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☆ Bank of America customers are spending more and that’s supporting U.S. employment, CEO says
▼ + stars: | 2023-04-18 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Bank of America 's customers are spending freely on dining, entertainment and other experiences, which in turn supports U.S. employment, CEO Brian Moynihan told CNBC's Becky Quick. The bank's customers boosted spending by 8% in the first three months of this year compared with the year-earlier period, Moynihan told Quick on Tuesday. "They're spending on things frankly which drive employment, meaning they're spending on experiences at amusement parks and theaters or restaurants or outside concerts," Moynihan said. The current dynamic is part of a virtuous cycle that supports employment, versus an earlier boom in hard goods that mostly supported overseas producers, said the CEO of the second biggest U.S. bank by assets. Earlier Tuesday, Bank of America posted first-quarter results that topped expectations as the bank benefited from higher interest rates.

DeSantis told an Orlando radio station on Monday that the bill would "formally nullify" a development agreement Disney struck with outgoing members of the oversight board that ties the hands of DeSantis' appointees. "To do an end-run around the people of Florida shows how arrogant they are," DeSantis told the host of WFLA's "Good Morning Orlando." He and the Florida legislature have been working to eliminate the virtual autonomy the company enjoyed over Walt Disney World for more than century. Before the takeover by DeSantis appointees, Disney pushed through changes to the special tax district agreement that limit the board's action for decades. It also ensures that future boards would honor a commitment to $527 million in planned capital improvements to support Walt Disney World’s growth over the next decade.

REUTERS/Aude GuerrucciLOS ANGELES, April 17 (Reuters) - United Parcel Service (UPS.N) and the International Brotherhood of Teamsters union will on Monday start U.S. private sector labor contract talks covering roughly 340,000 U.S. drivers, package handlers and loaders at the global delivery firm. The powerful Teamsters union wants an agreement that shares billions of dollars in UPS pandemic profits with workers, exerts leverage over other negotiations and helps to recruit new members - including Amazon warehouse workers. UPS, the world's biggest parcel delivery firm and No. "Failure is not an option," Teamsters General President Sean O'Brien told a rally on an April 2 in Boston. These are the first labor talks for both O'Brien and UPS CEO Carol Tomé.

Meanwhile, BlackRock is part of another group investing $650 million to build chargers along freight routes. Because port real estate is at a premium, most early drayage charging projects will be "behind the fence" on trucking company property, experts said. Electric trucks cannot operate without chargers, but it does not make sense to build chargers if drivers are not using electric trucks. Prologis, the biggest U.S. warehouse owner, created its mobility business to install electric truck chargers and solar panels. "A marriage between real estate and energy infrastructure" will be needed to accelerate the transition to electric-powered trucking, Prologis Mobility's Holland said.

☆ Peering Into Volcanoes at Tanzania’s Crater Highlands
▼ + stars: | 2023-04-17 | by ( Patrick Scott | Photographs | ) www.nytimes.com time to read: +2 min

Cloud shadows darkened sections of the leafless rim and the tan crater floor. A silvery green lake spread out on the left, and a patch of emerald woodlands near a stream stretched out on the right. In the rainy seasons, the expansive floor is lush and teeming with animals, including massive herds of migrating wildebeests. And because nearly all of the inhabitants are herbivores, we saw no chasing and fleeing. Instead, the wildebeests milled about or rested in acacia shade, and the zebras did a lot of standing around, motionless, like they were trying to remember something they’d just forgotten.

☆ Angry Birds creator Rovio: Sega makes takeover bid
▼ + stars: | 2023-04-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Japan’s Sega, the company behind Sonic the Hedgehog, is buying Rovio Entertainment in a cash deal that values the creator of Angry Birds at €706 million ($774 million). The company’s prime asset, Angry Birds, which launched in 2009, became the first mobile game series to reach 1 billion downloads, according to Guinness World Records. People tour an Angry Birds theme park at its opening on July 9, 2016 in Tianjin, China. Feature China/Future Publishing/Getty ImagesThe story-based puzzle video game has players launching “Angry Birds” from a slingshot at a fortress containing pigs who stole their eggs. The company’s share price closed 4.2% down in Tokyo on Monday.

