• Politics
    Deadline

    Susan Rice Sells Netflix Shares Days Before Joe Biden Chooses Running Mate

    Susan Rice, the former national security advisor who is considered a strong contender to be Joe Biden's running mate in the presidential election, has sold shares in Netflix worth $305,323. Her exercising of options was completed on Wednesday, according to an SEC filing late Thursday. Rice has been on the Netflix board since May 2018. […]

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  • Business
    The Wrap

    Disney World Scales Back Hours Amid Disappointing Attendance

    Amid lower than expected attendance since reopening last month, Disney is scaling back its hours at four of its Florida theme parks, including the Magic Kingdom.Beginning in September, Walt Disney World’s Magic Kingdom, Hollywood Studios and Animal Kingdom will each close an hour earlier, while Epcot will cut back by two hours each day. The changes take place Sept. 8 and through October.Disney reopened the Orlando, Florida, theme park-resort on July 11 in hopes of easing the fiscal hit caused by the shutdown of movie theaters and other revenue streams as a result of the coronavirus pandemic. Unfortunately, as Disney Chief Financial Officer Christine McCarthy said during the company’s quarterly conference call with Wall Street analysts on Tuesday, earnings from reopening Disney World fell well short of expectations.Also Read: WarnerMedia CEO Feels No Pressure to Push Films to Streaming Despite Disney's 'Mulan' MoveThe parks division lost out on $3.5 billion in operating income for the three months ending June 27, the company said. Overall, Disney’s parks business pulled in just $983 million during its third quarter, which was an 85% slide compared with the $6.6 billion in revenue the parks earned during the same period last year.“We’ve been able to achieve net contribution at current attendance levels,” McCarthy said during the call, which was live streamed. “But the upside we are seeing from reopening is less than we previously expected due to the continued rise of COVID cases in Florida.”Read original story Disney World Scales Back Hours Amid Disappointing Attendance At TheWrap

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  • U.S.
    Yahoo Finance

    'Impossible to stay quiet': Doctor sounds alarm on messy school reopenings amid the coronavirus pandemic

    The way that schools across America are handling the start of classes amid the ongoing coronavirus pandemic is being watched closely by public health experts, teachers, government officials, and parents.

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  • Business
    Bloomberg

    Mother and Son's $35 Billion Fortune Shrinks on Auto Woes

    (Bloomberg) -- In early 2018, Georg Schaeffler became Germany’s richest person as shares of Continental AG, the car-part maker in which he and his mother -- Maria-Elisabeth Schaeffler-Thumann -- own a major stake, surged in price. At the time, their combined fortune totaled $35 billion.They’re now worth about a quarter of that. That’s partly due to the coronavirus pandemic, which has significantly curbed auto sales, as well as the industry’s broader shift toward electric cars. The Schaefflers ended each of the last two years less well-off than they began, and 2020 may be the same. Both have lost about a quarter of their wealth so far this year, according to the Bloomberg Billionaires Index, a listing of the world’s 500 richest people.Read more: World’s wealthiest family gets $1 billion richer every two weeksWhile they’re still super-wealthy, the slump in the Schaefflers’ fortune is among the biggest on the Bloomberg index and highlights the slowdown in global vehicle production. Georg, 55, and Maria-Elisabeth, 78, also control Schaeffler AG, the German engineering group that has faced similar pressures as Continental. Shares in both companies have tumbled by more than a fifth this year.A spokesman for the Schaefflers declined to comment.Rare SwingSuch swings are rare for multi-generational family fortunes of this size, thanks largely to diversification. While founders can be  single-minded in their pursuits, their heirs often look to reduce risks by branching out into new ventures.  For example, the Mars family began as candy makers but have since pushed into pet-care products, which now comprise about half of annual sales of the business behind their $120 billion fortune. Germany’s Reimann clan have parlayed the proceeds of a chemicals business into a consumer goods empire spanning Krispy Kreme Doughnuts and Panera Bread restaurants.The Schaefflers are now worth $8.5 billion, according to Bloomberg’s wealth index, though the family may have arrangements to protect them against slumping share prices. Other fortunes linked to the auto industry are also suffering during the pandemic. Susanne Klatten and Stefan Quandt, major shareholders of car-maker Bayerische Motoren Werke AG, and Hyundai Motor Group Chairman Chung Mong-Koo have seen their fortunes fall about 10% this year, according to the Bloomberg index.Still, the Schaefflers have bounced back before. Their debt-fueled takeover of Continental forced them to ask for emergency support after credit markets contracted in the 2008 financial crisis, but the company’s share price then surged between 2009 and early 2018. In a sign of another potential rebound, Continental’s shares have climbed more than 50% since mid-March, though the company has said its outlook for the rest of the year remains uncertain.Read more: Continental sales beat estimates, but car supplier is waryContinental, one of the world’s largest supplier of vehicle components, mapped out plans last year for a fundamental overhaul to restore weak profits. The company then announced in March it would explore additional cost cuts and potential plant closures and later said it would cut its dividend payout to save about 350 million euros ($413.5 million). Meanwhile, Schaeffler AG is considering a fresh cost-cutting program to deal with the fallout from the coronavirus pandemic.“We’ve gotten through the first trough, now we need to look at what we can do next,” Schaeffler Chief Executive Officer Klaus Rosenfeld said Tuesday in an interview to discuss first-half earnings. ``“We’re cautiously optimistic that the crisis will slowly abate.’’Wooden HandcartsGeorg’s father and uncle founded Schaeffler -- then called INA-Holding Schaeffler KG -- in 1946 to make wooden handcarts. The company expanded in 1949 after Georg’s father, an inventor, developed a method to make critical machine components more reliable.By the early 1990s, Schaeffler had more than 20,000 workers at plants on three continents. When his father died in 1996, Georg Schaeffler inherited 80% of the ball-bearing business that carries his surname while his mother inherited the rest. Both serve on the supervisory boards of Continental and Schaeffler, which held an initial public offering in 2015 to help pay down its debts.While Georg grew up as the heir to an engineering empire, obtaining degrees in business and law, Maria-Elisabeth studied medicine and never expected to embark on a business career. Born in Prague and raised in Vienna, she was a medical student in the Austrian capital when she met Georg’s father. They married when she was 22, and Maria-Elisabeth eventually became involved in her family’s business affairs.“I grew into it step by step,” she said in a 2001 interview with the German newspaper Welt am Sonntag. “When my son was old enough, my husband and myself decided I should get involved professionally. That’s why I completed -- I must correct myself -- was privileged to complete, an apprenticeship with my husband, which was excellent.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • World
    AFP

    Rescuers shaken by 'blood and death' of India jet disaster

    Indian authorities had practised for years for a jet overshooting the "table-top" runway at Kozhikode airport, but local resident Fazal Puthiyakath was not prepared for the "blood and death" of the real thing. The 32-year-old businessman and his neighbours were first on the scene after an Air India Express plane crashed over the runway down a 10-metre (35-foot) bank and broke in two during a fierce storm late Friday, killing 18 people and injuring more than 120. Kozhikode airport in southern India's Kerala state is considered a potential hazard because it has a "table-top" runway with a steep bank at either end.

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