126.00 -2.19 (-1.71%)
After hours: 7:59PM EST
|Bid||125.86 x 800|
|Ask||126.10 x 800|
|Day's range||127.98 - 133.94|
|52-week range||107.32 - 153.41|
|Beta (5Y monthly)||0.94|
|PE ratio (TTM)||21.57|
|Earnings date||07 May 2020 - 12 May 2020|
|Forward dividend & yield||1.76 (1.32%)|
|Ex-dividend date||12 Dec 2019|
|1y target est||161.25|
The Walt Disney Company announced this afternoon that Robert Iger, the company's long-time CEO who ushered in the company's lush franchise and entertainment platform profits, will step down immediately as chief executive. Bob Chapek, a long-time senior exec at the company who most recently held the position of chairman of Disney Parks, Experiences and Products, will succeed him. Chapek, as head of Disney’s Parks Division, was a somewhat divisive figure in that he led with a "value engineering" (the Imagineering word for trimming cool stuff) and budget conscious strategy instead of the more popular "let Imagineers do the most" tactic that has produced some of the parks' most enduring rides and experiences.
(Bloomberg Opinion) -- What a day for the Walt Disney Co. to let out its biggest secret.Just as investors were engrossed by news updates on the worsening coronavirus and its convulsive effect on global financial markets, Disney delivered another jolt by announcing longtime CEO Bob Iger was stepping down. Huh? It was the last thing shareholders saw coming. The company’s choice wasn’t even who most people expected. Bob Chapek, the head of Disney’s theme parks business, is taking over, effective immediately. Iger will remain chairman through to the end of 2021.It’s the most significant change to happen to the entertainment giant in more than a decade. Iger had become almost as much the face of the company as Walt Disney was himself, and was responsible for building it into the globally admired brand and content powerhouse that it is now. While Iger, at 69 years old, had been inching closer to retirement, it wasn’t supposed to come until next year. Shares of Disney fell 6% in after-hours trading, as investors tried to pick their jaws up off the floor. Anyone who read Iger’s memoir, “The Ride of a Lifetime,” which was released last year, might have been led to believe that another top Disney executive, Kevin Mayer, was next in line for the keys to the Magic Kingdom. Mayer oversees Disney’s new streaming-TV operations — the very business at the center of the new Disney. It’s become the focus of attention both inside and outside the company in recent months as Disney entered the industry’s streaming wars with the wildly successful launch of Disney+. Iger made repeated mentions of Mayer in the book, and few of Chapek. Mayer is “a master strategist and dealmaker,” Iger wrote. “A CEO couldn’t ask for a better strategic partner.” Partner. The question now is, will Mayer stay, after being passed over for what might be the most enviable job in corporate America? Even though Iger, during a conference call held for investors and analysts Tuesday, tried to soothe concerns about the seemingly abrupt move, it’s hard not to wonder about a larger backstory, one where there’s potentially some internal friction. As Iger kept putting off retirement over the years, other successor candidates seemed to get sick of waiting and left.Not choosing Mayer does raise an even bigger question: How do Iger and the company view the future of Disney? If only for their respective roles, Chapek in some ways represents Disney’s past, while Mayer represents the new Disney. All that being said, Chapek is a widely respected leader, and this certainly wasn’t a decision anyone at Disney would make lightly. From one Bob to another, Iger said Tuesday that it was the right time to transition to a new CEO and that Chapek “is absolutely the right person.” There’s little reason to question that. And it should be remembered, when Iger was first named CEO, investors weren't so sure about him, either.There is one telling nugget from Iger’s book that could be seen as presaging today’s turn of events. Passing over all his transformative dealmaking — buying Pixar, Marvel, Lucasfilm and then the big one, Rupert Murdoch’s 21st Century Fox — Iger instead highlights opening Disney’s Shanghai park as one of the defining moments of his career. Chapek played a big role in that. Chapek “oversaw the largest capital expansion in the history of our parks,” Iger said Tuesday, highlighting the Shanghai opening, as well as the “Star Wars” Galaxy Edge attraction at its U.S. parks and the company’s large fleet of cruise ships. Iger added that he and the board had identified Chapek as his likely successor “quite some time ago.”Iger isn’t saying goodbye just yet. He explained that part of the reason for stepping aside now is so that he can focus more on the creative side of Disney. What he wants to accomplish more than anything before he leaves is “getting everything right creatively.” Content is more important than ever as Disney almost single-handedly props up the box office and lure fans to its streaming services, all the while integrating the Fox assets and keeping alive its traditional media networks that still drive the bulk of its profits. But that’s still only part of the reason for choosing to step down now. Whatever the case, it’s the end of an era for Disney; Iger has left an indelible mark, and left Disney better than it was before him. Chapek has big shoes to fill. To contact the author of this story: Tara Lachapelle at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Walt Disney Company (NYSE: DIS) will hold an investor conference call today with Robert A. Iger and Bob Chapek at 4:30 p.m. EST/1:30 p.m. PST. The call will be webcast.
