- Disney’s Legal Woes Mount As Exec Notes “Pay Equity Nightmare” in Unsealed Court Docs Hollywood Reporter
- Judge Allows 9,000 Women to Sue Disney for Pay Disparity Variety
- 9000 Women Just Won Approval to Sue Disney for Pay Disparities. Here’s How Your Business Can Avoid the Same Fate Inc.
- Disney Can Now Be Sued by 9000 Female Employees Alleging Gender-Based Pay Disparity IndieWire
- Disney Faces Pay Equity Claims From Thousands Of Female Employees After Losing Bid To Halt Class Action Certification; “Time To Grow Up,” Plaintiffs’ Lawyer Says Of Mouse House Deadline
Tag Archives: equity
FTX was a boys’ club. When Caroline Ellison asked Sam Bankman-Fried for equity in the hedge fund she ran, he said ‘it was too complicated’ – Fortune
- FTX was a boys’ club. When Caroline Ellison asked Sam Bankman-Fried for equity in the hedge fund she ran, he said ‘it was too complicated’ Fortune
- ‘Don’t Do That Again’: Sam Bankman-Fried’s Lawyers Under Fire From Judge The New York Times
- SBF’s ex-girlfriend: He ‘directed me’ to steal billions from FTX Yahoo Finance
- Editorial: In the world of cryptocurrencies, Sam Bankman-Fried’s trial is a total nightmare Chicago Tribune
- Caroline Ellison testifies Sam Bankman-Fried directed her to commit crimes: CNBC Crypto World CNBC Television
DeSantis-controlled Disney World district abolishes diversity, equity initiatives – PBS NewsHour
- DeSantis-controlled Disney World district abolishes diversity, equity initiatives PBS NewsHour
- DeSantis-backed board ends Disney district’s DEI and race-based programs: ‘illegal’ and ‘unAmerican’ Fox Business
- Disney District, Now Under DeSantis’s Control, Ends Its D.E.I. Programs The New York Times
- DeSantis’ Disney board scraps minority-based hiring and contracting Orlando Sentinel
- Ron DeSantis-Controlled Board Running Disney World Special District Abolishes DEI Programs Deadline
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DeSantis-controlled Disney World district abolishes diversity, equity initiatives – ABC News
- DeSantis-controlled Disney World district abolishes diversity, equity initiatives ABC News
- DeSantis-backed board ends Disney district’s DEI and race-based programs: ‘illegal’ and ‘unAmerican’ Fox Business
- Ron DeSantis-Controlled Board Running Disney World Special District Abolishes DEI Programs Deadline
- DeSantis’ Disney board scraps minority-based hiring and contracting Orlando Sentinel
- Disney District, Now Under DeSantis’s Control, Ends Its D.E.I. Programs The New York Times
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Former equity director blames Minneapolis leaders for ‘failed’ Black business expo, alleges ‘toxic’ work culture – KSTP
- Former equity director blames Minneapolis leaders for ‘failed’ Black business expo, alleges ‘toxic’ work culture KSTP
- ‘Weapons of Whiteness’: Minneapolis Racial-Equity Leader Accuses Black Council Members of Anti-Black Discrimination Yahoo News
- Minneapolis city leaders accused of toxic workplace, racism WCCO – CBS Minnesota
- Ex-racial equity director alleges ‘toxic’ Minneapolis City Hall, accuses Black leaders of racism Star Tribune
- Former Race and Equity ED lashes out at Minneapolis city officials, assails two Black councilwomen’s “anti-Black sentiment” CBS Minnesota
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Diversity, equity and inclusion jobs slashed at higher rate than others in recent layoffs – Fox Business
- Diversity, equity and inclusion jobs slashed at higher rate than others in recent layoffs Fox Business
- Have a little faith: When it comes to DEI, don’t forget about religious diversity | Partner Content Campaign Asia
- Diversity Officers Pink Slipped Like Never Before During Black History Month Daily Caller
- Diversity, equity, and inclusion jobs cut at higher rate than other roles – DEI workers claim positions are essential TheBlaze
- Diversity, equity, inclusion workers fret companies aren’t hiring them anymore: ‘Insane,’ ‘Pathetic’ Fox News
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Equity Selloff Deepens as Recession Fears Grow: Markets Wrap
(Bloomberg) — U.S. equity-index futures dropped with European stocks amid concern the resolve of central banks to continue their fight against inflation will tip the economy into a recession.
