DIRS.INFO The most relevant business & tech news

☆ Analysis: Here’s why many Black people despise Clarence Thomas. (It’s not because he’s a conservative.)
▼ + stars: | 2023-09-11 | by ( John Blake | ) edition.cnn.com time to read: +20 min

CNN —Long before he became a Supreme Court justice, Clarence Thomas told a story at a public gathering that still sounds shocking years later. Justice Clarence Thomas jokes with his clerks in his chambers at the Supreme Court building in Washington in 2016. AP“His entire judicial philosophy is at war with his own biography,” Michael Fletcher, co-author of “Supreme Discomfort: The Divided Soul of Clarence Thomas,”. “He’s arguably benefited from affirmative action every step of the way.”Thomas has admitted that he was accepted at Yale Law School under an affirmative action policy. Supreme Court Justice Clarence Thomas looks at the displays inside the Pin Point Heritage Museum.

Persons: CNN — Long, Clarence Thomas, Thomas, Ronald Reagan, ” Thomas, Diana Walker, Thomas ’, Emma Mae Martin, he’s, Harlan Crow, Crow, ”, Sen, Sheldon Whitehouse, Chip Somodevilla, “ fawning, Reagan, John L, Nikki Merritt, Merritt, Colin Powell, Condoleezza Rice, Roe, Wade, ” Sen, Alyssa Pointer, Anita Hill’s, Uncle Tom, Thomas “, Juan Williams, “, Armstrong Williams, ” Williams, Amul Thapar, Jonathan Ernst, ” Thomas ’, Thomas doesn’t, they’ve, Thurgood Marshall, ” Michael Fletcher, “ He’s, I’d, Critics, White, Malcolm X, Richard Burkhard, you’ve, pounced, “ Clarence Thomas, Black, ” Tori Otten, ” Otten, ” Juan Williams, Virginia “ Ginni ” Thomas, Trump’s, John Duricka, Williams, — Trump, Booker T, Washington, Marcus Garvey, Obama, ” “ We’ve, –, “ It’s, “ Thomas, Steven Ferdman, Jim Crow, Frederick Douglass, ” Clarence Thomas, nodded, ” Merritt Organizations: CNN, White House, Commission, Texas Republican, Republican, National Bar Association, Democrat, Georgia Senate, Georgia State Capitol, NAACP, Supreme, National Museum of, Thomas Others, Reuters, Yale Law School, Catholic, College of, Cross, AP, Yale, Heritage Museum, Savannah Morning, USA, The, New, Morehouse College, Fox News Channel Studios, Reagan Administration, Bettmann Locations: Storm, Texas, New York, Washington, Memphis, Georgia, handouts, Atlanta, American, America, Cincinnati, Pin, Savannah , Georgia, New Republic, Wisconsin, Arizona, Virginia, Black, China, India, Brazil, New York City

☆ America is in a factory boom again. Even a recession may not bring it down this time
▼ + stars: | 2023-09-09 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

A few days before Biden’s speech in Maine, the Fed approved raising interest rates to their highest level in more than 22 years, continuing an aggressive inflation-busting campaign. Customers are also being pinched with higher interest rates,” a food, beverage and tobacco products manufacturer told the ISM in its August survey. “When we built our first building, interest rates were around 14% or so, and that was in the early ’80s,” she said. “We’ve seen some plans go on hold or on a slower burn until those companies see what happens with interest rates and the economy,” he said. Recession or not, the bull case for US manufacturing has the industry — and Biden — in a good mood.

