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Palo Alto Networks avoided directly naming China in a report about a global cyberespionage campaign due to fears of retaliation from Beijing, according to sources. The cybersecurity firm instead described hackers as a 'state-aligned group that operates out of Asia' after executives softened language following China's ban of Palo Alto's software last month. The decision highlights risks cybersecurity companies face when attributing state-sponsored hacking, particularly those with global operations.

• A draft report by Palo Alto's Unit 42 originally linked the hacking group 'TGR-STA-1030' to China, but executives ordered the language softened after China banned Palo Alto and about 15 other U.S. and Israeli cybersecurity firms' software on national security grounds
• The hackers successfully breached government and critical infrastructure organizations in 37 countries in what Palo Alto dubbed 'The Shadow Campaigns,' with forensic evidence pointing to China including GMT+8 timezone activity and targeting aligned with Beijing's diplomatic interests
• Palo Alto maintains five offices in China and lists over 1,000 employees there on LinkedIn, illustrating the trade-off companies with global footprints face between exposing foreign espionage and protecting local staff from potential reprisals

The European Union has launched a new antitrust investigation into Google over concerns the company is illegally manipulating the pricing of advertising on its search engine. The probe adds to Google's ongoing regulatory challenges in Europe, where it has faced multiple antitrust cases. This investigation focuses specifically on potential anticompetitive practices in search ad pricing.

• The EU is examining whether Google is rigging the cost of search advertising in violation of competition laws
• This represents another front in Google's long-running antitrust battles with European regulators
• The investigation targets Google's dominant search engine advertising business, a core revenue source for the company

Kraft Heinz CEO Steve Cahillane has paused the company's planned separation into two publicly traded entities to focus on reviving struggling brands like Oscar Mayer and Kraft Mac & Cheese. The decision comes as the company faces declining sales, with net sales dropping 3% in 2024 and 3.5% in 2025, while its stock has fallen nearly 70% since the 2015 merger. Analysts express concern that the pause signals deeper business weakness than previously understood.

• Cahillane is redirecting $600 million earmarked for marketing, sales and R&D toward brand investment, reversing years of cost-cutting that starved major brands of resources
• Major investor Berkshire Hathaway, holding a 27.5% stake, was not receptive to the original separation plan and may divest its position entirely
• The company's U.S. grocery division brands including Oscar Mayer, Maxwell House, and Lunchables require the most attention, with previous attempts to sell Oscar Mayer and Maxwell House unsuccessful

Waymo has begun deploying its sixth-generation Ojai robotaxis to employees in San Francisco and Los Angeles, aiming to extend its U.S. autonomous vehicle lead. The new system uses more cost-effective components and can better navigate harsh weather conditions, which is critical for Waymo's expansion into additional markets. The rollout comes as Waymo operates in six U.S. cities and plans to expand to 10 more domestic markets plus London in 2026.

• The new Ojai robotaxis use base vehicles from Chinese automaker Geely's Zeekr subsidiary, raising concerns from GOP lawmakers, though Waymo says it will not share autonomous driving technology, sensor data, or rider information with the Chinese manufacturer.
• Alphabet's 'Other Bets' segment, which includes Waymo, reported $7.51 billion in losses in 2025, up from $4.44 billion in 2024, though Waymo recently closed a $16 billion funding round valuing the company at $126 billion.
• The sixth-generation system features upgraded lidar and radar, a 17-megapixel imager requiring fewer cameras, and improved algorithms for rain and snow performance, with integrated cleaning systems to maintain visibility in inclement weather.

British American Tobacco's CEO said a potential U.S. import ban on unauthorized disposable vapes could reduce the illegal e-cigarette market by roughly a third, though any impact likely won't materialize until 2027. BAT estimates unregulated devices currently comprise about 70% of U.S. e-cigarette sales, and the company has two active cases at the U.S. International Trade Commission seeking to block imports of unauthorized vapes.

• An ITC judge ruled in BAT's favor in a patent dispute last year and recommended blocking disposable vapes that infringe its patents, with a full ITC determination expected in March followed by a 60-day presidential review
• BAT's CEO warned that long U.S. supply chains and large existing inventories would delay any market impact until early 2027, even if the import block is approved
• The CEO suggested the FDA may test a different regulatory approach to vapes, potentially including flavored products, after years of rejecting most new nicotine product applications

Italian tax police raided Amazon's Milan headquarters on Thursday as part of a tax evasion investigation examining whether the U.S. tech giant operated an undisclosed permanent base in Italy from 2019 to 2024. Authorities also searched the homes of seven Amazon managers and offices of auditing firm KPMG. The probe focuses on whether Amazon should have paid more taxes in Italy due to its local presence.

• The investigation targets Amazon's potential failure to disclose a permanent Italian establishment during a five-year period (2019-2024), which would have triggered higher tax obligations
• Tax police (Guardia di Finanza) conducted searches at multiple locations including Amazon's Milan headquarters, homes of seven company managers, and KPMG's offices
• Neither Amazon nor KPMG provided immediate comment on the investigation

U.S. stock markets digested a stronger-than-expected January jobs report showing 140,000 payroll additions (nearly double the 70,000 forecast) and unemployment falling to 4.3%, prompting traders to scale back Federal Reserve rate cut expectations. Markets now price in only two rate cuts for 2026, with the first not fully expected until July, as the stabilizing labor market allows the Fed to focus on above-target inflation.

