Connect with us

Business

Exclusive: Disney fires TV content chief Peter Rice in abrupt shakeup

Published

on

Disney fires TV content chief Peter Rice in abrupt shakeup



#Disney #fires #content #chief #Peter #Rice #abrupt #shakeup

Peter Rice, then-chairman and chief executive officer of Fox Networks Group Inc., speaks at the Milken Institute Global Conference in Beverly Hills, California, May 3, 2017.

David Paul Morris | Bloomberg | Getty Images

Disney has abruptly fired Peter Rice, its most senior television content executive, multiple sources told CNBC Thursday.

Rice didn’t know the firing was coming, according to a person with knowledge of the matter.

It was not immediately clear what led to Rice’s sudden departure from the company. According the the New York Times, Rice was “an ill fit with Disney’s corporate culture.” Other sources told Variety that the abrupt decision was strategy-related and had nothing to do with any personal behavior of Rice’s.

One source told CNBC that Rice was seen as a possible candidate to succeed CEO Bob Chapek as Disney’s chief executive. Rice is well-like and respected in Hollywood, and his ouster is “unheard of” and “sizeable,” the source said.

His contract was re-upped in August 2021 and set to run through 2024. Rice was given an undisclosed payout, a source familiar with the matter said.

Rice has more than three decades of experience in the entertainment industry and rose up through the ranks at 21th Century Fox. When the company’s sale to Disney was finalized in 2019, Rice joined Disney’s team. Dana Walden, who also made the transition from Fox to Disney, will take over his duties.

Disney confirmed the elevation of Walden, effective immediately. Rice did not immediately respond to CNBC’s request for comment.

Advertisement

The firing comes as Disney is aggressively working to expand its streaming audience. Rice oversaw 20th Television, ABC Entertainment, ABC News and FX, among other brands.

Disney’s board expressed support for Chapek, who delivered the news to Rice earlier this week.

“The strength of the Walt Disney Company’s businesses coming out of the pandemic is a testament to Bob’s leadership and vision for the company’s future,” Susan Arnold, chairwoman of Disney’s board, said in a statement. “In this important time of business growth and transformation, we are committed to keeping Disney on the successful path it is on today, and Bob and his leadership team have the support and confidence of the board.”

— CNBC’s Julia Boorstin and Alexander Sherman contributed to this report.

Business

Exclusive: Small Businesses Are Facing Crippling Amounts of Paperwork. It'll Likely Only Get Worse – TalkOfNews.com

Published

on

By

Small Businesses Are Facing Crippling Amounts of Paperwork. It'll Likely Only Get Worse

#Small #Businesses #Facing #Crippling #Amounts #Paperwork #It039ll #Worse

If you think you are pushing more paperwork than ever, you’re not alone. According to a new Small Business Index report released this week from MetLife and U.S. Chamber of Commerce, 37 percent of business owners say they are spending more time on licensing, compliance, or other government requirements; that’s vs. 29 percent last quarter. 

The papers started piling up during the pandemic, as businesses started applying for funds through government relief programs such as the Paycheck Protection Program and employees starting requesting more sick leave due to Covid. While that seems reasonable enough, the time businesses are spending on forms and compliance is still likely to increase in the months ahead as federal agencies are seeking to implement more rules and enforce those already in effect.

In March the Securities and Exchange Commission (SEC), proposed rule changes that require registrants to include certain climate-related disclosures in their registration statements and quarterly reports, including information about climate-related risks. Small businesses say the regulator’s proposal on climate disclosures will saddle them with a compliance burden they won’t be able to handle, according to the Wall Street Journal. While small companies normally don’t fall within the SEC’s purview, they fear that they will be forced to cough up heaps of information on their roles, however small, in emitting carbon because the SEC wants large public companies to catalog emissions in their entire supply chains.

“Small and independent businesses cannot afford the experts, accountants and lawyers needed to comply with complex government reporting regimes,” the National Federation of Independent Business said in a comment letter filed with the SEC.

Additionally, the Federal Trade Commission (FTC), and the Consumer Financial Protection Bureau (CFPB) are creating more rules and regulations. In April Director Rohit Chopra told the Senate Committee on Banking, Housing, and Urban Affairs that the CFPB will “dramatically increase its issuance of guidance documents, such as advisory opinions, compliance bulletins, policy statements, and other publications,” to ensure businesses follow regulations. For small businesses without full HR staffs or legal teams to keep up with the added paperwork and unnecessary red tape and regulations, these changes can come as a harsh reality.

“[Small businesses] are wading through a seemingly never-ending debate of rule changes and shifting incentives that threaten their fundamental abilities to create, build, and grow the enterprises that will power our economy forward,” said Joe Shamess, General Partner at Flintlock Capital, during testimony before the House Small Business Committee in a hearing on veteran entrepreneurship in June 2022.

Meanwhile, a rare opportunity to overturn the federal government’s ability to police corporations is starting to materialize. Some regulations watchers suggest that the recent Supreme Court of the United States decision in which the Environmental Protection Agency was ruled to have overstepped its authority to curb power plants’ carbon emissions could fuel an easing of red tape in other instances. Similar cases involving the Clean Water Act, among others may follow similar precedent. 

