Europe Set To Launch Anti-Subsidy Probe Into Chinese EVs, American Airlines and Spirit Lower Profit Outlook, Manchester United's New Shirt Sponsor: Today's Top Stories

Financial Times

Europe Set To Launch Anti-Subsidy Probe Into Chinese Electric Vehicles

  • Chinese electric vehicle company stocks, including XPeng Inc XPEVNIO Inc NIO, and Li Auto Inc LI, are trading lower Wednesday after Brussels shared plans to launch an anti-subsidy investigation into Chinese EVs that are "distorting" the EU market.
  • European Commission President Ursula von der Leyen announced during her annual address to EU lawmakers, expressing concern over the influx of cheaper Chinese EVs into global markets.

 

Benzinga

Oil Giant BP's CEO Resigns Amid Investigation On Personal Conduct

  • BP Plc BP said Bernard Looney has resigned as its Chief Executive Officer with immediate effect. 
  • Murray Auchincloss, the company's CFO, will act as CEO on an interim basis. 
  • In May 2022, the Board received and reviewed allegations relating to Looney's conduct concerning personal relationships with company colleagues, with the support of external legal counsel. No breach of the company's code of conduct was found then.

Say Goodbye to Free COVID-19 Shots: CDC Approves Priced Boosters for Omicron Subvariants

  • The Centers for Disease Control and Prevention (CDC) has officially endorsed COVID-19 booster shots for individuals six months and older as we approach the fall season.
  • The new booster shots have been designed to target the Omicron subvariant XBB.1.5, which dominated cases earlier this year. 
  • Monday, the FDA cleared updated booster shots from Pfizer Inc PFE and Moderna Inc MRNA for individuals aged six months and older. 

Manchester United Scores Big with Qualcomm: £60M Per Year Game-Changer

  • Manchester United Ltd MANU has confirmed that it will put U.S. technology company Qualcomm Inc's QCOM Snapdragon brand on the front of the club's iconic jerseys, replacing TeamViewer.
  • Under the expanded agreement, Snapdragon will be the shirt partner on the home, away, and third kits of the men's and women's teams. 

Virtu In The Hot Seat: Sued By SEC Over Alleged Data Vulnerabilities

  • Virtu Financial Inc VIRT has been sued by the U.S. Securities and Exchange Commission for false and misleading disclosures relating to information barriers of its customers.
  • The company was sued for making "materially false and misleading statements" regarding information barriers to prevent the misuse of sensitive customer information.
  • The SEC's complaint alleges Virtu's database was accessible to practically anyone, including proprietary traders, through generic usernames and passwords.

American Airlines, Spirit Lower Q3 Profit Outlook, Blame Higher Costs

  • American Airlines Group AAL and Spirit Airlines Inc SAVE caution that increased expenses will negatively impact their 3Q23 earnings.
  • American Airlines updated its 3Q23 financial and operational guidance due to a significant increase in fuel prices. 
  • SAVE anticipates fuel costs to be $3.60 compared to $2.80 previously estimated, and Available seat miles change vs. 2022 of 13.4% versus prior 13.7%.

Boeing Delivers Decline In August Hit By Manufacturing Issues

  • Boeing Company BA delivered 35 aircraft in August, down from the 43 planes it had in July and 60 in June. 
  • Narrowbody 737 MAX deliveries totaled 22 in August, lower than 32 in July and 48 in June. 
  • The 737 MAX jets are grappling with supplier-related issues with Spirit Aerosystems Holdings Inc SPR, which has called on Boieng to share a more significant portion of the financial strain brought about by inflation, deeming its contracts currently 'unsustainable.'

Moderna Releases Clinical Across Pipeline, Long-Term Guidance

  • Moderna Inc MRNA announced its intentions to launch up to 15 new products and advance up to 50 mRNA medicines into clinical trials over the next five years. Up to four of those launches could come by 2025.
  • Moderna maintains that sales of its respiratory vaccines could range between $8 billion and $15 billion in 2027, with another $10 billion to $15 billion from annual sales of cancer, rare disease, and latent disease medicines it will launch by 2028.
  • Moderna plans to invest $25 billion in R&D from 2024 through 2028.

Ford Appoints Toyota Executive As Marketing Head To Boost Its Transition To EVs

  • Ford Motor Co F has appointed a Toyota Motor Corporation TM executive as its new global chief marketing officer.
  • Lisa Materazzo has spent 20 years at Toyota and led its North American marketing team most recently.

