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Snapchat co-founder, foundation leader launch community-centered fire recovery program

Snapchat co-founder, foundation leader launch community-centered fire recovery program

Yahoo06-02-2025
A group founded by leaders in technology and philanthropy, aimed at bolstering homeowners and businesspeople who otherwise might be forgotten during a prolonged rebuilding effort, has joined the thicket of organizations and high-profile individuals driving Southern California's wildfire recovery.
Evan Spiegel, co-founder of the photo-sharing app Snapchat, and Miguel Santana, chief executive of the California Community Foundation, said this week that they are joining with scores of other groups to form the Department of Angels, whose mission will be to listen to how people in Altadena and Pacific Palisades want to rebuild, then to try to advance that vision with the government and private groups responding to last month's twin calamities.
The Department of Angels joins separate efforts led by developer Rick Caruso, sports and entertainment figures Magic Johnson, Casey Wasserman and Mark Walter, and Times Executive Chairman Dr. Patrick Soon-Shiong, to support what is predicted to be the most expensive natural disaster reconstruction in American history. Another prominent civic leader, real estate developer Steve Soboroff, was named by Los Angeles Mayor Karen Bass as her chief recovery officer.
Questions have been raised about whether the organizations and individuals heading them — some of whom have criticized Bass' initial actions after the fires erupted Jan. 7 — can put aside rivalries and avoid duplicating efforts.
The leaders of the new Angels group, and the others that have formed recently, all pledged to cooperate.
'What's the famous saying? It's amazing how much can get done if you don't care who gets the credit,' said Spiegel, who said the fires had displaced more than 150 Snap Inc. employees. (Snap Inc. owns the Snapchat app.) Sitting across a conference table at the company's Santa Monica headquarters, Santana agreed: 'This is an all-hands-on-deck moment. Instead of thinking about this as competing interests, I think we should think about it as it's going to require all of this, plus a lot more.'
Read more: Rick Caruso launches foundation to help rebuild L.A. after wildfires
Spiegel and Santana, who had worked together previously on COVID-19 relief efforts, convened a meeting last week to kick off the new initiative. Spiegel has gained a reputation for his philanthropy, including his 2022 gift that paid off the debt of every student graduating from the Otis College of Art and Design. Santana has deep ties in government and civic circles, after serving as the top administrator with both the county and city of Los Angeles.
Those who attended the initial Department of Angels gathering included residents of both the Palisades and Altadena, religious leaders, businesspeople, academics and philanthropists. Also taking part were Tim Cadogan, chief executive of GoFundMe; Soon-Shiong, a surgeon and biomedical entrepreneur; and Maria Salinas, the top official at the Los Angeles Area Chamber of Commerce.
They were joined by individuals who led fire recovery efforts in Northern California and other communities.
The California Community Foundation, Snap Inc., Spiegel and Snapchat co-founder Bobby Murphy have committed a total of $10 million in seed money to get the Department of Angels started.
Spiegel already donated $5 million to a group of four universities, including Harvard and UCLA, that will study the short- and long-term impacts of the fires on air and soil quality and human health.
The Department of Angels founders said they plan to meet for years with people in Altadena, Pasadena, Pacific Palisades and Malibu. They added that staffers will then help answer questions and break through the bureaucracy, while conveying the needs of locals to insurance companies and recovery agencies such as the Federal Emergency Management Agency, the Environmental Protection Agency and the Army Corps of Engineers.
'The Department of Angels is not a government or private-sector initiative; it is a grassroots, community-driven network focused on ensuring impacted residents have control over their recovery,' a statement from the group said.
The group said it might support a 'block captain' model adopted following the Santa Rosa fire of 2017, in which neighborhood leaders took charge of much of the recovery effort. Department of Angels staff members, yet to be hired, would then help the block-level groups navigate insurance, planning or government hangups.
