Yum Brands on Wednesday reported mixed quarterly results but provided no details on how the cyclospora outbreak tied to Taco Bell restaurants is affecting its business. Since the Food and Drug Administration first linked the parasitic outbreak to iceberg lettuce served by Taco Bell in mid-July, daily traffic to the chain's locations has plunged by double digit percentages, according to Placer.ai data. Yum depends on Taco Bell as a "growth engine" for the company, and the crisis puts that title in jeopardy, at least in the near term. The results Yum reported are for its second quarter ended June 30, before it was tied to the foodborne illness outbreak. During Yum's earnings conference call, which begins at 8:15 a.m. ET, executives will likely face questions about the related sales downturn at Taco Bell and any effect on its future earnings. The restaurant company does not typically provide an outlook for same-store sales growth or earnings per share for the full year or the next quarter. Other restaurant chains not implicated in the outbreak have also seen their sales slip. Chipotle Mexican Grill executives said consumers' mistrust of chains serving fresh lettuce weighed on sales in the second half of July. Yum reported second-quarter net income of $853 million, or $3.08 per share, up from $374 million, or $1.33 per share, a year earlier. Excluding charges related to its strategic review of Pizza Hut and other items, the restaurant company earned $1.62 per share. The company's global same-store sales rose 3% in the quarter, roughly in line with StreetAccount estimates of 2.9% growth. Taco Bell's same-store sales jumped 7% in the quarter. The Mexican-inspired chain has long been the top performer in Yum's portfolio. KFC reported same-store sales growth of 2%. In China, its largest market, system sales rose 6%, according to Yum. Pizza Hut's same-store sales slipped 1%. Last month, Yum announced the sale of the long-struggling pizza chain to private equity firm LongRange Capital and Yum China for $2.7 billion. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Yum Brands reports mixed results but gives no update on Taco Bell cyclospora outbreak
Asia-Pacific
The Straits Times

Global factories faced weaker demand and higher costs in July as Iran war grinds on

Factories in China saw growth in new orders slow to its weakest pace since January. LONDON - Manufacturing activity in China slowed in July as the five-month-long war in the Middle East delivered weaker demand and elevated costs for the exporting powerhouse – a situation mirrored across much of Europe – surveys showed on Aug 3. The conflict has almost halted shipping through the Strait of Hormuz, a key transit route for the Gulf’s energy exports, sending manufacturers’ energy prices soaring. Factories in the world’s second-largest economy saw growth in new orders slow to its weakest pace since January, and although euro zone output surged, that was largely driven by firms clearing order backlogs rather than rising demand. The headline S&P Global Eurozone Manufacturing PMI INPMI=ECI rose to 51.9 in July from June’s 51.4, its highest reading since April but just below a preliminary estimate of 52.0. A reading above 50.0 indicates growth. “It’s a mixed bag, but with the main conclusion the euro zone economy is more resilient than feared ... but we’re clearly heading into at least a low growth environment,” said Carsten Brzeski at ING. “In the shorter term, I think it is weak but relatively sustained growth unless obviously something really bad happens in the Middle East. It’s not a situation in which the euro zone economy will all of a sudden take off and present a stellar performance.” Inflation in the common currency bloc rose to 2.9 per cent in July from 2.8 per cent a month earlier, official data showed last week, adding to an already strong case for another European Central Bank interest rate hike, which would likely add a further constraint on demand as households curtail spending. Factories across the globe faced elevated input costs last month, the PMIs showed. Germany, Europe’s largest economy, enjoyed a strong start to the third quarter as manufacturing activity expanded, but S&P Global said it was difficult to imagine this performance being sustained without a resolution to the Middle East conflict due to corresponding volatility in oil prices and uncertainty. French factory activity slipped back into contraction and Italy’s manufacturing industry saw growth slow. In Britain, outside the European Union, manufacturing activity expanded for a ninth straight month in July but at the slowest pace in four months, according to its PMI that pointed to a renewed impact from the Iran war towards the end of last month.