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Contracts on the S&P 500 and Nasdaq 100 fell at least 1.1% each after the underlying indexes posted their biggest declines since Nov. 2 on Thursday. Europe’s Stoxx 600 slid to a five-week low. The dollar erased a weekly loss and Treasuries dropped across the curve. Oil trimmed a weekly gain. Adobe Inc. rose in premarket New York trading after reporting better-than-estimated earnings.
An index of global stocks headed for a weekly slide as the Federal Reserve and the European Central Bank reaffirmed rates will go higher for longer until inflation fell back to their targets. While that belied market expectations for a lower peak rate and potential rate cuts in 2023, it also clouded the growth outlook. Economists now see a 60% probability of recession in the US and an 80% chance in Europe. Equity analysts have cut 12-month earnings estimates for the regions to the lowest levels since March and July, respectively.
“The worrying aspect for markets is the rate hike finishing lines are still unknown, and we have the two most dominant central banks in the world climbing the mountain into very restrictive territory,” Stephen Innes, managing partner at SPI Asset Management, wrote in a note. “Hiking interest rates into a dimming macro environment will undoubtedly trigger a recession. The question is just how profound.”
Read: Stocks Bulls Losing Support as $4 Trillion Options Set to Expire
Europe’s equity benchmark fell for a third day, dragged by growth-sensitive sectors such as real estate, technology and financial services. The benchmark of Asian equities posted the first weekly decline since October. The MSCI ACWI Index, the global equities gauge, headed for a 1.4% retreat this week.
Treasuries fell, with yield curves steepening. The two-year rate added 2 basis point, while the 10-year yield was 5 basis points higher. In Europe, both UK gilts and German bunds tumbled after ECB President Christine Lagarde delivered an unambiguously hawkish message, disabusing markets of any bets for a slowdown in rate hikes.
Ann-Katrin Petersen, senior investment strategist at BlackRock Investment Institute, said on Bloomberg Television that central banks were starting to acknowledge they will have to crush growth and will likely engineer recessions to tame inflation.
Read: Torched Stock Traders Discover Some News Is Too Bad to Celebrate
Traders were also digesting poor US retail sales and manufacturing data, even as the labor market remained strong. Meanwhile, the dollar edged higher, building on Thursday’s gains.
Oil dropped on Friday, trimming the biggest weekly gain since early October on signs of tightening supply and the prospect for improved Chinese demand.
Adobe shares rose 4.2% in early New York trading after adjusted fourth-quarter earnings beat expectations. Analysts said the report underscored positive demand for creative design software despite economic uncertainties.
Key events this week:
Some of the main moves in markets:
Stocks
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The Stoxx Europe 600 fell 1.1% as of 10:26 a.m. London time
-
Futures on the S&P 500 fell 1.3%
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Futures on the Nasdaq 100 fell 1.1%
-
Futures on the Dow Jones Industrial Average fell 1.2%
-
The MSCI Asia Pacific Index fell 0.7%
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The MSCI Emerging Markets Index fell 0.4%
Currencies
-
The Bloomberg Dollar Spot Index was little changed
-
The euro was little changed at $1.0618
-
The Japanese yen rose 0.5% to 137.12 per dollar
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The offshore yuan was little changed at 6.9852 per dollar
-
The British pound fell 0.2% to $1.2157
Cryptocurrencies
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Bitcoin fell 2.2% to $17,015.5
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Ether fell 4.1% to $1,212.98
Bonds
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The yield on 10-year Treasuries advanced five basis points to 3.50%
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Germany’s 10-year yield advanced 12 basis points to 2.21%
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Britain’s 10-year yield advanced 13 basis points to 3.37%
Commodities
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Brent crude fell 2.6% to $79.11 a barrel
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Spot gold rose 0.2% to $1,780.05 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Tassia Sipahutar and Rob Verdonck.
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©2022 Bloomberg L.P.
Homeowners lost $1.5T in equity since May: research
American homeowners lost more than $1 trillion in equity gained during the pandemic since May, according to a new report.
The report from the mortgage software and analytics company Black Knight shows mortgage holders collectively lost $1.3 trillion in the second quarter of 2022 and $1.5 trillion since May.
“In the span of just three months, U.S. mortgage holders saw a total of $1.3T in newly acquired equity evaporate,” Black Knight Data & Analytics President Ben Graboske said in statement.
“That is — by far — the largest quarterly decline on record by dollar value and the largest since 2009 on a percentage basis,” Graboske added.
During the pandemic, the housing market boomed and home prices skyrocketed.
The average mortgage holder has lost about $30,000 since the May peak, but Black Knight’s analysis showed the average mortgage holder has more than $92,000 more equity than before the pandemic.