Persons: Kathie Leonard, Leonard, —, ”, ” Leonard, Joe Biden, “, ’ ” Leonard, Biden, Charles Krupa, Paul Krugman, Goldman Sachs, It’s, Scott Paul, Paul, it’s, Auburn Manufacturing’s Leonard, “ we’ve, Julianna Keeling, Lou Pektor, “ We’ve, Jennifer Harris, bode Organizations: DC CNN, Maine Department of Economic, Community Development, Auburn Manufacturing, CNN, Auburn Manufacturing Inc, AP, Commerce Department, Fed, P Global, Institute for Supply Management, Alliance for American Manufacturing, PMI, ISM, Labor Department, Auburn, Manufacturers, Fed Companies, National Economic Council, National Security Council Locations: Washington, Maine, Portland, Auburn , Maine, United States, Pointe, Lehigh

☆ Ken Paxton Impeachment Trial for Texas’ Attorney General to Begin With Motions to Dismiss
▼ + stars: | 2023-09-05 | by ( J. David Goodman | David Montgomery | ) www.nytimes.com time to read: +12 min

“We want the entire MAGA movement to understand that what’s going on in Texas is not just about Texas,” Mr. Bannon told his podcast audience this month. Yet those conservative credentials may not be enough to help Mr. Paxton survive what promises to be the most significant test he has faced. A well-funded political action committee, Defend Texas Liberty, has begun targeting some Republican members of the Texas House who voted to impeach Mr. Paxton. Mr. Abbott has not commented on Mr. Paxton’s impeachment. Mr. Paxton won handily and went on to easily win a third term in the November election.

Persons: Ken Paxton, Paxton, Rick Perry, Karl Rove, George W, Bush, Steve Bannon, Trump, MAGA, ” Mr, Bannon, Donald J, Biden, Obama, Mr, Mike Osborne, they’ve, ”, David Simpson, “, ” Jonathan Stickland, Stickland, “ Glenn Rogers, Rogers, Nate Paul, Paul, general’s, Perry, Dave P, Paxton’s, Bryan Hughes, Eric Gay, ” Lauren Davis, Bannon’s, —, Texas —, Tim Dunn, Farris Wilks, Dunn, Wilks, Dan Patrick, Patrick, Greg Abbott, Abbott Organizations: Republican, State Senate, Democrat, Trump, Affordable, Mr, Jan, Republicans, Texas Legislature, Texas Capitol, ., The New York Times, Texas House, Defend Texas Liberty, Fort Worth, CBS, “, Senate, May ., Dallas County Republican Party, Fox News, West, Gov, Texans Locations: Texas, Austin, Georgia, United States, Paxton, Fort, May, West Texas

That’s almost three times what Russia spent on defense in 2021, before its full-scale invasion of Ukraine in February 2022. Those figures are likely to underestimate the total spent on Russia’s war effort. He said that before the war Russia would typically splash around 3-4% of its annual gross domestic product on defense but now it could be anywhere between 8% and 10%. Russia’s exports are still greater than the value of its imports, despite a boost to the latter from the hefty military spending. Rising military spending is, on the other hand, boosting Russia’s industrial output and, with it, GDP.

Persons: London CNN —, Vladimir Putin, Putin, That’s, Richard Connolly, Janis Kluge, Irina Okladnikova, Liam Peach, it’s, Peach, Kluge, “, ”, —, Maksim Konstantinov, Alexandra Suslina, Suslina, Alexandra Prokopenko, Prokopenko, — Anna Cooban, Tim Lister, Olesya Dmitracova Organizations: London CNN, Reuters, Stockholm International Peace Research Institute, Royal United Services Institute for Defence, Security Studies, German Institute for International and Security Affairs, Capital Economics, CNN, “, ZUMA, International Monetary Fund, Carnegie Russia Eurasia Center, International Energy Agency, West Locations: “, Ukraine, Russia, Stockholm, Moscow, “ Russia, Russian, Saint Petersburg, Soviet, Berlin

☆ How conservatives use ‘verbal jiu-jitsu’ to turn liberals’ language against them
▼ + stars: | 2023-08-20 | by ( John Blake | ) edition.cnn.com time to read: +13 min

Recent years have brought numerous headlines about another liberal term that has been dismantled by the right. Some scientists believe climate change is a more accurate description of the environmental challenges facing the planet. Demonstrators march across the Brooklyn Bridge during a climate change protest in New York on March 3, 2023. Instead of acknowledging the science pointing toward a looming environmental disaster, one Republican pollster offered another phrase to mute the alarm: climate change. Two decades later, many liberal politicians and activists continue to use the phrase “climate change, the cognitive scientist George Lakoff noted.

