Disney Pulls $1 Billion Investment From Florida, Asks Ron DeSantis If He’s Thirsty for More | Canada News Media
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Disney Pulls $1 Billion Investment From Florida, Asks Ron DeSantis If He’s Thirsty for More

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MIAMI, FL – AUGUST 29: Governor Ron DeSantis gives a briefing regarding Hurricane Dorian to the media at National Hurricane Center on August 29, 2019 in Miami, Florida. Hurricane Dorian is expected to become a Category 4 as it approaches Florida in the upcoming days. (Photo by Eva Marie Uzcategui/Getty Images)Eva Marie Uzcategui/Getty Images
The Florida theme park is not f–king around.

When Ron DeSantis went after Disney for having the temerity to speak out against his bigoted “Don’t Say Gay” law, stripping the theme park of its self-governing status and installing his own hand-selected board of conservatives to run its oversight board, he clearly thought, as many a petty tyrant in his position would, that he was going to crush the company, and prevent it from ever crossing him again. But as Disney has made incredibly clear, ole Ronny-boy thought wrong!

Less than a month after suing the Florida governor and accusing him of waging a “targeted campaign of government retaliation,” Disney on Thursday pulled out of a roughly $1 billion investment in the state. It had been set to build an office complex in Orlando, which “would have brought more than 2,000 Disney jobs to the region, with $120,000 as the average salary,” The New York Times reported, citing an estimate from the Florida Department of Economic Opportunity. That’s the sort of thing most local politicians love, but apparently, for DeSantis, making sure teachers can’t say the word gay in front of students was more important. In an email to employees seen by the Times, Josh D’Amaro, Disney’s theme park and consumer products chairman, said, “changing business conditions” was the reason the project was being cancelled, adding, “I remain optimistic about the direction of our Walt Disney World business.” He also noted that the company still plans to spend $17 billion on construction at Disney World over the next decade—and create an estimated $13,000 jobs— but caveated it with “I hope we’re able to.” Which, it would seem, was a clear message to the governor that some or all of it could go away if he doesn’t stop f–king around.

Last month, after DeSantis publicly mused about building a prison complex next to the Orlando theme park, former New Jersey governor Chris Christie opined: “Where are we headed here now, that if you express disagreement in this country, the government is allowed to punish you? To me, that’s what I always thought liberals did.” (Christie obviously did not mention his own alleged brush with retaliating against people who have differing opinions.) In its lawsuit, Disney wrote: “In America, the government cannot punish you for speaking your mind.”

A spokesman for DeSantis told the Times in an email: “Disney announced the possibility of a Lake Nona campus nearly two years ago. Nothing ever came of the project, and the state was unsure whether it would come to fruition. Given the company’s financial straits, falling market cap, and declining stock price, it is unsurprising that they would restructure their business operations and cancel unsuccessful ventures.”

Should DeSantis elaborate further, we presume it will be to say something stupid like, “There are plenty of other companies who want to do business in Florida who don’t support indoctrinating children.”

Marjorie Taylor Greene simultaneously insists she’s not a white supremacist while claiming to feel threatened by a Black man (whom she was smiling at and laughing with yesterday)

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Jamaal Bowman’s response to her “reckless” and “dangerous” remarks: “She knows what she’s doing”

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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