Google, a unit of Alphabet, said in a statement that “mass amounts of customer data” were stolen in an operation it said may have begun as early as three months ago

International News via Reuters:

Google said on Thursday that dozens of companies have been affected by an ambitious hacking campaign that targeted Oracle’s suite of business products, an early assessment that could portend wide-ranging damage.

Google, a unit of Alphabet, said in a statement that “mass amounts of customer data” were stolen in an operation it said may have begun as early as three months ago.

“This level of investment suggests the threat actor(s) responsible for the initial intrusion likely dedicated significant resources to pre-attack research,” the email said.

Google said the hackers targeted Oracle’s E-Business Suite of applications, which Oracle clients use to manage customers, suppliers, manufacturing, logistics, and other business processes.

Oracle did not immediately return an email seeking comment. Previouisly, the company had confirmed that there was extortion activity aimed at its clients.

Google noted in a blog post on Thursday that the group believed to be at the center of the intrusions, CL0P, has a long history of wide-ranging compromises against third party software or service providers.

“This latest campaign targeting Oracle EBS marks a continuation of this successful and high-impact operational model,” the blog said.

CL0P did not immediately respond to an email seeking comment. Previously, the hacker group said it would soon be clear that Oracle had “bugged up their core product.”

Reporting by Raphael Satter; Editing by David Gregorio

The sale process has not formally begun, but interest in the asset is building ahead of a potential launch

International News via Reuters:

Abu Dhabi’s sovereign wealth fund ADQ has emerged as a potential suitor in a sale of Catania airport’s operator in Sicily, two sources familiar with the matter said, adding that the fund has expressed preliminary interest in the asset.

The sale process has not formally begun, but interest in the asset is building ahead of a potential launch, the sources said, speaking on condition of anonymity.

Catania is Sicily’s main airport and Italy’s fifth busiest airport by passenger traffic. 

It is operated by SAC, a company owned by local authorities and chambers of commerce, under a concession that runs until 2049. SAC also manages the smaller Comiso airport, located in southern Sicily.

Under the draft terms of the sale, between 51% and 66% of SAC would be sold, one of the people said. 

LONG-RUNNING PRIVATISATION PROCESS

The asset could be worth between 500 million euros and 600 million euros ($580.60 million – $696.72 million), the people said.

The valuation, based on sector multiples and expected core earnings of over 30 million euros this year, reflects its concession-based model, which typically trades below freehold airport assets, according to one of the people.

Italy’s civil aviation authority ENAC is currently reviewing the draft tender for the sale, the sources said, with one of them adding a green light is expected at the end of October, which would pave the way for the formal start of the process.

ADQ declined to comment. SAC and ENAC did not immediately respond to a request for comment.

In a statement to Reuters, Antonino Belcuore, special commissioner of the chamber of commerce of South and East Sicily, which holds a 60.6% stake in SAC, welcomed ADQ’s interest, saying it showed the importance of the asset and that the path to privatisation is “the right one to continue pursuing.”

The privatisation of the Catania airport has been on the cards since 2022, when Italian investment bank Mediobanca was appointed as adviser to guide the sale process. 

Italian Prime Minister Giorgia Meloni has also pursued stronger ties with Gulf countries since taking office in 2022. 

This year, Rome sealed a strategic partnership with the United Arab Emirates, as part of which the UAE committed to investing $40 billion in Italy across key sectors.

    ADQ had total assets of $251 billion as of the end of last year, including in energy and transport and logistics, such as Abu Dhabi Airports and state carrier Etihad Airways.

($1 = 0.8612 euros)

Reporting by Elvira Pollina in Milan and Federico Maccioni in Dubai, additional reporting by Angelo Amante in Rome. Editing by Anousha Sakoui and Jane Merriman

Shein, which ships cheap clothes and accessories direct from factories in China to more than 150 countries, has grown to become the world’s biggest fast fashion retailer by sales

International News via Reuters:

Online fast-fashion retailer Shein is strengthening its controls after a string of fines over data privacy breaches, fake discounts and greenwashing, according to a letter to investors, internal memos and two sources with direct knowledge of the plan.

Shein, which ships cheap clothes and accessories direct from factories in China to more than 150 countries, has grown to become the world’s biggest fast fashion retailer by sales. But its rapid expansion has been accompanied by regulatory breaches in multiple markets.

In a letter to investors reviewed by Reuters, executive chairman Donald Tang said the company has created a “Business Integrity Group” that connects compliance, governance and external affairs teams, and has also expanded its internal audit capabilities to strengthen “discipline”.

In the past three months Shein has faced mounting penalties: a 150 million euro ($174.53 million) fine from France over website cookies collecting consumer data without consent, a 40 million euro penalty from France’s antitrust agency for misleading discounts, and a 1 million euro fine from Italy over greenwashing. Shein is contesting the 150 million euro fine.

Further fines could follow if a European consumer protection probe finds that products sold on its website fail to meet EU safety standards.

Founded in China and headquartered in Singapore, Shein has filed for a stock market listing in Hong Kong, after failed attempts to list in New York and London.

