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Europe
The Guardian

Disney racks up $4.2bn deficit on Paris parks

Disneyland Paris, in Marne-la-Vallée, east of Paris, on 16 October 2023. Photograph: Ian Langsdon/AFP via Getty ImagesView image in fullscreenDisneyland Paris, in Marne-la-Vallée, east of Paris, on 16 October 2023. Photograph: Ian Langsdon/AFP via Getty ImagesWalt Disney CompanyDisney racks up $4.2bn deficit on Paris parksExclusive: Analysis shows resort has yet to recoup Disney’s investment despite record revenue and 16m annual visitors Disney has still not recouped $4.2bn of its investment in Disneyland Paris after more than 30 years, even though the resort is now its best-performing international outpost, according to an analysis of recent filings. The sprawling theme park complex swung open its ornate iron gates in 1992 and now attracts about 16 million visitors every year. It is wholly owned by Disney and is home to two theme parks – the fairytale-inspired Disneyland and Disney Adventure World, which launched its largest-ever expansion in late March. The lavish land, themed to the hit animated movie Frozen, is part of a $2.5bn (€2bn) investment by Disney, and its new chief executive, Josh D’Amaro, was on hand for the opening alongside Emmanuel Macron. Before the festivities, the resort’s parent company, Euro Disney Associés (EDA), posted sparkling results. They showed that in the year to 30 September 2025, the introduction of dynamic pricing led to EDA’s revenue rising 8.4% to a record $4bn (€3.4bn), which beat every other Disney resort outside the United States. It gave a magic touch to Disney’s theme parks division, which produced nearly 40% of the company’s $94.4bn revenue and 57% of its $17.6bn operating income last year. EDA’s net income surged almost threefold to an all-time high of $304.2m (€260m), though this was still a drop in the ocean compared with the red ink that the company spilled in its first 25 years. Disney doesn’t break out the results of individual theme parks in its US filings, but French disclosure obligations shine a spotlight on the performance of Disneyland Paris. Analysis of more than three decades of its filings reveals Disney’s blockbuster deficit, which is ultimately due to the enormous size of the resort: Disney wanted a massive plot of land to lock out rivals, and it got what it wanted, as the site spans 5,510 acres (2,230 hectares), making it nearly a fifth the size of Paris. But it came with a catch. The French government sold Disney the land on the condition the company shared ownership with public shareholders. Disney therefore owned 49% of Euro Disney shares privately, with the remainder listed on the Euronext exchange. This structure led to the company filing detailed accounts and cast a dark spell on its bottom line. As Disney wasn’t the company’s majority owner, it didn’t pour money into it as it had done with its US parks. Instead, 59.8% of the $4.9bn (FF23.7bn) construction cost was covered by bank loans, with the remainder coming from the public and Disney, which provided just $132.1m (FF833m). Clouds soon gathered as French tourists objected to high ticket prices, the lack of alcohol in its restaurants and English being the first language. Weighed down by its debt mountain, Euro Disney has only posted a net profit 13 times since 1992, with its combined losses coming to a staggering $3.7bn (€3.3bn). Just one year after opening, Philippe Bourguignon, the Euro Disney chair, said in the annual report that “the severe imbalance in Euro Disney’s financial structure has become such a burden that it is jeopardizing the very existence of the company”. By the end of 2015, Disney had invested $1.3bn in four rights issues by the company and paid $214.3m to buy assets from it, which were then leased back, giving it a cash injection. Disney even paid off its bank borrowings and replaced them with a low-interest loan before converting $750.7m of it to equity.

