May 20, 2024

Archives for July 2018

Kenya Barris, Creator of ‘Black-ish,’ Will Leave ABC Studios in August

His frustration over creative matters involved the studio’s sibling network ABC, which is led by Channing Dungey and passed over pilot programs that Mr. Barris created.

Last year, the network moved “black-ish” out of a desirable prime-time slot after the top-rated “Modern Family.” The breaking point came in February, when ABC pulled an episode of “black-ish” that examined race relations in the United States in pointed fashion, airing a rerun instead.

A critical success, “black-ish” follows the Johnsons, an upper-middle-class family living in a mostly white suburb. The series became known for hot-button story lines centered on race, delving into police brutality, fallout from the election of President Trump and the use of the N-word among children.

Freeform, a cable network owned by Disney, runs the spinoff “grown-ish,” which focuses on the Johnsons’ college-age daughter. A third comedy from Mr. Barris and his collaborators, “Besties,” will join the Freeform schedule in the coming months.

The departure of Mr. Barris was expected, but it represents another setback for the Disney-ABC Television Group, which is run by Ben Sherwood. Last year, Netflix poached Shonda Rhimes, the creator of ABC hits like “Grey’s Anatomy” and “Scandal.” This spring, “Roseanne” was canceled after its star, Roseanne Barr, was fired for posting a racist tweet.

Article source: https://www.nytimes.com/2018/07/27/business/media/kenya-barris-abc-netflix.html?partner=rss&emc=rss

Economy Hits a High Note, and Trump Takes a Bow

For policymakers at the Federal Reserve, the tax cuts and spending increases could pose a nearer-term challenge. The Fed has been trying to strike a delicate balance, raising interest rates gradually in an effort to keep inflation in check without snuffing out the recovery. If the second quarter’s growth rate continues, it could risk accelerating inflation and prompt the Fed to raise rates more quickly. That, in turn, could cause a recession.

There is little to suggest that will happen, however. Inflation slowed slightly in the second quarter, and Friday’s report is unlikely to persuade officials to deviate from their gradual and carefully devised march to higher interest rates. The central bank is on track to raise rates twice more this year, after two increases in the first half of the year.

The more immediate risk may be the possibility of a trade war. Mr. Trump has placed tariffs on billions of dollars of imports from China, the European Union and other countries. Trading partners have responded by imposing retaliatory tariffs, and both sides have threatened more.

Tensions with Europe appeared to ease this week when Mr. Trump and Jean-Claude Juncker, the president of the European Commission, agreed to work toward a trade deal. But the durability of that truce is unclear, and relations with China remain fraught.

Trade friction has yet to dampen business leaders’ confidence, however, let alone caused them to change their behavior. In conference calls in recent weeks, executives said they were watching tariff announcements closely, and companies including General Electric, Whirlpool and United Technologies have said tariffs are raising costs or cutting into profits. Few, however, said they were slowing hiring or canceling projects.

“You’re hearing some notes of caution, but nothing specific regarding pullbacks,” said Bill Warlick, an analyst for Fitch, the ratings agency. Big companies, he said, make big investment decisions years in advance and will be slow to change course.

Article source: https://www.nytimes.com/2018/07/27/business/economy/economy-gdp.html?partner=rss&emc=rss

FACT CHECK: Trump’s Numbers on ‘Amazing’ Economy Sometimes Don’t Add Up

When President Trump announced Friday that the American economy had grown at an annual rate of 4.1 percent in the second quarter — an achievement he called “amazing” — he included a long list of statements about how well the economy has performed on his watch.

He declared that the United States was “the economic envy of the entire world,” and indeed, the American economy is in a relatively strong position: Growth is accelerating, its size and diversity make it more resilient over all, and it is less reliant than the economies of other major countries on exports, which could help it weather a trade war more easily. Growth in Japan, China and Europe has been slowing.

But several trends for which Mr. Trump took credit were underway — and in some cases more pronounced — before he took office. Other claims lacked context or foundation.

Here are some of the president’s remarks during the White House session, fact-checked:

“We’ve accomplished an economic turnaround of historic proportions.”

This requires context.

It does look as if the growth rate has picked up meaningfully this year and may be on track for the best year of the decade-long recovery. But the economy is continuing the essentially upward trajectory established before Mr. Trump took office, with some quarters growing a little faster and some more slowly. In a given quarter, the economy exceeded 4 percent annual growth four times during the Obama administration, with the highest level — 5.3 percent — occurring in the third quarter of 2014. The jobless rate was 7.8 percent when President Barack Obama took office in January 2009, and was 4.8 percent when he turned over the reins to Mr. Trump. In Mr. Trump’s 18 months in office, the jobless rate has fallen further, and was 4 percent last month. Gross domestic product has risen every year for the past nine years.

