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.
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.
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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.
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.
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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.
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:
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.”
“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.
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.
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).
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.