Persons: “, ”, Joe Raedle, Lindsey Cormack, “ I’ve, ” Cormack, Cormack, Conservatives didn’t, Harry Harris, didn’t, Andrew Caballero, Reynolds, Robin DiAngelo, ” DiAngelo, Paulette Granberry Russell, it’s, ” “, who’s, there’s, It’s, Yuki Iwamura, pollster, Frank Luntz, Republican pollster, Luntz, George Lakoff, ” Lakoff, “ It’s, John F, Kennedy, ” John F, ’, ” Kennedy, Trump’s, won’t, – they’ll, Trump, John Blake Organizations: CNN, White House, Democrats, House, Republicans, Stevens Institute of Technology, Conservatives, Democratic, Republican, New York City, Getty, Diversity, Equity, National Association of Diversity Officers, Higher Education, Bloomberg, AFP, Capitol Locations: Milwaukee, New Jersey, New York, Virginia, AFP, Brooklyn, ”

☆ Taylor Swift is a hero to food banks from coast to coast
▼ + stars: | 2023-08-13 | by ( Tami Luhby | ) edition.cnn.com time to read: +3 min

From Georgia to Michigan to Texas to California and in between, food banks have benefited. “Taylor Swift’s donation certainly helped at a time when we’re seeing the need climb and climb and climb,” Shoemaker told CNN. Food banks around the country are contending with increased demand, higher costs and tighter supplies of donated food. Many food banks say need has increased in 2023, driven in part by the end of a pandemic enhancement to food stamps nationwide earlier this year. A flurry of other contributions followed over the next week, jumping 43% from the same period a year earlier, said Shobana Gubbi, the food bank’s chief philanthropy officer.

Persons: Taylor Swift, Terri Shoemaker, “ Taylor, ” Shoemaker, Swift, Mark Coleman, Coleman, Shobana Gubbi, Swift’s largesse, ”, Beth Martino Organizations: New, New York CNN, Arizona Food Bank Network, CNN, Lifeline, Food Bank Locations: New York, Georgia, Michigan, Texas, California, Arizona, Seattle, United States, Valley, Santa Clara , California, Las Vegas, Nevada

☆ How more than a trillion dollars in U.S. government infrastructure spending can boost these 3 industrial stocks
▼ + stars: | 2023-08-11 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

The U.S. government is deploying trillions of dollars of stimulus money into infrastructure investments, boosting the prospects for a number of industrials in the Club portfolio. Club names Honeywell (HON) and Emerson Electric (EMR) might also grab some of the IRA's funding for green energy. Gains were linked to a boost in demand for construction equipment because of the "once in a generation" Infrastructure bill. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. The White House's infrastructure plan estimates to set aside approximately $35 billion for Texas projects.

Persons: Joe Biden, Emerson, Morgan Stanley, Economist Ellen Zentner, Zentner, Larry Fink, Jim Umpleby, Jim Cramer, Josh Pokrzywinski, Jim Cramer's, Jim, Brandon Bell Organizations: Club, Infrastructure Investment, Jobs, Act, Caterpillar, Honeywell, Emerson Electric, Morgan Stanley Chief, Economist, CNBC, CAT, Inflation, Bank of America, National, Software, Control, Getty Locations: U.S, North America, Houston , Texas, Texas

☆ Clarence Thomas accepted previously undisclosed luxury vacations with rich friends that likely cost millions: report
▼ + stars: | 2023-08-10 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

Clarence Thomas took at least 38 other previously undisclosed luxury trips, ProPublica reported. The outlet estimates that Thomas has accepted millions in trips he didn't report since joining the court. According to its latest story, Thomas accepted a Bahamas trip, a stay at a luxury Jamaica resort, and premium seats to games. According to ProPublica's report, Thomas has accepted at least 38 other premium vacations that he did not previously disclose. The sheer level of what Thomas has accepted is staggering, a former federal judge responsible for financial disclosures told the outlet.