The Walt Disney Company (NYSE: DIS) Board of Directors announced today that Bob Chapek has been named Chief Executive Officer, The Walt Disney Company, effective immediately. Mr. Chapek most recently served as Chairman of Disney Parks, Experiences and Products.
Invest in big brand stocks for your children, as these stocks generally boast stable cash flow, and being big brands, consumers have confidence in their products' quality, durability and consistency.
Bob Iger is stepping down as chief executive of Walt Disney a year after extending his contract, handing day-to-day control of the world’s largest media company to the head of its theme parks business. Bob Chapek, a Disney veteran who has run the parks business since 2015, became chief executive immediately, the company said on Tuesday. Mr Iger, who has been chief executive since 2005, will continue to be executive chairman, setting in train a long leadership transition.
Indian streaming market is expected to witness intense price war and increased investments in original content in 2020 while Disney prepares Disney+ entry next month.
The final installment of the Daniel Craig-led James Bond franchise “No Time to Die” cancelled its upcoming Beijing premiere due to “uncertainties” surrounding the coronavirus outbreak.
NFL team owners on Thursday voted to approve a new collective bargaining agreement, but the players are unlikely to vote yes in its current form.
(Bloomberg) -- Bernie Sanders remains the candidate to beat in tomorrow’s Nevada caucuses, the first test of how the Democratic presidential aspirants perform in a state with sizable minority populations.Nevada’s demographics represent a critical comeback opportunity for one-time front-runner Joe Biden, who has shaped his candidacy around the idea he’d fare better with non-white voters but who performed poorly in Iowa and New Hampshire.The fact that half the state’s population is non-white — 30% Latino, 10% black and 10% Asian-Pacific Islander — poses a challenge for Pete Buttigieg, who eked out a victory over Sanders in Iowa but has struggled to gain traction with the minority voters whose support will be critical to beating Donald Trump in November.The contest could represent a last stand for Elizabeth Warren, whose fourth-place finish in New Hampshire imperiled her candidacy.But it’s been Michael Bloomberg, who isn’t competing in Nevada, who has garnered the most attention heading into the contest, first for his rise in opinion polls and then for a widely panned performance in Wednesday’s debate in Las Vegas.Bottom line: The Democratic field remains fluid. The Nevada results — in which 36 pledged delegates are up for grabs — will set the stage for the big prizes just around the corner: South Carolina and Super Tuesday.(Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.)Global HeadlinesJust in: The U.S. and the Taliban plan to sign a peace agreement Feb. 29, the State Department says. Dangerous skirmishes | Continued violence in northwestern Syria underscores the risks of a broader conflict. Turkey has asked the U.S. to deploy two Patriot missile-defense batteries on its border to free it to punish any future attacks by Russian-backed Syrian troops. At least 15 Turkish soldiers have been killed in the Idlib area in recent weeks as forces loyal to Bashar al-Assad seek to crush the last major pocket of opposition to the president.Face time | YouTube’s homepage is set to advertise just one candidate — Donald Trump — in the immediate run-up to election day. The president’s campaign purchased the coveted advertising space atop the country’s most-visited video website for early November, Mark Bergen and Joshua Brustein report.German chaos | Despite her characteristically steely demeanor, German Chancellor Angela Merkel realizes that she’s all but lost any control she has over the power struggle within her Christian Democratic Union party. As Arne Delfs explains, since the fall of her chosen successor, Annegret Kramp-Karrenbauer, there’s growing concern about who will step in to fill the void.Viral connection | Japanese Prime Minister Shinzo Abe has taken a soft approach over China’s handling of the coronavirus, part of his long push to bolster relations with his giant neighbor. But as Isabel Reynolds and Dandan Li report, that’s getting tougher with each new case in Japan. At the same time South Korea has seen infections more than triple in the past few days, raising worries the virus will put its citizens and economy at risk.Summer’s over | Police have identified more than two dozen calls for marches next month in Chile as students return to campuses following Summer vacation. All eyes are on whether the government’s promise to boost wages and reform pensions, health care and taxes will be enough to avert the sort of unrest that rocked the nation in October, killing about 30 people and injuring 3,800.What to WatchA court in Thailand has ordered the dissolution of the pro-democracy opposition party Future Forward that’s become the highest-profile critic