Disney racks up $4.2bn deficit on Paris parks
North America
CNBC Economy

U.S., Iran intensify attacks as ceasefire frays, peace talks stall

Iran struck Kuwait International Airport early Wednesday, killing one person and injuring others, Kuwait's Ministry of Foreign Affairs said. The attack, which Iran's Islamic Revolutionary Guard Corps reportedly denied responsibility for, is the latest blow to an already weakened ceasefire agreement that has been repeatedly undermined by military action in recent days. While the Trump administration says the ceasefire remains in place, attacks have escalated as the war proceeds into its fourth month. President Donald Trump did not answer directly when asked at the White House on Wednesday afternoon if the ceasefire was still on in light of the Kuwait attack. "You know, there's a reason for everything," Trump said. "And we hit them pretty hard the night before, and actually last night." He added, "A ceasefire there is much different than a ceasefire in other parts of the world." The Kuwaiti foreign affairs ministry in a translated statement Wednesday morning condemned "the brutal and ongoing Iranian attacks using ballistic missiles and drones" against "civilian and vital facilities," including the latest strike on the airport. The IRGC claimed the attack was caused by a U.S. military systems error, Iran's state-affiliated news outlet Tasnim reported, citing a spokesman for the military branch. One day earlier, U.S. Central Command said it defeated multiple Iranian ballistic missiles and drones, and launched "self-defense strikes" on Qeshm Island in the Persian Gulf, in response to "attempted attacks" by Tehran. Iran had launched "several" ballistic missiles toward regional neighbors, though none hit their intended targets, CENTCOM said in a statement. Two Iranian missiles fired at Kuwait fell short or broke apart en route, and three missiles launched at Bahrain were immediately intercepted by U.S. and Bahrain air defense forces, it said. The U.S. also shot down three one-way attack drones launched by Iran toward civilian mariners that were transiting regional waters, according to CENTCOM. No U.S. personnel were harmed, the statement said. The U.S. and Iran appear locked in a volatile stalemate, as ongoing efforts to reach a peace deal have been punctuated by public diplomatic disputes and military action.

U.S., Iran intensify attacks as ceasefire frays, peace talks stall
Asia
The Hindu BusinessLine

NCLAT quashes Ligare Aviation's insolvency; loan from Religare Enterprises round-tripping of money

The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare Enterprises without properly examining the nature of the underlying transactions, which was "only round tripping of money" and not "any genuine financial transaction". In a strongly worded order, the appellate tribunal said the material on record "clearly proves" that there was no financial debt disbursed by the financial creditor (Religare Enterprises) to the corporate debtor (Ligare Aviation) for consideration of the time value of money, a key requirement under the Insolvency and Bankruptcy Code (IBC). Allowing appeals filed by Daiichi Sankyo Company, a Japanese global pharmaceutical company and a shareholder, NCLAT observed that the transactions in question were merely a "round tripping of money/layering of money" undertaken for "some undisclosed fraudulent purposes" and did not create any financial debt capable of triggering insolvency proceedings. "We have come to the conclusion that the materials on the record clearly proves that there was no financial debt which was disbursed by Financial Creditor (Religare Finvest) to the Corporate Debtor (Ligare Aviation) for time value of money…" said a two-member NCLAT bench. Moreover, the MoU for loan was a "sham one-pager document created dishonestly to give the colour of genuine transactions to fraudulent transaction," NCLAT noted its order passed on May 27, 2026. Religare Enterprises and Ligare Aviation are both group companies and related parties. A host of companies, including these two, were controlled by Malvinder Mohan Singh and Shivinder Mohan Singh, the two brothers who were ex-promoters of Ranbaxy Laboratories and Fortis Healthcare. In its 69-page-long order, the NCLAT also faulted the New Delhi-based Principal Bench of the National Company Law Tribunal (NCLT) for admitting the insolvency plea filed by Religare Enterprises despite the absence of a genuine financial debt. "Adjudicating Authority (NCLT) has not even looked into the plea that the amount was immediately transferred and did not remain even for 24 hours with the corporate debtor," said NCLAT. The NCLAT noted that ₹3.6 crore transferred by Religare Arts Investment Management Ltd (RAIML) to Ligare Aviation on March 31, 2009, was remitted to Religare Finvest, a subsidiary company of Religare Enterprises, which was reflected in the bank transfer of the same day. "The bank transfer of 31.03.2009 further indicates various amounts received from different group companies and transmitted on the same day to other group companies of the group" said NCLAT. It was claimed that a Memorandum of Understanding (MoU) was entered between RAIML and Ligare Aviation on March 30, 2009 under which an amount of Rs 5 crore was sanctioned with interest of 13 per cent. Following that MoU, RAIML transferred Rs 3.6 crore on March 31, 2009. Meanwhile, Daiichi Sankyo received an arbitral award of ₹3,500 crore on April 29, 2016, in Singapore from Singh Brothers and their various companies, which initiated proceedings for the enforcement of the foreign award before the Delhi High Court.

