May 20, 2024

Archives for July 2017

Laurene Powell Jobs’s Organization to Take Majority Stake in The Atlantic

Peter Lattman, a managing director of media at Emerson Collective and a former media editor and deputy business editor at The New York Times, will become vice chairman of The Atlantic.

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David G. Bradley, chairman of Atlantic Media, will continue to run the magazine for several years. Credit Atlantic Media

Mr. Bradley said he started thinking about The Atlantic’s path forward two years ago. With the help of “a small group of researchers,” he said, he began last year to identify potential owners for the company. That list included Ms. Powell Jobs, who is the widow of Steven P. Jobs, a co-founder of Apple; she first expressed interest in the company at a meeting in January in Washington.

“What a privilege it is to partner with David Bradley and become a steward of The Atlantic, one of the country’s most important and enduring journalistic institutions,” Ms. Powell Jobs said in a news release. She added: “Emerson Collective is excited to work with David, with his first-rate leadership team, and with his enormously talented staff, to ensure that The Atlantic continues to fulfill its critical mission at this critical time.”

Emerson Collective’s deal for a majority stake in The Atlantic is expected to close in about a month.

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The deal comes at something of a moment for The Atlantic, which was founded in 1857. The magazine has enjoyed strong digital growth, and 80 percent of its revenue now comes from nonprint sources, including digital ads and events. Like many other publications, it has capitalized on the current political environment: TheAtlantic.com’s audience grew 36 percent in the first half of the year compared with the same period in 2016.

By acquiring a majority stake in The Atlantic, Emerson Collective — which focuses on education, the environment, immigration, and social justice issues — expands its portfolio of media and entertainment investments. It is an investor in Axios, a media company started by the Politico co-founder Jim VandeHei and its former star reporter, Mike Allen, and in Pop-Up Magazine. Last year, it took a minority stake in Anonymous Content, the production and talent management company behind the movie “Spotlight.”

The organization also helps support several nonprofit journalism organizations, including the Marshall Project, Mother Jones and ProPublica.

For The Atlantic, the deal represents something of a return to its roots: Ralph Waldo Emerson, after whom Emerson Collective is named, was one of the magazine’s founders.

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Article source: https://www.nytimes.com/2017/07/28/business/media/atlantic-media-emerson-collective-majority-stake.html?partner=rss&emc=rss

Japan sanctions Chinese firms to pressure North Korea

© Saul Loeb‘Very, very bad behavior’: Trump vows consequences over N. Korea missile launch

Foreign Minister Fumio Kishida said five entities, including two Chinese organizations, and nine individuals will be “newly subject to asset freezing” and other unilateral punishment.

According to Nikkei daily, China’s Bank of Dandong, a Chinese shipping firm and a North Korean trading house dealing with coal and other commodities are among the organizations slapped with the new sanctions.

The Bank of Dandong has also been sanctioned by the US and is accused of money laundering for North Korea’s nuclear and missile programs.

“It is important to strengthen pressure so that North Korea should act toward denuclearization,” Kishida told reporters as cited by AFP.

“We will urge North Korea to take concrete action toward the resolution of issues,” he added.

Pyongyang has tested an intercontinental ballistic missile earlier this month, raising tensions in the region. The test has set Washington, Tokyo, and Seoul against Pyongyang’s major ally China.

US President Donald Trump has pledged North Korea will face repercussions over the missile launch, calling on other nations to confront Pyongyang’s “very, very bad behavior.”

The intercontinental ballistic missile Hwasong-14 is seen in this undated photo released by North Korea's Korean Central News Agency in Pyongyang, July, 4 2017. © KCNAN. Korea’s 1st ICBM launch shown on state TV (VIDEO)

Beijing, which argues that negotiations are the best way to persuade Pyongyang to halt its nuclear and missile activities, immediately denounced the Japanese sanctions.

“We firmly oppose any other country to impose unilateral sanctions outside the framework of the UN Security Council, and we especially oppose the sanctions targeted at Chinese enterprises and individuals,” Lu Kang, spokesman for the Chinese Foreign Ministry said at a press briefing in Beijing.

He added that Tokyo should be aware that “China will not accept the wrongdoing and will require Japan to withdraw this wrong decision,” warning that sanctions will “create major political hurdles for China-Japan relations.”