☆ Will Netflix price cuts, ad-supported plan help add more users?
▼ + stars: | 2023-04-17 | by ( Yuvraj Malik | ) www.reuters.com time to read: +3 min

[1/2] Smartphone with Netflix logo is seen in front of a descending stock graph in this illustration taken April 19, 2022. Netflix is expected to add 3.43 million subscribers in the April-June period, according to 16 analysts polled by Refinitiv, compared with 970,000 subscriber losses in the year-ago quarter. Amazon knocked Netflix off the top spot in the United States last year, according to consulting firm Parks Associate. Netflix in November introduced a streaming plan with advertising for $6.99 per month in 12 countries, after resisting commercials for years. "In 2020, only one in five new sign-ups were to ad-supported plans; last year, it was nearly one in three."

April 17 (Reuters) - Florida Governor Ron DeSantis on Monday fired another shot in his battle with Walt Disney Co (DIS.N), saying the state's Republican legislature would take steps to nullify the company's effort to circumvent state oversight of Walt Disney World. DeSantis said the new bill, announced on Monday, would return control of the special district that is home to Disney World to a state oversight board run by the governor's appointees. [1/2] People gather ahead of the "Festival of Fantasy" parade at the Walt Disney World Magic Kingdom theme park in Orlando, Florida, U.S. July 30, 2022. Before the takeover by DeSantis appointees, Disney pushed through changes to the special tax district agreement that limit the board's action for decades. It also ensures that future boards would honor a commitment to $527 million in planned capital improvements to support Walt Disney World’s growth over the next decade.

☆ Succession's huge plot twist is more realistic than you'd think – the departure of a powerful CEO like Logan Roy really can cause wild share price swings
▼ + stars: | 2023-04-15 | by ( Ryan Hogg | George Glover | ) www.businessinsider.com time to read: +5 min

There's real-life precedent that shows why a CEO can cause huge share price swings when they depart. He was portrayed as an omnipotent boss of the group, reflected in a cratering share price upon his death in the episode that aired April 9. But there is real-life precedent for a company's share price collapsing on news of a powerful CEO's ill-health. The power of Logan RoyThere are downsides to a stock being so closely linked to a powerful CEO like Jobs, Musk, or Roy. Indeed, there have been examples of a share price rally following the death of a CEO, because investors see it as a company decoupling from a deadweight boss.

☆ 20-pound rodents with big orange teeth, rat-like tails, and no necks are wreaking havoc in the US and landing on 'most unwanted' lists
▼ + stars: | 2023-04-15 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

The aquatic rodents has since spread, destroying wetlands and threatening flood infrastructure. The orange color of their teeth, a trait they share with beavers, comes from having a special, strong enamel that includes iron. The rodents often carry pathogens and parasites that can contaminate water supplies and potentially spread to humans. As of November 2022, 3,330 nutria have been removed from California, according to state wildlife officials. Wildlife officials across the country encourage the public to report nutria sightings to their local agencies to aid in management and eradication efforts.

☆ Opinion: How the battle for Bakhmut exposed Russia’s ‘meat-grinder’
▼ + stars: | 2023-04-14 | by ( Michael Bociurkiw | ) edition.cnn.com time to read: +10 min

It will also be recorded in history as a battle that exposed more than anywhere the meat-grinder approach of Russian fighting. Taking Bakhmut would be the first Russian gain since it captured (and later lost) the key southern Ukrainian city of Kherson in November. That Ukrainian forces have demonstrated such endurance in the battle for Bakhmut should come as little surprise. Like the current battle for Bakhmut, it too became emblematic of Ukraine’s tenaciousness to defend itself against Russia’s aggression – particularly considering the Ukrainian Armed Forces were far less prepared and equipped. “The battle for Bakhmut in winter-spring 2023 will surely enter the history books as the bloodiest battle in Europe since World War II,” said Masliychuk.

☆ China's 'Belt and Road' grew out of a lending spree. Now those loans may be its problem
▼ + stars: | 2023-04-14 | by ( Sumathi Bala | ) www.cnbc.com time to read: +8 min

Bloomberg | Getty ImagesAt its peak, China's Belt and Road Initiative was seen as the centerpiece of Beijing's engagement with the world. According to the report, China issued 128 emergency rescue loans worth $240 billion to 22 countries — including Pakistan, Sri Lanka and Turkey, among others. 'Trying to salvage Belt and Road'Chinese efforts to revamp Belt and Road have been underway since 2020, according to one observer. "A nod to the concern that many Belt and Road projects were not economically viable to begin with. "The increased indebtedness in many Belt and Road countries is a direct consequence of Beijing's overshooting in the pre-2020 phase," said Zhong.