NCLAT quashes Ligare Aviation's insolvency; loan from Religare Enterprises round-tripping of money
North America
CNBC Finance

How ‘Backrooms’ producer Peter Chernin thinks Hollywood needs to change

Over the past week, one conversation has dominated Hollywood executive lunches and studio staff meetings: What's the next "Backrooms"? The industry is scrambling to figure out how to replicate the phenomenon of "Obsession" and "Backrooms," low-budget psychological horror films directed by YouTube creators that have dominated the box office over the past two weeks. But "Backrooms" producer Peter Chernin, whose production company cofinanced the film, said he thinks the rush to sign deals with YouTube creators is a "big mistake." "It's no different than making sequels. It's jumping on an existing bandwagon," Chernin said in an interview. "I guarantee you 80% will be failures. It involves no originality, it involves no innovation. Your job is to innovate, and your job is to look for fresh IP [intellectual property] and fresh voices. It's not to just jump on a bandwagon." Chernin has a unique background spanning traditional Hollywood as well as the YouTube creator space. He ran Fox's movie and TV divisions from 1996 to 2009, overseeing box office juggernauts including "Titanic" and "Avatar." Chernin went on to found a private equity firm, The Chernin Group, in 2010, which backed a number of companies in the creator economy space, including Fullscreen and Tumblr. In 2022 he cofounded North Road, a global content studio. Its Chernin Entertainment division coproduced and cofinanced "Backrooms" with independent film studio A24. "We are consistently looking for what's new, what's interesting, and where the world is going," Chernin said. "I think that YouTube background gave us unique insights into doing this movie." "Backrooms," with a budget of just $10 million, has found particular success with younger audiences who were familiar with director Kane Parson's YouTube series, which inspired the film. In the film's first weekend in theaters, 86% of ticket buyers were under the age of 35, according to an audience survey by Comscore Movies and Screen Engine PostTrak. "Backrooms" crossed $100 million at the domestic box office in just six days, becoming the highest-grossing domestic film ever for A24. Basing a movie on established IP is a familiar strategy in Hollywood, where superheroes, popular book series or even toys like Barbie have proven to be a reliable way to draw audiences. Since 2010, most of the top performing domestic releases have been based on established IP, but box office experts warn audiences are getting franchise fatigue, and some high-profile sequels have fallen flat. While "Backrooms" and Parsons had an established fanbase, building a movie on YouTube content is unusual. Chernin said the concept feels authentic and fresh on the big screen, making it distinct from decades-old franchises. "Hollywood has been guilty of being a little bit cynical and essentially creating a brand management sort of manufacturing process, consistently feeding audiences a diet of sequels," Chernin said. "One of the things that really resonated is that this feels like a movie with young people's IP. What it says more than anything is that audiences are looking for freshness. They're looking for something that feels unique and original."

How ‘Backrooms’ producer Peter Chernin thinks Hollywood needs to change
Europe
BBC Business

Cake sheds are making bakers £1,000 a week - but the dream might be over

You may have noticed one pop up near you. These small, cupboard-like "sheds" are usually jam-packed with home-baked goods that you help yourself to, and for which you are trusted to pay through an honesty box system. Packed with cookies, brownies, old-school sprinkle cakes or lemon drizzle, they are usually found in front gardens, on driveways or by the roadside. For some, the sheds are a side-hustle, while for others they're a booming business opportunity. But as the movement grows the sheds are coming under increasing scrutiny from some council officials. "They are definitely becoming a feature in our landscape and are spreading from the countryside to the urban environment," says Bronya Seifert of Daisy Cake Company. "It's wonderful." But the sweet trend could be under threat in some parts of the country, as some councils are considering enforcing tighter licensing rules. Some dedicated cake shedders say if this happens they could be forced to close down. One cake shed community online said it was getting up to 400 new members on Facebook a week. "Over the past few months the group has grown exponentially," says Susanne Niess, of That's Cake by Susanne. Danielle Edgington set up her cake shed in Kings Heath, Birmingham, eight months ago and it's proved so popular she has quit her job as a catering manager to work on it full time. Before that she'd been selling her baked goods at markets, having launched a business during the Covid pandemic delivering afternoon teas and birthday cakes. She set up the shed to sell any spares. "It's taken over my life," said the 41-year-old, who has been a chef for 20 years. "I'd get up, I'd go to work in the morning and then I'd come home. I'd be baking all evening. So it just became too much.