Persons: Clarence Thomas, ProPublica, Thomas, Jeremy Fogel, Paul, Tony, Novelly, Wayne Huizenga, David Sokol, Huizenga, Gary, Sokol, Virginia, Justice Thomas, he's, Samuel Alito Organizations: Service, Supreme, Miami Dolphins, Florida Panthers, Berkshire, Nebraska Cornhuskers, Big, Congressional, Republicans Locations: Bahamas, Jamaica, Wall, Silicon, Nebraska

☆ Justice Clarence Thomas enjoyed more vacations, private flights and perks thanks to wealthy friends, new ProPublica report details
▼ + stars: | 2023-08-10 | by ( Tierney Sneed | ) edition.cnn.com time to read: +8 min

These costly trips and travel perks often went unreported on the justice’s financial disclosure forms, ProPublica said in its investigation. Lynne Sladky/APProPublica interviewed more than 100 people, including staff that would have worked some of the trips that Thomas took. Thomas did not respond to ProPublica’s detailed list of questions for its report, nor did Novelly. None of the Thomas benefactors highlighted in the new report appear to have had direct business in front of the Supreme Court, ProPublica said. Thomas intends to amend his financial disclosure forms, a source close to the justice previously told CNN, to at least reflect Crow’s 2014 purchase of Thomas’ mother’s home.

Persons: Clarence Thomas, Thomas, ProPublica, Harlan Crow, Thomas ’, Crow, “, ” Thomas, David Sokol, Berkshire Hathaway, Wayne Huizenga, Paul “ Tony ” Novelly, Lynne Sladky, Huizenga, Daniel Acker, Getty Images Sokol, ” Sokol, Republican megadonors, he’s, Paul Anthony, Tony, Novelly, Horatio, Jeremy Fogel, ”, Fogel, Horatio Alger, John Roberts, Roberts, Samuel Alito, Thomas ’ mother’s, Anthony Welters, Obama Organizations: CNN, GOP, Blockbuster, Waste Management Inc, NFL, Miami Dolphins, New York Jets, US Marshals Service, Berkshire Hathaway Inc, Bloomberg, Getty Images, Republican, Horatio Alger, Distinguished, Horatio, Horatio Alger Association, New York Times, The New York Times, Democratic, Times Locations: Florida, Berkshire, Miami, Omaha , Nebraska

☆ Cramer: The Cassandras are wrong about the market (again) — here's why I'm upbeat
▼ + stars: | 2023-07-16 | by ( Jim Cramer | ) www.cnbc.com time to read: +14 min

The impossibility of any company doing anything right, or as right as the market seems to judge, serves as the only homily worth offering. You simply don't land at all. Of course, the biggest worry to this market is its two-tiered nature: The mega-cap techs versus all the rest. 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.

Persons: Warren Buffett, It's, Jerome Powell's, Alan Greenspan, Ben Bernanke, Powell, deride Powell, —, it's, Wells, Vin Diesel, he'll, Goldman Sachs, Amy Hood, Tim Cook's, Mark Zuckerberg's pickleball, Clive Cussler, Stephen King, Lina Khan's, Jonathan Kanter, Khan, Morgan, let's, Jim Cramer's, Jim Cramer, Jim, Victor J Organizations: Apple, Wells, JPMorgan, PepsiCo, Treasury, Bank of America, Microsoft, Activision Blizzard, Nvidia, Intel, Devices, Colgate, Federal Trade, Activision, Justice Department, sycophantic, Fed, Jim Cramer's Charitable, CNBC, Visitors, New York Stock Exchange, Blue, Bloomberg, Getty Locations: People's Republic of China, China, Wells Fargo, America, New York

