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Activist investor Daniel Loeb on Wednesday urged Walt Disney Co. to skip paying an annual dividend and instead pour the $3 billion into hits for its streaming television service.

Loeb, founder of Third Point hedge fund, made his pitch in a letter to Disney chief executive Bob Chapek and the board of directors.

Loeb reasoned that skipping a few dollars per share in dividends, the entertainment giant could use the money to more than double its budget for content at Disney+ streaming service.

“Disney has built one of the largest streaming platforms in the world, already within the original 5-year Disney+ subscriber target range of 60-90 million,” Loeb said in the letter, a copy of which was obtained by AFP.

“To further capitalize on this transformational opportunity, we believe the company should permanently suspend its $3 billion annual dividend and redirect this capital entirely into content production and acquisition for

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Singapore has called on global organisations such as the United Nations (UN) and World Trade Organisation (WTO) to reform, so international rules are in line with cybersecurity and other key digital developments. The Asian nation also underscores the need for unified cooperation against COVID-19, which it notes has accelerated “self-defeating” sentiments worldwide including protectionism and xenophobia. 



In this image made from UNTV video, Singapore's Foreign Minister, Dr. Vivian Balakrishnan, speaks in a pre-recorded message which was played during the 75th session of the United Nations General Assembly, Saturday, Sept. 26, 2020, at U.N. headquarters. (UNTV via AP)


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In this image made from UNTV video, Singapore’s Foreign Minister, Dr. Vivian Balakrishnan, speaks in a pre-recorded message which was played during the 75th session of the United Nations General Assembly, Saturday, Sept. 26, 2020, at U.N. headquarters. (UNTV via AP)

Continued international cooperation was key to overcoming the impact of the pandemic as well as to rebuilding, and nations needed to build greater trust and learn from each other, said Singapore’s Minister for Foreign Affairs Vivian Balakrishnan, in the country’s national statement at the UN General Assembly’s General Debate of

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