FCC to open probe into NBC-parent Comcast over promotion of DEI programs
"The FCC will be taking fresh action to ensure that every entity the FCC regulates complies with the civil rights protections enshrined in the Communications Act... including by shutting down any programs that promote invidious forms of DEI
discrimination," the letter to Comcast CEO Brian Roberts.
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Yahoo
9 minutes ago
- Yahoo
Novo's new CEO faces sceptical investors with Wegovy US sales in focus
By Maggie Fick and Jacob Gronholt-Pedersen LONDON (Reuters) -Novo Nordisk's new CEO Maziar Mike Doustdar has been handed the reins to turn around the Wegovy-making firm's flagging sales growth and sliding share price. He first will need to win over sceptical investors. Doustdar, an Iranian-born Austrian national who grew up in the United States, is a company man. He joined Novo in 1992 as an office clerk in Vienna, rising through the ranks to head all commercial units globally - minus the U.S. "The company needs to address recent market challenges with speed and ambition," Novo Nordisk Chair Helge Lund said in a statement on Tuesday. "Mike has a clear vision of how to unlock the full potential of the opportunities ahead." Investors aren't so sure, worried that Doustdar's lack of U.S. experience will hinder his ability to turn things around in Novo's top market and take the battle to tough U.S. rival Eli Lilly. Novo, which became Europe's most valuable listed firm after the launch of Wegovy in 2021, has seen its shares slump since mid last year, which led to the abrupt removal in May of CEO Lars Fruergaard Jorgensen. On Tuesday the shares plunged more than 20%, knocking some $70 billion off the group's market cap. "When the stock falls as much as it has, people want to see change," said Barclays analyst Emily Field, adding that her sense was that "people are not happy" with the choice of CEO because it was not a big enough renewal. "My understanding is that he has never had U.S. operational experience, and the U.S. is all that matters." Novo - once worth as much as $615 billion, and now nearer $240 billion - has faced rising competition and been hit by copycat rivals to its weight-loss drugs, especially in the critical U.S. market, which led to a sharp profit warning earlier on Tuesday. In early calls with analysts and journalists, Doustdar said that there was an "urgency" to do things differently. "I don't like it," Doustdar said when asked about the share price plunge. "I don't like it as an employee, I don't like it as a CEO-elect, and I certainly don't like it as a shareholder myself. But setbacks don't define companies. Our response does." Jefferies analysts said they were surprised by the appointment of Doustdar, noting that feedback had suggested a preference for an external candidate. "I don't see this as super positive," said Lukas Leu, portfolio manager at Bellevue Asset Management, a Novo shareholder. Markus Manns, a portfolio manager at another shareholder, Union Investment, added there was "slight disappointment". "People had hoped for an external candidate," he said. Board chair Lund said external and internal candidates had been considered in the CEO search, and Doustdar had emerged as the leading candidate in part because he knows the company and its strengths and weaknesses. "He can respond and take actions on those, I think, quicker than anyone could do coming from the outside," Lund said.
Yahoo
9 minutes ago
- Yahoo
Kering's quarterly sales weaker than expected, Gucci down 25%
By Mimosa Spencer and Tassilo Hummel PARIS (Reuters) -Kering, the French group that owns fashion labels Gucci and Saint Laurent, reported on Tuesday a 15% drop in quarterly revenues, falling short of market expectations as the luxury sector grapples with a prolonged slump. Sales in the second quarter totalled 3.7 billion euros ($4.3 billion), down 15% on a comparable basis, missing a Visible Alpha consensus estimate among analysts for a 13% drop cited by UBS. Gucci, which accounts for the bulk of group profits, reported sales of 1.46 billion euros, down 25% year on year. Kering, whose shares have lost around 60% of their value over the last 24 months, has struggled with falling sales for over two years. Last month, it said it had hired former Renault CEO Luca de Meo as its next chief executive from September. A newly-agreed 15% tariff rate on all European Union exports to the United States, a key market where Kering makes over 20% of its sales, will add to headwinds. "The tariff impact is perfectly manageable for us", Armelle Poulou, Kering's finance chief, told journalists. Kering's brands, which also include smaller labels Bottega Veneta and Balenciaga, have already raised prices globally and more specifically in the United States, where Poulou said the company was taking a measured approach with a close eye on consumer sentiment. "There could be a second wave of price adjustments in the autumn", she said. The French group controlled by the billionaire Pinault family reduced its net debt in the first half of the year to 9.5 billion euros from 10.5 billion at the end of last year, largely due to real estate sales.
Yahoo
an hour ago
- Yahoo
JPMorgan nears deal to take over Apple's credit card program, WSJ reports
(Reuters) -JPMorgan Chase (JPM) is in advanced talks to take over Apple's (AAPL) credit card program from Goldman Sachs, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. Talks between the largest U.S. bank and the tech giant began last year, as Goldman sought to unwind a partnership that had once been a cornerstone of its consumer banking strategy. JPMorgan and Goldman (GS) declined to comment on the WSJ report, while Apple did not immediately respond to a Reuters request for comment. The deal would further entrench JPMorgan in the credit card business and add to a string of victories for CEO Jamie Dimon, who has built the bank into a dominant force across retail banking and Wall Street businesses. The bank is among the top credit card issuers in the United States, and competes closely with rivals such as American Express and Capital One. Launched in 2019 with Goldman, the Apple card offered perks such as no fees and cashback, but the bank's struggles in consumer banking prompted a rethink of the partnership. Since then, Goldman has pivoted to its traditional mainstays of investment banking and trading. Barclays and Synchrony Financial have also discussed partnering with Apple for the credit card, Reuters reported in January. Sign up for the Yahoo Finance Morning Brief By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy
