Credit Suisse just put $2 billion of Archegos-linked stocks on the market after the hedge fund’s meltdown, reports say

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters at the Paradeplatz square in Zurich, Switzerland October 1, 2019. REUTERS/Arnd Wiegmann
  • Credit Suisse is still unloading Archegos-linked stocks after the US hedge fund’s collapse.
  • The lender put up about $2 billion worth of block trades after Tuesday’s market close, Bloomberg said.
  • Shares in Discovery and Chinese video-streaming website iQIYI were offered at the lower end of ranges.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Credit Suisse put up large blocks of Archegos-related stocks on the market after regular trading on Tuesday, Reuters reported, citing multiple sources.

The stock offerings, including Discovery and iQIYI, amounted to roughly $2 billion, according to Bloomberg.

The Swiss bank isn’t yet done unloading stocks linked to Archegos, even though it’s already taken a $4.7 billion charge from the hedge fund’s collapse last month. Several top executives, including the chief risk officer and investment bank head, are departing following the fund’s failure to meet margin requirements.

In late March, Archegos used borrowed money to make large bets on some stocks until Wall Street banks forced it to sell over $20 billion worth of its shares as it couldn’t meet a margin call.

JPMorgan said this week global banks are expected to lose up to $10 billion following the fund’s implosion.

Tuesday’s block trades were offered at a discount to their closing prices. They included 19 million Class A shares of Discovery sold at $38.40, 22 million Class C Discovery shares sold at $32.35, and 35 million shares of Chinese online video-platform iQIYI at $15.85, Bloomberg said, citing one source.

Shares in Discovery and iQIYI fell sharply in after-hours trading on Tuesday. Credit Suisse fell 2% in morning trade on Wednesday.

Credit Suisse last week sold around $2.3 billion in block trades in Viacom, Vipshop, and Farfetch in an attempt to limit further losses from the fiasco.

A spokesperson for Credit Suisse didn’t immediately respond to Insider’s request for comment.

Read the original article on Business Insider

Discovery Plus streams shows from Discovery, HGTV, Food Network, TLC, Animal Planet, and more for $5 a month – here’s how it works

If you buy through our links, we may earn money from affiliate partners. Learn more.

discovery plus

Free Trial for Verizon Unlimited Customers (small)Monthly Plan (ad-supported) (small)

If you’re a fan of reality TV, nature programs, cooking shows, true crime series, and educational titles, then you might be interested in Discovery’s new on-demand streaming service. Dubbed Discovery Plus, the digital platform features a massive library of shows from all of the major Discovery networks. You can sign up now for $5 a month with commercials or $7 a month for ad-free streaming.

Discovery Plus is designed to provide easy access to all your favorite Discovery, TLC, Animal Planet, Food Network, and HGTV series in one streaming app. The service also features a selection of brand-new exclusive programs you won’t find anywhere else. And, since it’s a standalone subscription platform, you don’t need a cable or satellite plan to tune in.

Below, we’ve broken down some of the basic details on Discovery Plus, including pricing, device support, and content selection.

What is the Discovery Plus price?

Discovery Plus is available in two plans: an ad-supported option and an ad-free option. The ad-supported plan costs $5 a month. Meanwhile, the ad-free plan costs $7 a month. Both plans come with a free seven-day trial for new subscribers.

For a limited time, select Verizon customers can receive 12 months of ad-free access to Discovery Plus for free. The offer is available with select Verizon Unlimited plans, Fios Home Internet, or 5G Home service. You can find full details on the Verizon deal here.

If you’d like to try the service for yourself, you can sign up for Discovery Plus now through the Discovery Plus website.

Which devices support Discovery Plus?

Discovery Plus is available on iOS and Android mobile devices, Apple TV, Android TV, Roku, Amazon Fire TV, Samsung smart TVs, Xbox consoles, Chromecast, and web browsers.

For more streaming player recommendations, check out our guide to the best streaming sticks and devices.

What can I watch on Discovery Plus?

