Amazon.com Inc – TheNewsHub https://thenewshub.in Mon, 28 Oct 2024 12:56:11 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Immersive entertainment company Cosm lands rights to broadcast NFL games https://thenewshub.in/2024/10/28/immersive-entertainment-company-cosm-lands-rights-to-broadcast-nfl-games/ https://thenewshub.in/2024/10/28/immersive-entertainment-company-cosm-lands-rights-to-broadcast-nfl-games/?noamp=mobile#respond Mon, 28 Oct 2024 12:56:11 +0000 https://thenewshub.in/2024/10/28/immersive-entertainment-company-cosm-lands-rights-to-broadcast-nfl-games/

Cosm currently has two locations in Los Angeles and Dallas, Texas but plans but is planning on expanding to additional locations in the future.

Courtesy: Cosm

Cosm, the immersive technology company that broadcasts live sports events using what it calls “shared reality,” is partnering with the National Football League, the company announced Monday.

As part of the deal, Cosm will produce and distribute NFL games at its venues throughout the rest of the 2024 season.

The deal includes broadcasting every Thursday night football game on Amazon, all Sunday night games on NBC, every Monday night football game on ESPN and select games on Sunday with Fox.

The company, founded in 2020 by Mirasol Capital, uses a 360-degree dome with giant 12K+ LED screens to offer viewers a fully immersive “shared reality” experience that mirrors being at the game.

The domes fit about 700 people with the average ticket price ranging between $22 and $127. Cosm uses a dynamic pricing model, similar to concerts or live sports.

“What’s so unique about a property like the NFL is that fandom is everywhere,” said Jeb Terry, president and CEO at Cosm. “We see fans coming in wearing jerseys, bringing the Terrible Towel, bringing cow bells, having an absolute blast, like they’re at the stadium themselves.”

The company did not disclose the financial details of its deal with the NFL.

Cosm offer a wide range of live sports and also educational programming

Courtesy: Cosm

Cosm first opened its doors in Los Angeles and Dallas this summer and recently announced its third venue would be in downtown Atlanta, with future locations to be announced soon.

Cosm already has deals in place with the NBA, UFC, ESPN, NBC Sports, TNT Sports, Fox Sports and Amazon Prime Video, and broadcasts everything from the Summer Olympics in Paris to the current World Series.

Tickets for the first game of the World Series featuring the Los Angeles Dodgers and the New York Yankees sold out in seven minutes, Cosm said. The second game sold out in one minute.

“Inventory is flying off the shelf,” Terry said.

The shared reality experience gives fans the feeling of being at the game.

Courtesy: Cosm

While live sports act as the core anchor for Cosm, the company also has nonsports offerings, including an animated voyage beyond the planets through the eyes of astronauts and a Cirque du Soleil show. This allows the company to have programs throughout lunch and matinee hours when live sports may not be available.

As fans’ viewing habits are changing, Cosm is finding rapid success in its tech-forward model.

Terry said the venues are already seeing repeat customers and they will soon be introducing membership rewards and season passes.

In July, the company raised more than $250 million in funding to expand globally. Cosm is valued at more than $1 billion, and its investors include sports heavyweights such as former Milwaukee Bucks owner Marc Lasry, Cleveland Cavaliers owner Dan Gilbert and co-managing partner of the Philadelphia 76ers and the New Jersey Devils David Blitzer.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

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Jeff Bezos killed Washington Post endorsement of Kamala Harris, paper reports https://thenewshub.in/2024/10/26/jeff-bezos-killed-washington-post-endorsement-of-kamala-harris-paper-reports/ https://thenewshub.in/2024/10/26/jeff-bezos-killed-washington-post-endorsement-of-kamala-harris-paper-reports/?noamp=mobile#respond Sat, 26 Oct 2024 01:52:44 +0000 https://thenewshub.in/2024/10/26/jeff-bezos-killed-washington-post-endorsement-of-kamala-harris-paper-reports/

The Washington Post Building at One Franklin Square Building in Washington, D.C., June 5, 2024.

Andrew Harnik | Getty Images

The Washington Post said Friday that it will not endorse a candidate in the presidential election this year — or ever again — breaking decades of tradition and sparking immediate criticism of the decision.

But the newspaper also published an article by two staff reporters revealing that editorial page staffers had drafted an endorsement of Democratic nominee Kamala Harris over GOP nominee Donald Trump in the election.

“The decision not to publish was made by The Post’s owner — Amazon founder Jeff Bezos,” the article said, citing two sources briefed on the events.

Trump, while president, had been critical of the billionaire Bezos and the Post, which he purchased in 2013.

The newspaper in 2016 and again in 2020 endorsed Trump’s election opponents, Hillary Clinton and President Joe Biden, in editorials that condemned the Republican in blunt terms.

In a 2019 lawsuit, Amazon claimed it had lost a $10 billion cloud computing contract with the Pentagon to Microsoft because Trump had used “improper pressure … to harm his perceived political enemy” Bezos.

The Post since 1976 had regularly endorsed candidates for president, except for the 1988 race. All those endorsements had been for Democrats.

In a statement to CNBC, when asked about Bezos’ purported role in killing the endorsement, Post chief communications officer Kathy Baird said, “This was a Washington Post decision to not endorse, and I would refer you to the publisher’s statement in full.”

The Post on Friday evening published a third article, signed by opinion columnists for the newspaper, who said, “The Washington Post’s decision not to make an endorsement in the presidential campaign is a terrible mistake.”

“It represents an abandonment of the fundamental editorial convictions of the newspaper that we love, and for which we have worked a combined 218 years,” the column said. “This is a moment for the institution to be making clear its commitment to democratic values, the rule of law and international alliances, and the threat that Donald Trump poses to them — the precise points The Post made in endorsing Trump’s opponents in 2016 and 2020.”

CNBC has requested comment from Amazon, where Bezos remains the largest shareholder.

Amazon founder Jeff Bezos arrives for his meeting with British Prime Minister Boris Johnson at the UK diplomatic residence in New York City, Sept. 20, 2021.

Michael M. Santiago | Getty Images News | Getty Images

Post publisher and chief executive Will Lewis, in an article published online explaining the decision, wrote, “The Washington Post will not be making an endorsement of a presidential candidate in this election. Nor in any future presidential election.”

“We are returning to our roots of not endorsing presidential candidates,” Lewis wrote.

“We recognize that this will be read in a range of ways, including as a tacit endorsement of one candidate, or as a condemnation of another, or as an abdication of responsibility,” he wrote.

“That is inevitable. We don’t see it that way. We see it as consistent with the values The Post has always stood for and what we hope for in a leader: character and courage in service to the American ethic, veneration for the rule of law, and respect for human freedom in all its aspects.”

Seven of the 13 paragraphs of Lewis’ article either quoted at length or referred to Post Editorial Board statements in 1960 and 1972 explaining the paper’s rationale for not endorsing presidential candidates in those years, which included its identity as “an independent newspaper.”

Lewis noted that the paper had endorsed Jimmy Carter in 1976 “for understandable reasons at the times” — which he did not identify.

“But we had it right before that, and this is what we are going back to,” Lewis wrote.

“Our job as the newspaper of the capital city of the most important country in the world is to be independent,” he wrote. “And that is what we are and will be.”

Post editor-at-large Robert Kagan, a member of the paper’s opinions section, resigned following the decision, multiple news outlets reported.

More than 10,000 reader comments were posted on Lewis’ article, many of them blasting the Post for its decision and saying they were canceling their subscriptions.

“The most consequential election in our country, a choice between Fascism and Democracy, and you sit out? Cowards. Unethical, fearful cowards,” wrote one comment. “Oh, and by the way, I’m canceling my subscription, because you are putting business ahead of ethics and morals.”

The announcement came days after Mariel Garza, the head of The Los Angeles Times‘ editorial board, resigned in protest after that paper’s owner, Patrick Soon-Shiong, decided against running a presidential endorsement.

