Daily Recap: Business — 4 November 2026

Business news is led by companies redrawing their structures as growth shifts and investors reward clearer paths to profit. From layoffs and breakups to stronger AI and obesity-drug sales, the day also shows capital flowing toward businesses with momentum while legal and property...

Canva begins its first major restructuring, cutting, relocating or changing the roles of about 1,271 employees, roughly 22% of its workforce. The company says slower growth now requires a broader reset rather than smaller adjustments, making this a significant turn for a business that had expanded rapidly and largely avoided large-scale layoffs until now.

CVS Health says it will split into two publicly traded companies, separating its retail pharmacy chain from its insurance and prescription benefits operations. The move unwinds the integrated model created by the Aetna merger and marks a major strategic shift as the company tries to simplify its structure and sharpen the focus of each business.

U.S. stocks rally after the midterm elections reshape control in Washington, with major indexes and futures moving higher as investors reassess the policy outlook. Oil prices also fall, with Brent pulling back toward the $100 mark, adding to the market’s more positive tone as traders weigh what political gridlock could mean for regulation and corporate sectors.

AMD gives a better-than-expected revenue forecast for the fourth quarter after reporting quarterly results that top estimates. Demand for AI-related data-center chips drives the stronger outlook, and the update lifts the company’s shares in extended trading, reinforcing how heavily investors are rewarding semiconductor groups tied to AI infrastructure spending.

Novo Nordisk raises its 2026 outlook after third-quarter results come in stronger than expected, helped by sales of its Wegovy weight-loss pill. The upgrade underscores continued demand for GLP-1 treatments and keeps attention on the company’s competition with Eli Lilly as drugmakers race to expand in the fast-growing obesity market.

David Jones moves closer to voluntary administration after landlords allege the retailer has fallen behind on rent at Westfield shopping centres. The financial strain puts one of Australia’s best-known department store brands under acute pressure just before the Christmas trading period, when retailers typically rely on stronger foot traffic and seasonal sales.

Australia’s High Court rules against Uber in a payroll tax case, finding that payments to drivers count as wages under New South Wales law. The decision leaves Uber with an $81 million tax bill and could carry broader significance for how platform companies are treated when governments assess tax obligations tied to gig-economy work.

Xbox is weighing the sale or closure of Arkane Studios, with Ubisoft reported to be among several bidders for the business. No deal is agreed, and Microsoft is also considering a sale back to Arkane’s management, leaving the future of the studio unsettled as the company reviews its games portfolio.