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☆ Factbox: And then there were 13: Taiwan's diplomatic allies
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: 1 min

March 26 (Reuters) - Honduras has ended its decades-long relationship with Taiwan and said it only recognised China, leaving Taiwan with formal diplomatic relations with only 13 countries. China views democratically governed Taiwan as part of its territory with no right to state-to-state ties, a position Taiwan's government strongly disputes. Over the years, China has slowly whittled away at the number of countries that maintain formal diplomatic ties with Taiwan. Following is a list of states that have diplomatic ties with Taiwan:LATIN AMERICA AND CARIBBEANBelizeGuatemalaParaguayHaitiSaint Kitts and NevisSaint LuciaSaint Vincent and the GrenadinesPACIFICMarshall IslandsNauruPalauTuvaluAFRICAEswatiniEUROPEVatican CityReporting by Ben Blanchard; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ South Africa chase down record T20 target to beat Windies
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +3 min

Opener Quinton de Kock hit a first T20 century as South Africa scored 259-4 after being set an imposing target of 13 runs per over to win the match. Johnson Charles had led the West Indies to 258-5, a new record T20 total at the Pretoria test venue, after they had been put into bat and amassed a formidable total. South Africa began at blistering pace in reply and by scoring 150 without loss off the first 10 overs set another T20 record. I've been looking for a T20 century for a while and to do it at my home ground was something special," said De Kock. South Africa tied the three-match T20 series with the final game at the Wanderers in Johannesburg on Tuesday.

☆ Mississippi tornado and storms kill at least 23
▼ + stars: | 2023-03-25 | by ( Brendan O'Brien | ) www.reuters.com time to read: +3 min

Search and rescue teams were also out in Rolling Fork, a town of 1,700 people that saw the brunt of the tornado, CNN reported. "My city is gone, but we are resilient," Rolling Fork Mayor Eldridge Walker said on CNN. According to Walker, 12 of the people who died were in Rolling Fork, adding several people were trapped in their homes. Terrell compared the destruction to a tornado in Joplin, Missouri, that killed 161 people in 2011. The reports stretched from the western edge of Mississippi north through the center of the state and into Alabama.

☆ US weekly jobless claims tick down as labor market remains tight
▼ + stars: | 2023-03-23 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

The weekly unemployment claims report is the most timely data on the economy's health. "A week after the banking panic began, the labor market is steady as a rock with no new layoffs nationwide," said Christopher Rupkey, chief economist at FWDBONDS in New York. Initial claims for state unemployment benefits fell 1,000 to a seasonally adjusted 191,000 for the week ended March 18. TIGHTENING CREDIT CONDITIONSEconomists expect labor market conditions to loosen, especially in the wake of the collapse of Silicon Valley Bank in California and Signature Bank in New York. The so-called continuing claims increased 14,000 to 1.694 million during the week ending March 11, the claims report showed.

☆ US current account deficit narrows in fourth quarter
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 23 (Reuters) - The U.S. current account deficit narrowed in the fourth quarter amid an improvement in secondary income receipts as well as an increase in the services surplus, data showed on Thursday. The Commerce Department said the current account deficit, which measures the flow of goods, services and investments into and out of the country, contracted 5.6% to $206.8 billion last quarter. The current account gap represented 3.2% of gross domestic product, the smallest share since the second quarter of 2020 and down from 3.4% in the third quarter. The deficit peaked at 6.3% of GDP in the fourth quarter of 2005. For all of 2022, the current account gap widened to a record $943.8 billion, down from $846.4 billion in 2021.

☆ Anheuser-Busch is launching an entertainment division with help from Oscar-winning producer Michael Sugar in a push to reach consumers who don't watch ads
▼ + stars: | 2023-03-22 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Anheuser-Busch is building an entertainment division, Insider has learned, the latest big marketer to turn to Hollywood to reach consumers who are increasingly glued to ad-free streaming services. The AB InBev effort is under a new, unannounced entity called draftLine Entertainment, a part of its internal ad agency, draftLine. DraftLine Entertainment is being run by AB InBev marketer Lauren Denowitz as global studio head, reporting to VP Fábio Baracho. The world's biggest brewer, AB InBev is well known for its marketing. In the case of AB InBev, entertainment is a way to promote the beer category at large over any individual brand.