And while Biden’s growing list of Republican challengers differ on many issues, when it comes to the economy, they’re in agreement that Biden failed. In addition, a tight labor market has left many small businesses with ongoing hiring difficulties. Here’s what Biden can take credit for – and what he can’t. In other aspects, the labor market certainly had a boost from Biden’s fiscal policies. Since then, the American workforce has consistently outpaced the pre-pandemic workforce.

Persons: Joe Biden, “, ” Biden, Biden, Jerome Powell, ”, Ben Bernanke, Olivier Blanchard, It’s, it’s, let’s, That’s Organizations: DC CNN, Wednesday, Federal Reserve, –, Congress, American, Manufacturers, Treasury Department, P Global, Institute for Supply Management, Bureau of Labor Statistics, Republicans, Fed, International Monetary Fund, Brookings Institution, Biden, European Central Bank, Federal Reserve Bank of New Locations: Washington, Chicago, American, United States, Ukraine, Federal Reserve Bank of New York

The draft plan, which was presented at Kishida's top economic advisory panel on Wednesday, underscored the challenge for the leader, who is seen as a fiscal hawk, to strike a balance between economic growth and fiscal consolidation. The closely-watched policy framework will be approved by Kishida's cabinet this month, along with a separate action plan on his "new capitalism" agenda. "We will not abandon the flag of fiscal reform," Economy Minister Shigeyuki Goto told reporters after the panel's meeting. "There's no change to the government stance of striving to achieve a primary budget surplus in fiscal 2025," Goto added. The framework said the government will conduct a review of any progress of its fiscal reform in the fiscal year 2024 so as to create a medium-term economy and fiscal scheme.

Persons: Fumio Kishida's, Takahide Kiuchi, Shigeyuki Goto, Goto, largesse, Kishida Organizations: Nomura Research Institute, Liberal Democratic Party, LDP ₎, International Monetary Fund, Bank of Japan, Thomson Locations: TOKYO, Japan

TOKYO, June 7 (Reuters) - Japan is committed to mobilise all policy options available while putting the economy before fiscal reform, according to a draft of the government's mid-year policy framework reviewed by Reuters on Wednesday, signalling its will to keep the fiscal spigot wide open before looming elections. Kishida, who is seen as a fiscal hawk, also hopes to strike a delicate balance between fiscal stimulus and the unwinding of it, with the framework calling for normalisation from crisis-mode fiscal largesse. "We have not abandoned the flag of fiscal reform," the framework said, in a tacit reference to Kishida's aim of bringing a primary budget surplus, excluding new bond sales and debt servicing costs, by the fiscal year ending in March 2026. The target was originally set to be met in the early 2010s but has pushed back four times. Reporting by Tetsushi Kajimoto; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Fumio, Kishida, Tetsushi Kajimoto, Christian Schmollinger Organizations: Reuters, Liberal Democratic Party, Thomson Locations: TOKYO, Japan, Ukraine

☆ Supreme Court Justice Clarence Thomas postpones annual financial disclosure amid donor controversy
▼ + stars: | 2023-06-07 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Associate Supreme Court Justice Clarence Thomas arrives for the swearing in ceremony of Judge Neil Gorsuch as an Associate Supreme Court Justice in the Rose Garden of the White House in Washington, U.S., April 10, 2017. Supreme Court Justice Clarence Thomas asked for more time to file his annual financial disclosure as he faces an ethics controversy over accepting pricey vacations and other largesse from Republican billionaire Harlan Crow. Justice Samuel Alito, another conservative, was the only other Supreme Court justice to request an extension. The Texas real estate developer also purchased properties belonging to the conservative justice's family in Georgia, and funded part of his great-nephew's private school education. The revelations sparked harsh criticism of Thomas for failing to disclose the ties, and calls for ethics reform of the Supreme Court.

