Disney is laying off several hundred employees globally, source says
June 2 (Reuters) - Walt Disney (DIS.N), opens new tab is laying off several hundred employees globally in teams including marketing for film and television, publicity, and casting and development, a source familiar with the matter said on Monday.
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Daily Mail
35 minutes ago
- Daily Mail
Jimmy Buffett's 'upset and confused' widow locked in legal row over late singer's $275M fortune
A legal battle is brewing over the estate of late singer Jimmy Buffett. The Margaritaville singers's widow Jane Buffett said in legal docs she believes the co-trustee of the estate is not being forthright about the $275 million in it, according to legal documents reviewed by People. Jane says both the co-trustee Richard Mozenter, as well as an attorney assigned to carrying out the high-profile transaction named Jeffrey Smith, have been 'openly hostile' toward her, according to court docs reviewed by the magazine. Lawyers for Jane Buffett told the court in legal docs that she has on multiple occasions urged Mozenter to 'act responsibly and perform his duties' to no avail. They added, 'Mr. Mozenter has failed to perform even the most basic tasks required of him in his role as co-trustee, including providing Mrs. Buffett with information concerning Trust assets and finances, which has left Mrs. Buffett in the dark with regard to the state of her own finances. 'Along the way, Mr. Mozenter has belittled, disrespected, and condescended to Mrs. Buffett in response to her reasonable requests for information she undoubtedly was entitled to receive.' Jane's legal team told the court that her late spouse initially put together the Trust in 1990 so she would have a nest egg if anything happened to him. Changes were made to the Trust in 2017 and 2023, according to the outlet, which noted that the pair's three kids have shares of the remnant Federal estate tax exemption totaling about $2 million in value. An insider told the outlet that Jane and her confidantes are upset and confused by the drama. 'Jimmy would never have wanted Jane to be treated like this ... I know how close Jimmy and Jane were all these years, and how Jimmy relied upon and trusted Jane around so many of his important decisions in his life and career,' the source said. Jane said that Mozenter was vague and evasive when pressed on details about the estate following the singer's death. 'Rather than help his recently widowed client understand her finances, Mr. Mozenter spent the next 16 months stonewalling and making excuses for why he could not yet provide the requested information,' Jane said in the filing. Jane said that earlier this year, Mozenter put 'shocking' results in front of her, as 'he showed the Marital Trust earning less than $2 million in net income, a remarkably poor return for a Trust with an estimated $275 million in assets.' Jane said that Mozenter advised her to 'consider adjustments' in her budget and possibly sell off real estate, according to the court filing. The filing said 'if the Marital Trust truly earns such a low return consistent with the financials Mr. Mozenter presented, it will confirm that Mr. Mozenter is either not competent to administer the Trust or unwilling to act in Mrs. Buffett's best interests.' Daily Mail has reached out to Richard Mozenter for further comment on the topic. The singer-songwriter, who popularized beach bum soft rock with the escapist Caribbean-flavored song Margaritaville and turned that celebration of loafing into a billion-dollar empire of restaurants, resorts and frozen concoctions died at the age of 76 on September 1, 2023. 'Jimmy passed away peacefully on the night of September 1st surrounded by his family, friends, music and dogs,' a statement posted to Buffett's official website and social media pages said at the time. 'He lived his life like a song till the very last breath and will be missed beyond measure by so many.' The classic song Margaritaville, released on February 14, 1977, quickly took on a life of its own, becoming a state of mind for those 'wastin' away,' an excuse for a life of low-key fun and escapism for those 'growing older, but not up.' The song is the unhurried portrait of a loafer on his front porch, watching tourists sunbathe while a pot of shrimp is beginning to boil. The singer has a new tattoo, a likely hangover and regrets over a lost love. Somewhere, irritatingly, there is a misplaced salt shaker. 'What seems like a simple ditty about getting blotto and mending a broken heart turns out to be a profound meditation on the often painful inertia of beach dwelling,' Spin magazine wrote in 2021. 