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Walt

Disney

announced on Monday that it’s restructuring its media and entertainment segments to place a greater emphasis on its growing streaming business. The company is in the midst of a transformation from a television and movie theater-driven distribution model to a direct-to-consumer business that would rival

Netflix.

Disney stock (ticker: DIS) was up 5.5% in after-hours trading on Monday.

Disney is creating a new unit that will be focused on commercialization and distribution of its movies, TV shows, and sports content: the Media and Entertainment Distribution group. Meanwhile the company’s studios will continue to churn out content, without a bias toward any one form of distribution.

Essentially, rather than making TV content, movie theater content, and streaming service content, Disney’s creators will just make shows and films, with a separate team deciding how to monetize them. The new distribution group will be led by Kareem Daniel, a 14-year Disney veteran who most recently served as head of games and publishing in the company’s consumer products business.

Disney will have three distinct content-production groups. First is studios, which includes Walt Disney Studios, Pixar, Marvel, and Lucasfilm, and will make movies and series for theaters and streaming. Second is general entertainment, composed of ABC, Disney Channels, FX, National Geographic, and others. Its focus will be on content for Disney’s streaming services like Disney+ and Hulu and its cable networks. Last will be sports, responsible for content for broadcast on ABC and ESPN and for streaming on ESPN+.

It will be up to Daniel and the distribution group to determine which path to consumers is best for each piece of content. That could mean skipping a theatrical debut for a film and bringing it directly to Disney+. Or it could mean an advertising and affiliate fee-supported run

The logo of Chevron is seen at the company’s office in Caracas, Venezuela April 25, 2018. REUTERS/Marco Bello/Files

HOUSTON/NEW YORK (Reuters) – Chevron Corp employees worldwide are being asked to reapply for positions as part of a cost-cutting program expected to eliminate up to 15% of its workforce, people familiar with the matter said.

The No. 2 U.S. oil producer has begun taking steps to streamline its organization this year to reduce costs and revive declining profits. Oil companies have posted huge losses on asset writedowns and slashed spending as economic downturns caused by the COVID-19 pandemic undercut fuel demand.

Employees who are not chosen for jobs should know within weeks, Chief Executive Michael Wirth said in an interview on Monday. He did not discuss how cuts would be decided nor how many employees were asked to reapply for positions.

The company took a $1 billion charge to earnings earlier this year to cover severance pay for employees affected by the restructuring. Workers not chosen for new assignments would lose their jobs.

Chevron recently expanded its 45,000-person workforce by acquiring smaller oil and gas producer Noble Energy, which has about 2,200 workers. That $4.1 billion all-stock deal closed this week.

In Houston, about 700 employees will lose jobs starting Oct. 23, according to a notice Chevron sent to the state of Texas. Employees will receive enhanced severance benefits and two-months to leave the company, the letter said. Most of the people not chosen for new posts will depart by the end of the year, a spokeswoman said.

Decisions about Noble employees are likely in several weeks, Wirth said. Reductions are more likely where the two companies overlap, such as west Texas shale and administrative areas, Wirth said.

“Some areas like the Middle East or

Chevron Corp employees worldwide are being asked to reapply for positions as part of a cost-cutting program expected to eliminate up to 15% of its workforce, people familiar with the matter said.

Ticker Security Last Change Change %
CVX CHEVRON CORP. 73.78 +1.48 +2.05%

The No. 2 U.S. oil producer has begun taking steps to streamline its organization this year to reduce costs and revive declining profits. Oil companies have posted huge losses on asset writedowns and slashed spending as economic downturns caused by the COVID-19 pandemic undercut fuel demand.

LAYOFFS ON THE RISE AMID SLOW COVID-19 RECOVERY

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 28.39 0.00 0.00%

Employees who are not chosen for jobs should know within weeks, Chief Executive Michael Wirth said in an interview on Monday. He did not discuss how cuts would be decided nor how many employees were asked to reapply for positions.