A US defense official said this week there are signs North Korea is preparing for another missile test. It could be an intermediate-range missile or North Korea’s ICBM known as a KN-20 or a Hwasong-14.

Article source: https://www.rt.com/business/397830-japan-china-sanctions-pressure/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Sunday Routine: How Paul Rabil, Lacrosse Player, Spends His Sundays


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The lacrosse player Paul Rabil making breakfast, which usually includes six to eight eggs and “a ton of water.” Credit Harrison Hill/The New York Times

Paul Rabil, among the most recognized lacrosse players in the world, plays for the New York Lizards of Major League Lacrosse. Mr. Rabil, 31, is also a tech-savvy, sports-media entrepreneur and the chairman of his namesake foundation, which aims to assist students with learning differences. Most Sundays during the lacrosse season, which lasts from June through August, Mr. Rabil stays close to his home in Williamsburg, Brooklyn.

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Mr. Rabil, 31, writing in one of his numerous journals outside his apartment complex in Williamsburg, Brooklyn. Credit Harrison Hill/The New York Times

INTENTIONS I try to read a while every morning, first thing. I read a lot of personal growth books and business books. I’m currently reading “Option B: Facing Adversity, Building Resilience and Finding Joy,” by Sheryl Sandberg and Adam Grant. It’s incredible. After reading, I meditate, to set my intentions for the day. After that, I’ll do my “morning pages,” a practice I learned from business and personal growth guru Tim Ferriss, which is basically releasing your thoughts from the prior night, a technique that allows me to let go: to see those thoughts, write them down and move on. I’m constantly striving to be present, so overly thinking about a win or a loss or the week’s travel schedule or stuff like that can really bog me down, so I have a pretty thorough morning journal to help me focus on the day ahead and that day alone.

BIG BREAKFAST Sunday mornings are tough during the season because you have a late Saturday night game, so — after my regular routine — I’ll take care of any kinks or bruises that I picked up the night before. I’ll stretch for a while and go into a hot tub. Then I set some time to dig in and make a nice breakfast. I’ll make six to eight eggs, sauté kale or spinach, two to three strips of bacon, some mushrooms and roasted sweet potatoes. It’s a really big breakfast on Sunday. I wash it down with a ton of water.

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Mr. Rabil stretching in the gym of his apartment. He allots time every day to be active and to workout, even on weekends. Credit Harrison Hill/The New York Times

WALK AND TALK I’m trying to invest more in my tribe of close friends to find that more balanced life, so Sundays are a good time to set that intention because every other day of the week is so busy. A regular example might be getting together with a friend for a walk. I like to go to areas of the city that I haven’t discovered yet or even just take a big lap around Williamsburg to check out thrift stores and pop-up shops. The topics of conversation can be sports or business or life. Personal growth is an area I like to spend time talking about with friends that I trust.

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STILL LIFE One kick I’ve been on lately is exploring my artistic roots in drawing and painting, either outside or in my apartment, depending on the weather. I mostly use acrylics on canvas and paint whatever I see that comes as inspiration. This sounds horrible, but I just did a latte! I know. I know. But it just occurred to me to paint it, so I did. But it could be other things, too: buildings, plants, cityscapes, trees. Not just lattes. I swear.

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Mr. Rabil, who has a sports media company, catching up on some work. Credit Harrison Hill/The New York Times

WORK SPACE Sunday is the best day to get things done since there’s no games or practice, no business commitments or appearances. I’ll set up in the shared work space in our building. I get ahead with some preparation for the upcoming week’s agenda: interviews and appearances and content creation, work for the foundation. All of it scheduled around practice and games, of course. And I also catch up on things still left from the previous week. Finally, I give one last edit to all the content that is set to be released in the upcoming week: Podcast, YouTube video, newsletter. This last look helps me sleep later that night.

TABLE FOR ONE I’m of Lebanese descent, so I eat Mediterranean several times a week, certainly on Sundays for dinner. Cafe Mogador is right down the street. I like to take a number of dishes, so I’ll usually go kibbe, grape leaves, falafel, fataya. I’ll have a glass of red wine with it. I like to eat by myself. I bring a notebook to collect my thoughts or look through previous notes; it’s a good time to reflect. No dessert.