“I am resigning because I want to make it clear that I am not okay with us being silent,” Garza told the Columbia Journalism Review. “In dangerous times, honest people need to stand up. This is how I’m standing up.”

Soon-Shiong, like Bezos, is a billionaire.

Marty Baron, the former editor of The Washington Post, called that paper’s decision “cowardice, with democracy as its casualty.”

″@realdonaldtrump will see this as an invitation to further intimidate owner @jeffbezos (and others),” Baron wrote. “Disturbing spinelessness at an institution famed for courage.”

The Washington Post Guild, the union that represents the newspaper’s staff, in a statement posted on the social media site X said it was “deeply concerned that The Washington Post — an American news institution in the nation’s capital — would make a decision to no longer endorse presidential candidates, especially a mere 11 days ahead of an immensely consequential election.”

“The message from our chief executive, Will Lewis — not from the Editorial Board itself — makes us concerned that management interfered with the work of our members in Editorial,” the Guild said in the statement, which noted the paper’s reporting about Bezos’ role in the decision.

“We are already seeing cancellations from once loyal readers,” the Guild said. “This decision undercuts the work of our members at a time when we should be building our readers’ trust, not losing it.”

Read more CNBC politics coverage

Former Post reporters Bob Woodward and Carl Bernstein, whose stories about the Watergate break-in during the Nixon administration won the newspaper a Pulitzer Prize for Public Service, in a statement said, “We respect the traditional independence of the editorial page, but this decision 11 days out from the 2024 presidential election ignores the Washington Post’s own overwhelming reportorial evidence on the threat Donald Trump poses to democracy.”

“Under Jeff Bezos’s ownership, the Washington Post’s news operation has used its abundant resources to rigorously investigate the danger and damage a second Trump presidency could cause to the future of American democracy and that makes this decision even more surprising and disappointing, especially this late in the electoral process,” Woodward and Bernstein said.

Post columnist Karen Attiah, in a post on the social media site Threads, wrote, “Today has been an absolute stab in the back.”

“What an insult to those of us who have literally put our careers and lives on the line to call out threats to human rights and democracy,” Attiah wrote.

Rep. Ted Lieu, a Democrat from California, in his own tweet on the news wrote, “The first step towards fascism is when the free press cowers in fear.”

Trump in August told Fox Business News that Bezos called him after the Republican narrowly escaped an assassination attempt in July at a campaign rally in western Pennsylvania.

“He was very nice even though he owns The Washington Post,” Trump said of Bezos.

Bezos last posted on X on July 13, hours after the assassination attempt.

“Our former President showed tremendous grace and courage under literal fire tonight,” Bezos wrote in that tweet. “So thankful for his safety and so sad for the victims and their families.”

Trump on Friday met in Austin, Texas, with executives from the Bezos-owned space exploration company Blue Origin, among them CEO David Limp, the Associated Press reported

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Healthy Returns: Weight loss, diabetes drugs may reduce alcohol and opioid use https://thenewshub.in/2024/10/23/healthy-returns-weight-loss-diabetes-drugs-may-reduce-alcohol-and-opioid-use/ https://thenewshub.in/2024/10/23/healthy-returns-weight-loss-diabetes-drugs-may-reduce-alcohol-and-opioid-use/?noamp=mobile#respond Wed, 23 Oct 2024 18:43:46 +0000 https://thenewshub.in/2024/10/23/healthy-returns-weight-loss-diabetes-drugs-may-reduce-alcohol-and-opioid-use/

Boxes of Ozempic and Wegovy made by Novo Nordisk are seen at a pharmacy in London, Britain March 8, 2024. 

Hollie Adams | Reuters

A version of this article first appeared in CNBC’s Healthy Returns newsletter, which brings the latest health-care news straight to your inbox. Subscribe here to receive future editions.

Yet another study shows that blockbuster GLP-1 drugs may offer health benefits beyond diabetes and weight loss. 

This time, more research is showing that they may significantly curb addictive behaviors. 

Drugs such as Novo Nordisk‘s highly popular diabetes injection Ozempic can cut drug and alcohol abuse by around half, according to a new study published last week in the scientific journal Addiction. That suggests Ozempic and similar medications could potentially become a new treatment for opioid and alcohol use disorder. 

“This study not only contributes to the evolving landscape of substance use therapy but also opens avenues for more comprehensive and effective treatment strategies for those affected by” the two disorders, the study authors wrote

Here’s why that’s important. 

More tools are needed to address the ongoing U.S. opioid epidemic, which was declared a public health emergency in 2017. In 2021, an estimated 2.5 million people ages 18 or above in the U.S. had opioid use disorder in the past year, but only 22% received medications to treat it, according to the National Institute on Drug Abuse. Opioids are a factor in around 72% of overdose deaths in the U.S., the National Center for Drug Abuse Statistics says. 

Meanwhile, nearly 29 million people ages 12 and above had alcohol use disorder in the past year, according to a 2023 national survey. Excessive alcohol use is the leading preventable cause of death in the U.S., as about 178,000 people die from it each year, according to the Centers for Disease Control and Prevention. 

Let’s dive into the new data. 

Researchers from Loyola University Chicago examined the electronic health data of more than 500,000 people with a history of opioid use disorder, 8,000 of whom were taking either GLP-1s or similar treatments called GIPs, such as Eli Lilly‘s weight loss treatment Mounjaro. Mounjaro mimics GLP-1 and another gut hormone called GIP to tamp down appetite and regulate blood sugar, while Ozempic only targets GLP-1. 

People taking GLP-1s or GIPs had a 40% lower rate of opioid overdose compared with those who didn’t, the study found. Similarly, an analysis of more than 5,000 people with a history of alcohol use disorder and who took those treatments had a 50% lower rate of intoxication compared with those who didn’t take them. 

The results are no surprise. It’s consistent with other studies showing the potential of GLP-1s and GIPs to reduce substance-seeking behaviors such as alcohol and nicotine use. Other research has also shown their promise in treating kidney failure, fatty liver disease, Alzheimer’s disease and obstructive sleep apnea. 

Novo Nordisk’s weight loss drug Wegovy also won approval in the U.S. in March for slashing the risk of serious cardiovascular complications in adults with obesity and heart disease.

But more research is likely needed to confirm the findings of the new study. Researchers have called for more clinical trials that randomly assign patients with a substance use disorder to receive a GLP-1 or a placebo, to confirm the potential treatment benefits of drugs like Ozempic, Wegovy and Mounjaro. 

We’ll continue to monitor what other research in this area comes out, so stay tuned for our coverage. 

Feel free to send any tips, suggestions, story ideas and data to Annika at annikakim.constantino@nbcuni.com.

coverage on Sunday, generative AI dominated my discussions, much like it did last year. However, the focus was less about the promise or potential of the tech, and more about practical, near-term use cases for the technology. If you’re still skeptical about whether health systems are serious about AI, the answer is undoubtedly yes.     

Providers want AI tools that will drive real returns for their organization, both from cost-savings and efficiency standpoints. They’re not willing to wait long to start seeing results. Providers are also looking for guidance about how to effectively evaluate and implement the hundreds of solutions that have exploded onto the market. And investors are asking tougher questions about what a viable business model for a health-care AI company actually looks like. 

There was a big focus on how AI could help to reduce the mountains of documentation that doctors and nurses are responsible for, which is a major cause of burnout in the industry. This has been a hot topic all year, so it wasn’t a surprise to me. Microsoft, Google, GE HealthCare and Amazon all introduced new tools to address the issue, for instance. 

“Primary care has always been plagued by administrative tasks. This is pervasive in health care, but it’s especially acute in primary care,” Dr. Andrew Diamond, chief medical officer at Amazon’s primary care business One Medical, told CNBC.  “AI holds tremendous promise to automate or streamline a huge amount of that work.” 

