Walt Disney stock’s post-earnings run continued this week after Dan Loeb’s Third Point sent a letter to CEO Bob Chapek revealing another large stake and outlining suggestions for the entertainment giant. While an analyst at Citi Research sees merit in most of Loeb’s suggestions, he’s doesn’t think ESPN should be spun off. In his letter to Chapek, Loeb reiterated his view that Disney should keep its dividend suspended so it can put free cash flow toward reinvestments in the business, paying down debt, or repurchasing shares. Read More...
Reuters
Caste in California: Tech giants confront ancient Indian hierarchy
America’s tech giants are taking a modern-day crash course in India’s ancient caste system, with Apple emerging as an early leader in policies to rid Silicon Valley of a rigid hierarchy that’s segregated Indians for generations. Apple, the world’s biggest listed company, updated its general employee conduct policy about two years ago to explicitly prohibit discrimination on the basis of caste, which it added alongside existing categories such as race, religion, gender, age and ancestry. The inclusion of the new category, which hasn’t been previously reported, goes beyond U.S. discrimination laws, which do not explicitly ban casteism.
