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☆ Disney can play Scrooge with Florida
▼ + stars: | 2023-05-19 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, May 18 (Reuters Breakingviews) - Walt Disney (DIS.N) isn’t mickey-mousing around. Disney’s threatened retreat from the state is meaningful, and it can get worse for the state’s leader, Governor Ron DeSantis. But overall, Disney is one of the largest employers in Florida, and a massive contributor to the tourism economy. Follow @thereallsl on TwitterCONTEXT NEWSWalt Disney is cancelling plans to build a nearly $1 billion corporate campus, according to an email to employees on Thursday. Disney parks chief Josh D'Amaro said "changing business conditions" prompted Disney to reconsider its 2021 plan to relocate employees.

☆ Breakingviews: Disney can play Scrooge with Florida
▼ + stars: | 2023-05-19 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

☆ Italy is planning a sovereign fund amid a new era of national interest
▼ + stars: | 2023-05-19 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Italy is moving ahead with a sovereign fund to support critical parts of its economy, amid a wider push by several European nations to bring global supply chains closer to home. Italy's Minister of Enterprises Adolfo Urso announced Wednesday a public-private fund that looks at consolidating "national strategic supply chains" in the areas of raw materials and energy. The announcement comes after Ireland, another EU nation, said earlier this month that it intends to start a sovereign wealth fund next year. Italy established a wealth fund back in 2011 which has investments in energy, communications and aerospace sectors. When Covid-19 hit in early 2020, many European nations struggled to get their hands on masks and other protective equipment, which were manufactured in Asia.

DeSantis, who is expected to soon announce that he will seek the 2024 Republican nomination for U.S. president, then moved to strip Disney of its long-standing self-governing power over Walt Disney World in Orlando. Democratic State Sen. Linda Stewart, who represents part of Orange County, called it "disappointing" that Florida would lose jobs. Iger's predecessor announced plans in July 2021 to relocate jobs from Southern California to a new facility in central Florida, citing its "business-friendly climate." "I remain optimistic about the direction of our Walt Disney World business," D'Amaro wrote. We have plans to invest $17 billion and create 13,000 jobs over the next ten years.

LOS ANGELES, May 18 (Reuters) - Walt Disney Co (DIS.N) is scrapping plans to relocate 2,000 jobs to Florida in part because of "changing business conditions" in the state, according to an e-mail to employees seen by Reuters on Thursday. Disney parks chief Josh D'Amaro said "leadership changes" and "changing business conditions" prompted Disney to reconsider its 2021 plan to relocate employees, including its Imagineers who design theme park rides, to a new campus in Lake Nona. The original decision to relocate employees to Florida from California had prompted complaints from many employees who did not want to move across the country. DeSantis, who is expected to soon announce that he will seek the 2024 Republican nomination for U.S. president, then moved to strip Disney of its long-standing self-governing power over Walt Disney World in Orlando. Iger's predecessor announced plans in July 2021 to relocate jobs from Southern California to a new facility in central Florida, citing its "business-friendly climate."

☆ Disney scraps $1 billion campus in Florida — and more than 2,000 jobs that were set to move. It's escalating the fight with Ron DeSantis.
▼ + stars: | 2023-05-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +1 min

Disney is backtracking on a plan to build a nearly $1 billion campus in Florida, The Wall Street Journal reported. The plan would have moved about 2,000 Disney staff members to a town just outside Orlando. Walt Disney made U-turn on its decision to build a nearly $1 billion corporate campus in Florida, according to a report from The Wall Street Journal. The campus would have moved more than 2,000 Disney employees to a town near Orlando. The decision to scrap the campus appears to be another development in Disney's battle with Florida Governor Ron DeSantis.

☆ Disney kills $1 billion development in Florida just days before DeSantis' expected presidential announcement
▼ + stars: | 2023-05-18 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +4 min

Disney canceled its plans to move jobs from California to Florida. The announcement came just days before DeSantis is expected to formally run for president. "Ron DeSanctimonious gets caught in the mouse trap," the Trump campaign tweeted Thursday. Gavin Newsom of California, who'd urged Disney not to relocate workers from his state to Florida, tweeted. Hundreds of Disney workers who already relocated to Florida will have the option to move back, per the Wall Street Journal.

