Elon Musk & Philippine Billionaire Come Together For Satellite Internet Service In Southeast Asia, Disney May Track Your Theme Park Preferences, Struggling Credit Suisse Reveals Business Overhaul: Top Stories Thursday, Oct. 27

Elon Musk & Philippine Billionaire Come Together For Satellite Internet Service In Southeast Asia, Disney May Track Your Theme Park Preferences, Struggling Credit Suisse Reveals Business Overhaul: Top Stories Thursday, Oct. 27

Benzinga

Disney May Track Your Theme Park Preferences To Tailor Digital And Real-World Experiences Accordingly

  • During The Wall Street Journal's Tech Live conference, Walt Disney Co DIS CEO Bob Chapek said the company would soon start using users' Disney Plus viewing habits to influence their experience at its parks and vice versa.
  • Chapek added that Disney is working to tailor both experiences based on users' integration with its physical and digital offerings.

Struggling Credit Suisse Reveals Significant Business Overhaul, Planned Investment From Saudi, Shares Crash

  • Credit Suisse Group AG CS posted revenue of CHF3.804 billion, down from CHF5.437 billion a year ago.
  • The transformation plan will see Credit Suisse split off its investment bank into an independent capital market & advisory bank called CS First Boston.
  • The bank expects to incur restructuring charges of CHF2.9 billion from 4Q22 to 2024.

Aegon Combines Its Dutch Ops With ASR, Creating a Leading Position In Dutch Pension Market

  • Aegon NV AEG said a smaller rival, ASR, would buy the company's Dutch insurance operations.
  • Aegon will receive €2.5 billion in gross cash proceeds and a 29.99% strategic stake in ASR with associated governance rights.
  • The value of the 29.99% stake is €2.4 billion.
  • The companies said the combined company would be the largest in the Dutch disability insurance sector and the number three in property and casualty insurance, as well as taking a "leading" position in pensions.

Honeywell Shares Jump After Upbeat Q3 Earnings, Annual Guidance

  • Honeywell International Inc HON reported Q3 sales of $8.95 billion, up 6% Y/Y on a reported basis and 9% on an organic basis, missing the consensus of $8.99 billion.
  • Adjusted EPS was $2.25 (+11% Y/Y), beating the consensus of $2.16. The operating margin improved by 90 bps to 19.5%.

Boeing Expects China's Fleet To More Than Double In 20 Years, Says 8,485 New Airplanes Needed To Fuel Demand

  • Boeing Co BA has predicted that China's growing economy will see its commercial airplane fleet more than double over the next 20 years.
  • "Despite the impact of the pandemic on China's near-term growth, Boeing predicts that demand for air travel and air freight will continue to trend upwards through 2041, with the country's commercial fleet growing from around 3,900 airplanes to more than 9,600 through 2041," Boeing said in a statement.

Merck Clocks More Than 50% Drop In COVID-19 Treatment Sales, Revises Annual Guidance

  • Merck & Co Inc's MRK Q3 sales reached $14.96 billion, +14% Y/Y, beating the consensus of $14.07 billion. Excluding the foreign exchange impact and COVID-19 treatment sales, revenues were up 14%.
  • COVID-19 treatment drug Lagevrio (molnupiravir) sales were $436 million, down from $1.2 billion in Q2 FY22 and $3.2 billion generated in Q1 FY22.

Reuters

Twitter Shares To Be Suspended On NYSE As Elon Musk's Buyout Deadline Nears; What That Means For Investors?

  • Twitter Inc TWTR stock will be suspended from trading in the public market even as all signs point to Elon Musk completing the deal to take the social media company private.
  • Twitter's shares will be suspended from the NYSE, effective Friday, Reuters reported, citing information available on the exchange's website.

Unilever Downbeat On Europe, China Consumer Demand

  • Unilever Plc UL has raised its full-year sales guidance as it raised prices to overcome surging costs. The consumer goods giant expects FY22 sales growth to be above 8%.
  • As a result of a rise in the cost of energy and key ingredients due to Russia's invasion of Ukraine, Reuters reported, Unilever's margins have taken a beating. Hence to match the costs, Unilever has raised prices sharply.
  • Price growth increased to 12.5% in the quarter, with volumes declining by 1.6%.

Pfizer Says Its Minority Fellowship Program Serves Public Interest, In Defending Lawsuit

  • Pfizer Inc PFE came forward to defend a lawsuit by a group of medical professionals claiming that the fellowship program illegally excludes whites and Asian Americans.
  • In a filing, Pfizer urged a Manhattan federal judge to reject Do No Harm's request for an injunction against filling the 2023 class for its two-year Breakthrough Fellowship Program, which enrolls Blacks, Latinos, and Native Americans.

Bloomberg

Elon Musk Teams Up With Philippine Billionaire For Satellite Internet Service In Southeast Asia

  • Elon Musk's Starlink satellite internet service will soon be available in Southeast Asia, broadening its global reach.
  • SpaceX, which owns Starlink, signed an agreement with Data Lake Inc, which is promoted by Philippine businessman Henry Sy Jr., reported Bloomberg. Data Lake would become the first Starlink integrator in Southeast Asia, added the report.

JPMorgan Speeds Up Recruitment For Asia-Pacific Services

  • JPMorgan Chase & Co JPM is reportedly recruiting staff across key Asian markets to handle card transactions amid a spike in digital commerce.
  • The lender has started its services, Bloomberg reported, in its merchant-acquiring unit in Australia, India, Japan, Singapore, South Korea, and New Zealand in 2022.

Samsung's Scion Lee's Appointment As Chair Could Not Have Been More Better Timed

  • The Samsung Electronics Co., Ltd. SSNLF board approved the appointment of Jay Y. Lee as Executive Chair of the company.
  • Independent director and board Chair Han-Jo Kim recommended the appointment.
  • The board cited the current uncertain global business environment and the pressing need for stronger accountability and business stability in approving the recommendation.
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