Faulty CrowdStrike update to cost Fortune 500 companies billions

A global technology outage caused by CrowdStrike's faulty update will cost US Fortune 500 companies an estimated $5.4 billion, excluding Microsoft's losses, insurers say. The banking, healthcare, and airline sectors are hit hardest, with insured losses for non-Microsoft Fortune 500 companies between $540 million and $1.08 billion, according to insurer Parametrix. The outage, described as the largest IT failure in history, grounded flights, disrupted hospitals, and crashed payment systems, exposing the vulnerability of modern tech systems. 

Unilever shares jump 6.8% on strong pricing

Unilever's shares surged 6.8%, leading London's FTSE 100, after the company exceeded first-half profit expectations due to strong pricing. Although second-quarter sales increased by 3.9%, they fell short of the anticipated 4.2%. Despite this, Unilever upheld its annual sales growth forecast of 3-5% and projected a stronger operating margin of at least 18%. The company's underlying operating profit rose 17% to 6.1 billion euros ($6.61 billion) for the six months to June, significantly beating market expectations of 5.44 billion euros.

Auto giant reports 48% profit drop

Auto giant Stellantis announced a significant drop in first-half net profit on Thursday, attributing it to lower sales, production interruptions, and reduced market share in North America. The company, which includes brands like Jeep, Dodge, Fiat, Chrysler, and Peugeot, reported a net profit of €5.6 billion for the first half of 2024, a 48% decline compared to the same period in 2023. Stellantis’ adjusted operating income for this period was €8.5 billion, down by €5.7 billion, largely impacted by the North American market.

Sources: Theguardian.com, reuters.com, cnbc.com