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With inflation still high, Phil Blancato CEO Ladenburg Asset Management said Powell is "not wrong" to keep policy tight. Apple Inc (AAPL.O) hit an all-time high during the session and registered a record closing high for the second session in a row. [1/2]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 27, 2023. The S&P banks index (.SPXBK) slipped 0.5% ahead of the Fed's annual stress test results after markets close on Wednesday. The S&P 500 posted 39 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 70 new highs and 127 new lows.
Persons: Fed's Powell, Jerome Powell, Powell, Quincy Krosby, Phil Blancato, Brendan McDermid, decliners, LPL's Krosby, Oppenheimer, Mills, Sinéad Carew, Sruthi Shankar, Johann M, Vinay Dwivedi, David Gregorio Our Organizations: Dow, Nasdaq, Federal, European Central Bank, Global, LPL, Management, Independence, Traders, Dow Jones, Apple Inc, Microsoft, P's, Nvidia, Wall Street Journal, New York Stock Exchange, REUTERS, Investors, Netflix Inc, NYSE, Thomson Locations: Quincy, United States, China, New York City, U.S, New York, Bengaluru
[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 27, 2023. REUTERS/Brendan McDermidJune 28 (Reuters) - The S&P 500 and Dow closed lower on Wednesday on the prospect of further interest rate hikes after U.S. Federal Reserve Chair Jerome Powell said he did not see inflation falling to the central bank's target rate "this year or next year." According to preliminary data, the S&P 500 (.SPX) lost 1.14 points, or 0.02%, to end at 4,377.37 points, while the Nasdaq Composite (.IXIC) gained 36.08 points, or 0.27%, to 13,591.75. The Dow Jones Industrial Average (.DJI) fell 63.90 points, or 0.19%, to 33,862.84. The S&P banks index (.SPXBK) slipped ahead of the Fed's annual stress test results after markets close on Wednesday.
Persons: Brendan McDermid, Jerome Powell, Powell, Phil Blancato, Blancato, Tesla, Michael Green, Oppenheimer, Mills, Sinéad Carew, Sruthi Shankar, Johann M, Vinay Dwivedi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Dow, Federal, European Central Bank, Management, Independence, Nasdaq, Dow Jones, Apple Inc, Microsoft, P's, Nvidia, Wall Street Journal, Wall, Traders, Netflix Inc, Thomson Locations: New York City, U.S, United States, China, New York, Bengaluru
Apple Inc (AAPL.O) rose 0.7% to an all-time high, while Amazon (AMZN.O), Alphabet (GOOGL.O) and Tesla (TSLA.O) rose between 1.1% and 3.2%. The S&P banks index (.SPXBK) slipped 0.5% ahead of the results due after markets close on Wednesday. Advancing issues outnumbered decliners by a 1.01-to-1 ratio on the NYSE and a 1.07-to-1 ratio on the Nasdaq. The S&P index recorded 36 new 52-week highs and six new lows, while the Nasdaq recorded 50 new highs and 79 new lows. Reporting by Sruthi Shankar and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid, Dow, Michael Green, Jerome Powell, Patrick Kaser, Oppenheimer, Mills, Sruthi Shankar, Johann M, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Nasdaq, Apple, Microsoft, Federal, Apple Inc, Management, Nvidia, Wall Street Journal, Central Bank, U.S, Brandywine, Traders, Dow Jones, Bank, Netflix Inc, NYSE, Thomson Locations: New York City, U.S, United States, China, bank's, Bengaluru
LOS ANGELES, June 23 (Reuters) - Film and television directors voted overwhelmingly to ratify a new three-year labor contract with major Hollywood studios on Friday, averting a second work stoppage that would have added to upheaval caused by an ongoing writers' strike. The DGA represents 19,000 directors, assistant directors and others who work on film and TV productions. During the last WGA strike in 2007 and 2008, a studio deal with the DGA prompted writers to head back to the bargaining table. Striking writers have insisted that the directors' latest deal will not influence their position this time. Hollywood actors, meanwhile, are in the middle of their own labor talks with studios.
Persons: Lisa Richwine, Steve Gorman, Jacqueline Wong Organizations: Hollywood, of America, Alliance, Television Producers, Walt Disney Co, Netflix Inc, Guild of America, WGA, DGA, SAG, Thomson Locations: ANGELES, Los Angeles
LOS ANGELES, June 15 (Reuters) - In the new season of Netflix Inc's (NFLX.O) sci-fi show "Black Mirror," an office manager finds that a streaming service is replaying her life using an avatar of Salma Hayek. Hayek, in the episode released on Thursday, has sold her digital image to Hollywood for use in programming created with artificial intelligence (AI). The story highlights real-world concerns of actors and writers, said "Schitt's Creek" star Annie Murphy, who plays the office manager. Murphy said she and Hayek discussed the issue during filming of "Black Mirror." "Her image has been used in so many terrible and disrespectful ways, so we did have conversations about that," Murphy said.
