Chinese fast-fashion giant Shein reported a net loss of $99 million for the latest quarter, according to a pre-IPO filing submitted to the Hong Kong stock exchange on Sunday. The company attributed the loss primarily to a $328 million decline in the fair value of its convertible redeemable preference shares. Despite the quarterly setback, Shein recorded a net profit of $2 billion in the previous year.

In the luxury sector, Kering, the French conglomerate behind brands such as Gucci, saw its shares rise by more than 11 percent following a second-quarter report showing a 2 percent year-on-year increase in like-for-like sales, reaching €3.65 billion. In contrast, shares of Hermès fell 10 percent, triggering a temporary suspension in trading. The decline was largely due to weak demand in the Chinese luxury market, which offset overall growth in the company’s sales during the quarter.

In the aerospace industry, Boeing’s defense division reported an unexpected loss linked to additional costs amounting to $280 million on the Air Force One refurbishment project. The contract, originally negotiated during Donald Trump’s first presidential term in 2018, was set at a fixed price of $3.9 billion.

Automaker Ferrari announced it has met its sales target for its first electric vehicle, driven significantly by strong demand from China. The car, designed by Jony Ive and priced starting at €550,000, has sold nearly 500 units this year despite mixed reactions from investors and brand enthusiasts.

In the professional services sector, Grant Thornton announced it will acquire competitor CBIZ for $5 billion in cash. The deal, the largest accounting industry takeover in a generation, will combine the two firms into an entity with annual US revenue exceeding $5 billion.

E-commerce company eBay and several former executives agreed to pay $55.7 million to settle a lawsuit alleging a sustained harassment campaign. Incidents included the delivery of live cockroaches, a bloody pig’s head mask, and a funeral wreath. eBay pleaded guilty in 2023 and paid a separate $3 million penalty.

China’s BYD entered the competitive Japanese market by launching a mini electric kei car. This move follows BYD’s announcement of an ambition to surpass Toyota as the world’s largest carmaker by sales within five years.

Asian private credit funds have seen a steep decline in capital raised this year, with just five funds closing in the first half of 2024 and securing $1.2 billion—down significantly from 29 funds raising $9.5 billion during the same period last year.

Shares of Chinese chipmaker CXMT surged 466 percent on their trading debut in Shanghai on Monday, briefly making the company China’s most valuable by market capitalization. The stock’s value reached as high as 3.7 trillion yuan ($547 billion), momentarily surpassing that of tech giant Tencent listed in Hong Kong.

Amazon has filed a request with US regulators to launch a satellite constellation comprising over 5,000 satellites aimed at providing mobile phone services. The company plans to deploy the network by 2028.

The largest global defense contractors, including Lockheed Martin and BAE Systems, have collectively participated in a record $4.1 billion of venture capital funding so far in 2024, according to Dealroom data.

Finally, social media platform X, owned by Elon Musk, has settled a legal dispute with the World Federation of Advertisers. The case involved allegations that the WFA organized an "illegal boycott" of X. However, legal proceedings against several other companies named in the lawsuit are ongoing.