Key Apple Supplier TSMC Eyes Japan Amidst US Hurdles in Chip Production

  • Taiwan Semiconductor Manufacturing Company Ltd TSM, the leading contract chipmaker, faces recruitment and production challenges in its Arizona factory. 
  • In contrast, it's growing confident in Japan, where a fab in Kyushu will likely produce chips in 2024. TSMC is considering adding capacity and another fab in Japan for advanced chips. 

Specialty Vehicles Maker REV Group Shares Jump After Beat & Raise Quarterly Performance

  • REV Group Inc REVG reported a third-quarter FY23 sales growth of 14.3% year-over-year to $680 million, beating the consensus of $627.16 million. Adjusted EPS of $0.35 beat the consensus of $0.23.
  • The company sees FY23 sales in the range of $2.55 billion-$2.6 billion (prior view: $2.45 billion-$2.55 billion). The street view is at $2.53 billion.

 

CNBC

Amazon to Increase Wages for Contracted Drivers Amid Unionization Push

  • Amazon.Com Inc AMZN has announced plans to increase wages for contracted drivers as part of a $440 million investment in its third-party delivery program this year. 
  • Although Amazon did not specify the exact wage increase, it anticipates that the average delivery associate will earn an average of $20.50 per hour or more, along with benefits. 

 

Reuters

Dutch Consumer Groups Sue Google Over Privacy Violations, Seek Compensation

  • The Dutch consumers' association Consumentenbond, together with the Privacy Protection Foundation, prosecuted Alphabet Inc GOOG GOOGL Google for alleged large-scale privacy violations.
  • Both groups demanded that Google stop its constant surveillance and sharing of personal data through online advertising auctions and compensate €750 ($804) in damages for every consumer who has used Google.

High Court Of Australia Rules Against Qantas Airways Over Firing Workers During COVID-19 Pandemic

  • Qantas Airways Ltd QABSY allegedly violated the law when it terminated the employment of 1,700 ground staff members and substituted them with contracted workers in the early stages of the COVID-19 pandemic.
  • According to the High Court of Australia, Qantas had valid commercial justifications for its actions in 2020 during the peak of pandemic-induced border closures. 

Huawei's Re-emergence Is Not A Threat To Apple's Strong Ecosystem

  • Apple Inc AAPL iPhone's Chinese rival Huawei Technologies Co Ltd continues to hit the headlines, this time by reaching a global patent cross-licensing deal with Chinese smartphone company Xiaomi Corp XIACF XIACY.
  • The deal covers communication technologies, including 5G, and marks the resolution of a patent licensing dispute between the two firms.

 

Bloomberg

T-Mobile Expands Network Horizons: Acquiring Comcast Airwaves in $3.3B FCC-Backed Deal

  • T-Mobile US Inc TMUS looks to acquire Airwaves from Comcast Corp CMCSA in a cash deal worth $1.2 billion - $3.3 billion, with plans to close the purchase by 2028 pending approval from the U.S. Federal Communications Commission. 
  • The low-band 600-megahertz spectrum can cover larger areas and penetrate walls and windows more effectively than higher frequencies.

Deutsche Bank Taps AI To Sniff Out Trader Mischief Through Phone Calls

  • Deutsche Bank AG DB is reportedly trying out artificial intelligence tools to detect likely indications of transgression from the voice tone of traders' telephonic conversations.
  • The Frankfurt-based financial behemoth is leveraging Google Cloud's machine learning to explore the potential uses of large language models, or generative AI, to assist clients.
  • Currently, Deutsche Bank's surveillance tools can analyze words but not tone changes or hints of cynicism.

Birkenstock Files For IPO

  • Birkenstock has filed for an initial public offering Tuesday with a future filing to outline the proposed terms of the sale.
  • Backed by Goldman Sachs Group, JPMorgan Chase & Co., and Morgan Stanley, the offering could indicate a resurgence in the U.S. IPO market and the appeal of U.S. markets in general. The comeback of the U.S. IPO market has been supported by other recent listings, such as Softbank's Arm.

 

Wall Street Journal

UAW Threatens Strike At Targeted Auto Plants If Labor Deals Not Reached

  • The United Auto Workers union has reportedly threatened strikes at targeted U.S. auto factories if a labor deal with the Detroit Three automakers does not go through by late Thursday.
  • UAW President Shawn Fain, in a video call with leaders of union locals on Tuesday, conveyed the strike plans and suggested more methods, including picketing more plants if a new contract agreement is not reached.
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