It 'takes more than brick and mortar construction to rebuild communities,' the group said. 'It requires community organizing and sustained attention.'
It is the latest effort by prominent Angelenos to help lead the recovery.
Soon-Shiong said in a full-page announcement in The Times that he had formed a Leadership Council to get private sector leaders into the rebuilding effort. In an interview Tuesday, he said Robert A. Bradway, chief executive of biotech giant Amgen, helped conceive the idea and he has asked several others, including Gene Sykes, a former chief executive of the 2028 Los Angeles Olympics, to join the effort.
Soon-Shiong said his group will focus in part on bringing 'subject matter experts' to assure that the best practices from science and other fields are applied to the rebuilding. He called his 'greatest concern' assuring support for less financially secure residents of Altadena.
The Times' owner said his group, which is in the formative stages, stands ready to help the others, and that he wants his news outlet to be a resource for the public about recovery programs, while also continuing to study what went wrong in the initial fire response.
On Monday, Caruso introduced the Steadfast LA foundation to the rebuilding ecosystem. He committed unspecified 'millions' of dollars and said his group will focus intensively on clearing hurdles to reconstruction.
'I think it's great, the more people who are leaning in and shining a light on the issues, that can't be anything but good,' Caruso said. 'There's no sense of ownership. Everybody just wants to reach the end goal. How we get there, or who gets credit for it doesn't matter, certainly not to me.'
California Gov. Gavin Newsom announced his rebuilding initiative on Jan. 28. LA Rises is headlined by Walter, the Los Angeles Dodgers chairman; Johnson, the Lakers legend turned entrepreneur and part-owner of the Dodgers; and Wasserman, the entertainment industry super agent who leads the Olympics organizing body LA28.
Walter said the Dodgers' foundation would provide as much as $100 million to jump-start LA Rises fundraising. The group said it hoped to attract more donations and to provide a place for the kind of inspired altruism that emerged after the fires.
Read more: Trump surveys Pacific Palisades devastation: 'It's incredible. It's really an incineration'
In late January, President Trump also waded into the rebuilding question, suggesting that he would appoint a federal commission to oversee the effort, but he hasn't clarified what that group would do or who would serve on it.
Previous disaster recoveries have required multibillion-dollar interventions by the state and federal government. Trump has sent mixed signals on that front, both saying he would get the problem "fixed" and that he would hold up federal money until California imposes a photo identification requirement on voters.
Perception of the efforts may be shaded by the possible political ambitions of the principals.
Newsom's name repeatedly comes up in discussions of potential 2028 presidential candidates. Caruso, who lost the 2022 mayor's race to Bass, is thought by some to be positioning to run again, or to run for governor. That provokes speculation about how much electoral politics might play into the responses.
Caruso made it clear that he does not plan to let up on his criticism of Bass' initial fire response, even as he tries to work with the city in rebuilding. Trump and Times owner Soon-Shiong also continue to be critical of the mayor. "The Private Sector Must Lead the Rebuild" because "government moves too slowly," Caruso said Wednesday in posts on X.
Ten days after the fires began, Bass appointed Soboroff — previously associated with major developments such as Playa Vista, Staples Center (Now Crypto.com Arena) and the Alameda Corridor rail expansion — to work with her and city departments on reconstruction.
Bass and Soboroff haved said they welcome the growing ranks of fire recovery groups, regardless of who leads them, or what they have said about the mayor.
'I would rather have too many rather than too few,' Soboroff said. 'I applaud what people are doing, whether their intentions are 100% pure or 95% pure.'
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This story originally appeared in Los Angeles Times.
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China's Mounting Debt Could Spell Trouble for Economy
China's Mounting Debt Could Spell Trouble for Economy

