2019-09-16 Bloomberg Businessweek

5

Bloomberg Businessweek September 16, 2019

 IN BRIEF

By Benedikt Kammel

○ AT&T has come under

pressure from activist

investor Elliott Management,

which disclosed a

$3.2b

stake and questioned its

push into the media industry.

President Trump also

weighed in, saying he hoped

the investment would end

what he called Fake News

from anchors at CNN.

○ Nissan ousted Chief

Executive Officer

Hiroto Saikawa,

less than a year

after the dramatic downfall

of Carlos Ghosn from

the Japanese carmaker.

The company seeks a

permanent replacement

by the end of October as it

grapples with job cuts and

decade-low profits.

○ Assets in mutual

funds and exchange-

traded funds that track

U.S. equity indexes

rose to $4.271 trillion in

August, surpassing the

$4.246 trillion in those run

by stockpickers, according

to Morningstar Inc. It’s an

historic shift, the first time

so-called passive funds

eclipsed active ones.

○ British Airways

was forced to

cancel almost all

of its departures

and arrivals for

two days because

of a pilot strike

over pay.

○ WeWork’s initial public

offering is in doubt after

executives of the co-

working company and

SoftBank—its biggest

investor—discussed

shelving the plan, according

to people familiar with the

deliberations. The sale

became contentious after

WeWork revealed billions

of dollars in losses and a

corporate structure riddled

with potential conflicts.

○ T. Boone Pickens, who

weaponized oil wildcatter

wealth and a Texas-size

personality to terrify

corporate America with

takeover attempts in

the 1980s, died at

the age of 91 after a

series of strokes over

the past three years.

He saw no conflict in

supporting both Tr ump

and alternative energy.

“I’m pro-everything,”

he once said.

○ Saudi Arabia

replaced Energy

Minister Khalid

al-Falih with

Prince Abdulaziz

bin Salman.

○ After a week of political humiliations

at the hand of the U.K. Parliament,

Prime Minister Boris Johnson said he’ll

seek a new deal with the European

Union to deliver Brexit. Leaving without

an agreement by Oct. 31 became

harder after opponents passed a law

banning him from pursuing a no-deal

Brexit—or calling a snap election to

change the parliamentary math.

○ The Golden Ray, a massive cargo ship transporting automobiles, tipped on its

side in Georgia’s St. Simons Sound while leaving port. The U.S. Coast Guard said it

rescued all crew members trapped on the vessel.

The action cost about £40 million

($49 million) a day and was the airline’s

first involving pilots since 1979.

The half-brother of Crown Prince

Mohammed bin Salman is the first

member of the royal family to hold the

critical job.

○ “We’re in

a position

to respond

with many,

many billions

if indeed an

economic

crisis erupts

in Germany

and Europe.” 

German Finance Minister Olaf Scholz,

unveiling next year’s budget, said

the government of Europe’s largest

economy stands ready to react should

the country slip into recession.

JOHNSON:

DANIEL

LEAL-OLIVAS/AFP/GETTY IMAGES. SAIKAWA: TORU HANAI/BLOOMBERG. GOLDEN RAY: SEAN RAYFORD/GETTY IMAGES. PICKENS: PA

TRICK T. FALLON/BLOOMBERG

y

a with

s in

r a

over

rs.

t in

rump

ergy.

g,”

○ U.S. President Donald Trump fired John Bolton, his third national security adviser, via Twitter.  33

○ China scrapped a limit for foreign investors on stocks and bonds to lift the use of the yuan in international transactions.

○ California is poised to transform the gig economy with a law that may reclassify many contractors as employees.

○ India’s space program saw a setback after scientists lost track of the Chandrayaan-2 lunar lander just before touchdown.

5

BloombergBusinessweek September16, 2019

 IN BRIEF

By Benedikt Kammel

○ AT&T has come under

pressure from activist

investor Elliott Management,

which disclosed a

$3.2b

stake and questioned its

push into the media industry.

President Trump also

weighed in, saying he hoped

the investment would end

what he called Fake News

from anchors at CNN.

○ Nissan ousted Chief

Executive Officer

Hiroto Saikawa,

less than a year

after the dramatic downfall

of Carlos Ghosn from

the Japanese carmaker.

The company seeks a

permanent replacement

by the end of October as it

grapples with job cuts and

decade-low profits.

○ Assets in mutual

funds and exchange-

traded funds that track

U.S. equity indexes

rose to $4.271 trillion in

August, surpassing the

$4.246 trillion in those run

by stockpickers, according

to Morningstar Inc. It’s an

historic shift, the first time

so-called passive funds

eclipsed active ones.

○ British Airways

was forced to

cancel almost all

of its departures

and arrivals for

two days because

of a pilot strike

over pay.

○ WeWork’s initial public

offering is in doubt after

executives of the co-

working company and

SoftBank—its biggest

investor—discussed

shelving the plan, according

to people familiar with the

deliberations. The sale

became contentious after

WeWork revealed billions

of dollars in losses and a

corporate structure riddled

with potential conflicts.

○ T. Boone Pickens, who

weaponized oil wildcatter

wealth and a Texas-size

personality to terrify

corporate America

takeover attempts

the 1980s, diedat

the age of 91 after

series of strokeso

the past threeyea

He saw no conflict

supporting bothTr

and alternativeene

“I’m pro-everything

he once said.

○ Saudi Arabia

replaced Energy

Minister Khalid

al-Falih with

Prince Abdulaziz

bin Salman.

○ After a week of political humiliations

at the hand of the U.K. Parliament,

Prime Minister Boris Johnson said he’ll

seek a new deal with the European

Union to deliver Brexit. Leaving without

an agreement by Oct. 31 became

harder after opponents passed a law

banning him from pursuing a no-deal

Brexit—or calling a snap election to

change the parliamentary math.

○ The Golden Ray, a massive cargo ship transporting automobiles, tipped on its

side in Georgia’s St. Simons Sound while leaving port. The U.S. Coast Guard said it

rescued all crew members trapped on the vessel.

The action cost about £40 million

($49 million) a day and was the airline’s

first involving pilots since 1979.

The half-brother of Crown Prince

Mohammed bin Salman is the first

member of the royal family to hold the

critical job.

○ “We’re in

a position

to respond

with many,

many billions

if indeed an

economic

crisis erupts

in Germany

and Europe.” 

German Finance Minister Olaf Scholz,

unveiling next year’s budget, said

the government of Europe’s largest

economy stands ready to react should

the country slip into recession.

JOHNSON:

DANIEL

LEAL-OLIVAS/AFP/GETTY IMAGES. SAIKAWA: TORU HANAI/BLOOMBERG. GOLDEN RAY: SEAN RAYFORD/GETTY IMAGES. PICKENS: PA

TRICK T. FALLON/BLOOMBERG

y

awith

in

a

over

rs.

tin

rump

ergy.

g,”

○ U.S. President Donald Trump fired John Bolton, his third national security adviser, via Twitter.  33

○ China scrapped a limit for foreign investors on stocks and bonds to lift the use of the yuan in international transactions.

○ California is poised to transform the gig economy with a law that may reclassify many contractors as employees.

○ India’s space program saw a setback after scientists lost track of the Chandrayaan-2 lunar lander just before touchdown.