Top stories: Top business news of the day – Wednesday, 1:00 p.m. ET

Ford Shrinks Its EV Rollout Plans as Demand Lags

The automaker expects $1.9 billion in special charges and write-offs as automakers continue to adjust their electric vehicle plans due to weaker-than-expected demand.

 
Discount-Hungry Shoppers Propel Sales Gains for Target, T.J. Maxx

Retailers say customers are persistent and bargain-hunting.

 
McDonald's to Invest $1.30 Billion in U.K., Ireland Over Next 4 Years

The company said it plans to open more than 200 new stores and modernise and remodel more than 1,500 existing restaurants in the UK and Ireland.

 
Arch, Consol to Combine Into $5.2 Billion Coal Giant

Arch Resources and Consol Energy have agreed to a merger of equals that will create a new $5.2 billion entity called Core Natural Resources.

 
Luxury Brands Have a Strict Hierarchy. Burberry Found Out the Hard Way.

The British brand’s seven-year effort to attract more affluent customers has failed, with its share price falling to record lows.

 
Vector Group to Sell Itself to JT Group in $2.4 Billion Deal

Tobacco company Vector Group has agreed to be acquired by Japanese tobacco giant JT Group in a deal worth $2.4 billion.

 
JD.com Shares Fall as Walmart Plans Up to $3.7 Billion Stake Sale

Shares of Hong Kong-listed JD.com fell by the most in almost two years after U.S. retailer Walmart decided to sell its $3.7 billion stake in the e-commerce giant.

 
U.K. Authority Closes Competition Probes Into Google, Apple App Stores

Britain’s competition watchdog has closed investigations into the Google Play Store and Apple’s App Store, as it prepares to introduce new rules that give the regulator greater powers to boost competition in digital markets.

 
Texas Instruments Tries to Ease Its Capital Pain

The chipmaker said it would trim capital spending in 2026 amid activist pressure, but its new cash-flow targets also hinge on boosting revenue after a prolonged crisis.

 
Schwab Wants to Fix Its Bank. Investors Are Skeptical.

The broker’s playbook of making easy money on customer deposits has been upended as interest rates have soared. Now the firm wants to change the way it uses them.

(END) Dow Jones Newswires

August 21, 2024, 1:15 PM ET (5:15 PM GMT)