Article source: https://www.nytimes.com/2018/07/27/business/economy/trump-gdp-fact-check.html?partner=rss&emc=rss

4 Takeaways From a Long-Term G.D.P. Revision

[The economy grew at a 4.1 percent annual rate in the last quarter, the government said Friday.]

The statisticians concluded America’s imported cellphones were improving more rapidly than previously calculated — that consumers had actually gotten more for their money than we thought. That change had a ripple effect, all the way up to annual economic growth figures, which emerged from the revisions ever so slightly changed from previous estimates.

Here are four takeaways from the total package of revisions:

The economy under President Obama was better than advertised

Revisions added $82.7 billion to the size of the United States economy at the end of 2016, which means it grew a tenth of a percentage point faster in President Barack Obama’s second term than previously thought. Growth in President Trump’s first year in office, 2017, was actually smaller by the same amount.

That’s not an economic earthquake, but the headline change does mask some bigger swings in individual components of gross domestic product. For example, companies appear to have invested $110 billion more in 2012 than previously thought, largely because the statisticians more or less missed some huge corporate spending on cloud computing technology. The revisions employed improved measures of I.T. investments, and voilà.

Winter’s not as cold as it seemed

For a while now, experts at the Bureau of Economic Analysis have struggled with something called seasonal adjustment, which is their way to rebalance raw economic data to allow for an apples-to-apples comparison of growth at different times of the year. Even after two rounds of fixes, growth in the first quarter, which includes most of the winter, has consistently run lower than subsequent quarters. This revision brought what the bureau said were the final batch of fixes, and it has changed past winter numbers to look much better — and made some quarters from later in the year look worse.

Growth in the first quarter of 2016 has been revised up to 1.5 percent, from 0.6 percent. Growth in the fourth quarter of 2017 was revised down to 2.3 percent, from 2.9 percent. (That revision complicates Republican claims that growth was surging with companies’ expectation that President Trump would sign a big tax cut package into law, by the way, but the revision for the first quarter of 2018 that is announced Friday could help their case that the enactment of the law sped up growth.)

Article source: https://www.nytimes.com/2018/07/27/business/economy/revised-gdp-report.html?partner=rss&emc=rss

Les Moonves, CBS Chief, Faces Inquiry Over Misconduct Allegations

CBS, for years the No. 1 TV network with hits like “The Big Bang Theory,” “Survivor” and the “CSI” franchise, has been one of the best performing businesses in the media industry. Its success has largely been attributed to Mr. Moonves, who has been praised for his uncanny ability to pick shows that become hits with mass audiences. He also moves comfortably among both Wall Street investors and Hollywood producers, speaking as easily about negotiating carriage fees as he does programming for prime-time audiences.

But as technology giants like Netflix, Amazon, Apple and Facebook have pushed into entertainment, media businesses have responded by bulking up through acquisitions. . This year, Ms. Redstone asked the boards of CBS and Viacom to explore the possibility of a merger.

Mr. Moonves and the majority of the CBS board, however, concluded that a combination would not benefit CBS’s shareholders. The company has a far more robust business, while revenues at Viacom, which includes the cable networks Nickelodeon, MTV and Comedy Central, have been shrinking over the last few years.

In May, CBS and Mr. Moonves lost one of the early rounds of the dispute when a judge ruled against CBS’s effort to reduce Ms. Redstone’s influence over the network. She, through her family company, controls nearly 80 percent of the company’s voting rights.

Issues over those rights and the leadership of CBS will be decided in the court case this year. That lawsuit had already put Mr. Moonves’s storied career at stake; if he loses, he may end up leaving the company.

In the #MeToo era, a number of prominent media figures have faced allegations of improper behavior. In November, CBS fired the anchor Charlie Rose after The Washington Post published an article in which multiple women accused him of sexual misconduct. Mr. Rose had been a host of the CBS morning show since 2012. He joined the network’s “60 Minutes II” as a correspondent in 1999. After that show was canceled, he joined “60 Minutes” in 2008. (PBS also cut its longtime ties with Mr. Rose.)

Three of the women who made the accusations against Mr. Rose have since sued him and CBS, saying that they were sexually harassed while working for him and that the network did not do anything to stop it. CBS has said it was not aware of any allegations regarding Mr. Rose’s behavior until The Post published its article.

At the time, Mr. Rose expressed “embarrassment” for pursuing what he believed to be “shared feelings” with women who had accused him.