Persons: Salma Hayek, Hayek, Annie Murphy, Murphy, It’s, Tom Cruise, Keanu Reeves, Rollo Ross, Lisa Richwine, Jonathan Oatis Organizations: Netflix, Guild of America, WGA, Actors, SAG, Hollywood, Thomson Locations: ANGELES
The benchmark S&P 500 (.SPX) built on Thursday's 20% rise from its Oct. 12 finishing low, heralding the start of a new bull market as defined by some market participants. The S&P 500 (.SPX) gained 4.93 points, or 0.11%, at 4,298.86, taking this week's advance to 0.38% and extending its winning streak to four weeks, the longest since the July-August 2022 period. The Dow Jones Industrial Average (.DJI) rose 43.17 points, or 0.13%, to 33,876.78, for a weekly gain of 0.33%. Declining issues outnumbered advancing ones on the NYSE by a 1.49-to-1 ratio; on Nasdaq, a 1.84-to-1 ratio favored decliners. The S&P 500 posted 15 new 52-week highs and five new lows; the Nasdaq Composite recorded 84 new highs and 53 new lows.
Persons: Dow Jones, Tim Holland, Brendan McDermid, Rick Meckler, Wells, Sruthi Shankar, Shristi, Vinay Dwivedi, Richard Chang Organizations: Adobe, Citi, Nasdaq, Tesla Inc, General Motors Co, GM, Orion, Dow Jones, Apple Inc, Devices, Nvidia Corp, NYSE, American Stock Exchange, New York Stock Exchange, REUTERS, Brendan McDermid Traders, Cherry Lane Investments, Target Corp, Adobe Inc, Netflix Inc, Thomson Locations: Wells Fargo, New York City, U.S, Bengaluru
June 7 (Reuters) - Netflix Inc's (NFLX.O) co-Chief Executive Officer Ted Sarandos is planning a two-day visit to South Korea from June 20 to meet Prime Minister Han Duck-soo and other key officials, Yonhap News Agency reported on Wednesday. Sarandos' decision to visit comes about two months after the U.S. streaming service announced its plans to invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and unscripted shows. Sarandos met South Korean President Yoon Suk Yeol in Washington in April, catering to international success enjoyed by South Korea's entertainment industry in recent years. Known as the "Korean Wave" or Hallyu, the country's entertainment industry has enjoyed a global boom in recent years. Reporting by Rahat Sandhu in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
Persons: Ted Sarandos, Han Duck, Sarandos, Yoon Suk, Rahat Sandhu, Sherry Jacob, Phillips Organizations: Netflix, Yonhap News Agency, Reuters, South, Thomson Locations: South Korea, U.S, Washington, Bengaluru
The actors' union is seeking pay increases and protections around the use of artificial intelligence in negotiations with the Alliance of Motion Picture and Television Producers (AMPTP), which represents Walt Disney Co (DIS.N), Netflix Inc (NFLX.O), Comcast Corp (CMCSA.O) and other companies. The actors' negotiations are taking place as the Writers Guild of America (WGA) remains on strike. The work stoppage, which began May 2, has shut down late-night talk shows and halted production of shows such as a new season of "Stranger Things." SAG-AFTRA members have authorized a strike if their talks fail to yield an agreement by June 30. Reporting by Lisa Richwine; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.
Persons: Marg Helgenberger, Lisa Richwine, Lisa Shumaker Organizations: CBS, Screen Actors, Writers Guild of America, Universal Studios, Hollywood, Alliance, Television Producers, Walt Disney Co, Netflix Inc, Comcast Corp, SAG, Thomson Locations: Los Angeles , California, ANGELES
Hollywood actors authorize strike as writers still out
  + stars: | 2023-06-06 | by ( Lisa Richwine | ) www.reuters.com   time to read: +2 min
LOS ANGELES, June 5 (Reuters) - Hollywood's actors union voted to authorize a strike if contract talks break down, turning up the heat on major film and television studios already grappling with a monthlong work stoppage by writers. No new negotiations are scheduled with the striking Writers Guild of America (WGA), which represents 11,500 film and TV writers. A strike by actors would lead to a broader shutdown across Hollywood and increase pressure on studios that need programming to feed their streaming services and the fall TV broadcast schedule. In the negotiations, actors are seeking higher pay and safeguards against unauthorized use of their images through artificial intelligence. SAG-AFTRA leaders said the industry had changed dramatically with the rise of streaming television and the emergence of new technology such as generative AI.
