President Joe Biden, appearing at one of DC’s oldest traditions, the Gridiron Dinner, made some sharp quips about Donald Trump but then turned serious about the threat that his rival poses to democracy.
Biden directed his barbs at his own age and at his predecessor.
“One candidate’s too old and mentally unfit to be president,” Biden said. “The other guy’s me.”
The dinner tradition, which dates to the 19th century, is a white-tie night that routinely draws the top echelons of government, media and business to watch journalists perform musical skits and politicians, also including Michigan Governor Gretchen Whitmer and Utah Governor Spencer Cox, do some of their own standup.
Biden noted that his student debt relief program “doesn’t apply to everyone. Just yesterday, a defeated-looking man came up and said, “I’m being crushed by debt. I’m completely wiped out.” I said, ‘Sorry, Donald I can’t help out.
Biden directed his barbs at his own age and at his predecessor.
“One candidate’s too old and mentally unfit to be president,” Biden said. “The other guy’s me.”
The dinner tradition, which dates to the 19th century, is a white-tie night that routinely draws the top echelons of government, media and business to watch journalists perform musical skits and politicians, also including Michigan Governor Gretchen Whitmer and Utah Governor Spencer Cox, do some of their own standup.
Biden noted that his student debt relief program “doesn’t apply to everyone. Just yesterday, a defeated-looking man came up and said, “I’m being crushed by debt. I’m completely wiped out.” I said, ‘Sorry, Donald I can’t help out.
- 3/17/2024
- by Ted Johnson
- Deadline Film + TV
Hey, "60 Minutes" fans. We're back on here to inform you that another new episode of 60 minutes is heading your way tonight, February 4, 2024. That's right, guys. The CBS folks are going to serve up the next, new episode 18 of 60 Minutes' current season 56 tonight, and we've got some new preview information for it. CBS served up an official press release for tonight's new, February 4, 2024 episode 18. So, we will certainly reference it for this preview session. Let's get right into it. In tonight's new, February 4, 2024 episode 18, the 60 minutes team will serve up 3, new segments. The first one is titled, "Chairman Powell." CBS' official description for it reads like this, "Following the Federal Reserve’s announcement to hold interest rates steady, correspondent Scott Pelley interviews Fed chair Jerome Powell in Washington, D.C., on inflation risks and the economy, the timeline for cutting rates, the health of the country’s banks and more.
- 2/4/2024
- by Andre Braddox
- OnTheFlix
Don’t miss another riveting lineup on “60 Minutes,” airing from 7:00 to 8:00 Pm Et/Pt on the CBS Television Network. This week, the show delves into crucial topics that are making headlines and shaping our world.
Chairman Powell
In the wake of the Federal Reserve’s recent announcement to maintain interest rates at their current levels, correspondent Scott Pelley secures an exclusive interview with Fed Chair Jerome Powell in Washington, D.C. Powell provides insights into the risks of inflation and its impact on the economy, outlines the timeline for potential rate cuts, discusses the health of the nation’s banks, and addresses a range of other critical financial topics. This interview promises to shed light on the economic decisions that affect us all. Henry Schuster is the producer behind this revealing segment.
A Hole in the System
Correspondent Sharyn Alfonsi takes viewers on a compelling journey into...
Chairman Powell
In the wake of the Federal Reserve’s recent announcement to maintain interest rates at their current levels, correspondent Scott Pelley secures an exclusive interview with Fed Chair Jerome Powell in Washington, D.C. Powell provides insights into the risks of inflation and its impact on the economy, outlines the timeline for potential rate cuts, discusses the health of the nation’s banks, and addresses a range of other critical financial topics. This interview promises to shed light on the economic decisions that affect us all. Henry Schuster is the producer behind this revealing segment.
A Hole in the System
Correspondent Sharyn Alfonsi takes viewers on a compelling journey into...
- 2/2/2024
- by Alex Matthews
- TV Regular
Taylor Swift has been named Time magazine’s Person of the Year for 2023, beating out Xi Jinping, Hollywood strikers, Trump prosecutors and even Barbie.
“The person chosen has typically been a ruler over traditional domains of power…very often a politician or a titan of industry,” writes Time‘s editor-inchief Sam Jacobs writes, “And yet the person whose singular influence was revealed throughout 2023 has held none of these roles—or anything remotely similar…Taylor Swift found a way to transcend borders and be a source of light…Swift is the rare person who is both the writer and hero of her own story.”
Jacobs revealed the magazine’s choice on NBC’s Today this morning, acknowledging, “Picking one person who represents the eight billion people on the planet is no easy task. We picked a choice that represents joy.” Watch the segment above.
In the magazine, which comes in three different Swift covers,...
“The person chosen has typically been a ruler over traditional domains of power…very often a politician or a titan of industry,” writes Time‘s editor-inchief Sam Jacobs writes, “And yet the person whose singular influence was revealed throughout 2023 has held none of these roles—or anything remotely similar…Taylor Swift found a way to transcend borders and be a source of light…Swift is the rare person who is both the writer and hero of her own story.”
Jacobs revealed the magazine’s choice on NBC’s Today this morning, acknowledging, “Picking one person who represents the eight billion people on the planet is no easy task. We picked a choice that represents joy.” Watch the segment above.
In the magazine, which comes in three different Swift covers,...
- 12/6/2023
- by Greg Evans
- Deadline Film + TV
The Taylor Swift era continues.
The superstar singer-songwriter has been named Time‘s 2023 Person of the Year, the first time that an entertainer has received the honor from the long-running publication.
Time announced the Person of the Year on Wednesday morning.
“The selections over the years have tended to follow certain patterns. The person chosen has typically been a ruler over traditional domains of power. He — and yes, usually it has been a ‘he’ — is very often a politician or a titan of industry. Fourteen U.S. presidents, five leaders of Russia or the Soviet Union and three Popes have all been recognized,” the magazine’s editor Sam Jacobs wrote about naming Swift.
“And yet the person whose singular influence was revealed throughout 2023 has held none of these roles — or anything remotely similar,” he added. “Every year contains light and dark; 2023 was a year with significant shares of darkness. In a divided world,...
The superstar singer-songwriter has been named Time‘s 2023 Person of the Year, the first time that an entertainer has received the honor from the long-running publication.
Time announced the Person of the Year on Wednesday morning.
“The selections over the years have tended to follow certain patterns. The person chosen has typically been a ruler over traditional domains of power. He — and yes, usually it has been a ‘he’ — is very often a politician or a titan of industry. Fourteen U.S. presidents, five leaders of Russia or the Soviet Union and three Popes have all been recognized,” the magazine’s editor Sam Jacobs wrote about naming Swift.
“And yet the person whose singular influence was revealed throughout 2023 has held none of these roles — or anything remotely similar,” he added. “Every year contains light and dark; 2023 was a year with significant shares of darkness. In a divided world,...
- 12/6/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Hollywood has a strong presence on the shortlist for Time‘s 2023 Person of the Year.
The magazine and global media brand announced the finalists for its annual Person of the Year Monday morning. The 2023 honoree will be officially announced Wednesday morning.
Among the finalists this year are the Hollywood strikers at the WGA and SAG-AFTRA, Barbie and Taylor Swift.
Time notes that the Person of the Year is the “individual, group, or concept that has had the most influence on the world throughout the previous 12 months,” and is not necessarily about someone who is good, bad or powerful, but rather a reflection of influence.
But its hard to argue with any of those choices, given Swift’s emergence as a global musical icon, selling out stadiums around the world; the success of the Barbie movie and its transformative take on the classic toy, or the impact that Hollywood’s labor...
The magazine and global media brand announced the finalists for its annual Person of the Year Monday morning. The 2023 honoree will be officially announced Wednesday morning.
Among the finalists this year are the Hollywood strikers at the WGA and SAG-AFTRA, Barbie and Taylor Swift.
Time notes that the Person of the Year is the “individual, group, or concept that has had the most influence on the world throughout the previous 12 months,” and is not necessarily about someone who is good, bad or powerful, but rather a reflection of influence.
But its hard to argue with any of those choices, given Swift’s emergence as a global musical icon, selling out stadiums around the world; the success of the Barbie movie and its transformative take on the classic toy, or the impact that Hollywood’s labor...
