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Darden Restaurants earnings beat estimates but Olive Garden growth weakens

Darden Restaurants on Thursday reported mixed quarterly results as same-store sales growth at the company's fine-dining restaurants and Olive Garden fell short of expectations. The company's forecast for its fiscal 2027 earnings and revenue also came on the lower end of Wall Street's projections. Darden reported net income of $404.9 million, or $3.51 per share, up from $303.8 million, or $2.58 per share, a year earlier. Excluding costs of restaurant closures and other items, the company earned $3.66 per share. Net sales climbed 13.7% to $3.72 billion, boosted by the inclusion of an extra week during the fiscal year. Across all of Darden's restaurants, same-store sales rose 4.6%, topping expectations of 4.1% growth based on StreetAccount estimates. LongHorn Steakhouse led the portfolio with same-store sales growth of 9.5%, beating StreetAccount projections of 7.1%. The chain has overtaken Olive Garden to become Darden's top performer, although it still accounts for less of the company's overall sales. For its part, Olive Garden saw same-store sales grow 2.4% in the quarter, missing expectations of 3.2% growth. Darden's fine-dining segment reported same-store sales growth of 1.9%, falling short of StreetAccount estimates of 3.1%. The division includes The Capital Grille and Ruth's Chris. The company's "other business" segment saw same-store sales rise 4.6%, higher than the 3% projected by analysts. The division includes a handful of smaller restaurant chains, like Yard House and Chuy's. Looking ahead to the next fiscal year, Darden is projecting total sales of $13.60 billion to $13.75 billion and net earnings per share from continuing operations in a range of $11.10 to $11.35. Wall Street is expecting the company to report fiscal 2027 revenue of $13.72 billion and earnings per share of $11.40. Darden is also forecasting that it will report same-store sales growth of 2.5% to 3.5% during fiscal 2027 and open between 75 and 80 new locations.

Darden Restaurants earnings beat estimates but Olive Garden growth weakens
Europe
BBC Business

Chinese tycoon sentenced to 30 years in US jail

Guo Wengui, who was once believed to be one of China's richest businessmen, has been sentenced to 30 years in jail in the US for running a billion dollar scam. The former property tycoon fled China to the US in 2017, where he reinvented himself as a Communist Party critic and built a loyal online following. But Guo was later convicted on charges of racketeering, fraud and money laundering. New York court judge Analisa Torres said Guo had "preyed on those seeking to bring democracy to China", taking their money to fund his lavish lifestyle. Guo - who goes by several names, including Miles Guo and Ho Wan Kwok - was sentenced in a courtroom packed with his supporters. US attorney Sean S Buckley told the BBC: "Rather than being satisfied with the many legitimate opportunities afforded to him, Guo exploited the trust that thousands had placed in him for his own greed." "Today's sentence shows that fame and wealth do not place you above the law, and that fraudsters who victimise families to enrich themselves will be met with significant consequences," Buckley said. Before fleeing China, Guo built a fortune as a property developer and had good ties with the country's government. But he sought asylum in the US after being accused by top Chinese officials of corruption. Guo became a critic of China's Communist regime and cultivated a wide online following among the Chinese community in the US. Prosecutors said Guo raised more than $1bn (£760m) from online followers, who joined him in investment and cryptocurrency schemes between 2018 and 2023. The money he raised was used to fund Guo's lavish lifestyle which included a 50,000 square foot mansion, a $1m Lamborghini and a $37m yacht, they said.

