Bloomberg Businessweek Europe - 09.03.2020

 AGENDA

○ Nokia replaced CEO

Rajeev Suri, who’s led the

mobile communications

pioneer since 2014, with

Pekka Lundmark, the chief

of Finnish power company

Fortum. Nokia has fallen

behind Ericsson, Huawei,

and other rivals in the critical

rollout of fifth-generation

mobile equipment.

○ International efforts to

stabilize war-torn Libya

were dealt a blow after the

UN envoyto the country,

Ghassan Salame, asked

to be replaced because

of failing health. Salame’s

decision to step down

comes just days after the

latest talks in Geneva to

broker a cease-fire in Libya

ended without success.

○ Harley-

Davidson is

looking for a new

boss to navigate

its uncertain

future.

 At its annual meeting

on March 11, Disney will

bid farewell to Bob Iger,

who’s handing over the

CEO job after more than

a decade to theme-

parks head Bob Chapek.

 Harvey Weinstein

returns to court on

March 11 to learn how

much time he’ll have

to serve in prison

after being convicted

in February of sexual

assault and rape.

 The U.S. Department

of Agriculture releases

its latest supply and

demand estimates for

corn, soybeans, and

other crops on March 10,

a key gauge as the

planting season nears.

 Elon Musk, whose

Starlink project is

launching thousands

of satellites to enable

remote internet access,

will deliver a keynote

at the Satellite 2020

conference on March 9.

 The Healthcare

Information and

Management Systems

Society’s conference in

Florida from March 8-

will feature President

Trump as a speaker.

 The European Central

Bank could shift its

monetary policy on

March 12. Ithas vowed

to support the region’s

growth prospects, which

have been dented by the

coronavirus outbreak.

On March 11, Chancellor of the Exchequer Rishi Sunak

presents the U.K.’s first budget since Brexit took effect.

Prime Minister Boris Johnson, who wants to reform taxes

and public spending, has a strong majority for his policies.

 Budgeting Brexit Britain

ILLUSTRATION BY AHAOK. DORSEY: CHESNOT/GETTY IMAGES. BIKE: COURTESY HARLEY-DAVIDSON. DATA: COMPILED BY BLOOMBERG

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Bloomberg Businessweek March 9, 2020

 IN BRIEF

○ In the biggest leveraged

buyout transaction in

Europe in a decade, German

steelmaker Thyssenkrupp

agreed to sell its elevator

business to a group of

private equity firms for

€17.2b

The engineering icon needs

the funds to stabilize itself

after years of shrinking

demand and overseas

investments gone wrong.

The iconic American motorbike maker,

already struggling as its customer

base ages, has also faced higher tariff

costs from the trade war. For now,

Chairman Jochen Zeitz, a German

who used to run sportswear maker

Puma, will lead the company.

○ Jack Welch,

who became

a champion

of corporate

efficiency during

his years running

General Electric,

died at the age

of 84 of renal

failure.  16

○ Jack Dorsey,

Twitter’s co-

founder and

CEO, is coming

under pressure

from Elliott

Management.

The activist hedge

fund is building a stake

in the social media

company and pushing

for change, including

possibly replacing the

CEO, people familiar

with the matter said.

○ Apple agreed to pay

$500m

to settle a class action after

admitting to slowing down

older phones, including its

iPhone 6 and 7 models.

When the throttle was

discovered in 2017, Apple

said it was aiming to reduce

stress on older batteries to

avoid accidental shutdowns.

Owners of the covered

models stand to receive

$25 each.

Apple’s fiscal Q1 ’20 revenue

$91.8b

Class-action settlement