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China's Mounting Debt Could Spell Trouble for Economy

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Countries with rapidly aging populations will see the shift in demographics increasingly impact their economies in the decades ahead. The pressures will especially drag on nations with high government debt burdens, including the world's top two economies, the United States and China, according to a recent analysis by independent global advisory firm Oxford Economics. Newsweek reached out to the Chinese Embassy in Washington, D.C., and the U.S. Treasury Department via email for comment. Demographic Headwinds High debt levels can constrain governments, limiting room for bolder fiscal action—especially in downturns tied to demographic headwinds, which include a shrinking workforce. Oxford Economics forecasts this could slash China's potential, sustainable economic growth roughly in half by the 2050s. Over the same horizon, the share of people aged 65 and over is projected to rise by more than 50 percentage points above 2010 levels by 2060 (versus around 10 points in the U.S.). A man walks past the front of the Bank of China headquarters in Beijing on June 11, 2025. A man walks past the front of the Bank of China headquarters in Beijing on June 11, 2025. Adek Berry/AFP via Getty Images Meanwhile China's median age, now 40, is projected to rise to 52—about 16 years above the global average—while the U.S. is expected to stay around 41, according to the 2024 U.N. World Population Prospects The rising proportion of seniors, along with China's low birth rate and a lack of significant immigration to offset it, is expected to strain its modest social safety net and shift more of the burden onto a shrinking pool of workers. "Soaring pension and health care expenses are the biggest policy challenge of the 2020s in all advanced economies and most emerging ones," Vincent Deluard, director of global macro strategy at financial services firm StoneX Group, told Newsweek. China's Toolkit International Monetary Fund data put the debt-to-GDP ratios at 123 percent for the United States and 84 percent for China. But while China's demographic outlook is daunting, analysts says Beijing currently has more tools at its disposal than its American rival to limit the damage, analysts say. Deluard said four major structural differences set China apart: accelerated aging after the one-child policy and rapid urbanization; low statutory retirement ages; "delayed" baby booms in the 1960s and 1980s; and a very high savings rate with little foreign debt. "All that means that China's long-term problem is worse due to demography, but that it has more levers to manage it in the short term," he said. "China can mobilize its large pool of domestic savings, which the U.S. does not have." He also observed that this year China began gradually raising statutory retirement ages, which are low by international standards.

