April 27, 2024

Archives for April 2019

End of the Line (in Print, Anyway) for ESPN: The Magazine

The magazine was intended to directly take on Sports Illustrated with an appeal to a younger, hipper crowd. “It’s Rolling Stone crossed with Sports Illustrated,” Skipper said in the ESPN oral history “Those Guys Have All The Fun.”

“Everything we wanted to do was a clear delineation with that’s them and that’s old, and that’s last generation, and that’s the thing that happened yesterday,” he added.

Skipper estimated on a recent episode of Bill Simmons’s podcast at The Ringer that in the mid-2000s the magazine earned a profit of $30 to $40 million annually, though this likely includes other ESPN products that were bundled with it. Its success helped propel Skipper up the ESPN hierarchy to president of the company.

But not only has the world of print publishing changed radically since then, so has ESPN.

Skipper, who spoke frequently about the importance of storytelling and rigorous journalism, is no longer at ESPN. He resigned in 2017 after what he described as an extortion attempt related to a purchase of cocaine.

In the last several years, ESPN has undergone successive rounds of layoffs. The company is still highly profitable, but its growth has ground to a halt as consumers continue to abandon pay television. In 2011, about 100 million Americans subscribed to a television package with ESPN. That number is down to less than 85 million, a loss of hundreds of millions of dollars annually.

As the company has reoriented toward a future in digital video, it has shed some of its high-minded projects. Grantland, a sports and pop culture site built in Simmons’s image, was shut down in 2015. FiveThirtyEight, a data-heavy sports and politics site created by Nate Silver, was transferred to ESPN’s corporate sibling ABC News last year. Subscriptions to ESPN Insider, a fantasy sports and gambling-heavy section of ESPN’s website which used to be merged with the magazine, were instead merged in August into ESPN+, ESPN’s new subscription digital video service.

Under the new president, Jimmy Pitaro, ESPN has focused on getting back into the good graces of the N.F.L. and rapidly growing ESPN+ by filling it with thousands of sports contests.

Article source: https://www.nytimes.com/2019/04/30/sports/espn-magazine-print-closes.html?partner=rss&emc=rss

As Trade Talks Continue, China Is Unlikely to Yield on Control of Data

That is beginning to change. The United States has enshrined the tech industry’s position in the United States-Mexico-Canada agreement, which provides for open access to government data, protections for company source codes and algorithms and a prohibition on customs duties on data, among other provisions.

The agreement will serve as a jumping-off point for American trade talks with Japan, as well as negotiations on e-commerce rules with more than 70 countries at the W.T.O. Trade agreements between Europe and Japan, and between Japan and a collection of 10 other countries in the Asia-Pacific region, also have as a default the free flow of information, with some exceptions.

In other parts of the world, the tide is moving in the opposite direction, said Aaron Cooper, vice president of global policy at the Software Alliance, a trade group. In countries like India, Indonesia, Russia and Vietnam, governments are introducing regulations to ostensibly protect their citizens’ privacy and build domestic internet industries that will stymie the ability of American companies to provide services in those countries.

China and the United States, home to the world’s largest tech companies, are the global “controllers of data,” said Susan Aaronson, a professor of international affairs at George Washington University. “There are private firms in the United States, and private firms in China that work very closely with the Chinese government.”

It remains to be seen which country takes the lead and how rules around their data evolve. For now, both are throwing up roadblocks to thwart each other. For instance, Chinese rules prevent foreign companies from mapping the country, which could limit the ability of American companies to offer automated driving technology. American lawmakers and policymakers have tried to prevent China from monopolizing data-related infrastructure by barring Huawei and other Chinese telecom equipment firms from building any part of America’s next-generation telecom network.

In the trade talks, China has offered some concessions on rules governing the cloud computing industry, where foreign companies are required to operate in tandem with a Chinese partner. In a meeting in March, China’s premier, Li Keqiang, floated the idea of giving foreign cloud computing companies the ability to operate independently in a free-trade zone, as well as two of the roughly eight licenses that companies need to operate in China, people familiar with the negotiations say. In return, the Trump administration has pressed China to provide all the required licenses, and eliminate all ownership requirements without geographic restrictions.

Article source: https://www.nytimes.com/2019/04/30/us/politics/china-trade-data-technology.html?partner=rss&emc=rss

Tony Award Nominations 2019: Snubs and Surprises

“The Cher Show,” a jukebox musical about you-know-who, scored notice for its leading lady, Stephanie J. Block, its glittery costumer, Bob Mackie, and its lighting designer, Kevin Adams, but not for the show itself or for other figures on its creative team. The musical, backed by the “Hamilton” lead producer Jeffrey Seller, has been selling well but not amazingly, and this is a show that could benefit from a strong musical performance on the awards broadcast.

