• Barnes & Noble plans to open around 60 new stores in the US, says CEO James Daunt.
• Daunt said it would be "logical" to consider a future initial public offering in London or New York.
• Barnes & Noble was acquired by Elliott Investment Management for $683 million in 2019.

James Daunt, the CEO of Barnes & Noble and Waterstones, said he would open about 60 new stores in the US.

The British bookseller boss told the Financial Times that he is considering a future initial public offering in London or New York as well as the expansion.

Throughout 2024, 57 Barnes & Noble locations were opened across the US, which currently has approximately 600 stores. In the UK, 12 new stores were added. Speaking about additions in the new year, Daunt said to the FT that he plans to "do that or more in 2025."

Barnes & Noble is the largest book chain in America. After he quit his investment banking job, Daunt launched Daunt Books in London in 1990 — where there are now about 10 stores. In 2011, he was appointed managing director of British bookseller Waterstones to help the struggling business, which faced growing competition from Amazon.

In 2018, Waterstones was sold to Elliott Investment Management by Russian billionaire and publisher Alexander Mamut. Barnes & Noble was acquired by the same New York-headquartered hedge fund the following year for $683 million.

Daunt was named CEO of both book retailers. He also continues to run his independent book chain in London.

The Barnes & Noble and Waterstones boss told the FT it would be "logical" to contemplate an IPO but that any plan would be based on Elliott's strategy for the future. Citing a person familiar with the matter, the FT reported there are no current plans to list the chains. However, it could be a possibility at a later stage.

At present, Daunt hopes to combine the IT and finance platforms at Barnes & Noble and Waterstones into one system.

He noted that it was a "solid Christmas" because as the holiday fell on a Wednesday, last-minute shoppers had the weekend before to purchase gifts.

"The last weekend and [December] 23-24 were exceptional on both sides of the Atlantic," he told the FT. "It has been a good post-Christmas as well."

• A flight operated by Ryanair subsidiary Lauda Air had two aborted landings after its GPS signal jammed.
• The Airbus A320 was flying to Vienna but had to be diverted to Brno in the neighboring Czech Republic.
• GPS jamming, causing navigation issues, has increased since 2022, especially in the Baltics.

A flight was diverted after aborting two attempts to land when the aircraft's GPS signal was disrupted.

The incident occurred on a flight operated by Lauda Air, a subsidiary of Ryanair, between the Latvian capital Riga and Vienna on December 30.

The plane, an Airbus A320, attempted two landings in Austria's capital city before being diverted to Brno in the Czech Republic, data from Flightradar24 shows.

Die Presse, one of Austria's largest newspapers, was the first outlet to report on the incident. It said that the captain on board the plane made an announcement to passengers about a minor technical problem when trying to land in Vienna.

When the flight successfully landed in Brno, the captain explained that the aircraft's GPS devices had become jammed.

Generally, the system reboots itself after jamming, but as the plane approached Vienna, per Die Presse, this did not happen.

Jamming is an intentional radio frequency interference with global navigation satellite systems (GNSS) that prevents planes from accessing satellite signals and makes the GNSS system "ineffective or degraded," the European Union Aviation Safety Agency says.

Per Die Presse, the captain said that because of poor visibility, it was safer to avoid landing in Vienna while the GPS faced interference. He said the weather was better in Brno.

A spokesperson from Ryanair told Business Insider that flight FR748 from Riga to Vienna on Monday, December 30 "diverted to Brno due to a minor tech issue with the GPS system combined with low visibility (fog) at Vienna."

"The aircraft landed normally at Brno at 22.52 local, where there was no issue with visibility, and passengers were transported by coach to Vienna. We sincerely apologise to passengers for any inconvenience caused as a result of this diversion."

Since 2022, there has been a rise in planes experiencing issues with their satellite navigation systems over the Baltics. Officials have suggested that Russia may be to blame.

• A flight attendant working for Swiss Air has died after a plane's cabin filled with smoke mid-flight.
• On December 23, a flight from Bucharest to Zurich diverted due to engine issues and smoke.
• The staff member, who hasn't been named, died around a week after being taken to hospital.

A young Swiss International Air Lines flight attendant died after smoke started to fill the cabin and cockpit.

The flight — operating from Bucharest in Romania to Switzerland's Zurich on December 23 — made an emergency diversion to Graz in southern Austria after engine problems led smoke to spread through the plane, according to a press release by the airline.

The member of staff, who has not been named publicly, was airlifted to a hospital in Graz, where he was put into intensive care. He died on Monday, December 30.

"We are devastated at our dear colleague's death," Swiss CEO Jens Fehlinger said in a statement.

"We stand with one another at this truly difficult time; and we will be doing our utmost, together with the relevant authorities, to determine the causes involved," Oliver Buchhofer, the airline's chief operating officer added.

"We have many questions, and we want them answered," he added.

All 74 passengers on board the Airbus A220 were evacuated, and twelve received medical attention. All five crew members were placed under medical care.

"Our teams of experts are working hard over the festive season to evaluate all the facts and findings available, and are in close contact with the authorities," the airline said in a statement about the investigations into the incident.