How McDonald's big bet on Pokémon cards ended with 24 hours of grown men fighting, pigeons snapping up fries, and scalpers cashing in
How McDonald's big bet on Pokémon cards ended with 24 hours of grown men fighting, pigeons snapping up fries, and scalpers cashing in

Business Insider

time19 minutes ago

  • Business Insider

How McDonald's big bet on Pokémon cards ended with 24 hours of grown men fighting, pigeons snapping up fries, and scalpers cashing in

Not all McDonald's promotions are created equal. This week, the fast food chain hit the jackpot in Japan with the help of colorful trading cards emblazoned with Pikachu the lightning rat, the source of much millennial nostalgia. The fast food chain announced that from August 9 to 11, customers could snag an exclusive pack of Pokémon cards with every Happy Meal purchase. Each set was priced at roughly 500 yen, or $3.50, with a five-meal-per-person limit. But before the first day was over, McDonald's pulled the plug on the promotion. The deal had morphed into a chaotic sprint for superfans and scalpers alike. In a press release on August 11, McDonald's confirmed that the campaign had resulted in customers buying large quantities of the meals for resale, which led to congestion in stores and food waste. "McDonald's does not tolerate the purchase of Happy Meals for the purpose of resale, or the abandonment or disposal of food," the release said, adding that it would impose stricter purchase limits in the future. McDonald's did not respond to a request for comment from Business Insider. From meltdowns to pigeons on fries Soon after the promo launched on August 9, social media feeds were filled with surreal scenes: bags of Happy Meals abandoned in stores, piled outside outlets, or stuffed into bike baskets. Buyers were snapping up multiple Happy Meals for the exclusive cards, often ditching the food. #マクドナルド #日本マクドナルド #アンハッピーセット 商売繁盛おめでとうございます 廃棄されることが自明のセット作るの 店員の皆さまは楽しかったですか? #フードロス削減 だの ウソ発信しないでくださいね #マクドナルド不買運動 — チャーニー11 (@SkE3eyFOzdSnwME) August 10, 2025 Kiko Ochoa-Beovides and Madison Hodges told Business Insider they snapped up around 20 Happy Meals to collect the toy sets and Pokémon cards. They hadn't expected to find any. On Sunday, the pair stopped by a McDonald's on the Yokosuka Fleet base, on the outskirts of Tokyo, and were surprised to find cards in stock. "We called everywhere and they were completely sold out," said Ochoa-Beovides, 22, an American who moved to Yokosuka in May. Hodges, 21, who moved to Japan last August, added: "As soon as they told us they had them in stock, we went right over." They bought 15 meals on their first trip, then returned two hours later for another 10. They ended up with so much food that they drove around handing out free Happy Meals to make sure nothing went to waste. They told Business Insider that the restaurant let them place unlimited orders. Others weren't as charitable. A video posted on Saturday — the first day of the promo — showed two people dumping multiple bags of Happy Meals straight into the trash. #マクドナルド #ハッピーセット ハッピーセット転売したいんか知らんけど毎度のことやけど買い占めの度を超えてない?ほんでバーガーは捨てるってモラル欠如しすぎやろ、まじでどうにかして欲しいわ。もったいない😞 — みあき (@APEXsaikooou39) August 9, 2025 Some customers took to social media to gripe about snaking queues and hourlong waits. "There was a huge line, far surpassing the time of Chiikawa," X user "hinoko" wrote on X on Saturday, referring to McDonald's Japan's tie-in with the popular rabbit-like anime character. "I waited for nearly an hour, with people in line getting irritated," they wrote. In some cases, the frustration reached a boiling point. At one outlet in Japan, two men — one of them juggling armfuls of McDonald's bags — got into a heated argument. A video of the altercation, posted on Saturday, went viral on TikTok, racking up about 11 million views by Thursday. @satou19880303 マクドナルドでポケモンハッピーセット1人5セットなのに40個買った人に注意してた人まぢ勇者 #バズれ ♬ オリジナル楽曲 - 三杯目ひかる⭐️⭐️⭐️ - 三杯目ひかる⭐️⭐️⭐️ The chaos also spilled into the online resale hours, the Pokémon cards — and even the untouched meals — were listed on resale sites for as much as 2,000 yen, nearly four times the original price. On Thursday, Business Insider saw dozens of Pokémon card listings on Mercari, Japan's largest online resale marketplace, with some priced as high as 3,000 yen. 朝マック買いに行ったらこれ。 店前にも100人以上並んでる。 あかんやろこれ。。。 ちなみに日本語は聞こえない。。。 #マクドナルド #ハッピーセット #ポケモンカード — プ〜やん🐷3連系ニキ🐷 (@pooh_yan0131) August 8, 2025 The frenzy moved from human hands to pigeon beaks. A viral post on Sunday showed pigeons on the usually impeccable streets of Shibuya pecking at food scraps on the pavement next to crumpled McDonald's bags. "Early morning chaos in Shibuya. 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He said it drew in customers of all ages, from children to nostalgic adult collectors. Frenzy is an effect that is "incredibly hard to achieve," said Gibb. "McDonald's has tapped into a brand with super fandom at a period in time where collectability is at its sheer peak," Gibb added. Pokémon has had generations of fans since its debut in the late 1990s, said Ryan Hoge, the president of Professional Sports Authenticator, a trading card grading company. "Now, those original fans are in their 30s and 40s, have disposable income, and are sharing their fandom with their children," Hoge said. "It's become a generational hobby and connection point." The promotion was launched shortly after McDonald's reported strong second-quarter results. Same-store sales in its international developmental licensed markets segment grew by more than 5.5%, led by Japan. Tapping into a booming collectible market Trading cards — and the collectibles industry at large — are red-hot now. Adam Goulston, Japan's strategic advisor for the Singapore-based public relations and marketing agency Ellerton & Co., told Business Insider that the real target of the Happy Meals trading cards was collectors and resellers, for whom the meals were a "very cheap way to acquire limited-edition inventory for resale." Buying and selling trading cards is made easy by platforms like Mercari in Japan and eBay outside Japan, Goulston said. The McDonald's Pikachu card will hold value because of collectors who chase specific characters, Hoge said. He said Pikachu is arguably one of the most popular Pokémon card characters of all time. There's also a sprawling industry to hold up the resale value of these cards — and big money in it. Some Pokémon cards have been sold for millions. In 2022, the YouTuber Logan Paul clinched a Guinness World Record for the most expensive Pokémon card sold in a private auction, having paid $5,275,000 for his PSA 10 Pikachu Illustrator card. Collectibles of all sorts are also flying off the shelves. A consumer group called "kidults" — who go all in on board games, figurines, and plush toys like Labubu — is fueling the growth of the toy sector. Madness might leave a 'sour taste' for McDonald's, brand experts say The Pokémon Happy Meal frenzy could still lead to trouble for McDonald's. The Japanese care about social etiquette and reducing food waste — and this isn't a good look. Gibb from Monogic said the chaos may have left "a sour taste" in the mouths of its Japanese consumer base. However, Guy Llewelyn, a professor at EHL Hospitality Business School in Singapore, said the collaboration was a net positive for McDonald's. "The equity gained from the promotion will outweigh the short-lived surge of negative press on wasted food and long lines," Llewelyn said. "Customers see the collaboration as a short-lived, isolated event, and not a systemic failing of the brand."

