Bob Iger to Serve as Disney CEO for Two Years
Bob Iger, a former co-CEO of Walt Disney (NYSE:DIS), is unexpectedly returning to the media behemoth as CEO less than a year after his retirement. This comes as the entertainment company struggles to make its streaming TV services a successful enterprise.
Iger, who stepped down as CEO last year after 15 years in that position, has agreed to continue in that role for another two years, Disney announced in a statement late on Sunday. Bob Chapek, who became CEO of Disney in February 2020, will be replaced by him.
MACROECONOMIC DATA ANALYSIS
Thailand's economy expanded at its fastest rate in more than a year in the third quarter thanks to a rebound in tourism, higher consumption, and a surge in private investment, but the nation’s planning agency warned of impending risks to global growth. The second-largest economy in Southeast Asia grew 4.5% in the third quarter of last year, according to data released on Monday by the National Economic and Social Development Council (NESDC).
Japanese Finance Minister Shunichi Suzuki urged lawmakers to pass a second extra budget with spending of $207 billion, mostly financed by new debt issuance, on Monday, promising to steer economic and fiscal policy in a "responsible" manner. To counteract risks from the global economy and price increases brought on by a weak currency, Prime Minister Fumio Kishida's cabinet has created a spending plan worth 29 trillion yen ($207.37 billion), backed by new debt amounting to about 23 trillion yen.
The U.S. dollar steadily traded higher against major currencies on Monday morning, amid the Chinese yuan declining as sentiment was dampened by the increase in COVID cases and the tightening of regulations in some cities of the world’s second-largest economy. The Dollar Index rose by 0.37% to 107.245.
Gold prices made little movement in Monday’s early trading sessions but remained near key support levels as markets sought more clarity on the direction of U.S. monetary policy in the coming months. While copper prices were muted as more COVID disruptions in China appeared set to depress demand. Gold prices dropped by 0.42% to $1,747 per ounce.
Oil prices dipped to close to two-month lows on early Monday, dropping by about $1 per barrel as supply worries subsided but prices were still being pressured by concerns about fuel demand from China and a strong dollar. Brent crude futures fell by 0.64% to $87.09 a barrel, while West Texas Intermediate crude slid by 0.49% to $79.72 a barrel.
USA: S&P500 +0.48%, Dow Jones Industrial Average +0.59%, Nasdaq Composite +0.03%
Europe: FTSE 100 +0.53%, DAX +1.16%, CAC 40 +1.04%
Asia: Nikkei 225 +0.16%, Hang Seng -1.78%, CSI 300 -1.06%, Nifty 50 -0.79%
Daimler and Toyota announced on Tuesday that they had entered a non-binding agreement to combine the businesses of their truck units in Japan. Under the partnership’s memorandum of understanding (MOU), the businesses of Daimler-owned Mitsubishi Fuso Truck and Bus Corp and Toyota subsidiary Hino Motors would be combined under a holding company, as said in a statement.
OpenAI CEO Sam Altman said on Friday that the corporation is not planning on leaving Europe and areas of the European Union, contrasting a threat made earlier in the week to exit the region if it becomes difficult to comply with stringent artificial intelligence laws. The European Union is drafting a first set of global rules to govern artificial intelligence and Altman believes that the current draft is “over-regulating”.