April 27, 2024

Archives for July 2018

Local Media Needs Security. What Chance the Rapper’s Purchase of Chicagoist Means.

How will Chance build and compensate his staff? As optimists have noted, Chicagoist has an incredible opportunity to help local writers of color develop their talent. But that means paying viable salaries and freelance fees and not opposing unionization — problems that have bedeviled online media companies over the last decade.

There’s also the looming matter of how Chance’s connection to the site would affect coverage. He has an array of local business and nonprofit partners, as well as personal relationships with prominent figures like Kanye West and the Obamas, who both have ongoing controversies in Chicago related to their work.

Chance, to his credit, has spoken out against those in his orbit. But without a transparent plan to address conflicts, Chicagoist’s editorial independence would regularly be in question.

And finally, when — not if — challenges mount, will Chance continue to support the site? Look no further than The Denver Post, L.A. Weekly, The Village Voice and, most recently, The New York Daily News to see how moguls invested in a media property with a shaky model, then let it hemorrhage journalists before withdrawing from important beats in the name of saving more dollars.

There’s a lot about Chicagoist that Chance should aim to change. The pre-Chance Chicagoist, where I was a contributor from 2010 to 2012, did not pay for freelance stories until 2015. Even then, the rate was below market — usually less than $80 a post — though the site itself was almost entirely reliant on contributors. That’s no way to build up a roster of locally focused journalists.

Fortunately, there are already news sites covering Chicago the right way, which offer Chance a blueprint for moving ahead. Around town, despite hard times, these outlets successfully balance editorial integrity, a full paid staff and robust reporting with organizational solvency.

Block Club Chicago, conceived by ex-DNAinfo staffers, was boosted by a crowdfunded campaign and is now supported through subscriptions and the blockchain-centered platform Civil. The Triibe, which runs a more lightweight operation, also crowdfunded and is banking long-term growth, in part, on grants.

Article source: https://www.nytimes.com/2018/07/31/opinion/culture/chance-the-rapper-chicagoist.html?partner=rss&emc=rss

A Timeline of MoviePass’s Bumpy History

December 2014: After a worrisome year in movie attendance, AMC grudgingly enters into a partnership with MoviePass, which until then had been swatted away by major theater chains. “It frankly wouldn’t be smart to ignore the success of subscription in other areas of media,” Christina Sternberg, senior vice president for corporate strategy at AMC, said in a Times interview.

August 2017: The alliance breaks when MoviePass drops its price to $9.95 a month. More than 150,000 new users sign up in just two days following the announcement — crashing the service’s website and app — and AMC responds by saying MoviePass users are “not welcome here.” “In AMC’s view, that price level is unsustainable and only sets up consumers for ultimate disappointment down the road,” the company writes in a statement. MoviePass also catches the eye of the data firm Helios and Matheson Analytics, which buys a controlling stake in the company for $27 million.

December 2017: The price drop pays off in the short term, as a million new subscribers sign up within just four months. Mitch Lowe, the company’s C.E.O., tells The Times that the venture will succeed by collecting and selling data about the tastes and habits of consumers, particularly millennials, who make up 75 percent of subscribers.

April 2018: The subscriber base approaches three million people. But cracks begin to emerge, as customers complain about glitches, shifts in service and extensive delays in membership card arrivals. An auditor even expresses “substantial doubt about its ability to continue as a going concern,” while Helios, at this point, has lost $20 million a month since September. But if company leaders are fazed, they aren’t showing it: “I’m not worried about the viability of MoviePass at all,” Ted Farnsworth, chief executive of Helios and Matheson, told The Times. “We have plenty of money to get through the next year.”

Article source: https://www.nytimes.com/2018/07/31/movies/moviepasss-timeline.html?partner=rss&emc=rss

Does a Changing of the Guard at Vogue Signal More Change Ahead?

Word of their departure was first published in Business of Fashion on July 13.

Virginia Smith, another longtime Vogue hand, will assume Ms. Goodman’s duties as fashion director. “I’m very happy that Virginia Smith’s promotion to fashion director recognizes her many years of hard work and dedication, and just as thrilled that Tonne Goodman and Phyllis Posnick, two of our longstanding — and outstanding — image makers will continue to work their magic in Vogue,” Ms. Wintour told The Times in a statement.

Everyone knows Ms. Wintour, as recognizable as Santa Claus, whose trademark look — that thickly fringed bob and those windshield sunglasses — is so long-established that it could more or less attend shows in her place. But any publicist with hopes of career longevity must know, too, Ms. Goodman, with her regular uniform of turtlenecks and white jeans, sensibly loafered; Ms. Posnick, dark-haired, never flashily dressed but never without jewelry; and Grace Coddington, the magazine’s creative director at large, who herself moved from a staff position to a freelance one in 2016.