- 12/4/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Stocks closed mixed as the U.S. Federal Reserve raised interest rates again today – hike no. 11 since March of 2022, as the central bank tries to stamp down record inflation.
Federal Reserve Chairman Jerome Powell said at a press conference today after the 25 basis-point (0.25%) increase, that one positive Cpi reading, in June, isn’t enough to promise there won’t be more rate hikes. He wouldn’t be pinned down on if or when. The Fed’s key policy rate, the fed funds rate, now stands at 5.25%-5.50%, the highest point in 22 years.
“Possibly, we would raise [rates] again if the data warranted at the September meeting. And I would also say, we could choose to hold [rates] steady,” said Powell. It all, still depends on the data. The Fed will not take rate hikes off the table until subsequent Cpi (Consumer Price Index) reports – show inflation is “durably down.”
The hike was pretty...
Federal Reserve Chairman Jerome Powell said at a press conference today after the 25 basis-point (0.25%) increase, that one positive Cpi reading, in June, isn’t enough to promise there won’t be more rate hikes. He wouldn’t be pinned down on if or when. The Fed’s key policy rate, the fed funds rate, now stands at 5.25%-5.50%, the highest point in 22 years.
“Possibly, we would raise [rates] again if the data warranted at the September meeting. And I would also say, we could choose to hold [rates] steady,” said Powell. It all, still depends on the data. The Fed will not take rate hikes off the table until subsequent Cpi (Consumer Price Index) reports – show inflation is “durably down.”
The hike was pretty...
- 7/26/2023
- by Jill Goldsmith
- Deadline Film + TV
The Dow Jones nosedived this afternoon as the Federal Reserve – which has raised interest rates ten times since last year – held them steady for June but indicated that more hikes are on the way.
A pause in the aggressive increases meant to stem inflation was expected, but hawkish commentary in a statement out of today’s Fed meeting wasn’t. A majority of governors are in favor of raising rates again this year and two more increases are expected. The Fed gave a target 5.6% terminal rate, or where it wants the number to settle. Chairman Jerome Powell just wrapped a press conference to take questions on the Fed’s thinking.
The Djia reversed course on the news, turning lower by nearly 400 points midafternoon. It’s off its lows. The Nasdaq and S&P 500 — both off by about half a percentage point on the announcement — also recovered somewhat but were jittery as Powell spoke.
A pause in the aggressive increases meant to stem inflation was expected, but hawkish commentary in a statement out of today’s Fed meeting wasn’t. A majority of governors are in favor of raising rates again this year and two more increases are expected. The Fed gave a target 5.6% terminal rate, or where it wants the number to settle. Chairman Jerome Powell just wrapped a press conference to take questions on the Fed’s thinking.
The Djia reversed course on the news, turning lower by nearly 400 points midafternoon. It’s off its lows. The Nasdaq and S&P 500 — both off by about half a percentage point on the announcement — also recovered somewhat but were jittery as Powell spoke.
- 6/14/2023
- by Jill Goldsmith
- Deadline Film + TV
The U.S. Federal Reserve raised interest rates today for the ninth time since last year by an expected 25 basis points, or 0.25%. But Fed chief Jerome Powell indicated slow to no more rate hikes in this latest cycle as a credit crunch following the recent bank crisis may help tame inflation without more Fed action.
That’s mixed news for companies and investors hoping to skirt recession, including media companies looking for an uptick in advertising.
Tamping soaring inflation down to 2% is still very much the Fed’s objective, Powell said during a press conference after the latest interest rate hike, but he said “there may be other ways to get there.”
The Federal Open Market Committee cautioned in its official statement it “will closely monitor incoming information and assess the implications for monetary policy [and] anticipates that some additional policy firming may be appropriate in order to attain a stance...
That’s mixed news for companies and investors hoping to skirt recession, including media companies looking for an uptick in advertising.
Tamping soaring inflation down to 2% is still very much the Fed’s objective, Powell said during a press conference after the latest interest rate hike, but he said “there may be other ways to get there.”
The Federal Open Market Committee cautioned in its official statement it “will closely monitor incoming information and assess the implications for monetary policy [and] anticipates that some additional policy firming may be appropriate in order to attain a stance...
- 3/22/2023
- by Jill Goldsmith
- Deadline Film + TV
Sen. Elizabeth Warren is seeking an independent investigation into the Federal Reserve as well as the U.S. banking regulatory system while calling out Fed Chairman Jerome Powell for failing in his duties.
“I’m calling for an independent investigation of the Fed and the whole regulatory system here. The fed doesn’t just get to do its own investigation,” Warren told host Jonathan Karl on ABC’s This Week.
“I'm calling for an independent investigation of the Fed and the whole regulatory system here,” Democratic Sen. Elizabeth Warren tells @JonKarl after bank failures.
“I’m calling for an independent investigation of the Fed and the whole regulatory system here. The fed doesn’t just get to do its own investigation,” Warren told host Jonathan Karl on ABC’s This Week.
“I'm calling for an independent investigation of the Fed and the whole regulatory system here,” Democratic Sen. Elizabeth Warren tells @JonKarl after bank failures.
- 3/19/2023
- by Peter Wade
- Rollingstone.com
Mark Zuckerberg’s Meta, parent of Facebook and Instagram, posted upbeat financials today to Wall Street’s surprise and relief, beating on revenue and daily active users. Earnings fell but were hit by a 4.2 billion restrcuturing charge after the social media giant laid off 11,000 people late last year.
This was Meta’s first financial report since the company slashing jobs in Nov. amid a retrenchment in the tech sector. Meta specifically has been hampered by hefty investmet in, and Wall Street skepticism of, its huge push into the Metaverse. Snap’s gloomy outlook yesterday wasn’t a great harbinger for ad-suppported internet services but Facebook blew by that.
Fourth-quarter sales of 32.2 billion were down 4 from the year before but beat expectations. Earnings fell to 4.6 billion from 10.2 billion. Eps was 1.76 vs 3.67 but would have been signifinicantly higher excluding that 4.2 billion charge.
Facebook’s daily active users (Dau) of 2 billion at year...
This was Meta’s first financial report since the company slashing jobs in Nov. amid a retrenchment in the tech sector. Meta specifically has been hampered by hefty investmet in, and Wall Street skepticism of, its huge push into the Metaverse. Snap’s gloomy outlook yesterday wasn’t a great harbinger for ad-suppported internet services but Facebook blew by that.
Fourth-quarter sales of 32.2 billion were down 4 from the year before but beat expectations. Earnings fell to 4.6 billion from 10.2 billion. Eps was 1.76 vs 3.67 but would have been signifinicantly higher excluding that 4.2 billion charge.
Facebook’s daily active users (Dau) of 2 billion at year...
- 2/1/2023
- by Jill Goldsmith
- Deadline Film + TV
Media and entertainment stocks led by Netflix were among big losers Thursday as economic data and the latest Fed move has investors panicking about an imminent recession. Netflix in particular — off nearly 10 — was knocked by a report that its ad-supported tier is having a tough debut.
The Djia is currently down 910 points, or 2.68. The Nasdaq is off by 3.4 and the S&P 500 by 2.8.
Digiday reported Netflix is falling short of viewership guarantees it made to advertisers and allowing them to take their money back for ads yet to run. Netflix doesn’t use traditional make-goods, which shift advertising cash into future promos, it says, but in some cases only requires marketers to pay for viewers they actually reach.
In a comment to Deadline, a Netflix spokesperson said: “While it’s still very early days for our ad supported tier, we’re pleased with the successful launch and the member engagement...
The Djia is currently down 910 points, or 2.68. The Nasdaq is off by 3.4 and the S&P 500 by 2.8.
Digiday reported Netflix is falling short of viewership guarantees it made to advertisers and allowing them to take their money back for ads yet to run. Netflix doesn’t use traditional make-goods, which shift advertising cash into future promos, it says, but in some cases only requires marketers to pay for viewers they actually reach.
In a comment to Deadline, a Netflix spokesperson said: “While it’s still very early days for our ad supported tier, we’re pleased with the successful launch and the member engagement...
- 12/15/2022
- by Jill Goldsmith
- Deadline Film + TV
Update: President Joe Biden seized on the news of a slowing rate of inflation in November to make the case that it is a reason for optimism.
“Make no mistake: prices are still too high,” Biden said from the White House, where he was flanked by his economic advisers. “We have a lot more work to do. But things are getting better, headed in the right direction.”