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Article source: https://www.nytimes.com/2017/07/28/nyregion/paul-rabil-lacrosse-sunday-routine.html?partner=rss&emc=rss

Amazon profits plunge ending Bezos’s brief time as world’s richest man

The Seattle-based company earned $197 million in the three months to the end of June, marking a plunge of 77 percent year-on-year. Amazon expects to lose up to $400 million in operating profit during the current quarter.

Amazon CEO Jeff Bezos © Brendan McDermidJeff Bezos overtakes Bill Gates to become world’s richest person

The steep decline was reportedly caused by Amazon’s rapidly decreased investment into new shopping categories, including video, as well as into global expansion. The company is trying to push into new markets, such as India.

The e-commerce giant also revealed new versions of its tablet and home robot and announced movies and television shows.

Last month, in an attempt to expand into physical stores and the business of food, Amazon unveiled plans to buy leading US organic food grocer Whole Foods Market for a whopping $13.7 billion.

At the same time, quarterly revenue grew 25 percent to $38 billion, while analysts expected Amazon to earn $37.2 billion.

Amazon’s shares, which were up 40 percent this year, dropped 3.2 percent to $1,012.68 in after-hours trading. The retailer had earned 40 cents per share instead of $1.42 as analysts polled by Reuters had expected.

“Q3 is generally a high investment period. Our video content spend will continue to grow, both sequentially and quarter over quarter,” said Chief Financial Officer Brian Olsavsky as quoted by the agency.

The company also launched $99-a-year Amazon Prime service providing customers with discounted deliveries and video and music streaming. Subscription sales including Prime fees rose 51 percent in the second quarter to $2.2 billion

“The fact that they are investing on so many fronts right now just speaks to the opportunity that they have before them. We are giving them the benefit of the doubt here because they have executed so well historically,” said Josh Olson, an analyst at Edward Jones Investments, as cited by Reuters.

READ MORE: Amazon’s antitrust issue comes under scrutiny in DC beyond

For a brief time, Amazon chief Jeff Bezos became the world’s richest person. However, after the Thursday stock drop, he fell back to second place behind Microsoft founder Bill Gates

Article source: https://www.rt.com/business/397819-amazon-profits-lower-invest-overseas/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Michiko Kakutani, Times’s Feared and Revered Book Critic, Is Stepping Down

Ms. Kakutani started her career covering cultural news at The Times in 1979 and became a book critic in 1983. She was awarded the Pulitzer Prize for criticism in 1998.

“No one has played a larger role in guiding readers through the country’s literary life over the past four decades than Michi,” Dean Baquet, the executive editor of The Times, wrote in a note to employees announcing her retirement on Thursday. “And no one, I would venture, knows more about the literature and writing that flowed out of Sept. 11.”

He added, “No one could be as well-read as Michi.”

On Twitter, Ms. Kakutani expressed gratitude to The Times and said she intended to “focus on longer pieces about politics and culture.”

Over her 38-year career at The Times, she offered critical assessments of virtually every major author working during that time, but she also broke news. In 2015, her review of Harper Lee’s “Go Set a Watchman” was the first to tell readers that the beloved character Atticus Finch, the progressive hero of “To Kill a Mockingbird,” harbored racist views. And in his waning days in the Oval Office, Barack Obama sat down with Ms. Kakutani to discuss the role books had played for him during his presidency and his life.

Her career was not without controversy. In 2007, she wrote a review of “Harry Potter and the Deathly Hallows,” the last installment in Ms. Rowling’s Harry Potter series, that The Times published before the book went on sale, earning criticism.

Ms. Kakutani also used fiction and nonfiction as a lens to analyze politics and political figures. Her review in September of a biography of Adolf Hitler, Volker Ullrich’s “Hitler: Ascent, 1889-1939,” was widely read as a critique of Donald J. Trump.

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“What everyone loved was that she took it so seriously, so personally, that she would argue with writers and get mad at them when she felt they were not doing their best work,” said Michael Pietsch, the chief executive of Hachette Book Group. “There aren’t many critical voices like that, where you see someone, over a long period of time, responding to a writer book by book and to an entire body of work.”