Persons: AFTRA, Bravo, Fran Drescher, Duncan Crabtree, Lisa Richwine, David Gregorio, Lisa Shumaker, Kim Coghill, Gerry Doyle Organizations: Bravo SAG, Guild of America, Warner Bros, HBO, SAG, Alliance, Television Producers, Walt Disney Co, Netflix Inc, Thomson Locations: ANGELES, Hollywood, Ireland
BRUSSELS, June 3 (Reuters) - A majority of EU countries have rejected a push by Europe's big telecoms operators to force Big Tech to help fund the rollout of 5G and broadband in the region, people familiar with the matter said. Telecoms ministers from 18 countries either rejected or criticised the proposed network fee levy on tech firms at a meeting with EU industry chief Thierry Breton in Luxembourg on Thursday, the sources said. That echoed comments made last month by EU telecoms regulators' group BEREC. Breton is expected to issue a report by the end of June with a summary of feedback provided by Big Tech, telecoms providers and others which will indicate his next steps. Any legislative proposal needs to be negotiated with EU countries and EU lawmakers before it can become law.
Persons: Thierry Breton, Breton, Foo Yun Chee, Rosalba O'Brien Organizations: EU, Big Tech, Deutsche Telekom, Telefonica, Telecom Italia, France Telecom, French, Google, Apple Inc, Inc, Netflix Inc, Amazon.com Inc, Microsoft Corp, Thomson Locations: BRUSSELS, Luxembourg, Orange, Austria, Belgium, Czech Republic, Denmark, Finland, Germany, Ireland, Lithuania, Malta, Netherlands, Cyprus, France, Greece, Hungary, Italy, Poland, Portugal, Romania
Netflix has a top team of business leaders who debate and drive the company's biggest decisions. This "Lstaff" includes co-CEOs Greg Peters and Ted Sarandos plus execs leading new areas like gaming and ads. When Netflix is faced with a big, agenda-setting decision, it convenes a special team of business heads to debate the issue at hand. This group, which numbers 25, has helped shape major company moves like its expansion into mobile games and advertising. Scroll down to read about the people on Netflix's Lstaff, listed in alphabetical order, and the perspective each brings.
Persons: Greg Peters, Ted Sarandos, , Reed Hastings, Bela Bajaria, Scott Stuber, Kim —, Vernā Myers, Jeremi Gorman, Mike Verdu, Spencer Wang Organizations: Netflix, New Zealand Locations: Korea, Japan, Southeast Asia, Australia, New
June 1 (Reuters) - Netflix Inc (NFLX.O) shareholders on Thursday withheld their support for the company's executive pay package, in a non-binding vote that followed a call by striking Hollywood writers to reject the proposed 2023 compensation. "While investors have long taken issue with Netflix's executive pay, the compensation structure is more egregious against the backdrop of the strike," wrote Writers Guild West President Meredith Stiehm. Netflix shareholders withheld support for the executive compensation structure for 2023, in a non-binding "say on pay" vote. Last year, the company's executive pay package won support from just 27% of the shareholder votes cast. After last year's vote, Netflix said it made changes including instituting a salary cap for its co-chief executives and a performance-based bonus plan.
Persons: Guild of America West, Meredith Stiehm, Stiehm, Reed Hastings, Ted Sarandos, Greg Peters, Peters, Ari Emanuel, David Zaslav, Dawn Chmielewski, David Gregorio, Christopher Cushing Organizations: Netflix Inc, Guild of America, Guild West, Comcast Corp, Netflix, Hollywood, Endeavor, Warner Bros Discovery, Alliance, Television Producers, SAG, Thomson Locations: Los Angeles
BRUSSELS, June 1 (Reuters) - The Dutch government has stepped up its criticism of a push by EU telecoms operators to get Big Tech to help pay for the rollout of 5G and broadband, saying claims that unchecked data growth has pushed up network costs are not backed by facts. "In reality, contrary to all these persistent claims, the strong growth of Internet data in the past did not confront large telecom operators with higher network costs," the paper seen by Reuters said. "In reality the total network costs have remained constant despite the consistently high growth over the last decades, whilst the profit margins of European telecom operators have improved significantly over the last decade," the paper said. They said direct payments are unjustified as end-users already pay for their access line including network traffic costs while such intervention would affect the functioning of the internet. "The synergies for such cross-border mergers to telecom operators are generally considered relatively limited, whilst there don’t seem to be convincing benefits to wider society."
