Goldman Sachs’ fintech unit faces probe, EU probe prompts Microsoft to unbundle Teams app, goodwill boosts UBS to report bumper Q2 profit: Top stories of the day

financial Times

Goldman Sachs’ fintech unit faces probe, bank stops hiring risky clients

• Goldman Sachs Group Inc (NYSE:GS) partnership with the financial technology company is reportedly under scrutiny from US banking regulators due to compliance and risk-related issues.

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

• A unit of the bank’s transaction banking business, or TxB, has stopped signing untrustworthy fintech customers following a warning by the Federal Reserve earlier this year.

Baidu and ByteDance unveil AI chatbots, setting the stage for rivalry with Microsoft, Google

• Baidu Inc (NASDAQ: BIDU), along with TIC Toc Parents ByteDance LimitedBeijing demoed its AI chatbots to the public this Thursday, following approval from regulators.

• These AI-focused launches are supposed to be the antidote to Microsoft Corp (NASDAQ: MSFT) Acclaimed OpenAI.

• These giants and many budding AI companies also received regulatory blessings to bring their chatbot technology into the mainstream in China.

wall street journal

EU probe prompts Microsoft to separate Teams app from productivity suite

• Microsoft ink (NASDAQ:MSFT) is looking to modify its approach to selling its Teams videoconferencing software to European business consumers.

• The move comes after an EU antitrust probe flagged potential concerns over the tech giant’s sales practices in the region.

• Starting in October, Microsoft will offer business customers the opportunity to get a more affordable version of its productivity tool that doesn’t include the Teams application.

Benzinga

After pilots agree to better pay, American Airlines flight attendants vote to authorize strike for better pay

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

• The Association of Professional Flight Attendants said flight attendants voted to authorize a strike if the company refused to agree to “fair” contract terms.

Dynamic Duo: Airbus and Korea Aerospace Forge Deal for Mass Production of Lightly Armed Helicopter

• Airbus SE (OTC: EADSY) said its helicopter unit has entered into an agreement with Korea Aerospace Industries to begin phase I production of lightly armed helicopters.

• LAH is a next generation 5 ton class helicopter developed to meet the requirements of Korea for local deployment in civil and military sectors.

• Deliveries will begin in late 2024, with follow-on orders continuing through the next decade.

reuters

Google-owned Fitbit is facing complaints in several countries over alleged violations of GDPR rules

• Google’s Fitbit is facing GDPR violation complaints filed by privacy advocacy group Noob.

• advocacy groups noyb filed complaints against alphabet inc (NASDAQ:GOOG) (NASDAQ:GOOG) GoogleFitbit is owned in Austria, the Netherlands and Italy. The group has accused Fitbit of violating privacy rules of the European Union’s General Data Protection Regulation.

Boeing halts South Carolina operations due to Hurricane Idalia

• boeing company (NYSE:BA) reportedly halted its operations in South Carolina during Hurricane Idalia.

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

• However, it said that all operations will resume from 8 am today.

Income

UBS posts bumper Q2 profit of $29B on goodwill, targets $10B cost savings starting with eliminating 3K Swiss jobs

• of UBS Group (NYSE:UBS) Q2 EPS rose to $8.99 from $0.61 a year earlier and to $0.32 in the first quarter of fiscal 2013, its first quarterly results since completing its acquisition of troubled rival Credit Suisse.

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

• UBS said its merger with Credit Suisse and the full absorption of its Swiss unit would result in 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 fourth-quarter earnings

• Campbell Soup Company (NYSE:CPB) reported revenue for the fourth quarter of fiscal 2023, up 4.2% year-over-year to $2.068 billion, slightly above analysts’ consensus of $2.06 billion. Organic net sales grew 5%.

• Net sales from the food and beverage segment were stable and the snacks segment climbed 8%.

• Campbell expects adjusted EPS of $3.09-$3.15 in FY24, against the consensus estimate of $3.09. The company believes that FY24 sales will decline by 0.5% to 1.5%.

Dollar General stock posted worse-than-expected second-quarter earnings

• Dollar General Corp. (NYSE: DG) reported a 3.9% year-over-year increase in revenue for the second quarter of fiscal 2023 to $9.80 billion, missing the analyst consensus of $9.92 billion.

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

• DG cut FY23 EPS guidance to $7.10 – $8.30 from $9.83 – $10.68, compared with the estimate of $10.01.

Polestar misses the mark as electric car stocks decline in the second quarter despite record vehicle deliveries; Eye on boosting 2023 production

• Polestar Automotive Holding UK plc (NASDAQ: PSNY) reported a 16% year-over-year increase in sales for its fiscal 2023 second quarter to $685.2 million, missing the $756.2 million consensus.

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

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

Jewelery retailer Signet beats Q2 estimates; The engagement is expected to kick-start his recovery

• Signet Jewelers Limited (NYSE: SIG) reported revenue for the second quarter of fiscal 2014 down 8.1% year-over-year to $1.61 billion, which exceeded the analyst consensus of $1.58 billion. Same-store sales were down 12% from the prior year.

• Adjusted EPS of $1.55 exceeded analyst consensus estimates of $1.45.

• Signet expects third-quarter sales of $1.36 billion – $1.41 billion, compared with the consensus estimate of $1.4 billion.

Hormel Foods reports worse-than-expected Q3 earnings, lowers annual outlook

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

• Retail net sales decreased 2% year-over-year, food service declined 3% and international declined 6%.

• outlook: Hormel cut FY23 adjusted EPS to $1.61 – $1.67 from $1.70 – $1.82, compared with the consensus estimate of $1.73.

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Source: finance.yahoo.com