Condé Nast, which owns Vogue as well as magazines like The New Yorker, Vanity Fair and GQ, is consolidating staff with fashion and beauty “hubs” that work across several magazines and moving expensive, salaried staff members to freelance positions. Condé Nast expected $100 million dollars less in revenue in 2017 than it enjoyed in 2016.

Historically the company was known for free spending and the lavish, chauffeured lifestyles it allowed its top editors — providing clothing budgets and securing mortgages. Even the imperious Vogue has seen its budgets cut and its fortunes shift.

“One of the things that I quickly became aware of when I left Condé Nast,” said Tom Florio, the former publisher of Vogue who departed the company in 2010 and who is now the chief executive of the company that owns Paper, “is the pay scale at Condé Nast was easily double or three times what the market is.” (One former Condé Nast top executive, who was granted anonymity because he was not allowed to speak for the company, said he expected that Ms. Goodman and Ms. Posnick’s total compensation combined would be about a million-dollar expense.)

Article source: https://www.nytimes.com/2018/07/30/style/anna-wintour-vogue-editors.html?partner=rss&emc=rss

Jeff Bezos’ parents may be ridiculously rich on 12,000,000% return on early Amazon investment

Two decades ago, Jeff Bezos’ parents believed in their son and invested $245,573 into his new online retail platform, according to a late 90’s prospectus first seen by Bloomberg. Following Amazon’s triumphant IPO in 1997, and subsequent three stock splits, their original stake could be worth as much as $30 billion, according to the agency’s analysis. That would make Bezos’ parents richer than Microsoft’s co-founder Paul Allen, who’s ranked 44th in the Forbes Billionaires list.

Apple US technology majors may lose third of their value – expert

Bezos’ parents donated 595,027 shares to the Bezos Family Foundation that focuses on education for young people between 2001 and 2016, according to data compiled by Bloomberg. Two years ago, they reportedly gifted 25,000 shares, worth about $20 million at the time.

“If they haven’t sold or donated anything else, the pair would own about 16.6 million shares, or 3.4 percent of the firm, making them the second-biggest individual owners after their son,” the agency reports.

The figures show that Bezos’ parents would get an eye-opening return of 12 million percent. Such a performance could become an object of envy for both the earliest bitcoin investors and notable venture capitalists. To compare, a $20 million bet on Alibaba made by SoftBank has reportedly brought a return of around 720,000 percent since 2000, while Sequoia Capital’s WhatsApp investment returned roughly 36,000 percent when Facebook bought the messenger for $22 billion four years ago.

The Bloomberg data shows that Mark and Christina Bezos, Jeff’s siblings, also invested into their brother’s enterprise. Back in 1996, both reportedly bought 30,000 Amazon shares for $10,000. If they haven’t sold them, their stakes would be worth about $640 million each.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/434742-bezos-parents-return-amazon-investment/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Times Reporters Answer Questions About Our G.D.P. Coverage

The Export Outlook

Q. To what extent did economists expect a slump in economic growth following the extended trade war of the last few months? Your article mentions a surge in soybean exports, but I was under the impression that many agricultural exports would suffer as a result of new tariffs both on our part and on the part of our trading partners. — Eli Parker, Chapel Hill, N.C.

A. Almost every economist expects a trade war to drag down economic growth around the world, although its impact will vary widely depending on the country and sector. Over all, the United States — because it has such a large and diversified economy — is probably in a better position to withstand the disruption than other industrialized nations.

As for soybeans, there may have been a temporary surge in exports as buyers rushed to get as many shipments of soybeans delivered before the tariffs went into effect. The result is that most economists expect that surge to reverse itself. Net exports were responsible for about a 1.1 percent increase in G.D.P. last quarter — although a lot of that was offset by declines in inventories. The U.S. Department of Agriculture, for example, reported that China canceled $140 million in soybean contracts at the end of June. PATRICIA COHEN


Reconciling Sources

Q. There seems to be a direct factual conflict between two generally reliable sources: The Times and The Wall Street Journal. The Times claims that business investment has not grown but The Journal gives numerical results claiming it has. While it is not surprising to me that The Times and The Journal are on opposing sides in interpreting numbers (since that is why I read both), it is rare that a measurable quantity is reported in opposite ways. Please explain. — Gardner Friedlander, Mequon, Wis.

