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The software that failed and forced the Federal Aviation Administration to ground thousands of flights on Wednesday is 30 years old and not scheduled to be updated for another six years, according to a senior government official. This system was installed in 1993 and runs the Notice to Air Missions system, or NOTAM, which sends pilots vital information they need to fly, the official said. Ronald Reagan Washington National Airport in Arlington, Va., was busy Wednesday after an FAA outage canceled and delayed flights. ET “to allow the agency to validate the integrity of flight and safety information” as it worked to restore the NOTAM system. The FAA lifted the ground stop around 8:50 a.m., and normal air traffic operations began resuming gradually.

☆ Disney braces for boardroom battle
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: 1 min

Jan 12 (Reuters) - Activist investor Nelson Peltz on Thursday bid for a seat on the board of Walt Disney Co (DIS.N), stirring the pot for what appears to be a boardroom battle brewing at the Magic Kingdom. This comes after company veteran Bob Iger returned to the helm at the Marvel-parent to help a push for profitability at its streaming business, Disney+. Peltz's Trian Fund, after Third Point's Daniel Loeb, have pushed the company to make changes after the pandemic crushed its parks business and forced it to increase expenditure to weed out competition in the streaming industry. Here is what happened since Iger retired in 2020:Reporting by Akash Sriram and Tiyashi Datta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

The tussle with Disney could be Peltz's biggest proxy battle since an acrimonious fight to bag a seat on the board of Tide detergent-maker P&G (PG.N). During his more than three-year tenure on P&G's board, the firm's stock price rose nearly 80%. Peltz's Trian Fund Management on Thursday filed documents with the U.S. securities regulator for his election as a director after Disney denied him a board seat. "Iger is a well-liked CEO, not only within Disney and its employees but also in Hollywood and the stock market. Investors will vote later this year on whether Peltz should sit on the company's board, unless it's settled before.

☆ Activist investor Peltz kicks off battle for Disney board seat
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] Nelson Peltz founding partner of Trian Fund Management LP. The prominent activist investor's Trian Fund Management on Thursday filed documents with the U.S. securities regulator for his election as a director at Disney after the company denied him a board seat. "Peltz -- with a change-maker history at targets including P&G, Heinz, and Wendy's -- could provide a measure of that." Trian Fund Management owns roughly $900 million worth of Disney stock, which equates to about 0.5% stake, under the disclosure threshold of 5%. Sources familiar with Disney have said he has only leveled criticisms without offering possible solutions.

☆ U.S. and Japan agree to strengthen alliance, citing China and North Korea
▼ + stars: | 2023-01-12 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

WASHINGTON — The United States and Japan unveiled plans Wednesday to strengthen their alliance to help counter threats from North Korea and China, which they called the greatest security challenge in the region. From left, Japanese Defense Minister Yasukazu Hamada, Hayashi, Blinken and Secretary of Defense Lloyd Austin in Washington on Wednesday. In addition, the U.S. space agency NASA plans to sign a cooperation deal with Japan on Friday, they said. Austin noted that Wednesday’s agreement affirms America’s “ironclad commitment to defend Japan with a full range of capabilities, including nuclear” and underscores that Article 5 of the mutual security treaty applies to the Senkaku Islands. That would make its defense budget the world’s third largest — a dramatic shift in Tokyo’s priorities that reflects growing concerns about North Korea and potential Chinese military action against Taiwan.

☆ Hunter Biden and News Suppression
▼ + stars: | 2023-01-12 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

Holman W. Jenkins Jr. is a member of the editorial board of The Wall Street Journal. Mr. Jenkins joined the Journal in May 1992 as a writer for the editorial page in New York. In February 1994, he moved to Hong Kong as editor of The Asian Wall Street Journal's editorial page. Mr. Jenkins won a 1997 Gerald Loeb Award for distinguished business and financial coverage. Born in Philadelphia, Mr. Jenkins received a bachelor's degree from Hobart and William Smith Colleges and a master's degree in journalism from Northwestern University.

