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☆ Fanatics Hires CFO for Collectibles Business After Topps Deal
▼ + stars: | 2022-12-23 | by ( Nina Trentmann | ) www.wsj.com time to read: +5 min

Jacksonville, Fla.-based Fanatics said this week that Greg Abovsky started as chief financial officer for the collectibles business earlier this month. As CFO, Mr. Abovsky plans to build out the division’s finance team and its trading card business as it looks to expand. Fanatics plans to expand its portfolio into culture and entertainment cards, said Mike Mahan, chief executive officer of the collectibles business. Fanatics expects its collectibles business will fare well in the coming years, despite the threat of a potential downturn. Both Mr. Abovsky and Mr. Mahan declined to comment on if and when Fanatics could list on the public markets.

☆ Nigeria military ran secret mass abortion program in war on Boko Haram
▼ + stars: | 2022-12-07 | by ( Reuters Graphic | ) www.reuters.com time to read: +10 min

The existence of the army-run abortion programme hasn’t been previously reported. The conflict zone The abortion programme has taken place in the northeastern states of Yobe, Borno and Adamawa, where the Nigerian military has been fighting Islamist insurgents. A spokesperson for Jonathan told Reuters that the former president had “no knowledge of any allegation of such heinous acts” by the Nigerian Army. Some of the most powerful military leaders in Nigeria oversaw counterinsurgency operations in the northeast as the abortion programme grew. Waging war on Boko Haram The abortion programme began during the presidency of Jonathan.

☆ Alaska to Announce Election Results in Senate, House Races Later Wednesday
▼ + stars: | 2022-11-24 | by ( Lindsay Wise | ) www.wsj.com time to read: 1 min

Sen. Lisa Murkowski (R., Alaska) at an election-night party this month in Anchorage. The Alaska Division of Elections is set to announce the results of the state’s hard-fought House and Senate races in a live broadcast of the state’s new ranked choice voting tabulation later Wednesday. The results will be broadcast at 4 p.m. local time, or 8 p.m. Eastern time, via a link on the division’s website.

☆ Bob Iger moves fast to dismantle Chapek’s reorganization of Disney
▼ + stars: | 2022-11-21 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

Disney’s shares ended Monday up more than 6% on a day that the Dow Jones was slightly down. Second, Iger is moving fast — not even waiting a full 24 hours to announce sweeping changes — to dismantle Chapek’s reorganization of the company. The speed at which Iger is hurtling is especially remarkable given that Disney’s board only made its overture for Iger to return to the embattled company on Friday. “Over the coming weeks, we will begin implementing organizational and operating changes within the company,” Iger wrote to employees. Looking further into the future, bigger questions abound: What will Disney look like when Iger’s two-year deal is up?

☆ IRS Has Opened 20 Russia Sanctions-Related Criminal Probes
▼ + stars: | 2022-11-03 | by ( Richard Vanderford | ) www.wsj.com time to read: +2 min

The Internal Revenue Service has opened 20 criminal investigations in its crackdown on the evasion of sanctions that the U.S. imposed after Russia’s invasion of Ukraine, an official said. The law-enforcement unit at the tax-collection agency opened the probes as part of its work with Task Force KleptoCapture and continues to develop new leads, Guy Ficco, the criminal investigation division’s deputy chief, said at a press conference Thursday. The IRS has taken a leading role in the task force, but the 20 investigations cited aren’t the total number of probes by all task force members, Mr. Ficco said. The IRS’s criminal investigation division expects to significantly increase its number of special agents, said division chief Jim Lee. About 91% of IRS criminal investigation cases referred to prosecutors lead to convictions, Mr. Lee said.

NEW YORK/ LONDON, Nov 3 (Reuters Breakingviews) - First Boston is an old Wall Street name that’s re-emerging from Credit Suisse (CSGN.S) with some new features. Credit Suisse Chief Executive Ulrich Körner is reshaping the $11 billion group to put some bad years and big losses firmly in the past. Credit Suisse is setting up joint ventures between CS First Boston and the parent’s trading and wealth management businesses, according to a person familiar with the matter. An added complication is that CS First Boston bankers could be getting paid in their own division’s stock, rather than Credit Suisse shares. Michael Klein will step down from the Credit Suisse board of directors to help launch CS First Boston, the bank said.