According to the letter, Shein has piloted enhanced internal controls in the United States, Canada, Brazil and Mexico.

The company declined to comment on the letter’s contents.

It is currently hiring for two governance, risk and compliance policy analysts and one internal audit manager in Los Angeles, according to its career website and LinkedIn. It was not clear if the jobs being advertised are additional roles.

The internal overhaul focuses on areas where Shein faces legal risk, like breaches of copyright and product safety laws, a separate source with direct knowledge of the matter said.

As Shein’s global profile has grown, so too have its risks, prompting senior management to allocate more resources to address persistent compliance problems, the source said.

MOUNTING FINES AND SLOWING GROWTH

Tang acknowledged “heightened challenges” in the second quarter, citing U.S. tariffs and “intensifying political and regulatory headwinds” in Europe. The letter, which has not been previously reported, was sent on August 25, according to a second source.

“In Q2 we grew firmly in line with both our global expansion plan and our financial projections,” Tang wrote.

The end of duty-free treatment for low-value online orders has hit Shein’s U.S. sales – the company’s largest market – forcing it to raise prices to offset higher costs. 

Coresight Research estimates Shein’s U.S. revenue will grow 20.1% in 2025, to $17.2 billion, down from estimated growth of 50% in 2024. Shein has shifted more of its marketing spending to Europe (including the UK), which is expected to surpass the U.S. in revenue for the first time this year, growing 30.7% to $17.9 billion. 

GROWING CRITICISM OF SHEIN’S BUSINESS PRACTICES

Europe, especially France, has become the epicentre of scrutiny of Shein’s business practices.

An investigation by a French agency of the Organisation for Economic Cooperation and Development (OECD) prompted by a complaint from two French lawmakers found last week that Shein does not comply with OECD guidelines on responsible business conduct, due diligence, working rights, environmental standards, and transparency.

“Information about the activity of the group, its finances and its governance remains extremely rare, hindering a clear analysis of its business, its revenue and its structure in the European Union and globally,” the final report, published on September 29, stated.     

A Shein spokesperson said the investigation “at times did not reflect the neutral mediation intended by the OECD framework” and rejected claims that Shein is in breach of various EU legislation, “specifically those that are not yet applicable”.  

($1 = 0.8595 euros)

Reporting by Helen Reid; Editing by Elaine Hardcastle

The maker of blockbuster obesity drug Wegovy is pressing ahead with a sweeping restructuring in a bid to revive sales growth and fend off intense competition from U.S. rival Eli Lilly

International News via Reuters:

Novo Nordisk said on Thursday it had agreed to buy Akero Therapeutics for up to $5.2 billion, giving the Danish drugmaker access to the U.S.-based company’s experimental liver disease drug.

The maker of blockbuster obesity drug Wegovy is pressing ahead with a sweeping restructuring in a bid to revive sales growth and fend off intense competition from U.S. rival Eli Lilly.

Under the deal, Novo would pay Akero shareholders $54 per share upfront in cash, which represents a premium of about 16.2% to Akero’s last close of $46.49 on Wednesday.

The Danish drugmaker will also pay an additional $6 per share upon full U.S. approval of efruxifermin for treatment of compensated cirrhosis due to MASH by June 30, 2031, the companies said.

Akero’s shares rose over 19% in premarket trading.

Novo’s new CEO Mike Doustdar, who took the reins in July, last month announced the company would cut 9,000 jobs.

Doustdar has said the company will retain a tight focus on developing the next generation of highly effective obesity and diabetes drugs, which can also be used to treat related cardiometabolic conditions such as MASH, rather than expanding into other disease areas.

Akero’s experimental drug, efruxifermin, is being studied in patients with severe scarring or cirrhosis due to a type of fatty liver disease known as metabolic dysfunction-associated steatohepatitis (MASH).

Reporting by Anna Ringstrom in Stockholm, Mariam Sunny in Bengaluru and Maggie Fick in London, Editing by Essi Lehto and Leroy Leo

In its latest cereal forecasts, Expana increased its estimate for EU soft wheat production this season by 0.3 million metric tons from last month’s forecast to 136.4 million tons

International News via Reuters:

Expana has raised its monthly grain production forecast for European Union crops for the 2025/26 season, projecting soft wheat output will hit a record high and barley a 17-year high.

In its latest cereal forecasts, Expana increased its estimate for EU soft wheat production this season by 0.3 million metric tons from last month’s forecast to 136.4 million tons, up 22.8 million tons from the rain-affected 2024/25 crop.

Barley output was also revised 0.2 million tons higher to 56.4 million tons, up 6.2 million tons year-on-year.

For maize, Expana raised its crop estimate by 0.8 million tons to 56.5 million tons, after the harvest turned out slightly better than previously expected, though the crop remains 2.5 million tons below last season and the second lowest since 2007.

As of early October, maize harvesting was well advanced in most European production zones except Poland, where crop development is around a month behind schedule.

“The contrast between a good maize harvest in the northern half of the EU and disastrous results in the southern half looks set to become even more pronounced than it was in 2024/25,” Expana said.