Global factories faced weaker demand and higher costs in July as Iran war grinds on
Asia
The Hindu BusinessLine

Retail participation in IPOs remains lacklustre as investors eye quality over listing day gains

Notwithstanding the early signs of a revival in the primary markets, retail participation in the initial public offering has remained lacklustre as investors have focused on the quality of issuances over the lure of listing day gains. Of the 12 issues that hit the market in July, the retail portion of only five companies was oversubscribed in double digits, while six companies registered single digit oversubscription. The retail portion of the ₹9,275-crore Manipal Health Enterprises -- the second biggest issue this year, after SBI Funds Management -- was undersubscribed as it received bids for only 93 per cent of shares offered. The company recorded a listing day gain of 11 per cent. The retail portion of the SBI Funds Management IPO of ₹9,812 crore was oversubscribed four times. It registered a listing day gain of 7 per cent. The funds raised and the number of IPOs in July has been the highest so far in 2026 as sentiments in the secondary markets have bounced back. In all, 12 companies raised ₹28,646 crore last month, against seven companies mopping up ₹2,718 crore in June, according to data sourced from primedatabase. Retail participation in an IPO refers to individual investors applying for shares of up to ₹2 lakh in mainboard issues. Mainboard IPOs typically reserve at least 35 per cent of the net offer for retail individual investors. Pranav Haldea, Managing Director, PRIME Database Group, said retail investors, as the SEBI study also showed, primarily come in for listing gains. With the average listing gain falling from 30 per cent in 2024 to just 6 per cent in 2026, retail participation has dwindled, as shown by the average number of IPO applications, which have declined from 18.86 lakh in 2024 to just 9.85 lakh in 2026. “Investing for listing gains is a completely acceptable strategy. My only advice to retail investors, though, would be to exit even in case the IPO lists at a discount, as they have not done any analysis on the long-term prospects of the company,” he said. Uday Patil, executive director at PL Capital said the lacklustre retail participation in the IPO can be attributed to a weak post listing performance, higher valuations, availability of alternative investment opportunities and macro-economic uncertainty. “Valuation continues to be one of the primary concerns from the retail investors’ perspective. Gone are the days when most IPOs were heavily oversubscribed only to benefit from listing gains,” he said. Gaurav Bhandari, CEO, Monarch Networth Capital, said the average listing gains collapsed to 8 per cent last fiscal from 30 per cent in FY’25, with median gains at just 3 per cent. Retail participation in India has always been a listing-gain trade, not an equity-ownership decision. Moreover, issuers and bankers price in the entire next three years of earnings, leaving no margin for the buyer, he said.

Retail participation in IPOs remains lacklustre as investors eye quality over listing day gains
North America
CNBC Finance

'The Odyssey' extends stay in 70 mm Imax theaters as shows sell out weeks in advance

Universal and Imax have extended the availability of 70 mm screenings of Christopher Nolan's retelling of Homer's epic into mid-September, but that might not be enough to meet demand. Tickets are selling out as quickly as they are being released to the public as moviegoers seek to see Nolan's film in the aspect ratio that it was shot in and on physical film. While Imax offers a variety of screen options, including digital versions of the 70 mm aspect ratio, these viewings are often cropped to fit the auditorium in which they are being shown. There are only 25 screens in the U.S. that can play physical film reels of Nolan's "The Odyssey" and only 41 locations in total globally. Those screens are limited in number because the majority of movies are filmed and screened digitally. As demand for "The Odyssey" soars, Imax has introduced late night and early morning screenings. As of the weekend, Imax ticket sales for "The Odyssey" have surpassed $140 million worldwide. That's a little more than 20% of the $652 million the film has tallied globally. Yet, the Imax locations represent less than 1% of total screens. The theatrical industry saw a similar phenomenon in 2023 when Nolan released the Oscar-winning biopic "Oppenheimer." Overall, "The Odyssey" has dominated at the box office, with second-week ticket sales dropping just 27% from its domestic opening weekend. Typically, a Hollywood blockbuster will see ticket sales fall between 50% and 70% each week after its debut. A smaller decline often indicates strong word of mouth and repeat viewings. "The Odyssey" has also benefitted from audiences booking tickets in advance. Some screenings of the film became available for purchase in July 2025, a year before the movie's release. For the past three weeks, "The Odyssey" has run in theaters with relatively low competition. However, with Sony and Marvel's "Spider-Man: Brand New Day" arriving this Friday and the filmed-for-Imax features "The End of Oak Street" and "Resident Evil" on the horizon, "The Odyssey" will soon have to share screen time with others. However, Imax's next 70 mm commitment isn't until Dec. 18, when Warner Bros. and Denis Villeneuve's "Dune: Part Three" hits theaters. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

