“Managing content creation distinct from distribution will allow us to be more effective and nimble in making the content consumers want most, delivered in the way they prefer to consume it,” Chapek said in a company statement announcing the change. “Our creative teams will concentrate on what they do best—making world-class, franchise-based content.”

The statement touted the shift as a “strategic reorganization of its media and entertainment businesses” and said a virtual investor day will be held Dec. 10 to illuminate the new realities. (The company just ended its fiscal 2020.)

But experts and insiders remain divided on how much will really shift in the new structure. At heart is a question of how much a legacy company like Disney can — or even should want to — fully pivot away from its profitable legacy businesses. Traditional television and studio, after all, generated $10.2 billion in profit in fiscal 2019.

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Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

The continent’s buildings urgently need upgrades to become more energy efficient, the European Commission will say today. The so-called “renovation wave” strategy is another brick in the wall of rules, guidelines and financing tools that will drive the transition to a zero-carbon economy, otherwise known as the European Green Deal. As we reported previously, the bad news is that the ambition to double the renovation rate of the continent’s building stock will cost a lot  some 275 billion euros a year in additional investment, by the Commission’s own estimates. The good news is that renovation has been identified as one of the “flagship” priorities of the recovery fund, meaning that governments will be forced to co-finance the expenses if they want to tap the proceeds from the jointly-backed pot.


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The global economic recession is turning out to be less severe than feared but governments should not withdraw their fiscal stimulus because the path ahead is perilous, the International Monetary Fund said Tuesday.

“While the global economy is coming back, the ascent will likely be long, uneven, and uncertain,” the international financial agency said, in its latest World Economic Outlook.

Since the summer, prospects have worsened significantly for some emerging and developing economies where coronavirus infections are rising rapidly.

For 2021, the IMF cut its global economic forecast for 2021 to a 5.2% growth rate from the prior 5.4% growth rate.

For 2022 and beyond, the global economy is expected to “moderate significantly” starting in 2022, the IMF said.

“Both advanced and emerging market economies are likely to register significant losses of output relative to their pre-pandemic forecasts,” said IMF chief economist Gita Gopinath, in a statement accompanying the report.

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Adds agreement details, background

Oct 14 (Reuters)U.S. poultry company Pilgrim’s Pride Corp PPC.O said on Wednesday it has agreed to pay a fine of more than $110 million following a Justice Department probe into alleged price-fixing in the sale of broiler chicken products in the United States.

The antitrust division of the department fined the company for restraining competition, which affected three contracts for the sale of chicken products to a customer in the United States, Pilgrim’s said.

“We are encouraged that today’s agreement concludes the Antitrust Division’s investigation into Pilgrim’s,” Chief Executive Officer Fabio Sandri said in a statement.

The plea agreement is subject to the approval of the United States District Court of Colorado.

It comes after Pilgrim’s then CEO Jayson Penn was indicted in June along with three other current and former industry executives on charges of seeking to fix the price of chickens.

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(Bloomberg) — Gulf banks are entering an age of weaker profits as a result of the coronavirus outbreak and a decline in crude prices, according to S&P Global Ratings.

“The pandemic and drop in oil prices could mark the start of a new era,” S&P analysts led by Mohamed Damak in Dubai said in a report. “This new era is characterized by a decline in oil wealth, a lower multiplier effect in the local economies, and lower profitability.”

chart, bar chart

© via Bloomberg

With a sluggish economic recovery likely to hold back lending in the six-member Gulf Cooperation Council, a period of reduced profitability could be “longer lasting,” according to S&P. The rating company also predicts that regional banks’ asset quality may deteriorate at a faster rate.

“Rated banks in the GCC face an uphill struggle in the next 18 months due to the protracted nature of the economic recovery and the

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“The pandemic has created financial challenges for many individuals and families who are struggling with rent payments,” Baker said in a statement. “This strategy has been designed to be user friendly and easily accessible for tenants and landlords in need.”

The move comes as Massachusetts’ strictest-in-the-nation ban on evictions is set to expire Saturday. That measure, which blocks nearly all evictions during the COVID-19 pandemic, has likely forestalled thousands of evictions since lawmakers passed it, as the state’s economy has shed more than 400,000 jobs since March. But it has drawn mounting complaints from landlords, who say it forces them to provide housing essentially for free, and the federal judge hearing a lawsuit challenging the ban said last month that he’d likely overturn it if it goes on much longer.

But the rental crisis, many housing advocates warn, is nowhere near over. And if Baker hopes to blunt it, they

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The increase applies only to annuity benefits for retirees, not to the salaries of current federal employees. Retiree COLAs are set automatically by an inflation index whose annual count concluded with the announcement Tuesday of figures through September.

In contrast, current employees receive pay raises set through the annual government budget process. No decision has been reached regarding a January 2021 raise.

President Trump has recommended a 1 percent pay raise, while Congress so far has taken no position. If no figure is enacted into law by the end of the year, that amount will take effect automatically. Some members of Congress continue to advocate for increasing the figure to 3 percent to match the planned raise for military personnel.

For retirees, some COLA policies vary depending on which of the two main federal retirement systems applies to them.

All of those retired under the Civil Service Retirement System, applying

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JPMorgan Chase & Co. reported third-quarter profit rose 4%, boosted by strong trading results as global markets recovered from their coronavirus-induced plunge.

The New York-based lender, the largest in the U.S., earned $9.44 billion, or $2.92 per share, outpacing the $2.23 that analysts surveyed by Refintive were expecting. Revenue slipped 0.2% to $29.94 billion, still higher than the $28.29 billion analysts anticipated.

Ticker Security Last Change Change %
JPM JP MORGAN CHASE & CO. 100.78 -1.66 -1.62%

The investment banking business “continues to be a big driver of firm performance with markets revenue up 30% and global investment banking fees up 9%,” JPMorgan CEO Jamie Dimon said in a statement.


Markets revenue totaled $6.6 billion as equity trading grew 32% while

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Here’s what you need to know:

Credit…Charlie Riedel/Associated Press

Delta Air Lines lost $5.4 billion in the three months through September, and its operating revenue plunged 79 percent from the year before, as the industry weathered a deep and sustained crisis caused by the coronavirus pandemic.

The results, reported by the company on Tuesday, are an improvement over the second quarter of the year, when Delta reported a slightly larger $5.7 billion loss and an 88 percent decline in revenue, but with the peak summer travel season behind them, Delta and other airlines are bracing for a weak fall and winter.

“With a slow and steady build in demand, we are restoring flying to meet our customers’ needs, while staying nimble with our capacity in light of Covid-19,” Delta’s president, Glen Hauenstein, said in a statement. “While

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The talks may not end with a handshake. But the estimated $1.5 billion FSG would get from RedBall and other investors would give Henry (who also owns the Globe) the financial flexibility to expand the company, which includes its English gem, Premier League champion Liverpool Football Club.

There’s even a Yankees twist. (More on that later.)

Savvy investors may understand how the process of raising money and going public through a SPAC works, but the average Red Sox fan is likely to have questions, especially about the potential for them to buy stock in the team. We try to answer some of those questions here.

How would the deal work?

RedBall, a shell company with no operations, would acquire 20 percent to 25 percent of FSG using money it raised by selling stock in August. The investment would value FSG at $8 billion, as first reported by the WSJ. Henry

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