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☆ News Corp beats profit estimates on cost cuts, touts AI boost to future sales
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

Aug 10 (Reuters) - Rupert Murdoch's News Corp (NWSA.O) on Thursday beat quarterly profit estimates thanks to its cost-cutting efforts and talked up how generative artificial intelligence will support future results. For the first time, digital revenue accounted for over half of the company's total revenue for the full year, News Corp said. Higher digital subscription revenue in its fiscal fourth quarter helped News Corp absorb the impact of a 11.5% decline in advertising revenue. Revenue in its professional information business, which includes data and analytics platforms such as Oil Price Information Service, rose 10%. Excluding items, News Corp earned 14 cents per share, beating estimates of 8 cents, according to Refinitiv data.

Persons: Rupert, Robert Thomson, OpenAI, Thomson, Chavi Mehta, Dawn Chmielewski, Anil D'Silva, Stephen Coates Organizations: Rupert Murdoch's News Corp, News Corp, Sunday Times, Wall Street, Associated Press, Corp, Revenue, Price Information Service, New York Times Co, Fox Corp, Thomson Locations: Bengaluru, Dawn, Los Angeles

☆ Asia shares on guard for US, China inflation risks
▼ + stars: | 2023-08-07 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was a fraction firmer in thin trade, after losing 2.3% last week. Chinese blue chips (.CSI300) eased 0.7% with investors still disappointed at the lack of major and concrete stimulus steps from Beijing. Going the other way, S&P 500 futures added 0.4% and Nasdaq futures 0.5%. In China, the market is looking for further signs of deflation with annual consumer prices seen down around 0.5%, and producer prices falling 4%. Futures imply only a 12% chance of a Federal Reserve rate hike in September, and 24% for a rise by year-end.

Persons: Kim Kyung, Walt Disney, Goldman Sachs, Michael Gapen, Brent, Wayne Cole, Shri Navaratnam, Jacqueline Wong Organizations: Yen, REUTERS, Nikkei, SYDNEY, Japan's Nikkei, Bank of Japan, Nasdaq, News Corp, Goldman, Federal, Fed, U.S ., Thomson Locations: Tokyo, Japan, China, U.S, Asia, Pacific, Beijing, Ukraine

☆ On tap next week: Two key inflation reports and 4 Club earnings releases. Here's what we're looking for
▼ + stars: | 2023-08-05 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Economic releases : The Labor Department releases its monthly consumer price index and producer price index on Thursday and Friday, respectively. For that reason, we'd be content if the July figure doesn't indicate a resurgence of rising wholesale costs, which is a concern given a recent uptick in energy prices. On Tuesday before the opening bell, Club holding Eli Lilly (LLY) reports. Finally, Club names Walt Disney (DIS) and Wynn Resorts (WYNN) will report on Wednesday after the closing bell. In preparation for these releases, be sure to check out our first-quarter earnings report card .

Persons: we'll, Knight, Eli Lilly, We'll, donanemab, Walt Disney, We're, Tyson, Henry Schein, Li Auto, Armour, WEN, Ralph Lauren, Price, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, Labor Department, Reserve, Manufacturing, ADP, Fitch, AAA, U.S ., PPI, Coterra Energy, Walt, Wynn Resorts, Disney, Tyson Foods, TSN, KKR, Energy, Paramount, UPS, Barrick, Duke Energy, Restaurant Brands, Warner Music, Fox Corp, NRG Energy, AMC, Bros, Endeavor, IAC, Sony, SONY, Brookfield Asset Management, WYNN, Trade, Novo Nordisk, US Foods, News Corp, Air Canada, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Getty Locations: United States, Mounjaro, Hollywood, Las Vegas, Boston, Macao, PENN, Valvoline, VVV, Credicorp, New York City

REUTERS/Brendan McDermid/File PhotoNEW YORK, Aug 3 (Reuters) - KKR & Co Inc (KKR.N) is in advanced talks to acquire book publisher Simon & Schuster from Paramount Global (PARA.O) for $1.65 billion, according to people familiar with the matter. KKR was competing against bidders including News Corp (NWSA.O)-owned HarperCollins Publishers for Simon & Schuster and investor Richard Hurowitz, the sources said. The Wall Street Journal reported the advanced talks between KKR and Paramount earlier on Thursday. Last year, the U.S. Justice Department sued to stop the tie-up of Penguin and Simon & Schuster, which led to a collapse of the deal. Simon & Schuster publishes authors including Stephen King, Jennifer Weiner, and former U.S. presidential candidate Hillary Clinton.

