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☆ 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.

While Budapest and Warsaw are haggling with the bloc over rule-of-law strings attached to billions worth of pandemic recovery funds, Romania has already drawn down over 6 billion euros in grants and cheap loans. Prime Minister Nicolae Ciuca has said the government aims to tap more than 10 billion euros a year, equivalent to about 4% of GDP, of about 90 billion euros of EU funding available to Bucharest through to 2027. RESHORINGCompanies reshoring from Russia and Ukraine to nearby low-cost manufacturing hubs partially helped push foreign direct investment to 9.39 billion euros in January-October, the largest 10-month figure since Romania joined the EU. "We are optimistic that investment will rise in coming years, also encouraged by EU funds," said Alex Milcev, head of Tax and Legal at E&Y Romania. And relations with the EU are not always smooth: in December, Austrian opposition over unauthorised immigration kept Romania out of Europe's borderless Schengen area.

Its failure to pass a funding bill on time, which is becoming a norm, meant that the government had to function on temporary extensions of last year's funding levels, which Democrats and Republicans alike say poses threats to national security. House Republicans oppose the bill, arguing it is too bloated and was crafted in secrecy among top congressional leaders. The 4,155-page bill was passed on Thursday in the Senate on a bipartisan vote of 68-29. The legislation would provide the Defense Department with a record $858 billion, up from $740 billion last year. It is an investment in the global security and democracy that we handle in the most responsible way," Zelenskiy, told a joint meeting of Congress.

☆ Lawmakers Boost Military, Domestic Spending in Omnibus Bill
▼ + stars: | 2022-12-20 | by ( Siobhan Hughes | Lindsay Wise | ) www.wsj.com time to read: +1 min

Democratic Sen. Patrick Leahy said the bill ‘directly invests in providing relief from the burden of inflation on the American people.’WASHINGTON—Lawmakers early Tuesday unveiled a wide-ranging spending bill for fiscal 2023 with sharp increases in military and domestic funding, kicking off a sprint to pass the bill before Christmas in the last act of the Democratic-controlled Congress. The bill, the product of months of behind-the-scenes haggling, also carries an additional $44.9 billion in aid to help Ukraine and North Atlantic Treaty Organization allies, $40.6 billion for disasters such as drought and hurricanes, as well as funds earmarked for projects in lawmakers’ home districts. It includes changes to the 1887 Electoral Count Act that would make it harder to block the certification of a presidential election, widens a ban on TikTok on government devices, and extends a Dec. 27 deadline for Boeing Co. to secure federal safety approvals for two new versions of the 737 MAX airplane.

☆ Lawmakers Unveil Spending Package in Race to Avert Shutdown
▼ + stars: | 2022-12-20 | by ( Siobhan Hughes | Lindsay Wise | ) www.wsj.com time to read: 1 min

WASHINGTON—Lawmakers early Tuesday unveiled a spending bill for fiscal 2023 as they race to pass the measure by the end of the week in the last act of the Democratic-controlled Congress. The bill is the product of months of behind-the-scenes haggling and carries an additional $44.9 billion to support the war in Ukraine, $40.6 billion for disasters like drought and hurricanes as well as special money earmarked for projects in lawmakers’ home districts. It includes policy provisions, such as updating the 1887 Electoral Count Act to try to make it harder to block the certification of a presidential election and avoid a repeat of the Jan. 6, 2021, attack on the Capitol.