But while AI for administrative burnout was certainly popular, other themes also started to emerge. There was lots of talk about AI agents, for example, which can help users answer questions, automate processes and perform specific tasks. Several companies are also working on AI tools that can help identify and streamline relevant clinical trials for patients. Microsoft and GE HealthCare both announced early stage tools in these areas. 

AI isn’t going to change the industry overnight, but I was told over and over again that the innovation is happening fast – especially by the standards of health care, which has a reputation for being slow to adopt new tech. 

These companies are trying to tackle complex problems, but there was a real sense of optimism on the floor. Providers, large tech incumbents and startups all seem to agree that AI is here to stay, and they clearly intend to use it.

Feel free to send any tips, suggestions, story ideas and data to Ashley at ashley.capoot@nbcuni.com.

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Dow drops more than 350 points as Wall Street's rally takes a breather: Live updates https://thenewshub.in/2024/10/21/dow-drops-more-than-350-points-as-wall-streets-rally-takes-a-breather-live-updates/ https://thenewshub.in/2024/10/21/dow-drops-more-than-350-points-as-wall-streets-rally-takes-a-breather-live-updates/?noamp=mobile#respond Mon, 21 Oct 2024 19:32:50 +0000 https://thenewshub.in/2024/10/21/dow-drops-more-than-350-points-as-wall-streets-rally-takes-a-breather-live-updates/

A trader works on the floor of the New York Stock Exchange.

NYSE

The Dow Jones Industrial Average fell Monday, giving back some of the strong gains from last week, as Treasury yields rose and investors awaited new earnings reports.

The S&P 500 slipped 0.3%, while the Dow Jones Industrial Average lost 330 points, or about 0.8%. The Nasdaq Composite hovered just above the flatline.

Consumer and homebuilder stocks were among the biggest losers as fears about higher-for-longer interest rates crept up, with Target and Builders FirstSource each down more than 4%. Lennar also shed more than 3.5%.

The yield on the 10-year Treasury jumped, rising more than 10 basis points to 4.178%.

“Bond yields continue to back up, which implies to me that investors are now thinking that the Fed will be slower to lower interest rates because the economy remains resilient,” CFRA chief investment strategist Sam Stovall said. “As a result, the Fed will likely have a harder time pushing the inflation rate down to its target 2% level in the next year or so.”

Earnings will be key this week with roughly one-fifth of the S&P 500 set to report. Among the companies on deck are Tesla, Coca-Cola and GE Aerospace.

Thus far, the results have been mixed. Of the 14% of S&P 500 companies that have already posted third-quarter results, 79% have beaten expectations, according to FactSet’s John Butters. Analysts have significantly downgraded their earnings expectations for the quarter in recent months.

“I don’t think that we are in the beginnings of an earnings recession or anything like that, but the bar has been set very, very low … rarely does anybody injure themselves falling out of a basement window,” Stovall said. “So with earnings this low, chances are that this will be the 60th quarter out of the past 62 in which actual results exceed end-of-quarter estimates.”

Still, investors are largely optimistic equities still have further room to run, but they are mindful that stretched valuations, particularly ahead of the U.S. presidential election and amid rising geopolitical risks, could also mean further choppiness.

Monday’s moves come after both the S&P 500 and 30-stock Dow registered all-time highs on Friday, cementing a sixth straight weekly advance for both benchmarks.

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Elections, hurricane damage and more: Here are four factors that will shape holiday shoppers' purchases https://thenewshub.in/2024/10/19/elections-hurricane-damage-and-more-here-are-four-factors-that-will-shape-holiday-shoppers-purchases/ https://thenewshub.in/2024/10/19/elections-hurricane-damage-and-more-here-are-four-factors-that-will-shape-holiday-shoppers-purchases/?noamp=mobile#respond Sat, 19 Oct 2024 13:00:01 +0000 https://thenewshub.in/2024/10/19/elections-hurricane-damage-and-more-here-are-four-factors-that-will-shape-holiday-shoppers-purchases/

A Macy’s store is seen at Herald Square on December 11, 2023 in New York City.

Michael M. Santiago | Getty Images

Inflation may have cooled, but retailers are still staring down a holiday season with plenty of uncertainty.

Several hard-to-predict factors will influence consumers’ spending, as they deck the halls and look for the perfect gifts. Volatile weather, election distraction and a deal-hunting mindset may shape the season. And fewer days between Thanksgiving and Christmas than last year will put shoppers on the clock.

Yet there’s reason for optimism for retailers: Shoppers are feeling more upbeat and plan to spend more compared with last holiday season, according to an annual survey by consulting firm Deloitte and a separate forecast by the National Retail Federation.

Holiday spending in November and December is expected to increase by 2.5% to 3.5% compared with 2023 and range between $979.5 billion and $989 billion, according to the National Retail Federation. That’s a more modest increase than the 3.9% year-over-year jump from the 2022 to 2023 holiday season, when spending totaled $955.6 billion. The NRF’s figure excludes automobile dealers, gasoline stations and restaurants.

Shoppers expect to spend an average of $1,778 on the holidays this year, 8% more than last holiday season, according to consulting firm Deloitte’s survey. The survey, which included about 4,000 consumers and was conducted in late August and early September, attributed that spending increase to a more favorable economic outlook, a perception among respondents that prices would be higher and more willingness to spend among higher-earning households with an annual income of between $100,000 and $199,000.

Low unemployment, a return to more typical inflation levels and a recent Federal Reserve interest rate cut are lifting consumers’ spirits, said Stephen Rogers, managing director of Deloitte’s Consumer Industry Center.

“People are still in a better frame of mind, despite the political chatter,” he said. “When they look at their bank account and think about what their financial situation is, they feel better.”

People shop (L) ahead of Black Friday at a Walmart Supercenter on November 14, 2023 in Burbank, California. 

Mario Tama | Getty Images News | Getty Images

Home Depot, which sells a wide range of holiday decor including Santa-themed throw pillows and a giant animated reindeer for yards, the high demand for decor could be an opportunity. Yet the home improvement retailer said it’s prepared for consumers to seek value, too.

This holiday season, Home Depot bought more low-priced artificial Christmas trees, such as a prelit tree that sells for $49, said Lance Allen, senior merchant of decorative holiday for the home improvement retailer.

Signs showing support for both Democratic presidential candidate Vice President Kamala Harris and Republican presidential candidate former President Donald Trump sit along a rural highway on September 26, 2024 near Traverse City, Michigan. 

Scott Olson | Getty Images News | Getty Images

Walmart and SharkNinja, that are hoping shoppers will browse and buy rather than become glued to the news. The election is on Nov. 5, and it could take days for a winner to be called if the race between Vice President Kamala Harris and former President Donald Trump ends up as close as polls suggest.

SharkNinja CEO Mark Barrocas described the election as the “biggest unknown” that will shape the holiday season.

“It may be a blip and it may be nothing, and it may disrupt things for a few weeks if the news cycle is all-consuming,” he said. “Christmas is going to come and there will be a holiday season. It’s just a matter of how many distractions there are.”

He said the election and the news cycle around it may also influence how consumers feel about the economy.

Walmart’s internal research suggests “an uptick in positivity” as its shoppers enjoy the fall and get ready for Halloween, said Jen Acerra, vice president of customer insights and strategy at Walmart.

“The one thing that is still out there and moving is what’s going to happen with the election, and what happens with the election will really determine if this is something that stays positive or not,” she said.

Already, some companies have blamed the election for taking a bite out of their sales. Amazon chalked up a weak forecast in August to election distraction that would dampen demand for online shopping, a comment some mocked as an excuse.

Delta Air Lines‘ CEO, Ed Bastian, said in a CNBC interview this month that the company expects lower demand before and after the election to hit the carrier’s revenue.

“Consumers will, I think, take a little bit of pause in making investment decisions, whether it’s discretionary or other things,” he said. “I think you’re going to hear other industries talking about that as well.”

After Hurricane Milton hit Florida, the city of Clearwater was flooded. Search and rescue operations are ongoing in the area. 