That said, some economists say that it is still too early to tell whether inflation has peaked, saying that more months of data are needed. The Federal Reserve also is expected to raise interest rates again this week.
Previously: Shares rocketed higher in early trading as new data showed inflation slowed more than expected last month after a string of aggressive interest rate hikes by the Federal Reserve meant to tamp down an overheated economy.
The welcome news came ahead of the Fed...
“Make no mistake: prices are still too high,” Biden said from the White House, where he was flanked by his economic advisers. “We have a lot more work to do. But things are getting better, headed in the right direction.”
That said, some economists say that it is still too early to tell whether inflation has peaked, saying that more months of data are needed. The Federal Reserve also is expected to raise interest rates again this week.
Previously: Shares rocketed higher in early trading as new data showed inflation slowed more than expected last month after a string of aggressive interest rate hikes by the Federal Reserve meant to tamp down an overheated economy.
The welcome news came ahead of the Fed...
- 12/13/2022
- by Jill Goldsmith and Ted Johnson
- Deadline Film + TV
San Francisco, Nov 30 (Ians) Elon Musk on Wednesday said the US Federal Reserve needs to immediately cut interest rates as a severe recession is looming, ahead of the speech by Fed Chair Jerome Powell at a US event on the outlook for the economy and the changing labour market.
Reacting to Vincent Yu, Founder of Tesmanian.com who said he is expecting a real economic recession in 2023, Musk replied: “Trend is concerning. The Fed needs to cut interest rates immediately. They are massively amplifying the probability of a severe recession”.
Musk’s comments came as Powell was set to speak at the Hutchins Center on Fiscal and Monetary Policy on the outlook for the economy and the changing labour market on Wednesday.
Stock market investors were keen to watch for any indications from Powell’s speech, regarding the rate hike amid tough global macroeconomic conditions.
Ironically, earlier this month, Musk...
Reacting to Vincent Yu, Founder of Tesmanian.com who said he is expecting a real economic recession in 2023, Musk replied: “Trend is concerning. The Fed needs to cut interest rates immediately. They are massively amplifying the probability of a severe recession”.
Musk’s comments came as Powell was set to speak at the Hutchins Center on Fiscal and Monetary Policy on the outlook for the economy and the changing labour market on Wednesday.
Stock market investors were keen to watch for any indications from Powell’s speech, regarding the rate hike amid tough global macroeconomic conditions.
Ironically, earlier this month, Musk...
- 11/30/2022
- by Glamsham Bureau
- GlamSham
Updated at market close: Media shares joined the broader market Thursday in a major rally as data this morning showed inflation easing in October. The Djia surged 1,200 points. Hard hit tech shares were led by a 10 jump by Amazon.
Google parent Alphabet, Facebook parent Meta and Apple were up 6 or more. Netflix by 4.
Battered Warner Bros. Discovery, which hit a 52-week low yesterday, posting the lowest close since its merger, is up more than 5. Paramount Global share have gained nearly 7. Endeavor is up 6.2 ahead of earnings after the close. And Disney reversed direction after a brutal day yesterday, up nearly 2. Lionsgate’s long-suffering shares have firmed by nearly 9.
Giant theater chain AMC Entertainment, a meme stock still and subject to big swings, saw its shares surge nearly 20 with the exhibition stocks all higher.
The upbeat moves follow the monthly Labor Department inflation report showing the Consumer Price Index, or Cpi,...
Google parent Alphabet, Facebook parent Meta and Apple were up 6 or more. Netflix by 4.
Battered Warner Bros. Discovery, which hit a 52-week low yesterday, posting the lowest close since its merger, is up more than 5. Paramount Global share have gained nearly 7. Endeavor is up 6.2 ahead of earnings after the close. And Disney reversed direction after a brutal day yesterday, up nearly 2. Lionsgate’s long-suffering shares have firmed by nearly 9.
Giant theater chain AMC Entertainment, a meme stock still and subject to big swings, saw its shares surge nearly 20 with the exhibition stocks all higher.
The upbeat moves follow the monthly Labor Department inflation report showing the Consumer Price Index, or Cpi,...
- 11/10/2022
- by Jill Goldsmith
- Deadline Film + TV
New Delhi, Nov 6 (Ians) As India embarks on its journey towards a digital rupee controlled by the Reserve Bank of India, concerns about cybersecurity and privacy loom large.
US Federal Reserve Chair Jerome Powell recently listed “cyber risk” as his top-most worry relating to financial stability, and a recent UK House of Lords report specifically described cybersecurity and privacy risks as potential reasons not to develop a Central Bank Digital Currency (Cbdc).
According to the International Monetary Fund (Imf), these concerns are not unfounded.
“Cbdc vulnerabilities could be exploited to compromise a nation’s financial system. CBDCs would be able to accumulate sensitive payment and user data at an unprecedented scale. In the wrong hands, this data could be used to spy on citizens’ private transactions, obtain security-sensitive details about individuals and organisations, and even steal money,” according to an Imp paper titled ‘Central Bankers’ New Cybersecurity Challenge.”
If implemented without proper security protocols,...
US Federal Reserve Chair Jerome Powell recently listed “cyber risk” as his top-most worry relating to financial stability, and a recent UK House of Lords report specifically described cybersecurity and privacy risks as potential reasons not to develop a Central Bank Digital Currency (Cbdc).
According to the International Monetary Fund (Imf), these concerns are not unfounded.
“Cbdc vulnerabilities could be exploited to compromise a nation’s financial system. CBDCs would be able to accumulate sensitive payment and user data at an unprecedented scale. In the wrong hands, this data could be used to spy on citizens’ private transactions, obtain security-sensitive details about individuals and organisations, and even steal money,” according to an Imp paper titled ‘Central Bankers’ New Cybersecurity Challenge.”
If implemented without proper security protocols,...
- 11/6/2022
- by Glamsham Bureau
- GlamSham
Battered media stocks and major indexes bounced higher Monday, reversing course after opening in the red on the first trading day of the fourth quarter.
A correction, however brief, was due. The Nasdaq and the S&P 500 surrendered significant ground for the first three quarters of 2022 – their first such losing streak since the financial crisis in 2008. The Dow hasn’t done as badly over that time frame since 2015. September was especially brutal, with the Dow Jones Industrial Average, S&P 500 and tech-heavy Nasdaq down by 8, 9.3 and 10, respectively. Tech stocks took a real beating.
All three gained sharply today as the Dow closed up 765 points with advances across sectors.
Dish is up by 7 and Disney by 3. The two just resolved a carriage dispute.
Lionsgate gained 4. The company is working on a transaction to split in two by spinning off the studio, selling stakes to one or more minority investors. That deal...
A correction, however brief, was due. The Nasdaq and the S&P 500 surrendered significant ground for the first three quarters of 2022 – their first such losing streak since the financial crisis in 2008. The Dow hasn’t done as badly over that time frame since 2015. September was especially brutal, with the Dow Jones Industrial Average, S&P 500 and tech-heavy Nasdaq down by 8, 9.3 and 10, respectively. Tech stocks took a real beating.
All three gained sharply today as the Dow closed up 765 points with advances across sectors.
Dish is up by 7 and Disney by 3. The two just resolved a carriage dispute.
Lionsgate gained 4. The company is working on a transaction to split in two by spinning off the studio, selling stakes to one or more minority investors. That deal...
- 10/3/2022
- by Jill Goldsmith
- Deadline Film + TV
Washington, Sep 10 (Ians) The ‘scariest economics paper of 2022’ has warned that a high unemployment rate will be necessary to combat inflation and to bring inflation down to 2 per cent, the US may need to tolerate unemployment of 6.5 per cent for at least two years.
The paper from the Brookings Institution by Johns Hopkins macroeconomist Larry Ball with co-authors Daniel Leigh and Prachi Mishra of the International Monetary Fund (Imf) found that “this unemployment path returns inflation to near the Fed’s target only under optimistic assumptions”.
“Under less benign assumptions about these factors, the inflation rate remains well above target unless unemployment rises by more than the Fed projects,” the paper said.
In a following opinion piece in The Wall Street Journal, Jason Furman, former chairman of the White House Council of Economic Advisers under President Obama, called this “the scariest economic paper of 2022”.
Based on Brookings’ findings, the Fed...