☆ Lawmakers Boost Military, Domestic Spending in $1.65 Trillion Omnibus Bill
▼ + stars: | 2022-12-20 | by ( Siobhan Hughes | Lindsay Wise | ) www.wsj.com time to read: +1 min

Democratic Sen. Patrick Leahy said the bill ‘directly invests in providing relief from the burden of inflation on the American people.’WASHINGTON—Lawmakers early Tuesday unveiled a wide-ranging, $1.65 trillion spending bill for fiscal 2023 with sharp increases in military and domestic funding, kicking off a sprint to pass the bill before Christmas in the last act of the Democratic-controlled Congress. The bill, the product of months of behind-the-scenes haggling, also carries an additional $44.9 billion in aid to help Ukraine and North Atlantic Treaty Organization allies, $40.6 billion for disasters such as drought and hurricanes, as well as funds earmarked for projects in lawmakers’ home districts. It includes changes to the 1887 Electoral Count Act that would make it harder to block the certification of a presidential election, widens a ban on TikTok on government devices, and extends a Dec. 27 deadline for Boeing Co. to secure federal safety approvals for two new versions of the 737 MAX airplane.

The EU has blocked the funds over worries around corruption and poor judicial independence in Hungary, which in turn vetoed the EU loan to Kyiv and a proposal for a global corporate tax. "I note the efforts made so far by Hungary to address several of the remedial measures," EU Budget Commissioner Johannes Hahn wrote in a letter. Orban, in power since 2010, has cultivated close ties with Moscow and repeatedly stalled EU sanctions against Russia. International watchdogs say Orban has long channelled EU funds to associates to entrench himself in power. It has also been withholding approval of some 5.8 billion euros for Hungary from an EU fund set up to help countries recover from the COVID pandemic, citing insufficient independence of courts from politicians.

With winter approaching at the penal colony where Griner was being held, Biden faced a singularly presidential decision. Griner’s wife, who arrived in Washington on Wednesday, was invited to an early morning meeting at the White House set for Thursday. Cherelle Griner waited at the White House for a short period of time before it became clear the planned meeting with Sullivan had shifted. The White House described her suffering “intolerable circumstances” during her detention. At the White House, Biden met with Griner’s wife for the first time to show her the letter he was sending in response.

[1/2] Drivers wait for fuel at a gas station of Hungarian oil company MOL Group in Budapest, Hungary, December 5, 2022. MOL, Hungary's main oil and gas group, has said the price cap was unsustainable as major players stopped importing fuel due to low prices, aggravating the shortage. "In the past days, the oil sanctions of Brussels took effect and what we had been afraid of, has actually happened. From now on there are sanctions prices on petrol across entire Europe," Orban said on Facebook, adding the government will "take away the extra profits generated by this" and redirect them to the state budget. At 1218 GMT, its shares traded 1.8% lower, reversing earlier gains of around 3% after the fuel price cap was ditched overnight.

☆ Ford's CEO wants to end haggling for electric car sales — and he's gotten two-thirds of US dealers to agree
▼ + stars: | 2022-12-06 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

1,920 Ford dealers have signed on for a controversial EV sales program. They say the EV sales requirements set by Ford violate franchise laws with illegal pricing requirements and unlawful allocation systems. There are two tiers to the EV sales program: Certified Elite and Certified. In the elite track, dealers are required to invest up to $1.2 million in facility upgrades and training for staff. On the certified track, the investment requirement is lower – $500,000 – but caps allotted EV sales at the dealership to 25 per year.

☆ 2 friends who are both almost 6 foot 4 inches tall launched an app to make train journeys more comfortable – without costing an arm and a leg
▼ + stars: | 2022-12-04 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Griffin said traveling in standard class is "terrible" when you're almost 6 feet 4 inches tall – like Stewart is too. They negotiated with train companies directly so users can get good deals on tickets and upgrades with its auction feature. "The cheapest we'll sell an upgrade for is £5 but the average price for a ticket upgrade in the UK is about £22 to £23," Griffin said. 24 hours before a train departure, Seatfrog runs an auction for any available first-class seats. Customers can also purchase their ticket at its "buy it now" price, but Griffin says it's cheaper to bid in an auction.