“What the Constitution Means to Me,” Heidi Schreck’s autobiographical reflection on gender and American law, has benefited from perfect timing, arriving on the scene amid the #MeToo movement and the contentious battle over President Trump’s nomination of Brett Kavanaugh to the Supreme Court.

But “American Son,” a Kerry Washington-backed play about the fraught relationship between young black men and the police, got no nominations.

Nine shows were completely overlooked by the nominators. The immediate commercial implications are significant only for “Pretty Woman,” a stage adaptation of the film, with music by Bryan Adams and Jim Vallance, that has been doing reasonably well at the box office despite unfavorable reviews.

Article source: https://www.nytimes.com/2019/04/30/theater/tony-award-nominations-2019-snubs-and-surprises.html?partner=rss&emc=rss

Facebook Unveils Redesign as It Tries to Move Past Privacy Scandals

The focus on Facebook Groups is convenient for the company because it reduces the amount of public content that it has to moderate and ultimately answer for, said Jennifer Grygiel, an assistant professor of media and communication at the Newhouse School at Syracuse University. “I think it’s a way for them to offload responsibility,” the professor said.

Facebook’s developer conference, called F8, began in 2007 to entice developers to build apps for the social network. The company offered developers access to its so-called social graph, its rich web of user connections and personal data.

Last year, The New York Times and others revealed that Cambridge Analytica, a British political firm with developer access to Facebook’s social graph, had harvested the personal information of millions of Facebook users without their consent, in order to build voter profiles for the Trump presidential campaign. That revelation brought heightened scrutiny to the social giant, particularly on how it handled users’ information.

Facebook has since vowed to supervise its users’ information more closely and placed greater restrictions on developer access. That makes this year’s F8 more challenging for developers who have relied on the social network’s data.

“It’s going to make developing for the platform harder for a lot of these folks,” Mr. Zuckerberg said. He added that any short-term difficulties for developers were worth the long-term benefit of greater user trust in the platform.

The new privacy direction may create other issues. Closed groups and encrypted services will make it more difficult to identify and root out dangerous or abusive behavior, Mr. Zuckerberg said, though he added that the company’s automated systems had ways of detecting illicit activities — like examining traffic patterns — without scanning the content of private messages.

“There’s still a lot more to do,” he said, adding that the spotlight on the company had “definitely prompted more introspection around what direction our services should go in.”

Article source: https://www.nytimes.com/2019/04/30/technology/facebook-private-communication-groups.html?partner=rss&emc=rss

Fed Likely to Leave Interest Rates Unchanged as Trump Calls for Cut

Yet annual price increases slowed to 1.6 percent on a core basis in March, taking the Fed further away from its stubbornly elusive goal of 2 percent inflation. Weak inflation raises the risk of economy-damaging deflation, so the central bank aims to keep prices growing at a slow and steady rate.

That disconnect poses a serious policy challenge. If officials cut rates to lift prices against a backdrop of strong growth, they risk fueling financial excess and looking like they have caved to political pressures.

Should inflation slip too low for too long, on the other hand, businesses and consumers could come to expect permanently slower gains and behave accordingly. That would make it harder for the Fed to ever achieve its 2 percent goal.

Charles L. Evans, the president of the Federal Reserve Bank of Chicago, has indicated that rate cuts are possible if inflation falls too low and stays there. “Anything that’s sustainable, that looks like it’s moving downward, not upward, I would be extremely nervous about,” Mr. Evans told The Wall Street Journal in April. “I would definitely be thinking about taking out insurance in that regard.”

The full committee will not release fresh economic projections until after its June meeting, but Jerome H. Powell, the Fed chairman, could flesh out what conditions would merit a precautionary cut and explain whether such a move is becoming more likely during his postmeeting news conference.

Subtle statement tweaks could also provide the setup for a future shift. Officials could use their release to highlight lower inflation as a real risk rather than a transitory miss, said Neil Dutta, the head of economic research at Renaissance Macro Research.

“If they sound more dovish on inflation, more worried about where inflation is going, that would tee up the idea that there could be a policy response,” Mr. Dutta said.

Article source: https://www.nytimes.com/2019/04/30/business/economy/fed-interest-rates.html?partner=rss&emc=rss

Tony Award Nominations 2019: ‘Hadestown’ Leads the Pack

Hadestown,” a folk-and-blues-inflected musical reimagining the myth of Orpheus and Eurydice, led the Tony nominations on Tuesday, winning nods in 14 categories and becoming a front-runner in the hotly contested, and financially significant, race for the season’s best new musical.