Persons: Brendan McDermid, Simon & Schuster, Richard Hurowitz, Simon, Schuster, Hurowitz, Stephen King, Jennifer Weiner, Hillary Clinton, King, Anirban Sen, Milana, Sandra Maler Organizations: KKR, New York Stock Exchange, REUTERS, Co Inc, Paramount Global, News Corp, HarperCollins Publishers, Simon &, Reuters, Paramount, Penguin Random, HarperCollins, Street Journal, Penguin, U.S . Justice Department, Bertelsmann, Simon, Schuster, Thomson Locations: New York, U.S

☆ Google explores AI tools for journalists, in talks with publishers
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

July 19 (Reuters) - Google is exploring using artificial intelligence tools to write news articles and is in talks with news organizations to use the tools to assist journalists, a company spokesperson said late on Wednesday. These AI tools could assist journalists with options for headlines or different writing styles, for instance, in a way that "enhances their work and productivity," the Google spokesperson said, adding it was in the "earliest stages of exploring ideas". "Quite simply these tools are not intended to, and cannot, replace the essential role journalists have in reporting, creating, and fact-checking their articles," the spokesperson said. The AI tool that was pitched is called Genesis internally at Google, the NYT said, citing people familiar with the matter. A News Corp spokesperson declined to comment on the NYT report or the AI tool, but said, "We have an excellent relationship with Google, and we appreciate (Google CEO) Sundar Pichai's long-term commitment to journalism."

Persons: Sundar Pichai's, OpenAI, Urvi Dugar, Savio D'Souza Organizations: Google, New York Times, Washington Post, Wall Street, News Corp, Associated Press, Thomson Locations: Bengaluru

☆ Google explores AI tools for journalists, in talks with publishers - spokesperson
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

Persons: Sundar Pichai's, OpenAI, Urvi Dugar, Savio D'Souza Organizations: Google, New York Times, Washington Post, Wall Street, News Corp, Associated Press, Thomson Locations: Bengaluru

☆ Prince Harry fights for trial in hacking case against Murdoch's UK group
▼ + stars: | 2023-07-05 | by ( Sam Tobin | ) www.reuters.com time to read: +3 min

LONDON, July 5 (Reuters) - Prince Harry on Wednesday fought to take his phone-hacking lawsuit against Rupert Murdoch's UK newspaper arm to trial, asking London's High Court to let him rely on an alleged "secret agreement" between Britain's royal family and the publisher. David Sherborne, representing Harry, argued there was clear evidence of an agreement between NGN and the royal family, which meant Harry was unable to bring his lawsuit earlier. Harry also said his attempts to progress his case against NGN, with the backing of the late Queen Elizabeth, were stonewalled by NGN and royal aides. Sherborne argued in court filings on Wednesday that NGN had not provided any evidence from Brooks and Thomson "despite their evidence having been identified as critical". He became the first senior British royal to appear in a witness box for more than 130 years when he gave evidence in his MGN lawsuit last month.

Persons: Prince Harry, Rupert Murdoch's, London's, Harry, King Charles, NGN, Harry's, NGN's, Hugh Grant, David Sherborne, Prince William's, William, Queen Elizabeth, Rebekah Brooks, Robert Thomson, Sherborne, Brooks, Thomson, Sam Tobin, Devika Organizations: Wednesday, Murdoch's News Group, Sun, Buckingham Palace, NGN, Royal, News, News Corp, British, Mirror Group, Thomson Locations: Buckingham, British, NGN, Buckingham Palace

☆ Harper Collins, KKR bidding for Simon & Schuster, Wall Street Journal reports
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - HarperCollins Publishers and KKR & Co (KKR.N) are among the bidders for book publisher Simon & Schuster as it pursues a sale for the second time in less than three years, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Reuters had in February reported that Paramount Global (PARA.O), the owner of Simon & Schuster, was again seeking to sell the publisher, months after the media company's $2.2 billion deal to sell the book publisher to Penguin Random House collapsed. Last year, the U.S. Justice Department sued to stop the tie-up of Penguin and Simon & Schuster, as a combined group would have accounted for nearly half of the market for publishing rights to blockbuster books. HarperCollins and Simon & Schuster did not immediately respond to Reuters' requests for comment, while KKR declined to comment. Paramount is exploring a sale that could value Simon & Schuster between $2 billion and $2.5 billion and was also courting private equity buyers, Reuters reported in February, citing sources.