• January payrolls of 140,000 nearly doubled expectations of 70,000, with unemployment unexpectedly declining to 4.3% despite rising labor force participation
• Interest rate futures now price only two Fed cuts in 2026 (down from earlier expectations), with the first cut not fully priced until July as labor market stabilization shifts focus to inflation
• Congressional Budget Office projects the 10-year deficit will be $1.4 trillion (6%) higher than January 2025 estimates, with debt-to-GDP ratio expected to exceed 106% by 2030, surpassing the 1946 peak

Restaurant Brands International reported fourth-quarter comparable sales that exceeded analyst expectations, driven by strong performance at Burger King and Tim Hortons. The company's same-store sales grew 3.1%, beating the estimated 2.8% rise, as value-focused menu offerings attracted budget-conscious consumers.

• Burger King introduced value meal deals including '2 for $5' and '3 for $7' offers over the past year to appeal to cost-conscious diners
• Same-store sales growth reached 3.1% in Q4, surpassing analyst estimates of 2.8% according to LSEG data
• The results reflect broader fast-food industry trends where chains emphasizing affordability are seeing resilient traffic while pricier competitors struggle

American Airlines unions are demanding CEO Robert Isom's removal and board accountability after the carrier generated only $352 million in adjusted pretax profit in 2025, far behind Delta's $5 billion and United's $4.6 billion. Flight attendants issued their first-ever no-confidence vote against an American CEO, while pilots requested a formal meeting with the full board, citing persistent operational failures and strategic shortcomings.

• American captured just 4% of combined pretax profits among the big three U.S. carriers in 2025, with some flight attendants receiving as little as $150 in profit-sharing payouts
• A January winter storm exposed operational weaknesses, with American posting the highest cancellation rate and worst on-time performance among major carriers including Southwest, Alaska, United, and Delta
• Flight attendants plan a protest at American's Fort Worth headquarters Thursday, while pilot union leadership seeks direct board engagement after multiple unproductive meetings with CEO Isom's executive team

Lufthansa cancelled over 460 flights on Thursday affecting nearly 70,000 passengers as pilots and flight attendants went on strike at Germany's largest airline. The walkout was organized by pilots' union VC over pension disputes and flight attendants' union UFO over CityLine's planned shutdown, occurring during major events like the Berlinale film festival and Munich Security Conference.

• Most flights at Lufthansa's Frankfurt and Munich hubs were cancelled for the day, including overseas destinations, with normal operations expected to resume Friday
• Pilots are demanding more generous retirement benefits while Lufthansa, calling its core airline a 'problem child', claims there is no financial leeway for the demands
• Flight attendants at CityLine are separately striking over the planned shutdown of operations and the company's refusal to negotiate a collective social plan

Dutch payments company Adyen's stock fell as much as 20% after reporting H2 2025 earnings and issuing 2026 net revenue growth guidance of 20-22%, below analyst expectations of 22.8%. The company reported 17% year-over-year net revenue growth to 1.27 billion euros, but growth was tempered by slower expansion from APAC-based online retailers and a weaker U.S. dollar.

• Adyen's 2026 revenue growth guidance of 20-22% missed analyst estimates of 22.8%, triggering the sharp stock decline
• H2 2025 net revenue reached 1.27 billion euros ($1.51 billion), up 17% year-over-year, with EMEA and North America each growing 17%
• APAC client revenue growth accelerated slightly to 14%, driven by deeper relationships with existing customers, but overall APAC growth remained a moderating factor

Nissan Motor reported a 44% decline in third-quarter operating profit to 17.5 billion yen ($114.37 million), significantly beating analyst expectations of an 81 billion yen loss. The struggling Japanese automaker continues to face intense competitive pressure in key markets including the United States and China.

• Operating profit fell to 17.5 billion yen from 31.1 billion yen in the same quarter last year, representing a 44% year-over-year decline
• Results substantially exceeded analyst forecasts, which predicted an average loss of 81 billion yen according to an LSEG survey of six analysts
• The profit decline reflects ongoing challenges from heavy competition in major markets such as the U.S. and China

Private equity firm Platinum Equity has agreed to sell Spanish waste management company Urbaser to Blackstone and EQT for $6.6 billion. Platinum will retain ownership of Urbaser's Argentina waste management operations. The deal represents a significant transaction in the waste management sector between major private equity players.

• The acquisition price is $6.6 billion, with buyers Blackstone and EQT jointly acquiring the company
• Platinum Equity is carving out and retaining Urbaser's Argentina waste management business from the sale
• The transaction involves a Spanish waste management company changing hands between prominent private equity firms

U.S. asset manager Nuveen has agreed to acquire British investment firm Schroders for $13.5 billion (£9.9 billion). The combined entity will manage nearly $2.5 trillion in assets, with Schroders CEO Richard Oldfield remaining as leader and London serving as the non-U.S. headquarters.