A. Business investment has definitely grown. Where our story and The Journal’s might seem to disagree is on whether it is growing faster or slower this year than last. The Journal story noted, correctly, that “nonresidential fixed investment,” a measure of overall business investment, has risen more quickly this year. Our story noted, also correctly, that investment in equipment has grown more slowly this year. Our story focused on equipment because it’s the type of investment that the Republican tax law was designed to promote, and because it is less influenced by the volatile oil and gas sector. I stand by that choice of measure, but there is no factual disagreement between us and The Journal (where, I should add, I used to work). BEN CASSELMAN


Article source: https://www.nytimes.com/2018/07/31/reader-center/united-states-gross-domestic-product.html?partner=rss&emc=rss

Brussels slaps six Russian companies with Crimea-related sanctions

According to the Official Journal of the EU, the sanctions will target construction engineering company Institute Giprostroymost, Russia’s largest heavy-construction company Mostotrest, engineering and construction corporation VAD ZAO, infrastructure construction firm S.G.M. Group, and shipbuilding and ship-repair company Zalyv Shipbuilding Yard, which is located in Crimea.

Russia extends counter-sanctions against US, EU allies through 2019

The latest measures include freezing the companies’ assets in the EU and banning EU-registered individuals and entities from providing the sanctioned firms with any funds. The updated EU sanctions list includes 44 Russian companies and organizations.

Earlier this month, the European Council prolonged economic sanctions targeting specific sectors of the Russian economy until 31 January 2019. Apart from the companies, the bloc imposed a visa ban and an asset freeze against 155 Russian individuals.

Brussels imposed punitive measures against Moscow in 2014 in response to Russia’s reunification with Crimea. The primarily ethnic Russian population of the peninsula held a referendum during a violent militant conflict in eastern Ukraine and voted overwhelmingly to rejoin Russia. The EU and US do not recognize the result of the vote and accuse Russia of annexing the region from Ukraine.

EU sanctions limit access to capital markets for Russian banks along with their subsidiaries, and ban Russian defense contractors. The penalties also target some Russian government officials, businessmen, and public figures. European companies are banned from importing goods from Crimea or investing in the region.

In response, the Kremlin has banned food imports from countries that have imposed sanctions against Russia. The ban has recently been extended until the end of 2019.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/434699-eu-russia-crimea-sanctions-firms/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

‘Guardians of the Galaxy’ Firing Prompts Pushback in Hollywood

Since his firing, “Guardians” fans have circulated petitions online calling for Disney to reinstate him. By Monday evening, one such petition on Change.org had more than 345,000 signatures.

The letter released by Mr. Pratt and his co-stars did not join the fan petitions in demanding that Mr. Gunn be rehired as director of “Guardians of the Galaxy Vol. 3,” which is set to begin shooting in the coming months. None of the actors threatened to quit. (The other signees were Dave Bautista, Michael Rooker, Pom Klementieff, Karen Gillan and Sean Gunn, who is Mr. Gunn’s brother.)

But the actors did say in the letter that Mr. Gunn had their “full support” and that they were “shocked” by his abrupt ouster by Disney, especially since the offending tweets were written “many years ago.” “Each of us looks forward to working with James in the future,” the letter said. “His story isn’t over — not by a long shot.”

Disney declined to comment.

Disney is unlikely to reverse its decision to fire Mr. Gunn. Doing so would force the company to explain why Mr. Gunn’s tweets — written years ago, yes, although the director was also in his 40s at the time — were less offensive than the racist tweet that prompted Disney to fire Roseanne Barr from “Roseanne” in May. (Ms. Barr wrote on Twitter on July 24, “I’m disgusted to read all of the support for James Gunn’s pedophile jokes.”)

Working for Disney, which primarily focuses on family entertainment, is also not the same as working for another Hollywood studio.

Still, the movie industry has long tolerated vulgar comments and behavior — particularly from its creative ranks. As the #MeToo and Time’s Up movements have taken hold over the past year, and as studios have moved to an aggressive zero-tolerance behavioral policy as a result, some people are starting to contemplate what constitutes a proper response.

Over the weekend, for instance, Terry Press, the president of CBS Films, ruminated on the topic on her Facebook page after The New Yorker published an article in which several women accused Leslie Moonves, CBS’s chief executive, of sexual misconduct in decades past.

Article source: https://www.nytimes.com/2018/07/30/business/media/guardians-of-the-galaxy-support-james-gunn.html?partner=rss&emc=rss

News From Your Neighborhood, Brought to You by the State of New Jersey

The crisis in the news media has been acutely felt in New Jersey, where the press corps covering the state government in Trenton has withered and larger newspapers in the region have reduced their staffs and their coverage.

“We need to do something,” said Joe Amditis, an associate director for the Center for Cooperative Media at Montclair State University, one of the schools involved in the effort. “We just can’t sit around and expect it to get better.”