'The Odyssey' extends stay in 70 mm Imax theaters as shows sell out weeks in advance
Europe
The Guardian

New survey reveals fears of US farm workers amid Trump’s immigration raids

Farm workers harvest strawberries on 31 March 2026 near Oxnard, California. Photograph: Mario Tama/Getty ImagesView image in fullscreenFarm workers harvest strawberries on 31 March 2026 near Oxnard, California. Photograph: Mario Tama/Getty ImagesUS farm workersNew survey reveals fears of US farm workers amid Trump’s immigration raidsVast majority of farm workers say raids and deportations have affected their jobs and 61% report shopping less Farm workers in the US are reeling from the Trump administration’s crackdown on immigration, including increased raids and deportations, according to a new survey conducted by the United Farm Workers Foundation released on Thursday. The survey features responses from 2,250 farm workers, many of whom are undocumented, about their experiences with immigration enforcement that has intensified under the second Trump administration. The vast majority (92%) of farm workers said that raids and deportations have affected their employment, while 90% said they worry about family separation. Fears are widespread and have affected their everyday lives: 61% said they are shopping less and 29% say they are not seeking medical attention for fear of immigration enforcement. Another 17% said they fear having to do forced labor in immigration detention if arrested. These fears are prevalent despite many respondents being longtime US residents, with 80% workers saying they have been in the US for more than 10 years, while 41% said they have been in the US for more than 20 years. “When I leave to work, I’m afraid to not come home and to never see my daughters again,” said Yasmine, a farm worker, during a press conference about the survey on Thursday. A mother of two daughters who are US citizens, she said: “We only go out when it’s absolutely necessary, but if we do go out, it’s for necessities like groceries.” Yasmine, who did not provide her last name, said she has been in the US for more than 20 years and is a Daca recipient, though she is experiencing delays getting her work permits renewed. Her husband is an undocumented immigrant. “I’ve even had to have conversations with our daughters about what could possibly happen. They’re small and don’t really understand what’s happening, but I try to talk to them and make sure we have a plan,” she said. “The other day was our daughter’s 11th birthday and we couldn’t celebrate it out of fear of going out. Family separation worries me a lot. I don’t know what’s going to happen. I live with stress, uncertainty and fear.” There are more than 2.6 million farm workers in the US. Most (73%) are Hispanic, 66% are noncitizen immigrants and 47% report lacking work authorization, according to data from the 2022 National Agricultural Workers Survey. Many hope that the US government can eventually shape up its immigration system, with 76% wanting protections from deportation and detention and 53% expressing hope for a pathway to legal status and US citizenship. Many workers are also unable to visit family in their home countries because of their immigration status, with 87% saying they would be able to visit their families if Congress passed immigration reform that gave them legal status. Yasmine emphasized having a pathway to citizenship would be life-changing for her family. “Having a pathway to citizenship would mean a lot for me. It would change a lot for me and my family, and it would make sure that my husband and I could give a better life for our daughters,” she said. “I would finally have stability, something right now I don’t have.”

