Apple Thwarts $2B In Fraud Transactions, UBS Takes $17B Hit From 'Hasty Credit Suisse Takeover,' Verizon Streamlines Unlimited Data Plans: Today's Top Stories



Apple Thwarts $2B In Fraud Transactions — But Third-Party App Store Debate Rages On

  • On Tuesday, Apple announced that its App Store thwarted potential fraudulent transactions amounting to over $2 billion in 2022, alongside rejecting approximately 1.7 million app submissions for failing to meet the privacy and security standards of the app marketplace. 
  • The company underscored that it safeguarded users from almost 57,000 questionable apps from unofficial stores lacking the same inherent privacy and security features as the App Store in 2022. 
  • Additionally, Apple stated that 400,000 app submissions were rejected, citing privacy violations. 

UBS Cites $17B Hit From Rushed Credit Suisse Takeover, Blames Hasty Due Diligence

  • UBS Group AG UBS said it expects a financial hit of $17 billion from the acquisition of Credit Suisse Group AG CS in a regulatory filing issued yesterday.
  • The Swiss banking giant commented it was rushed into the emergency takeover by Swiss governmental authorities, which may have affected its "ability to fully evaluate Credit Suisse's assets and liabilities."
  • UBS expects a negative impact of around $13 billion from fair value adjustments of the new combined entity's assets and liabilities and litigation and regulatory costs expenses of about $4 billion.

Target's Q1 Earnings: Theft and Organized Crime Impact Inventory Shrink, Q2 Outlook Lags Expectations

  • Target Corp TGT reported first-quarter FY23 sales growth of 0.6% year-on-year to $25.32 billion, beating the analyst consensus estimate of $25.29 billion.
  • Comparable store sales increased by 0.7%, while comparable digital sales declined by 3.4%.
  • "As we look ahead, we now expect shrink will reduce this year's profitability by more than $500 million compared with last year," said Brian Cornell, chairman and CEO of Target.
  • "While there are many potential sources of inventory shrink, theft, and organized retail crime are increasingly important drivers of the issue." 

Siemens Q2 Revenues Beat Estimates, FY23 Outlook Raised Again

  • Siemens AG (OTC: SIEGY) reported Q2 FY23 revenue growth of 14% Y/Y (+15% Y/Y on a comparable basis) to €19.4 billion.
  • Orders rose 13% Y/Y (+15% Y/Y on a comparable basis) to €23.6 billion, led by increased large orders in the Mobility business.
  • Siemens raised FY23 guidance again and now expects comparable revenue growth (net of currency translation and portfolio effects) of 9% to 11% (vs. +7% to 10% expected earlier).

Wefox Raises $110M Funding, Including $55M Credit Facility From J.P. Morgan And Barclays

  • Wefox, the Berlin-based insurtech, raised $110 million in a new round of funding.
  • JPMorgan Chase & Co JPM and Barclays PLC BCS provided $55 million in a revolving credit facility, and an additional $55 million in equity was raised from existing and new investors.
  • The company stated that the funding comes on the heels of Wefox delivering a record first-quarter financial performance and signals the company's clear path toward profitability.
  • The company said it maintained its $4.5 billion valuation from a July funding round somewhat rare in today's market, with many fintechs seeing their valuations slump drastically.


Wall Street Journal 

Verizon Streamlines Unlimited Data Plans, Looks At Competitive Pricing

  • Verizon Communications Inc VZ is pruning the cost and number of its wireless plans to simplify customers' options amid cutthroat competition. 
  • It is reducing its lineup of unlimited mobile plans from six to two. It is dropping its most expensive data plans.
  • Verizon's previous lineup ranged in monthly price from $30 a line to $55 a line for plans with four lines. For a single line, its monthly plans were between $65 - $90.

Roche's Investigational Drug For Relapsing Multiple Sclerosis Reduces Brain Lesions, Data Shows

  • Roche Holdings AG's RHHBY Phase 2 FENopta study of oral fenebrutinib for relapsing forms of multiple sclerosis (RMS) met its primary and secondary endpoints.
  • The data showed oral fenebrutinib significantly reduced magnetic resonance imaging (MRI) markers of MS disease activity in the brain compared to placebo. 
  • Additionally, pre-clinical data have shown fenebrutinib to be potent and highly selective, and it is the only reversible inhibitor currently in Phase 3 trials for MS.



Johnson & Johnson Sets Aside $400M To End US State Consumer Protection Claims

  • As a part of the $8.9 billion effort to settle claims related to talc products, Johnson & Johnson JNJ has earmarked $400 million to end claims alleging it violated state unfair business practices and consumer protection laws by misleading consumers about the safety of its talc products.
  • The highest payments under the settlement would be $500,000 for people diagnosed with terminal mesothelioma before age 45 and $260,000 for people diagnosed with terminal ovarian cancer before age 45.

Shell Collaborates With AI Technology Firm To Reduce Exploration Days

  • Shell PLC SHEL has reportedly collaborated with big-data analytics firm SparkCognition to use AI technology in deep-sea exploration.
  • The company will use SparkCognition capabilities to identify new oil reservoirs by analyzing vast seismic data.
  • The technology is expected to boost operational efficiency and production by reducing explorations to below nine days from nine months.

ON Semiconductor Looks To Earmark $2B On EV Chip Production

  • ON Semiconductor Corp ON looks to invest $2 billion in boosting the production of silicon carbide chips catering to electric vehicles.
  • ON is weighing the expansion in the U.S., the Czech Republic, or Korea, where it already has factories
  • In an interview, ON CEO Hassane El-Khoury said the firm's silicon carbide chip production centers on one of its Bucheon, South Korea factories. 



One More Quits US Pharma Lobby Group: AstraZeneca Follows Teva, AbbVie Footsteps

  • AstraZeneca Plc AZN has decided to leave a U.S. drug lobby group, the Pharmaceutical Research and Manufacturers of America (PhRMA), making it the third company to leave the group in the last six months.
  • AstraZeneca decided not to continue its membership after a recent assessment of whether it was "the most productive and effective use of (company) resources.
  • The European company's exodus follows AbbVie Inc ABBV and Teva Pharmaceutical Industries Ltd TEVA exit from the influential trade group.
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