of the nation’s military-backed government. European Union leaders have indicated that another emergency summit may be needed to agree on a budget because disputes over spending levels and rebates have increased the chances they won’t reach an accord today. Iranian hard-liners look set to take control of parliament today in an election dominated by the country’s turbulent standoff with the U.S. Trump is considering Republican ally Doug Collins as his nominee for director of national intelligence. That could simplify a Senate race in Georgia, where the congressman has challenged incumbent Kelly Loeffler.Pop quiz, readers (no cheating!). Among those Trump pardoned this week was former Illinois Governor Rod Blagojevich, whose public corruption conviction stemmed in part from his efforts to fill the Senate seat Barack Obama vacated to become president. Who did Blagojevich appoint to that post? Send us your answers and tell us how we’re doing or what we’re missing at email@example.com.And finally ... Apparently Trump’s America First mantra extends to his taste in movies. At a campaign rally last night in Colorado, the president mocked the Academy Awards for honoring the movie “Parasite” as best picture. “A movie from South Korea, what the hell was that all about?,” he said. “We got enough problems with South Korea with trade, on top of it they give them the best movie of the year? Was it good? I don’t know.” \--With assistance from Richard Bravo, Jon Herskovitz, Robert Hutton, Selcan Hacaoglu and Michael Winfrey.To contact the author of this story: Kathleen Hunter in London at firstname.lastname@example.orgTo contact the editor responsible for this story: Karl Maier at email@example.com, Rosalind MathiesonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
New products inspired by Disney+ original series The Mandalorian and Star Wars: The Clone Wars announced
(Bloomberg Opinion) -- “House of Brands” probably wasn’t the best choice of words by ViacomCBS Inc. in describing its streaming-TV strategy. It’s best for a company in its position to avoid what sounds eerily similar to another phrase — one that implies a shaky structure doomed to collapse. It’s also best not to remind people of the name of a hit series created by Netflix Inc., the very symbol of the end of times for cable networks like those owned by ViacomCBS. But the company may be on to something. Its house — er, collection — of TV and film brands were slapped together, just like its name, through the December merger of Viacom and CBS. Together, they have the potential to constitute an attractive streaming-TV offering for consumers different from existing ones. That means there’s at least hope for ViacomCBS, and that’s truly all investors and employees could reasonably expect right now. On Thursday, ViacomCBS posted unflattering results for its first quarter as a unified company, and its shares plunged 18%. It’s a reflection of the difficulty of stitching together two businesses with much different cultures — a challenge for any chief executive officer, but one that’s exacerbated in this case by the historical tensions between the two sides and the industry streaming wars that have threatened to make both of them irrelevant. Analysts predicted at least $7 billion of revenue for the period ended Dec. 31, but ViacomCBS took in only $6.87 billion amid a drop in traditional TV viewers, lower political advertising spending and a weak box-office showing. The merger closed on Dec. 5.But there were slivers of good news. Among them was the company’s announcement that it’s creating a new subscription-video service that will expand on the $6-a-month CBS All Access app ($10 for the commercial-free version) by stuffing it with more content from other parts of the empire. The company referred to it as a “House of Brands” product, the idea being that it can bring together its various entertainment, news, sports and film properties to reach a wider audience. The company’s biggest assets are CBS, MTV, Nickelodeon, BET, Comedy Central, Paramount Pictures and Showtime. It also owns Pluto TV, the advertising-supported service for consumers who want to stream for free, while Showtime targets the higher-end of the market with an $11-a-month online subscription.The strategy sounds a bit like the approach Comcast Corp.’s NBCUniversal is taking with its Peacock product, which is set to launch in April. Peacock will have a diverse library — everything from “Parks and Recreation” to “Jurassic Park” plus new shows — that most people will be able to access for free, with the option of paying $10 a month to cut out the ads. In contrast, Disney+, the fast-growing streaming service from Walt Disney Co., has more narrow appeal as it’s predominantly geared toward children and Marvel and “Star Wars” superfans; it has also shunned advertisers (for now). Peacock mimics the breadth of Netflix, whereas Disney+ looks more like a niche add-on option for Netflixers. A tremendous challenge for all the media giants, but especially ViacomCBS, is deciding