Lokman Vural Elibol | Anadolu | Getty Images

Hurricane damage and winter temperatures

For retailers, cooler and wintery weather is always on the Christmas wish list.

Weather can tip shoppers into the holiday spirit and get them in the mood to buy thicker sweaters, coats and gifts, said Evan Gold, executive vice president for Planalytics, a Philadelphia-based company that advises retailers on weather-related inventory planning.

“There’s no external factor that influences consumers’ purchases as directly, frequently and immediately as the weather,” he said.

This year, the early fall got off to a rockier start. The now unofficial kickoff to the holiday shopping season marked by October sales events coincided with unseasonably warm temperatures in San Francisco and other parts of the country, and severe hurricanes that battered North Carolina and Florida. That makes shoppers less likely to want to buy sweaters, coats and artificial trees.

Yet the weather this year should eventually help retailers, Gold said, since November and December temperatures are expected to be colder than a year ago. He said the shift in weather, such as a dusting of snow or a cold snap, can help signal shoppers to get ready for the season.

Many families will just be trying to rebuild from hurricane damage rather than buying holiday gifts, which could redirect money to furniture, clothes or home repairs, Jack Kleinhenz, the NRF’s chief economist, said on a call with reporters.

“It’ll be just an adjustment in their budget in what they’ll be spending for, but it’s really too early to know the full impact on retail,” he said.

Home Depot expects that, too. It pulled holiday product out of 124 of its big-box stores to make room for items that hard-hit areas need, such as shingles and drywall, Allen said. Instead, he said, it plans to sell a more limited assortment in those stores of items such as wreaths and its top-selling trees.

“They’re trying to rebuild and recover their houses,” he said. “So obviously, they’re not going to go buy a nine-foot reindeer and put that out there.”

A shorter holiday season

Thanks to the calendar, the holiday rush may be on overdrive.

Shoppers will have five fewer days between Thanksgiving and Christmas this year compared with last year — which could dampen spending or potentially motivate time-pressured shoppers to seek out rush shipping, curbside pickup or other quicker options to get gifts.

The pressure will be on retailers to make the most of each day and to deliver on convenience, as shoppers race to get what they need and expect items to arrive within a few hours or at minimum, within a few days, said the NRF’s Shay.

“A shorter period does have consequences and implications and one of those, of course, is that the shipping season will be shorter,” he said.

On a recent store tour, Kohl’s Chief Marketing Officer Christie Raymond said the retailer expects it will have to work harder to woo customers, especially lower- and middle-income shoppers, who have felt pinched by the cumulative effect of inflation and crunched for time.

“We think they’re feeling more squeezed than last year,” Raymond said. And, she added, shoppers have also said they are “feeling time-squeezed.”

To appeal to those consumers, Kohl’s wants to have more of what they need, Chief Merchandising and Digital Officer Nick Jones said.

The retailer has bulked up its offering of gift items, added more party dresses and started to sell a wider range of decorations, including Christmas trees, lawn ornaments and wrapping paper.

“We want to be a holiday destination,” he said. “We haven’t got the food, but we’ve got everything else.”

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'Joker: Folie a Deux' is this year's latest box-office flop. Here's what else has disappointed https://thenewshub.in/2024/10/18/joker-folie-a-deux-is-this-years-latest-box-office-flop-heres-what-else-has-disappointed/ https://thenewshub.in/2024/10/18/joker-folie-a-deux-is-this-years-latest-box-office-flop-heres-what-else-has-disappointed/?noamp=mobile#respond Fri, 18 Oct 2024 14:15:54 +0000 https://thenewshub.in/2024/10/18/joker-folie-a-deux-is-this-years-latest-box-office-flop-heres-what-else-has-disappointed/

Joaquin Phoenix stars as Arthur Fleck in “Joker: Folie a Deux.”

Warner Bros.

Warner Bros. took a big swing with “Joker: Folie a Deux.” It’s turned into a big whiff.

After the billion-dollar success of “Joker” in 2019 on a shoestring budget of just $55 million, the studio greenlit a sequel, offering director Todd Phillips a substantially larger budget of $200 million. As of Wednesday, the film has garnered just $53.8 million domestically, according to Comscore. Its global haul stands at $166 million as of Sunday with updates expected over the weekend.

Panned by critics and audiences, “Joker: Folie a Deux” is not expected to recoup much of its lofty production budget or the additional $100 million in estimated marketing and distribution costs by the end of its theatrical run.

And it’s not the only blockbuster-budgeted film to disappoint at the box office this year.

Other studios, including Warner Bros., Universal, Lionsgate and even Sony, have dropped hundreds of millions of dollars on franchise features and star-studded ensembles — only to see ticket sales sputter.

Of course, it’s not an unusual occurrence in the theatrical industry.

“A combination of hits and flops are a hallmark of every box office year,” said Paul Dergarabedian, senior media analyst at Comscore. “But, 2024, being subject to a variety of unique challenges to both film production and the release calendar, created an imperfect storm that led to a series of creative misfires and financial failures.”

Additionally, as Hollywood contends with a growing streaming market and a more fickle moviegoing public, these misfires could worry investors.

“Before the rise of streaming, assessing a film’s financial performance was seemingly clearer cut than it has become in recent years,” said Shawn Robbins, director of analytics for Fandango’s movie division.

Because of streaming, Hollywood has shortened the theatrical window, bringing movies to the home market much faster than before. This means that potential moviegoers, who might be on the fence about seeing a movie or seeing it quickly, have a shorter time to wait before they can view it from their couch on a streaming service to which they already subscribe. And if that movie has poor reviews, audiences have even less incentive to go out to cinemas.

“In turn, this shift in dynamics and business models might call into question what kind of box office-to-budget ratio constitutes a loss and what doesn’t,” Robbins noted. “Some numbers are easier to eyeball and identify as a financial misfire without much argument, to be sure. Others may be less obvious to discern in a constantly evolving global marketplace.”

For example, a straight-to-streaming movie with a budget of $200 million could be deemed a success for a studio, if it drums up enough views. Meanwhile, a $200 million film that goes to theaters and underperforms is often considered a failure. That’s especially true when considering studios are also spending on marketing and promotion costs, usually equal to half of the production budget, and sharing ticket proceeds with cinemas.

For companies such as Netflix, Apple or Amazon that have bigger cushions and stakeholders who are traditionally more comfortable with risk, big-budget films going straight to streaming may not faze investors. But for more traditional media companies, that have long traded off their successes at the box office, shareholders still want to see a big theatrical return on investment.

Here’s a look at some of the biggest box-office disappointments so far in 2024, based on production budgets estimated by IMDb and box-office tallies to date from Comscore:

“Joker: Folie a Deux”

  • Estimated production budget: $200 million
  • Global box office: $166 million
  • Release date: Oct. 4, 2024

Warner Bros.’ “Joker: Folie a Deux” fell short of opening weekend expectations earlier this month, securing just $37.6 million domestically after initial box office forecasts called for close to $70 million in its first few days in theaters.

The film picks up after Arthur Fleck’s arrest in “Joker” as he awaits trial at Arkham State Hospital. Audiences failed to connect with the sequel, which featured Lady Gaga, who played a version of Harley Quinn, and her musical talents in a number of scenes.

“Joker: Folie a Deux” suffered the biggest second-week drop of any DC studios film, a whopping 81% fall.

For comparison, its predecessor snapped up $96.2 million during its opening weekend and $248.4 million globally in its first three days.

“Joker: Folie a Deux” failed to lure back its most ardent fans or inspire new moviegoers to flock to cinemas. Critics widely panned the flick, which currently holds a 33% rating on review aggregator Rotten Tomatoes and a rare “D” on CinemaScore.

“Borderlands”

  • Estimated production budget: $115 million
  • Global box office: $32.9 million
  • Release date: Aug. 9, 2024

Trying to capitalize on the popularity of video game-based movies, Lionsgate shelled out $115 million for director Eli Roth’s adaptation of “Borderlands.”

