Sunday, February 25

Business

Disney Tops Earnings Forecast and Raises Dividend
Business

Disney Tops Earnings Forecast and Raises Dividend

Disney sees a revenge story: Mr. Peltz is aligned with Ike Perlmutter, who was ousted from an executive job at Disney, and Jay Rasulo, a former Disney executive who was passed over for chief executive in 2015 and resigned. Disney has asked shareholders to reject Trian and another activist investor, Blackwells Capital, arguing that giving them board seats would slow the company’s turnaround effort. (Mr. Peltz waged an unsuccessful campaign for a Disney shake-up last year.)“The last thing that we need right now is to be distracted, in terms of our time, our energy, by an activist or activists that frankly have a completely different agenda, and don’t understand our company, its assets, even the essence of the Disney brand,” Mr. Iger said on CNBC on Wednesday.A Trian spokesman had no immediat...
Yellen Says Stable Financial System Is Key to U.S. Economic Strength
Business

Yellen Says Stable Financial System Is Key to U.S. Economic Strength

Treasury Secretary Janet L. Yellen will tell lawmakers on Tuesday that the United States has had a “historic” economic recovery from the pandemic but that regulators must vigilantly safeguard the financial system from an array of looming risks to preserve the gains of the last three years.Ms. Yellen will deliver the comments in testimony to the House Financial Services Committee nearly a year after the Biden administration and federal regulators took aggressive steps to stabilize the nation’s banking system following the abrupt failures of Silicon Valley Bank and Signature Bank.While turmoil in the banking system has largely subsided, the Financial Stability Oversight Council, which is headed by Ms. Yellen, has been reviewing how it tracks and responds to risks to financial stability. Like...
Coping With the Loss of a Pet? They Can Offer Grief Support.
Business

Coping With the Loss of a Pet? They Can Offer Grief Support.

Ms. Goodfriend, 79, who started counseling pet owners in 2005, credited this spike to the pandemic, which she said made people “more aware of grief and more inclined to express it.”At the Schwarzman Animal Medical Center, which has been operating in Manhattan since 1910, a free pet-loss-support group has been available to clients since 1983. Susan Cohen, 79, a veterinary social worker who came up with the idea for the group, said it started with about five people attending each in-person session. By the time she stopped working at the center, in 2011, that number had doubled.The demand for such gatherings led the center to expand its offerings: There are now multiple grief groups that meet on video calls a few times a month. One is for people whose animals have died in the last three month...
Job Market Starts 2024 With a Bang
Business

Job Market Starts 2024 With a Bang

The United States produced an unexpectedly sizable batch of jobs last month, a boon for American workers that shows the labor market retains remarkable strength after three years of expansion.Employers added 353,000 jobs in January on a seasonally adjusted basis, the Labor Department reported on Friday, and the unemployment rate remained at 3.7 percent.The report also put an even shinier gloss on job growth for 2023, including revisions that added more than 100,000 to the figure previously tallied for December. All told, employers added 3.1 million jobs last year, more than the 2.7 million initially reported.After the loss of 14 percent of the nation’s jobs early in the Covid-19 pandemic, the labor market’s endurance despite aggressive interest rate increases has caught economists off guar...
Federal Judge Dismisses Disney Lawsuit Against DeSantis
Business

Federal Judge Dismisses Disney Lawsuit Against DeSantis

In a significant victory for Gov. Ron DeSantis of Florida, a federal judge on Wednesday threw out a lawsuit filed by the Walt Disney Company claiming that Mr. DeSantis and his allies violated the First Amendment by taking over a special tax district that encompasses Walt Disney World.Disney said it planned to appeal the ruling.Disney and Mr. DeSantis, who recently ended his campaign for president, have been at odds for nearly two years over Disney World, the 25,000-acre theme park and resort complex south of Orlando. Angered over Disney’s criticism of a Florida education law that opponents called anti-gay — and seizing on an opportunity to score political points with supporters — Mr. DeSantis took over the tax district, appointing a new board and ending the company’s long-held ability to s...
Global Economy Is Heading Toward ‘Soft Landing,’ I.M.F. Says
Business

