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Omnicom will cut more than 4,000 jobs and fold several well-known advertising agency brands as part of an immediate restructuring following the completion of its $13bn takeover of U.S. rival Interpublic (IPG). Reuters notes that the ad industry is under threat as artificial intelligence reshapes creative production and tech giants such as Meta make it easier for businesses to develop ads at scale and speed. IPG laid off about 3,200 employees in the first nine months of 2025, and Omnicom last year reduced its staff by 3,000 to about 75,000. "Advertising and technology sectors are undergoing contraction now. It's a tough job market. This announcement makes the market even more crowded," observed eMarketer analyst Ross Benes.

 

Ad Age

Financial Times

Reuters

John Giannandrea, Apple's senior vice-president for machine learning and artificial intelligence strategy, is to step down and be replaced by former Microsoft executive Amar Subramanya. He will have oversight of Apple's foundation models, machine learning research, and AI safety and evaluation. The Cupertino-based firm is looking to release a major AI-focused update to Siri in spring 2026, around a year later than originally planned.

 

Bloomberg

Financial Times

NBC News

New York Times

Shopify suffered an outage on Cyber Monday, interrupting operations for some of its merchants on one of the busiest shopping days of the year. About 4,000 users reported problems with Shopify’s website, with the number falling to a few hundred by early afternoon, according to Downdetector, which monitors online services. Later in the day, the company said it had fixed issue with its login authentication flow. 

 

Wall Street Journal

Amazon and Google have launched a new multicloud networking service designed to enhance connectivity between their platforms, facilitating high-speed private links in a matter of minutes. The initiative aims to address the significant demand for reliable internet connections, especially following a recent Amazon Web Services outage that resulted in substantial losses for U.S. companies. Robert Kennedy of AWS said: "This collaboration represents a fundamental shift in multicloud connectivity."

 

Reuters

Bath & Body Works is embarking on a turnaround strategy after reporting a drop in quarterly sales and cutting its annual forecast, blaming past overreliance on promotions and expansion into non-core categories for eroding brand loyalty. Under new chief executive Daniel Heaf, the Ohio-based retailer plans to refocus on core products, enhance brand aspiration, leverage influencers, and streamline offerings to attract younger consumers. Executives cited the strong underlying brand as a key asset, with recent launches such as the Touch of Gold fragrance proving popular. "We want our brand to be a beacon for younger consumers who seek greater efficacy, ingredient-led innovation, modern packaging and compelling storytelling," said chief marketing officer Jamie Sohosky.

 

Wall Street Journal

UnitedHealth Group has reportedly agreed to sell its South American business, Banmedica, to Brazilian private equity firm Patria Investments for $1bn. This move follows UnitedHealth's strategy to exit Latin America, a plan initiated in 2022 after previous divestments in Brazil and Peru. The sale, which has been in negotiations for nearly a year, is expected to bolster the company's efforts to regain investor confidence and focus on future growth following a significant $8.3bn loss associated with its South American operations.

 

CNBC

Costco has joined a growing number of businesses suing the Trump administration to secure refunds if the Supreme Court invalidates the president's global tariffs policy. The lawsuit, filed on November 28th in the U.S. Court of International Trade, was prompted by concerns over the uncertainty of refunds for companies paying duties. Costco's lawyers said: "We need a court intervention immediately" due to Customs and Border Protection denying an extension for tariff determinations. The Supreme Court heard arguments on the tariffs on November 5th, and while lower courts have ruled against the administration, the tariffs remain in effect until a decision is made. Other companies, including Revlon and Kawasaki, have also filed similar lawsuits. The ongoing tariff policies have disrupted the retail sector, raising prices and affecting consumer purchasing power.

 

CNBC

NBC News

The Oregonian

Washington Post

Starbucks has agreed to pay approximately $35m to over 15,000 New York City workers as part of a settlement addressing claims of unstable schedules and arbitrary hour reductions. The company will also incur $3.4m in civil penalties under the agreement with the city's Department of Consumer and Worker Protection. The settlement ensures compliance with the city's Fair Workweek law, and underscores the importance of stable working conditions. Starbucks said in a statement that the law was “notoriously challenging for businesses to navigate.” The company said that the violations were “about compliance” and “not about withholding wages or failing to pay partners.”

 

The Baltimore Sun

New York Times

Reuters

American manufacturing contracted for the ninth straight month in November, according to the Institute for Supply Management (ISM). The organization's purchasing managers index (PMI) fell by a half-point from October to 48.2, below the 50-mark separating expansion from contraction. Economists polled by Reuters had forecast the PMI would rise to 49. The forward-looking new orders sub-index decreased to 47.4 from 49.4, while the prices paid measure increased to 58.5, from 58. Separately, the S&P Global U.S. Manufacturing PMI dropped from 52.5 in October to 52.2. "The main impetus came from a strong rise in factory production, but growth in new order inflows slowed sharply, hinting at a marked weakening of demand growth," commented S&P Global Market Intelligence chief business economist Chris Williamson. “In short, manufacturers are making more goods but often not finding buyers for these products. This combination of sustained robust production growth alongside weaker than expected sales led to a worryingly steep rise in unsold inventories." 

 

Market Watch

Reuters

Norway's $2tn wealth fund has announced its intention to support a shareholder proposal at Microsoft's annual general meeting advocating for a report on the human rights risks associated with the company's operations in countries with significant human rights concerns. Additionally, the fund, which is Microsoft's eighth-largest shareholder with a 1.35% stake, plans to vote against the re-election of chief executive Satya Nadella as chair of the board, advocating for a compensation structure that includes shares locked for five to ten years. The fund emphasised the importance of addressing "material sustainability risks" and has a history of opposing executive pay structures deemed excessive.

 

Reuters

India’s telecoms ministry has said Apple, Samsung, Xiaomi, and other smartphone manufacturers must ensure that new handsets come installed with a government cybersecurity app, raising concerns about privacy. The Sanchar Saathi app would give Indian authorities access to the phone's call log, memory, and camera. For devices already in the supply chain, manufacturers should push the app to phones via software updates. Apar Gupta, director of the Internet Freedom Foundation, described the app as "disproportionate, legally fragile, and structurally hostile to user privacy and autonomy”. Apple has reportedly indicated that it will resist the mandate, while others, including Samsung, are still reviewing the order.

 

Business Standard

Financial Times

Reuters

Swiss voters have overwhelmingly rejected a proposal to impose a 50% levy on inherited fortunes exceeding 50m Swiss francs ($62m). The initiative, which was backed by the youth wing of the Social Democrats, sought to fund climate change projects. "The super rich inherit billions, we inherit crises," they argued. Critics had warned the tax could drive wealthy individuals out of Switzerland, diminishing tax revenues. 

 

Euronews.com

Financial Times

Politico

Reuters

Nonprofit organizations will today celebrate Giving Tuesday, a global initiative promoting philanthropy following Black Friday and Cyber Monday, and Michael Thatcher, chief executive of Charity Navigator, has shared insights with Reuters on American generosity amid economic challenges. According to a recent survey, 32% of respondents plan to increase their donations this year, while 41% intend to maintain their giving levels. Mr. Thatcher emphasized that "people still want to give and are engaged," highlighting a significant rise in donations to food banks amid recent SNAP benefit cuts. He advised donors to focus on causes they are passionate about and to verify charities for legitimacy and impact. Notably, 53% of donors last year were women, with younger generations increasingly engaging through volunteering. Mr. Thatcher's key advice for Giving Tuesday is to "pick your causes first, verify the charity and look for proof of impact."

 

Reuters