[1/3] The logo of the Times Square Disney store is seen in Times Square, New York City, U.S. December 5, 2019. Peltz, a billionaire activist who operates via his Trian Partners hedge fund, called for Disney to cut costs and turn a profit at its Disney+ streaming business, which has been losing money despite expanding at a fast clip. Its shares sank last year as losses deepened in its streaming business, and the price is now less than half the stock's 2021 high. Disney, Trian said, had overpaid for the assets of 21st Century Fox and bid aggressively for pay-TV giant Sky PLC. Disney said Trian would file with the Securities and Exchange Commission on Thursday to elect Peltz for a board seat in opposition to the company's nominees.

☆ At Walt Disney, the G in ESG stands for goofy
▼ + stars: | 2023-01-12 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 12 (Reuters Breakingviews) - It’s sadly fitting that Walt Disney (DIS.N) persists with Mickey Mouse corporate governance. The $176 billion entertainment empire on Wednesday appointed Nike (NKE.N) Chairman Mark Parker to run its board, too. Parker, who has been a director at Disney since 2016, was around for all of it. Parker has been a Disney director since 2016, and he also serves as executive chairman of Nike. Disney also said that shareholder Trian Partners had nominated founding partner Nelson Peltz to serve on the company’s board.

But even Democrats acknowledge the issue will give the new GOP-controlled House a fresh line of attack against the White House and may help Trump neutralize or counteract one of the most potent charges against him. And of course, the FBI investigation into classified documents on former Secretary of State Hillary Clinton’s private email server may have sunk her 2016 presidential campaign. Recent polls show most Americans have little interest in Congress investigating Biden and are more likely to trust him over Trump or the new Congress. “I think House Republicans have tied themselves into knots already,” Petkanas added, noting GOP lawmakers have downplayed Trump’s documents. James Comer said Trump’s documents are not 'a priority.’ So how can they with a straight face say that the Biden documents have legs but Trump’s do not?”

Travelers wait in the terminal after flights were delayed and canceled due to an FAA outage. FAA officials told reporters early Wednesday that the issues developed in the 3 p.m. It has a backup, which officials switched to when problems with the main system emerged, according to the source. They decided to perform the reboot early Wednesday before air traffic began flying on the East Coast in order to minimize disruption to flights. During this process, the FAA told reporters that the system was "beginning to come back online," but said it would take time to resolve.

☆ Disney names Nike executive Mark Parker as new chairman
▼ + stars: | 2023-01-11 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —The Walt Disney Company has named Nike executive chairman Mark Parker as its new board chair, replacing longtime director Susan Arnold, whose term limit is expiring. Parker, a Disney board member since 2016, takes over Disney’s board at a time of transition for America’s largest media company. Disney said among Parker’s qualifications as board chair is that he navigated a successful CEO transition at Nike. And Disney’s media networks are struggling as cord cutting accelerates and once lucrative outlets like ESPN lose viewership. She praised Parker for helping lead Disney through a difficult period for the company and the broader media industry.

☆ FTX's venture backers included Patriots owner Robert Kraft and billionaire Paul Tudor Jones, new filings show
▼ + stars: | 2023-01-10 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

The roster of high-profile investors who lost money betting on crypto exchange FTX also included New England Patriots owner Robert Kraft and billionaire hedge fund manager Paul Tudor Jones, according to court filings released late Monday. FTX's venture investors included a host of luminaries. Dan Loeb controlled over 6.1 million preferred shares through Third Point-connected venture funds. Rival exchange Coinbase held nearly 1.3 million preferred shares. CNBC has compiled and analyzed the following preferred share ownership using Delaware bankruptcy court filings.