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Article source: https://www.nytimes.com/2017/07/27/business/media/michiko-kakutani-times-book-critic-steps-down.html?partner=rss&emc=rss

Man Booker Longlist Features Arundhati Roy and Colson Whitehead


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Arundhati Roy, whose novel “The Ministry of Utmost Happiness” made the longlist. Credit Mayank Austen Soofi

The Man Booker Prize for Fiction announced its 2017 longlist on Wednesday, featuring 13 works by a variety of literary heavyweights.

Arundhati Roy, who won the prize for her debut novel “The God of Small Things,” was longlisted for her second novel, “The Ministry of Utmost Happiness,” 20 years later.

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Colson Whitehead. His acclaimed novel “The Underground Railroad” is also on the longlist. Credit Sunny Shokrae for The New York Times

Another notable work that made the longlist was Colson Whitehead’s critically acclaimed novel “The Underground Railroad” — which already won both the National Book Award and a Pulitzer Prize.

“The longlist showcases a diverse spectrum — not only of voices and literary styles but of protagonists, too, in their culture, age and gender,” Lola Young, chairwoman of the 2017 judging panel, said in a statement. “Nevertheless we found there was a spirit common to all these novels: though their subject matter might be turbulent, their power and range were life-affirming — a tonic for our times.”

The Man Booker Prize for Fiction is open to writers of any nationality who write in English and are published in Britain. American authors became eligible for the first time in 2014, and Paul Beatty was the first American to win, in 2016. Four Americans made this year’s longlist — Mr. Whitehead; Paul Auster for “4 3 2 1”; George Saunders for his first full-length novel, “Lincoln in the Bardo”; and Emily Fridlund for “History of Wolves.”

The judges will pare down the longlist to a shortlist of six, which will be announced in September. The winner of the prize — a hefty 50,000 pounds (or about $65,350) — will be announced on Oct. 17, at a black-tie dinner in London.

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Article source: https://www.nytimes.com/2017/07/27/books/man-booker-prize-2017-longlist.html?partner=rss&emc=rss

New Details From Hillary Clinton’s Memoir Revealed


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The former Secretary of State Hillary Clinton, at a fund-raiser in June. “What Happened,” her new memoir, promises to be a candid account of what the 2016 election was like for her. Credit Patrick Semansky/Associated Press

Hillary Rodham Clinton hasn’t shied away from the public stage in the months since her defeat in the 2016 election. She’s been giving speeches, sitting on panels, going to the theater, and taking selfies with supporters, and this fall, she’ll be publishing a book that promises to be “her most personal memoir yet,” according to her publisher, Simon Schuster.

The book, titled “What Happened,” will offer an intimate view of what it was like for Mrs. Clinton to run as the first female presidential candidate from a major party in United States history, in an often vicious and turbulent campaign.

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Ms. Clinton will explore the mistakes she made, what it was like to run against Donald J. Trump, the difficulties she has faced as a woman in politics, the role that Russian hacking played in the election, and how she recovered from the humiliating loss, according to a description of the book released by Simon Schuster.

Most of all, though, the book will give insight into what she was thinking and feeling during one of the most dramatic campaigns in modern American history.

“In the past, for reasons I try to explain, I’ve often felt I had to be careful in public, like I was up on a wire without a net,” Mrs. Clinton writes in the book’s introduction. “Now I’m letting my guard down.”

“What Happened” is due out on Sept. 12.

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Article source: https://www.nytimes.com/2017/07/27/books/hillary-clinton-memoir-what-happened.html?partner=rss&emc=rss

German automakers brush off price-fixing cartel allegations

© Fabian BimmerLeading German car makers involved in decades-long price fixing cartel – media

The European antitrust regulators are investigating whether BMW, Daimler, and VW, including its subsidiaries Audi and Porsche, have been operating a price-fixing cartel since the early ’90s. They are suspected of running secret working groups to discuss pricing of components and technology.

In a statement following an emergency meeting, the VW Group said: “it has no comment to make at the present time on details of these issues or on speculation.”

“It is quite common for car manufacturers all over the world to engage in an exchange on technical issues in order to accelerate the pace and quality of innovations,” it added.

BMW has also denied any wrongdoing, claiming, it has not “manipulated” any industry regulations. Daimler has called the allegations speculative.

German Economy Minister Brigitte Zypries said she took the allegations “very seriously”, warning “what’s at stake here is nothing less than the credibility… of the whole German car industry.”