where to put their content. ViacomCBS needs to continue to nourish its cable networks, the biggest moneymakers, while choosing which titles to save for CBS All Access to drive subscriber growth and which to sell to rival streaming services that are willing to pay for them. For example, the Paramount division previously produced the popular — and controversial — series “13 Reasons Why” for Netflix, a show that could have also appealed to MTV’s audience and potentially would have been a good fit for the expansion of CBS All Access. In that sense, it’s as if the different units within ViacomCBS are competing with one another. For once, though, Viacom and CBS are working under one clear leader, which is probably the biggest positive development following years of infighting and drama at both entities, both controlled by the Redstone family. Bob Bakish, Viacom’s well-liked, hard-nosed CEO of the last three years, is now in charge of the merged company, while Joe Ianniello, who had been Leslie Moonves’s No. 2 at CBS, is leaving next month. Moonves was ousted in September 2018 after a slew of sexual-harassment allegations came to light, ultimately paving the way for the merger of CBS and Viacom. Ianniello, though instrumental in getting the deal done — if only for the outrageous pay package used to placate him — was a symbol of the old regime and a possible wrench in Bakish’s salvage plan.Bakish has a lot of work to do, and fast. But his idea isn’t a bad one. To contact the author of this story: Tara Lachapelle at firstname.lastname@example.orgTo contact the editor responsible for this story: Daniel Niemi at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- As global streaming giants Netflix Inc. and Walt Disney Co. spend millions of dollars to grab viewers in India, a country that could become their biggest overseas market, a homegrown rival is preparing to defend its turf.Zee5, the top domestic streaming platform set up by India’s biggest television broadcaster, is betting on local content to fend off big-spending rivals, Chief Executive Officer Tarun Katial said in an interview. The over-the-top, or OTT, service is playing to its advantage by adding more local-language shows and lower-price options to gain market share, he said.“International OTTs have neither legacy nor library with depth,” Katial said at his office in Mumbai, adding that Zee5 has produced more than 100 original shows in local languages, at least 10 times more than any rival.“We can win this content battle.”Zee5, which started in 2018, is among dozens of streaming platforms including Amazon.com Inc. locked in a race for Indian users, a market that Boston Consulting Group estimates will reach about $5 billion in 2023. With China closed to foreign streaming services, India has become a battleground for global streaming brands, with an emphasis on delivering films and TV shows to smartphone users expected to number 850 million in two years.After amassing 61 million active monthly users in its first 15 months in India, Katial says Zee5 has little choice but to keep producing new shows at even faster rates. The platform aims to add between 70 and 80 original shows over the coming year, while making 15 direct-to-digital movies for release in 2021.Representatives for Netflix and Disney’s Hotstar platform in India declined to comment.There are 22 official languages in India, creating a broad battlefield for niche audiences.“It’s a strategy to move away from fighting in the fiercely competitive segment of Hindi or English,” Bhupendra Tiwary, an analyst at ICICIdirect, said of Zee5’s local-content push. “Zee is creating its own space in this war zone where it sees more opportunity.”Zee Entertainment Enterprises Ltd., part of the Subhash Chandra-led Essel Group, is increasing its investment in streaming, even though the broadcaster has seen its market value plunge on concern the group’s debt had grown too large. Chandra, who opened India’s first amusement park and brought satellite television to the country, has had to sell his stake in Zee, while staying on as a board member.“We are completely insulated from the financial concern which our parent group went through last year,” Katial said. He declined to say how much the company was planning to spend on growth.Zee Entertainment shares gained 2% as of 2:36 p.m. in Mumbai trading Thursday. Zee5, the streaming platform, is planning its local-language expansion just as some of its global rivals are pushing further into India.Disney PushDisney earlier this month said it will introduce its Disney+ streaming service in India through its Hotstar platform on March 29, at the beginning of the Indian Premier League cricket season. Hotstar, which has said it has 300 million active monthly users, has relied on India’s most popular sport to draw users after spending big to secure the rights.Disney is also re-branding the Hotstar VIP and Premium subscription tiers to Disney+ Hotstar to underline its global brand.Netflix, the world’s largest streaming platform by paid