Cake sheds are making bakers £1,000 a week - but the dream might be over
Europe
BBC Business

I was applying for hundreds of jobs - this tip helped me get one

There is a lack of opportunities to gain experience and the huge number of AI applications can mean neither you nor the employer can find what you're looking for. Yet plenty of people are finding ways to stand out and get their feet on the career ladder. Four people who had been stuck in the cycle of sending hundreds of applications and rarely hearing back have shared the one thing they did differently to secure their first jobs. Theresa Blair, 24, from Birmingham, graduated from Aston University in 2025 with a pharmacy masters. But following a project management placement she decided this was the career path she wanted to pursue. She spent eight months sending off hundreds of job applications often not hearing back. "I realised I was sending very generic CVs to recruiters and that was making it harder to stand out from other applicants," she says. She began tailoring her CV to suit every job, reading into each company's values and referencing them in her applications. "I've learnt that you should state the skills you've gained because of doing certain roles and explain how that makes you a suitable candidate," she says. She applied for fewer jobs but spent more time on each one. "The less generic the better," she says. "It's two to three hour commute which can be difficult but I'm gaining valuable experience at a reputable company, so I'm incredibly happy," she says. Her advice to others struggling to get their first job: "As hard as it is, keep applying.

I was applying for hundreds of jobs - this tip helped me get one
North America
CNBC Economy

Private payrolls grew by 122,000 in May, stronger than expected, ADP reports

Private hiring expanded at a brisk pace in May, providing further indication of a stable labor market, ADP reported Wednesday. The payrolls processing firm said companies added 122,000 workers for the month, up from 105,000 in April and better than the Dow Jones consensus estimate for 110,000. May marked the strongest month since January 2025. April's total was revised down by 4,000. Unlike prior months, where job growth was concentrated in healthcare and a few other sectors, gains were more broad-based. Eight of the 10 sectors ADP tracks saw gains, and hiring was spread evenly both by company size and geography. Education and health services again led with 57,000 hires, but trade, transportation and utilities added 36,000, professional and business services contributed 11,000, and construction and leisure and hospitality both rose by 8,000. Information services lost 9,000, a possible impact from artificial intelligence growth, while natural resources and mining also reported a loss, down 3,000. "Hiring was more broad-based in May than we've seen in the last few years," said ADP's chief economist, Nela Richardson. "The labor market continues to show sustained momentum going into the summer hiring season." Companies with fewer than 50 employees led with 67,000 new hires while those with 500 or more added 40,000 and medium-sized firms contributed 17,000. On salary, annual pay rose 4.4% for those staying in their jobs, the same as April, while job-switchers saw pay growth edge down to 6.5%. Stock market futures were mixed following the release while Treasury yields were higher. The report comes two days ahead of the Bureau of Labor Statistics' release of nonfarm payrolls for May. The Wall Street consensus is for growth of 80,000 after April's 115,000, with the unemployment rate steady at 4.3%. Federal Reserve officials will be watching the jobs numbers closely ahead of their June 16-17 policy meeting. Markets are pricing in a virtual certainty that the central bank will hold its benchmark interest rate in a range between 3.5%-3.75%. Get this delivered to your inbox, and more info about our products and services.

Private payrolls grew by 122,000 in May, stronger than expected, ADP reports
North America
CNBC Economy

