Business
Universal Music Receives $64bn Takeover Bid From Pershing Square
Universal Music Group has received a takeover offer valued at approximately $64.3bn (£48bn), in a potential deal that could reshape the global music industry.
The bid has been made by Pershing Square Capital Management, whose billionaire chief executive Bill Ackman said the proposal would involve a merger and lead to the combined company being listed in the United States. Pershing Square already holds a stake in Universal.
Universal Music, the world’s largest music company, represents a wide roster of global stars including Taylor Swift, Sabrina Carpenter and Kendrick Lamar. It also owns iconic assets such as Abbey Road Studios and major record labels including EMI and Island Records.
The company has yet to respond publicly to the offer.
Ackman praised Universal’s leadership, saying it had built a “world-class artist roster” and delivered strong business performance. He added that the company had successfully adapted to industry changes, particularly by embracing opportunities presented by artificial intelligence while safeguarding intellectual property.
However, he argued that Universal’s stock had underperformed due to factors unrelated to its core business, suggesting these issues could be resolved through the proposed transaction.
Pershing Square’s broader investment portfolio includes stakes in major technology firms such as Google, Meta Platforms and Amazon, as well as Restaurant Brands International, the parent company of Burger King.
Market analysts note that while Universal dominates the global music industry—home to nine of the top 10 recording artists of 2025—its revenue growth is closely tied to streaming platforms like Spotify and Apple Music, where slower-than-expected growth has raised concerns.
Although global music revenues have rebounded in recent years thanks to streaming subscriptions, debates continue over royalty payments to artists. At the same time, the rise of AI-generated deepfake music—where fraudsters imitate established artists—has emerged as a growing challenge for the industry.
In a letter to Universal’s board, Ackman said the company had “dramatically underperformed” key stock indexes, citing uncertainty around a significant stake held by Bolloré Group, controlled by billionaire Vincent Bolloré, as well as delays to a planned New York listing.
Business
South Korea’s Incheon airport becomes world’s busiest for global traffic
South Korea’s Incheon International Airport has become the world’s busiest airport for international passenger traffic for the first time, according to preliminary figures from the Airports Council International (ACI).
Incheon handled 38.4 million international passengers during the first six months of the year, narrowly ahead of London Heathrow, which recorded 37.79 million. Singapore’s Changi Airport ranked third with 34.53 million passengers.
The airport attributed its rise partly to changes in global travel patterns following the conflict between the United States and Iran, which diverted some passengers away from major aviation hubs in the Middle East.
Dubai International Airport, which ranked second globally in both 2024 and 2025 based on full-year figures, is expected to drop out of the top five in the latest rankings.
Incheon was ranked 12th in 2024 and 13th in 2025, while Heathrow was fifth and seventh respectively.
The number of transfer passengers at Incheon increased by 18% compared with the same period last year. The airport corporation said passengers who would previously have connected through Dubai on journeys to Europe were increasingly choosing Incheon instead.
Transfer passengers travelling onward to Europe rose 63.2% to 210,000, according to the corporation.
Infrastructure expansion has also helped Incheon accommodate increased passenger numbers. The airport, which opened in 2001, currently serves 158 international destinations.
By comparison, Hong Kong International Airport serves 139 international destinations, Shanghai Pudong 92 and Tokyo Narita 86.
“We’re grateful for the government’s support, the public’s encouragement and the hard work of everyone stationed at the airport in making Incheon the world’s No. 1 airport,” said Kim Beom-ho, acting president of the Incheon Airport Corporation.
Kim said the corporation would continue to improve the airport’s competitiveness by placing greater emphasis on passenger convenience.
Business
EU Fines Google €890m in First Major Digital Markets Act Ruling
Google has been fined €890 million (£759 million) by the European Union after regulators found the tech giant unfairly favoured its own apps and services over those of competitors.
The penalty marks the first major enforcement action against Google under the EU’s Digital Markets Act (DMA), legislation designed to curb the market power of the world’s largest technology companies and promote fairer competition.
The European Commission said Google’s practices restricted consumer choice by giving preferential treatment to its own services in search results and app distribution.
The total fine consists of two separate breaches of the DMA. Regulators imposed a €460 million penalty after concluding Google prioritised its own flight and hotel booking services over rival platforms in search results.