☆ Disney scraps plans for new Florida campus, mass employee relocation amid DeSantis feud
▼ + stars: | 2023-05-18 | by ( Sarah Whitten | ) www.cnbc.com time to read: +3 min

Disney has abandoned plans to open up a new employee campus in Lake Nona, Florida, amid rising tensions with the state's governor. "This was not an easy decision to make, but I believe it is the right one," D'Amaro told employees. Many Disney employees balked at the company's relocation plans when they were first announced in July 2021 by former CEO Bob Chapek. Disney's announcement comes amid a bitter feud between the company and Florida Gov. The special district has allowed the entertainment giant to effectively self-govern its Orlando parks' operations for decades.

☆ Disney Pulls Plug on $1 Billion Development in Florida
▼ + stars: | 2023-05-18 | by ( Brooks Barnes | ) www.nytimes.com time to read: +1 min

Ron DeSantis of Florida “anti-business” for his scorched-earth attempt to tighten oversight of the company’s theme park resort near Orlando. Last month, when Disney sued the governor and his allies for what it called “a targeted campaign of government retaliation,” the company made clear that $17 billion in planned investment in Walt Disney World was on the line. “Does the state want us to invest more, employ more people, and pay more taxes, or not?” Robert A. Iger, Disney’s chief executive, said on an earnings-related conference call with analysts last week. On Thursday, Mr. Iger and Josh D’Amaro, Disney’s theme park and consumer products chairman, showed that they were not bluffing, pulling the plug on a nearly $1 billion office complex that was scheduled for construction in Orlando. It would have brought more than 2,000 jobs to the region, with $120,000 as the average salary, according to an estimate from the Florida Department of Economic Opportunity.

☆ Hundreds of Disney employees had already relocated from California to Florida before the company axed its $1 billion dollar campus in escalating feud with DeSantis
▼ + stars: | 2023-05-18 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +3 min

Disney scrapped plans to open up a new $1 billion campus in Florida on Thursday. According to the New York Times, hundreds of Disney employees had relocated to Florida already. Disney announced the plans to scrap the $1 billion complex in an internal email on Thursday, a week before DeSantis was expected to announce a presidential run. According to the New York Times, at least 1,000 employees were set to be relocated to the campus, named Lake Nona Town Center. Disney World currently employs 75,000 people in the state, and the new campus would have brought another 2,000 jobs to Florida.

☆ Vestager on Microsoft-Activision deal: 'We had a concern about cloud gaming'
▼ + stars: | 2023-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVestager on Microsoft-Activision deal: 'We had a concern about cloud gaming'"We had a concern about cloud gaming, [which is] very nascent right now, but it will grow," Margrethe Vestager, the EU's top competition official, told CNBC's Silvia Amaro on Monday.

☆ Russian diamonds could soon be sanctioned — potentially disrupting the global jewelry market
▼ + stars: | 2023-05-12 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

The seven most advanced economies in the world, the G-7, are discussing imposing sanctions on Russian diamond exports — a complicated measure that could potentially hike prices for the luxury commodity. Russia's diamond exports have largely been spared from international sanctions following Moscow's full-scale invasion of Ukraine in February last year. In 2021, Russia raked in roughly $4.7 billion from diamond exports, according to data from the Observatory of Economic Complexity. Diamonds are not commonly traded like oil or gold, but they represent a large market that goes beyond jewelry. Some countries — such as Belgium, which buys a significant amount of Russian diamonds — want a "global approach" to Russian exports, as opposed to an EU-specific measure, to ensure the sanctions do not disproportionately hurt them.

☆ German minister calls for maturity on U.S. debt ceiling talks: 'We have to avoid further risks'
▼ + stars: | 2023-05-11 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

German Finance Minister Christian Lindner hopes American lawmakers will be "mature" over the debt ceiling negotiations to avoid further headwinds for the global economy. U.S. Congress is trying to find a compromise on the debt limit — which refers to the maximum amount of money that the two chambers allow the federal government to borrow. Democratic leaders want the limit to be raised but Republican lawmakers have called for spending cuts to be agreed before anything is approved. Time is running out for an agreement, with U.S. Treasury Secretary Janet Yellen warning earlier this month that without a deal, the largest economy in the world could default by June 1. "I cannot comment on domestic politics in other countries, but I hope everyone is mature in this situation and avoids further risks for the global economic development," he told CNBC's Martin Soong.