☆ Blackstone strikes twice with Emerson carve-out
▼ + stars: | 2022-10-31 | by ( John Foley | ) www.reuters.com time to read: +4 min

The transaction employs an unusual structure similar to one Blackstone used successfully five years ago. It looks a lot like the deal Blackstone struck with Thomson Reuters(TRI.TO) – the parent company of Breakingviews – back in January 2018. Because debt accounted for around two-thirds of the purchase price, the quick sale roughly doubled the value of Blackstone and Thomson Reuters’ equity investments. Private equity group Blackstone will contribute $4.4 billion in cash, receiving a 55% equity stake in the business and a $2 billion convertible preferred note. Emerson, an industrial conglomerate that makes industrial instruments and software, will retain 45% of the division’s equity and a note worth $2.25 billion.

☆ Augusta National Golf Club Under Investigation in DOJ Antitrust Probe
▼ + stars: | 2022-10-26 | by ( Louise Radnofsky | Andrew Beaton | ) www.wsj.com time to read: 1 min

The Justice Department’s antitrust investigation into professional golf includes the powerhouse bodies Augusta National Golf Club and the United States Golf Association, in addition to the PGA Tour, according to people familiar with the matter. The PGA Tour is battling the upstart, Saudi-backed LIV Golf’s bid to establish a rival golf tour that has already lured away a number of star players. The DOJ antitrust division’s scrutiny of the PGA Tour was first reported by The Wall Street Journal in July. Players’ agents have received inquiries about the Tour’s bylaws as they pertain to players’ participation in non-PGA Tour events, and the Tour’s actions relating to LIV Golf.

☆ European banks’ perfect moment will prove fleeting
▼ + stars: | 2022-10-26 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Oct 26 (Reuters Breakingviews) - Europe’s big banks are enjoying a perfect moment. That dream scenario allowed Deutsche Bank (DBKGn.DE), Barclays (BARC.L) and Banco Santander (SAN.MC) to report chunky profits in third-quarter results released on Wednesday. Barclays’ revenue from trading fixed-income securities, currencies, and commodities in the first nine months of 2022 was 63% higher year-on-year. Deutsche, Barclays and Santander have slashed their group-wide stock of loan-loss provisions since 2020, and in the latter two cases they’re even below pre-pandemic levels. Deutsche Bank and Barclays were down 0.5% and 0.9% respectively.

☆ GE is hurting but Larry Culp’s legacy has hope yet
▼ + stars: | 2022-10-25 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 25 (Reuters Breakingviews) - For Larry Culp, it’s not the journey but the destination. If all goes perfectly, it could be enough to salvage Culp’s legacy. Orders plummeted 43% year-on-year and revenue declined 15% as demand in the power division, which focuses on more traditional sources, rose. In healthcare, both orders and revenue were up just slightly in the first nine months of the year. If it succeeded in juicing up Vernova’s revenue, it could be game-changing for Culp’s legacy too.

☆ Fanatics Hires Finance Chief for Its Sports-Betting Division Ahead of Planned Launch
▼ + stars: | 2022-10-18 | by ( Kristin Broughton | ) www.wsj.com time to read: +3 min

Sports-merchandising company Fanatics Inc. has picked a finance chief for its sports-betting and gambling division ahead of its planned launch early next year. Ms. Ellis will report to Matt King, the division’s chief executive. Mr. King joined Fanatics last year from rival FanDuel Group, where he was CEO. Photo: FanaticsAs CFO of the sports-betting unit, Ms. Ellis will be responsible for helping the business get off the ground. Fanatics declined to share financial forecasts for its sports-betting division, which doesn’t currently generate revenue.

☆ AI won an art contest, and artists are furious
▼ + stars: | 2022-09-03 | by ( Rachel Metz | ) edition.cnn.com time to read: +5 min

CNN Business —Jason M. Allen was almost too nervous to enter his first art competition. Courtesy Jason M. AllenAllen’s winning image looks like a bright, surreal cross between a Renaissance and steampunk painting. Midjourney is one of a growing number of such AI image generators — others include Google Research’s Imagen and OpenAI’s DALL-E 2. “This is the literal definition of ‘pressed a few buttons to make a digital art piece’,” another Tweeted. Allen is glad the debate over whether AI can be used to make art is capturing so much attention.

America’s relationship to gun ownership is unique, and its gun culture is a global outlier. It is then unsurprising that the US has more deaths from gun violence than any other developed country per capita. A 2019 study published in the British Medical Journal found that US states with more permissive gun laws and greater gun ownership had higher rates of mass shootings. A decade of gun violence, culminating with the Port Arthur massacre in 1996, prompted the Australian government to take action. Many countries around the world have been able to tackle gun violence.

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