Chinese tycoon sentenced to 30 years in US jail
Europe
The Guardian

Return of the ‘greybeards’: AI backfired – so Ford had to rehire humans

I’m thinking old, and probably male? Most likely. Certainly human, that’s the main thing. Who is it about then? Veteran engineers, working for Ford Motor Company in the US. Oh dear, I think I know how this story goes: hundreds of longstanding workers get laid off because of automation and artificial intelligence … That kinda was how the story was going; the company has 5,000 fewer workers than it did in 2020. Recently, though, there’s been an unexpected twist. Ooh, I love those, go on. Over the past three years, the company has hired 350 veteran engineers – known as “greybeards” (or “graybeards” if you’re reading this in the US) – made up of former Ford employees and workers from suppliers. Excellent news! Why, though? I’m guessing it’s not because – despite the threat from the massive acceleration going on in the Chinese automotive industry – Ford has suddenly discovered its charitable side? No. It’s more about doing the things that AI proved to be a bit rubbish at. AI replaced with human beings, man bites dog! Go on! Not quite replaced. But they discovered that the hundreds of AI-powered cameras they were using, including for design and manufacturing checks, were prone to pitfalls. Because? To quote Ford’s vice president of vehicle hardware engineering, Charles Poon: “Artificial intelligence is a fantastic tool, but it’s only as good as the information you use to train it.” Hmm, now who would have that kind of knowhow and experience, I wonder? “Over prior years, we didn’t pay as much attention as we should have to the experience of our most knowledgeable engineers that have been with us through many product cycles,” Poon said. “Who have been with us through many product cycles”, Mr Poon – they’re people, remember. True. With facial hair to prove it. So the AI gets chucked on the scrapheap and the “greybeards” come back through the factory gates, singing, like elves … In the fairytale version maybe. And in the real version? A combination of the two. Ford said that AI is very important to quality gains, “and that, in tandem with deep technical expertise, is what’s needed”. Yeah, until all that expertise has been successfully transferred to the machines. And the human becomes redundant. Not just from work, but existentially. Argggghhh!

Return of the ‘greybeards’: AI backfired – so Ford had to rehire humans
Asia
The Hindu BusinessLine

Indian government urge to look into problems created by fertilizer subsidies

The SOMS (soluble fertilizers, organic and bio-fertilizers, micronutrients and biostimulants) sector has urged the Indian government to look into the problem that subsidies are creating for the entire industry. It has sought an end to dealers’ practice of forcing farmers (tagging) to buy other crop nutrients while buying subsidised fertilizers. Leaders and experts of the sector, who met at a summit in Gandhinagar, Gujarat, on July 1 and 2, focused on strengthening domestic manufacturing capabilities, promoting innovation, reducing dependency on imports, and developing sustainable solutions for Indian agriculture. Stakeholders said demand for subsidised fertilizers led to dealers insisting on farmers being forced to buy other crop nutrients which were not required and mooted direct payment as a solution to most of the issues faced by the sector. Rajib Chakraborty, President, Soluble Fertilizers Industry Association (SFIA), said that India’s speciality fertilizer sector has huge potential to contribute towards subsidy reduction, sustainable agriculture, and nutrition Security. He called for industry-guided research for a self-reliant India or Viksit Bharat. Rahul Mirchandani, President, Indian Micro-Fertilizers Manufacturers Association (IMMA), said the SOMS sector’s market is nearly $1 billion. Water-soluble fertilizers make up ₹3,700 crore, bio-fertilizers ₹2,350 crore and micro-nutrients ₹2,142 crore. The sector faces problems due to fertilizer subsidies, as dealers force farmers to buy other crop nutrients along with it. “In Rajasthan, farmers have complained that they are forced to buy 10 bottles of nano fertilizers if they want to buy 10 bags of di-ammonium phosphate (a subsidised fertilizer),” he said, adding that this forces them to bear an additional burden of ₹2,400. Vinod Goyal, National Secretary, SFIA, said the Centre should consider an amendment to clause 31 of the Essential Commodities Act (ECA) by introducing “unlawful stock” and look at taking action against dealers and firms forcing farmers to buy other fertilizers under the Consumer Protection Act. The conclave welcomed decisions of some States, such as Uttar Pradesh, to crack down on fertilizer “tagging” and lauded Agriculture and Farmers Welfare Minister Shivraj Singh Chouhan’s directive to States to end the unethical practice. Maharashtra farmer-leader Sandeep Shamrao Vinde sought the appointment of an ombudsman, while another farmer-leader, Shankarao Narekar, said tagging forced farmers to buy poor-quality fertilizers. The summit witnessed important issues being raised during panel discussions on “Linking Practices in Fertilizer Distribution: Opportunity, Challenge or Necessity”, “Fertilizer Start-ups and Innovation for Self-Reliance: Reality or Gimmick?” and “United for Growth: Past, Present & Future of Speciality Fertiliser Policy – Industry Perspective”. A two-day SOMS B2B Expo 2026 was held during the summit, receiving an overwhelming response from the agriculture and fertilizer industry, according to a statement from SFIA. Over 70 exhibitors showcased advanced solutions, innovative products, and new technologies in the specialty fertilizer sector at the expo. More than 2,000 visitors, including industry professionals, farmers, researchers, entrepreneurs, and stakeholders, visited the exhibition.