Persons: Clarence Thomas, Judge Neil Gorsuch, Harlan Crow, Thomas, Samuel Alito, ProPublica, Crow Organizations: Justice, White, Supreme, Democratic Locations: Rose, Washington , U.S, Crow, Texas, Georgia

"We'll make your life easier and help you set up shop here," he told ProLogium's Chief Executive Vincent Yang. It is one of four such gigafactories Macron hopes will transform the poor, former coal mining area near Belgium into a hub for the EV battery industry, creating jobs and helping to put France at the forefront of Europe's energy transition. "Results don't just fall from the sky," Macron told Reuters in Dunkirk. At the moment, however, France lags well behind Germany when it comes to attracting battery makers. Still, the IRA almost threw ProLogium's investment in France off course, one French presidential adviser told Reuters.

Persons: Emmanuel Macron, Vincent Yang, Ludovic Marin, Taiwan's ProLogium, Macron, Yang, ProLogium, we've, it's, ACC's, Heiner Heimes, Stellantis, Mercedes, Ola Kaellenius, Marc Mortureux, We're, GUY, Xavier Bertrand, ProLogium's Yang, Fabien Roussel, Leigh Thomas, Michel Rose, Silvia Aloisi, David Clarke Organizations: Business, EV, Macron, ACC, Mercedes, Reuters, RWTH Aachen University, Automotive Cells Company, Franco, Benz Group, EU, PFA French, U.S . IRA, French Communist Party, Thomson Locations: of Versailles, Paris, France, Versailles, Dunkirk, Germany, Netherlands, Taiwan, Belgium, EUROPE, Korean, United States, Europe, French, Hungary, Italy, Brussels, Washington

☆ Tim Scott's biggest financial backer is Larry Ellison, a tech billionaire who owns the sixth-largest island in Hawaii and has poured $35 million into the senator's super PAC
▼ + stars: | 2023-05-22 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +6 min

Ellison has pumped $35 million into Scott's super PAC, and could legally give him millions more. On Monday, Ellison attended Scott's campaign launch in North Charleston, where Scott described him as one of his mentors. Trump's political operation includes the "MAGA, Inc" super PAC, while Florida Gov. Ron DeSantis has enjoyed the support of the "Never Back Down" super PAC. Scott's campaign isn't the first time a Republican presidential candidate has heavily relied on a single megadonor.

☆ The S&P 500 will crash 30% by December as spending slumps, profits shrink, and banking problems mount, markets guru Larry McDonald warns
▼ + stars: | 2023-05-19 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

The S&P 500 will plunge by almost 30% to around 3,000 points by December, Larry McDonald has warned. He sees less government spending, slimmer corporate profits, and banking pressures as key drivers. McDonald made a similar call in early March, when he declared the stock market could tank 30% within the next 60 days. The prospect of less spending and investment, stricter lending, steeper debt payments, and greater unemployment bodes poorly for corporate profits and stock prices. Instead, he recommended beaten-down, cyclical stocks in sectors such as energy, and hard assets such as gold, silver, and platinum.

☆ How do you solve a problem like AI? Tax it
▼ + stars: | 2023-05-18 | by ( John Foley | ) www.reuters.com time to read: +6 min

The chances of “generative AI” being put back in its box are very small. Goldman Sachs economists estimate that 18% of work could be automated globally, and that 7% of the U.S. workforce might be substituted by AI. Moreover, while AI will create profit windfalls, many countries don’t tax those as effectively as they ought to. But a dollar of saved costs for a company creates only 21 cents in corporate income tax revenue. Capital gains are still taxed below the level of income in most countries.