Further, the number of homes underwater — meaning, the house is worth less than the amount owed on the loan to purchase the home — rose by 275,000 in the past four months.
Currently, 500,000 are underwater nationwide.
“The vast majority of homes at risk of falling underwater are those that were purchased in 2022 and late 2021, at or near pandemic-era peak prices. While these loans clearly deserve careful, ongoing monitoring, to put that into context, just 3.6% of nearly 53M U.S. mortgage holders are either underwater or have less than 10% equity in their homes — roughly half the share coming into the pandemic.
The Federal Reserve’s fight with inflation, which led to a series of jumbo interest rate hikes, has substantially cooled the housing market after a more than two-year boom.
Home price growth slowed to record levels in September, falling by 2.6 percent from the previous month. Yet Black Knight’s data shows that prices across the country are still high.
Black Knight’s analysis revealed that home values in the nation’s 50 largest markets remain elevated by anywhere from 19 percent to 66 percent since the start of the pandemic.
Global equity markets issue sceptical verdict on Xi’s third term
Investors worldwide issued a sceptical verdict on Xi Jinping’s third term in office, selling shares in Chinese companies after the country’s leader wrapped up a Communist party congress that signalled a shift in focus from the economy to security.
The sell-off began on Monday morning in Asia, where Hong Kong’s Hang Seng Tech index fell 9.7 per cent, a one-day move that matched its largest ever drop. It continued into the US trading day, where several of the most well-known Chinese tech groups listed on Wall Street fell sharply.
Nasdaq’s Golden Dragon index, which tracks US-listed shares in Chinese companies, fell 14.4 per cent as Alibaba, JD.com and Pinduoduo faced heavy selling. The record one-day drop for the index left it down by about 50 per cent this year.
Analysts said that the sell-off was compounded by Beijing’s release of economic data, delayed while the party conference was under way, that showed China’s economy grew by 3.9 per cent year-on-year in the third quarter, below the government’s annual goal of 5.5 per cent.
But they also noted that Xi’s overhaul of the party leadership during the week-long 20th party congress, which ended at the weekend, had given power to loyalists more concerned with China’s geopolitical rivalry with the US than with economic reform.
“The risk is more about groupthink and thought capture and the line about the dire need to struggle with the US,” said Gerard DiPippo, a former senior China economy analyst at the CIA. “It is reasonable from a market perspective that, whatever hope you had of a liberal turn in China, is probably lower now than it was on Friday.”
In the months leading up to the party congress, Xi had shown a growing disregard to economic reform, enforcing strict Covid-19 lockdowns despite its impact on the Chinese economy. He has also launched a regulatory crackdown on some of the country’s fastest-growing technology groups.
“Chairman Xi clearly wanted a team to execute on his vision,” said one US industry executive.
Frank Benzimra, head of Asia equity strategy at Société Générale, said investors had been unsettled by the shift in membership of the party’s top leadership body announced on Sunday, which was stacked with cadres more focused on national security than economic reform.
“While Chinese politics have long been opaque, this sharp consolidation of power is adding to investor unease,” said Mark Haefele, chief investment officer of UBS’s Global Wealth Management. “Equity valuations, already near a 10- year trough, will likely face more pressure if international investors demand a higher risk premium.”
Among the biggest corporate names to suffer in the sell-off was Alibaba, which closed 12.5 per cent lower in Wall Street trading, pushing its shares below the $68 offering price it went public at in New York eight years ago, in what was at the time the world’s largest listing.
The company has increased its revenues more than 14-fold and doubled adjusted profits in the years since its market debut. But shares have been sliding since 2020 after Beijing cancelled the IPO of digital payments affiliate Ant Group, which had been set to raise a record $37bn.
Alibaba’s 80 per cent decline in that period reflects a loss of about $670bn in equity market value. The tech company in August reported its first quarterly revenue decline since its listing in New York.
Monday’s shakeout highlights the mounting challenges faced by China’s largest tech groups since Xi launched a regulatory crackdown on the sector.
One Alibaba employee said the government’s tech crackdown and the sinking share price had sapped “drive and energy”.
“Over the past one to two years people have stopped working hard,” the person said, noting they personally worked about 20 fewer hours a week.
Alibaba’s filings also show the company has shed more than 13,000 positions since the start of the year.
Additional reporting by Nian Liu in Beijing, Patrick Mathurin in London and Eric Platt in New York
US Equity Futures Rise Ahead of Big-Tech Earnings: Markets Wrap
(Bloomberg) — US futures advanced as investors await the next batch of earnings from some of the world’s biggest companies. Treasury yields dipped and the dollar gained.