☆ Saudi, Qatar indexes extend losses on weak oil, Egypt up
▼ + stars: | 2022-11-27 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +2 min

Nov 27 (Reuters) - Saudi Arabia and Qatar stock markets closed lower on Sunday, as uncertainties in oil prices amid Chinese COVID-19 curbs and haggling over a cap on Russian oil prices, weighed on investors' sentiments, although Egypt rose, bucking the trend. Saudi Arabia's benchmark index (.TASI) fell 1.3%, with Al Rajhi Bank (1120.SE) retreating 1.2%, while Sabic Agri-Nutrients (2020.SE) was down 3.9%. Separately, Saudi oil behemoth Aramco's (2222.SE) base oil subsidiary, Luberef, has received the approval from the kingdom's stock market regulator for an initial public offering, the Capital Market Authority said on Thursday. The Qatari index (.QSI) also dropped 1.1%, extending losses from previous session, led by its financial stocks with Qatar Islamic Bank (QISB.QA) and Commercial Bank Qatar (COMB.QA) plunging 1.9% and 2.1% respectively. "Egyptian stock market, supported by the large trading volumes by local investors, continue to maintain its strong performance" added Takieddine.

☆ JCPenney was once a shopping giant. Can it make a comeback?
▼ + stars: | 2022-11-27 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +14 min

People walk past a JCPenney store at the Queens Center Mall in New York in 2016. The Denver Post/Getty Images Shoppers hurry across an intersection in front of a JCPenney store in Denver in 1964. Anne Cusack/The Los Angeles Times/Getty Images Customers shop at a new JCPenney store in New York in 2009. Mary Altaffer/AP A customer goes down an escalator at a JCPenney store in Westminster, Colorado, in 2009. Don Emmert/AFP/Getty Images JCPenney CEO Jill Soltau speaks during an interview in Fort Worth, Texas, in 2019.

Summary Brent, WTI fall for third consecutive weekEU delays talks on Russian oil price cap until next weekPoland seeks German support for EU sanctions on pipelineNEW YORK, Nov 25 (Reuters) - Oil prices fell 2% on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures settled down $1.71, or 2%, to trade at $83.63 a barrel, having retraced some earlier gains. U.S. West Texas Intermediate (WTI) crude futures were down $1.66, or 2.1%, at $76.28 a barrel. This is starting to hit fuel demand, with traffic drifting down and implied oil demand around 1 million barrels per day lower than average, an ANZ note showed. Meanwhile, G7 and European Union diplomats have been discussing a Russian oil price cap between $65 and $70 a barrel, but an agreement has still not been reached.

☆ The West is struggling to set an oil price cap that hurts Russia
▼ + stars: | 2022-11-25 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

Putin said Thursday that Western plans to introduce oil price caps would have “grave consequences” for energy markets. The oil price cap aims to amend that policy. Shipping services and insurance could be provided to tankers transporting Russian oil — so long as it’s purchased at or below the price cap established by Western nations. “But reality will be different.”Some analysts think the price cap will ultimately be less important than Europe’s oil embargo. “Due to the EU oil embargo and the planned price cap on oil from Russia, oil production there is likely to be significantly curtailed,” Commerzbank said in a note to clients.

☆ The direct-to-consumer sales model Rivian and Lucid tout as a key unlock could hamstring them in booking revenue — while Ford and GM reap the benefits of working with dealers
▼ + stars: | 2022-11-19 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +4 min

Many EV startups like Rivian and Lucid have opted to sell their vehicles directly to consumers. The DTC model means their revenue depends on getting cars to customers — which isn’t always so easy. Competing with the legaciesWith direct-to-consumer sales, Rivian and Lucid are responsible for getting vehicles into customers' hands after they're produced. The revenue they bring in, logged once a customer has their vehicle, depends on the startups' ability to deliver efficiently. The messy business of putting a car in a customer's driveway — and finding customer financing — are outsourced to franchised dealerships.