☆ Inside the demise of Vice, from turning away a $3.5 billion Disney offer to a 'painful' downward spiral that has the media giant scrambling for a buyer
▼ + stars: | 2023-03-21 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +19 min

The talks fizzled, Disney backed off, and Smith set off for California to drum up other interest in Vice Media. Vice Media Group co-CEOs Bruce Dixon, left, and Hozefa Lokhandwala. Vice Media GroupOne former Vice insider familiar with the current situation told Insider that staffers were warning vendors they needed to threaten to stop work in order to get paid. Just a few months later, Rupert Murdoch tweeted, "Who's heard of Vice Media? Refinery29 quickly lost key staff and was not well integrated into Vice Media, the two former staffers said.

☆ US consumer sentiment deteriorates in March, inflation expectations retreat
▼ + stars: | 2023-03-17 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

SummarySummary Companies Consumer sentiment slips in MarchInflation expectations easeManufacturing production edges up 0.1% in FebruaryWASHINGTON, March 17 (Reuters) - U.S. consumer sentiment fell for the first time in four months in March, but households expected inflation to subside over the next year and beyond, which could offer some relief to the Federal Reserve as it confronts financial market instability. The University of Michigan's preliminary March reading on the overall index of consumer sentiment came in at 63.4, down from 67 in the prior month. While the correlation between consumer sentiment and spending is weak, economists expect tighter financial conditions will undercut consumption and push the economy into recession. A separate report from the Conference Board showed its Leading Economic Index, a gauge of future economic activity, dropped for an 11th straight month in February. Durable manufacturing production nudged up 0.1%, while nondurable manufacturing output climbed 0.2%.

☆ U.S. consumer sentiment ebbs in March; inflation expectations ease
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +6 min

SummarySummary Companies Consumer sentiment slips in MarchInflation expectations easeManufacturing production edges up 0.1% in FebruaryWASHINGTON, March 17 (Reuters) - U.S. consumer sentiment fell for the first time in four months in March, but households expected inflation to subside over the next year and beyond, which could offer some relief to the Federal Reserve as it confronts financial market instability. The University of Michigan's preliminary March reading on the overall index of consumer sentiment came in at 63.4, down from 67 in the prior month. Durable manufacturing production nudged up 0.1%, while nondurable manufacturing output climbed 0.2%. Mining output fell 0.6%, with oil and gas well drilling dropping 3.1%. Industrial productionCapacity utilization for the manufacturing sector, a measure of how fully firms are using their resources, dipped 0.1 percentage point to 77.6% in February.

☆ US manufacturing output ekes out gains in February
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +3 min

Manufacturing output gained 0.1% last month, the Federal Reserve said on Friday. Durable manufacturing production nudged up 0.1%, while nondurable manufacturing output climbed 0.2%. The small gain in manufacturing, together with the rise in utilities, offset the drop in mining, leaving overall industrial production unchanged last month. Industrial output rose 0.3% in January. Capacity utilization for the manufacturing sector, a measure of how fully firms are using their resources, dipped 0.1 percentage point to 77.6% in February.

☆ 2 charts show how Disney+ is outpacing Netflix and HBO Max with ad-supported tier signups as streamers battle for new subscribers
▼ + stars: | 2023-03-17 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

By its third month, 36% of new subscribers to Disney+ chose its ad tier, versus 19% for Netflix in its ad tier's third month. Disney+ launched an $8-per-month ad-supported tier, Disney+ Basic, on December 8, after Netflix rolled out a similar offering, Basic with Ads for $7 per month, on November 3. Antenna data compares Disney+, Netflix, and HBO Max signups in their early months. Disney+ and Netflix have much smaller proportions of their subscribers on the ad tier than other streamers, per Antenna data. AntennaThe shares of Disney+ and Netflix subscribers choosing the ad tier were still small — 3% and 1%, respectively, Antenna found.