The paper from the Brookings Institution by Johns Hopkins macroeconomist Larry Ball with co-authors Daniel Leigh and Prachi Mishra of the International Monetary Fund (Imf) found that “this unemployment path returns inflation to near the Fed’s target only under optimistic assumptions”.
“Under less benign assumptions about these factors, the inflation rate remains well above target unless unemployment rises by more than the Fed projects,” the paper said.
In a following opinion piece in The Wall Street Journal, Jason Furman, former chairman of the White House Council of Economic Advisers under President Obama, called this “the scariest economic paper of 2022”.
Based on Brookings’ findings, the Fed...
- 9/10/2022
- by Glamsham Bureau
- GlamSham
San Francisco, Aug 28 (Ians) More than half of all Bitcoin daily trading volumes are reportedly fake, as the world’s largest cryptocurrency nosedives again amid global economic turmoil.
According to a Forbes analysis of 157 crypto exchanges and trading platforms, more than half (51 per cent) of all reported trading volume is likely to be fake or non-economic.
“We estimate the global daily bitcoin volume for the industry was 128 billion on June 14. That is 51 per cent less than the 262 billion one would get by taking the sum of self-reported volume from multiple sources,” the report mentioned.
Bitcoin represents 40 per cent of the 1 trillion global crypto market.
According to the report, there is no genuine method of calculating bitcoin daily volume, “even among the industry’s most reputable research firms”.
“For example, CoinMarketCap puts the latest 24-hour trading of bitcoin at 32 billion, CoinGecko at 27 billion, Nomics at 57 billion and Messari at 5 billion,” the report revealed.
According to a Forbes analysis of 157 crypto exchanges and trading platforms, more than half (51 per cent) of all reported trading volume is likely to be fake or non-economic.
“We estimate the global daily bitcoin volume for the industry was 128 billion on June 14. That is 51 per cent less than the 262 billion one would get by taking the sum of self-reported volume from multiple sources,” the report mentioned.
Bitcoin represents 40 per cent of the 1 trillion global crypto market.
According to the report, there is no genuine method of calculating bitcoin daily volume, “even among the industry’s most reputable research firms”.
“For example, CoinMarketCap puts the latest 24-hour trading of bitcoin at 32 billion, CoinGecko at 27 billion, Nomics at 57 billion and Messari at 5 billion,” the report revealed.
- 8/28/2022
- by Glamsham Bureau
- GlamSham
Showbiz shares followed broader market lower Friday after Federal Reserve chair Jerome Powell indicated the central bank will continue aggressively raising interest rates to fight inflation.
“Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance,” Powell said at a keynote speech today at the central bank’s annual economic summit in Jackson Hole, Wyoming.
“Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy. Without price stability, the economy does not work for anyone,” he said. But, “Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy.” He sent the Dow Jones Industrial Average plunging more than 1,000 points, or just over 3, with losses accelerating in the final hour of trading.
The S&P 500 fell 3.37 and the hard hit...
“Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance,” Powell said at a keynote speech today at the central bank’s annual economic summit in Jackson Hole, Wyoming.
“Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy. Without price stability, the economy does not work for anyone,” he said. But, “Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy.” He sent the Dow Jones Industrial Average plunging more than 1,000 points, or just over 3, with losses accelerating in the final hour of trading.
The S&P 500 fell 3.37 and the hard hit...
- 8/26/2022
- by Jill Goldsmith
- Deadline Film + TV
Shares in Comcast and Meta got hammered in early trading today, though the broader stock markets are holding steady despite swirling currents of economic news and signs of a recession.
Comcast, which beat Wall Street expectations in the second quarter, also reported alarming slowdowns in broadband sign-ups and Peacock Premium subscriptions. Its stock, which usually makes modest moves of at most a percentage point or two on a typical day, fell more than 9 to 39.34 this morning. Trading volume was slightly below average, though, indicating something less than an all-out panic.
Comcast Beats Wall Street Q2 Estimates But Peacock Premium Subscriber Levels Flat At 13M
Facebook Parent Meta Falls Short Of Q1 Earnings Bar, But Stock Surges On Earnings Beat
Meta Platforms, which on Wednesday posted its first year-to-year decline since going public in 2012, is also getting blitzed. Down more than 6 it was at about 159, within sight of its 52-week low...
Comcast, which beat Wall Street expectations in the second quarter, also reported alarming slowdowns in broadband sign-ups and Peacock Premium subscriptions. Its stock, which usually makes modest moves of at most a percentage point or two on a typical day, fell more than 9 to 39.34 this morning. Trading volume was slightly below average, though, indicating something less than an all-out panic.
Comcast Beats Wall Street Q2 Estimates But Peacock Premium Subscriber Levels Flat At 13M
Facebook Parent Meta Falls Short Of Q1 Earnings Bar, But Stock Surges On Earnings Beat
Meta Platforms, which on Wednesday posted its first year-to-year decline since going public in 2012, is also getting blitzed. Down more than 6 it was at about 159, within sight of its 52-week low...
- 7/28/2022
- by Dade Hayes
- Deadline Film + TV
For his first show after a monthlong summer break, John Oliver chose a topic that’s on everyone’s mind: inflation. Thing is, everyone does not actually understand inflation, because inflation is extremely complex. So, in order to do the segment, Oliver first had to teach his audience Inflation 101.
A current-events comedy show is not the ideal place to break down complex economic concepts, and Oliver struggled with the lesson. He seemed to think repetition was the key to understanding inflation, and so he cited an impressive variety of real-world...
A current-events comedy show is not the ideal place to break down complex economic concepts, and Oliver struggled with the lesson. He seemed to think repetition was the key to understanding inflation, and so he cited an impressive variety of real-world...
- 7/25/2022
- by Ky Henderson
- Rollingstone.com
Sun Valley, the annual event colloquially known as “summer camp for billionaires,” kicks off as usual on July 5.
But the moguls who flock to the Allen & Co. retreat may not be as relaxed as usual when they touch down at the Sun Valley Lodge in the Idaho resort town: From darkening economic clouds to choppy leadership transitions at some of the most storied media companies, there are plenty of reasons for the 1 of the 1 to be breaking a sweat these days.
The stock market’s roller coaster ride in the first half of the year means that some regulars at the annual gathering hosted by investment bank Allen & Co. will be arriving with much-diminished market caps. Shari Redstone, chairman of Paramount Global, and David Zaslav, CEO of the newly minted Warner Bros. Discovery, may be among those commiserating about taking brutal equity losses. Although Warner Bros. Discovery is barely three months old in this configuration,...
But the moguls who flock to the Allen & Co. retreat may not be as relaxed as usual when they touch down at the Sun Valley Lodge in the Idaho resort town: From darkening economic clouds to choppy leadership transitions at some of the most storied media companies, there are plenty of reasons for the 1 of the 1 to be breaking a sweat these days.
The stock market’s roller coaster ride in the first half of the year means that some regulars at the annual gathering hosted by investment bank Allen & Co. will be arriving with much-diminished market caps. Shari Redstone, chairman of Paramount Global, and David Zaslav, CEO of the newly minted Warner Bros. Discovery, may be among those commiserating about taking brutal equity losses. Although Warner Bros. Discovery is barely three months old in this configuration,...
- 7/4/2022
- by Brent Lang and Jennifer Maas
- Variety Film + TV
Stocks posted steep losses across the board Thursday after a major rate hike by the U.S. central bank and comments by Fed chief Jerome Powell exacerbated recession fears.
The Dow plunged by more than 700 points, closing below 30,000 for the first time since January 2021. The Nasdaq sank by more than 4, down by more than 30 year-to-date. The S&P 500 dropped 3.25 to its lowest level since December 2020.
A decisive move by the Federal Reserve to raise interest rates by three quarters of a percentage point boosted shares briefly Wednesday, but optimism faded fast following what was the biggest rate hike since 1994. Powell said at a press conference that the Fed’s Open Market Committee could announce another, similar raise at its July meeting (it upped rates by half a point last month) to try to tame soaring inflation, which is at a 40-year high).
Entertainment shares took a bath with Warner Bros...
The Dow plunged by more than 700 points, closing below 30,000 for the first time since January 2021. The Nasdaq sank by more than 4, down by more than 30 year-to-date. The S&P 500 dropped 3.25 to its lowest level since December 2020.