An unconventional show nurtured by the downtown theater scene — sung-through, poetic, packed with emotion and politics — “Hadestown” will now face off against four others for the big prize. “Ain’t Too Proud: The Life and Times of the Temptations,” an exuberantly sung and danced jukebox musical, garnered 12 nominations; “Tootsie,” a musical comedy adapted from the popular film but updated to reflect today’s gender politics, got 11. “Beetlejuice,” another movie adaptation, scared up eight nominations; and “The Prom,” about egotistic New York actors who insert themselves into a debate about sexuality at an Indiana high school, received seven.

“I can’t believe this is real — I never expected that this road was going to lead here,” said the singer-songwriter Anaïs Mitchell, who fell in love with the Greek myth as a child and then, a dozen years ago, adapted it for the stage in a DIY-production that she packed into a silver school bus and toured around community theaters in Vermont.

Now she is a two-time Tony nominee, for the show’s book and score. “I just got captivated by the idea that there’s this character who believed that if he could make a piece of art beautiful enough, he could change the world,” she said.

Article source: https://www.nytimes.com/2019/04/30/theater/tony-nominations-nominees.html?partner=rss&emc=rss

H. Johannes Witteveen, 97, Dies; Steered I.M.F. Through Turbulent Era

Almost from his first day on the job, Dr. Witteveen had been pressing for the fund to be given the task of supervising the new floating exchange rate regime, to ensure stability and to prevent countries from manipulating their exchange rates to win a competitive advantage against their trading partners.

And after long negotiations with France, which favored a return to fixed currency exchange rates, and the United States, which favored free-floating rates, Dr. Witteveen was able to announce an agreement in 1975 formally giving the I.M.F. the task of “exercising firm surveillance” over the world’s new and more flexible exchange rate system.

Hendrikus Johannes Witteveen was born on June 12, 1921, in Zeist, a Dutch town east of Utrecht. He served in the Dutch Planning Bureau before becoming a professor of economics at the University of Rotterdam and entering Dutch politics.

Dr. Witteveen surprised governments and the fund’s staff by announcing in September 1977, a year before his term expired, that he would not seek a second term. Apparently feeling that he had done all he could to help the world weather the big oil-price shocks of the early 1970s, he stuck to his decision despite being urged to stay on by President Jimmy Carter.

Back in the Netherlands, he held a number of business positions. He served on the international council of Morgan Guaranty Trust and the European advisory council of General Motors, and as an adviser to the Amro Bank.

From 1978 to 1985 he was the first chairman of the Group of Thirty, a Washington-based nonprofit economics research organization drawing from the private, public and academic sectors. He was also a longtime member of the Royal Netherlands Academy of Arts and Sciences.

He married Liesbeth de Vries Feijens, who was a professor of oncology at the University of Groningen’s medical center in the Netherlands. She died in 2006. There was no immediate information on his survivors.

Article source: https://www.nytimes.com/2019/04/30/obituaries/h-johannes-witteveen-dead.html?partner=rss&emc=rss

A new mega cartel is emerging in oil markets

China and India—two of the world’s largest oil importers and the biggest demand growth centers globally—are close to setting up an oil buyers’ club to have a say in the pricing and sourcing of crude oil amid OPEC’s cuts and US sanctions on Iran and Venezuela, Indian outlet livemint reports, citing three officials with knowledge of the talks.

This is not the first time that the two major oil importers are working to create such an oil club.

Also on rt.com United States to end sanction waivers for countries importing Iranian oil

India and China have discussed creating an ‘oil buyers’ club’ to be able to negotiate better prices with oil exporting countries and will be looking to import more US crude oil in order to reduce OPEC’s sway, both over the global oil market and over prices, India’s Petroleum Ministry said in June 2018.

“With oil producers’ cartel OPEC playing havoc with prices, India discussed with China the possibility of forming an ‘oil buyers club’ that can negotiate better terms with sellers as well as getting more US crude oil to cut dominance of the oil block,”tweet from the Petroleum Ministry’s Twitter account said in the middle of last year, when oil prices were rising ahead of the return of the US sanctions on Iran’s oil industry.

According to the officials cited by livemint, China and India have exchanged senior-level visits several times since then and have made progress on “joint sourcing of crude oil.”

Reports of the strengthened Chinese-Indian cooperation in potentially forming an oil buyers’ club come just as the US sanction waivers for all Iranian oil customers expire this week.

