Disney agrees to court in widower’s lawsuit

Disney has decided to allow a lawsuit to go to court after initially trying to block it. The lawsuit was filed by Jeffrey Piccolo, whose wife, Kanokporn Tangsuan, died after having an allergic reaction to a meal at a Disney resort in 2023. Disney first argued that because Piccolo had a Disney+ subscription, he couldn’t sue the company, pushing for arbitration instead. Now, Disney has changed its position and will let the case be heard in court.

Gold soars to new heights

Gold prices have hit a new record, with spot gold trading at $2,513.79 per ounce this morning. This surge comes as investors anticipate upcoming cuts to US interest rates, making gold an increasingly attractive option. Falling interest rates tend to boost gold’s appeal since they make bonds and cash less desirable. So far this year, gold has climbed nearly 22%, and experts predict it could reach $2,600 per ounce by the end of 2024. At today’s prices, a standard gold bar is now worth over one million dollars.

Estée Lauder sales dip amid weak Chinese demand

Estée Lauder has reported a 2% drop in net sales, totalling $15.61 billion for the year ending June 30, down from $15.91 billion the previous year. The decline is largely attributed to weak demand in China and lower sales in Asia’s travel retail sector. The company’s pretax profits also took a hit, falling 45% to $772 million. Looking ahead, Estée Lauder expects revenues for the next financial year to be relatively flat, ranging between a 1% decrease and a 2% increase. Moreover, CEO Fabrizio Freda has announced his plans to retire at the end of fiscal year 2025.

Sources: Theguardian.com, Cnbc.com

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