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Contracts on the S&P 500 and Nasdaq 100 fluctuated before turning green. Twitter Inc. gained as much as 2.1%, narrowing the gap to Elon Musk’s offer price ahead of the Oct. 28 court-issued deadline for the deal.
While the path of US interest rates remains at the center of investors’ attention, their focus this week will also be on earnings of megacap technology companies, among the key profit-growth engines for the S&P 500. The five biggest tech firms by revenue — Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com Inc. and Meta Platforms Inc. — are projected to report the steepest contraction in earnings in three years, data compiled by Bloomberg show.
“It’s clear demand is slowing but so far we’ve seen pockets of tech like software, cloud computing still being quite resilient,” said Laura Cooper, a senior investment strategist at BlackRock International Ltd., on Bloomberg TV. “We will be watching for any signs of cracks coming through that could put a dent to some of these earnings expectations.”
A gauge of dollar strength rose in choppy trading that saw wild swings in the yen amid signs of a second intervention from Japanese authorities in two sessions. British bonds rallied after Boris Johnson pulled out of the race to lead the UK’s ruling Conservative Party, putting former chancellor Rishi Sunak closer to becoming the next prime minister.
The Stoxx Europe 600 Index advanced. Media, travel and leisure and utilities rose, while energy underperformed as oil declined amid souring sentiment over China. Prosus NV slumped more than 11%.
China’s yuan and the country’s stocks tumbled in Hong Kong to the lowest level since the depths of the 2008 global financial crisis even as economic growth data beat estimates. The onshore yuan depreciated as much as 0.4%, while the Hang Seng China Enterprises Index, a gauge of Chinese stocks listed in Hong Kong, plunged more than 5%, with investors spooked by President Xi Jinping’s tightening grip on China’s ruling party. US-listed Chinese stocks including Alibaba Group Holding Ltd. to JD.com Inc. tumbled in premarket trading.
“Market sentiment could remain cautious near-term on China, on concerns of a shift of focus toward more state control versus a market-driven approach under the new leadership team,” said Xiaojia Zhi, the chief China economist at Credit Agricole CIB. “The exit path from zero-Covid is not yet clear.”
Chinese economic data that was delayed last week and published Monday showed a mixed recovery, with unemployment rising and retail sales weakening despite a pickup in growth. Yet Xi’s Covid-zero campaign looks likely to continue to drag on the economy and there has been speculation that his “common prosperity” goal may even lead to property and inheritance taxes.
Key events this week:
-
Earnings due this week include: Apple, Microsoft, Exxon Mobil, Ford Motor, Credit Suisse, Airbus, Alphabet, Amazon, Bank of China, Boeing, Caterpillar, Cnooc, Coca-Cola, HSBC, Intel, McDonald’s, Mercedes-Benz, Merck, Samsung Electronics, Shell, UBS, UPS, Vale, Visa, Volkswagen
-
PMIs for US, Monday
-
US Conference Board consumer confidence, Tuesday
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Bank of Canada rate decision, Wednesday
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ECB rate decision, Thursday
-
US GDP, durable goods orders, initial jobless claims, Thursday
-
Bank of Japan policy decision, Friday
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US personal income, personal spending, pending home sales, University of Michigan consumer sentiment, Friday
Some of the main moves in markets:
Stocks
-
Futures on the S&P 500 rose 0.7% as of 7:41 a.m. New York time
-
Futures on the Nasdaq 100 rose 0.5%
-
Futures on the Dow Jones Industrial Average rose 0.7%
-
The Stoxx Europe 600 rose 1.7%
-
The MSCI World index rose 0.1%
Currencies
-
The Bloomberg Dollar Spot Index rose 0.6%
-
The euro fell 0.5% to $0.9814
-
The British pound fell 0.2% to $1.1283
-
The Japanese yen fell 1.2% to 149.36 per dollar
Cryptocurrencies
-
Bitcoin fell 0.4% to $19,417.05
-
Ether rose 1.5% to $1,350.11
Bonds
-
The yield on 10-year Treasuries declined six basis points to 4.15%
-
Germany’s 10-year yield declined 11 basis points to 2.31%
-
Britain’s 10-year yield declined 24 basis points to 3.81%
Commodities
-
West Texas Intermediate crude fell 1.2% to $84.01 a barrel
-
Gold futures fell 0.2% to $1,653.50 an ounce
–With assistance from Charlotte Yang and Brett Miller.
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©2022 Bloomberg L.P.