Here’s what we have for you today:
• Lost in Amazon
• Going grocery shopping
• UBS dated back
E-commerce giant cutting out certain activities
Setback: Amazon might know what you like to buy, but not having retail stores to show off its merchandise can be counter efficient for certain products.
Switch: The e-commerce giant is scaling back its private label and rebranding some popular items.
Problem: Amazon has also faced regulatory scrutiny over how it used its data to decide which products to make.
German grocery takeover in the US
Store count: The grocery chain Aldi at the moment has over 2,000 American stores trailing behind Kroger.
The future: Aldi CEO Jason Hart said “Like Aldi, Winn-Dixie and Harveys Supermarket have long histories and many loyal customers in the Southeast and we look forward to serving them in the years to come.”
Expansion: The company has reached an agreement to buy Winn-Dixie and Harveys Supermarket from Southeastern Grocers. The sale is expected to complete in the first half of 2024.
Swiss bank paying over violations to US
Illegal: UBS will pay a combined $1.435 billion in penalties over fraud and misconduct in its offering of residential mortgage-backed securities dating back to 2006 to 2007.
Details: According to the US Attorney’s Office “UBS defrauded investors in connection with the sale of 40 RMBS issued in 2006 and 2007.”
Apparently: The US government mentioned UBS knew that significant numbers of the loans backing the RMBS did not comply with loan underwriting guidelines that were designed to assess borrowers’ ability to repay.