Indian government urge to look into problems created by fertilizer subsidies
Europe
BBC Business

Homes harder to sell as high mortgage rates frustrate buyers

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoThree in five homes listed for sale since January remain on the market, according to property portal Zoopla, as high mortgage rates frustrate potential buyers. A lack of demand from buyers, as well as some high asking prices from sellers, have left homes in some areas unsold. Agreed sales were 7% below last year, Zoopla said, but the picture varied across the country with sales down 12% in Wales and 11% in the East Midlands. First-time buyers were most exposed to high mortgage rates, although there are now signs of greater competition among lenders who are lowering rates. A jump in mortgage rates in April - prompted by financial upheaval caused by the US-Israeli war with Iran - added an average of £125 a month to a typical mortgage at its peak compared with January. In London, the peak saw £232 a month added to the average first-time buyer's costs. The average two-year fixed rate jumped from 4.83% at the start of March to a peak of 5.90% on 12 April, according to the financial information service Moneyfacts. It has since dropped to 5.54%. The increase was a major factor in pushing down demand from buyers in the UK by 15% compared with a year earlier, according to Zoopla's report which considers the market to the end of May. However, in the north east of England mortgage costs for first-time buyers were only £66 a month higher over the same period. "The national picture can only tell you so much," said Richard Donnell, executive director at Zoopla. "For sellers still waiting for an offer, the conversation to have is about price. Correctly priced homes are selling, while overpriced homes are sitting." However, he pointed out that recent cuts in mortgage rates were a positive for buyers.

Homes harder to sell as high mortgage rates frustrate buyers
Europe
BBC Business

Trump threatens 100% tariff on European nations over tech tax

Image source, Getty ImagesImage caption, US President Donald Trump speaks during an event in the Oval Office of the White House on June 22, 2026 in Washington, DC. US president Donald Trump has vowed to impose a 100% import tariff on any European country that introduces a digital services tax on American technology giants. Writing on his Truth Social platform, Trump said "Numerous European countries" had been discussing bringing in such a levy and some were close to doing so. He warned that the punitive penalties would be applied immediately and would completely "supersede" any existing bilateral trade agreements. While the post targets nations planning the "imminent implementation" of new levies, the precise implications for the UK were not immediately clear, given London has had such a tax in place since 2020. "Please let this statement serve to represent that any Country that imposes such a Tax will immediately be met with a 100% TARIFF on any and all Goods sent to the United States of America," he wrote. Britain's 2% Digital Services Tax (DST) applies to major search engines, social media platforms, and online marketplaces with global revenues from their digital businesses exceeding £500 million, and total UK revenues surpassing £25 million. It impacts some of the largest US companies, including Apple, Google, Meta, and Amazon and raised more than £800 million in 2024–25, up from £678 million in 2023–24, according to the Treasury. In April, Trump said that the UK faced "a big tariff" for purportedly targeting major US companies with a tax. "They think they're going to make an easy buck, that's why they've all taken advantage of our country", Trump said at the time. The Department for Business and Trade and the Treasury have been contacted for comment. Trump's threat of retaliation against European nations that may be planning to launch or revise their own such tax comes just days after the US and EU finali, externalsed a new trade deal, external.

Trump threatens 100% tariff on European nations over tech tax
Europe
BBC Business

Hollywood director gets two and a half years in prison for defrauding Netflix

Image source, Getty ImagesByMadeline HalpertPublished7 hours agoA Hollywood director convicted of defrauding Netflix of $11m (£8.3m) last year has been sentenced to two and a half years in prison. Carl Erik Rinsch was accused of using Netflix funds intended to complete a science fiction series to buy cars, cryptocurrency and other luxuries for himself. The 48-year-old, best known for the 2013 film 47 Ronin, was convicted of federal fraud and money laundering for misusing funds. Rinsch faced up to 90 years in prison, but was expected to receive a lighter sentence. Judge Jay Rakoff also sentenced Rinsch to three years of supervised release, $11m in forfeitures, and a $700 fine. Speaking to the court before the judge issued his sentence, Rinsch apologised and said he accepted responsibility for his crimes. "Today's sentence sends a deterrent message: Fraud will not be tolerated," US Attorney Jay Clayton said in a statement. Prosecutors said Netflix gave Rinsch roughly $55m for the unfinished sci-fi show, initially named White Horse, including $11m he told them he needed to complete production. Instead, prosecutors said, he put the money in a personal account where he invested it and lost half within a couple of months. He put funds into cryptocurrency, and spent money on lavish purchases such as Rolls Royce cars and mattresses costing hundreds of thousands of dollars, according to prosecutors. During his one-week trial in New York, several Netflix executives were called to testify, saying they only agreed to one season of the show, which Rinsch failed to deliver. Rinsch took the stand as well - a rare move for a defendant in a criminal case - claiming the situation was a misunderstanding and he believed the money was meant to keep the show going during the pandemic.