A decisive move by the Federal Reserve to raise interest rates by three quarters of a percentage point boosted shares briefly Wednesday, but optimism faded fast following what was the biggest rate hike since 1994. Powell said at a press conference that the Fed’s Open Market Committee could announce another, similar raise at its July meeting (it upped rates by half a point last month) to try to tame soaring inflation, which is at a 40-year high).
Entertainment shares took a bath with Warner Bros...
- 6/16/2022
- by Jill Goldsmith
- Deadline Film + TV
Media shares felt the pain as markets swooned Wednesday with glum earnings and outlooks from major retailers reflecting broader economic woes.
Target and Walmart, usually considered safe stocks, reported a big hit from higher transportation costs as gas prices soar, without any relief in sight. It’s hard for them to pass higher costs on to consumers who already are spending less on anything beyond groceries.
The S&P fell 4 — it’s worst slide since June 2020. The Dow plunged more than 1,100 points, and the Nasdaq lost 4.7.
Investors have been thoroughly spooked by soaring inflation that the Fed is trying to contain by raising interest rates and by the Russia-Ukraine war that’s slogging on. Federal Reserve chief Jerome Powell told the WSJ that there could be “some pain involved in restoring price stability.” This is part of it.
Among media shares, with companies in the midst of a week of upfront presentations in NYC,...
Target and Walmart, usually considered safe stocks, reported a big hit from higher transportation costs as gas prices soar, without any relief in sight. It’s hard for them to pass higher costs on to consumers who already are spending less on anything beyond groceries.
The S&P fell 4 — it’s worst slide since June 2020. The Dow plunged more than 1,100 points, and the Nasdaq lost 4.7.
Investors have been thoroughly spooked by soaring inflation that the Fed is trying to contain by raising interest rates and by the Russia-Ukraine war that’s slogging on. Federal Reserve chief Jerome Powell told the WSJ that there could be “some pain involved in restoring price stability.” This is part of it.
Among media shares, with companies in the midst of a week of upfront presentations in NYC,...
- 5/18/2022
- by Jill Goldsmith
- Deadline Film + TV
As inflation and interest rates rise, there is a “very, very high risk” factor for an economic recession. That’s according to former Goldman Sachs CEO Lloyd Blankfein, who addressed the issue Sunday on CBS talk show Face The Nation.
Can it be avoided? “There’s a path. It’s a narrow path,” said Blankfein, who is retired from Goldman Sachs, but still holds the title of senior chairman.
“But I think the Fed has very powerful tools. It’s hard to finely tune them, and it’s hard to see the effects of them quickly enough to alter it, but I think they’re responding well. It’s definitely a risk.”
Blankfein’s remarks come on the heels of similar sentiments from Federal Reserve Chairman Jerome Powell, who said last week that the Fed’s strategy of raising interest rates will “include some pain.”
“We fully understand and appreciate how painful inflation is,...
Can it be avoided? “There’s a path. It’s a narrow path,” said Blankfein, who is retired from Goldman Sachs, but still holds the title of senior chairman.
“But I think the Fed has very powerful tools. It’s hard to finely tune them, and it’s hard to see the effects of them quickly enough to alter it, but I think they’re responding well. It’s definitely a risk.”
Blankfein’s remarks come on the heels of similar sentiments from Federal Reserve Chairman Jerome Powell, who said last week that the Fed’s strategy of raising interest rates will “include some pain.”
“We fully understand and appreciate how painful inflation is,...
- 5/15/2022
- by Bruce Haring
- Deadline Film + TV
Most stocks and sectors closed down Thursday in a massive and broad market selloff that thrashed media and tech shares from big showbiz conglomerates to Amazon, Apple and Meta to Roku, Endeavor, Cinemark and the New York Times.
With the trading day done, the Dow 30 is down more than 3 having shed over 1,100 points. The Nasdaq was the hardest hit, off 5, with the S&P 500 and Russell 2000 lower by, respectively, 3.6 and 4.87. Stocks and bonds were both lower.
Markets have been highly volatile. Yesterday, major indexes rallied strongly as the Federal Reserve announced a half percentage point hike in interest rates — the biggest in two decades — to curb runaway inflation that had hit highs not seen since been 1981. Inflation, along with the Russia-Ukraine War, supply-chain issues and lingering Covid have whipsawed investor sentiment this year in recent weeks.
Today the market’s euphoria was replaced by fear.
With the trading day done, the Dow 30 is down more than 3 having shed over 1,100 points. The Nasdaq was the hardest hit, off 5, with the S&P 500 and Russell 2000 lower by, respectively, 3.6 and 4.87. Stocks and bonds were both lower.
Markets have been highly volatile. Yesterday, major indexes rallied strongly as the Federal Reserve announced a half percentage point hike in interest rates — the biggest in two decades — to curb runaway inflation that had hit highs not seen since been 1981. Inflation, along with the Russia-Ukraine War, supply-chain issues and lingering Covid have whipsawed investor sentiment this year in recent weeks.
Today the market’s euphoria was replaced by fear.
- 5/5/2022
- by Jill Goldsmith
- Deadline Film + TV
2Nd Update, 2:05 Pm: So far at least 14 attendees of Saturday’s Gridiron Club dinner have tested positive for Covid.
In a note sent to Gridiron members, club president Thomas DeFrank wrote, “As of 4 p.m. Wednesday, we know of 14 guests at Saturday’s dinner who have tested positive for Covid. There is no way of being certain about when they first contracted Covid. But they did interact with other guests during the night and we have to be realistic and expect some more cases. Except in cases of public officials who have on their own disclosed their status, we will protect the privacy of guests who test positive.”
DeFrank said that the Gridiron will alert “anybody who was in close proximity with a positive case.” He urged those sitting across the table or on either side of the positive person to get tested.
“Our top concern is the health...
In a note sent to Gridiron members, club president Thomas DeFrank wrote, “As of 4 p.m. Wednesday, we know of 14 guests at Saturday’s dinner who have tested positive for Covid. There is no way of being certain about when they first contracted Covid. But they did interact with other guests during the night and we have to be realistic and expect some more cases. Except in cases of public officials who have on their own disclosed their status, we will protect the privacy of guests who test positive.”
DeFrank said that the Gridiron will alert “anybody who was in close proximity with a positive case.” He urged those sitting across the table or on either side of the positive person to get tested.
“Our top concern is the health...
- 4/6/2022
- by Ted Johnson
- Deadline Film + TV
Netflix rose handily in after-hours trading Wednesday following news that Bill Ackman’s Pershing Square Capital has acquired more than 3.1 million shares to become a top-20 stockholder.
He bought on a big dip. The streamer’s stock has been killed since its fourth-quarter earnings report last week, and amid a series of broad market selloffs tied to interest rate jitters. Investors reacted negatively to Q4 subscriber growth and management guidance. In Pershing Square’s letter to shareholders today, Ackman called that an “opportunity to acquire Netflix at an attractive valuation.” The shares closed down 1.8% but reversed course after hours, up nearly 5%.
“We have greatly admired Netflix both as consumers and as investors, but have never previously owned a stake in the company,” he said, calling the platform founded by Reed Hastings “a primary beneficiary of the growth in streaming and the decline in linear TV driven by its superior customer experience,...
He bought on a big dip. The streamer’s stock has been killed since its fourth-quarter earnings report last week, and amid a series of broad market selloffs tied to interest rate jitters. Investors reacted negatively to Q4 subscriber growth and management guidance. In Pershing Square’s letter to shareholders today, Ackman called that an “opportunity to acquire Netflix at an attractive valuation.” The shares closed down 1.8% but reversed course after hours, up nearly 5%.
“We have greatly admired Netflix both as consumers and as investors, but have never previously owned a stake in the company,” he said, calling the platform founded by Reed Hastings “a primary beneficiary of the growth in streaming and the decline in linear TV driven by its superior customer experience,...
- 1/26/2022
- by Jill Goldsmith
- Deadline Film + TV
In early January, AMC Entertainment CEO Adam Aron announced a New Year’s Resolution to refinance high interest debt the chain took on to survive the pandemic. Today, the WSJ reports he’s “in advanced talks with multiple parties” to do just that but a dip in the company’s stock (and its bonds) hasn’t helped.