New survey reveals fears of US farm workers amid Trump’s immigration raids
Asia
The Hindu BusinessLine

Molbio Diagnostics raises ₹281 cr from anchor investors ahead of IPO

Molbio Diagnostics’ IPO comprises a fresh issue of shares worth up to ₹200 crore and an offer for sale (OFS) of up to 91.66 lakh equity shares by existing shareholders. Point-of-care diagnostics company Molbio Diagnostics Ltd, backed by Temasek and Motilal Oswal Private Equity, raised ₹281.5 crore from anchor investors ahead of its initial public offering (IPO). The company allotted 34.88 lakh equity shares to 33 anchor investors at ₹807 apiece, the upper end of the price band, according to a circular uploaded on the BSE website late night on Friday. Domestic mutual funds received 23.54 lakh shares, accounting for 67.51 per cent of the anchor book through 19 schemes of nine fund houses. The IPO, with a price band of ₹768-807 per share, will open for public subscription on August 10 and conclude on August 12. The initial share sale is estimated at ₹904 crore to ₹940 crore at the lower and upper ends of the price band, respectively. The Goa-based company's IPO comprises a fresh issue of shares worth up to ₹200 crore and an offer for sale (OFS) of up to 91.66 lakh equity shares by existing shareholders. The company proposes to utilise ₹106 crore from the fresh issue proceeds towards capital expenditure for setting up infrastructure for an R&D facility, Centre of Excellence and connected office space. Another ₹72 crore will be deployed towards the purchase of plant, machinery and other equipment for its Goa Unit I, Goa Unit II and Visakhapatnam unit, while the remaining funds will be used for general corporate purposes. At the upper end of the price band, Molbio Diagnostics is expected to command a post-issue market valuation of around ₹9,300 crore. Incorporated in 2000, Molbio Diagnostics is a point-of-care diagnostics company offering molecular testing for 30 diseases, including tuberculosis, COVID, HIV, HPV and Hepatitis B and C. Its 'Truenat' platform, patented in more than 100 countries for diagnosis of multiple infectious and non-communicable diseases, is a point-of-care polymerase chain reaction (PCR) platform. The battery-operated platform can be deployed in resource-limited settings and facilitates decentralised diagnosis within an hour. The company has six manufacturing facilities in India -- two in Goa, two in Bengaluru, and one each in Visakhapatnam and Pune.

Molbio Diagnostics raises ₹281 cr from anchor investors ahead of IPO
Asia
The Hindu BusinessLine

Mahindra Group appoints Shveta Arya as Group Chief Strategy Officer

The Mahindra Group on Sunday announced the appointment of Shveta Arya as Group Chief Strategy Officer from September 15. Arya moves to the Mahindra Group from Cummins India, where she was serving as Managing Director. In this leadership role, Arya will lead the Group Strategy Office, working across its portfolio of businesses to identify growth opportunities, unlock value and drive long-term strategic advantage, the company said. She will be part of the Group Executive Board and will report to Mahindra Group CEO and Managing Director, Anish Shah, it said. She has joined the group after a career spanning over 23 years across publicly listed multinational organisations, as well as management consulting, with experience in automotive, travel, financial services and telecom sectors, Mahindra Group said. "Shveta brings over two decades of leadership experience across business and strategy, as well as management consulting across diverse sectors. Her experience in driving growth, shaping strategy and leading through change will be valuable as we work with our portfolio of businesses to drive growth and create long-term value across our portfolio of businesses," said Shah. At Cummins India Ltd, Arya was responsible for driving the company's growth, ensuring customer success, nurturing talent and fostering a positive, inclusive and ethical work culture. Prior to joining Cummins, she led strategy and M&A at Thomas Cook India and held diverse roles at Kearney and Infosys, according to the statement. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Mahindra Group appoints Shveta Arya as Group Chief Strategy Officer
North America
CNBC Finance