The film touted an all-star cast of Cate Blanchett, Kevin Hart, Jack Black, Jamie Lee Curtis and up-and-comer Ariana Greenblatt, but fell flat with audiences. Blanchett portrayed an infamous bounty hunter who forms an unlikely alliance with a ragtag team of misfits while on a quest to find the missing daughter of the most powerful man in the universe.

“Borderlands” generated a 10% rating on Rotten Tomatoes from 161 reviews and stalled out with just $32.9 million in global ticket sales.

Still from Lionsgate’s “Borderlands.”

Lionsgate

“Argylle”

  • Estimated production budget: $200 million
  • Global box office: $96.2 million
  • Release date: Feb. 2, 2024

Universal’s “Argylle” similarly had a stacked cast — Bryce Dallas Howard, Sam Rockwell, Henry Cavill, John Cena, Dua Lipa and Samuel L. Jackson, among them — but failed to drum up box-office interest.

The film centers on Howard as reclusive author Elly Conway, whose best-selling espionage novels start to mirror the covert actions of a real-life spy organization.

After spending around $200 million on production and an estimated $100 million on marketing efforts, the film generated just $96.2 million worldwide.

Much of the film’s issues stemmed from poor reviews — it garnered a 33% rating on Rotten Tomatoes — for what some called a convoluted yet predictable plot.

“The Fall Guy”

  • Estimated production budget: $125 million
  • Global box office: $180.9 million
  • Release date: May 3, 2024

Universal’s “The Fall Guy” was actually very well-received by critics, earning an 81% rating on Rotten Tomatoes. However, even the dynamic duo of Ryan Gosling, fresh off “Barbie,” and Emily Blunt, one of the stars of “Oppenheimer,” wasn’t enough to draw audiences out to cinemas.

The film, a love letter to stunt performers based on a television show from the ’80s with the same name, centers on Gosling’s Colt Seavers, a battle-scarred stuntman who is drawn back into the movie industry after the star of a film directed by Seavers’ former love interest Jody Moreno (Blunt) goes missing.

“The Fall Guy” tallied just $180.9 million globally. Its production budget was $125 million, not including marketing and distribution costs. The lack of major franchise attachment and niche storyline appears to have narrowed the audience.

Ryan Gosling stars in Universal’s “The Fall Guy.”

Universal

“Madame Web”

  • Estimated production budget: $80 million
  • Global box office: $100 million
  • Release date: Feb. 14, 2024

Sony’s Spider-Man universe films have been hit-or-miss at the box office for years. For every Venom or Spider-Verse success there’s a “Morbius” or a “Madame Web.”

With an 11% score on Rotten Tomatoes, “Madame Web” sparked the wrong kind of viral attention after its release. Memes flooded social media sites poking fun at the cast’s wooden performances, gaping plot holes and poorly redubbed dialogue.

“Madame Web” follows Cassandra Webb, a New York City paramedic with clairvoyance. Webb’s visions warn her about a threat to three young women, who each will gain spider powers in the future.

The film, which cost around $80 million to produce, managed to scoop up around $100 million in ticket sales globally. However, after marketing costs and splitting receipts with cinemas, the film did not make back its budget.

“Furiosa: A Mad Max Saga”

  • Estimated production budget: $168 million
  • Global box office: $172.4 million
  • Release date: May 24, 2024

Warner Bros.’ “Furiosa: A Mad Max Saga” was a long-awaited prequel from the mind of George Miller. However, despite solid reviews — a 90% “Fresh” rating on Rotten Tomatoes — the film failed to explode at the box office.

A prequel to 2015’s “Mad Max: Fury Road,” the film explores Furiosa’s early life after she is kidnapped by a tyrannical warlord and attempts over several years to get back home.

The film’s production did benefit from extensive government subsidies for filming in Australia, which lessened the financial blow, but “Furiosa” generated only $172.4 million during its global run. Its production budget was estimated at around $168 million without marketing expenses.

For comparison, “Mad Max: Fury Road” snared $368 million during its global run in 2015.

Chris Hemsworth stars as the villainous Dementus in Warner Bros.’ “Furiosa: A Mad Max Saga.”

Warner Bros. Discovery

“Megalopolis”

  • Estimated production budget: $120 million
  • Global box office: $9.2 million
  • Release date: Sept. 27, 2024

“Megalopolis” was a passion project for writer-director Francis Ford Coppola, who had been stewing over the film’s concept since the late ’70s. He self-financed the film, shelling out $120 million on production.

The film is set in an alternate version of 21st-century New York City called New Rome. It follows an architect named Cesar Catilina (Adam Driver) as he attempts to revitalize the city by building the futuristic utopia called Megalopolis all while facing corrupt leadership bent on shutting down his plans.

The “overstuffed opus,” as Rotten Tomatoes critics called the piece, had a sizeable cast of heavyweights in addition to Driver — Dustin Hoffman, Giancarlo Esposito, Laurence Fishburne and Jon Voight among them — but seemed to draw in only Coppola’s biggest fans. “Megalopolis” tallied just $9.2 million globally.

The film was distributed by Lionsgate. It is unclear if the marketing and distribution costs were split between Coppola and Lionsgate or if the studio took on the financial burden.

“Horizon: An American Saga — Chapter 1”

  • Estimated production budget: $100 million
  • Global box office: $38.2 million
  • Release date: June 28, 2024

Another passion project, “Horizon: An American Saga — Chapter 1” from Kevin Costner faced difficulties at the box office. The feature collected only $38.2 million at the global box office during its run in theaters. Its poor performance led Costner and Warner Bros. to postpone the release of a planned sequel, “Chapter 2,” which had been set for about six weeks after the first hit theaters.

“Chapter 1” follows several different narratives of people exploring the American West and pioneering new territory, including a gruff cowboy played by Costner, who finds himself on the run with a prostitute and a young boy after killing a fellow gunman.

Costner produced, wrote, directed and starred in both films, spending an estimated $100 million on the two projects. Two more chapters in the saga are still in development with an undisclosed budget.

Western films are a tough sell at modern box offices. The classic genre is beloved by film buffs, but isn’t a huge draw for moviegoers. The highest-grossing Western at the box office is Quentin Tarantino’s 2012 film “Django Unchained,” which generated about $450 million globally, according to Comscore. Costner’s “Dances with Wolves,” from 1990, is the second-highest with $424.2 million in global ticket sales, not adjusted for inflation.

While 2013’s “The Lone Ranger” tallied $260 million worldwide, no other Western film has garnered more than $250 million at the global box office.

Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal owns Fandango and Rotten Tomatoes.

]]> https://thenewshub.in/2024/10/18/joker-folie-a-deux-is-this-years-latest-box-office-flop-heres-what-else-has-disappointed/feed/ 0 Alibaba's international arm says its new AI translation tool beats Google and ChatGPT https://thenewshub.in/2024/10/16/alibabas-international-arm-says-its-new-ai-translation-tool-beats-google-and-chatgpt/ https://thenewshub.in/2024/10/16/alibabas-international-arm-says-its-new-ai-translation-tool-beats-google-and-chatgpt/?noamp=mobile#respond Wed, 16 Oct 2024 01:54:25 +0000 https://thenewshub.in/2024/10/16/alibabas-international-arm-says-its-new-ai-translation-tool-beats-google-and-chatgpt/

Chinese e-commerce company Alibaba has invested heavily in its fast-growing international business as growth slows for its China-focused Taobao and Tmall business.

Nurphoto | Nurphoto | Getty Images

BEIJING — Chinese e-commerce giant Alibaba‘s international arm on Wednesday launched an updated version of its artificial intelligence-powered translation tool that, it says, is better than products offered by Google, DeepL and ChatGPT.

That’s based on an assessment of Alibaba International’s new model, Marco MT, by translation benchmark framework Flores, the Chinese company said.

Alibaba’s fast-growing international unit released the AI translation product as an update to one unveiled about a year ago, which it says already has 500,000 merchant users. Sellers based in one country can use the translation tool to create product pages in the language of the target market.