☆ Opinion: Mitch McConnell’s confidence is being put to the test
▼ + stars: | 2023-05-14 | by ( Richard Galant | ) edition.cnn.com time to read: +17 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. Not to worry, said Senate Minority Leader Mitch McConnell, a veteran of debt limit battles. McConnell’s reassurance that all will work out in the end is validated by history, but that doesn’t mean this time couldn’t be different. “If female voters are key to a Donald Trump victory in 2024, the former president should be in big trouble – but he doesn’t seem to care,” Jill Filipovic observed. “The town hall audience – selected on the basis of their intention to vote in the Republican primary in New Hampshire – appeared to be made up mostly of Trump fans.

☆ Opinion: Clarence Thomas’ inability to fill out forms properly defies belief
▼ + stars: | 2023-05-10 | by ( Opinion Steven Lubet | ) edition.cnn.com time to read: +6 min

CNN —Supreme Court Justice Clarence Thomas has had to explain decades of omissions on his annual financial reports. As a Supreme Court justice, Thomas routinely interprets complex statutes that affect millions of Americans, priding himself on close adherence to the text. It beggars belief that he could repeatedly misinterpret plain statutory requirements and simple instructions on his annual disclosure reports. Supreme Court justices have life tenure. That is why full compliance with financial disclosure laws is so important, and why Thomas’ evasiveness is so wrong.

☆ Disney boss races to hold back the dam
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

How that unfolds is in the hands of Comcast (CMCSA.O) boss Brian Roberts, whose cable operator owns the studio behind the cinematic video game hit as well as one-third of Hulu. The shift is understandable, however, considering what Disney is up against. In the quarter ended April 1, the division that houses Disney+ narrowed its operating loss from a year earlier, but subscribers also fell 2% to 158 million compared to the previous quarter. A rare bright spot was the theme parks, particularly overseas, but Iger has a growing number of holes to plug to ensure the dam holds. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Italian corporate activism has a long way to go
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

MILAN, May 10 (Reuters Breakingviews) - Fighting opaque governance at Italy’s state-backed companies is proving a tough nut to crack. That’s a victory for the Italian Treasury – the utility’s top investor with 23.6% – which managed to install oil and gas veteran Paolo Scaroni as chairman, along with other board members. The Italian state is in dire need of improving the way it picks its corporate representatives. But to confront Rome, investors will need to make a good case. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Swedish drugmaker finds alluring poison pill
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 10 (Reuters Breakingviews) - Sweden’s rare disease drug maker is experiencing unfortunate deal side effects. On Wednesday, shares in Swedish Orphan Biovitrum (SOBI) (SOBIV.ST) fell 15% after it announced a plan to buy CTI BioPharma (CTIC.O), a specialist in rare blood cancers, for $1.7 billion. The Anglo-Swedish drugmaker refused to tender its shares amid a squabble over the U.S. rights for a respiratory drug. But SOBI’s new deal, which will be funded by a rights issue backed by main shareholder Investor AB (INVEb.ST), suggests Oelkers has support for a solo future. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Aramco’s dividend largesse contains a hard logic
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

That could work out to up to $18 billion a year, Royal Bank of Canada analysts reckon. Given that there are solid long-term reasons to hold Aramco shares, it might seem odd that the world’s largest oil producer feels the need to keep its investors on side. Meanwhile, Aramco’s dividend has been fixed since its listing, but that arrangement expires next year. Flagging to prospective foreign investors that its dividend policy is not entirely dependent on the whims of the Saudi state is probably not a bad idea. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Amazon applies therapy to retail
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

Rising costs and customers battered by inflation are hampering Amazon’s efforts to get its retail division on a path to sustainable profitability. While the rate of sales growth has outstripped growth in costs of distribution, the retail business over the past 12 months has lost $8 billion. More important, investors haven’t loved the idea of subsidizing delivery costs at the expense of profit. Applying therapy to its retailing business won’t change its consumers’ co-dependency. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Search resuls for: "largesse"

25 mentions found