Persons: Simon, Schuster, Simon & Schuster, Chavi Mehta, Pooja Desai Organizations: HarperCollins Publishers, KKR, Co, Wall Street, Reuters, Paramount, Simon &, Penguin Random, U.S . Justice Department, HarperCollins, News Corp, Thomson Locations: Bengaluru

☆ Port of Seattle closed due to ILWU labor strife
▼ + stars: | 2023-06-10 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +1 min

The labor strife continues on the west coast with the announcement of the Port of Seattle shutting down due to the International Longshore and Warehouse Union (ILWU) refusing to dispatch labor to work at the container terminals. The West Coast ports have faced continuous worker slowdowns and stoppages all week where an estimated $5.2 billion of trade is floating off the Ports of Los Angeles, Long Beach, and Oakland. "Despite what you are hearing from PMA, West Coast ports are open as we continue to work under our expired collective bargaining agreement," stated International President Willie Adams. The Port of Seattle and its twin port, The Port of Tacoma, make up what is called the Northwest Seaport Alliance (NWSA). The Port of Seattle is one of the top maritime ports in North America that U.S. ag exporters rely on to ship their produce and grain.

Persons: Willie Adams Organizations: Port, Warehouse Union, Pacific Maritime Association, Northwest Seaport Alliance Locations: Seattle, West, Los Angeles, Long Beach, Oakland, West Coast, The Port, Tacoma, North America, China, Japan, Vietnam, South Korea, Taiwan, Thailand, Indonesia, Malaysia, Philippines, India

Digital Content Next shared the principles with its board and relevant committees Monday. Digital Content Next's "Principles for Development and Governance of Generative AI": Developers and deployers of GAI must respect creators' rights to their content. The urgency behind building a system of rules and standards for generative AI is intense, said Jason Kint, CEO of Digital Content Next. How generative AI will unfold in the coming months and years is dominating media conversation, said Axios CEO Jim VandeHei. "Even with AI tools or generative AI models that work in text like ChatGPT, it doesn't change the fact we're already doing this work," said Looft.

Persons: Andrew Burton, Robert Frost, Vincent Van Gogh, Google's Bard, GAI, Jason Kint, I've, Kint, We've, Jim VandeHei, VandeHei, Barry Diller, Robert Thomson, Thomson, Diller, Chris Berend, Pope Francis, Chris Looft, Berend Organizations: New York Times, Getty, NBC, The Washington Post, Street, News Corp, Development, ., A.I, Digital, Facebook, Nasdaq, Market, Big Tech, International News Media, News Media, NBC News Group, Pentagon, Bloomberg, Axios Technology, Google, Disney, ABC, NBC News, CNBC Locations: New York City, New York, Washington ,

They accuse the publisher of the Daily Mirror, Sunday Mirror and Sunday People, of widespread phone-hacking and unlawful information gathering between 1991 and 2011. Green began by personally apologising to Harry on MGN's behalf over one instance in which it admitted unlawful information gathering. In his written witness statement, Harry denounced the treatment he had experienced at the hands of the press. [1/6] Britain's Prince Harry, Duke of Sussex walks outside the Rolls Building of the High Court in London, Britain June 6, 2023. The publisher also argues that some of the personal information involved had come from senior royal aides, including from one of his father's former top officials.

Persons: Harry, Prince Harry, King Charles, Andrew Green, Green, MGN, Chelsy Davy, Duke of Sussex, Hannah McKay, David Sherborne, Harry's, Princess Diana, Piers Morgan, earwigging, Morgan, Rupert, I've, Michael Holden, Alex Richardson, Kate Holton, Sharon Singleton Organizations: Mirror Group, Daily, Sunday People, Court, REUTERS, Rupert Murdoch's News Corp, Reach, Thomson Locations: LONDON, London, Britain, British

☆ Palace email says queen knew Murdoch's UK group spied on her family
▼ + stars: | 2023-04-27 | by ( Sam Tobin | ) www.reuters.com time to read: +3 min

Clive Goodman, the News of the World's then royal reporter, was jailed in 2007 for illegally intercepting royal household phone messages. Harry, estranged from his father King Charles, says he did not bring a lawsuit earlier because of a "secret agreement" between Buckingham Palace and Murdoch's executives to protect the royal family from embarrassment. News Group denies any such agreement, while the palace has not commented. Osman told Brooks in a separate 2018 email that there was an "institutional appetite" within the royal family to resolve Harry’s phone-hacking case. Harry, who now lives in California with his family, was not in court, but is following the proceedings by video link.