Article source: https://www.nytimes.com/2018/07/27/business/media/les-moonves-cbs-new-yorker.html?partner=rss&emc=rss

Disney and Fox Shareholders Approve Deal, Ending Corporate Duel

Disney has had some recent setbacks with its existing businesses. Exhibiting rare vulnerability, Walt Disney Studios released two big-budget misfires — “A Wrinkle in Time” and “Solo: A Star Wars Story” — and forced out its longtime animation chief, John Lasseter, after employees complained about inappropriate workplace behavior. ABC in May suffered the meltdown of “Roseanne,” its biggest hit; Shonda Rhimes, ABC’s biggest hitmaker, decamped for Netflix.

Disney is expected to replace Ben Sherwood, who leads the Disney-ABC Television Group. Fox has a strong roster of candidates, including Peter Rice, president of 21st Century Fox. Mr. Rice is widely seen in Hollywood as a possible successor to Mr. Iger. Dana Walden, a co-chief executive of the Fox Television Group, may also join the Magic Kingdom. (Mr. Sherwood may receive another perch inside Disney.)

Mr. Iger said in a statement after the meetings that he was looking forward to “welcoming 21st Century Fox’s stellar talent to Disney and ultimately integrating our businesses to provide consumers around the world with more appealing content and entertainment options.”

The 21st Century Fox acquisition is Disney’s largest, surpassing its 1995 purchase of Capital Cities/ABC for $19 billion, or roughly $31 billion in today’s money. That deal, which brought ESPN into the Disney fold, powered Disney for two decades. But the cable business is now in decline, and Mr. Iger is betting his legacy on repositioning Disney as a streaming giant that can compete with titans like Apple and Amazon. Mr. Iger believes that the Fox assets will supercharge that plan.

There is no guarantee, however, that he will pull off the herculean task of integrating Fox, which has a drastically different corporate culture.

And the clock is ticking: After delaying retirement multiple times, Mr. Iger is scheduled to depart in late 2021.

Article source: https://www.nytimes.com/2018/07/27/business/media/disney-fox-merger-vote.html?partner=rss&emc=rss

BRICS gearing up for digital revolution

Dubbed the Digital Age or Revolution 4.0, it is considered the fourth major technological era since the 18th century. It encompasses digital technology as well as nanotechnology, biotechnology, robotics, artificial intelligence, and others.

The digital revolution is the next threshold for BRICS countries, according to South African President Cyril Ramaphosa.

Russia suggests creating single virtual currency for BRICS and EEU

“This surge in innovation has the potential to dramatically improve productivity and to place entire countries on a new trajectory of prosperity. It has the potential to solve many of the social problems we face…” he said during the BRICS summit in Johannesburg.

Ramaphosa’s comments were echoed by India’s Prime Minister Narendra Modi, who said technological innovations could help to enhance better service delivery and productivity levels.

“India wants to work collectively along with BRICS nations in the area of the fourth Industrial Revolution and all nations must share the best practices and policies on this,” Modi said.

According to Brazilian President Michel Temer, BRICS countries can only be competitive if they are open. “And I mean open to more sophisticated inputs, advanced technology, bolder ideas, and open to more investments and trade,” he explained.

Major banks from BRICS countries have agreed to work together to study how innovative technology such as cryptocurrencies and blockchain could be applied in the infrastructure finance sector. Last year, the Central Bank of Russia (CBR) proposed to create a joint digital currency for BRICS countries and the Eurasian Economic Union (EEU). It could replace the US dollar and other currencies used in settlements among the member states, CBR said.

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

Article source: https://www.rt.com/business/434454-brics-agree-digital-revolution/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Bits: The Week in Tech: Inequality Rising

The scooter companies are part of Silicon Valley’s push for driverless cars, which advocates say are on the verge of happening in a major way. As a result, my colleague Emily Badger reported, they advise holding off on big mass transit projects that may soon be unnecessary. Some futurists go further. Brad Templeton, a software architect, argues the subway should be paved over to transport autonomous vehicles instead.

Readers commenting on the story smelled a rat. “Autonomous cars are the new mechanism to kick the can down the road further instead of dealing with current realities,” wrote JeffB of Plano, Texas. “A reality where federal, state, and city governments are so dysfunctional and uncoordinated that they no longer have the political will to fund large infrastructure projects.”

San Francisco still has some political will left. A law was recently proposed to ban new corporate cafeterias in the city. The measure stems from the tax break that Twitter and other companies got for moving into a struggling part of town. Restaurants followed them, hoping to capitalize on the generous tech salaries and refined tech palates. But the employees generally ate in the cafeterias, and the restaurants failed.

