1. Lyft files for IPO

Ride-hailing company Lyft beat bigger rival Uber in filing for an IPO. In June the company pegged its value at $15.1bn. It did not specify the number of shares it was selling or the price range for the offering in a confidential filing with the US Securities & Exchange Commission. The IPO is slated for the first half of 2019. Uber is also expected to pursue an IPO in 2019.

2. No free hugs

British clothing and accessories retailer Ted Baker has appointed law firm Herbert Smith Freehills to conduct an independent external investigation regarding claims against its CEO and founder, Ray Kelvin, relating to his habit of hugging business colleagues. "While recent news flow is unhelpful, we believe the impact on the group’s brand strength and longer-term growth prospects is likely to be minimal," Liberum analysts said.

3. Unilever buys GSK’s Horlicks

Unilever is buying GlaxoSmithKline’s Horlicks nutrition business for $3.8bn, boosting the Anglo-Dutch group’s position in India with the addition of the malted drink. The deal increases the consumer goods giant’s footprint in one of the world’s fastest-growing economies. It covers GSK’s health food and drinks portfolio in India, Bangladesh and 20 other predominantly Asian markets.

4. Coca-Cola makes recycling pledge

Coca-Cola Africa has committed to investing $38m over three years to stimulate recycling industries across Southern and Eastern Africa. The group also said it has launched a new PET bottle made entirely out of previously used plastic.