Disney announced late Sunday evening that CEO Bob Chapek will step down and be replaced by former CEO Bob Iger. Disney shares rose over 6% on Monday on the news. Iger was CEO of Disney from 2005 to 2020 and had chosen Chapek as his successor. More: - Chapek has faced some controversies since taking the helm at Disney, most notably his skirmish with Florida Gov. Ron DeSantis following the state’s “Don’t Say Gay” legislation.
- In June, Disney’s board extended Chapek’s contract for three additional years, praising his handling of the company through the COVID-19 pandemic.
- According to Bloomberg, Chapek’s severance package is reportedly worth more than $23M.
- Iger agreed to serve as Disney’s CEO for two years and help the company’s board develop a new successor.
- Iger oversaw Disney’s acquisitions of Lucasfilm, Pixar, and Marvel.
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Fintech startup GloriFi is shutting down and has laid off most of its workers. According to sources, the conservative financial services company failed to secure additional funding from investors. Toby Neugebauer and Nick Ayers, the former chief of staff of former Vice President Mike Pence, founded GloriFi. More: - According to Crunchbase, GloriFi was founded earlier this year and launched its app in September.
- The Texas-based firm branded itself as an “Anti-Woke” bank and raised $50M from investors last year.
- In July, GloriFi announced it would merge with SPAC DHC Acquisition Corp.; however, the deal required GloriFi to raise at least $60B in new capital.
- The merger would have valued GloriFi at $1.7B.
- Last month, GloriFi CEO Toby Neugebauer stepped down from his role after the company missed launch dates, blaming faulty technology and vendor failures.
- Some employees have accused Neugebauer of having a volatile temper and drinking on the job.
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The Biden administration is giving Pacific Gas & Electric Co. (PG&E) a $1.1B grant to assist the energy company and avoid the closure of the company’s Diablo Canyon nuclear power plant. Diablo Canyon, located on the coast southwest of San Luis Obispo, is California’s last nuclear power plant. More: - The plant was initially scheduled to be decommissioned in 2024 and 2025; however, state lawmakers voted in September to keep the plant open for five more years.
- The grant is part of the Energy Department’s $6B Civil Nuclear Credit program, which aims to keep nuclear power reactors in the U.S. open.
- Diablo provides 8.6% of California’s total electricity and 17% of the state’s zero-carbon electricity.
- Opponents of the nuclear power plant stress that the plant does not have any permanent waste disposal solution and the plant is vulnerable to earthquakes in the region.
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Tony Danker, the director-general of the Confederation of British Industry (CBI), called on new U.K. Prime Minister Rishi Sunak to address the economic effects of Brexit on British businesses. Danker asked Sunak to fix relations with the EU, improve trade with the region, and open the U.K. up to more immigration. More: - Danker stressed that the U.K. needs immigration to address the labor shortages British businesses have been battling.
- Last week, the Office for Budget Responsibility said Brexit had had a significant adverse effect on U.K.’s trade.
- U.K. Finance Minister Jeremy Hunt hopes to see the majority of trade barriers between the U.K. and EU removed.
- The U.K. currently has a limited trade deal with the EU called the Trade and Cooperation Agreement (TCA), signed under former Prime Minister Boris Johnson.
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Chinese energy firm Sinopec has signed a 27-year liquefied natural gas (LNG) deal with QatarEnergy. Sinopec will buy about 4 million tons of LNG per year from QatarEnergy. The deal is the largest and longest LNG deal ever signed. More: - QatarEnergy CEO Saad Sherida al-Kaabi said the agreement would further solidify bilateral relations between China and Qatar and help meet China’s growing energy needs.
- Last year, Chinese firm Guangdong Energy Group Natural Gas Company signed a 10-year LNG purchase agreement with QatarEnergy.
- In May, Germany also signed an LNG agreement with Qatar as the European country moves to end its reliance on Russian fuels.
- According to BP, Qatar was the world’s second-largest exporter of LNG in 2021, accounting for 20% of global exports.
- The U.S. became the top LNG exporter this year.
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On Monday, the Sheet Metal, Air, Rail, and Transportation Workers-Transportation Division (SMART-TD) voted against a tentative agreement with rail management. The Brotherhood of Locomotive Engineers and Trainmen (BLET) voted to ratify the labor deal. Still, it said it would honor the picket line, setting up the likelihood of a strike in December. More: - The SMART-TD and the BLET are the two largest railroad labor unions.
- The Brotherhood of Maintenance of Way Employees (BMWED) and the Brotherhood of Railroad Signalmen (BRS) are scheduled to begin a strike on Dec. 5.
- SMART-TD, BMWED, and BRS represent over 50% of all rail labor.
- A strike would affect all the major rail operators, including Union Pacific, Norfolk Southern, and CSX.
- According to the Association of American Railroads, the economic impact of a nationwide railroad strike could be more than $2B a day.
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- Saudi Arabia has denied reports that it is discussing increasing OPEC+ oil output. Last month the oil exporting group cut oil production by 2 million barrels a day, citing decreasing demand. Saudi Energy Minister Prince Abdulaziz bin Salman said the 2 million barrel-a-day cut will continue through the end of 2023.
- According to recent court filings, embattled crypto firm FTX owes more than $3B to its largest creditors. The company's total liabilities are estimated at more than $10B. FTX filed for Chapter 11 bankruptcy earlier this month.
- Investment firm Grayscale said it would not share its proof of reserves with customers, citing security concerns. The asset manager has the world's largest Bitcoin fund. Following FTX's collapse, multiple crypto firms, including Binance, have said they plan to release proof of reserve audits to calm users' concerns.
- Shell said it plans to evaluate its planned £25B ($29.7B) investment in the U.K. While speaking at the Confederation of British Industry (CBI) conference on Monday, Chairman of Shell's U.K. operations David Bunch said the company would push for changes to the government's expanded windfall tax, which was announced last week.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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