Under the bill establishing the journalism consortium, grants will be handed out by a board of directors made up of appointees by the governor and Legislature, as well as representatives from state universities, community groups, the news media and the technology industry. Prospective projects would require collaboration with one of several state universities, and applicants would have to show how their work would benefit a community. The consortium will place an emphasis on projects aimed at low-income or minority communities, or areas that have been especially undercovered by news organizations.

Proponents initially sought $100 million from the more than $330 million that New Jersey made from auctioning the licenses of two public broadcasting stations last year. But that figure was eventually whittled down to $5 million. Some have questioned whether that will be enough to make a difference, given the costs of reporting as well as staffing the consortium, which will also seek grants and donations.

The closest model is the Corporation for Public Broadcasting, which supports television and radio outlets at a national level, but the initiative in New Jersey has a more expansive mandate.“We saw this as a reimagining of what public-interest media looks like,” Mr. Rispoli said, adding that effort also seeks to improve media literacy and counter the influence of social media in disseminating unreliable or false information.

Proponents hope that the initiative can serve as a model to other states, but Ms. McBride and others have cautioned that it was a political feat that will likely be difficult to replicate elsewhere. Public broadcasting has been a frequent target of conservatives who have sought to cut taxpayer funding and leveled accusations of liberal bias. (Both houses of the State Legislature are controlled by Democrats, and the legislation to create the consortium, whose funding was already approved in the recently passed budget, is awaiting the signature of the governor, Philip D. Murphy, also a Democrat.)

Some say one journalistic bright spot in New Jersey is an emerging ecosystem of smaller organizations spread across the state, covering communities at a granular level. Many of them grew out of Patch, an ambitious investment by AOL several years ago in hyperlocal news, starting websites in hundreds of communities across the country and in dozens in New Jersey. (AOL has since handed over its majority stake in Patch, which has been scaled back considerably.)

Article source: https://www.nytimes.com/2018/07/30/nyregion/nj-legislature-community-journalism.html?partner=rss&emc=rss

Russia wins WTO dispute against Ukraine on railway equipment imports

According to Kiev, Russia has purchased wagons, rolling stock, turnouts and other components from Ukraine since 2013. Before the relations between Moscow and Kiev deteriorated, railway equipment had been Ukraine’s most valuable export to Russia. In 2011, it accounted for $3.2 billion out of a total of $19.8 billion of export sales to Russia. The value of such exports plummeted to $150 million in the past years.

When parents quarrel: Brussels levies Ukrainian metals imports amid EU-US trade spat

The WTO has taken Russia’s position which claimed it was highly unsafe to send inspectors to Eastern Ukraine, due to the conflict in the region, so that they could check the exports complied with Russian standards.

“The panel fully agreed with Russia’s position and recognized that there was no systematic restriction of imports of Ukrainian equipment by Russia,” Russia’s Ministry of Economic Development said in a statement. Ukrainian officials said they could appeal the ruling.

However, the WTO ruled Russia could have made the compliance check outside the Ukraine and should have accepted conformity assessment certificates issued by Belarus and Kazakhstan, which are both members of the Russia-led Eurasian Economic Union trading bloc.

“With regard to the so-called non-recognition of certificates issued by the competent authorities of other EEU member states, Russia intends to act in full compliance with the contractual base of the EEU and the technical regulations of the Union,” Russia said in a statement.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/434667-russia-ukraine-wto-dispute/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Has Elon Musk been reduced to selling trinkets to keep Tesla afloat?

The $1,500 Tesla-branded surfboards sold out within hours of appearing on the company’s online shop on Friday, as only 200 of the limited-edition surfboards were made available for purchase. According to the description, the surfboards feature a mix of the same high-quality matte and gloss finishes used on all Tesla cars.

“Model S, X and 3 can comfortably accommodate this surfboard on either the inside or outside of the vehicle,” the item description reads. “The deck is reinforced with lightweight ‘Black Dart’ carbon fiber, inspired by the interiors in our cars, and featuring tonal logos in subtle contrast gloss.”

The surfboards are currently listed on eBay for $4,000.

This is not the first time that Tesla has released something not related to electric cars. Two years ago, the company offered accessories made from automotive-grade leather, which is used on the interior of Tesla vehicles. Last year, Tesla released a cell phone charger that looks like a miniaturized version of its supercharger stations. In November, the company announced plans to create its own smartphone. Earlier this year, Elon Musk’s Boring Company sold a 20,000 batch of flamethrowers.

Elon Musk has been severely criticized by both the public and investors for being ‘a jack of all trades, master of none.’ The billionaire founded several multibillion-dollar corporations in completely different fields, but none of them matched investors’ expectations. With Tesla going through production problems, investors have suggested that Musk should concentrate on building electric cars.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/434647-tesla-limited-edition-surfboards/?utm_source=rss&utm_medium=rss&utm_campaign=RSS