“The precipitous share price decline puts them in a more precarious position to refinance high interest debt and extend maturity — a worse position than they were a month or two ago,” said Alicia Reese of Wedbush Securities. Bur she noted that AMC had, earlier, been “really successful refinancing before the retail investors came in.”
If it can’t refinance or there’s a snag, it means the company would have to shell out cash, or more of it and sooner than it would like, to pay down interest due.
An AMC rep declined to comment.
“The precipitous share price decline puts them in a more precarious position to refinance high interest debt and extend maturity — a worse position than they were a month or two ago,” said Alicia Reese of Wedbush Securities. Bur she noted that AMC had, earlier, been “really successful refinancing before the retail investors came in.”
If it can’t refinance or there’s a snag, it means the company would have to shell out cash, or more of it and sooner than it would like, to pay down interest due.
An AMC rep declined to comment.
- 1/25/2022
- by Jill Goldsmith
- Deadline Film + TV
President Joe Biden will nominate Jerome Powell for a new term as chairman of the Federal Reserve.
Biden also will nominate Lael Brainard as vice chair.
“While there’s still more to be done, we’ve made remarkable progress over the last 10 months in getting Americans back to work and getting our economy moving again,” Biden said in a statement. “That success is a testament to the economic agenda I’ve pursued and to the decisive action that the Federal Reserve has taken under Chair Powell and Dr. Brainard to help steer us through the worst downturn in modern American history and put us on the path to recovery.”
Powell took office in February, 2018, for a four year term set to expire next year. If confirmed, the new term would be for another four years. His term as a member of the Federal Reserve Board of Governors expires on Jan.
Biden also will nominate Lael Brainard as vice chair.
“While there’s still more to be done, we’ve made remarkable progress over the last 10 months in getting Americans back to work and getting our economy moving again,” Biden said in a statement. “That success is a testament to the economic agenda I’ve pursued and to the decisive action that the Federal Reserve has taken under Chair Powell and Dr. Brainard to help steer us through the worst downturn in modern American history and put us on the path to recovery.”
Powell took office in February, 2018, for a four year term set to expire next year. If confirmed, the new term would be for another four years. His term as a member of the Federal Reserve Board of Governors expires on Jan.
- 11/22/2021
- by Ted Johnson
- Deadline Film + TV
Shares of AMC Entertainment led exhibition stocks higher Monday after the Fda granted a long-awaited full approval for the Pfizer Covid-19 vaccine.
The hope is that the move – valid for those age 16 and up — will chip away at vaccine hesitancy, which has stalled the U.S. rollout of shots, and make it easier for schools and other organizations and employers to mandate it. The more vaxxed the population, the more likely it is to feel at ease with indoor entertainment including movies. Cinemas are struggling to bounce back from Covid.
Retail traders’ favorite meme stock, AMC Entertainment was up more than 8% in afternoon trade, so was Cinemark. Imax was up 6% and Marcus was close to 4%. All were outperforming a buoyant market with the Djia up close to 300 points.
The vaccine had been approved for emergency use authorization.
As NATO chief John Fithian told Deadline recently, vaccines are the key to...
The hope is that the move – valid for those age 16 and up — will chip away at vaccine hesitancy, which has stalled the U.S. rollout of shots, and make it easier for schools and other organizations and employers to mandate it. The more vaxxed the population, the more likely it is to feel at ease with indoor entertainment including movies. Cinemas are struggling to bounce back from Covid.
Retail traders’ favorite meme stock, AMC Entertainment was up more than 8% in afternoon trade, so was Cinemark. Imax was up 6% and Marcus was close to 4%. All were outperforming a buoyant market with the Djia up close to 300 points.
The vaccine had been approved for emergency use authorization.
As NATO chief John Fithian told Deadline recently, vaccines are the key to...
- 8/23/2021
- by Jill Goldsmith
- Deadline Film + TV
Hollywood and media industry financing sources have tended to be cyclical, with new money refreshing the old every few years. The current cycle of private equity investment, though, is bucking that history and could extend the M&a wave for years to come, dealmakers say.
Transactions like the $900 million takeover of Reese Witherspoon’s Hello Sunshine, via a partnership between Blackstone and former Disney execs Kevin Mayer and Tom Staggs, set tongues wagging. The sky-high valuation (reportedly at more than seven times revenue) for a company with few owned assets prompted speculation about froth in the market. Still, virtually any firm with a claim to any intellectual property is believed to be for sale, either wholesale or in parts. Among the sellers are LeBron James’ SpringHill, Imagine and Legendary. Even though the deal doesn’t rely on private funds, Amazon’s pending $8.45 billion acquisition of MGM shows the nearly insatiable...
Transactions like the $900 million takeover of Reese Witherspoon’s Hello Sunshine, via a partnership between Blackstone and former Disney execs Kevin Mayer and Tom Staggs, set tongues wagging. The sky-high valuation (reportedly at more than seven times revenue) for a company with few owned assets prompted speculation about froth in the market. Still, virtually any firm with a claim to any intellectual property is believed to be for sale, either wholesale or in parts. Among the sellers are LeBron James’ SpringHill, Imagine and Legendary. Even though the deal doesn’t rely on private funds, Amazon’s pending $8.45 billion acquisition of MGM shows the nearly insatiable...
- 8/8/2021
- by Dade Hayes
- Deadline Film + TV
President Joe Biden signed an executive order directing federal government agencies to assess the risks climate change brings to both public and private financial assets in the U.S., the White House announced on Thursday.
The order, called the Climate-Related Financial Risk, mandates regulators including Treasury Secretary Janet Yellen, who oversees the Financial Stability Oversight Council, and Federal Reserve Chairman Jerome Powell and others to direct federal agencies to examine the financial risks posed by extreme weather to both private and governmental financial institutions. They will then report back within...
The order, called the Climate-Related Financial Risk, mandates regulators including Treasury Secretary Janet Yellen, who oversees the Financial Stability Oversight Council, and Federal Reserve Chairman Jerome Powell and others to direct federal agencies to examine the financial risks posed by extreme weather to both private and governmental financial institutions. They will then report back within...
- 5/21/2021
- by Peter Wade
- Rollingstone.com
Wendy McMahon and Neeraj Khemlani, the new presidents and co-heads of CBS News and CBS Television Stations, outlined some of their initial plans for the newly combined division.
On their first day on the job, McMahon and Khemlani wrote in a memo to employees that they are “in position to build at scale the premier local-to-global streaming news experience. By harnessing the power of our teams, we will be able to provide unparalleled, expansive on-the-ground reporting. That means reporters from New York to LA, Chicago to Dallas, London to Beijing and everywhere in between—all poised to deliver a choreography of coverage, a greater Eye on America and Eye on the world.”
They also announced plans to expand CBS News’ Race and Culture Unit across their station and digital groups. Three more cities will be added to the local iterations of their streaming service, Cbsn: Sacramento, Baltimore and Miami.
On their first day on the job, McMahon and Khemlani wrote in a memo to employees that they are “in position to build at scale the premier local-to-global streaming news experience. By harnessing the power of our teams, we will be able to provide unparalleled, expansive on-the-ground reporting. That means reporters from New York to LA, Chicago to Dallas, London to Beijing and everywhere in between—all poised to deliver a choreography of coverage, a greater Eye on America and Eye on the world.”
They also announced plans to expand CBS News’ Race and Culture Unit across their station and digital groups. Three more cities will be added to the local iterations of their streaming service, Cbsn: Sacramento, Baltimore and Miami.
- 5/3/2021
- by Ted Johnson
- Deadline Film + TV
Joe Biden says he supports canceling $10,000 in federal student debt through legislation, while congressional progressives like Rep. Pramila Jayapal (D-Wash.) say they want five times that amount wiped out right away, by executive order. The New York Times says the $10K-versus-$50K debate will be “one of the first tests of [Biden’s] relationship with the liberal wing of his party.”
If that’s the big question left to answer, it bodes poorly for solving the student-loan crisis, since wiping out a little or even a lot of debt won’t fix an inherently predatory system.
If that’s the big question left to answer, it bodes poorly for solving the student-loan crisis, since wiping out a little or even a lot of debt won’t fix an inherently predatory system.
- 1/25/2021
- by Matt Taibbi
- Rollingstone.com
Showbiz stocks firmed Thursday despite a sharp spike in unemployment claims last week and ahead of a speech where President-elect Joe Biden will unveil hefty new government spending to help the economy weather Covid-19 and measures to speed up vaccinations.