U.S. proposes fresh tariffs on 60 economies over forced labor trade practices

The Office of the U.S. Trade Representative has proposed additional tariffs of up to 12.5% on imports from 60 economies over their failure to ban goods made with forced labor, in a sweeping action that would hurt most trading partners, including China, the European Union and Japan. The determination, made under Section 301 of the Trade Act of 1974, found that all 60 countries have failed to impose or effectively enforce a prohibition on forced labor-related imports, creating what it called an "unlevel playing field" for American workers. USTR has proposed a 10% duty rate for economies that have adopted a full or partial prohibition on forced labor trade, and 12.5% for all other economies. The trade authority also proposed a separate textile mechanism that would allow for a certain volume of apparel and textile imports from some economies to enter the U.S. at reduced rates. Written comments for the proposal are due by July 6, with public hearings scheduled on July 7, according to the notice. "The failure of our most important trading partners to address the importation of goods made with forced labor is unacceptable. This creates a dynamic where American workers are forced to compete globally on an unlevel playing field," said U.S. Trade Representative Jamieson Greer. "We will no longer tolerate this disparity." The proposal comes after the U.S. Supreme Court struck down most of President Donald Trump's "Liberation Day" tariffs earlier this year, prompting him to to impose 10% global baseline duties under Section 122 — which are also set to expire in July. The Section 301 authorizes the president to impose levies to counter unfair foreign trade practices harming U.S. commerce. An EU spokesperson described the reasoning behind the latest barrage of U.S. tariffs as "unjustified." "On the EU side, we are on track to ensure implementation of our Joint Statement tariff commitments by the end of June," they added in comments reported by Reuters. While the Supreme Court setback helped slow down the tariff timeline, it has not "de-fanged" the president's agenda, said Nick Marro, principal at Economist Intelligence Unit, who expects the Trump administration to unleash further investigations and tariff announcements in preparation for renewed rounds of trade talks. The impact of proposed tariffs will, however, likely be softened by significant exemptions on goods including electronics and artificial intelligence-related products, Marro added. While the tariff rates under Section 301 may be further adjusted, any meaningful changes will reshape global supply chains by creating different economic incentives for firms, said Deborah Elms, head of trade policy at the Hinrich Foundation.

U.S. proposes fresh tariffs on 60 economies over forced labor trade practices
Asia
The Economic Times

Swiggy among 9 largecap stocks with up to 45% upside potential. Do you own any?

Analyst forecasts offer more than just numbers; they provide a forward-looking view of market potential. For investors seeking the next opportunity, a closer examination of BSE large-cap stocks reveals several promising names. Based on consensus estimates compiled by Trendlyne, a number of large-cap stocks are expected to deliver strong returns over the next 12 months. This projected “upside” reflects the average expected gain over the coming year and serves as a data-driven indicator for investors. In this analysis, we highlight nine large-cap stocks that analysts expect could deliver gains of 35% to 45% over the year ahead. The stock is currently trading at Rs 251 and has an analyst consensus target price of Rs 374, implying a potential upside of 49%. Among the 27 analysts covering the stock, the consensus recommendation is Buy. The stock is currently trading at Rs 483 and has an analyst consensus target price of Rs 688, implying a potential upside of 42%. Among the 33 analysts covering the stock, the consensus recommendation is Buy. The stock is currently trading at Rs 578 and has an analyst consensus target price of Rs 822, implying a potential upside of 42%. Among the 22 analysts covering the stock, the consensus recommendation is Strong Buy. The stock is currently trading at Rs 747 and has an analyst consensus target price of Rs 1,040, implying a potential upside of 39%. Among the 39 analysts covering the stock, the consensus recommendation is Strong Buy. The stock is currently trading at Rs 3,041 and has an analyst consensus target price of Rs 4,143, implying a potential upside of 36%. Among the 34 analysts covering the stock, the consensus recommendation is Strong Buy. The stock is currently trading at Rs 575 and has an analyst consensus target price of Rs 780, implying a potential upside of 36%. Among the 34 analysts covering the stock, the consensus recommendation is Strong Buy. The stock is currently trading at Rs 257 and has an analyst consensus target price of Rs 347, implying a potential upside of 35%. Among the 32 analysts covering the stock, the consensus recommendation is Buy. The stock is currently trading at Rs 894 and has an analyst consensus target price of Rs 1,200, implying a potential upside of 34%. Among the 18 analysts covering the stock, the consensus recommendation is Buy. The stock is currently trading at Rs 2,199 and has an analyst consensus target price of Rs 2,939, implying a potential upside of 34%. Among the 43 analysts covering the stock, the consensus recommendation is Buy.

Swiggy among 9 largecap stocks with up to 45% upside potential. Do you own any?