Expana continues to expect that EU soft wheat exports will rebound sharply this season, but said the increase looks set to be held in check by fierce competition on international markets, especially from U.S., Australian and Argentinian origins.

“European exports, especially French exports, made a slow start to the new campaign. However, French exports have gained some momentum in recent weeks thanks to the better competitiveness of French wheat,” it said.

Reporting by Sybille de La Hamaide. Editing by Mark Potter

EU lawmakers rejected the two motions of censure with 378 members of the 720-strong parliament expressing support for the von der Leyen

International News via Reuters:

European Commission President Ursula von der Leyen comfortably survived two bids to remove her when the European Parliament rejected no-confidence motions from hard-right and left groups on Thursday.

EU lawmakers rejected the two motions of censure with 378 members of the 720-strong parliament expressing support for the von der Leyen and her team of commissioners in the first vote and 383 in the second.

The results were slightly better for the EU executive chief than in July, when 360 lawmakers voted against a motion brought by mainly far-right lawmakers, although the number is lower than the 401 votes von der Leyen received in July 2024, when re-elected as Commission president.

Although the motions of censure had almost no chance of reaching the two-thirds majority required to unseat her, some lawmakers said they could expose more general disquiet over her leadership and destabilise the EU assembly, whose backing is required to pass legislation.

Reporting by Inti Landauro and Philip Blenkinsop, editing by Bart Meijer

HSBC will offer HK$155 per share for the 36.5% of Hang Seng’s shares it does not own

International News via Reuters:

HSBC said it plans to buy out minority interests in Hong Kong’s Hang Seng Bank for HK$106.1 billion ($13.63 billion), paying a premium to take control of a subsidiary hit by faltering property markets by halting its own share buybacks

HSBC will offer HK$155 per share for the 36.5% of Hang Seng’s shares it does not own, it said on Thursday, a 30.3% premium to Wednesday’s closing price, giving a total valuation of $37 billion.

HSBC CEO Georges Elhedery, who has spent the past year trying to cut costs in the bank’s sprawling businesses, thinks he can extract value from Hang Seng by delisting its shares and streamlining operations.

“This is an investment for the medium- to long-term in what is a leading local bank in Hong Kong, an iconic franchise, distinct and unique customer proposition and a strong financial standing with very good liquidity ratios and capital ratios,” Elhedery told reporters on Thursday.

Hang Seng Bank shares surged 26%, but HSBC shares fell more than 6% in London and Hong Kong.

“While strategic rationale is compelling, and this seems a sensible overall use of capital, we expect investors will query why now and at this price,” Citi analysts said in a note.

The move contrasts with a string of market exits by HSBC after Elhedery took the helm last year and launched a global overhaul that saw the lender sell off or wind down businesses across Europe, North America and some Asia Pacific markets.

But Hong Kong emerged as a standalone division after the restructuring, along with three other key operations.

Elhedery told reporters “additional streamlining and simplification” are expected at Hang Seng, and the banks would seek to align product manufacturing and international networks.

HSBC would pause its share buybacks for about three quarters to build up the capital required for the acquisition, according to Elhedery.

Morningstar’s senior equity analyst Michael Makdad said the acquisition would be the biggest in Hong Kong for over a decade and was a positive move considering parent-subsidiary double listings were inherently problematic in terms of governance.

“HSBC will need to pay a premium … but there should be some opportunities for cost synergies,” he added.

RISING BAD LOANS

The planned privatisation of Hang Seng comes as debt-laden property developers and their creditors are set to face intensifying financial pressure as bond maturities are slated to jump by nearly 70% next year.

Hang Seng Bank has reported rising bad loans over the last few years due to its relatively high exposure to the Hong Kong and mainland Chinese property markets.

Impaired loans reached 6.7% of its gross loans as of June 2025, up sharply from 2.8% at the end of 2023.

Reuters last year reported that due to worries about a potential rise in bad loans amid growing economic headwinds and the property sector crisis in China, HSBC in early 2024 started planning to tighten risk management at Hang Seng Bank.

Elhedery said, however, that the move was “absolutely not” driven by pressure to bail out Hang Seng.

“We remain constructive on the outcome for the sector in the medium to long term. So we see this as a short term credit cycle, which in part is normalising,” he said.

HSBC said the privatisation would have a negative impact of about 125 basis points on its common equity tier 1 (CET1) ratio, which stood at 14.6% at the end of June. But it expected to restore its CET1 ratio to its target operating range of 14.0% to 14.5% through organic capital generation and by pausing share buybacks.

The offer price is final, HSBC said, adding that it does not reserve the right to revise it.

($1 = 7.7815 Hong Kong dollars)

Reporting by Selena Li in Hong Kong, Scott Murdoch in Sydney and Tommy Reggiori Wilkes in London; Additional reporting by Donny Kwok in Hong Kong and Adwitiya Srivastava and Tommy Reggiori Wilkes in London; Editing by Jamie Freed, Kim Coghill, Elaine Hardcastle