If proven, the allegations could hit the industry already battered by Volkswagen’s emissions-cheating scandal. The European Commission could fine the companies billions of euro and even force them to reform their business practices.

In 2015, Volkswagen admitted to US regulators it had cheated on emissions tests using software installed in as many as 11 million diesel vehicles sold worldwide. The scandal forced VW CEO Martin Winterkorn to resign.

Last month the US issued international arrest warrants for five former VW managers in connection with the scandal. They are accused of conspiring to commit fraud and violating US environmental regulations. At least two of them were reportedly confidants of Winterkorn.

Volkswagen has reached settlements with the US authorities, agreeing to pay a $2.8 billion criminal penalty, plus $1.5 billion in a civil lawsuit and another $11 billion to buy back cars and offer compensation.

Article source: https://www.rt.com/business/397717-volkswagen-denies-cartel-accusations/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Digital currencies like bitcoin aren’t real

© Global Look PressAnother bitcoin rival makes its mark in cryptocurrency world

“In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it,” the analyst wrote in his latest Oaktree memo to investors.

Marks compares cryptocurrencies to the Tulip mania of 1637, the South Sea bubble of 1720 and the internet bubble of 1999.

“Serious investing consists of buying things because the price is attractive relative to intrinsic value. Speculation, on the other hand, occurs when people buy something without any consideration of its underlying value or the appropriateness of its price,” wrote the investor, whose prescient memos predicted the financial crisis and the dotcom bubble implosion.

According to Marks, bitcoin and ether speculators may take a big hit, when the current bull market takes a nosedive.

“They’re likely to keep working as long as optimism is present. But their performance in bad times is far from dependable. What will happen to bitcoin’s price and liquidity in a crisis if people decide they’d rather hold dollars (or gold)?” he writes.

READ MORE: Cryptocurrency market a ‘ticking time-bomb,’ says ethereum co-founder

Bitcoin has surged nearly 160 percent this year, while the ethereum cryptocurrency is up about 2,300 percent over the last twelve months, according to data from industry website CoinDesk.

“Nobody has been able to make sense to me of these currencies,” the analyst says.

Article source: https://www.rt.com/business/397683-howard-marks-cryptocurrencies-not-real/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

German exports to Russia forecast to grow by 20% in 2017

“Earlier we expected this year’s growth in exports would be ten percent compared with 2016,” the committee’s executive director Michael Harms told journalists on Thursday in Berlin, adding “now we believe the growth rate will come at 20 percent.”

According to the committee, from January to May 2017 German firms delivered goods worth €10.5 billion to Russia, up from €8.1 billion last year.

In previous years, the committee has reported a steady decline in German exports to Russia due to Western sanctions which threatened thousands of jobs in the country. It said that within the EU, the German economy had paid the highest price for the crisis with medium-sized enterprises most affected.

German Economy Minister Brigitte Zypries on Thursday warned of a trade war between the European Union and the United States following the approval of new anti- Russia sanctions by the US House of Representatives. She said the move could result in counter-sanctions which may harm German companies and hamper Berlin’s ties with Washington.

The German committee said plans for tighter US sanctions against Russia could hurt European companies with energy interests in their giant eastern neighbor and appear designed to stimulate US energy exports to Europe. It added that the possibility of European counter-sanctions against the US should be kept open as “a very last option.”

The Association of German Chambers of Commerce and Industry (DIHK) also echoed the worries; saying new sanctions against Russia may have an adverse impact on Europe’s energy security and hurt the German economy. It added sanctions appear to favor American firms.

The new round of US penalties against Russia target already sanctioned banks and the energy sector, reducing the financing period for them to 14 and 30 days respectively. Individual sanctions include a ban on investments of more than $5 million a year or $1 million at a time in Russian pipeline projects or backing such enterprises via services, technology or information.

The bill has still to be signed by the US president and is aimed at punishing Russia for alleged meddling in the presidential elections.

Earlier this week, the European Commission urged Washington to coordinate measures against Russia with Europe and the rest of the G7 group of leading economies.

Article source: https://www.rt.com/business/397677-germany-russia-export-growth/?utm_source=rss&utm_medium=rss&utm_campaign=RSS