The new version is based only on large language models, allowing it to draw on contextual clues such as culture or industry-specific terms, Kaifu Zhang, vice president of Alibaba International Digital Commerce Group and head of the business’ artificial intelligence initiative, told CNBC in an interview Tuesday.

“The idea is that we want this AI tool to help the bottom line of the merchants, because if the merchants are doing well, the platform will be doing well,” he said.

Large language models power artificial intelligence applications such as OpenAI’s ChatGPT, which can also translate text. The models, trained on massive amounts of data, can generate humanlike responses to user prompts.

Alibaba’s translation tool is based on its own model called Qwen. The product supports 15 languages: Arabic, Chinese, Dutch, English, French, German, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, Turkish and Ukrainian.

Zhang said he expects “substantial demand” for the tool from Europe and the Americas. He also expects emerging markets to be a significant area of use.

When users of Alibaba.com — a site for suppliers to sell to businesses — are categorized by country, developing countries account for about half of the top 20 active AI tool users, Zhang said.

Chinese companies have increasingly looked abroad for growth opportunities, especially e-commerce merchants. PDD Holdings‘ Temu, fast fashion seller Shein and ByteDance’s TikTok are among the recent global market entrants. Many China-based merchants also sell on Amazon.com.

the first version of its AI translation tool last fall, the company said merchants have used it for more than 100 million product listings. Similar to other AI-based services, the basic pricing charges merchants by the amount of translated text.

Zhang declined to share how much the updated version would cost. He said it was included in some service bundles for merchants wanting simple exposure to overseas users.

His thinking is that contextual translation makes it much more likely that consumers decide to buy. He shared an example in which a colloquial Chinese description for a slipper would have turned off English-speaking consumers if it was only translated literally, without getting at the implied meaning.

“The updated translation engine is going to make Double 11 a better experience for consumers because of more authentic expression,” Zhang said, in reference to the Alibaba-led shopping festival that centers on Nov. 11 each year.

Alibaba’s international business includes platforms such as AliExpress and Lazada, which primarily targets Southeast Asia. The international unit reported sales growth of 32% to $4.03 billion in the quarter ended June from a year ago.

That’s in contrast to a 1% year-on-year drop in sales to $15.6 billion for Alibaba’s main Taobao and Tmall e-commerce business, which has focused on China.

The Taobao app is also popular with consumers in Singapore. In September, the app launched an AI-powered English version for users in the country.

Nomura analysts expect that Alibaba’s international revenue slowed slightly to 29% year-on-year growth in the quarter ended September, while operating losses narrowed, according to an Oct. 10 report. Alibaba has yet to announce when it will release quarterly earnings.

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Trump or Harris? Here are the 2024 stakes for airlines, banks, EVs, health care and more https://thenewshub.in/2024/10/13/trump-or-harris-here-are-the-2024-stakes-for-airlines-banks-evs-health-care-and-more/ https://thenewshub.in/2024/10/13/trump-or-harris-here-are-the-2024-stakes-for-airlines-banks-evs-health-care-and-more/?noamp=mobile#respond Sun, 13 Oct 2024 13:36:31 +0000 https://thenewshub.in/2024/10/13/trump-or-harris-here-are-the-2024-stakes-for-airlines-banks-evs-health-care-and-more/

Former President Donald Trump and Vice President Kamala Harris face off in the ABC presidential debate on Sept. 10, 2024.

Getty Images

With the U.S. election less than a month away, the country and its corporations are staring down two drastically different options.

For airlines, banks, electric vehicle makers, health-care companies, media firms, restaurants and tech giants, the outcome of the presidential contest could result in stark differences in the rules they’ll face, the mergers they’ll be allowed to pursue, and the taxes they’ll pay.

During his last time in power, former President Donald Trump slashed the corporate tax rate, imposed tariffs on Chinese goods, and sought to cut regulation and red tape and discourage immigration, ideas he’s expected to push again if he wins a second term.

In contrast, Vice President Kamala Harris has endorsed hiking the tax rate on corporations to 28% from the 21% rate enacted under Trump, a move that would require congressional approval. Most business executives expect Harris to broadly continue President Joe Biden‘s policies, including his war on so-called junk fees across industries.

Personnel is policy, as the saying goes, so the ramifications of the presidential race won’t become clear until the winner begins appointments for as many as a dozen key bodies, including the Treasury, Justice Department, Federal Trade Commission, and Consumer Financial Protection Bureau.

CNBC examined the stakes of the 2024 presidential election for some of corporate America’s biggest sectors. Here’s what a Harris or Trump administration could mean for business:

American Airlines and JetBlue Airways in the Northeast and JetBlue’s now-scuttled plan to buy budget carrier Spirit Airlines.

The previous Trump administration didn’t pursue those types of consumer protections. Industry members say that under Trump, they would expect a more favorable environment for mergers, though four airlines already control more than three-quarters of the U.S. market.

On the aerospace side, Boeing and the hundreds of suppliers that support it are seeking stability more than anything else.

Trump has said on the campaign trail that he supports additional tariffs of 10% or 20% and higher duties on goods from China. That could drive up the cost of producing aircraft and other components for aerospace companies, just as a labor and skills shortage after the pandemic drives up expenses.

Tariffs could also challenge the industry, if they spark retaliatory taxes or trade barriers to China and other countries, which are major buyers of aircraft from Boeing, a top U.S. exporter.

Leslie Josephs

JPMorgan Chase faced an onslaught of new rules this year as Biden appointees pursued the most significant slate of regulations since the aftermath of the 2008 financial crisis.

Those efforts threaten tens of billions of dollars in industry revenue by slashing fees that banks impose on credit cards and overdrafts and radically revising the capital and risk framework they operate in. The fate of all of those measures is at risk if Trump is elected.

Trump is expected to nominate appointees for key financial regulators, including the CFPB, the Securities and Exchange Commission, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation that could result in a weakening or killing off completely of the myriad rules in play.

“The Biden administration’s regulatory agenda across sectors has been very ambitious, especially in finance, and large swaths of it stand to be rolled back by Trump appointees if he wins,” said Tobin Marcus, head of U.S. policy at Wolfe Research.

Bank CEOs and consultants say it would be a relief if aspects of the Biden era — an aggressive CFPB, regulators who discouraged most mergers and elongated times for deal approvals — were dialed back.

“It certainly helps if the president is Republican, and the odds tilt more favorably for the industry if it’s a Republican sweep” in Congress, said the CEO of a bank with nearly $100 billion in assets who declined to be identified speaking about regulators.

Still, some observers point out that Trump 2.0 might not be as friendly to the industry as his first time in office.

Trump’s vice presidential pick, Sen. JD Vance, of Ohio, has often criticized Wall Street banks, and Trump last month began pushing an idea to cap credit card interest rates at 10%, a move that if enacted would have seismic implications for the industry.

Bankers also say that Harris won’t necessarily cater to traditional Democratic Party ideas that have made life tougher for banks. Unless Democrats seize both chambers of Congress as well as the presidency, it may be difficult to get agency heads approved if they’re considered partisan picks, experts note.

“I would not write off the vice president as someone who’s automatically going to go more progressive,” said Lindsey Johnson, head of the Consumer Bankers Association, a trade group for big U.S. retail banks.

Hugh Son

Inflation Reduction Act.

Harris hasn’t been as vocal a supporter of EVs lately amid slower-than-expected consumer adoption of the vehicles and consumer pushback. She has said she does not support an EV mandate such as the Zero-Emission Vehicles Act of 2019, which she cosponsored during her time as a senator, that would have required automakers to sell only electrified vehicles by 2040. Still, auto industry executives and officials expect a Harris presidency would be largely a continuation, though not a copy, of the past four years of Biden’s EV policy.

They expect some potential leniency on federal fuel economy regulations but minimal changes to the billions of dollars in incentives under the IRA.