The package is said to be worth $1.9 trillion dollars and include a proposal for additional $1,400 in stimulus checks for individuals and aid to states and cities.
The Russell 2000 index of small-cap stocks closed up over 2%. The Djia and tech-heavy Nasdaq trailed but were in positive territory for most of the session. ViacomCBS hit its highest point yet since the merger a year ago, up 8.3% at $46.69. A series of bullish reports this week touted its strength in streaming subscriber growth, digital advertising and the upcoming launch of Paramount+.
Just ahead of market close, Lionsgate was also standout, up more than 11% at $13.49. Starz CEO Jeff Hirsch touted streaming growth on CNBC...
The package is said to be worth $1.9 trillion dollars and include a proposal for additional $1,400 in stimulus checks for individuals and aid to states and cities.
The Russell 2000 index of small-cap stocks closed up over 2%. The Djia and tech-heavy Nasdaq trailed but were in positive territory for most of the session. ViacomCBS hit its highest point yet since the merger a year ago, up 8.3% at $46.69. A series of bullish reports this week touted its strength in streaming subscriber growth, digital advertising and the upcoming launch of Paramount+.
Just ahead of market close, Lionsgate was also standout, up more than 11% at $13.49. Starz CEO Jeff Hirsch touted streaming growth on CNBC...
- 1/14/2021
- by Jill Goldsmith
- Deadline Film + TV
Freshly returned from Walter Reed hospital, President Trump ordered a halt to ongoing negotiations over another Covid-19 relief package. Instead, he directed Republican Senators to focus exclusively on confirming Judge Amy Coney Barrett to the Supreme Court before Election Day.
“I have asked Mitch McConnell not to delay, but to instead focus full time on approving my outstanding nominee to the United States Supreme Court, Amy Coney Barrett,” he said on Twitter. “Our Economy is doing very well. The Stock Market is at record levels, Jobs and unemployment…also coming back in record numbers.
“I have asked Mitch McConnell not to delay, but to instead focus full time on approving my outstanding nominee to the United States Supreme Court, Amy Coney Barrett,” he said on Twitter. “Our Economy is doing very well. The Stock Market is at record levels, Jobs and unemployment…also coming back in record numbers.
- 10/6/2020
- by Andy Kroll and Ryan Bort
- Rollingstone.com
The Dow reversed its losses for the year and the Nasdaq and S&P 500 hit records at close as investors saw a possible tempering of Covid-19 spread and liked a policy speech by the Federal Reserve chief the day before.
Shrugging off continued high unemployment and the ongoing pandemic, the Djia ended the week up 161.6 points, or 0.57% — less than 1,000 points away from a record high in February.
Among showbiz stocks, Roku led, hitting a new all-time high and closing up more than 7% after a survey by Deutsche Bank found the company in the lead in the connected TV market. Deutsche Bank analyst Jeffrey Rand said in a note that the survey showed 43% of connected TV respondents said they had a Roku device versus 35% a Fire TV by rival Amazon.
Exhibitors, a highly volatile group, were also strong with Cinemark, National CineMedia and Marcus closing up, respectively, over 7%, 6% and 4%. AMC Entertainment...
Shrugging off continued high unemployment and the ongoing pandemic, the Djia ended the week up 161.6 points, or 0.57% — less than 1,000 points away from a record high in February.
Among showbiz stocks, Roku led, hitting a new all-time high and closing up more than 7% after a survey by Deutsche Bank found the company in the lead in the connected TV market. Deutsche Bank analyst Jeffrey Rand said in a note that the survey showed 43% of connected TV respondents said they had a Roku device versus 35% a Fire TV by rival Amazon.
Exhibitors, a highly volatile group, were also strong with Cinemark, National CineMedia and Marcus closing up, respectively, over 7%, 6% and 4%. AMC Entertainment...
- 8/28/2020
- by Jill Goldsmith
- Deadline Film + TV
The daily coronavirus death toll in the United States has increased this week after months of decline. More than 4,200 deaths were recorded nationally, with several states jumping exponentially.
On Friday, the Us reported its largest single-day caseload increase, with 67,211 new infections recorded. That beats the previous single-day record by more than 6,000. As such, the Us is heading into put-up or shut-up time over the next few weeks. It’s a moment in history where the country’s direction truly lies in the balance, as major decisions loom on the economy, health, safety, and recreation.
First and foremost, Congress faces a stark choice, as the estimated 30 million workers without a job are about to lose the $600 in federal unemployment that was added to state figures. The federal funds are scheduled to expire by the end of the month.
Without those payments, a dire economic situation may slip into disaster. Already, many...
On Friday, the Us reported its largest single-day caseload increase, with 67,211 new infections recorded. That beats the previous single-day record by more than 6,000. As such, the Us is heading into put-up or shut-up time over the next few weeks. It’s a moment in history where the country’s direction truly lies in the balance, as major decisions loom on the economy, health, safety, and recreation.
First and foremost, Congress faces a stark choice, as the estimated 30 million workers without a job are about to lose the $600 in federal unemployment that was added to state figures. The federal funds are scheduled to expire by the end of the month.
Without those payments, a dire economic situation may slip into disaster. Already, many...
- 7/11/2020
- by Bruce Haring
- Deadline Film + TV
The Federal Reserve has acquired bonds of 86 companies led by WarnerMedia parent AT&T and including Comcast, Fox Corp. and Activision Blizzard in a first round of corporate debt purchases to buck up financial markets during the coronavirus pandemic. The move has helped lower interest rates for companies, including big media and entertainment groups, issuing debt to cushion themselves from Covid-19.
The bond buys in the secondary market – meaning not directly from the companies, which will come in a later phase – totaled $428 million with AT&T and United Health the biggest outlays at over $16 million each, according to documents on the Fed’s website, for purchases as of June 17.
Other household names included Coca-Cola Nike PayPal, Target, Campbell’s Soup, Boeing and Exxon Mobil.
The Fed unveiled the so-called Secondary Market Corporate Credit Facility (Smccf) in late March to buy corporate bonds and develop a portfolio that tracks a broad market index it’s creating.
The bond buys in the secondary market – meaning not directly from the companies, which will come in a later phase – totaled $428 million with AT&T and United Health the biggest outlays at over $16 million each, according to documents on the Fed’s website, for purchases as of June 17.
Other household names included Coca-Cola Nike PayPal, Target, Campbell’s Soup, Boeing and Exxon Mobil.
The Fed unveiled the so-called Secondary Market Corporate Credit Facility (Smccf) in late March to buy corporate bonds and develop a portfolio that tracks a broad market index it’s creating.
- 6/29/2020
- by Jill Goldsmith
- Deadline Film + TV
Showbiz shares surged in a major market rally that saw the Djia close up by nearly 1,000 points Monday.
ViacomCBS ended the session 11% higher as a wall Street analyst upgraded the stock to ‘buy’ and the company’s chairman Shari Redstone and CEO Bob Bakish told annual meeting attendees that they consider the stock undervalued and are committed to changing that.
Walt Disney gained 7.4%. A number of high profile investors — from Daniel Loeb of Third Point Capital to Saudi Arabia’s sovereign wealth fund — have added positions in the company to their portfolios. The stock purchases were revealed Friday in SEC filings for the first quarter. Amid sings that the economy opening a bit, the company will opening Disney Springs, the shopping and dining area of Walt Disney World in Orlando, on Wednesday.
Media and entertainment stocks outpaced the very upbeat broader market. The Djia rose by 3.95%, the S&p 500 by...
ViacomCBS ended the session 11% higher as a wall Street analyst upgraded the stock to ‘buy’ and the company’s chairman Shari Redstone and CEO Bob Bakish told annual meeting attendees that they consider the stock undervalued and are committed to changing that.
Walt Disney gained 7.4%. A number of high profile investors — from Daniel Loeb of Third Point Capital to Saudi Arabia’s sovereign wealth fund — have added positions in the company to their portfolios. The stock purchases were revealed Friday in SEC filings for the first quarter. Amid sings that the economy opening a bit, the company will opening Disney Springs, the shopping and dining area of Walt Disney World in Orlando, on Wednesday.
Media and entertainment stocks outpaced the very upbeat broader market. The Djia rose by 3.95%, the S&p 500 by...