LONDON, April 26 (Reuters) - Prince Harry is not criticising his grandmother, the late Queen Elizabeth, or Britain's royal family over a "secret agreement" with Rupert Murdoch's UK newspaper arm, his lawyer told London's High Court on Wednesday. His lawyer David Sherborne told the court on Wednesday that Harry did not bring his lawsuit previously because of the agreement with NGN, which denies its existence. Sherborne said Harry was "told more" about phone hacking in 2012, when Harry says in his witness statement that he was told his voicemails had been intercepted, "but that was essentially dealt with by his family ... and their solicitor". "This is no criticism of the queen or his family," Sherborne said. Harry, who now lives in California with his family, was not in court, but watched proceedings by video link, Sherborne said.

☆ Sky News Australia quits TikTok citing security risks posed by Chinese-owned app
▼ + stars: | 2023-04-10 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +4 min

Brisbane, Australia CNN —Australian broadcaster Sky News has left TikTok because of security concerns that have led several Western governments to ban the video app on devices used by officials. “We urge [media organizations] to consider this dilemma and stop trading security and integrity for a few worthless views,” he added. There is still no public evidence the Chinese government has actually spied on people through TikTok. Sky News Australia is owned by Rupert Murdoch’s News Corp (NWSA)oration, and is a separate entity to UK broadcaster Sky News, which is owned by Sky Group, a division of US conglomerate Comcast (CCZ). ByteDance said the relevant staff were investigating potential information leaks, and they were fired for misusing their authority to access TikTok user data.

REUTERS/Stefan WermuthMarch 25 (Reuters) - A U.S. judge has ruled that an online library operated by the nonprofit organization Internet Archive infringed the copyrights of four major U.S. publishers by lending out digitally scanned copies of their books. The San Francisco-based non-profit over the past decade has scanned millions of print books and lent out the digital copies for free. But Koeltl said there was nothing "transformative" about Internet Archive's digital book copies that would warrant "fair use" protection, as its e-books merely replaced the authorized copies publishers themselves license to traditional libraries. "Although IA has the right to lend print books it lawfully acquired, it does not have the right to scan those books and lend the digital copies en masse," he wrote. Internet Archive promised an appeal, saying the ruling "holds back access to information in the digital age, harming all readers, everywhere."

REUTERS/Stefan WermuthMarch 24 (Reuters) - A U.S. judge on Friday ruled that an online library operated by the nonprofit organization Internet Archive had infringed the copyrights of four major U.S. publishers by lending out digitally scanned copies of the books. The San Francisco-based non-profit over the past decade has scanned millions of print books and lent out the resulted digital copies for free. But Koeltl said there was nothing "transformative" about the Internet Archive's digital book copies that would warrant "fair use" protection, as its ebooks merely replaced the authorized copies publishers themselves license traditional libraries. "Although IA has the right to lend print books it lawfully acquired, it does not have the right to scan those books and lend the digital copies en masse," he wrote. The Internet Archive in a statement promised an appeal, saying the ruling "holds back access to information in the digital age, harming all readers, everywhere."

☆ Exclusive: Irenic Capital urges Theravance to conduct review, add shareholder to board
▼ + stars: | 2023-02-27 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 27 (Reuters) - Activist investor Irenic Capital Management is urging Theravance Biopharma Inc (TBPH.O) to initiate a review of strategic alternatives, including a full sale, and to add a shareholder to its board, according to a letter seen by Reuters. Irenic owns a 4.2% stake in the biotechnology company and has criticized its lagging valuation and stock-based compensation to its chief executive and board chair, Rick Winningham. Irenic also called on Theravance to use excess cash to immediately issue a $300 million special dividend to shareholders. They suggested Dodge as a director candidate but wrote in the letter that the company rejected him as a candidate. Irenic is the latest hedge fund to propose changes at poorly performing biotech companies.

☆ S&P ends down as Fed minutes fail to halt losing run
▼ + stars: | 2023-02-22 | by ( David French | ) www.reuters.com time to read: +4 min

However, a general weakening in the final hour of trading pushed both the S&P 500 (.SPX) and the Dow Jones Industrial (.DJI) back into the red. The Dow fell 84.5 points, or 0.26%, to 33,045.09, the S&P lost 6.29 points, or 0.16%, to 3,991.05 and the Nasdaq added 14.77 points, or 0.13%, to 11,507.07. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., February 17, 2023. Most of the 11 major S&P 500 sectors fell, with energy (.SPNY) and real estate (.SPLRCR) the poorest performers. The S&P 500 posted four new 52-week highs and one new low; the Nasdaq Composite recorded 36 new highs and 110 new lows.