Global Economy Is Heading Toward ‘Soft Landing,’ I.M.F. Says

The global economy has been battered by a pandemic, record levels of inflation, protracted wars and skyrocketing interest rates over the past four years, raising fears of a painful worldwide downturn. But fresh forecasts published on Tuesday suggest that the world has managed to defy the odds, averting the threat of a so-called hard landing.Projections from the International Monetary Fund painted a picture of economic durability — one that policymakers have been hoping to achieve while trying to manage a series of cascading crises.In its latest economic outlook, the I.M.F. projected global growth of 3.1 percent this year — the same pace as in 2023 and an upgrade from its previous forecast of 2.9 percent. Predictions of a global recession have receded, with inflation easing faster than econ...
Sex Assault Claims Against Vince McMahon Shadow a W.W.E. Trying to Move Forward
Business

Sex Assault Claims Against Vince McMahon Shadow a W.W.E. Trying to Move Forward

Mr. McMahon, 78, is the most influential figure in the history of professional wrestling. He is not just the co-founder, with his wife, Linda, of the company that would become W.W.E., or a mere corporate officer. He is the person most responsible for transforming wrestling from a sleepy regional entertainment product into a globally televised spectacle.He also appeared in the ring for decades, and is as well known as wrestlers like “The Rock” and “Stone Cold” Steve Austin. In the 1990s, he adopted a swaggering, dictatorial in-ring alter ego who screamed at wrestlers, and he was the headliner at pay-per-view events. Well into this decade, Mr. McMahon retained control over W.W.E.’s creative direction.For about as long, however, Mr. McMahon has faced accusations of sexual misconduct, which he...
Economists Predicted a Recession. Instead, the Economy Grew.
Business

Economists Predicted a Recession. Instead, the Economy Grew.

The recession America was expecting never showed up.Many economists spent early 2023 predicting a painful downturn, a view so widely held that some commentators started to treat it as a given. Inflation had spiked to the highest level in decades, and a range of forecasters thought that it would take a drop in demand and a prolonged jump in unemployment to wrestle it down.Instead, the economy grew 3.1 percent last year, up from less than 1 percent in 2022 and faster than the average for the five years leading up to the pandemic. Inflation has retreated substantially. Unemployment remains at historic lows, and consumers continue to spend even with Federal Reserve interest rates at a 22-year high.The divide between doomsday predictions and the heyday reality is forcing a reckoning on Wall Str...
Shipping Costs Soar in Wake of Red Sea Attacks
Business

Shipping Costs Soar in Wake of Red Sea Attacks

For about two months, a barrage of missile and drone attacks in the Red Sea by Houthi militants has posed a difficult choice to shippers using the Suez Canal: risk an airborne strike and pay sharply higher insurance rates, or forgo the canal and take the longer route around Africa, snarling schedules and entailing higher fuel charges.The attacks — at a choke point that handles 12 percent of global trade, including nearly one-third of the world’s container ship traffic — have already forced some shutdowns at European auto plants and raised fears of a surge in consumer prices.For shipping companies, costs have already increased. A composite measure of global shipping costs, the Drewry World Container Index, has more than doubled since late last year. The rise is partly tied to a shortage of ...
‘We’re All Climate Economists Now’
Business

‘We’re All Climate Economists Now’

In early January in San Antonio, dozens of Ph.D. economists packed into a small windowless room in the recesses of a Grand Hyatt to hear brand-new research on the hottest topic of their annual conference: how climate change is affecting everything.The papers in this session focused on the impact of natural disasters on mortgage risk, railway safety and even payday loans. Some attendees had to stand in the back, as the seats had already been filled. It wasn’t an anomaly.Nearly every block of time at the Allied Social Science Associations conference — a gathering of dozens of economics-adjacent academic organizations recognized by the American Economic Association — had multiple climate-related presentations to choose from, and most appeared similarly popular.For those who have long focused ...