Discovery Plus is home to an extensive library of content from 14 networks, including Discovery, TLC, Animal Planet, Food Network, HGTV, ID, A&E, History, Lifetime, OWN, Travel, Science Network, The Dodo, and more. In total, Discovery says that the streaming service offers over 55,000 episodes of content.

The lineup features popular programs like “Diners, Drive-ins, and Dives,” “Chopped,” “Property Brothers,” “Extreme Makeover: Home Edition,” “Deadliest Catch,” “Worst Cooks in America,” “Planet Earth II,” “Dirty Jobs,” and many more.

New original shows developed exclusively for Discovery Plus are also available to stream. Discovery Plus Originals include “Bobby and Giada in India,” “American Detective with Lt. Joe Kenda,” “90 Day Fiancé Universe,” “Home Town: Ben’s Workshop,” “Home Town: Six Degrees with Mike Rowe,” and more. You can find a full list of Discovery Plus original shows here.

A new feature, called “Discovery Plus Channels,” is also available. This option allows members to stream continuous 24/7 feeds of select shows, like “House Hunters” and “Chopped.”

Is Discovery Plus worth it?

We’re currently in the process of testing Discovery Plus for a full review and, based on our initial impressions, its value will largely depend on your tastes as a viewer. If you’re a big fan of the Discovery family of networks, then having easy access to so many of the brand’s programs in one app could be worth the price of admission alone. Especially if you opt for the commercial-free plan.

With that said, if you already subscribe to a pay-TV service with access to channels like Discovery, Food Network, and TLC, then you likely already get on-demand access to many of these shows via your cable box or each channel’s dedicated app.

It remains to be seen how much of a draw the new Discovery Plus original programs will be, but if the lineup looks interesting to you, then you should test out the service with its free seven-day trial to see if it’s really worth paying $5 or $7 a month for yet another streaming service.

Free Trial for Verizon Unlimited Customers (medium)Monthly Plan (ad-supported) (small)

Read the original article on Business Insider

CEOs like Google’s Sundar Pichai and Microsoft’s Satya Nadella are among the most overpaid CEOs, according to a new report

Google CEO Sundar Pichai speaks during the Google I/O 2016 developers conference in Mountain View, California
Google CEO Sundar Pichai speaks during a developers conference.

  • As You Sow has released its seventh annual report detailing the 100 most overpaid CEOs.
  • The top 30 CEOs on the list includes Alphabet’s Sundar Pichai and Microsoft’s Satya Nadella.
  • Nine companies have made the list every year, including Walt Disney, Goldman Sachs, and IBM.
  • Visit the Business section of Insider for more stories.

CEOs like Alphabet’s Sundar Pichai and Microsoft’s Satya Nadella are among the top 100 most overpaid CEOs, according to a new report from As You Sow.

It’s no secret that CEOs of S&P 500 companies make good money. However, As You Sow’s list doesn’t rank by the size of a CEO’s salary. Instead, the corporate responsibility non-profit uses different metrics to identify whether or not a CEO is being overpaid.

To do this, the study took three main factors into account: the amount of extra dollars a CEO receives based on past company performance and pay, the number of shareholders who voted against a CEO’s pay package, and the ratio comparing the executive’s compensation to the company’s median employee pay. The latter was weighed less heavily.

Coincidentally, the highest salary on the list happens to belong to the most overpaid CEO: Alphabet’s Sundar Pichai, who receives a pay of $280,621,552, according to the report. To compare, the median pay of Alphabet workers sits at $258,708, which is a CEO to worker pay ratio of 1,085 to one.

Pichai is being paid an excess of $266,698,263, according to As You Sow.

Another tech giant, Microsoft, also made the list in 24th place. Satya Nadella, the head of Microsoft, earns $42,910,215. According to the study, Nadella is being paid an excess of $27,896,691.

The median pay of Microsoft’s employees is $172,512, which is a CEO to worker pay ratio of 249 to one.

Several social media companies are seen as giants in Silicon Valley, but only one was included in the report: Mark Zuckerberg, Facebook’s CEO, in 73rd place. Zuckerberg has a pay of $23,415,973, which, according to the study, contains an excess of $9,479,977.