The focus of the investigation is on the mechanical parts of the aircraft — like the engine — and the protective breathing equipment available to the cabin crew.

SWISS announced it was working with the relevant authorities, the engine manufacturer Pratt & Whitney, and the aircraft manufacturer Airbus.

"The initial findings point to a technical problem in one of the engines," it said in the press release, but the cause of the smoke has not yet been conclusively determined.

A special flight from Graz to Zurich was organized on the morning of Christmas Eve to get passengers to their destination.

• Some United Airlines employees at Denver International Airport fell ill after a holiday meal.
• The Association of Flight Attendants reported there were 24 cases of food poisoning symptoms.
• United Airlines is monitoring the situation and coordinating with health authorities.

Dozens of United Airlines employees at Denver International Airport fell ill after eating a meal provided by the airline on Christmas Day.

According to a letter from the Association of Flight Attendants, representing United workers in Denver and Phoenix, a total of 492 meals were served to flight attendants. Of those, there were 24 reports of symptoms connected to food poisoning.

Denver7 spoke with one flight attendant who said he felt sick and started to experience nausea and diarrhea shortly after eating the holiday plate of food. The employee said many of his colleagues who ate the meal were also ill afterward.

He told Denver7 that United Airlines has a strict policy requiring staff to submit a doctor's note within 48 hours when they call in sick during the holiday period.

A spokesperson from United Airlines told Business Insider: "United is monitoring reports from some employees about gastrointestinal symptoms following holiday meals served to Denver employees last Wednesday, and we are in contact with health authorities. There has been no impact on our operation."

The AFA initially reported that around 200 employees had been sick after eating the meal on Christmas Day, however, it said in its later letter that the actual number of reports was substantially lower.

"We recognize that there may be some who decided to "power through" or who may have been apprehensive about calling in sick over the holiday period, or who may have been on their way home and therefore did not miss work.

The union wrote that if staff had to call in sick and believe it was because of the meal, they should email their supervisor explaining they are among those with symptoms and that any points associated with the absence should be removed.

Although the letter said "there is no way to know for sure" if these were cases of food poisoning as there are viruses circulating that produce similar symptoms, management at the airport would keep monitoring the issue.

• Inflation, growing demand, and TikTok have fuelled a rise in people buying cheaper "dupes" of expensive items.
• They range from deliberate imitations of designer clothing to cheaper versions of famous tech items.
• BI asked industry observers what to avoid when buying "dupes."

Inflation, growing demand, and the boosting power of TikTok have all fuelled the rise of "dupe" culture — taking pride in purchasing cheaper alternatives to high-end products.

But buying "dupes" comes with risk. A 2023 survey by Trustpilot of 1,000 American Gen Z and Millenial adults found that 49% had been scammed while trying to buy a dupe.

In most cases, respondents said the item was either poor quality, damaged, or didn't even arrive. In some cases, respondents said they'd needed medical treatment as a result of using what they'd bought.

Business Insider spoke with those experienced with dupes about what types of products to be cautious about or avoid altogether when looking for a bargain imitation.

1. Skincare

Jason Wingate, the CEO of Canadian sales and marketing firm Emerald Ocean, told BI any products that need to be applied to the skin were "categories where buying dupes is just asking for trouble."

He said doing so required careful consideration.

"While the packaging might look similar, what's inside could be untested," Wingate said.

Destiny Chatman, from UK savings app TopCashBack, said people should compare ingredients on off-brand products, and avoid anything with clear disparities from the original product.

"No two products will have identical ingredients; however, if major ingredients are different then you should probably pass," Chatman said.

2. Beauty

Ant Robinson, from price-comparison website HalfPricePerfumes, warned anyone looking for dupe fragrances to be aware some can be dangerous.

"The idea of a great fragrance at a fraction of the cost might tempt you, but counterfeit fragrances often contain dangerous — and sometimes, downright disgusting — ingredients," he told BI.

The US Customs and Border Protection has warned that counterfeit makeup and perfume products often contain hazardous ingredients and urged shoppers to focus on reputable retailers and sellers.

"Always make sure that the fragrance you're purchasing is from a legitimate retailer so you know that it isn't fake," Robinson said.

3. Luxury bags

Consumers should also exercise caution when purchasing dupes of luxury-brand bags and purses, Chatman said.

"If it visually looks similar to the original to you, then you should buy it but if there are main differences you can point out, then it's likely to also be visible to others," she said.

She said that sometimes, you can only compare a knock-off to its more expensive product when you try both of them, as, purses or bags cannot be tested in-store like makeup or perfume.

4. Tech

For Wingate, electronics and tech "are the biggest no-go" when considering buying a dupe.

"The safety risks from poor components and bad engineering are serious," he said, adding that he has seen counterfeit chargers catch fire and fake batteries leak. "It's not worth risking your safety to save a few bucks."

Stevie Johnson, managing director of influencer marketing agency Disrupt, told BI that large companies that sell tech products have to meet certain safety standards to avoid potential hazards in their products — and you can't be certain that their dupes are complying with those criteria.