How Disney (DIS) Turned the Corner to Become a Winner Again
How Disney (DIS) Turned the Corner to Become a Winner Again

Business Insider

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How Disney (DIS) Turned the Corner to Become a Winner Again

Walt Disney (DIS) stock has been trading virtually flat this year and has lost some momentum recently after reporting its fiscal Q3 results last week. This short-term weakness can likely be attributed to a revenue miss, despite a solid EPS beat. Disney's path has been relatively consistent when it comes to keeping its streaming direct-to-consumer business profitable and growing. However, the pace has been a bit uneven in the eyes of the broader market. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. On the bright side, the company has done a great job controlling costs across the board, and the theme parks segment delivered strong performance—so much so that management raised its full-year guidance. With valuations looking significantly less risky compared to both their own historical averages and those of key peers, and fundamentals remaining solid—even if DTC growth hasn't been as explosive as the market hoped—I would say Disney is at a prime stage for a Buy rating. The current stock price already factors in many of the challenges and uncertainties the market has, but it also opens a window of opportunity for those (like me) who believe Disney can keep delivering steady, long-term profits. The Disney Backstory Just to recap, it's important to remember how Disney's story looked not too long ago. When Disney+ launched during the COVID-19 pandemic, the stock shot up to $200 per share. Investors were hyped about the rapid subscriber growth—tens of millions of users in just a few quarters—and it felt like streaming was going to take over entertainment forever. In those early days, the market cared way more about subscriber numbers and user growth than whether Disney was actually making money from streaming. The whole story was about scale and grabbing market share. But reality hit pretty fast. Streaming services are expensive to build and run, and Disney was burning a lot of cash investing in original content and tech. At one point, the direct-to-consumer segment was losing roughly $1 billion every quarter, so the focus shifted to when Disney would finally turn that segment profitable. Meanwhile, cable TV was losing subscribers, which raised concerns about Disney's traditional TV businesses like ESPN and its media networks. And don't forget the parks and experiences segment—a major cash cow for Disney—which took a massive hit during COVID. Even after reopening, visitor numbers bounced around, making people wonder if demand might have changed for good. The Disney Snapshot Today After the reality check that sent Disney's stock tumbling from nearly $200 to under $80 in late 2023, it's now trading at ~$112 per share, which feels more in line with where the company stands today. The direct-to-consumer (DTC) segment is now profitable and still growing. In the last quarter (fiscal Q3), Disney+, Hulu, and ESPN+ combined to post around $346 million in operating profit, with the DTC segment hitting an operating margin of about 6%. Revenues in this segment also grew about 6% last quarter, according to TipRanks data. Disney even raised its full-year guidance, now expecting operating income of $1.3 billion, up from $1 billion previously. Subscriber growth remains solid, but there's some skepticism since growth is slowing down—revenue grew 8% year-over-year in fiscal Q2, but only 6% this past quarter. Competition in streaming is heating up, and content fatigue is setting in. Disney leans heavily on sequels and remakes, which feel tiring compared to competitors like Netflix (NFLX) that offer a wider range of fresh, original content. This has contributed to Disney's fading dominance at the box office. Theme parks (the experiences segment) are still doing well, with operating margins around 28%, revenue growth at 8% year-over-year, and profits up 13% in the same period. While important for Disney's overall results, the market's main focus remains on DTC since parks require heavy capital investment and are more cyclical. So even though the experiences segment is strong, it can't fully make up for slower DTC growth. Given that, I'm not surprised to see such a muted market reaction to Disney's recent results. It also helps explain why Disney has underperformed peers like Netflix (NFLX) and Warner Bros. (WBD) over the past year. Disney Shifts Focus to Profitable Growth Looking ahead, it's clear Disney is moving away from the 'growth at all costs' mindset and focusing more on sustainable profits. Bundling streaming services helps reduce churn and gives Disney more pricing power while keeping costs under control. For example, over the last nine months, Disney's revenues grew about 4.6%, while expenses increased only 1.9%, which sets the stage for more positive margin revisions. The recent plan to launch a standalone ESPN app, aimed at sports fans who want a more personalized and interactive experience, also puts Disney front and center in the live sports TV space. That said, Disney's growth story still depends on steady investment in high-quality original content and franchises, balancing pricing on streaming and sports, and turbocharging its parks. After years of just fixing problems, the company is now able to 'play offense' and move into a genuine 'building phase.' The interesting part is that, since Disney is basically in a 'reset' stage, these initiatives are piling up and starting to pay off. That makes its current stock price a pretty good buying opportunity. Disney still trades at a relevant premium— around 17.6x P/E versus a sector median of 4.5x —mainly because of its diversified business model and strong IP (intellectual property). That premium is also way lower than the multiples for main streaming peers like Netflix and Warner Bros. The better news is that Disney's earnings multiple is much less risky now compared to its average P/E of 30.5x over the past year and 26x in the last eight months. Is Walt Disney a Buy, Sell, or Hold? The consensus among analysts on Disney stock is overwhelmingly bullish. Over the past three months, 19 out of 21 analysts have rated the stock as a Buy, while only two have recommended Hold. Disney's average stock price target is $136.60, implying about 17% upside from the current stock price. Disney Finds Its Footing, But Caution Is Warranted Disney stock is no longer a slam dunk. The market now values the company more realistically, reflecting its current position. Profitability in its direct-to-consumer (DTC) segment is genuine, and growth is underway—though not spectacular—but questions remain about whether these gains can endure amid intensifying streaming competition and persistent headwinds in its linear, content, and legacy businesses. On the positive side, valuations appear reasonable. With fundamentals recently reset, Disney is well-positioned to go on the offensive in its experiences segment while sustaining solid DTC profitability. Overall, I'd rate Disney as a cautious Buy at this stage.

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