PELOSI, MNUCHIN SIGNAL OPENNESS TO $25B BAILOUT FOR US AIRLINES AFTER TRUMP REVERSES COURSE ON STIMULUS

The company took a $1 billion charge to earnings earlier this year to cover severance pay for employees affected by the restructuring. Workers not chosen for new assignments would lose their jobs.

Ticker Security Last Change Change %
XOM EXXON MOBIL CORPORATION 33.50 +0.11 +0.33%

Chevron recently expanded its 45,000-person workforce by acquiring smaller oil and gas producer Noble Energy, which has about 2,200 workers. That $4.1 billion all-stock deal closed this week.

In Houston, about 700 employees will lose jobs starting Oct. 23, according to a notice Chevron sent to the state of Texas. Employees will receive enhanced severance benefits and two-months to leave the company, the letter said. Most of the people not

On the same day that he stepped into his new role as CEO at Ford (F), Jim Farley has shaken up his leadership team in an effort to turnaround the company’s automotive operations.

Farley, who succeeded Jim Hackett on Thursday, made the announcements during a virtual town hall meeting with Ford’s global team. As part of Farley’s plan, costs will be reduced, quality will be improved, and underperforming businesses will be restructured.

“During the past three years, under Jim Hackett’s leadership, we have made meaningful progress and opened the door to becoming a vibrant, profitably growing company,” Farley said. “Now it’s time to charge through that door.”

“We are going to compete like a challenger – allocate capital to higher growth and return opportunities to create value – and earn customers for life through great products and a rewarding ownership experience.”

The leadership changes include the appointment of John Lawler, 54, as Ford’s chief financial officer. He will oversee finance and Ford Motor Credit. Lawler succeeds Tim Stone, who will leave the company on Oct. 15 for a position at ASAPP Inc.

Lawler was previously CEO of Ford Autonomous Vehicles and vice president of Mobility Partnerships. He has been with Ford for 30 years. Lawler’s replacement will be named at a later date.

Also, making moves at Ford is Jeff Lemmer, chief information officer, who will retire on Jan. 1 after 33 years with the company. His replacement will also be named at a later date, Ford said.

Joy Falotico, 53, will move from her role as president of Lincoln and Ford chief marketing officer to Lincoln Motor Company to focus on the luxury brand once a new candidate has been named for her role. She will report to Kuma Galhotra, president of The Americas and International Markets.

In Europe,

Adds details, background

LONDON, Sept 29 (Reuters)Zambia hopes to reach a debt restructuring agreement with creditors by April and hopes to get nearly $1 billion of debt service relief from its requests to official and commercial creditors, Finance Minister Bwalya Ng’andu said on Tuesday.

One of the world’s largest copper producers, Zambia had been wrestling with growing public debt even before the coronavirus outbreak forced lockdowns around the world and cut demand for raw materials.

“We have engaged systematically with our official creditors for debt service suspension as well as our commercial creditors to seek similar debt service treatment, including the rescheduling of past due arrears accumulated throughout the year,” Ng’andu told creditors in a webcast.

“We hope to be in a position to reach an agreement in principle with our external creditor community on a debt treatment and with the IMF on a staff level agreement for a programme by the end of the standstill period.”

Last week, Zambia launched a vote with its Eurobond holders, proposing to defer interest payments on its three outstanding dollar-denominated bonds in a standstill period until April 14, 2021.

The minister added that assuming all debt service suspensions were granted and included arrears, relief would amount to $81 million under the Debt Service Suspension Initiative (DSSI) and to $897 million on commercial claims.

Zambia external public debt burden amounts to nearly $12 billion with $3 billion outstanding Eurobonds, $3.5 billion of bilateral debt, $2.9 billion of other commercial debt and $2.1 billion owed to multilaterals. Some $3 billion of public debt is owed to China.

Investors watching the presentation said they welcomed Ng’andu’s commitment to “fair and equitable” treatment for all creditors, but were disappointed about the lack of detail on the status of talks with China or