He told BI he'd bought a cheap imitation pair of Airpods, which, except for a slightly poor microphone, he felt worked well, and was worth the saving.

But he said people should be wary of dupes of more expensive tech products, especially those that touch the body.

• Boeing has resumed the production of the 767 and 777 as it gets back online after a lengthy strike.
• Following the end of the strike, the aviation giant had already restarted 737 production.
• Boeing has had a troubled 2024 after a midair blowout in January shone a light on its quality control.

Boeing has resumed its production across its range of aircraft in the Pacific Northwest factories as it gets back online following its lengthy and costly strike.

The aviation giant, which had already resumed production of its 737 Max jets, has now restarted building the 767 and 777 models again, Stephanie Pope, Boeing's COO and the CEO and president of its commercial planes division, said in a LinkedIn post.

The news follows an announcement last week that Boeing would commit $1 billion to its 787 Dreamliner manufacturing plant in South Carolina.

"Our teammates have worked methodically to warm up our factories in the Pacific Northwest, using Boeing's Safety Management System to identify and address potential issues and ensure a safe and orderly restart," she wrote in the post.

The aircraft manufacturing giant hopes to ramp up production in what has been a difficult year. In January, an Alaska Airlines flight lost a door plug during a flight, injuring several passengers and resulting in an emergency landing.

The incident highlighted Boeing's production processes and led to questions about its quality control, which led then-CEO Dave Calhoun to resign.

Boeing was also hit with several lawsuits related to the Alaska Airlines incident, as well as facing renewed scrutiny over two 737 Max crashes in 2018 and 2019 that killed 346 people.

Its problems were compounded when over 30,000 factory workers went on strike for nearly seven weeks beginning in September.

Boeing now has a backlog of around 5,400 commercial aircraft worth roughly $428 billion.

"We have taken time to ensure all manufacturing teammates are current on training and certifications, while positioning inventory at the optimal levels for smooth production," Pope said in the post.

"As we move forward, we will closely track our production health performance indicators and focus on delivering safe, high-quality airplanes on time to our customers," she added.

• Hong Kong-Taipei was the busiest international flight route in 2024, with 6.8 million seats.
• OAG's report shows Asia-Pacific dominates the busiest international routes post-pandemic.
• The busiest domestic route was between the South Korean island of Jeju and its capital, Seoul.

Hong Kong to Taipei is the world's busiest international flight route, according to a report published on Tuesday by air travel intelligence provider OAG.

The route has topped the list in 2024, with a total of 6.8 million seats — 48% higher than last year but 15% below 2019 levels, when it last appeared at the top of the list.

OAG's annual report, which examines global airline schedule data spanning from January to December 2024 and compares it to 2019 — before the COVID-19 pandemic — found that most of the busiest international routes are in the Asia-Pacific region.

The second most popular, with 5.5 million seats, was from Cairo to Jeddah, Saudi Arabia.

The only route on the list in North America and Europe was between New York JFK and London Heathrow, which was ranked number 10 with 4 million seats, a 5% increase compared to 2019.

Here's the full top 10 list:

1. Hong Kong to Taipei: 6.78 million seats
2. Cairo to Jeddah, Saudi Arabia: 5.47 million seats
3. Seoul to Tokyo: 5.41 million seats
4. Kuala Lumpur to Singapore: 5.38 million seats
5. Seoul to Osaka: 4.98 million seats
6. Dubai to Riyadh, Saudi Arabia: 4.31 million seats
7. Bangkok to Hong Kong: 4.20 million seats
8. Jakarta to Singapore: 4.07 million seats
9. Bangkok to Singapore: 4.03 million seats
10. New York JFK to London Heathrow: 4.01 million seats

Domestic airline routes were significantly busier than international ones.

The busiest route overall is in South Korea, a roughly 280-mile journey between the island of Jeju and Seoul's Gimpo airport. The route provided over 14 million seats in 2024, which, despite being the world's busiest, was a 19% fall compared to pre-pandemic numbers.

Per the OAG report, eight of the 10 busiest domestic flight routes were in Asia, including flights in Japan, China, India, and Vietnam.

No routes in North America or Europe were ranked in the top 10. The most popular route in North America connected Vancouver to Toronto, with 3.5 million seats.

The busiest domestic route in the United States was Atlanta-Orlando, which trailed slightly behind the Canadian route with just under 3.5 million seats in 2024.

Honolulu-Kahului ranked third in North America with 3.4 million seats. It was followed by Las Vegas-Los Angeles and a route connecting Denver to Phoenix.

In Europe, the top route was Barcelona to Palma in Spain, which had nearly 3 million seats. Half of Europe's busiest 10 routes were in Spain, OAG said.

• Reid Hoffman said he'd faced threats after Elon Musk fueled a baseless conspiracy theory about him.
• Musk has amplified claims that the LinkedIn cofounder was a client of Jeffrey Epstein.
• Hoffman said he regretted his past association with Epstein and had hired security after threats.