Ford raises guidance after Q2 earnings beat, says F-Series recovery is on track

DETROIT — Ford Motor raised its 2026 earnings forecast Tuesday after beating Wall Street's second-quarter earnings expectations despite reporting a decline in revenue that slightly missed estimates. The Detroit automaker cited operational improvements, resilient vehicle pricing and a high sales mix of profitable products for its performance as well as the improved guidance. Ford's raised guidance includes full-year adjusted earnings before interest and taxes of between $10 billion and $11 billion, up from $8.5 billion to $10.5 billion. It also raised its expectations for adjusted free cash flow to $6 billion to $7 billion, up from $5 billion to $6 billion. The additional free cash flow includes an earlier-than-expected cash recovery of $500 million of a previously announced $1.3 billion anticipated tariff reimbursement, the company said. The earnings raise was led by a $500 million expected improvement to its traditional Ford Blue business to between $5 billion and $5.5 billion. It also narrowed earnings of its fleet business to between $7 billion and $7.5 billion from a previous low range of $6.5 billion. "We delivered another strong quarter and raised our full-year guidance, but the more important story is the growing evidence that Ford is becoming a more profitable, more disciplined and genuinely different company," Ford CEO Jim Farley said in a release. Ford cut expected losses of its Model e electric vehicle business to about $4 billion, compared with previous expectations of losses between $4 billion and $4.5 billion, and said it also expected slightly better results for its credit arm. Each of the automotive business groups reported lower revenue compared with what analysts were expecting. Ford's total revenue, which includes its financial arm, was down 4% during the second quarter compared to a year earlier to $48.3 billion. Ford reported a net loss of $1.3 billion during the second quarter largely due to one-time special charges related to its previously announced pullback in all-electric vehicles. The $4.2 billion in charges included $3.6 billion in restructuring of its BlueOval SK joint venture battery plant with SK On and $500 million due to a canceled EV program. That loss was wider than the $36 million net loss it reported during the second quarter of 2025. Ford reconfirmed plans to deliver full-year material and warranty cost reductions of approximately $1 billion despite an influx of recent recalls for the automaker. Ford Chief Financial Officer Sherry House said the automaker's recovery of F-Series pickup truck production will continue into the back half of the year, reconfirming a roughly $1 billion improvement compared with last year's reported impact.

Ford raises guidance after Q2 earnings beat, says F-Series recovery is on track
Europe
BBC Business

New Spider-Man film sees second-biggest ever global opening weekend

Image source, Sony Pictures/MarvelByOsmond ChiaBusiness reporterPublished1 hour agoSpider-Man: Brand New Day brought in $927m (£687m) of global ticket sales to make it the second-biggest opening weekend ever as it shot past its estimated $225m production budget. The superhero movie - starring real-life husband and wife Tom Holland and Zendaya - is only behind Avengers: Endgame, which took in more than $1.2bn in its opening weekend in 2019. Brand New Day also set a second-best North American record, with box office takings of $335m. The film's strong performance gives a much-needed boost for Disney ahead of the highly-anticipated December release of Avengers: Doomsday, after a string of Marvel movies under-performed in recent years. Brand New Day, which opened in cinemas last week, picks up a few years after 2021's Spider-Man: No Way Home as Peter Parker continues to fight crime in a world that has forgotten he is the masked superhero. The latest instalment of the hugely popular franchise received largely positive reviews, with some calling it Holland's best Spider-Man performance yet. The film is Marvel's last big-screen outing before Doomsday, the long-awaited culmination of multiple superhero story arcs after Avengers: Endgame. Marvel films released since Endgame have struggled to attract the same broad audiences as they did at their peak. Big budget films like The Marvels and The Thunderbolts recouped their production costs but were among the studio's lowest-grossing films. Spider-Man remains one of Marvel's most lucrative franchises, with No Way Home making nearly $2bn in ticket sales. Cinema attendance has slowed since the Covid-19 pandemic, which accelerated the shift to home-streaming options like Netflix. But the big screen has staged something of a comeback this year, with the North American box office takings on track to pass $10bn for the first time since 2019.

New Spider-Man film sees second-biggest ever global opening weekend