Mike Wayland

more than $4 trillion a year.

Despite spending more on health care than any other wealthy country, the U.S. has the lowest life expectancy at birth, the highest rate of people with multiple chronic diseases and the highest maternal and infant death rates, according to the Commonwealth Fund, an independent research group.

Meanwhile, roughly half of American adults say it is difficult to afford health-care costs, which can drive some into debt or lead them to put off necessary care, according to a May poll conducted by health policy research organization KFF. 

Both Harris and Trump have taken aim at the pharmaceutical industry and proposed efforts to lower prescription drug prices in the U.S., which are nearly three times higher than those seen in other countries. 

But many of Trump’s efforts to lower costs have been temporary or not immediately effective, health policy experts said. Meanwhile, Harris, if elected, can build on existing efforts of the Biden administration to deliver savings to more patients, they said.

Harris specifically plans to expand certain provisions of the IRA, part of which aims to lower health-care costs for seniors enrolled in Medicare. Harris cast the tie-breaking Senate vote to pass the law in 2022. 

Her campaign says she plans to extend two provisions to all Americans, not just seniors: a $2,000 annual cap on out-of-pocket drug spending and a $35 limit on monthly insulin costs. 

Harris also intends to accelerate and expand a provision allowing Medicare to directly negotiate drug prices with manufacturers for the first time. Drugmakers fiercely oppose those price talks, with some challenging the effort’s constitutionality in court. 

Trump hasn’t publicly indicated what he intends to do about IRA provisions.

Some of Trump’s prior efforts to lower drug prices “didn’t really come into fruition” during his presidency, according to Dr. Mariana Socal, a professor of health policy and management at the Johns Hopkins Bloomberg School of Public Health.

For example, he planned to use executive action to have Medicare pay no more than the lowest price that select other developed countries pay for drugs, a proposal that was blocked by court action and later rescinded

Trump also led multiple efforts to repeal the Affordable Care Act, including its expansion of Medicaid to low-income adults. In a campaign video in April, Trump said he was not running on terminating the ACA and would rather make it “much, much better and far less money,” though he has provided no specific plans. 

He reiterated his belief that the ACA was “lousy health care” during his Sept. 10 debate with Harris. But when asked he did not offer a replacement proposal, saying only that he has “concepts of a plan.”

Annika Kim Constantino

Paramount Global and Skydance Media is set to move forward, with plans to close in the first half of 2025, many in media have said the Biden administration has broadly chilled deal-making.

“We just need an opportunity for deregulation, so companies can consolidate and do what we need to do even better,” Warner Bros. Discovery CEO David Zaslav said in July at Allen & Co.’s annual Sun Valley conference.

Media mogul John Malone recently told MoffettNathanson analysts that some deals are a nonstarter with this current Justice Department, including mergers between companies in the telecommunications and cable broadband space.

Still, it’s unclear how the regulatory environment could or would change depending on which party is in office. Disney was allowed to acquire Fox Corp.’s assets when Trump was in office, but his administration sued to block AT&T’s merger with Time Warner. Meanwhile, under Biden’s presidency, a federal judge blocked the sale of Simon & Schuster to Penguin Random House, but Amazon’s acquisition of MGM was approved. 

“My sense is, regardless of the election outcome, we are likely to remain in a similar tighter regulatory environment when looking at media industry dealmaking,” said Marc DeBevoise, CEO and board director of Brightcove, a streaming technology company.

When major media, and even tech, assets change hands, it could also mean increased scrutiny on those in control and whether it creates bias on the platforms.

“Overall, the government and FCC have always been most concerned with having a diversity of voices,” said Jonathan Miller, chief executive of Integrated Media, which specializes in digital media investment.
“But then [Elon Musk’s purchase of Twitter] happened, and it’s clearly showing you can skew a platform to not just what the business needs, but to maybe your personal approach and whims,” he said.

Since Musk acquired the social media platform in 2022, changing its name to X, he has implemented sweeping changes including cutting staff and giving “amnesty” to previously suspended accounts, including Trump’s, which had been suspended following the Jan. 6, 2021, Capitol insurrection. Musk has also faced widespread criticism from civil rights groups for the amplification of bigotry on the platform.

Musk has publicly endorsed Trump, and was recently on the campaign trail with the former president. “As you can see, I’m not just MAGA, I’m Dark MAGA,” Musk said at a recent event. The billionaire has raised funds for Republican causes, and Trump has suggested Musk could eventually play a role in his administration if the Republican candidate were to be reelected.

During his first term, Trump took a particularly hard stance against journalists, and pursued investigations into leaks from his administration to news organizations. Under Biden, the White House has been notably more amenable to journalists. 

Also top of mind for media executives — and government officials — is TikTok.

Lawmakers have argued that TikTok’s Chinese ownership could be a national security risk.

Earlier this year, Biden signed legislation that gives Chinese parent ByteDance until January to find a new owner for the platform or face a U.S. ban. TikTok has said the bill, the Protecting Americans From Foreign Adversary Controlled Applications Act, which passed with bipartisan support, violates the First Amendment. The platform has sued the government to stop a potential ban.

While Trump was in office, he attempted to ban TikTok through an executive order, but the effort failed. However, he has more recently switched to supporting the platform, arguing that without it there’s less competition against Meta’s Facebook and other social media.

Lillian Rizzo and Alex Sherman

Washington Post previously reported.

In keeping with the campaign’s more labor-friendly approach, Harris is also pledging to eliminate the tip credit: In 37 states, employers only have to pay tipped workers the minimum wage as long as that hourly wage and tips add up to the area’s pay floor. Since 1991, the federal pay floor for tipped wages has been stuck at $2.13.

“In the short term, if [restaurants] have to pay higher wages to their waiters, they’re going to have to raise menu prices, which is going to lower demand,” said Michael Lynn, a tipping expert and Cornell University professor.

Amelia Lucas

has said she and Biden “reject the false choice that suggests we can either protect the public or advance innovation.” Last year, the White House issued an executive order that led to the formation of the Commerce Department’s U.S. AI Safety Institute, which is evaluating AI models from OpenAI and Anthropic.

Trump has committed to repealing the executive order.

A second Trump administration might also attempt to challenge a Securities and Exchange Commission rule that requires companies to disclose cybersecurity incidents. The White House said in January that more transparency “will incentivize corporate executives to invest in cybersecurity and cyber risk management.”

Trump’s running mate, Vance, co-sponsored a bill designed to end the rule. Andrew Garbarino, the House Republican who introduced an identical bill, has said the SEC rule increases cybersecurity risk and overlaps with existing law on incident reporting.

Also at stake in the election is the fate of dealmaking for tech investors and executives.

With Lina Khan helming the FTC, the top tech companies have been largely thwarted from making big acquisitions, though the Justice Department and European regulators have also created hurdles.

Tech transaction volume peaked at $1.5 trillion in 2021, then plummeted to $544 billion last year and $465 billion in 2024 as of September, according to Dealogic.

Many in the tech industry are critical of Khan and want her to be replaced should Harris win in November. Meanwhile, Vance, who worked in venture capital before entering politics, said as recently as February — before he was chosen as Trump’s running mate — that Khan was “doing a pretty good job.”

Khan, whom Biden nominated in 2021, has challenged Amazon and Meta on antitrust grounds and has said the FTC will investigate AI investments at Alphabet, Amazon and Microsoft.

Jordan Novet

]]> https://thenewshub.in/2024/10/13/trump-or-harris-here-are-the-2024-stakes-for-airlines-banks-evs-health-care-and-more/feed/ 0 Robert Kraft, professional sports leagues join forces with campaign against antisemitism https://thenewshub.in/2024/10/10/robert-kraft-professional-sports-leagues-join-forces-with-campaign-against-antisemitism/ https://thenewshub.in/2024/10/10/robert-kraft-professional-sports-leagues-join-forces-with-campaign-against-antisemitism/?noamp=mobile#respond Thu, 10 Oct 2024 15:50:32 +0000 https://thenewshub.in/2024/10/10/robert-kraft-professional-sports-leagues-join-forces-with-campaign-against-antisemitism/

The biggest names in sports are joining forces in a new campaign to combat antisemitism.

