Daily Recap: Business — 3 November 2026

Corporate balance sheets drive the day in business, as companies respond to pressure with job cuts, leadership changes, takeover bids and hard scrutiny from investors. The throughline is adaptation: retailers and tech groups face immediate market tests, while energy and consumer...

Disney prepares to cut thousands of jobs as part of a broader restructuring push, with some managers asked to target about 20% in annual cost savings. The planned reductions span parts of the company’s operations and mark a deeper effort to streamline expenses as the entertainment group reshapes its business.

David Jones faces intensifying financial strain, with potential store closures emerging as a central option. The retailer is weighing a significant reduction in its footprint across Australia and New Zealand, with speculation that as many as half its stores could be affected as pressure builds ahead of the key holiday trading period.

Foodtastic launches an unsolicited cash bid for MTY Food Group at C$43 a share, putting a sizable premium on the restaurant franchisor’s market value. The offer values MTY at roughly C$982 million and sets up a potential takeover contest in Canada’s restaurant and franchise sector.

Asda appoints former Morrisons chief executive David Potts as its new group CEO with immediate effect. The move also shifts Allan Leighton from an executive chair role into a non-executive strategic position, signaling another leadership reset as the supermarket group works through a period of change.

Saudi Aramco posts a strong rise in third-quarter profit even after attacks disrupt parts of its operations. Higher oil prices offset the production impact, while refining performance and proceeds tied to a stake sale in a Malaysian refining and petrochemical venture also help support earnings.

Shopify shares fall after the company reports third-quarter revenue and gross merchandise volume below analysts’ expectations. The market reaction is sharp despite solid year-over-year growth and an adjusted earnings result that meets or beats forecasts, underscoring how heavily investors are weighing top-line momentum.

Palantir shares come under pressure after investors focus on signs of slower growth in bookings, especially in its commercial business. That reaction comes even though the company issues a quarterly revenue outlook above Wall Street expectations, leaving the market focused less on guidance than on the pace of future demand.

Major League Baseball proposes pushing the start of a salary cap to the 2028 season as part of a broader labor offer to players. The proposal would still introduce other elements in 2027, giving clubs more time to adapt while keeping the cap issue central to the next phase of negotiations.