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Disney To See At Least $1.4 Billion Impact From Coronavirus

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Walt Disney Co. said Tuesday it will see an impact of some $1.4 billion from the coronavirus in the current fiscal quarter as a result of a massive hit to its theme parks and other operations.

The media-entertainment giant said its profit plunged 91 percent to $475 million in the period ending March 28, amid an impact from the pandemic and heavy investment in its new streaming media service Disney+.

Total revenues rose 21 percent to $18 billion for the company, with media operations showing strong growth. According to Bob Chapek, the Chief Executive:

While the COVID-19 pandemic has had an appreciable financial impact on a number of our businesses, we are confident in our ability to withstand this disruption and emerge from it in a strong position.

Disney shares went down some 3 percent in after-hours trade following the earnings for the company which has the largest Hollywood film studios, cruise and theme park operations, and the ABC television network along with the ESPN sports channel.

Revenues from its “direct to consumer” operations which include the new streaming platform to rival Netflix, jumped to more than $4 billion in the fiscal second quarter. But the unit lost $812 million due to expenses from its rollout.

The new Disney+ service had some 33.5 million subscribers at the end of March, the company said.

Disney said revenue for the “Parks, Experiences and Products” division fell 10 percent to $5.5 billion, and segment operating income fell 58 percent.

The studio entertainment operations saw slight revenue gains and a modest dip in operating profits, as the pandemic hit at the end of the quarter during which it released “Frozen II” and “Star Wars: The Rise of Skywalker.”

Chapek said Disney will maintain a cautious approach in reopening its facilities as the world recovers from the coronavirus outbreak.
He noted that the company plans to reopen its Shanghai park on Monday and added that “we are seeing encouraging signs of a gradual return to some semblance of normalcy in China and in light of the lifting of certain restrictions in recent weeks.”

The attraction in China’s most populous city will use temperature screening, scannable health barcodes, and social distancing measures as it opens.

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JUST IN: Olubadan of Ibadanland, Oba Lekan Balogun joins ancestors at 81

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The Olubadan of Ibadanland, Oba Lekan Balogun has joined his ancestors after a brief illness.

He joined his ancestors at the age of 81.

It was gathered that the late monarch was taken to the hospital Wednesday morning having stayed indoor throughout Tuesday on account of slight malaria fever, though, he was hail and hearty on Monday during which he personally received few guests that paid him congratulatory visits on his second year anniversary on that day.

Making this announcement was the Baba-Kekere Olubadan and his younger brother, Dr Kola Balogun in a statement by the Personal Assistant (Media) to the late monarch, Oladele Ogunsola.

According to the statement, Dr. Balogun disclosed that Oba Balogun would be buried at his Aliiwo ancestral home by 4.00pm on Friday according to Islamic rites just as he said that the State Governor Seyi Makinde, though already verbally informed, would be formally notified early in the morning.

The late Olubadan was the first most educated to have emerged as Ibadan monarch, a British trained P.hd holder, a former university lecturer, former member of management staff of Shell British Petroleum, former gubernatorial candidate of the defunct Nigeria People’s Party, NPP, former Senator and a successful business man.

His last official outing was the Olubadan Advisory Council’s meeting which he presided over last Saturday where the decision to derobed Mogaji Akinsola, Olawale Oladoja was taken.

He however, on Tuesday instructed the Ekerin Olubadan, Oba Hamidu Ajibade to midwife a small committee to deliberate on last Friday’s decision on what should be the position of Ibadan Zone in the proposed newly reconstituted Oyo State Council of Obas and Chiefs.

The decision of the small committee was earlier on Thursday ratified by the Olubadan Advisory Council at a meeting presided over by Otun Olubadan and the former governor of Oyo State, High Chief Rashidi Ladoja and was to be taken to the late Oba Balogun for his signature Friday morning so as to meet the deadline for submission to the state Commissioner for Local Government and Chieftaincy Matters later in the day.

The late Olubadan is survived by wives, children and grandchildren.

Announcing the passage of the monarch, Governor Makinde, in a statement, stated that Olubadan, who joined his ancestors late Thursday evening at the University College Hospital, UCH, Ibadan, described him as an epitome of royal excellence and a great achiever, who made great marks on Ibadanland in just a little over two years of his reign.

He expressed his condolences to the Olubadan-in-Council, the Oyo State Traditional Council and the people of Ibadanland and Oyo State, praying to God to grant repose to the soul of the deceased monarch.

Makinde said: “With total submission to the will of God, I announce the passing unto glory of our father, His Imperial Majesty, Oba Dr. Mohood Lekan Balogun, Alli Okunmade II, the 42nd Olubadan of Ibadanland.

“A mighty Iroko has fallen; Oba Dr. Balogun has joined the ancestors.

“In Kabiyesi, Ibadanland had a cosmopolitan and well-experienced Olubadan, who made indelible marks on the sands of history and achieved greatly within a short while.

“On behalf of the Government and good People of Oyo State, I condole with the immediate family of the Oba Dr. Balogun, the Olubadan-in-Council, the Oyo State Traditional Council and the people of Ibadanland.

“It is my prayer that God grants repose to the soul of our late monarch.”

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JUST IN: Labour Party National Chairman, Abure arrested for attempted murder in Edo (Video)

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Operatives of the Edo State Police Command have arrested the National Chairman of the Labour Party (LP), Julius Abure.

Abure was arrested on Wednesday in Benin City, the Edo State capital, on allegations of premeditated attempted murder, amongst other alleged infractions.

The Labour Party chairman’s arrest followed a petition by the LP Youth Leader, Comrade Eragbe Anselm Aphimia.

The petition, addressed to the Commissioner of Police, Edo State Command, dated February 13, partly reads, “I, Comrade Eragbe Anselm, write to you with utmost urgency and grave concern regarding a heinous act of violence perpetrated against me on the 29th of December 2023.

“I am a member and National Youth Leader of the Labour Party (LP) in Nigeria, and the events I am about to recount are of utmost importance for justice and the safety of individuals involved in political activities.

“On December 28, 2023, I flew into Benin City Airport around 2 p.m. as part of an official 5-member delegation authorised by the Acting National Chairman of the Labour Party, Alhaji Lamidi Basiru Apapa.

“Our mission was to organise Ward, LGA, and State Congresses in Edo State, as well as supervise the sale of nomination forms for various posts, as mandated by INEC guidelines, within the stipulated time frames.

“On arrival at the Benin Airport, I was received by one Mrs Mary Okheime Newberry, who falsely claimed to be providing transportation and accommodation on behalf of unnamed “stakeholders.”

“She proceeded to lodge us at the Smart Homes Hotel, unknown to us that she was plotting a sinister and gruesome ambush. The next morning, a man named Austin Emeka came to pick me and my colleague, Mr Patrick Anethua, up from the hotel lobby, pretending to take us to a meeting venue.

“Instead, we were violently attacked just outside the hotel gates by a waiting mob.”

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JUST IN: Tinubu appoints new leadership for NAFDAC, NCDC

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President Bola Tinubu has approved the appointment and reappointment of chairpersons of boards and chief executive officers of agencies under the ministry of health and social welfare.

In a statement on Thursday by Ajuri Ngelale, presidential spokesperson, Tinubu approved the appointment of Mansur Kabir as the chairman of board of National Agency for Food and Drug Administration and Control (NAFDAC).

He also reappointed Mojisola Adeyeye as the director-general (DG) of the agency and appointed Olajide Idris as the DG of Nigeria Centre for Disease Control (NCDC).

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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