☆ Biden classified documents: White House won't say why it didn't disclose earlier that records were found
▼ + stars: | 2023-01-10 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

U.S. President Joe Biden shakes hands with Canadian Prime Minister Justin Trudeau during a bilateral meeting at the North American Leaders' Summit in Mexico City, Mexico, January 10, 2023. "Why didn't the 'Justice' Department announce the Highly Classified documents found in the Biden Office before the Election?" Trump wrote in a post on his social media site, Truth Social. U.S. President Joe Biden attends a news conference at Waldorf Astoria in Jeddah, Saudi Arabia July 15, 2022. Evelyn Hockstein | Reuters"This discovery of classified information would put President Biden in potential violation of laws protecting national security, including the Espionage Act and Presidential Records Act," Turner wrote.

Liza LinLiza Lin covers Asia technology news for The Wall Street Journal from Singapore, focusing mostly on China, the internet, supply chains and surveillance. In 2021, Liza was part of a team at the Journal that was named a finalist for the Pulitzer Prize in International Reporting, for their coverage of Chinese leader Xi Jinping. Liza, alongside other Journal reporters, won the Gerald Loeb Award for International Reporting in 2018 for a series of stories on China's surveillance state. Liza is the co-author with Journal colleague Josh Chin of the book "Surveillance State: Inside China’s Quest to Launch a New Era of Social Control." A Fulbright scholar, she has also worked for Bloomberg News in Singapore and China.

Persons: Liza Lin Liza Lin, Liza, Xi Jinping, Gerald Loeb, Josh Chin Organizations: Wall, New York Press Club, Society of Publishers, Social Control, Bloomberg News Locations: Asia, Singapore, China, Shanghai

☆ The Great Tesla Stock Repricing
▼ + stars: | 2022-12-27 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

☆ Inside the Disney drama as CEO Bob Iger returns, replacing protege Bob Chapek
▼ + stars: | 2022-12-26 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 min

Bob Iger returned to Disney as CEO in November, ending Bob Chapek's rocky tenure. In one of the most dramatic reversals in corporate history, the Walt Disney Co. board reinstated Bob Iger as CEO in November, ousting his predecessor Bob Chapek. Disney had just reported a $1.5 billion loss in its streaming business on a November 8 earnings call. Wall Street faulted him for waiting until after the 3Q earnings call to announce that layoffs were planned, for example. Read more about what Disney, Hollywood, and Iger expect from Iger:

☆ Buying Peloton and similar growth stocks is 'absolute nonsense,' says strategist
▼ + stars: | 2022-12-23 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

High-growth tech stocks are unlikely to rebound after a "pivot" on interest rates from the Federal Reserve, according to one market strategist. This high-interest-rate environment has devalued equities and sent many tech stocks, including the Nasdaq Composite , firmly into a bear market this year. In such an environment, Toogood said stocks such as Peloton were an "absolute nonsense" trade for investors and pointed to its more-than-70% decline this year to date. Wood has attracted criticism from a range of value investors for the fund's lackluster performance, including Toogood. The ARK Next Generation Internet ETF , another fund also run by Cathie Wood, previously held Peloton shares.

☆ Cassidy Hutchinson secretly back-channeled with the Jan. 6 committee before blindsiding her Trump-aligned lawyer in a bombshell deposition
▼ + stars: | 2022-12-23 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +11 min

Hutchinson told the panel that her Trump-aligned lawyer advised her to mislead lawmakers. ""Look, we want to get you in, get you out," Hutchinson said Passantino told her before the appearance. Reach out to them," Hutchinson told the panel, paraphrasing what Passantino told her of a job offer connected to former top Trump aide Jason Miller. Hutchinson said she told Farah, who was also a former House aide, to back channel with the January 6 committee. Former Trump White House aide Cassidy Hutchinson arrives for her public testimony in front of the January 6 committee.