Persons: Foo Yun Chee, Chizu Organizations: EU, Big Tech, European Commission, Reuters, Deutsche Telekom, Telefonica, Telecom Italia, Google, Apple Inc, Inc, Netflix Inc, Amazon.com Inc, Microsoft Corp, Netflix's, Thomson Locations: BRUSSELS, Luxembourg, Orange, Dutch
AI already has divided studios and striking film and television writers, who want assurances that the emerging technology will not be used to generate scripts. SAG-AFTRA wants to ensure its members can control use of their "digital doubles" and ensure studios pay the actual actors appropriately, said Duncan Crabtree-Ireland, the union's chief negotiator. A representative for the AMPTP had no comment on its position on use of AI with actors. In negotiations with the Writers Guild of America (WGA), the AMPTP proposed discussing the topic once a year, which the Guild viewed as an attempt to avoid the issue. You're never going to see anything like that if we're all using AI."
Persons: Julia Louis, Dreyfus, Christine, Wes Anderson, Harry Potter, Bill Murray, Scarlett Johansson, AFTRA, Duncan Crabtree, Crabtree, Tom Cruise, Keanu Reeves, Reeves, Leland Morrill, we're, Morrill, Justine Bateman, Indiana Jones, Harrison Ford, Walt Disney, Ford, Stephen Colbert, James Earl Jones, Darth Vader, Carrie Fisher, AFTRA's Crabtree, Bateman, " Bateman, Lisa Richwine, Jorge Ramos, Dawn Chmielewski, Mary Milliken, David Gregorio Our Organizations: Warner Bros ., Screen, Writers Guild America, YouTube, SAG, Microsoft Corp, Walt Disney Co's, Lucasfilm, Disney, Alliance, Television Producers, Netflix Inc, Writers Guild of America, WGA, Thomson Locations: Burbank , California, ANGELES, Hollywood, Ireland, ., Los Angeles
LOS ANGELES, May 26 (Reuters) - Unions representing teachers, truck drivers and other workers who will be headed soon to the bargaining table turned out in downtown Los Angeles on Friday to support Hollywood's striking film and television writers. On Friday, a few hundred members of unions in the tourism and hospitality industries, teachers, logistics workers and public employees rallied in downtown Los Angeles in a show of unity. The participating unions represented more than 200,000 workers with collective bargaining agreements also due to expire in 2023, organizers said. "It's going to be a hot labor summer," Lorena Gonzalez, executive secretary of the California Labor Federation, told the crowd. [1/6] Union workers rally to fight alongside Writers Guild of America for liveable wages and future contracts in Downtown Los Angeles, California, U.S., May 26, 2023.
May 21 (Reuters) - Warner Bros Discovery chief executive David Zaslav was booed by students after taking the stage at Boston University to accept his honorary degree and give the 2023 commencement speech, amid an ongoing strike by film and television writers over pay, videos that surfaced on social media show. Boston University did not immediately respond to a Reuters request for comment. Zaslav, who is an alumni of the school, was repeatedly disrupted by angry chants and boos from Boston University students, including cries of “we don’t want you here” and “pay your writers”, the report said. The Writers Guild of America had earlier said they would be picketing the ceremony when Boston University announced Zaslav would be giving the commencement speech at the graduation, the report added. The writers' strike has disrupted production of late-night shows and some TV series, but some filming is continuing.
Growing debt ceiling deal hopes send stocks higher
  + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com   time to read: +4 min
The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Advancing issues outnumbered decliners on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.14-to-1 ratio favored advancers. The S&P 500 posted 27 new 52-week highs and seven new lows; the Nasdaq Composite recorded 88 new highs and 83 new lows.
Debt ceiling optimism helps lift S&P 500, Nasdaq
  + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com   time to read: +4 min
The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Declining issues outnumbered advancers on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored decliners. The S&P 500 posted 23 new 52-week highs and seven new lows; the Nasdaq Composite recorded 77 new highs and 74 new lows.
President Joe Biden and McCarthy reiterated their aim to strike a deal soon on Wednesday to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. Growth stocks led gains, with Nvidia Corp (NVDA.O), Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) rising between 1% and 4.4%. Bath & Body Works Inc (BBWI.N) gained 9.6% after the beauty and skincare firm raised its annual profit forecast. Declining issues outnumbered advancers for a 1.07-to-1 ratio on the NYSE and for a 1.04-to-1 ratio on the Nasdaq. The S&P index recorded 22 new 52-week highs and four new lows, while the Nasdaq recorded 68 new highs and 50 new lows.