subscribers, has said it intends to sign on 100 million subscribers in India, almost 25 times the customer base it had in the country as of this year. Chief Executive Officer Reed Hastings said during a visit to the country in December that Netflix intends to spend 30 billion rupees ($419 million) over 2019 and 2020 to produce more local content.Netflix’s “Sacred Games” series, a local original, has drawn Indian viewers globally, the company has said. “Lust Stories,” a Hindi-language anthology of short films, released in June 2018, also drew attention.Zee5 has said its original “Rangbaaz Phirse” and “The Final Call” series are hits, along with “Auto Shankar,” a Tamil-language show.Price WarAt the same time, competitors are paring fees to draw subscribers in a country used to free services including Google’s YouTube, while paying little for bandwidth via mobile phone plans.Last year, Netflix slashed prices by as much as half in India for subscribers that commit to at least three months. Most of the country’s streaming services, including Apple TV+, Amazon Prime and Disney’s Hotstar have also offered discount deals this year and subscriptions at prices well below those in other markets.Zee5 has begun offering some region-specific packages at 49 rupees a month or 499 rupees a year to attract more viewers, said Katial. That compares with the standard packages at 99 rupees a month or 999 rupees a year.At the same time, Zee5 is planning to add 90-second videos to its platform to meet demand and compete with the likes of Beijing-based ByteDance Inc.’s TikTok, a platform that is growing fast globally among younger users. That effort will start “soon,” Katial said.(Updates with Zee shares in 11th paragraph)\--With assistance from Ragini Saxena.To contact the reporter on this story: P R Sanjai in Mumbai at firstname.lastname@example.orgTo contact the editors responsible for this story: Sam Nagarajan at email@example.com, Dave McCombsFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Ivi.ru, Russia’s largest streaming platform, hired Goldman Sachs Group Inc. to study options to fund the firm’s growth, according to the firm’s chief executive officer.“These could be private placement, strategic alliances or an IPO,” Oleg Tumanov, Ivi’s founder and CEO, said in an interview in Moscow. “We need funding to produce our own content and keep growing faster than the market.” He declined to elaborate on the amount the service is seeking to raise as no decisions have been taken.Founded in 2010, when most Russians downloaded movies for free on pirate websites, Ivi originally used a combination of advertising and a Netflix-like subscription fee. Now, three quarters of the streaming service’s revenue comes from paying users, Tumanov said, as the market matures following the introduction of measures by the government to fight online piracy. Sales rose 55% last year to almost $100 million.Streaming services ranging from Netflix Inc. to Walt Disney Co. are battling to grow their user numbers globally as customers switch away from traditional television services in favor of watching content on mobile phones and tablets. Ivi is Russia’s largest streaming service with a market share of about 35%, according to researcher TMT Consulting.Its competitors include Okko, co-owned by Russia’s largest lender Sberbank PJSC, billionaire Len Blavatnik-backed Amediateka, local technology giant Yandex NV’s Kinopoisk, Gazprom PJSC-linked Premier, and other services. Netflix, which doesn’t have a local-language service and translates only selected titles, isn’t a dominant player in the country.Goldman Sachs has been successful in doing deals in Russia even amid economic and geopolitical hurdles. Last year, it helped the country’s largest online-recruitment firm HeadHunter Group Plc to sell shares in the U.S. and sold a stake in retailer Familia to TJX Companies Inc. in a private deal. Goldman held shares in both companies. The bank’s spokesperson declined to comment on Ivi.Tumanov denied an earlier Kommersant report that Ivi hired JPMorgan Chase & Co. to manage an IPO in the U.S. He said JPMorgan is not involved, and an IPO isn’t the only option being considered. Tiger Global Management, Baring Vostok and Leonid Boguslavsky’s RTP Global are among the investors in the streaming service.To contact the reporter on this story: Ilya Khrennikov in Moscow at firstname.lastname@example.orgTo contact the editors responsible for this story: Neil Callanan at email@example.com, Amy ThomsonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Financial firms operating in Singapore and Hong Kong are delaying hiring as the coronavirus outbreak disrupts their businesses.Both domestic and foreign institutions have slowed recruitment, according to headhunters in the financial hubs. They’ve been impacted by quarantines, restrictions on travel to and from China, remote working arrangements and decisions not to conduct face-to-face interviews.It’s another aspect of the fallout from the virus, which has also caused factory closures, disrupted supply chains and initiated the world’s largest work-from-home experiment. Recruiting has become less of a priority as firms including DBS Group Holdings Ltd. have highlighted the revenue impact of worsening business conditions.