To compare, the median employee pay at Facebook is $247,883. This amounts to a CEO to worker pay ratio of 94 to one, lower than both Microsoft and Alphabet’s.

However, the list wasn’t just dominated by tech leaders. Bob Iger, the former CEO of the Walt Disney Company, Lachlan Murdoch of Fox Corporation, and Miguel Patricio of the Kraft Heinz Company were all listed among the top 30 most overpaid CEOs.

And according to the study, companies that have consistently graced the list are performing worse than those that have never been mentioned. As You Sow has published this report annually since 2015, and nine CEOs have made the list every year, amounting to a total pay of $2 billion. However, these nine businesses have seen a lower annualized shareholder return compared to S&P 500 companies that have never made the overpaid CEO list.

These nine companies include: Discovery, Walt Disney, Comcast, AT&T, Goldman Sachs, IBM, McKesson, Ralph Lauren, and Regeneron.

This consistent overpaying of CEOs can signal several concerns, specifically “poor accountability, weak governance, and lack of concern for shareholder interests,” the study notes.

However, this overcompensation issue may soon be changing as more shareholders are beginning to vote against these hefty CEO paychecks, according to Rosanna Landis Weaver, the report’s author.

“We might be going into a spring where we see higher votes against pay, particularly at companies that try to insulate their executive compensation from the effects of the COVID-19 pandemic,” Weaver told Insider.

These were the top 30 most overpaid CEOs, according to As You Sow’s new report:

30. Norwegian Cruise Line – Frank Del Rio

Pay: $17,808,364

Excess: $6,617,002

Median worker pay: $16,925

29. Walgreens Boots Alliance – Stefano Pessina

Pay: $19,156,202

Excess: $7,266,357

Median worker pay: $34,074

28. HCA Healthcare – Samuel Hazen

Pay: $26,788,251

Excess: $14,094,249

Median worker pay: $56,012

27. Netflix – Reed Hastings

Pay: $38,577,129

Excess: $23,649,474

Median worker pay: $202,931

26. AT&T – Randall Stephenson

Pay: $32,032,925

Excess: $19,313,311

Median worker pay: $98,630

25. McKesson – John Hammergren

Pay: $17,400,207

Excess: $5,240,500

Median worker pay: $38,026

24. Microsoft – Satya Nadella

Pay: $42,910,215

Excess: $27,896,691

Median worker pay: $172,512

23. Linde – Stephen Angel

Pay: $66,149,325

Excess: $52,644,326

Median worker pay: $40,601

22. Coty – Pierre Laubies 

Laubies was replaced halfway through 2020, the Wall Street Journal reported.

Pay: $16,211,992

Excess: $5,574,670

Median worker pay: $43,242

21. Mylan – Heather Bresch

Pay: $18,509,260

Excess: $7,524,895

Median worker pay: $43,367

20. Qualcomm – Steven Mollenkopf

Pay: $23,065,052

Excess: $9,744,629

Median worker pay: $90,259

19. Marathon Petroleum – Gary Heminger 

Heminger retired from the company in April 2020.

Pay: $24,129,164

Excess: $11,768,410

Median worker pay: $27,507

18. General Electric – H. Lawrence Culp Jr.

Pay: $24,553,788

Excess: $13,339,908

Median worker pay: $50,471

17. Centene – Michael Neidorff

Pay: $26,438,425

Excess: $13,257,871

Median worker pay: $68,987

16. Activision Blizzard – Robert Kotick

Pay: $30,122,896

Excess: $15,867,848

Median worker pay: $94,308

15. Fiserv – Jeffrey Yabuki

Yabuki stepped as CEO mid-2020, Marketwatch reported.

Pay: $27,601,026

Excess: $13,842,124

Median worker pay: $65,254

14. Comcast – Brian Roberts

Pay: $36,370,183

Excess: $23,330,783

Median worker pay: $78,869

13. Fidelity National Information Services – Gary Norcross

Pay: $27,658,117

Excess: $13,926,647

Median worker pay: $59,235

12. T-Mobile – John Legere

Legere stepped down as T-Mobile’s CEO at the end of April 2020.