Persons: Christian Lindner, Janet Yellen, CNBC's Martin Soong Organizations: Congress, Democratic, U.S, Treasury Locations: Japan

☆ German regulator warns of a 'nervous time' for banks, predicts stress in the property market
▼ + stars: | 2023-05-09 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Photo: Arne Dedert/dpa (Photo by Arne Dedert/picture alliance via Getty Images)Germany's financial regulator on Tuesday warned that the country's banking system is undergoing a real-life stress test amid the current volatility, also predicting significant weakness for the commercial property sector. Pressures facing the sector have intensified as many central banks push up their benchmark rates, leading to specific market dislocations. Mark Branson, president of the German regulator BaFin (Federal Financial Supervisory Authority), told CNBC that Germany has seen the same impacts from higher rates as many other nations around the world. He said that the German banking system "has taken some pain," but highlighted that there is "no systemic danger" and the financial system has managed to absorb the impacts of higher rates well. However, problems can arise when banks take on additional risk and fail to keep up with a continued and sharp increase in rates.

☆ European Central Bank raises rates by 25 basis points, slowing the pace of hikes
▼ + stars: | 2023-05-04 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

The European Central Bank on Thursday increased its benchmark interest rate by 25 basis points as it continues to fight a surge in consumer prices, with rates now at levels not seen since November 2008. The decision comes after inflation figures released earlier this week showed an increase in the headline rate to 7% for April. "Headline inflation has declined over recent months, but underlying price pressures remain strong," the central bank said Thursday. Estimates published last week by the International Monetary Fund suggest that inflation will not reach the ECB's target until 2025. Furthermore, a recent ECB survey showed that banks have significantly tightened access to credit, which could suggest that higher interest rates have started to take its toll on the real economy.

☆ Top banking CEO warns of further volatility and predicts more U.S. rescues
▼ + stars: | 2023-05-03 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

A top banking executive highlighted a possible divergence in fortunes for the finance sector in both Europe and the U.S., suggesting that more rescues of American regional lenders are likely. "In the U.S., it is about distressed banks being rescued, I don't see any distressed bank being rescued in Europe," Andrea Orcel, the CEO of UniCredit, told CNBC's Joumanna Bercetche Wednesday. JPMorgan on Monday acquired a substantial majority of assets of First Republic, which included about $92 billion of deposits. Leading economists have told CNBC that further rate increases could expose more fragilities in the U.S. banking sector. But banking authorities in the European Union, where Italy's UniCredit is headquartered, have repeatedly said they do not see the same level of risk in the region, arguing European banks are well-capitalized and face stronger regulation.

☆ Euro zone core inflation slows unexpectedly in April, blurring the picture for rate hikes
▼ + stars: | 2023-05-02 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Headline inflation came in at 7% for last month, according to Eurostat, after it dropped to 6.9% in March. At the same time, core inflation, which excludes food and energy prices, stood at 5.6% in April — from 5.7% in March. Analysts polled by Reuters had estimated a figure of 7% for headline inflation and 5.7% for core. Rather than providing some clarity on how much the central bank might raise rates by, the latest numbers have blurred the picture somewhat. Market players have been debating whether the central bank will hike Thursday by 50 or 25 basis points.

☆ Italy signed up to China's Belt and Road Initiative. Now it's having second thoughts
▼ + stars: | 2023-05-01 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

At the time, analysts said that by joining the project, Italy was undermining Europe's ability to stand up to Beijing. Two years down the line and with a new government in place, Rome is now having another think about its ties with China. China sees Taiwan as a breakaway province, while Taiwan sees itself as separate from China, having ruled itself since splitting from the mainland in 1949 following a protracted civil war. If Italy chooses closer ties to Taiwan that will surely jeopardize its relations with China. "I believe they might not decide anything," Menegazzi said, suggesting the Italian government will continue its Belt and Road participation for now.

☆ Ukraine should use China as leverage to win war with Russia, finance minister says
▼ + stars: | 2023-04-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUkraine should use China as leverage to win war with Russia, finance minister saysUkraine's Finance Minister Serhiy Marchenko tells CNBC's Silvia Amaro that Ukraine should use China as leverage to win the war against Russia.

