Benzinga - by Vandana Singh, Benzinga Editor.
Bloomberg
Regulatory Shadow Over Saudi Golf League LIV And PGA Tour Merger
- The merger between the PGA Tour and Saudi-backed LIV Golf, initially set to be finalized by December 31, faces potential delays amid regulatory concerns in the U.S. and demands by PGA Tour players for a stake.
- The players, guided by the Raine Group, are instrumental in the ongoing negotiations, underscoring a shift from earlier discussions that excluded them.
- The U.K.'s Information Commissioner's Office (ICO) has handed a preliminary enforcement notice to Snap Inc (NYSE: SNAP), the company behind Snapchat, due to concerns regarding privacy risks associated with its My AI chatbot.
- The ICO's investigation has provisionally found that Snap may not have sufficiently identified and assessed privacy risks to children and other users before launching the chatbot.
Benzinga
Philips' Ventilator Device Recall Faces FDA's Continued Discontent Pressure
- In its latest update on Koninklijke Philips NV's (NYSE: PHG) Respironics' June 2021 recall of certain CPAP, BiPAP, and ventilator devices, the FDA highlights ongoing concerns about the potential health risks from the devices' foam degradation.
- The update from Jeff Shuren, director of the FDA's Center for Devices and Radiological Health, says the FDA "remains unsatisfied" with the recall status and that Philips' testing to date is inadequate.
- Micron Technology, Inc (NASDAQ: MU) recently marked the commencement of construction on a pioneering memory manufacturing facility in Boise, Idaho.
- The new fab, representing an investment of approximately $15 billion, will likely inject $15.3 billion into the Idaho economy, create over 17,000 jobs, and foster a skilled, diverse workforce.
- A recent study published in JAMA has raised concerns about the potential risks associated with popular weight loss and diabetes drugs like Novo Nordisk A/S's (NYSE: NVO), Wegovy (semaglutide), Ozempic (semaglutide), and Saxenda (liraglutide).
- The study suggests that these drugs, known as GLP-1s, may be linked to three rare but severe stomach conditions in non-diabetic patients.
- Shell PLC (NYSE: SHEL) revised its Q3 FY23 operational outlook.
- For Integrated Gas, the company updated the production outlook to be 880-920 thousand boe/d (vs. 870-930 thousand boe/d expected earlier), and LNG liquefaction volumes of 6.6 - 7.0 MT (vs. 6.3 - 6.9 MT expected earlier).
- The revised outlook reflects scheduled maintenance, which includes Prelude and Trinidad and Tobago.
- MGM Resorts International (NYSE: MGM) disclosed in a regulatory filing on Thursday that the recent cybersecurity breach affecting its operations could have a negative impact on its third quarter 2023 results, predominantly in its Las Vegas operations, and a minimal impact during the fourth quarter.
- MGM estimates a negative impact of approximately $100 million to Adjusted Property EBITDAR for the Las Vegas Strip Resorts and Regional Operations, collectively.
- GSK Plc (NYSE: GSK) said it raised £885.6 million (around $1.08 billion) from selling some of its shares in Haleon Plc (NYSE: HLN), reducing its stake in the consumer-healthcare business to around 7.4%.
- The British pharmaceutical giant placed around 270 million Haleon shares at 328 pence each, representing a 2.45% discount to Haleon's closing price on Thursday of 336.25 pence.
- Taiwan Semiconductor Manufacturing Company Ltd (NYSE: TSM), a key supplier to tech giants like Apple Inc (NASDAQ: AAPL) and Nvidia Corp (NASDAQ: NVDA), reported a less-than-expected decline in its third-quarter revenue, thanks to robust demand from the artificial intelligence sector.
- The company posted a revenue of NT$546.7 billion ($17 billion), an 11% drop from the previous year, yet surpassing the anticipated NT$531.5 billion.
TechCrunch
Netflix's Local Content and Pricing Woes Undermine Growth in India
- Despite its global dominance, Netflix Inc (NASDAQ: NFLX) faces significant hurdles in expanding its footprint in India.
- Despite reducing subscription costs, the streaming giant failed to make inroads in the populous country.
- Due to its extensive local content libraries and strategic partnerships, Netflix is lagging behind its competitors, with Walt Disney Co (NYSE: DIS) Disney+ Hotstar and Amazon.Com, Inc (NASDAQ: AMZN) Prime Video boasts a larger subscriber base.
- Uber Technologies Inc (NYSE: UBER) faces legal challenges in the European Union for allegedly failing to comply with the EU's algorithmic transparency requirements.
- The Amsterdam District Court has ruled against the ride-hailing company in a case brought by two drivers. Uber terminated their accounts partly due to automated account flags.
Reuters
ConAgra's Snack Revolution - Portion Sizes May Get A Makeover Amid Diet Drug Wave
- ConAgra Brands Inc (NYSE: CAG) could reportedly revamp the portion sizes of its snacks should the rising tide of weight-loss drug usage shake up the culinary consumption landscape.
- Conagra's scientists are investigating consumer behavior trends for likely modifications.
- Conagra may alter the components in some products if consumer preferences shift; however, the adjustments will not be necessary in the next six months.
- PayPal Holdings, Inc (NASDAQ: PYPL) is facing a consumer antitrust lawsuit in a federal court in San Jose, California, accused of engaging in anticompetitive practices.
- PayPal charges merchants the highest transaction fees in the industry (more than 3.5% per eCommerce transaction), according to the lawsuit.
New York Times
Chip Giants Nvidia, Intel, Qualcomm Challenge Biden's China Restrictions
- The Biden administration's efforts to impose additional restrictions on semiconductor sales to China met resistance from major American chip companies, including Nvidia Corp (NASDAQ: NVDA), Intel Corp (NASDAQ: INTC), and Qualcomm Inc (NASDAQ: QCOM).
- These firms argue that such regulations would not only harm their businesses but could also inadvertently boost China's independent chip industry.
Variety
Call Of Duty Parent Acquisition By Microsoft Could Finally See Completion Soon Amid Regulatory Hurdles
- Microsoft Corp (NASDAQ: MSFT) is on the brink of completing its $68.7 billion acquisition of Activision Blizzard, Inc. (NASDAQ: ATVI), with an announcement potentially coming by October 13.
- This culmination is contingent upon the approval of the U.K.'s Competition and Markets Authority (CMA), which had previously obstructed the deal.