☆ Peak Real Estate: This Tiny Wyoming Community Has Some of the Country’s Priciest Mountain Homes
▼ + stars: | 2023-04-13 | by ( Jessica Flint | Photographs Ryan Dorgan For The Wall Street Journal | ) www.wsj.com time to read: 1 min

In northwest Wyoming, in Teton County, is Jackson Hole, a valley located between the Gros Ventre and Teton mountain ranges. It is known for its access to Grand Teton and Yellowstone National Parks. Jackson Hole is home to several communities, including Jackson, a town of 10,760 people, according to census data, and Teton Village, the gateway to Jackson Hole Mountain Resort. Roughly 7 miles west of Jackson and 8 miles south of Teton Village, this blink-and-you’ll-miss-it community of 1,567 people has some of the country’s priciest mountain-town residential real estate as ranked by median listing price, according to Realtor.com. ( News Corp , owner of The Wall Street Journal, also operates Realtor.com under license from the National Association of Realtors.)

☆ I ditched a big city for a $5,000 fixer-upper with 8 bedrooms in a small town. It's nice to live in a place where people don't treat each other like strangers.
▼ + stars: | 2023-04-13 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

John Nichols moved to Huntington, West Virginia, in 2021 after growing tired of Chicago. Katie thought that living in West Virginia would be nice because the weather was much warmer than it was in Chicago. In West Virginia, there's no traffic and everyone is friendly — I haven't heard a horn honk since I moved to the state. The Nichols' house in Huntington, West Virginia. I think aspects like these are making West Virginia more popular, especially for people who have had enough of big city life.

The Teamsters said that only 10 of 40 supplements to the national contract have been resolved since those regional talks started in January. "We have clearly stated our intentions to UPS from the beginning that there would be no national negotiations until these regional contracts are completed," Teamsters General President Sean O'Brien said in the statement. Those contracts define provisions not included in the national agreement, including paid time off, overtime, work hours, seniority and discipline language. UPS said discussions around national negotiations and supplemental agreements often take place at the same time. "We are committed to reaching an agreement that provides wins for our employees, the Teamsters, UPS and our customers," UPS said.

CNN —A fast-moving wildfire in southern New Jersey has grown to nearly 4,000 acres less than 24 hours after it started. It was just 500 acres at 10 p.m. Tuesday, according to the New Jersey Forest Fire Service. About 170 structures in the Manchester Township area were evacuated Tuesday night, but all residents have since been allowed to return home, Manchester Police Chief Robert Dolan said during a news conference Wednesday. New Jersey Department of Environmental Protection/APThe fire was primarily burning on federal, state and private property in Manchester Township, but it had jumped to the nearby borough of Lakehurst. The cause of the fire is under investigation, New Jersey Forest Fire Service Warden Trevor Raynor said.

☆ DeSantis' hand-picked board is trying to claw back 'superior authority' over Disney World after the previous board hamstrung its power
▼ + stars: | 2023-04-12 | by ( Grace Eliza Goodwin | Kimberly Leonard | ) www.businessinsider.com time to read: +4 min

Ron DeSantis' board is trying to claw back its power over the Disney World special district. Disney had stripped its governing board of power in an attempt to render DeSantis' board powerless. DeSantis' hand-picked board has drafted a proposal that would give it "superior authority" over. Ron DeSantis' hand-picked board is trying to claw back "superior authority" over Walt Disney World after the company's previous board hamstrung its power, according to a proposal viewed by the Orlando Sentinel. And now, in his latest move, DeSantis filed a resolution dubbing his own board the "superior authority" over the entire Disney World district, the Orlando Sentinel reported.

April 11 (Reuters) - Florida Governor Ron DeSantis's newly formed oversight board is seeking to assert control over development in two cities where Walt Disney World Resort is located, the latest twist in a battle for authority over the company's Florida theme parks. A resolution, seen on Tuesday by Reuters, would give the Central Florida Tourism Oversight District board the power to review and evaluate development in the 25,000-square acres of property in and around Walt Disney Co's (DIS.N) theme parks. The district would hold "superior authority and control" over planning, zoning and other land use in the cities of Bay Lake and Lake Buena Vista, under a Florida law that formed the state-appointed oversight board. A spokesperson for Lake Buena Vista and Bay Lake did not respond to Reuters' request for comment. A spokesperson for the oversight board referred inquiries to an attorney, who was not immediately available for comment.

