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Bloomberg Businessweek
October 1, 2018
COSBY: MATT SLOCUM/AP PHOTO. LOFVEN: TT NEWS AGENCY/ANDERS WIKLUND/REUTERS. MAY: MARK KAUZLARICH/BLOOMBERG
IN BRIEF
By Kyle Stock
founders Kevin
Systrom and
Mike Krieger are
leaving Facebook
six years after
it acquired their
company.
○ Daimler tapped R&D
chief Ola Källenius as its
CEO, replacing longtime
boss Dieter Zetsche.
Källenius, a Swede and a
Mercedes-Benz veteran,
will be the auto giant’s
first leader from outside
Germany.
○ Heads up, Santa:
Consumer confidence in the
U.S. hit an 18-year high in
September, heralding a big
holiday shopping season.
○ Michael Kors cut a deal
to buy Gianni Versace for
$2.2 billion. The foundering
Italian fashion house
managed a profit margin of
just 2 percent last year.
○ Canada’s Barrick Gold
snapped up Randgold
Resources for
$18.3b
creating the world’s largest
er. Randgold
for operating
mines, primarily
which may be
s the price for
l continues its
ong decline.
○ On Nike’s first-quarter
earnings call, CEO Mark
Parker said he was proud
of its controversial ad
campaign featuring former
NFL quarterback Colin
Kaepernick. While overall
revenue beat expectations,
the good news had been
priced in and the stock
dipped slightly.
○ France unveiled a
national budget featuring
$29b
in tax cuts, which would
stretch its deficit to
2.8 percent of gross
domestic product in 2019.
President Emmanuel
Macron, whose approval
rating continues to sink,
is trying to stimulate the
economy.
○ Swedish Prime Minister
Stefan Löfven
was ousted after
losing a vote of no
confidence on Sept. 25. In
a general election earlier
in September, Löfven’s
center-left party lost
ground to the far right.
○ Bill Cosby was sentenced to 3 to
10 years in prison for drugging and
sexually assaulting Andrea Constand,
the former Temple University women’s
basketball operations director, in
2004. Cosby has said he’ll appeal
his conviction.
They’d been clashing with CEO Mark
Zuckerberg, who is increasingly relying
on the photo-sharing platform to drive
revenue growth.
○“Let me say this very clearly:
Whatever your business,
investing in a post-Brexit Britain
will give you the lowest rate
of corporate tax in theG-20.”
U.K. Prime Minister Theresa May laid out her vision for a business-friendly economy
in a speech at the Bloomberg Global Business Forum on Sept. 26 in New York.
150
85
20
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9/2018
Consumer confidence index
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helpful a
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○ The Federal Reserve raised its benchmark interest rate a quarter-point, to a target range of 2 percent to 2.25 percent.
○ S&P Global Ratings and MSCI have classified Facebook and Google in their funds as communication services, not tech.
○ BMW cut its target profit margin from more than 8 percent to “at least 7 percent,” citing trade conflicts.
○ Banco Santander’s new CEO is Andrea Orcel, who previously led M&A strategy as head of investment banking at UBS.