☆ Disney should spin off ESPN and ABC, analyst says
▼ + stars: | 2022-12-20 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

But one Wall Street analyst has an idea for how Disney could get back on track. Wells Fargo’s Steven Cahall thinks Disney should spin off cable sports giant ESPN and traditional TV network ABC… two slow-growth (and some would argue, dying) businesses. Cahall wrote in his report that “we think Bob Iger is returning to {Disney] ready to make big changes. ESPN, in theory, may have an easier time negotiating with sports leagues as part of a pure play media network. “We think ESPN and ABC are integrally linked as the broadcast [network] improves negotiations in sports rights, and we’re seeing more of those sports on both networks,” he wrote.

☆ Third Point could see big returns from small changes at Bath & Body Works
▼ + stars: | 2022-12-17 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

Business: Bath & Body Works is a specialty retailer of home fragrance, body care, soaps and sanitizer products. In August 2021, Bath & Body Works (formerly known as L Brands) completed the separation of its Victoria's Secret business. Loeb is one of the true pioneers in the field of shareholder activism and definitely one of a handful of activists who shaped what has become modern day shareholder activism. He invented the poison pen letter in a time when a poison pen was often necessary, and as times have changed, he has transitioned from the poison pen to the power of the argument. Third Point expressed its concern with Bath & Body Works' executive compensation structure , noting that excessive awards have been made that are disconnected to important performance metrics.

☆ Hunter Biden’s Laptop and 2020’s First Big Lie
▼ + stars: | 2022-12-13 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

☆ Stocks making the biggest moves premarket: Lululemon, Costco, Broadcom and others
▼ + stars: | 2022-12-09 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Broadcom (AVGO) – Broadcom shares rallied 3.6% in premarket action after the chip maker reported better-than-expected quarterly results and an upbeat outlook. Netflix (NFLX) – Netflix gained 3% in the premarket following two positive analyst reports. DocuSign (DOCU) – DocuSign posted an 11.3% premarket jump following upbeat quarterly results for the electronic signature technology company. The move cuts Walgreens' stake to about 17% from 20% and will give Walgreens funds to pay down debt and fund strategic priorities. RH (RH) – The company formerly known as Restoration Hardware beat top and bottom line estimates in its latest quarterly report.

☆ Activist Dan Loeb boosts stake in Bath & Body Works and seeks board shake-up, shares jump
▼ + stars: | 2022-12-09 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Third Point's Dan Loeb hiked his stake in Bath & Body Works to 6% as the activist investor said he might push for board changes to improve governance issues at the retailer, according to a new regulatory filing. Shares of Bath & Body Works jumped about 5% in premarket trading Friday. Loeb said he might seek changes in board composition if the issues at hand don't resolve quickly. Bath & Body Works didn't immediately respond to CNBC's request for comment. Last month, Bath & Body Works reported quarterly earnings that were more than double what analysts had anticipated.

☆ Stocks making the biggest moves midday: Netflix, Lululemon, DocuSign and more
▼ + stars: | 2022-12-09 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday:Lululemon — Shares of Lululemon fell 12% after the athletic apparel company gave a weaker-than-expected fourth-quarter outlook. Broadcom — Broadcom gained 3.1% after giving an upbeat revenue forecast and reporting better-than-expected quarterly results after the bell Thursday. Netflix — Netflix gained 5% after being named a "best idea" for 2023 by Cowen and being upgraded by Wells Fargo to overweight from equal weight. DocuSign — Shares of DocuSign jumped 16% after the electronic signature company posted upbeat quarterly results. Bath & Body Works — Shares of Bath & Body Works gained rose 2.1% after activist investor Dan Loeb boosted his stake in the retailer.

☆ Third Point's Loeb ups stake in Bath & Body Works, points out issues with company
▼ + stars: | 2022-12-09 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThird Point's Loeb ups stake in Bath & Body Works, points out issues with companyCNBC’s ‘Halftime Report’ investment committee, Jason Snipe, Rob Sechan, Steve Weiss and Shannon Saccocia, discuss Third Point's Daniel Loeb stake in Bath & Body Works and discuss his issues with the CEO.

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