'The tourists come and go, one group indistinguishable from the other. 'Waves crest and break whether somebody is there to witness it or not. Everything that means anything has already happened and you're not even sure when.' The song - from the album Changes in Latitudes, Changes in Attitudes - spent 22 weeks on the Billboard Hot 100 chart and peaked at number eight. The song was inducted into the Grammy Hall of Fame in 2016 for its cultural and historic significance, became a karaoke standard and helped brand Key West, Florida, as a distinct sound of music and a destination known the world over. 'There was no such place as Margaritaville,' Buffett told the Arizona Republic in 2021. 'It was a made-up place in my mind, basically made up about my experiences in Key West and having to leave Key West and go on the road to work and then come back and spend time by the beach.' The song soon inspired restaurants and resorts, turning Buffett's alleged desire for the simplicity of island life into a multimillion brand. He landed at No. 18 in Forbes' list of the Richest Celebrities of All Time with a net worth of $1 billion. Tributes following the singer's passing came from all walks of life, from Hollywood star Miles Teller posting photos of himself with Buffett to former U.S. Sen. Doug Jones of Alabama, who wrote on X that Buffett 'lived life to the fullest and the world will miss him.' Brian Wilson of the Beach Boys wrote: 'Love and Mercy, Jimmy Buffett' and Paul McCartney called him 'one of the kindest and most generous people.' Buffett's evolving brand began in 1985 with the opening of a string of Margaritaville-themed stores and restaurants in Key West, followed in 1987 with the first Margaritaville Café nearby. Over the course of the next two decades, several more of each opened throughout Florida, New Orleans and California.
Reuters
an hour ago
- Reuters
Citi to cut 3,500 technology jobs in China as part of global revamp
HONG KONG, June 5 (Reuters) - Citigroup Inc (C.N), opens new tab will reduce the number of employees at two of its technology centres in China by about 3,500, the bank said on Thursday, as part of its efforts to simplify and shrink its global tech operations to improve risk and data management. The reduction of staff at the China Citi Solution Centres in Shanghai and Dalian is expected to be completed by the start of the fourth quarter this year, according to a statement issued by the bank. Last month, Reuters first reported that Citi was cutting around 200 information technology contractor roles in China.
Reuters
an hour ago
- Reuters
Gold holds firm as markets await US payroll data for direction
June 5 (Reuters) - Gold prices remained stable on Thursday as investors assessed weaker-than-expected U.S. data and ongoing global economic and political uncertainties, while looking ahead to U.S. payroll data for further economic cues. Spot gold was steady at $3,372.82 an ounce, as of 0210 GMT. U.S. gold futures edged down 0.1% to $3,395.50. "Like most markets at present, gold finds itself in a holding pattern and at the whim of Trump's trade headlines — supported, yet hesitant to trade above this week's high," said Matt Simpson, a senior analyst at City Index. "Volatility is also suppressed while we await comments from FOMC members and Friday's NFP report ... If anything, it points to a stronger jobs change figure, which could weigh on gold." The U.S. services sector contracted in May for the first time in nearly a year, as businesses faced higher input costs amid growing fears of stagflation. Gold gained support after the Federal Reserve reported a slowdown in U.S. economic activity, citing rising costs and prices driven by increased tariff rates since the last policy meeting. Bullion gained additional momentum after U.S. President Donald Trump reiterated his call to Fed Chair Jerome Powell on Wednesday to cut interest rates. The ADP National Employment Report showed that U.S. private employers added in May the fewest number of workers in more than two years, with investors awaiting Friday's nonfarm payrolls report for further clues on the labor market. Trump's doubling of tariffs on steel and aluminum imports took effect, with his administration seeking "best offers" from trade partners to avoid further levies slated for July. Trump described Chinese President Xi Jinping as "extremely hard to make a deal with," highlighting tensions ahead of a long-awaited call between the two leaders this week. Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment. Elsewhere, spot silver fell 1.3% to $34.51 an ounce, platinum rose 0.9% to $1,093.07 and palladium was steady at $1.001.70.