☆ From Disney and Netflix to Warner Bros. Discovery, which entertainment giants would be the winners and losers of a Hollywood writers strike
▼ + stars: | 2023-03-16 | by ( Lucia Moses | ) www.businessinsider.com time to read: +7 min

A possible Hollywood writers strike is looming at a risky time for the entertainment business. A Hollywood writers strike is looming at a precarious time for the media and entertainment industry. During that 100-day stoppage, more than 60 TV shows shut down and ratings and ad sales dropped. The landscape of entertainment options is "much more competitive than it was during the last writers strike," media consultant Peter Csathy told insider. Paramount also has an extensive live sports offering, which should offer some insulation if writers go on strike.

☆ U.S. single-family housing starts, building permits rebound in February
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, March 16 (Reuters) - U.S. single-family homebuilding and permits for future construction rebounded in February, offering hope that the housing market was probably stabilizing after being hammered by higher mortgage rates. Single-family housing starts, which account for the bulk of homebuilding, increased 1.1% to a seasonally adjusted annual rate of 830,000 units last month, the Commerce Department said on Thursday. Single-family homebuilding increased in the Northeast and West, but tumbled in the densely populated South as well as the Midwest. Single-family housing starts dropped 31.6% on a year-on-year basis in February. The inventory of single-family housing under construction fell 1.7% to a rate of 734,000 units.

☆ U.S. weekly jobless claims fall more than expected
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 16 (Reuters) - The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to continued labor market strength, though financial markets turmoil is casting a shadow over the economy. Initial claims for state unemployment benefits dropped 20,000 to a seasonally adjusted 192,000 for the week ended March 11, the Labor Department said on Thursday. Despite major technology companies slashing jobs, the labor market has remained resilient, with employers generally reluctant to lay off workers after struggling to find labor during the COVID-19 pandemic. As recently as last week, they were betting on a 50 basis points rate hike. The so-called continuing claims remain low, suggesting some laid off workers could be easily finding new work.

☆ Saudi money is pouring into Hollywood and media, 5 years after the murder of Jamal Khashoggi. Here's who's cashing in and how.
▼ + stars: | 2023-03-15 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +13 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Even those media players that are comfortable with invetment from the Middle East may not find funds flowing, one Hollywood veteran said. A major live WWE event in Saudi Arabia is slated for May. Of the growing ties between US entertainment and media and Middle East investors, this person added, "Presumably media organizations got into this to help society make better decisions."

☆ Factbox: Taiwan's diplomatic allies
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 15 (Reuters) - Taiwan faces losing another diplomatic ally after Honduran President Xiomara Castro said on Tuesday she had instructed the country's foreign minister to bring about the opening of official relations with China. China views democratically governed Taiwan as part of its territory with no right to state-to-state ties, a position Taiwan's government strongly disputes. Over the years, China has slowly whittled away at the number of countries which maintain formal diplomatic ties with Taiwan. If Honduras does end relations with Taiwan, it will leave the island with only 13 diplomatic allies. Here is a list of the states that still maintain diplomatic ties with Taiwan:LATIN AMERICA AND CARIBBEANBelizeGuatemalaHondurasParaguayHaitiSaint Kitts and NevisSaint LuciaSaint Vincent and the GrenadinesPACIFICMarshall IslandsNauruPalauTuvaluAFRICAEswatiniEUROPEVatican CityWriting by Ben Blanchard; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ US retail sales fall in February; January revised higher
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

Data for January was revised higher to show retail sales rising 3.2% instead of 3.0% as previously reported. While this suggests the rotation of spending back services helped to undercut retail sales last month, it should support overall consumer spending. Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.5% last month. These so-called core retail sales increased 2.3%% in January, revised up from the previously reported 1.7%. Core retail sales correspond most closely with the consumer spending component of gross domestic product.

☆ U.S. small business confidence improves further in February - NFIB
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 14 (Reuters) - U.S. small-business confidence improved further in February, but many owners continued to experience difficulties finding workers, according to a survey on Tuesday. The National Federation of Independent Business (NFIB) said its Small Business Optimism Index increased 0.6 point to 90.9 last month. Forty-seven percent of owners reported job openings that were hard to fill, up 2 points from January, with workers scarce for both skilled and unskilled positions. According to the NFIB, worker shortages were acute in the transportation, services and construction industries. About 38% of owners reported raising average selling prices, down 4 points from January.

