As part of the deal, Endeavor's UFC business and WWE will form a separate publicly traded entity, the people said, in which Endeavor shareholders would hold 51% and WWE shareholders would retain 49%.
McDonald's Temporarily Shuts U.S. Offices as Chain Prepares for Layoff Notices
McDonald's Corp. is temporarily closing its U.S. offices this week as it prepares to inform corporate employees about layoffs undertaken by the burger giant as part of a broader company restructuring.
The Chicago-based fast-food chain said in an internal email last week to U.S. employees and some international staff that they should work from home from Monday through Wednesday so it can deliver staffing decisions virtually. The company, in the message, asked employees to cancel all in-person meetings with vendors and other outside parties at its headquarters.
Norfolk Southern Derailment Spurs Questioning of Turnaround King's Strategy
The late E. Hunter Harrison, who ran four of North America's major railroads, is credited with transforming the railroad industry by spreading a philosophy of aggressive cost-cutting.
But criticism of that philosophy, known as precision-scheduled railroading, or PSR, has grown since the February derailment of a Norfolk Southern Corp. train that released hazardous chemicals in East Palestine, Ohio.
How Disney Dodged Ron DeSantis and Kept Control of Its Florida Land
Walt Disney Co. for now has outmaneuvered Florida Gov. Ron DeSantis in the battle for control over the more than 24,000-acre parcel of land near Orlando where Walt Disney World Resort is located.
In February, Disney went before a local board and secured approvals for the next 30 years on zoning, infrastructure and air-rights that the company might need if it chooses to expand Disney World, giving the company an advantage that has become clearer in recent days.
Saudi-Led Oil Producers to Lower Output Further
A group of large oil producers led by Saudi Arabia said Sunday they would cut more than a million barrels of output a day starting next month, a surprise move that upset Washington and led to a jump in crude prices amid concerns about the global economy.
The output cut adds to a reduction of 2 million barrels a day agreed to in October by the Saudi-led Organization of the Petroleum Exporting Countries and a group of other producers led by Russia. Taken together, the output cuts amount to about 3% of the world's petroleum production taken off the market in seven months.
S&P 500's Resilience in the Banking Crisis Is Largely Thanks to Tech
Big technology stocks are back in the market's drivers seat.
The S&P 500 has gained 2.9% since March 8 when trouble began brewing ahead of the collapse of Silicon Valley Bank. That is largely thanks to a big rally in the index's information-technology and communications-services groups.
Rising Rates Take Some Shine Off Private Markets
After years of shifting money into private market investments, public pension and investment funds are taking a fresh look at publicly traded debt, thanks to the highest yields in more than a decade.
"Bonds are back," said California State Teachers' Retirement System investment chief Christopher Ailman. He predicted that public pension funds will shift an additional 2% to 5% of assets into publicly traded debt, reversing a multidecade trend of shrinking fixed-income portfolios.
World Bank Warns of Lost Decade for Global Economy
Over the past year, governments around the world have announced tax breaks, subsidies and new laws in a bid to accelerate investment, combat climate change and expand their workforces.
That might not be enough.
China Caixin Manufacturing PMI Falls to Neutral Level
A private gauge of China's factory activity fell to a neutral level that separates activity expansion from contraction in March.
The China Caixin manufacturing purchasing managers index fell to 50.0 in March from 51.6 in February, according to data released Monday by Caixin Media Co. and S&P Global. That is down from the eight-month high reached in February and signals a moderation of activity in the sector.
Analysis: China's Property Market Shows Signs of Life, but Struggles May Persist
Chinese property developers' earnings are likely to remain under pressure in 2023, with a recent uptrend in property sales more reflective of pent-up demand caused by Covid-19 curbs than a sign of an industry turnaround, analysts said.
Real-estate developers, from big names to smaller players, are fresh off their worst earnings season in a decade. Country Garden Holdings Co., Agile Group Holdings Ltd., Shenzhen Overseas Chinese Town Co. and others have suffered sharp revenue declines and recognized billions of dollars of impairment charges on property investments and projects that severely dented their bottom lines.
SVB Collapse Complicates Banks' Efforts to Unload More Than $25 Billion of Junk Debt
Recent turmoil in the banking industry has made the already-difficult task of selling off tens of billions of risky buyout debt even harder for Wall Street firms.