- 5/18/2020
- by Jill Goldsmith
- Deadline Film + TV
Apple shares gained 2% to around $314 in early trading Monday after the tech giant outlined plans to reopen 25 of its U.S. stores.
After being forced to close for two months due to Covid-19, stores in California, Florida and Hawaii are reopening this week, leading the effort of retailers decimated by the pandemic to get back on their feet. Apple operates 271 stores in the U.S. It has now reopened 100 stores worldwide after being among the first retailers to close in China and elsewhere as the impact of the coronavirus began to be felt in February.
In a letter to customers, the company on Sunday detailed various steps it is taking in order to reopen. The measures, which will vary according to the specifics of each venue, include temperature checks, required facecoverings, extensive cleaning, capacity limits and curbside pickup.
“The response to Covid‑19 is still ongoing, and we recognize that the...
After being forced to close for two months due to Covid-19, stores in California, Florida and Hawaii are reopening this week, leading the effort of retailers decimated by the pandemic to get back on their feet. Apple operates 271 stores in the U.S. It has now reopened 100 stores worldwide after being among the first retailers to close in China and elsewhere as the impact of the coronavirus began to be felt in February.
In a letter to customers, the company on Sunday detailed various steps it is taking in order to reopen. The measures, which will vary according to the specifics of each venue, include temperature checks, required facecoverings, extensive cleaning, capacity limits and curbside pickup.
“The response to Covid‑19 is still ongoing, and we recognize that the...
- 5/18/2020
- by Dade Hayes
- Deadline Film + TV
A president with little regard for ethical norms and a pattern of self-dealing signs into law a relief package that will give out upward of trillions of dollars. A White House that from day one has been dogged by questions about personal interests mingling with public service takes control of a governmentwide pandemic response. Senior members of the administration who have flouted federal ethics rules regarding their own personal finances and business interests turn to the private sector for help as they grapple with one of the worst public-health crises in a century.
- 4/16/2020
- by Andy Kroll
- Rollingstone.com
Stocks popped higher — reversing overnight declines — after the Federal Reserve jolted volatile markets in a good way with an expanded and unprecedented plan to pump up to $2.3 trillion into the economy.
Media stocks were big gainers.
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The package uses some of the Treasury Department funds recently allocated by Congress under Cares Act to help households, companies and state and local governments. It agreed to buy municipal bonds to help states and larger counties and cities and to purchase lower-rated (junk) bonds of companies — something the Fed has never done before.
The news helped offset continuing gloom over unemployment, with 6.6 million new claims filed in the U,S for the week ended April 4 — and more than 16 million over three weeks...
Media stocks were big gainers.
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The package uses some of the Treasury Department funds recently allocated by Congress under Cares Act to help households, companies and state and local governments. It agreed to buy municipal bonds to help states and larger counties and cities and to purchase lower-rated (junk) bonds of companies — something the Fed has never done before.
The news helped offset continuing gloom over unemployment, with 6.6 million new claims filed in the U,S for the week ended April 4 — and more than 16 million over three weeks...
- 4/9/2020
- by Jill Goldsmith
- Deadline Film + TV
The Federal Reserve is stepping in to help the coronavirus-stricken economy, making an emergency announcement today that it will cut interest reates to near-zero and inject $700 billion into a quantitative easing program. The actions are the largest single day set of moves the bank had ever taken.
Stock futures plunged, however, presaging a nasty day for the market Monday. Futures currently imply the Dow opening down 1,200 points. The Fed was expected to act at its regular meeting this Tuesday and Wednesday and its extraordinary action on Sunday may have panicked investors.
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“The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,...
Stock futures plunged, however, presaging a nasty day for the market Monday. Futures currently imply the Dow opening down 1,200 points. The Fed was expected to act at its regular meeting this Tuesday and Wednesday and its extraordinary action on Sunday may have panicked investors.
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“The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,...
- 3/15/2020
- by Bruce Haring
- Deadline Film + TV
Updated with top media gainers: Relief was palpable Monday on the New York Stock Exchange – even through the TV – as cheers and clapping rocked the trading floor the close with the Dow Jones Industrial Average’s biggest one-day point gain ever, a glimmer of optimism after coronavirus fears rocked the markets last week.
The market had popped higher in the morning and stayed in positive territory throughout the session – a welcome uptick after extended losses that made last week the worst since the 2008 financial crisis. After bouncing a bit, always in positive territory, a late-session rally this afternoon drove it up by 1,293 points, or 5.09%.
The bump was attributed to anticipation that the Federal Reserve stands ready to cut its key interest rates to spur the economy – perhaps by 50 basis points as early as its upcoming March meeting. The Bank of Japan expressed willingness to stabilize markets with sufficient liquidity if needed.
The market had popped higher in the morning and stayed in positive territory throughout the session – a welcome uptick after extended losses that made last week the worst since the 2008 financial crisis. After bouncing a bit, always in positive territory, a late-session rally this afternoon drove it up by 1,293 points, or 5.09%.
The bump was attributed to anticipation that the Federal Reserve stands ready to cut its key interest rates to spur the economy – perhaps by 50 basis points as early as its upcoming March meeting. The Bank of Japan expressed willingness to stabilize markets with sufficient liquidity if needed.
- 3/2/2020
- by Jill Goldsmith
- Deadline Film + TV
Networks are ramping up their coronavirus coverage, as concerns escalate of a worldwide spread, major public events are postponed or canceled, and Wall Street experienced its worst week since the 2008 financial crisis.
The White House contends that the media is raising unnecessary alarm about the virus and its spread in the U.S., even with the intent of hurting President Donald Trump.
As he headed out to a rally in South Carolina on Friday, Trump told reporters, “I think that CNN is a very disreputable network. I think that they are doing everything they can to instill fear in people.”
Earlier in the day, his acting chief of staff, Mick Mulvaney, appeared at the Conservative Political Action Conference and told the crowd that “the reason you’re seeing so much attention to it today is that they think this is going to be the thing that brings down the president.
The White House contends that the media is raising unnecessary alarm about the virus and its spread in the U.S., even with the intent of hurting President Donald Trump.
As he headed out to a rally in South Carolina on Friday, Trump told reporters, “I think that CNN is a very disreputable network. I think that they are doing everything they can to instill fear in people.”
Earlier in the day, his acting chief of staff, Mick Mulvaney, appeared at the Conservative Political Action Conference and told the crowd that “the reason you’re seeing so much attention to it today is that they think this is going to be the thing that brings down the president.
- 2/29/2020
- by Ted Johnson
- Deadline Film + TV
It’s no secret Trump is profiting from his office. In the latest corrupt gyration of this absurdly corrupt presidency, Trump floated the idea on Monday that the next G7 meeting — of leaders from the most powerful democracies the world — should be held at his very own Doral resort in Florida.
But what if Trump is doing something much bigger than just (“just”) sending lucrative government business to his private luxury properties. What if he’s contorting the global economy to boost the bottom line of his business? In little noticed remarks earlier this month,...
But what if Trump is doing something much bigger than just (“just”) sending lucrative government business to his private luxury properties. What if he’s contorting the global economy to boost the bottom line of his business? In little noticed remarks earlier this month,...
- 8/27/2019
- by Tim Dickinson
- Rollingstone.com
Washington — Sen. Elizabeth Warren (D-ma) blasted the chief of the Consumer Financial Protection Bureau for appointing a high-ranking official from a scandal-plagued loan servicer to be the Bureau’s new student-loan watchdog.
On Monday, Warren’s office released three fiery letters the senator had sent to Trump-nominated Cfpb Director Kathy Kraninger, Treasury Secretary Steven Mnuchin, and Robert Cameron, the man picked to serve as the Cfpb’s new student-loan ombudsman. The ombudsman position was created to give student borrowers an outlet for filing complaints about their private lenders and getting help to resolve their disputes.
On Monday, Warren’s office released three fiery letters the senator had sent to Trump-nominated Cfpb Director Kathy Kraninger, Treasury Secretary Steven Mnuchin, and Robert Cameron, the man picked to serve as the Cfpb’s new student-loan ombudsman. The ombudsman position was created to give student borrowers an outlet for filing complaints about their private lenders and getting help to resolve their disputes.
- 8/26/2019
- by Andy Kroll
- Rollingstone.com
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