GLOBAL
Europe’s biggest pension fund sold its equity stake in Caterpillar Inc. amid backlash about the heavy-equipment maker’s links to Israel’s war in Gaza. ABP, which is based in the Netherlands, divested its holding of Caterpillar shares, but still had investments in the company’s bonds as of June 30, a spokesperson said, declining to be more specific. The pension fund recently held shares worth $455 million in Caterpillar, Dutch public broadcaster NOS reported. ABP, which oversees more than $600 million, is at least the second large European fund to drop Caterpillar. Norway’s $2 trillion sovereign wealth fund said in August that it won’t invest in Caterpillar because of Israel’s use of its bulldozers to destroy Palestinian property in Gaza and the West Bank. The fund’s decision prompted US Senator Dave McCormick, an ally of President Trump, to call for restricting Norway’s access to US markets. — BLOOMBERG NEWS
MARKETS
Peloton Interactive Inc. shares fell Wednesday after the company raised prices on both hardware and membership fees in a sweeping product overhaul, dampening the first major attempt under new leadership to overcome a multiyear slump. Chief executive Peter Stern told reporters at a media briefing that “Peloton was made for this moment,” where people want to take more control of their health and wellness. Stern, a former Apple Inc. and Ford Motor Co. executive, is working to turn around the company after years of sales declines, several rounds of layoffs, and a sizable gap in new product releases. In August, Peloton cut about 6 percent of staff and projected that full-year revenue for fiscal 2026 will drop 2 percent. Peloton’s stock fell as much as 10 percent, to $8.10 early Wednesday, its biggest intraday decline since June 17. — BLOOMBERG NEWS
TRANSPORTATION
The price tag for building a private high-speed passenger railroad from Southern California to Las Vegas has swelled by nearly 35 percent. Brightline West’s 218-mile railroad will now cost $21.5 billion, according to the US Department of Transportation’s website, which lists the company as a loan applicant. The initial projection was $16 billion. The higher cost has led the Fortress Investment Group-backed company to seek a $6 billion loan from the Trump administration, according to the site. Last month, Brightline’s chief executive Mike Reininger said construction costs were increasing due to rising labor and material costs, in part caused by high demand due to the proliferation of data centers, power plants, and transportation projects. “Given the increase in project costs we needed to figure out a way to advance the project,” Reininger said in an email. — BLOOMBERG NEWS
ENERGY