Bank of America Corp., Barclays PLC, Morgan Stanley and others together currently hold $25 billion to $30 billion of "hung debt" on their balance sheets, according to leveraged-finance analytics firm 9fin. The unsold debt is tied to leveraged buyouts that banks agreed to finance before worsening credit conditions last year sapped investor appetite for the paper.
Evan Gershkovich's Arrest Marks a New Era of Hostage Diplomacy
More Americans in recent years have been detained by foreign governments on what the U.S. considers to be bogus or politicized charges than have been taken captive by terrorism groups or criminal gangs, according to U.S. authorities and private assessments.
The latest is Wall Street Journal reporter Evan Gershkovich, who was arrested last week by Russian authorities and charged with espionage. The 31-year-old journalist who had covered the rapidly escalating new era of state hostage-taking has suddenly become the face of it.
Trump, N.Y. Prosecutors Prepare for Arraignment as GOP Rallies to His Side
New York prosecutors, former President Donald Trump, his political allies and foes are all gearing up for a historic week that will feature his surrender and arraignment in a Manhattan courtroom on hush-money charges.
Mr. Trump, who is set to turn himself in on Tuesday, is experiencing a boost among Republicans, with new polling showing him widening his lead among prospective 2024 White House GOP rivals, including Florida Gov. Ron DeSantis.
Russian Shelling Kills Six in Ukraine as Zelensky Criticizes Moscow's U.N. Role
Kyiv, Ukraine-Russian forces shelled a town near the eastern city of Bakhmut on Sunday, killing six people, while Ukrainian President Volodymyr Zelensky said Russia's presidency of the United Nations Security Council was undermining the body's credibility.
Pavlo Kyrylenko, the head of the regional administration in the eastern Donetsk region, said Russian forces had struck the center of Konstantynivka, damaging high-rise and residential buildings. Eight people were wounded in addition to the six fatalities, said the chief of Ukraine's presidential staff, Andriy Yermak.
Former Arkansas Gov. Asa Hutchinson Announces Bid for White House
WASHINGTON-Former Arkansas Gov. Asa Hutchinson said Sunday he was running for president and called on former President Trump to withdraw from the race over his criminal indictment in New York.
The 72-year-old former congressman and official in George W. Bush's administration said he was driven to run after traveling the country for six months and hearing calls for good leadership, common sense and optimism.
Egypt, Syria in Advanced Talks to Restore Diplomatic Relations
Egypt and Syria are in advanced talks to restore full diplomatic relations more than a decade after ties broke down, people familiar with the matter say, as Arab states warm up to Damascus in fast-evolving developments that are reshaping the Middle East's geopolitics.
Egyptian President Abdel Fattah Al Sisi and Syrian President Bashar al-Assad could meet soon after the Muslim holy month of Ramadan ends in late April, the people said. The date and location for a possible summit between the two leaders haven't been completed, they added.
Storm System Kills at Least 32 People Across Central U.S.
LITTLE ROCK, Ark.-A powerful storm system barreled across the central U.S. Friday, killing at least 32 people and unleashing reports of at least 69 tornadoes recorded across at least 10 states.
Fueled by a series of so-called supercells, the rotating thunderstorms that can spawn tornadoes, the system battered homes, downed trees and power lines and flipped cars and RV campers, with some landing in the Mississippi River.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
Nothing major scheduled
Economic Calendar (ET):
0930 Mar Canada Manufacturing PMI
1030 Bank of Canada Business Outlook Survey
Stocks to Watch:
Delta 9 Cannabis 4Q Loss/Shr C$0.09; 4Q Loss C$11.2M; 4Q Rev C$17.6M
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DynaCERT Announces The Appointment Of A New Chief Financial Officer; Executive VP Jean-Pierre Colin to Become Interim CFO Effective Immediately; CFO Carmelo Marrelli Has Resigned Effective Immediately; Is a Carbon-Emission Reduction Tech Co
Market Talk:
MT Headline: First Quantum Broadens its Options With Rio Tinto JV
First Quantum's purchase of a majority stake in Rio Tinto's La Granja copper project in Peru gives the Canadian miner more options in case its Taca Taca project in Argentina is stalled by fiscal conditions or other challenges, Citi said.
It's early days at La Granja, where a construction decision is likely at least five years away, Citi added.
(MORE TO FOLLOW) Dow Jones Newswires
04-03-23 0624ET
