Disney plans to combine content from Hulu with Disney+ to form a single streaming app available across the United States by the end of the year, Disney CEO Bob Iger said on May 10. Iger announced the plans during Disney’s second-quarter earnings call, describing it as a “significant step toward creating a growth business,” and…
Disney to Combine Hulu, Disney+ Content Into ‘One-App Experience’: Bob Iger
Buyer of Failed Silicon Valley Bank Reports $9.5 Billion Profit Following Acquisition
First Citizens Bank, which bought the failed lender Silicon Valley Bank (SVB) in March, has reported a profit of more than $9 billion due to the takeover. First Citizens made a preliminary gain of $9.82 billion on the acquisition, according to the bank’s May 10 earnings release (pdf) detailing its first-quarter performance. As a result…
Microsoft Signs Power Purchase Deal With Nuclear Fusion Company Helion
Private U.S. nuclear fusion company Helion Energy will provide Microsoft with electricity in about five years, the companies said on Wednesday, in the first such deal for the power source that fuels the sun but has been elusive on Earth. Government labs and more than 30 companies are racing to generate power from fusion, which…
Large Banks at Risk of Deposit Runs, Despite Size
Commentary Putting aside fraud or criminal activity, banks typically fail in one of two ways: either through insolvency or illiquidity (or both). Insolvency occurs when the bank doesn’t have enough assets to cover its liabilities. Insolvency tends to emerge gradually; for example, when it develops from deteriorating “main street” economic conditions. On the other hand,…
Banks Tighten Lending Standards in Wake of Failures: Fed Survey
A Federal Reserve report Monday showed banks raised their lending standards for business and consumer loans after the collapse of three large banks. More lenders are tightening their standards in the wake of increasing turmoil within the banking sector, according to the Federal Reserve’s quarterly Senior Loan Officer Opinion Survey (SLOOS). The survey also found…
California Man ‘Lucky to Be Alive’ After Tesla Caught Fire on Highway
A man in California narrowly escaped a dangerous vehicle fire over the weekend, saying he is grateful to be alive after his electric vehicle (EV) suddenly caught fire while he was driving on a highway. “It’s just like all gone. I’m just so lucky to be alive … and I’m so glad that my family…
Anheuser-Busch Stock Downgraded as It Deals With ‘Bud Light Crisis’
Anheuser-Busch InBev was downgraded on Wednesday by an HSBC analyst who said the firm is now dealing with a “Bud Light crisis” after the company produced a can with the face of a transgender influencer last month, sparking widespread backlash. Carlos Laboy, with the banking giant, downgraded the company’s stock to “hold,” saying there are…
Paramount Media Networks Announces Layoffs as MTV News Shuts Down
May 10, 2023
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MTV News will be shutting down as Paramount Media Networks announces layoffs, Showtime/MTV Entertainment Studios and Paramount Media Networks President Chris McCarthy announced on Tuesday. The layoffs come after months of internal deliberations about integration amid Showtime’s rebranding into Paramount+ With Showtime and will affect 25 percent of employees across the network media groups, with MTV News getting…
Seven Retailers Facing Fiscal Challenges
In 2022, retail sales were hammered by persistent high inflation and weak consumer demand—and 2023 isn’t much better. Economists from S&P Global Market anticipate only 0.5 percent sales growth, but that equals a 0.1 percent decline when accounting for inflation. Some retailers feel the pinch more than others and have begun closing stores. Even worse,…
Elon Musk Responds to Tucker Carlson Rumors
Twitter CEO Elon Musk on Tuesday responded to claims that he came to a deal with Tucker Carlson as the former Fox News host released a viral video saying he will be bringing his top-rated show to Twitter. Like any other user on the platform, according to Musk, Carlson will be subject to the same rules…
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