Pay: $27,756,690

Excess: $13,798,277

Median worker pay: $62,195

11. Advanced Micro Devices – Lisa Su

Pay: $58,534,288

Excess: $40,542,122

Median worker pay: $96,874

10. Fox Corporation – Lachlan Murdoch

Pay: $42,111,103

Excess: $28,735,479

Median worker pay: not provided

9. Las Vegas Sands Corporation – Sheldon Gary Adelson

Adelson died this year and was replaced by Robert Goldstein as CEO.

Pay: $24,680,118

Excess: $11,976,674

Median worker pay: $42,228

8. Universal Health Services – Alan Miller

Pay: $24,473,240

Excess: $12,397,998

Median worker pay: $38,931

7. Intel – Robert Swan

Swan was replaced by Pat Gelsinger as CEO of Intel this month.

Pay: $66,935,100

Excess: $53,244,455

Median worker pay: $96,300

6. The Kraft Heinz Company – Miguel Patricio

Pay: $43,297,480

Excess: $31,390,609

Median worker pay: $42,689

5. The Walt Disney Company – Bob Iger

Iger stepped down as CEO of the Walt Disney Company in February 2020.

Pay: $47,517,762

Excess: $34,885,856

Median worker pay: $52,184

4. Howmet Aerospace – John Plant

Pay: $51,712,578

Excess: $39,321,473

Median worker pay: $55,497

3. CVS Health – Larry Merlo

Merlo retired from his CEO post this month.

Pay: $36,451,749

Excess: $24,311,079

Median worker pay: $46,140

2. Discovery – David Zaslav

Pay: $45,843,912

Excess: $33,823,935

Median worker pay: $79,343

1. Alphabet – Sundar Pichai

Pay: $280,621,552

Excess: $266,698,263

Median worker pay: $258,708

Read the original article on Business Insider

Scientists accidentally found life under 3,000 feet of ice in Antarctica. ‘Never in a million years’ would they have expected it, the lead scientist said.

Animals found under Ice
An annotated still of a video in which scientists saw stationary animals under ice in Antarctica. The creatures appear similar to sponges.

  • Scientists stumbled upon life under 3,000 feet of ice in Antarctica.
  • They found two types of unidentified animals, where they had thought nothing could live.
  • Their next step is finding a way to get close enough to identify the creatures. 
  • Visit the Business section of Insider for more stories.

Scientist have found life under 3,000 feet under of ice in Antarctica, challenging their assumption that nothing could live in such conditions.

The previous theory was that life couldn’t exist in such extremity: no food, freezing temperatures, and complete darkness.

The creatures were found attached to a boulder in the frigid seas under the Filchner-Ronne ice shelf. Experts from the British Antarctica Survey drilled through 2,860 feet of ice, then another 1,549 feet of water to make the discovery.

“The area underneath these ice shelves is probably one of the least-known habitats on Earth”, said Dr. Huw Griffith, one of the scientists who made the discovery, in a Twitter video. 

“We didn’t think that these kinds of animals, like sponges, would be found there.”

The Filchner-Ronne ice shelf is a massive floating ice sheet which stretches out from the Antarctic continent.

It spans more than 579,000 square miles, but only the equivalent of the surface of a tennis court has been explored. 

Enormous icebergs occasionally break off from these ice shelves and drift away. In December 2020, one of these icebergs threatened to crash into a breeding ground for sealions and penguins

Filchner Ronne Ice Shelf, Antartica
An annotated satellite image of the Filchner-Ronne Ice shelf is the second biggest ice Shelf in Antarctica.

ice sheets
The giant ice sheets is the second largest ice sheet in Antarctica

The scientists didn’t set out looking for life.

They were drilling through the ice sheet to collect samples from the sea floor. Instead, their camera hit a boulder. When they reviewed the camera’s footage, it revealed this discovery. 

“Never in a million years would we have thought about looking for this kind of life, because we didn’t think it would be there,” Griffiths told The Guardian.

