Jyong Biotech Ltd. Signs Non‑Binding Letter of Intent with Leading South Korean Pharmaceutical Company to Evaluate In‑Licensing of Plant-Derived MCS Drugs

ManpowerGroup (MAN) appoints Becky Frankiewicz as CEO effective January 1, succeeding Jonas Prising. Frankiewicz, currently president and chief strategy officer, will be the fifth CEO in the company's history. The firm reported a $13.3M loss on $18B revenue in 2025. Prising transitions to executive chair. Frankiewicz led AI integration and North American operations.

OpenAI alleges a former employee, now at Apple (AAPL), transferred 100+ files related to an unreleased product to a personal account before presenting it to Apple's leadership, potentially influencing Apple's AI hardware development. Apple denies the claims, stating it has policies to prevent such use of confidential information and found no evidence supporting OpenAI's allegations. The dispute is part of an ongoing trade-secret case between the two companies.

Caterpillar Inc. plans to invest $1 billion in North Carolina to expand manufacturing capacity for compact equipment. The investment includes a new facility in Sanford to produce compact track loaders and telehandlers, aiming to meet growing customer demand.

UBS Group is considering relocating its headquarters or merging with another bank if new Swiss capital rules become too strict, according to sources. The rules, expected to pass by 2026, may require UBS to back foreign units with 90% common equity, up from 60%. UBS has also explored potential acquisitions of smaller U.S. banks but has no ongoing discussions.

Fermi (FRMI) announced a 15-year lease with TensorWave for 222 MW at Project Matador, Texas. The deal, valued at $6.5 billion, includes 2.5% annual escalators and renewal options. Fermi will develop and build the facility, with occupancy starting in Q4 2027. Estimated capex ranges from $666 million to $888 million for power and $1.56 billion to $1.87 billion for the data center. The lease is expected to close by October 31, with AMD providing credit support.

Kratos, a California-based defense company, announced the first European flight test of its U740 Valkyrie combat drone, developed with Airbus for German and European forces. The drone met all test goals, including takeoff, maneuvers, and in-flight adjustments. Kratos also tested its TDI-J85 engine for various applications, with plans to scale production to 10,000 engines annually by 2029.