Advertisement
Continue Reading

Business

Exclusive: Bank of England's Bailey warns global economic outlook has 'deteriorated materially' – TalkOfNews.com

Published

on

By

Bank of England's Bailey warns global economic outlook has 'deteriorated materially'

#Bank #England039s #Bailey #warns #global #economic #outlook #039deteriorated #materially039

Andrew Bailey, governor of the Bank of England, has said the global economic outlook has deteriorated materially after surging commodity prices pushed up inflation around the world.

Bloomberg | Bloomberg | Getty Images

LONDON — The governor of the Bank of England said Tuesday that the global economic outlook has “deteriorated materially” and warned of possible further shocks to come.

Andrew Bailey blamed Russia’s invasion of Ukraine for piling further pressure on commodity prices and already rising inflation, and said that further resilience is needed to mitigate future risks.

“The global economic outlook has deteriorated materially,” Bailey said at a briefing at the Bank of England.

“It is the right time to lock in resilience so that we are well prepared for future possible shocks,” he added.

The warning came as the central bank published its Financial Stability Report Tuesday, in which it outlined a number of risks to the U.K.’s economic outlook. Those include ongoing disruption to food and energy markets as a result of the war, high household and government debt, as well as the continued impacts of Covid-19 in China.

We expect households and businesses to become more stretched over coming months.

Andrew Bailey

Advertisement

governor, Bank of England

The BOE, alongside other central banks, has been raising interest rates in a bid to bring down high prices. However, Bailey acknowledged that this had made the economic landscape harder for households and businesses, and that there was little sign of let up in the near-term.

“These higher prices, weaker growth and tighter financing conditions will make it harder for households and businesses to repay or refinance debt,” he said.

“Given this, we expect households and businesses to become more stretched over coming months. They will also be more vulnerable to further shocks,” he said.

BOE lifts banking capital demands

The comments came as the Bank on Tuesday lifted its countercyclical capital buffer rate (CCyB) for banks from 1% to 2%, starting in July 2023. Central banks increase the regulatory capital demand when they believe risks are building up.

Bailey said the Bank’s Financial Policy Committee would be willing to continue readjusting the rate as needed.

“Given considerable uncertainty around the outlook, the FPC will continue to monitor the situation,”  he said. “We stand ready to vary the UK CCyB rate — in either direction — depending on how risks develop.”

In sharp contrast to the financial crisis, it is in a position to cushion the economic shocks, not add to them.

Andrew Bailey

governor, Bank of England

Bailey also said the BOE would move ahead with its annual stress test in September, evaluating the U.K. banking system’s ability to handle various potential risks, including higher interest rates, asset price falls and “deep” recessions.

However, he added that the sector looks generally strong and that lenders are much better placed now than during the 2008 Global Financial Crisis to handle a severe economic downturn.

Advertisement

“The economic outlook is uncertain and undoubtedly a very challenging one for many households and businesses,” he said.

“The banking system is resilient to that outlook, however, or even a much worse one. In sharp contrast to the financial crisis, it is in a position to cushion the economic shocks, not add to them.”

Continue Reading

Business

Exclusive: Twitter sues India’s government over content takedown orders – TalkOfNews.com

Published

on

By

Twitter sues India’s government over content takedown orders

#Twitter #sues #Indias #government #content #takedown #orders

Twitter has sued the Indian government to challenge some of its takedown orders, a source familiar with the matter told TechCrunch, further escalating the tension between the American social giant and New Delhi.

In its lawsuit, filed Tuesday in Karnataka High Court, Twitter alleges that New Delhi has abused its power by ordering it to remove several tweets from its platform.

The lawsuit follows a rough year and a half for Twitter in India, a key overseas market for the firm, where it has been asked to take down hundreds of accounts and tweets, many of which critics argue were objected because they denounced the Indian government’s policies and Prime Minister Narendra Modi.

Reuters first reported the lawsuit. A Twitter spokesperson declined to comment.

Twitter has partially complied with the requests, but sought to fight back many of the challenges. Under India’s new IT rules, which went into effect last year, Twitter has little to no room left to individually challenge the takedown orders.

The tension between the two was apparent on May 24 last year, when Delhi police, controlled by India’s central government, visited two offices of Twitter — in the national capital state of Delhi and Gurgaon, in the neighboring state of Haryana — to seek more information about Twitter’s rationale to label one of the tweets by ruling partly BJP spokesperson as “manipulated media.”

Delhi police said it had received a complaint about the classification of the spokesperson’s tweet and visited the offices to serve Twitter India’s head a notice of the inquiry. In a statement, the police said Twitter India’s managing director’s replies on the subject had been “very ambiguous.”

Twitter at the time described the episode as “intimidation.”

Advertisement

The company has “concerns with regards to the use of intimidation tactics by the police in response to enforcement of our global Terms of Service, as well as with core elements of the new IT Rules,” it said.

Twitter India managing director resigned from the firm last year.

Twitter is not the first tech giant to sue the Indian government. WhatsApp sued New Delhi last year, challenging new regulations that could allow authorities to make people’s private messages “traceable,” and conduct mass surveillance.

It’s unclear if the new lawsuit will have any impact on Twitter’s proposed acquisition by Elon Musk. Musk’s Tesla has been attempting to enter the Indian market for several years but wants the government to let it first sell and service imported cars first.

Continue Reading

Exclusive

Copyright © 2022 Talk Of News.