Reid Hoffman, a cofounder of LinkedIn, said he had received threats of violence — and had to hire security — since Elon Musk fueled a baseless conspiracy theory about him.

Musk, the Tesla CEO who worked with Hoffman at PayPal, replied earlier this month to an X post in which a user implied Hoffman had visited the sex offender Jeffrey Epstein's private island.

He replied with the "100" emoji to a post saying: "This guy is TERRIFIED about Trump releasing the Epstein Client list after all his visits to Epstein Island."

Musk also made the claim during an October interview with the former Fox News anchor Tucker Carlson, in which he said Hoffman was among the "billionaires behind Kamala" who were "terrified" by the prospect of Epstein's client list being made public.

Speaking with the British newspaper The Sunday Times, Hoffman said Musk had developed a "conviction with no evidence" that he had a close relationship with Epstein.

"Elon's defamation makes me angry and sad," he said. "Angry because it is an ugly assault. Sad because it comes from someone whose entrepreneurial achievements I continue to admire."

He added that he didn't want to "dignify" the threats he had received by sharing any details but said, "I've hired security staff as a result."

After Epstein's suicide in jail in 2019, Hoffman apologized for inviting him to a dinner party in 2015 with other tech tycoons — including Musk, Facebook CEO Mark Zuckerberg, and Palantir's cofounder Peter Thiel — while fundraising for MIT's renowned Media Lab.

Hoffman said he was told Epstein's involvement in raising donations had been vetted and approved by MIT. But he later wrote in an email to Axios that he regretted not conducting his own research into Epstein, who died while awaiting trial on sex-trafficking charges.

"My last interaction with Epstein was in 2015," Hoffman said in the email. "Still, by agreeing to participate in any fundraising activity where Epstein was present, I helped to repair his reputation and perpetuate injustice. For this, I am deeply regretful."

He told The Sunday Times that he "went to no Epstein parties" and that he "didn't even know who he was."

Hoffman is a major Democratic donor who used X to voice his support for Vice President Kamala Harris in the presidential election. "My message for American voters and Russian bots: don't vote for the guy too busy selling you a scamcoin," he wrote in a post on X on Election Day. Donald Trump, then the Republican presidential nominee, launched his own crypto coin, World Liberty Financial's wlfi, in October.

Musk has become a close ally of Trump, having been tasked with leading a new advisory committee, the Department of Government Efficiency, alongside the pharmaceutical entrepreneur Vivek Ramaswamy.

Musk did not immediately respond to a request for comment.

• Matthew Hiller sells stickers on Etsy for Tesla owners embarrassed by Elon Musk's politics.
• Musk's vocal support for Donald Trump has boosted sales, he told The New York Times.
• MadPufferStickers is a side hustle for the Waikiki Aquarium worker.

Some Tesla owners are embarrassed by Elon Musk's very public support for Donald Trump — and one Etsy seller has found a way to cash in.

Matthew Hiller works in the gift shop of Waikiki Aquarium in Honolulu but also has a side hustle in the form of Mad Puffer Stickers that calls itself "Etsy's #1 Shop For Tesla Drivers!"

Some of the stickers and magnets available on his Etsy store have slogans such as "I Bought This Before We Knew Elon Was Crazy" in all-capital letters, and another that reads: "Anti Elon Tesla Club."

The latter item measures four inches by five inches, costs $339.80 and was bought by 13 people in the past 24 hours as of Thursday. It's suitable for the Tesla Model X, Y, 3 and Cybertruck.

Hiller told The New York Times he used to sell between five and 10 a day, but interest jumped significantly after Musk ramped up his support for Trump ahead of the election. He said he's now sold about 18,000 stickers to buyers in 30 countries.

Hiller had once considered buying a Tesla. Following Musk's takeover of Twitter, now X, he told the Times of his concern about what he called misinformation on the social media platform.

"So I'm like, there's no way I'm buying a Tesla: I don't want to give this guy a penny," he said.

That led Hiller to think some Telsa owners would not "want to endorse anything this guy stands for," and inspired him to add the "I Bought This Before We Knew Elon Was Crazy" sticker. One buyer of that item commented: "Love the car ... can't deal with Musk."

It sits alongside more lighthearted items on Mad Puffer Stickers such as "Don't Talk To Me, I'm a Fishtrovert," and "Eighters Gonna Eight" with an image of an octopus.

Business Insider reported in November that seven current and would-be Tesla owners said they were actively planning or considering selling their vehicles or Tesla shares, or that they were done buying the brand after years of believing in Musk and his EV maker.

Hiller did not immediately respond to a request for comment from BI.

• Boeing has committed $1 billion to expand its 787 Dreamliner manufacturing plant in South Carolina.
• The investment aims to upgrade infrastructure and create 500 jobs over five years.
• Boeing is looking to ramp production up after a tough year in which it faced major losses.

Boeing said on Thursday it will commit $1 billion to its 787 Dreamliner manufacturing plant in South Carolina as it seeks to ramp up production after a difficult 2024.

The Virginia-based firm has planned for the investment to go toward infrastructure upgrades at the site and creating 500 new jobs in the next five years.