Also on rt.com Formation of China-India oil cartel threatening OPEC

China is Iran’s number-one customer, while India is the second-largest buyer of Iranian oil, so the end of the US waivers will mostly affect refiners in those two oil importers who will be scrambling to source crude from other sources or risk secondary US sanctions.

“China and India should do so to grab more bargaining power to make oil prices more sustainable,” Jawaharlal Nehru University Professor Srikanth Kondapalli told the Global Times in a recent interview, commenting on the benefits of an oil buyers’ club.

This article was originally published on Oilprice.com

Article source: https://www.rt.com/business/457931-new-mega-oil-cartel/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Saudi Arabia ready to replace Iranian oil after end of waivers – minister

“I confirm our commitment to meet all these requests (to replace Iranian oil). But at the same time, we will do this remaining part of the OPEC+ deal, we will stick to it. We do not need to voluntarily exceed the limits set,” Falih told RIA Novosti. He noted that Iranian exports were not significant.

“The only indicator I have is consumers’ demand for Saudi oil… These figures are moderate at the moment, the demand is healthy, there is nothing to worry about… There is no shortage on the [global oil] market,” he said.

Also on rt.com United States to end sanction waivers for countries importing Iranian oil

According to the minister, Saudi oil production until the end of May will be below the level set in the global deal. That is “significantly less” than 10 million bpd, with exports below seven million bpd next month, he explained.

“We are comfortable with the overall situation on the [global oil] market. It is healthy, it is well-supplied, nothing to worry about,” Falih said.

A global deal on oil production led by Russia and Saudi Arabia could be extended to the end of 2019, the minister said without specifying whether or how much output levels could change.

Also on rt.com Russia signals OPEC allies could raise oil output after June

“We will look at [global oil] inventories – are they higher or lower than the normal level and we will adjust the production level accordingly. Based on what I see now… I am eager to say there will be some kind of agreement,” he said.

READ MORE: Saudi Arabia to ‘stabilize’ oil market after US ends sanction waivers on Iranian crude – Riyadh

Last year, the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers agreed to reduce output by 1.2 million bpd in an effort to boost oil prices.

They will meet on June 25-26 to decide whether to extend the deal.

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

Article source: https://www.rt.com/business/457919-saudi-oil-iran-opec/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Trump sues Deutsche Bank & Capital One over Democrat subpoenas for his financial records

The federal lawsuit was filed in the US District Court’s Southern District of New York. It asserted that demands for records by Democrat-controlled House committees have no legitimate or lawful purpose.

“The subpoenas were issued to harass President Donald J. Trump, to rummage through every aspect of his personal finances, his businesses, and the private information of the President and his family,” the lawsuit said.

Also on rt.com ‘Like a 3rd world country!’ Trump attacks Democrat ‘coup’ in 1st post-Mueller interview

It also complained that the Democrats are hoping “they will stumble upon something they can expose publicly and use as a political tool against the President.”

The filing said the two banks have “long provided business and personal banking services” to the Trumps, and the subpoenas, seeking a complete accounting of financial records, are an instance of “remarkable overbreadth.”

It called for a “permanent injunction prohibiting Deutsche Bank and Capital One from disclosing, revealing, delivering, or producing the requested information, or otherwise complying with the subpoenas.”

Also on rt.com Deutsche Bank refuses Democrats’ demand to give up Trump’s financial details

The suit which includes the Trump Organization and Trump’s three eldest children (Donald Jr, Eric and Ivanka) states that the court has the power to declare the subpoenas invalid.

House Intelligence Committee Chairman Adam Schiff and House Financial Services Committee Chairwoman Maxine Waters released a joint statement calling the lawsuit ‘meritless.’

On April 15, Schiff and Waters issued subpoenas to Deutsche Bank (which is one of the Trump Organization’s major lenders) and several other financial institutions as part of investigations into Trump’s finances.

© Reuters / Al Drago Trump sues to block Democrats’ subpoena to look into his personal finances

“The potential use of the US financial system for illicit purposes is a very serious concern. The financial services committee is exploring these matters, including as they may involve the president and his associates, as thoroughly as possible,” Waters said in a statement. Schiff said previously the subpoenas issued included a “friendly subpoena to Deutsche Bank.”

Trump recently said he intends to defy any efforts from the Democrats to dig into his affairs.

Deutsche Bank said in a statement it will comply with all subpoenas and court orders.

“We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations,” a representative of Deutsche Bank said.

In 2017, the bank rejected requests by Democrats in the House of Representatives to provide details of the president’s finances, citing privacy laws.

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

Article source: https://www.rt.com/business/457889-trump-sues-deutsche-subpoenas/?utm_source=rss&utm_medium=rss&utm_campaign=RSS