“Everybody is distracted,” said Gurj Sandhu, a managing director at Morgan McKinley Group Ltd. in Singapore. Hiring is falling down the “pecking order,” he said, while adding that nobody is canceling roles yet.Bloomberg spoke with six recruitment firms, all of which confirmed the slowdown. Hiring processes and relocation plans are taking longer at most companies because of logistical difficulties.“Companies are not risking international travel, they are not risking client meetings unless it is critical,” said Bethan Howell, a Hong Kong-based consultant at Selby Jennings Ltd.Closing DealWhile some financial firms are conducting interviews by video conference or phone, closing the deal is more problematic, especially at investment banks and wealth-management units.Bankers are “big-ticket items,” said Hubert Tam, a managing partner at Sirius Partners Ltd. in Hong Kong. Private banks and investment banks are holding off on hiring until they can meet candidates in person, “even if they performed well last year,” he said.What’s more, many private bankers covering China would have to travel to the country to meet clients and “get their blessings” before they move banks, according to Amod Jain, a Morgan McKinley consultant in Singapore. “Not everything can be done by phone.”Selby Jennings’ Howell gave the example of a person scheduled to relocate to Hong Kong from Shanghai for a quant fund. The person may have to work from the client’s Shenzhen office while waiting for a visa, which is taking more time these days, she said.Some recruiters pointed to early signs companies are reconsidering their initial hiring plans for 2020 as the outbreak deals a deeper blow to their operations.A few banks and asset managers are reviewing their hiring budgets for 2020, said Tam from Sirius Partners. Working from home has led to a decline in trading, impacting profits, he said.New HeadwindsSome lenders are considering whether to hold off on adding headcount for non-essential roles such as back-office functions, according to Mark Li, head of client solutions at Randstad Singapore.The financial services industry in Asia’s biggest hubs was facing economic headwinds even before the coronavirus outbreak because of U.S.-China trade tension, which was affecting recruiting at some firms, Li said. Hong Kong also had to grapple with its months-long protests.The slowdown in hiring is also starting to weigh on recruitment firms as they factor in delays of multiple weeks for placing candidates. “Financially, we have been impacted because we can’t close enough deals that make the revenues,” Morgan McKinley’s Sandhu said.However, recruiters expressed optimism that new viral infections are slowing, with some lauding the Singapore government for its efforts to contain the outbreak.“It’s still relatively early to see any hiring freeze,” said Nilay Khandelwal, managing director at Michael Page International Pte. in Singapore. “The real extent of impact will be seen in the days to come when new headcount and hiring plans for this year might get revised.”(Adds timeline for expected delay in third-last paragraph)To contact the reporters on this story: Ishika Mookerjee in Singapore at firstname.lastname@example.org;Abhishek Vishnoi in Singapore at email@example.comTo contact the editor responsible for this story: Lianting Tu at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- President Jair Bolsonaro’s show of support for his controversial economy minister is quickly translating into an unexpected political boost for Brazil’s investor-friendly agenda.Economy Minister Paulo Guedes has faced criticism in the past few weeks after comparing public servants to parasites, appearing to back a weak real and sneering at maids who were able to travel to Disney World thanks to the past strength of the Brazilian currency. That uproar is prompting President Jair Bolsonaro to boost support for Guedes and his policies, according to three government advisors who aren’t authorized to speak publicly on the matter.The president’s actions have been swift and unusual: he publicly praised Guedes, 70, late Tuesday and immediately after forged an agreement to send congress one of his economy chief’s key reform bills, a proposal to cut spending on public servants that has been delayed due to concerns of stoking push-back, as soon as this week.To do so, Bolsonaro had to stare down opposition from members of his own inner circle. Put together, those actions have revitalized political will for the investor-friendly agenda, according to two officials from the presidential palace.Read more: Stronger Budget Result in 2019 Masks Brazil’s Harsh Debt RealityNicknamed by Bolsonaro as a “one-stop shop” for all economic matters, Guedes is one of the president’s most influential cabinet members. Trained at the University of Chicago, he runs a ministry that oversees finance, planning and trade portfolios and is also the main architect of pro-market reforms including a pension overhaul passed last year.