Boeing announced in a joint press release with the South Carolina Department of Commerce that the outlay will expand its two North Charleston campuses to help support increased production of 787 Dreamliners to meet production targets and a potential future rise in market demand.

The aircraft manufacturing giant hopes to reach a rate of 10 planes a month by 2026, up from below five a month in July 2024.

Boeing has struggled to keep up with its order backlog amid questions about its quality control following the Alaska Airlines blowout in January. Its problems were compounded when over 30,000 factory workers went on strike for nearly seven weeks.

The aviation giant has a backlog of around 5,400 commercial aircraft worth roughly $428 billion.

Boeing's announcement comes as the planemaker faces competition from Airbus, which said in April it would increase its production of its rival A350 jet from 10 a month in 2026 to 12 a month in 2028.

Boeing is facing a troubled financial outlook after a difficult year, in which it replaced its CEO and faced heavy scrutiny from regulators. It posted a loss of over $6 billion in the third quarter of 2024, and during the factory worker strike, it said it would seek to raise $24.3 billion to boost its liquidity. Its share price has dropped 37% since the start of the year.

• Inditex sales grew 9% in five weeks to December 9, the start of the traditional holiday shopping period.
• Shares fell over 7% on Wednesday off the back of the results, which missed analyst expectations.
• Analysts at Deutsche Bank called the results "disappointing" in a note to clients.

Zara's parent company, Inditex, reported Wednesday that sales grew 9% in the five weeks to December 9, compared with 14% in the same period in 2023.

Shares in the Madrid-listed fashion giant — which also owns Bershka and Massimo Dutti — dropped as much as 7% on Wednesday after it missed analyst estimates.

Sales during the start of the holiday shopping period, including Black Friday and Cyber Monday, were also lower than 10.5% growth reached in the first nine months of 2024.

"Inditex continued with a very robust operating performance due to the creativity of the teams and the strong execution of the fully integrated store and online business model," the company said in its earnings statement.

Net income rose 8.5% to €4.4 billion ($4.62 billion) in the nine-month period, falling below the €4.52 billion ($4.74 billion) forecast by analysts.

Operating income and gross margin also lagged behind estimates in the third quarter.

In a note on Wednesday morning, Deutsche Bank analysts said the results would likely be viewed as "disappointing."

"The group's impressive growth credentials look confirmed," Jefferies analysts led by James Grzinic, head of luxury and retail, said in a note to clients. "But the shares likely needed a better print to prevent some profit-taking today."

Zara was previously thriving in a post-pandemic world. As luxury retailers like LVMH — which owns Louis Vuitton and Christian Dior — and Kering — the parent company of Gucci and Saint Laurent — saw sales slow as aspirational customers became increasingly strapped for cash, Zara reaped the rewards.

Middle-income earners who were priced out of luxury brands headed to Zara instead for their fashion fix, favoring its lower price point and ongoing reputation for quality. Sales were up by 10% over the course of 2023.

• Jeff Bezos prefers "messy" meetings to rehearsed ones for genuine discussions.
• Bezos emphasized seeking truth in meetings, not polished pitches or presentations.
• His ideal meetings include six-page memos, a study period, and open, messy discussions.

Amazon founder Jeff Bezos prefers "messy" meetings to ones that team members have rehearsed, he told The New York Times DealBook Summit last week.

The world's second-richest person and owner of the Washington Post said his approach to internal meetings is to not finish them until he feels that everything has been discussed.

"Messy is good," Bezos told The New York Times.

Bezos explained that most of the meetings he considers useful have six-page memos, a 30-minute "study hall" period to read them, and then a messy discussion.

"I like the memos to be like angels singing from on high, so clear and beautiful," he said. "And then the meeting can be messy."

Bezos said that internal presentations should be about seeking the truth — not pitches to him or any senior executive.

"You don't want the whole thing to be figured out and presented to you," he said, adding that he would prefer to be part of the "sausage-making" process.

"I'm very skeptical if the meeting's not messy," he said.

"Show me the ugly bits. I always ask, are there any dissenting opinions on the team? I want to try to get to the controversy," Bezos said.

"Let's make this meeting messy. Help me make it messy."

Bezos is well known for his strong views about how meetings should be run, particularly what has become known "two-pizza rule," where a meeting is limited to the number of people that could be fed with two large pizzas. He also dislikes the use of PowerPoints in company meetings.

• The Disney Treasure embarks on its maiden voyage later this month.
• Disney plans to double the size of its cruise fleet in the coming years.
• Disney plans to invest $60 billion in parks and cruises amid challenges for its TV business.

The 1,119-foot-long Disney Treasure is set to make its maiden voyage from Port Canaveral, Florida later this month as the entertainment giant embarks on a major expansion of its cruise operations.

The Treasure is one of seven new liners Disney plans to launch by 2031, more than doubling its fleet.

Disney is still a fairly small operator yet is enjoying "unprecedented growth" with very strong demand for its cruises, experiences chief Thomas Mazloum told Theme Park Insider last month.