☆ US expected to report strong consumer price increases in February
▼ + stars: | 2023-03-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Economists said Tuesday's report remained important for policymakers despite the angst in financial markets. The Consumer Price Index (CPI) likely increased by 0.4% last month after accelerating 0.5% in January, according to a Reuters survey of economists. Food prices are expected to have risen moderately after climbing 0.5% in January. Gasoline prices likely increased, but overall energy prices probably eased slightly because of a decrease in the cost of energy services. With rents remaining hot, services less energy, probably recorded another month of strong price gains after rising 0.5% in January.

☆ U.S. consumer prices increase solidly in February
▼ + stars: | 2023-03-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +2 min

The Consumer Price Index (CPI) rose 0.4% last month after accelerating 0.5% in January, the Labor Department said on Tuesday. That lowered the year-on-year increase in the CPI to 6.0% in February, the smallest annual gain since September 2021. The annual CPI peaked at 9.1% in June, which was the biggest increase since November 1981. Excluding the volatile food and energy components, the CPI increased 0.5% after rising 0.4% in January. Monthly inflation is rising at double the rate that economists say is needed to bring inflation back to the Fed's 2% target.

☆ Ron Howard and Brian Grazer's LinkedIn for Hollywood workers, which just raised $15 million, is disrupting how productions are staffed at Warner Bros, Paramount, and more
▼ + stars: | 2023-03-10 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Ron Howard and Brian Grazer's Impact, a LinkedIn-like platform for Hollywood, recently raised $15 million. Hiring below-the-line crew members has largely been an offline process based on personal networks, Impact CEO Tyler Mitchell said. "We would have to find where the productions are, and more than anything, get people, whether they're independent films or other productions, using our products," he said. "I don't think there's a scenario where people will be using Impact to source 100 percent of a crew. The company has a database of 1.3 million people, including 30,000 crew members who are active users.

☆ Slower, but still solid US job growth expected in February
▼ + stars: | 2023-03-10 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The Labor Department's closely watched employment report on Friday is also expected to show wage gains maintaining their upward trend, underscoring a persistently tight jobs market. Estimates for February payrolls growth ranged from as low as 78,000 to as high as 325,000. "This would indicate the anticipated normalization in the labor market is taking longer than expected," said Jan Groen, chief U.S. macro strategist at TD Securities in New York. There's locational and skills mismatches, which basically means the labor market is not functioning efficiently," said Brian Bethune, an economics professor at Boston College. The Fed has to be careful about how they interpret what's going on in the labor market."

☆ US job growth beats expectations in February; wages rise moderately
▼ + stars: | 2023-03-10 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

Nonfarm payrolls increased by 311,000 jobs last month, the Labor Department's closely watched employment report showed on Friday. Economists polled by Reuters had forecast job growth of 205,000. The labor market has remained tight, with first-time applications for unemployment benefits staying very low despite high-profile layoffs in the technology industry. Households' perceptions of the labor market were also quite upbeat last month. The unemployment rate rose to 3.6% in February from 3.4% in January, which was the lowest since May 1969.

☆ US reports strong job growth in February; wage gains slow
▼ + stars: | 2023-03-10 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

They say the economy needs to create 100,000 jobs per month to keep up with growth in the working-age population. The labor market has remained tight, with first-time applications for unemployment benefits staying extremely low despite high-profile layoffs in the technology industry. Households' perceptions of the labor market were also quite upbeat last month. The unemployment rate rose to 3.6% in February from 3.4% in January, which was the lowest since May 1969. This broader measure of unemployment rose to 6.8% in February.

☆ US weekly jobless claims rise more than expected
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, March 9 (Reuters) - The number of Americans filing new claims for unemployment benefits increased more than expected last week, but the underlying trend remained consistent with a tight labor market. Initial claims for state unemployment benefits rose 21,000 to a seasonally adjusted 211,000 for the week ended March 4, the Labor Department said on Thursday. Claims had remained below 200,000 for seven straight weeks, indicating that high-profile job cuts in the technology sector had not had a material impact on the labor market. The unemployment rate is forecast unchanged at a more than 53-1/2-year low of 3.4%. The labor market is, however, cooling on the margins.

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