☆ Wall St slightly higher as investors focus on Fed minutes
▼ + stars: | 2023-02-22 | by ( Johann M Cherian | ) www.reuters.com time to read: +3 min

U.S. stocks shed more than 2% on Tuesday after a rebound in business activity in February stoked fears of interest rates staying higher for longer. New York Fed President John Williams, a voting member of the rate-setting committee this year, is scheduled to speak later in the day. Following a market rout in 2022, the three major indexes logged monthly gains in January as investors hoped the Fed would pause its rate hikes and perhaps pivot around year-end. However, stocks have had a volatile run in February, leaving the Dow flat for the year as traders priced in higher interest rates for longer, assuming that inflation remains higher in a sturdy economy. The S&P index recorded three new 52-week highs and one new lows, while the Nasdaq recorded 21 new highs and 92 new low.

☆ Wall St set for higher open as investors focus on Fed minutes
▼ + stars: | 2023-02-22 | by ( Johann M Cherian | ) www.reuters.com time to read: +3 min

SummarySummary Companies Fed minutes due at 2:00 p.m. U.S. stocks shed more than 2% on Tuesday as investors worried that a rebound in U.S. business activity in February could mean interest rates might need to stay higher for longer. ET (1900 GMT), are expected to detail the breadth of debate at the central bank over how much further interest rates may need to be raised to slow inflation. However, stocks have had a volatile run in February as traders priced in higher interest rates for longer, considering inflation remains above the 2% target in the face of a sturdy economy. Money market participants expect rates to peak at 5.35% by July and stay around those levels till the end of 2023.

☆ Futures stable after Wall St rout on rate worries
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

ET (1900 GMT), is anticipated to detail the breadth of debate at the central bank over how much further interest rates may need to be raised to slow inflation. Money market participants expect rates to peak at 5.35% by July and stay around those levels till the end of 2023. ET, Dow e-minis were up 26 points, or 0.08%, S&P 500 e-minis were up 2.5 points, or 0.06%, and Nasdaq 100 e-minis were up 12 points, or 0.1%. St. Louis Fed President James Bullard said rates will have to go north of 5% to tame inflation. Reporting by Johann M Cherian and Medha Singh in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St inches higher as investors focus on Fed minutes
▼ + stars: | 2023-02-22 | by ( Johann M Cherian | ) www.reuters.com time to read: +3 min

SummarySummary Companies Fed minutes due at 2:00 p.m. U.S. stocks shed more than 2% on Tuesday after a rebound in business activity in February stoked fears of interest rates staying higher for longer. "We expect all indicators to point to the Fed remaining hawkish in its inflation fight." However, stocks have had a volatile run in February as traders priced in higher interest rates for longer, considering inflation remains elevated in the face of a sturdy economy. Money market participants expect rates to peak at 5.35% by July and stay around those levels till the end of 2023.

The company also said it incurred $6 million in one-time costs associated with its plans to merge with Fox Corp (FOXA.O), which News Corp Executive Chairman and Fox Co-Chairman Rupert Murdoch scrapped in January. To combat the slowdown, Thomson said there were a number of initiatives underway, including the job cuts. The layoffs will be made across all businesses and result in savings of at least $130 million on an annualized basis. Advertising revenue in the second quarter fell 10.6% to $464 million during the quarter. Revenue was $2.52 billion in the second quarter ended Dec. 31, while analysts on average expected $2.55 billion, according to Refinitiv data.

☆ News Corp announces job cuts, misses estimates for earnings
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - Media conglomerate News Corp (NWSA.O) said on Thursday that it would cut 1,250 jobs after it missed estimates for second-quarter earnings due to weakness in its news and digital real estate businesses. "A surge in interest rates and acute inflation had a tangible impact on all of our businesses," Chief Executive Robert Thomson said in a statement. Advertising revenue fell 10.6% to $464 million during the quarter. Revenue was $2.52 billion in the second quarter ended Dec. 31, while analysts on average expected $2.55 billion, according to Refinitiv data. Reporting by Chavi Mehta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Did investors learn nothing from last year’s market meltdown?
▼ + stars: | 2023-02-05 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +6 min

Shares of movie theater chain AMC (AMC) have soared nearly 65% so far in 2023, and AMC (AMC)’s companion preferred stock (which trades under the ticker APE as a nod to the nickname AMC (AMC) fans have given themselves on social media) has more than doubled. So did investors learn nothing from last year’s market meltdown? I don’t agree with this market rally in meme stocks,” said Erik Ristuben, chief investment strategist with Russell Investments. Another strategist agrees this recent rally for meme stocks and other speculative bets may not end well. If they’re upbeat about spending, that could keep the rally in consumer stocks going.

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