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Goldman Sachs' Fintech Unit Faces Scrutiny, EU Probe Prompts Microsoft To Unbundle Teams App, UBS Records Bumper Q2 Profit Thanks To Goodwill: Today's Top Stories

Financial Times

Goldman Sachs' Fintech Unit Faces Scrutiny, Bank Halts Riskier Client Onboarding

  • Goldman Sachs Group Inc's (NYSE: GS) partnerships with financial technology companies are reportedly under the scanner of the U.S. banking regulators owing to issues regarding compliance and risk.

  • Concerns highlighted by the Fed included poor due diligence and monitoring processes when accepting high-risk non-bank clients.

  • A unit of the bank's transaction banking business, or TxB, has ceased signing on treacherous fintech clients following a caution generated by the Federal Reserve earlier this year.

Baidu and ByteDance Unveil AI Chatbots, Setting Stage for Rivalry with Microsoft, Google

  • Baidu Inc (NASDAQ: BIDU), alongside TikTok parent ByteDance Ltd, showcased their AI chatbots to the masses this Thursday, following a nod from Beijing regulators.

  • These AI-centric launches are considered a countermove to Microsoft Corp's (NASDAQ: MSFT) acclaimed OpenAI.

  • These giants and several fledgling AI companies also procured regulatory blessings to mainstream their chatbot technology in China.


Wall Street Journal

EU Probe Prompts Microsoft To Unbundle Teams App From Productivity Suite

  • Microsoft Inc (NASDAQ: MSFT) looks to modify its approach to selling its Teams videoconferencing software to European business consumers.

  • This move comes after the European Union's antitrust probe flagged potential concerns over the tech behemoth's sales practices in the region.

  • Starting in October, Microsoft will offer business clients the opportunity to acquire a more economical version of its productivity tools that doesn't encompass the Teams application.



After Pilots' Improved Pay Deal, American Airlines Flight Attendants Vote To Authorize Strike For Better Pay

  • American Airlines (NASDAQ: AAL) flight attendants have voted overwhelmingly at 99.47% to authorize a potential strike.

  • The flight attendants voted to authorize a strike if the company refused to agree to "reasonable" contract terms, stated the Association of Professional Flight Attendants.

Dynamic Duo: Airbus And Korea Aerospace Forge Deal For Light Armed Helicopter Mass Production

  • Airbus SE (OTC: EADSY) said its Helicopter unit inked a pact with Korea Aerospace Industries to initiate the serial production phase of the Light Armed Helicopters.

  • LAH is the next-generation 5-tonne class helicopter developed to meet Korea's requirements for local deployment in civil and military sectors.

  • Deliveries will begin at the end of 2024, with follow-on orders to continue into the next decade.



Google-Owned Fitbit Faces Multi-Country Complaints Over Alleged Breach Of GDPR Rules

  • Google's Fitbit faces complaints of GDPR violations filed by privacy advocacy group Noyb.

  • The advocacy group Noyb lodged complaints against Alphabet Inc.'s (NASDAQ: GOOG) (NASDAQ: GOOGLGoogle-owned Fitbit in Austria, Netherlands, and Italy. The group accuses Fitbit of breaching the privacy rules of the European Union's General Data Protection Regulation.

Boeing Pauses South Carolina Operations Due To Hurricane Idalia

  • Boeing Co (NYSE: BA) had reportedly paused its operations in South Carolina during Hurricane Idalia.

  • The aircraft maker issued a directive asking second and third-shift workers not to report to work on Wednesday.

  • However, it said all operations will resume beginning at 8 a.m. today.



UBS Records Bumper Q2 Profit Of $29B Thanks To Goodwill, Aims Cost Savings Of $10B Starting With Axing 3K Swiss Jobs

  • UBS Group's (NYSE: UBS) Q2 EPS reached $8.99 against $0.61 a year ago and $0.32 in Q1 FY23, its first quarterly result since it completed its takeover of stricken rival Credit Suisse.

  • Sales increased 7% Y/Y to $9.54 billion, beating the consensus of $8.57 billion.

  • UBS said its merger with Credit Suisse and full absorption of its Swiss unit would cause 3,000 job cuts.

  • The bank also announced that it is targeting gross cost savings of at least $10 billion by 2026.

Campbell Soup Stock Gains After Better Than Expected Q4 Earnings

  • Campbell Soup Company (NYSE: CPB) reported fourth-quarter FY23 sales growth of 4.2% year-on-year to $2.068 billion, marginally beating the analyst consensus of $2.06 billion. Organic net sales rose 5%.

  • Net sales from the Meals & Beverages segment remained flat, and the Snacks segment climbed 8%.

  • Campbell expects FY24 adjusted EPS of $3.09-$3.15 versus the consensus of $3.09. The company sees FY24 sales to be down 0.5% to up 1.5%.

Dollar General Stock Fall On Worse Than Expected Q2 Earnings

  • Dollar General Corp (NYSE: DG) reported second-quarter FY23 sales growth of 3.9% year-on-year to $9.80 billion, missing the analyst consensus of $9.92 billion.

  • Outlook: Dollar General lowered its FY23 net sales growth outlook from 3.5%-5% to 1.3% - 3.3%.

  • DG lowered FY23 EPS guidance from $9.83 - $10.68 to $7.10 - $8.30 versus an estimate of $10.01.

Beaten Down Electric Car Stock Polestar Misses Mark in Q2 Despite Record Vehicle Deliveries; Eyes 2023 Production Boost

  • Polestar Automotive Holding UK PLC (NASDAQ: PSNY) reported second-quarter FY23 sales growth of 16% year-on-year, to $685.2 million, missing the consensus of $756.2 million.

  • The electric car brand delivered 15,765 vehicles during Q2, a growth of 36% Y/Y.

  • With record global deliveries of 27,841 for the first six months, Polestar still expects to deliver 60,000-70,000 vehicles and a gross margin of 4% in 2023.

Jewelry Retailer Signet Outshines Q2 Estimates; Expects Engagements To Begin Their Recovery

  • Signet Jewelers Ltd (NYSE: SIG) reported a second-quarter FY24 sales decline of 8.1% year-on-year to $1.61 billion, beating the analyst consensus of $1.58 billion. Same-store sales were down 12% versus last year.

  • Adjusted EPS of $1.55 beat the analyst consensus estimate of $1.45.

  • Signet expects Q3 sales of $1.36 billion - $1.41 billion, versus the consensus of $1.4 billion.

Hormel Foods Posts Worse Than Expected Q3 Earnings, Lower Annual Outlook

  • Hormel Foods Corp (NYSE: HRL) reported sales of $2.96 billion, missing the consensus of $3.05 billion.

  • Net sales for Retail decreased 2% Y/Y, Foodservice fell 3%, and International declined 6%.

  • Outlook: Hormel lowered FY23 adjusted EPS to $1.61 - $1.67 from $1.70-$1.82 versus the consensus of $1.73.

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