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Lilly Goes on $20 Billion Buying Spree as It Seeks Next Act

Eli Lilly & Co. is on a record spending spree, announcing acquisitions worth more than $20 billion so far in 2026 as the drugmaker expands beyond its blockbuster obesity franchise.

By Madison Muller and Gerry Smith

Temu-Owner PDD’s Shares Slide After Sales Miss Estimates

PDD Holding Inc.’s shares fell more than 9% in pre-market US trading on Wednesday after its first-quarter revenue missed expectations partly due to fierce domestic competition and weak consumer sentiment in China.

Akzo Nobel Rejects €12.5 Billion Offer From Nippon Paint

Akzo Nobel NV has rejected a cash offer from peers Nippon Paint Holdings Co. and Sherwin-Williams Co. that would break up the business, and will press on with plans to merge with US firm Axalta Coating Systems Ltd.

Early Peak Season Set to Lift Ocean Cargo Rates: Supply Lines

Global goods trade buffeted for three months by supply disruptions faces a possible demand jolt that keeps boosting seaborne freight costs before the usual restocking race in the third quarter.

Spirit’s Collapse Casts Shadow Over US Budget Airline Sector

Spirit Aviation Holdings Inc., the Dania Beach, Florida, company both loved and reviled for its no-frills pricing, died on May 2. It was 43 years old.

Germany’s Reiche Tells EU to Avoid Harming Exports to China

German Economy Minister Katherina Reiche said the European Union should ensure that any measures it applies on Chinese trade don’t harm the bloc’s exports to the country.

ByteDance Weighs Capex of as Much as $70 Billion in AI Push

ByteDance Ltd., the developer of TikTok and a leading force in artificial intelligence, is considering increasing its capital spending to more than double last year’s in a bid to lead the Chinese AI market and challenge the top US players abroad.

Volvo Car Avoids US Ban on Connected Vehicles Tied to China

The Trump administration reached an agreement with Volvo Car AB that will allow the automaker to avoid a US ban on connected vehicles tied to China.

EU Firms Warm to China Even as Tensions Spiral Over Export Surge

European firms in China are turning more upbeat about their business outlook, a new survey found, just as Brussels appears poised to take action against a swelling trade imbalance with Beijing.

Fireworks AI In Talks for Funding at $15 Billion Valuation

Fireworks AI, a startup that helps companies run artificial intelligence models, is in talks to raise a new round of funding that would value the company at $15 billion, according to people familiar with the matter.