☆ India's Tata to open 20 'beauty tech' outlets, in talks with foreign brands
▼ + stars: | 2022-11-16 | by ( Aditya Kalra | ) www.reuters.com time to read: +7 min

Tata is in talks with more than two dozen companies to supply exclusive products to the new stores, according to the person familiar with the strategy, who did not name specific brands. Tata declined to comment on its planned beauty stores and the contents of the document seen by Reuters. The store opening plans, still under wraps, follow the recent launch of Tata's beauty shopping app, called Tata CLiQ Palette. The stores will have a bright red facade showing Tata CLiQ Palette branding, with 70% of the products inside being skincare and make up, according to the Tata document. The new stores should drive "sales across channels as a leading Beauty Tech destination for Gen Z & Millennials," the Tata document says.

☆ Lucid's fight to sell cars in Texas could give it a leg up in the ultracompetitive electric-vehicle market
▼ + stars: | 2022-11-11 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +4 min

The resulting legal battles could slow crucial deliveries for EV startups. It's also a sign that there could be more legal confrontations to come for other budding EV makers, like Rivian and Fisker. What consumers can expectLast year, Tesla, Rivian, and Lucid joined forces to push for bills allowing direct sales in eight states. Many of these efforts are still in progress while Rivian, Lucid, and Tesla continue to sell vehicles remotely. Even with the legal troubles, EV startups are moving full speed ahead on direct to consumer.

☆ EU proposes matching UK move to boost 'dark' share trading, documents show
▼ + stars: | 2022-10-21 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

REUTERS/Alex GrimmLONDON, Oct 21 (Reuters) - A curb on "dark" or off-exchange trading of shares in the European Union should be completely removed to compete better with Britain, EU documents seen by Reuters showed on Friday. The documents set out the latest compromises among EU states on reforming the bloc's "MiFID" securities law to catch up with advances in trading technology and practices in markets. Dark trading currently is subject to two types of caps on volumes, and the European Commission has proposed removing one of them. The Czech Presidency of the EU is proposing the complete removal of the double volume cap, EU documents for meetings next week show. "This will allow for a dynamic and nimble approach, allowing price formation, sufficient transparency and leeway to react to situations within the EU (or in the UK)," the documents said.

☆ Why tomorrow’s big jobs report has global implications
▼ + stars: | 2022-10-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Seems counter-intuitive, but the Fed (and much of Wall Street) is actually rooting for that number to go down. Here’s the thing: Before the pandemic and its whiplash-inducing economic rebound, the US economy averaged about 200,000 new jobs each month. In the last jobs report, wages were up 5.2% over the last 12 months. GRIM PROGNOSIS(CNN Business) Peloton announced yet another round of layoffs — its fourth round of cuts this year — as its new CEO attempts to shore up the company’s bottom line. And if it fails, McCarthy told The Wall Street Journal, Peloton likely isn’t viable as a stand-alone company.

"I Will Teach You to Be Rich" helped me get out of debt, fix my credit, and save money. I read dozens of books, but "I Will Teach You to be Rich" by Ramit Sethi, is the one that changed my life. I figured I'd just be one of those people who never had good credit, a savings account, a retirement account, or any type of investments. I have great interest rates on my credit cards, and I even haggled an amazing deal when refinancing my car. The lessons from "I Will Teach You to be Rich" by Ramit Sethi changed my life, and I can't recommend it enough.

☆ Hulu will lose top NBC shows like 'SNL' and 'The Voice' in September, one of the key challenges ahead for streamer chief Joe Earley, according to insiders
▼ + stars: | 2022-03-10 | by ( Natalie Jarvey | Claire Atkinson | ) www.businessinsider.com time to read: +7 min

Disney executive Joe Earley was named president of Hulu in January. "This is the best outcome for them," said a former Hulu executive, noting that Earley's "superpower" is navigating the type of complicated internal conflicts that have plagued the streamer's leaders. Under Earley, Hulu will have "an advocate," the former executive said. Many in Hollywood believe Disney hasn't taken Hulu international because it doesn't want to further boost the platform's overall valuation. It will also be Earley's job to redefine the Hulu brand once it becomes 100% owned by Disney.

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