"We offer a premium brand within the cruise sector and the occupancy, and frankly, the business is performing very well," he said.

The Treasure was christened by Disney CEO Bob Iger the night before it set sail as a display of 1,000 drones transformed into characters from films including "Aladdin" and "Moana" to the soundtrack of Disney songs. Singer Jordin Sparks also performed a song written for the ship, The Wall Street Journal reported.

The Disney Adventure is due to come into service in the 2025 fiscal year and be based in Singapore, with the Disney Destiny arriving the following year.

Disney said last year it planned to almost double its investment on theme parks and cruises line to $60 billion over a decade.

The move comes amid the ongoing decline of its linear TV business. Its networks including ABC and cable channels saw profits fall 38% to $498 million for the third quarter, while revenue dropped 6% to $2.5 billion in the third quarter.

However, the entertainment giant reported better-than-expected earnings for the quarter and surprised investors with a strong outlook for the next three years. Disney stock has gained more than 28% this year, valuing the company at $211 billion.

Investors seem unconcerned that public sparring between Iger and president-elect Donald Trump during his first term could affect Disney's creative output and CEO succession.

• An ex-Goldman Sachs banker has won a sex-discrimination case after being dismissed by the bank.
• He said he was unfairly treated when he said he was struggling to balance work and parenthood.
• A tribunal heard that one of Reeves' bosses repeatedly told him to "figure it out."

A former Goldman Sachs banker has won a sex-discrimination case after he was dismissed by the investment bank soon after returning from parental leave.

Jonathan Reeves, who was a vice president in the bank's compliance division in London, said he was unfairly dismissed shortly after returning to work in 2022.

The bank had said he was dismissed for performance reasons.

An employment tribunal ruled in Reeves' favor, saying Goldman Sachs subjected him "to sex discrimination when it alleged that he had performed worse than his peers, reduced his remuneration and dismissed" him.

Reeves told the tribunal that during a call in early 2020, he told his bosses he was finding it difficult to balance his childcare responsibilities for his first child with his job while working from home during COVID-19 lockdowns.

He told the tribunal he was repeatedly shouted at to "figure it out" by his superior Omar Beer.

The tribunal heard that another of his bosses, Tin Hsien Tan, said she had not heard this particular phrase being used but said: "I am sure it would have been more like, 'You're a grown man; you can sort this out.'"

"Mr. Beer appeared to be unwilling to acknowledge to the particular hardships or difficulties that some people, including those with very young children, might have experienced during COVID lockdowns," the judgment said.

Reeves also told the tribunal that Goldman Sachs bosses were "more empathic towards female employees in relation to childcare" than with men.

In late 2021, Reeves told his bosses that he and his wife were having a second child and that he planned to take six months of parental leave between November 2021 and May 2022. Before his leave began, Reeves said Beer told him that he was "jealous" and that he should "take advantage" of the leave.

He was dismissed soon after returning from this leave.

"There was no attempt by the Respondent to carry out any fair process before dismissing the Claimant," the tribunal said.

A spokesperson from Goldman Sachs told Business Insider: "The firm is deeply committed to supporting working parents, with hundreds of Goldman Sachs fathers having taken up our market leading 26 weeks paid parental leave since it was introduced in 2019. We are carefully reviewing the judgment and the reasoning supporting its findings."

• Starbucks CEO Brian Niccol aims for a brewed cup of coffee to take less than 30 seconds to prepare.
• He told ABC that the coffee chain will be "hitting pause" on increasing prices for this fiscal year.
• Starbucks plans to enhance mobile orders and transparency around pricing, Niccol said.

Starbucks' new CEO, Brian Niccol, says he hopes customers will one day be able to get a brewed cup of coffee in less than 30 seconds.

In an interview with ABC's Good Morning America, the coffee boss said he wants to prioritize speed while also saying that there would be no more price rises for the time being.

Niccol's vision for what Starbucks will look like in five years' time includes a more efficient mobile order business with its own pick-up area.

"You're going to have an experience where when you walk in and you interact with the barista, it's going to be really quick for that brewed cup of coffee," he told ABC. "My hope is we can get you a brewed cup of coffee in less than 30 seconds."

Niccol joined Starbucks as its CEO in September after spending six years at the helm of Chipotle.

Unlike Chipotle, which announced menu price increases of about 2% on Wednesday, Niccol said: "The approach we've taken right now is we're going to hit the pause button on any pricing for this fiscal year."

"I still think there's an opportunity for us to simplify the pricing architecture right now — I don't love the fact that in our app right now, while you're doing this customization, it doesn't inform you what has happened to the price, so I want to get more transparent with the pricing," he said on GMA.

Niccol also said Starbucks would bring back some old staples like the Sharpies used to write names on cups and the coffee condiment bar.

The coffee chain CEO explained that they're investing in technology to provide more accurate times about when drinks will be ready for customers.

"We've got a lot of offerings that there's just one or two of these ordered a day," he said.

"The way I talk about it is, we're going to do fewer things, but we're going to do fewer things better."