☆ Ford doubles down on EVs, while Wall Street looks to Disney for answers. Here's our take on these Club stocks
▼ + stars: | 2023-04-11 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Walt Disney (DIS) is facing skepticism from Wall Street over its streaming strategy and softer growth at its parks, while Ford Motor (F) is expanding its electric vehicle production. Disney currently owns a 66% stake in Hulu, while its other streaming platforms include Disney+ and ESPN+. Ford Motor The news: Club holding Ford on Tuesday announced a $1.3 billion investment in its Oakville assembly plant in Ontario, Canada. F 1Y mountain Ford (F) one-year performance. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Jim Cramer's top 10 things to watch in the stock market Tuesday
▼ + stars: | 2023-04-11 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Barclays cut its price target on Club holding Constellation Brands (STZ) to $277 per share, from $279, while maintaining an overweight rating. The bank maintained a price target of $390 per share, along with an overweight rating. Citi reiterated neutral ratings on chipmakers Intel (INTC) and Club holding Advanced Micro Devices (AMD), a result of ongoing weak cloud demand. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Experts fear deteriorating parking lots could collapse under the weight of heavy electric vehicles, says report
▼ + stars: | 2023-04-09 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +3 min

Experts in the UK are concerned the weight of electric cars could cause old parking lots to collapse. Many multi-story parking lots have structural flaws due to a lack of maintenance, The Telegraph reported. Electric vehicles are significantly heavier than gasoline-powered cars, given the weight of the batteries necessary to power them. Whapples and Russell Simmons, chair of the British Parking Association's structures group, have suggested new guidance that recommends adding higher load-bearing weights to deteriorating parking lots to help adapt to the weight of electric cars. Over the years, electric cars have become increasingly popular due to energy efficiency and the promise of a more environment-friendly form of transportation.

☆ The Big Guide to Little Luxuries
▼ + stars: | 2023-04-08 | by ( Wsj Off Duty Editors | ) www.wsj.com time to read: +1 min

LATELY, life’s rich pageant has seemed increasingly unaffordable and a lot of us are cutting back. Mix your own whiskey sours and you can plop in far more maraschino cherries than an elite bartender would. Downgrade that $1,750 Rome flight to an express-train weekend and avoid 14 hours of airport hell. No number of “living in the moment” walks through parks or triumphant clutter battles in the manner of Marie Kondo make up for the fact that everything’s a little plain. A little miserly.

☆ A group of passengers flying from Paris to New York skipped passport control and customs due to a 'disembarkation issue'
▼ + stars: | 2023-04-07 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +2 min

Passengers on an April 4 flight from Paris to New York left the airport with no immigration check. The incident involved a Norse Atlantic Airways flight that landed at John F. Kennedy International Airport. "We are investigating a disembarkation issue that took place on arrival at New York JFK on Tuesday evening concerning a Norse Atlantic Airways flight from Paris," the statement said. The low-cost carrier is fairly new to the transatlantic flight scene. Norse's New York to Paris route, which was inaugurated on March 26, has one-way flights starting at 269 Euros, or around $300.

☆ DeSantis says he's considering adding new taxes and tolls at Disney World to punish the company over its power play
▼ + stars: | 2023-04-07 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +5 min

Ron DeSantis acknowledged Disney had "tried to pull a fast one" over control in Florida. Ron DeSantis of Florida has pledged he isn't done with trying to control Walt Disney World. He pledged that the company, which had benefitted from a special carve-out for decades, would eventually pay its debts and taxes. DeSantis said the legislature would void Disney's actions and also consider taxes on hotels, new tolls, and developing properties. Ron DeSantis made at Hillsdale College.

☆ Inside Disney it's 'Revenge of the Creatives' and 'Shields Up!' against outside foes as returned CEO Bob Iger is taking no prisoners
▼ + stars: | 2023-04-07 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +12 min

Since returning as Disney CEO, Bob Iger has vanquished foes and dumped many of predecessor Bob Chapek's hires. But it's a supercharged Bob Iger who is really taking command. "If I'm inside Bob's head coming back, after the downfall of Bob Chapek, this is all about taking no prisoners," said Will Schutte, a high-level executive coach. Disney World is scheduled to host a major conference on gay rights in September, according to the Miami Herald. Even if he wants to be the Bob Iger of old he can't be.

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