☆ IMF warns of 'disorderly' house price corrections in Europe as interest rates move higher
▼ + stars: | 2023-04-28 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

STOCKHOLM, Sweden — The International Monetary Fund warned Friday of "disorderly" house price corrections in Europe, at a time when the region is struggling to bring down inflation. "House price declines could accelerate if markets reprice inflation risks and financial conditions tighten more than expected. Mortgage payments might go up as well, as central banks increase interest rates in efforts to reduce inflation levels. "Empirical models linking house prices to their fundamental drivers point to an overvaluation of 15–20% in most European countries. Therefore, with mortgage rates still on the rise and real incomes dented by inflation, house prices have been declining recently in many markets," the Fund said.

Persons: Banks Organizations: Monetary Fund, IMF Locations: STOCKHOLM, Sweden, Europe, Czech Republic, Denmark

☆ Amazon, Apple and more: EU names the Big Tech platforms set to face tougher regulatory scrutiny
▼ + stars: | 2023-04-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The European Commission, the executive arm of the EU, in late 2020 presented new legislation on how regulators should keep a closer eye on tech giants. Under this Digital Services Act (DSA), which was implemented four months ago, regulators are able to police content to reduce harmful comments and set rules for the use of artificial intelligence. European regulators have previously warned Elon Musk, CEO of Twitter, that his firm faces significant amounts of work to comply with the new rulebook. He added in a statement Tuesday: "The countdown is starting for 19 very large online platforms and search engines to fully comply with the special obligations that the Digital Services Act imposes on them." "The Digital Services Act is comprehensive and will be a challenge for online intermediaries to get their head around, with the largest players facing the biggest impact.

☆ China says it respects ex-Soviet nations after envoy’s 'unacceptable' comments on sovereignty
▼ + stars: | 2023-04-24 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

China said Monday it respects the independency of former Soviet nations after remarks by its ambassador in France were deemed "unacceptable" in Europe. It comes as the 27 members of the European Union reassess their diplomatic and economic relationship with Beijing. That sentiment was echoed by Estonian Foreign Affairs Minister Margus Tsahkna, "We are an independent country, member of the EU, of NATO. Speaking also in Luxembourg, Czech Foreign Minister Jan Lipavsky said the comments of the Chinese ambassador were "totally unacceptable." This is just the latest episode in a series of controversial events between China and the European Union.

☆ Germany, Poland and others are pushing for new sanctions on Russia's nuclear energy
▼ + stars: | 2023-04-19 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Germany, Poland and a few other EU nations are pushing for sanctions on Russian nuclear energy, as the bloc looks at new ways to hurt the Kremlin's revenues amid Moscow's invasion of Ukraine. The 27 European nations have sanctioned Russian seaborne oil, coal and significantly cut purchases of natural gas from Moscow in the wake of its war with Ukraine. "The nuclear sector is still outstanding. Nuclear technology is an extremely sensitive area, and Russia can no longer be seen as reliable partner within it," he said. "Between March and December 2022, Russia exported just over $1 billion-worth of materials and technology of relevance to the nuclear energy sector," the Royal United Services Institute, a think tank, said in a report in February.

☆ Goldman Sachs changes call on European Central Bank rate hikes as banking crisis subsides
▼ + stars: | 2023-04-19 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Goldman Sachs changed its expectations for European Central Bank policy, arguing that recent data, comments from board members, and fewer concerns over the banking sector has allowed for further hawkish action. The investment bank had lowered its expectations for the ECB's terminal policy rate to 3.5% in the wake of the collapse of Silicon Valley Bank earlier this year. The bank now believes it will stop hiking (the so-called terminal rate) at 3.75%. The ECB's benchmark rate has been at 3% since its latest rate decision in March. In addition, Goldman Sachs said that inflation data is still "very strong," fueling the argument for more rate hikes.

☆ The EU's divided approach on China might be coming to an end — and the U.S. is unlikely to be happy about it
▼ + stars: | 2023-04-18 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

Chinese President Xi Jinping met with European Commission President Ursula von der Leyen in early April. Xinhua News Agency | Xinhua News Agency | Getty ImagesEuropean Union officials on Tuesday called for a new and joint approach toward China, following French President Emmanuel Macron's controversial comments on Taiwan earlier this month. This has resulted in a divided approach toward China. watch nowShe contended that the relationship with China "is too important for us not to define our own European strategy and principles." For Europe, the intention is to reduce and avoid risks, rather than a complete disengagement from China.

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