LOS ANGELES, May 18 (Reuters) - The board of Hollywood's actors union asked members on Thursday to give negotiators the power to call a strike, a move that would add new pressure to major studios already facing a writers' strike. The SAG-AFTRA actors union set a June 5 deadline for its 160,000 members to cast ballots in a strike authorization vote. If approved, the measure would allow union leaders to call a work stoppage if they cannot reach a new contract agreement with major Hollywood studios. The writers' strike has disrupted production of late-night shows and some TV series, but some filming is continuing. A strike by actors would lead to a broader shutdown across the industry.
Dow Jones Industrial Average (.DJI) constituent Cisco Systems Inc (CSCO.O) slipped 1.7% after it said a large backlog of products weighed on demand for new orders from customers. Shares of Walmart Inc (WMT.N) rose 2.8% after the retailer raised its annual sales and profit targets, benefiting from inflation-wary consumers trading down to cheaper groceries. And you got a little follow through from the optimism around getting a (debt ceiling) deal done," said Thomas Hayes, chairman at Great Hill Capital LLC. Bath & Body Works Inc (BBWI.N) gained 8.7% after the beauty and skincare firm raised its annual profit forecast. Declining issues outnumbered advancers for a 2.30-to-1 ratio on the NYSE and for a 1.47-to-1 ratio on the Nasdaq.
Netflix ad tier now has nearly 5 million monthly active users
  + stars: | 2023-05-17 | by ( ) www.reuters.com   time to read: +1 min
LOS ANGELES, May 17 (Reuters) - Netflix Inc's (NFLX.O) recently launched tier that offers lower subscription fees but includes commercials on its programming now has nearly 5 million global monthly active users, a company executive said on Wednesday at a presentation to advertisers. The median age of those viewers is 34, said Jeremi Gorman, Netflix's president of worldwide advertising. Netflix launched a $7-per-month ad-supported tier in November in 12 markets. A Netflix subscription without advertising starts at $10 a month. Netflix had planned to make the presentation live in New York but switched to a virtual event to avoid protests from striking members of the Writers Guild of America.
Netflix ad tier has nearly 5 mln monthly active users
  + stars: | 2023-05-17 | by ( Lisa Richwine | ) www.reuters.com   time to read: +2 min
LOS ANGELES, May 17 (Reuters) - Netflix Inc's (NFLX.O) recently launched ad-supported tier reaches nearly 5 million active users per month, executives said on Wednesday in a pitch that emphasized the breadth of its programming to potential advertisers. On Wednesday, Netflix made its first presentation to advertisers at the annual ritual known as the upfronts, where networks aim to lock in ad commitments for upcoming shows. Jeremi Gorman, Netflix's president of worldwide advertising, said that global monthly active users had reached 5 million. Monthly active users count all adult profiles used on one account with ads. Netflix reported 232.5 million paying subscribers around the world as of the end of March.
CANNES, May 17 (Reuters) - Independent film companies facing a market upended by the entry of streaming services are showing some optimism heading into this year's Cannes Film Festival as the Netflix era has begun flattening out and audiences start trickling back into cinemas post-pandemic. Cannes may make headlines for its glitz and glamour, but as the world's largest event for buying and selling movie rights, its importance to the industry is unparalleled. "It's a transitional time on the business side as the traditional business model that independent buyers use sees lessened value," said O'Shea. The similarity among much of the content offered on streaming platforms leaves theatre audiences wanting something different, an unmet appetite that independent companies could fulfil, he said. "Something good is happening, and I'm sure other streaming services will follow suit," Cannes Film Festival director Thierry Fremaux said in an interview with Le Film francais magazine in April.
[1/4] The 76th Cannes Film Festival - Press conference of the jury - Cannes, France, May 16, 2023. Jury President Ruben Ostlund and jury member Brie Larson attend a press conference. REUTERS/Yara NardiCANNES, May 16 (Reuters) - Swedish director Ruben Ostlund, who heads the jury awarding the Cannes Film Festival's top award this year, expressed solidarity with striking Hollywood film and TV writers on Tuesday, saying industrial action was the only way to change work conditions. "It's great that people have a strong collegial feeling so you can go out and have a strike. Top executives close to the discussions have told Reuters that the strike could continue into the summer and possibly beyond.
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