Aaron Peskin, the city supervisor who co-sponsored the legislation, said he recognized it may be controversial, but that he wanted the tech companies to be more outward facing. He received the usual criticism on Twitter and in story comments, although I also saw one interesting counterproposal: Force the companies to open up their cafeterias to outsiders. If Twitter insists on supplying us with bile, the least it could do is subsidize our lunch.

I have to get back to the press releases now, although I don’t even understand the subject headings on announcements like this: “Hitachi Vantara Named a Leader in 2018 Gartner Magic Quadrant for Solid-State Arrays.”

But that’s my problem. For you, I’ve got more compelling reading:

■ Facebook stock lost $120 billion in value on Wednesday afternoon after chief executive Mark Zuckerberg said its two billion users really needed to get a life. Kidding! All that really happened was its quarterly numbers came in a little short and Facebook said that they would not immediately get better, but Wall Street thought it was the end of the world. For those who can’t get enough of tech’s favorite whipping boy, Casey Newton of the Verge has an excellent daily newsletter discussing the day’s social media tribulations.

Article source: https://www.nytimes.com/2018/07/27/technology/the-week-in-tech-inequality-rising.html?partner=rss&emc=rss

Russia will light up Africa

“I would especially like to note that Russia is planning to step up its assistance in development of national energy in African states,” said the Russian president during the BRICS-Africa Outreach panel on Friday.

BRICS trade surges by 30% as global market influence of developing economies grows – Putin

The leaders of governments of BRICS member states (Brazil, Russia, India, China, and South Africa) were holding a panel dedicated to economics cooperation between the bloc and African countries. The rationale behind the BRICS Plus concept is to create a platform for greater interaction and partnerships amongst countries to win more power for emerging economies globally.

According to Putin, Russia is in talks with Angola, Mozambique and Gabon on implementing promising oil and gas projects. “In the field of nuclear energy, where Russia is the technological leader, we offer African partners to build an industry from scratch,” the Russian president said. These projects are crucial for Africa since about 600 million people on the continent live without electricity. 

Energy is not the only sphere where Russia and Africa could cooperate, according to Putin. “Russian business shows interest in working with African partners in a wide range of areas, including agriculture, healthcare, the development of mass communications, geology and subsoil use,” Putin said.

As examples, Putin mentioned Angola, where Russia’s Alrosa is interested in mining diamonds, a joint venture between Russia and Burundi on the production of lighting products for exports to East Africa, and agriculture projects in Senegal.

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

Article source: https://www.rt.com/business/434416-russia-energy-projects-africa/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Mexico turns to Russian wheat amid escalating trade spat with United States

The US market share is currently undergoing a dramatic decline as Mexico, the major purchaser of American grains, is turning to alternative markets amid increasing concerns over surging prices of US produce, Reuters reports, citing Mexican millers, government officials, and international wheat traders.

Trade war chickens home to roost: Billions of pounds of meat fill US warehouses with nowhere to go

“It’s important to send signals to Mr Trump,” said Jose Luis Fuente, head of Mexican trade group Canimolt, which represents 80 percent of Mexican millers.

The fears are reportedly connected to potential tariffs the Mexican authorities might impose on US grain crops as part of the growing trade conflict.

The conflict started when US President Donald Trump threatened to scrap the North American Free Trade Agreement (NAFTA) with Mexico and Canada if the sides couldn’t compromise on the 23-year-old pact.

Last month, Washington introduced a 25-percent tariff on steel imports and a 10-percent tariff on aluminum imports from Mexico, Canada and the EU. Mexico swiftly retaliated with import tariffs on some American goods, including steel, apples and pork.

Earlier this month, media reports emerged that Mexico could target $4 billion in annual imports of US corn and soybeans if Washington opts to escalate the current situation with new tariffs.

Fuente added that Mexico will keep buying wheat from its northern neighbor because of its proximity, but he stressed that the country’s millers “can’t continue to have this absolute dependence.”

In the first half of the current year, US wheat exports to Mexico declined by 38 percent in value to $285 million, according to industry data analyzed by the agency. At the same time, overall US wheat exports, valued at $2.2 billion, plunged 21 percent.

“The Mexico market ought to be just an extension of our domestic market,” said Justin Gilpin, CEO of the Wheat Commission in Kansas, the biggest American wheat-producing state.

Apart from Russia, Mexico plans to increase wheat purchases from Argentina, Brazil, Canada and Ukraine to cut reliance on American agriculture.

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

Article source: https://www.rt.com/business/434411-trade-war-mexico-russian-wheat/?utm_source=rss&utm_medium=rss&utm_campaign=RSS