Hollywood director gets two and a half years in prison for defrauding Netflix
Asia
The Economic Times

MF Picks: 13 stocks surge up to 230% in just 3 months; 3 turn multibaggers

Mutual fund moves often attract attention because they are usually backed by detailed research, expert analysis, and a long-term investment approach. In March 2026, fund managers raised their exposure to nearly 322 stocks from the BSE 500 universe compared with the previous quarter—a sign that several companies were finding favour among institutional investors.What followed was a remarkable rally. Since early April 2026, a number of these stocks have delivered exceptional gains within a little over three months. Among them, 13 stocks stood out by climbing between 60% and 230%, including three multibagger performers that more than doubled investors’ wealth in a short period. Their strong performance highlights how rising mutual fund participation can sometimes signal emerging opportunities and changing market sentiment. (Data Source: ACE Equity) Over the last three months (from early April till date), the stock has surged 232%, rising from Rs 68 to Rs 225. Mutual fund (MF) holding increased from 6.68% to 6.92% during the March 2026 quarter. Over the past three months, the stock has delivered a 198% rally, moving up from Rs 511 to Rs 1,521. MF holding rose from 1.02% to 1.41% in the March 2026 quarter. In the last three months, the stock has gained 101%, climbing from Rs 1,798 to Rs 3,611. MF holding increased from 9.37% to 13.08% during the March 2026 quarter. Over the last three months, the stock has rallied 92%, advancing from Rs 807 to Rs 1,549. MF holding rose from 2.97% to 3.22% in the March 2026 quarter. During the past three months, the stock has appreciated 90%, moving from Rs 814 to Rs 1,547. MF holding increased from 9.24% to 9.86% during the March 2026 quarter. Over the last three months, the stock has gained 78%, rising from Rs 844 to Rs 1,502. MF holding increased from 2.58% to 3.28% in the March 2026 quarter. In the past three months, the stock has surged 74%, moving from Rs 1,505 to Rs 2,625. MF holding rose marginally from 1.97% to 2.02% during the March 2026 quarter. Over the last three months, the stock has rallied 74%, increasing from Rs 934 to Rs 1,622. MF holding improved from 6.44% to 6.59% in the March 2026 quarter. During the last three months, the stock has gained 65%, rising from Rs 9 to Rs 14. MF holding increased from 5.34% to 5.93% during the March 2026 quarter. Over the past three months, the stock has advanced 63%, moving from Rs 1,177 to Rs 1,916. MF holding increased from 7.76% to 8.12% in the March 2026 quarter. In the last three months, the stock has rallied 62%, climbing from Rs 677 to Rs 1,096. MF holding increased from 1.98% to 3.37% during the March 2026 quarter.

MF Picks: 13 stocks surge up to 230% in just 3 months; 3 turn multibaggers
Asia-Pacific
The Straits Times

Gen Zs less hardy than their parents, regional survey finds

A regional survey has confirmed the popular belief that those aged under 30 are less resilient than their parents or grandparents. Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE – When it comes to financial and health matters, a regional survey has confirmed the popular belief that Gen Zs, or those under 30, are less resilient than their parents or grandparents. For instance, only 41 per cent of Gen Zs who are working feel they are doing well financially, compared with 54 per cent of those aged 62 to 84. Granted, the younger ones have worked for only a few years and have a longer runway to do better, but the survey by insurer AIA found that they still lose out to older folks when it comes to mental and physical well-being. No wonder older folks often describe this group of youngsters as the strawberry generation because they are emotionally sensitive and “bruise easily” when faced with stress or pressure. The survey probed whether these two groups have different attitudes when it comes to dealing with certain financial issues. Overall, the results show that compared with the older generations, Gen Zs place less importance on money matters, especially when it comes to traditions and social norms. For instance, 63 per cent of older folks would frown upon adults who do not support their elderly parents and would describe such people as “ungrateful”. But almost the same proportion of Gen Zs (61 per cent) would think that it is not compulsory for children to support their parents since they have their own financial obligations to bear. The difference in agreement between the generations appears to suggest that there is a change in how younger people view wealth and how it impacts their lives. For instance, 63 per cent of Gen Zs think that success in life need not be related to money, but about half of those in the older age groups still believe that wealth is important in determining a person’s worth.

Gen Zs less hardy than their parents, regional survey finds