The video reveals two types of unidentified animals, shown here in a video from the British Antarctic Survey. The animals in red seem to have long stalks, whereas another type of animal, highlighted in white, looks more like a round sponge-like animal. 

annotated video footage, new discovery animals, Antarctica
An annotated still of the footage which captured animals under the ice in Antarctica.

Other studies had looked at life under ice sheets. A few mobile animals, such as fish, worms, jellyfish or krill, could be found in that habitat.

But it was thought that the deeper and the furthest away from a light source the habitat stretched, the less likely it would be that life could be found.

Read more: Disney is shutting down the animation studio behind the ‘Ice Age’ movies. Some staffers say they’re shocked at the lack of communication and feel betrayed that its final movie won’t be released.

This is the first time that animals which are bound to a surface have been found there. The scientist say these animals are about 160 miles from the the open sea.

“Our discovery raises so many more questions than it answers, such as how did they get there? What are they eating? How long have they been there?” Griffith said in a press release. 

The scientists said their next step is to understand whether these are new species.

“To answer our questions we will have to find a way of getting up close with these animals and their environment … 260 km [160 miles] away from the ships where our labs are”, Griffith said. 

Life in research stations in Antarctica is not easy feat, as Insider’s Monica Humpfries reported

They are so remote that the first case of COVID-19 on the continent was only reported in December, 2020.  

Read the original article on Business Insider

What Instagram is whispering to creators

Hi and welcome to this weekly edition of Insider Advertising, where I break down the big stories in media and advertising.

Remember you can sign up to get this newsletter daily here

This week: What Instagram is whispering to creators, Discovery joins the streaming wars, and Estée Lauder pivots in the pandemic.

Instagram app
The logo of the Instagram app on a smartphone.

Tech platforms wield enormous influence on business and society but the algorithms that power them are a black box to all but a few.

So that’s why it was fascinating to see what Instagram told certain creators about how they could grow their followings on the platform, as Sydney Bradley reported.

Key points:

  • Some creators said while they were glad to get specific tips from Instagram, the posting volume that was recommended was unrealistically high.
  • The advice also shows how much Facebook-owned Instagram is pushing Reels, the feature it rolled out in August and which has been widely seen as an attempt to knock off the wildly popular TikTok app.
  • Reels, you’ll recall, launched to a mixed reception, and Instagram reportedly dangled cash before high-profile TikTok creators to try to lure them to use the new feature. 

Read the full story here: Instagram has privately advised some creators on how often to post, offering a rare glimpse into how its mysterious algorithm works


Chip and Joanna Gaines Getty Images
Chip and Joanna Gaines, who are coming to Discovery Plus.

Streaming wars, take 2

Streaming media has exploded as people ditch their cable bundles and more recently, are forced by the pandemic to seek out in-home entertainment. 

But if it already feels like there are too many services to choose from, we’re about to get more.

Discovery Plus is the first new streamer to launch in 2021. And while it doesn’t boast the originals Netflix has, if wildlife documentaries and cooking shows are your thing, it’s a relative deal at $4.99 for a subscription with ads, compared to Netflix starting at $8.99.

Speaking of Netflix, the streamer just released viewing numbers for its new “Bridgerton” series, showing it’s on track to be its fifth biggest original series ever (and a win for creator Shonda Rhimes). 

Read the full story here: The $6.99 Discovery Plus streaming service launched today with shows from HGTV and Food Network, joining an already crowded streaming market


estee lauder
Estée Lauder logo seen in Hong Kong.

Estée Lauder’s pandemic pivot

Getting a handle on consumer sentiment is critical for makeup companies, which have seen a sales dip in the pandemic. But the same conditions have made doing in-person research safely near impossible.

Estée Lauder described how it’s pivoted to virtual research methods, like getting people to send them videos talking about how they use makeup.

It’s found some opportunity: There’s demand among people who use videoconferencing platforms for work and frontline workers who want to treat themselves with things like mini spa days and new products like sheet masks.

Read the rest here: An Estée Lauder exec reveals how the pandemic is transforming the company’s research and marketing as people ditch makeup for sheet masks and self-care


Other stories we’re reading:

That’s a wrap. See you next week!

– Lucia

Read the original article on Business Insider