• The deal values Schroders at £9.9 billion ($13.5 billion) and creates a combined asset management group
• Total assets under management for the merged entity will reach approximately $2.5 trillion
• Schroders CEO Richard Oldfield will continue leading the firm post-acquisition, with London as the non-U.S. headquarters

French pharmaceutical company Sanofi announced the appointment of Belén Garijo as its new CEO, replacing Paul Hudson who will step down on February 17 after the company decided not to renew his mandate. Garijo, who previously spent 15 years at Sanofi and served as CEO of Merck KGaA, will take over leadership to accelerate the company's strategic execution and drive its next growth cycle.

• Paul Hudson's mandate will not be renewed, with his departure effective February 17, though no specific reason for the leadership change was provided
• Garijo brings extensive pharmaceutical experience, including 15 years at Sanofi, board membership at L'Oreal, and previous role as CEO of German pharmaceutical and specialty materials maker Merck KGaA
• Sanofi chairman Frederic Oudea stated Garijo has the 'experience and profile to accelerate the pace' and strengthen execution of the company's strategy

SoftBank Group reported a net profit of $1.62 billion for its October-December quarter, marking its fourth consecutive profitable quarter, compared to a net loss of $5.09 billion in the same period last year. The profit was primarily driven by valuation gains from its investment in OpenAI, though the company faces investor concerns about funding its increasingly large stake in the unprofitable AI firm.

• SoftBank has invested over $30 billion in OpenAI, generating a 2.8 trillion yen ($18.3 billion) investment gain in the nine months ending December 2024
• To fund its OpenAI investments, SoftBank has sold major assets including its $5.8 billion Nvidia stake and $12.73 billion worth of T-Mobile shares between June and December 2024
• OpenAI faces mounting challenges with rising costs to train and run AI models amid intensifying competition from rivals like Alphabet, while remaining unprofitable

One year after Trump's tariffs on Chinese goods, Chinese factories and ports are experiencing a surge in activity ahead of the 2026 Lunar New Year holiday. Major ports handled 40% more containers in early February compared to a year earlier, with large container shipments to the U.S. running above 2024 and 2025 levels. Despite ongoing 'China-plus-one' diversification strategies, American companies have resumed placing orders and developing new products following a trade truce that stabilized tariff levels.

• Chinese ports saw 40% year-over-year growth in container volume during the week ending Feb. 1, the fastest growth in over 12 months, with Ningbo terminals operating beyond capacity and overbooked by more than 20%
• The surge in pre-holiday demand pushed freight rates up significantly, with trucking rates increasing 80% due to severe congestion and the Shanghai Containerized Freight Index rising above historical averages
• U.S. companies have resumed product development and order placement after a year of uncertainty, with factories maintaining export levels similar to pre-tariff periods despite ongoing supply chain diversification efforts

The U.S. Federal Trade Commission has questioned Apple about allegations that Apple News favors left-wing news outlets while suppressing conservative publications. FTC Chairman Andrew Ferguson warned that if Apple's curation practices contradict its terms of service or consumer expectations, they may violate the FTC Act's prohibition on deceptive practices.

• Multiple studies cited by the FTC found Apple News featured zero articles from American conservative-leaning sources in recent months while promoting hundreds from liberal publications
• The FTC lacks authority to mandate political positions but can investigate whether practices violate Section 5 of the FTC Act, which bars unfair or deceptive acts
• Chairman Ferguson, appointed by Biden and named chair by Trump in January, has prioritized using FTC authority to address conservative concerns like perceived online censorship

Oil prices rose on Thursday as U.S.-Iran tensions escalated, with Brent crude up 0.49% to $69.74 per barrel and WTI up 0.57% to $65.00. President Trump stated he reached agreement with Israel's Netanyahu on how to proceed with Iran while also considering sending troops to the Middle East if diplomatic talks fail. The geopolitical concerns overshadowed a significant 8.5 million barrel build in U.S. crude inventories.

• U.S. crude inventories rose 8.5 million barrels to 428.8 million barrels last week, far exceeding analyst expectations of a 793,000-barrel increase
• Analysts suggest a sustained break above $65-$66 requires further Middle East escalation, while de-escalation could trigger profit-taking toward $60-$61 in WTI
• Upside price bias expected to continue due to U.S.-Iran tensions, tighter Russian oil sanctions, and a resilient U.S. economy supporting oil demand expectations

The U.S. Department of Commerce announced a $252 million settlement with Applied Materials to resolve alleged illegal exports of U.S. semiconductor manufacturing equipment to China. The settlement addresses violations of export controls that restrict the transfer of advanced chip-making technology to China.

• Applied Materials agreed to pay $252 million to settle charges of illegally exporting semiconductor manufacturing equipment to China
• The case involves violations of U.S. export controls designed to prevent advanced chip-making technology from reaching China
• The settlement was announced by the Commerce Department on February 11, 2026