• Billionaires are relocating more since the COVID-19 pandemic, per a report from Swiss bank UBS.
• UBS said that Switzerland, the UAE, Singapore, and the United States are popular destinations.
• "The shock of the pandemic put a premium on first-class healthcare," UBS wrote.

Billionaires have increased the frequency at which they are relocating overseas since the COVID-19 pandemic struck, the annual Billionaire Ambitions Report from UBS says.

The Swiss banking giant's report, which tracks sentiment among the world's superrich, found that since 2020, 176 billionaires have relocated around the world. With a global population of 2,682 as of April 2024, this represents around one in 15 billionaires, or roughly 6.5%.

The outflow of billionaires between 2020 and 2024 was most pronounced in Eastern Europe, where there was a net outflow of 29 billionaires, likely reflecting ultrarich citizens leaving the region amid the conflict between Russia and Ukraine.

Central and South America, Oceania, and Southeast Asia also saw net outflows of billionaires, UBS said.

Meanwhile, billionaires have been moving to countries including Switzerland, the UAE, Singapore, and the United States.

The Middle East and Africa region has also attracted new billionaires, with individuals with a combined net worth of over $400 billion moving to the region in the past four years.

UBS notes that one driving factor behind the superrich relocating is the increased value of good healthcare in the post-pandemic world.

"The shock of the pandemic put a premium on first-class healthcare," the report's authors wrote.

"As a group, billionaires are ageing, and their families are growing. Naturally, healthcare and education become more important."

Another driver, UBS said, is moving to "jurisdictions where legal structures support wealth transfer."

In other words, living in a place where the transfer of wealth through inheritance and other means is not subject to high levels of taxation.

"People are relocating to jurisdictions not just for tax benefits, but also for safety and political reasons," one American billionaire told the authors of the survey.

"I moved several years ago with my family to a country, state and city that affords the benefits most seek," the unnamed billionaire added.

"Unless the political divide addresses failed policies that have yet to curb crime, lack of rule of law and safety, as well as fostering an economic climate that unleashes potential, I fear the trend will continue."

Billionaires also value locations that support business — especially with geopolitical tensions remaining elevated globally, the report said.

According to UBS, total billionaire wealth rose by 121% worldwide from $6.3 trillion to $14 trillion between 2015 and 2024. At the same time, the number of billionaires grew from 1,757 to 2,682. This number peaked in 2021, when there were 2,686 — and has flatlined since.

• A lawsuit says Apple invades the privacy of employees by monitoring personal devices.
• The lawsuit also claims Apple's policies suppress employee rights and whistleblowing.
• The suit was filed by an Apple worker who says it barred him from publicly discussing his work.

A lawsuit says Apple illegally limits the freedom of employees by monitoring personal devices and iCloud accounts and prohibiting them from talking about their pay and working conditions.

The complaint was filed on Monday in the California Superior Court in Santa Clara County by Amar Bhakta. The suit says Bhakta has worked for Apple in digital advertising tech and operations since 2020.

"Apple's surveillance policies and practices chill, and thus also unlawfully restrain, employee whistleblowing, competition, freedom of employee movement in the job market, and freedom of speech," the suit says.

It also claims the smartphone maker "actively discourages" using iCloud accounts only for work.

"If you use your personal account on an Apple-managed or Apple-owned iPhone, iPad or computer, any data stored on the device (including emails, photos, video, notes and more), are subject to search by Apple," the lawsuit quotes Apple company policy as saying.

The lawsuit says that Bhakta was barred from discussing his work in podcasts and was asked to delete information about his working conditions from his LinkedIn profile.

Bhakta filed the suit under the Private Attorneys General Act, which authorizes workers to sue on behalf of the State of California for labor violations.

He is being represented by Outten & Golden and Baker, Dolinko & Schwartz.

Outten & Golden is also representing two women suing Apple in a suit saying the company paid more than 12,000 female workers in California less than male colleagues with similar roles.

"All California employees have the right to speak about their wages and working conditions," Jahan Sagafi, a partner at Outten & Golden, said in a press release about Bhakta's case.

"Apple's broad speech suppression policies create a danger of discrimination going unchallenged far too long, which harms all Apple employees and Californians in general," he added.

Apple did not immediately respond to a request for comment from Business Insider.

In a statement to Reuters, Apple said the suit's claims lacked merit, adding: "At Apple, we're focused on creating the best products and services in the world and we work to protect the inventions our teams create for customers."

• Elon Musk hit out at a Delaware judge's latest rejection of his mega pay package.
• The Tesla CEO described the ruling as "totally crazy" and "absolute corruption."
• Musk and Tesla supporters criticized the ruling in posts on social media.

Elon Musk hit out at a Delaware judge's rejection on Monday of his mega pay package.

In posts on X, his social-media platform, Musk, the world's richest person, said the ruling from Chancellor Kathaleen St. J. McCormick, of the Court of Chancery, was "totally crazy" and "absolute corruption." Musk also described her as an "activist posing as a judge."

The compensation plan was introduced in 2018 and was worth about $56 billion when McCormick first struck it down in January.