“For now, as Bolsonaro likes to say, the marriage is staying together,” analysts from consultancy XP wrote in a research note. “Bolsonaro and Guedes never hid the fact that they were together more out of convenience than for love. For that reason, the marriage will remain as long as it’s convenient for them both.”Brazil’s presidency didn’t immediately replied to a comment request, while the Economy Ministry’s press office declined to comment.Administrative ReformBoth Bolsonaro’s economic team and Lower House Speaker Rodrigo Maia have defended an administrative overhaul to boost fiscal accounts by cutting spending on government salaries, which alone gobble up 14% of the country’s gross domestic product. Meanwhile, a quarter of obligatory spending goes toward payroll and social expenditures, according to the Economy Ministry.Brazil’s loose spending and rising debt are seen as top hurdles to regaining the investment-grade status that it lost in 2015. Still, the proposal to rein in salary costs has irked Bolsonaro and military members of his staff, given that public servants are among the president’s strongest supporters.While still uneasy about the administrative reform, Bolsonaro softened his views this week as Guedes came under fire from government supporters who said the comments were classist and discriminatory. On Tuesday, Bolsonaro said Guedes will remain in his cabinet until the end of his term in 2022 and referred to his minister’s comments as “one-time problems” and “possible slips.”After the show of support, Bolsonaro canceled a separate event on company productivity to finalize the administrative reform proposal with Guedes. The minister then had dinner with the heads of the lower house and the senate on late Tuesday to organize voting.Read more: Ten Bills Test Brazil’s Congress Appetite for Economic ReformsThis is far from the first time Guedes has drawn scrutiny with his blunt remarks. In June, he said proposed changes to a pension reform bill at that time showed that lawmakers weren’t “committed” to future generations. Two months before, he exchanged insults with legislators at a public hearing on the same bill.To contact the reporters on this story: Martha Beck in Brasilia at email@example.com;Simone Iglesias in Brasília at firstname.lastname@example.orgTo contact the editors responsible for this story: Juan Pablo Spinetto at email@example.com, Matthew MalinowskiFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
ESPN host and Duke legend Jay Williams explains the mix of programming that's fueling Disney's impressive start with ESPN+.
Wall Street took another shellacking Tuesday, down for the fourth session in a row, after the U.S. CDC warned Americans coronavirus is likely headed their way. The outbreak is no longer contained to China but has spread to other parts of Asia, the Middle East and Europe… And now the CDC says it's not a matter of if, but when the outbreak hits the U.S. The Dow tumbled 879 points. The S&P 500 lost 97 points. The Nasdaq fell 255 points. Much of that money flowing out of stocks went to the perceived safety of the bond market. Worried investors pushed the yield on the 10-year note to its lowest -ever. Max Wolff is a strategist with Multivariate SOUNDBITE (ENGLISH) MULTIVARIATE STRATEGIST MAX WOLFF, SAYING: "You really do want to watch. If you have three days bad and you don't see a bounce going into the weekend then I sort of think this could be a little bit more than short term. So this could be a little bit bad because if people start getting spooked they look at start taking gains and until February there were a lot of things to take off that table." Travel stocks were under pressure with more countries put on the no destination list. American Airlines, Delta, and United are restricting flights to Italy... And the CDC has ordered Americans to avoid all non-essential travel to South Korea. MasterCard also sounded an alarm. The credit card processor warned that if the virus outbreak extends - damaging travel and online shopping across borders - its quarterly sales will suffer. Shares of MasterCard tumbled nearly 7 percent. It was tough day for Shake Shack investors but not because of the coronavirus. The hamburger chain posted disappointing quarterly results and issued a weak outlook. Without new items on its menu it isn't seeing a pick-up in foot traffic and a decision to switch solely to GrubHub for delivery has hurt business as well. Shares of Shake Shack slumped 14 percent. After the bell, a surprise from Walt Disney. Long-running and very successful CEO Bob Iger is stepping down as CEO effective immediately. Iger is responsible for the blockbuster Disney purchases of Pixar, Marvel Studios and 21 Century Fox and the roll-out of streaming service Disney+. His successor is Bob Chapek, the head of Disney's park's division.