A further €430 million fine was issued over Google Play Store rules, with the Commission finding the company prevented users from being shown cheaper offers available outside its own marketplace.
Google criticised the ruling, warning the changes required to comply with the DMA could reduce the quality of services available to European users.
Kent Walker, Google’s president of global affairs, said: “To comply, we are having to strip away real-time Search features Europeans love – like instant pricing and direct availability for hotels, flights and restaurants – and dismantle safety protections on Google Play.
“This isn’t fair competition.”
EU officials rejected that argument, insisting the measures are necessary to ensure dominant digital platforms cannot use their market position to disadvantage rival businesses.
Business
Mistimonta Nigeria Enterprise Owner Sosinmi Olajide Eludes N4m Court-Ordered Refund
A Lagos businessman is facing an uphill battle to recover his money despite securing a legal victory against an elusive car dealer who has refused to honor a court order. The case, Mistimonta Nigeria Enterprise Owner Sosinmi Olajide Eludes N4m Court-Ordered Refund, highlights the challenges some judgment creditors face even after obtaining a favorable court ruling. Despite the court’s order directing a ₦4 million refund, the businessman says he has yet to recover his money, raising fresh concerns about the enforcement of civil judgments in Nigeria.
One month after the Lagos Small Claims Court ordered Soyombo Sosinmi Olajide, an Ogun-based vehicle dealer, to refund N4 million, the businessman, Oscar Josiah, reveals that he has yet to receive a single kobo.
The judgment, passed down on June 9, 2026, mandated Olajide; the owner of Mistimonta Nigeria Enterprise—to immediately return the N4 million balance, pay a 10% annual interest until the debt is fully settled, and cover N100,000 in legal costs.
However, enforcement has hit a brick wall. Josiah explained that because he does not know Olajide’s precise residential address or current business location in Iperu, Ogun State, court bailiffs have been unable to execute the judgment.
A Broken Trust
The transaction began under the guise of an established, multi-year business relationship. Josiah had successfully purchased a car through Olajide between 2020 and 2021 following a recommendation from a mutual friend.
The trouble started in late 2025 when Josiah sought another vehicle upgrade—a Nigerian-used 2011 Toyota Venza valued at N8 million. The deal was structured as a trade-in: Josiah’s current vehicle was valued at N4 million, leaving a cash balance of N4 million to be paid in installments.
Before the deal could be finalized, Olajide suddenly went unreachable. Josiah eventually tracked him down through family members, discovering that the car dealer had been detained over an unrelated dispute. Believing he was acting in good faith, Josiah even transferred N200,000 to help secure Olajide’s bail so they could finish the car transaction.
Between December 2025 and January 2026, Josiah transferred the remaining balance in chunks of N1.8 million, N500,000, and N1.5 million. But the Toyota Venza was never delivered, with Olajide repeatedly blaming the vehicle’s original owner for withholding it. When the deal officially collapsed, Olajide agreed to a refund deadline of February 15, 2026, but missed it entirely.

“Winning in Court Should Not Mean the End of Justice”
After months of broken promises, Josiah took the matter to the Lagos Small Claims Court. Olajide consistently failed to appear at the hearings, and a defense attorney who showed up once to request an adjournment for an out-of-court settlement never followed through.
Despite the legal victory, Josiah expressed profound frustration over the reality of trying to enforce the court’s decision while watching the dealer continue business as usual.
“I still see him regularly posting vehicles for sale to prospective buyers [on social media] while refusing to either deliver the vehicle I paid for or comply with the court’s judgment,” Josiah said, adding that he has spent an additional N500,000 strictly on legal fees. “Winning in court should not mean the end of justice if the successful party still cannot recover what the court has ordered.”
When contacted by investigative journalists from FIJ, Olajide briefly answered the phone, asking for time to call back.
“The case is with Small Claims Court. Can you give me some time? Let me call you back,” Olajide stated. As of publication, he has neither called back nor responded to follow-up messages.
For the full, detailed investigation on this case, read the original report by the Foundation for Investigative Journalism: FIJ: Court Ordered Ogun Car Dealer Sosinmi Olajide to Refund Customer’s N4m. He’s Not Done So 1 Month Later
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