New England Patriots owner Robert Kraft and his foundation unveiled a star-studded ad titled “Time Out Against Hate” on Thursday in collaboration with Major League Baseball, Major League Soccer, the National Basketball Association, the Women’s National Basketball Association, the National Football League, the National Women’s Soccer League and NASCAR.

The campaign follows a new report out Sunday by the Anti-Defamation League that revealed there have been more than 10,000 antisemitic incidents in the U.S. in the year since the Oct. 7, 2023, Hamas terrorist attack in Israel. The Foundation to Combat Antisemitism, founded by Kraft, says 10% of U.S. adult males are blatantly prejudiced against Jewish people and tend to be outspoken about it.

“What’s going on now in the country — I’ve never seen anything like it,” Kraft told CNBC’s “Squawk Box” on Thursday. “And I’m concerned what will happen after the election.”

Robert Kraft, owner of the NFL’s New England Patriots and founder of the Foundation to Combat Antisemitism, in New York City on Oct. 7, 2024.

mpi099 | MediaPunch | IPX | AP

The ad spot, which includes names such as Billie Jean King, Shaquille O’Neal, Jim Harbaugh, Doc Rivers, Joe Torre, Ryan Blaney and Candace Parker, will premiere Thursday as part of Amazon’s Thursday Night Football programming featuring the NFL’s San Francisco 49ers and Seattle Seahawks. The campaign will also be seen on digital platforms and on billboards across the country.

“By uniting under a common cause, we amplify our message and demonstrate that the power of sports extends beyond stadiums, arenas and fields, and into our communities,” Kraft said in a statement announcing the campaign. “This initiative is a call to action for everyone to join us in creating a world where hate is met with a unified stand for empathy, understanding, and respect.”

Last year, Kraft organized a meeting of sports commissioners from nearly ever league to try and address the hateful dialogue taking place. The leaders discussed ideas and opportunities to work together.

The campaign has since expanded to include all hate, whether it is gender, religion or race.

“We wanted to make sure it included anti-Black, anti-LGBTQ, anti-Muslim,” said NBA Commissioner Adam Silver in the CNBC interview, alongside Kraft and NWSL Commissioner Jessica Berman. “Because hate is corrosive to our society and the underpinnings of our democracy,” Silver said.

Berman said Kraft asked the commissioners to lean in and change the narrative when it comes to hate.

“I think we have a responsibility as professional sports league leaders in that we have an outsized impact,” said Berman. “We know throughout history that sport has the power to change the world.”

Kraft founded the Foundation to Combat Antisemitism in 2019 to help address the rising hate against Jews in the U.S. His organization has been working with companies such as Bank of America and shoemaker Adidas as well as with colleges to raise awareness of on-campus incidents of antisemitism.

“We’re able to tell college campuses what’s going on in their campuses before their security people see it,” Kraft said.

In April, Kraft said he was no longer comfortable financially supporting his alma mater, Columbia University, over the administration’s handling of anti-Israel protesters on campus. In June, he announced a $1 million donation to Yeshiva University to cover tuition for Jewish students who wish to transfer.

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Bridgit Mendler's space startup Northwood passes first test, connecting prototype antenna to Planet satellites https://thenewshub.in/2024/10/09/bridgit-mendlers-space-startup-northwood-passes-first-test-connecting-prototype-antenna-to-planet-satellites/ https://thenewshub.in/2024/10/09/bridgit-mendlers-space-startup-northwood-passes-first-test-connecting-prototype-antenna-to-planet-satellites/?noamp=mobile#respond Wed, 09 Oct 2024 15:22:35 +0000 https://thenewshub.in/2024/10/09/bridgit-mendlers-space-startup-northwood-passes-first-test-connecting-prototype-antenna-to-planet-satellites/

The startup’s co-founders, from left: Chief Technology Officer Griffin Cleverly, CEO Bridgit Mendler and Head of Software Shaurya Luthra.

Northwood Space

Northwood Space, the startup led by former television star and singer Bridgit Mendler, passed its first major development test last week by connecting with Planet Labs imagery satellites in orbit.

“We’re building this global network to send data for satellites, built off of phased array technology that we have now successfully validated, both in the lab and in the field,” Mendler, Northwood’s CEO, told CNBC.

El Segundo, California-based Northwood, unveiled earlier this year, is focused on the ground side of the space connectivity equation. Ground stations are the vital link for transmitting data to and from orbit and are especially crucial for operating and controlling satellites.

The company’s prototype antenna “Frankie” during testing in North Dakota on Oct. 5, 2024.

Northwood Space

The startup is developing ground stations to be mass-produced and betting that its phased array-based system, called Portal, can outperform the parabolic dish antennas traditionally used by ground station companies. It’s projecting Portal will be able to connect to as many as 10 satellites at once versus the typical one to three for parabolic dish antennas.

“For Northwood, what we’re wanting to do is introduce a new standard for connectivity for companies,” Mendler said.

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The ground station as a service, or GSaaS, market has companies going after the opportunity in managing the Earth-based side of space infrastructure. Along those lines, Amazon has launched its AWS Ground Station service, and satellite communications giant Eutelsat has proposed a nearly $1 billion deal in the sector.

Mendler’s Northwood wants to take GSaaS a step further, eliminating what she sees as “connectivity very much stuck in a different era” of blackouts and “super expensive networks.”

“Analogizing to the cellular industry — where we draw parallels to how cell towers and shared assets like that ultimately have super vertically integrated players — wound up offloading and selling their assets to the tower companies. We expected that the shared model is going to be an efficiency,” Mendler said.

In her view, ground stations are “the third leg of the stool” of space technology, with the other two being rockets, or the cargo vehicles, and satellites, or the orbital infrastructure.

“The industry is really at a point where there’s a lot of appetite for growth, and this is something that we can really interject into the industry and accelerate progress,” Mendler said.

North Dakota testing

Setting up the company’s prototype antenna in the early hours of Oct. 2, 2024.

Northwood Space

Last week the Northwood team was out in remote Maddock, North Dakota, to test its prototype antenna — “fondly dubbed Frankie,” Mendler noted — by connecting to a Planet satellite in orbit. 

The effort is known as a TT&C — telemetry, tracking and control — test, with Northwood aiming to make contact with Planet’s satellite in both S-band and X-band frequencies. 

“We were able to achieve bi-directional communications for the full duration of a pass with Planet’s satellites and achieved nominal communications for them. They were able to perform their operations as they would on their own system,” Mendler said.

Testing the prototype on Oct. 5, 2024.

Northwood Space

Northwood designed and built Frankie in four months, the company said, and was able to deploy the antenna “from off the truck to live sky testing” in six hours. Planet, with more than 150 imagery satellites in orbit, heralded Northwood’s test as a “major milestone.”

“Northwood is not only solving for historical issues like cost and scale, but has built and successfully field-tested their phased array antenna faster than previously thought possible. We’re proud to be a part of this breakthrough in ground station technology,” Joseph Breu, Planet’s senior director of global ground networks, said in a statement to CNBC.

A rendering of a Portal site.

Northwood Space

Northwood has designed two antennas for its Portal system, with a larger 5-by-5-feet S-band frequency antenna and a smaller 18-by-18-inch X-band antenna.

The company plans to deploy Portal sites that can support as many as 10 simultaneous satellite connections, with data rates over 1 gigabit per second per beam, beginning next year. Northwood is currently assessing locations in the U.S., Europe, Australia and New Zealand for its first Portal sites.

“Performance-wise, we achieved everything we were hoping to achieve,” Mendler said, adding that Northwood is “really grateful for [Planet’s] participation and support throughout the test.”

“It just unlocks a lot of things about the next chapter,” Mendler said.

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