A surge in Tesla stock in recent weeks means the package would now be worth about $100 billion. Shares dipped in premarket trading but have jumped by 47% in the past month, valuing the EV maker at about $1.1 trillion.

The judge initially ruled that Tesla gave little reason for how it decided on the package and that Musk had undue influence over the board. In June, Tesla's shareholders voted to approve the compensation plan.

McCormick on Monday upheld her ruling. "The large and talented group of defense firms got creative with the ratification argument, but their unprecedented theories go against multiple strains of settled law," she wrote.

In a post on X, Tesla said it would appeal the ruling.

Supporters of Musk and Tesla responded to the ruling on social media.

Cathie Wood, the founder and CEO of Ark Invest and a long-term investor in Tesla, said on X: "Judge McCormick is an activist judge at its worst. No judge has the right to determine CEO compensation. Shareholders voted twice, overwhelmingly each time, to ratify @elonmusk's 2018 performance-based pay package. She will lose this fight in Supreme Court."

Paul Graham, a cofounder of Y Combinator, wrote: "It used to be automatic for startups to incorporate in Delaware. That will stop being the case if activist judges start overruling shareholders."

In another post, he wrote: "This evening the CEO of a public company told me that all startups should reincorporate in Nevada. That's apparently the best alternative, and for startups that are still private it's trivially easy."

Shaun Maguire, a partner at Sequoia Capital, posted, "I recommend all future companies to incorporate outside of Delaware."

Correction: December 3, 2024 — An earlier version of this story misspelled the judge's name. She is Kathaleen St. J. McCormick, not Kathleen St. J. McCormick.

• EY is set to cut 150 UK consultancy jobs amid a fall in demand for advisory services.
• Big Four consulting firms have launched a number of small rounds of cuts in recent months.
• In October, EY reported its first annual drop in employee head count for 14 years.

EY is set to cut 150 jobs in its UK consultancy division as demand slows for advisory services.

The layoffs at the Big Four firm will affect senior consultants like managers, senior managers, and directors, The Times of London, which first reported the news, said.

"EY regularly reviews the resourcing needs of the business. Regrettably, proposals put forward in part of the UK consulting practice may result in a reduction of 150 roles," an EY spokesperson told Business Insider.

"A consultation process is now underway with those impacted by these proposals."

EY employs around 4,700 people in its consulting division in the UK.

Under UK law, all companies making more than 100 redundancies must carry out a consultation for at least 45 days before dismissing employees.

At the same time as the cuts, Benoit Laclau, the managing partner of EY's consulting business in the UK and Ireland, is stepping down after nearly five years.

Laclau will continue to "serve some of EY's largest clients and lead the firm's technology driven pursuits in the UK."

The news comes amid a struggle among Big Four firms to deal with declining demand for professional services.

According to EY's annual report published in October, the company's head count fell by 2,450 in the year to June 30 — the first decrease in 14 years.

Revenue was up 3.9% on the previous year to $51.2 billion, the firm's poorest performance since 2010. And it reported a 4% fall in revenues for consulting and strategy.

EY is not alone in cutting UK staff numbers in recent months. In October, Deloitte cut 250 employees deemed to be underperforming working on consulting and advisory services in the UK.

Deloitte confirmed plans for additional cuts in the advisory division in November.

In its internal messages, Deloitte said the planned cuts were "necessary to enable us to navigate the remainder of a challenging FY25."

• Southwest Airlines is reportedly set to end cabin service earlier in a bid to reduce flight attendant injuries.
• The change would see cabin landing preparations begin at 18,000 feet rather than 10,000 feet.
• It comes amid increasing reports of turbulence-related injuries.

Southwest Airlines is reportedly set to end cabin service earlier from December 4 in a move designed to help prevent injuries to its flight attendants.

Flight attendants will begin landing preparations at 18,000 feet rather than 10,000 feet going forward, the company said in an internal memo seen by View From the Wing.

The memo said that an evaluation of data from reports by pilots and flight attendants and information from the Flight Data Analysis Program suggested that seating staff sooner should reduce injuries by at least 20%.

"If we do not achieve the desired result, we will continue to find solutions," the memo said. "We are also committed to sharing updates on these findings periodically."

For passengers, the change means the usual pre-landing checklist — carry-on luggage stowed, window shades up, and seats and tables upright — will need to be completed sooner.

The memo says pilots will announce the beginning of the descent phase to the cabin before making a chime at 18,000 feet to signal the start of the sterile flight deck — a period when flight crew members should not be disturbed except for emergencies.

"This chime serves as your cue to secure the cabin for landing and to be seated and secured in your jumpseats," it says.

The World Economic Forum has said that from 2009 to 2023, 37 passengers and 146 crew members were seriously injured as a result of turbulence.

In May, a 73-year-old passenger died on board a Singapore Airlines flight when the plane dropped 178 feet in around four seconds.

Although serious turbulence-related injuries are rare, turbulence appears to be getting more common and increasingly severe.

Southwest Airlines did not immediately respond to Business a request for comment from Business Insider.