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☆ Japan's factory activity shrinks for 6th month on weak demand - PMI
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

The au Jibun Bank flash Japan manufacturing purchasing managers' index (PMI) slipped to 48.1 in November from 48.7 in October. "Demand conditions at private sector firms remained muted in November and were little-changed from October." The au Jibun Bank flash services PMI stood at 51.7 in November, little changed from 51.6 in October, showing modest expansion in the sector, but it was the second-weakest reading so far this year. Firms stayed confident about the business activity outlook for one year ahead, the survey said. The au Jibun Bank Flash Japan composite PMI, which combines both manufacturing and service sector activity, stood at 50.0 in November from 50.5 in October.

Persons: Toru Hanai, Usamah Bhatti, Kaori Kaneko, Kim COghill Organizations: REUTERS, Rights, P Global Market Intelligence, PMI, Firms, Jibun Bank Flash Japan, Thomson Locations: Kawasaki, Japan

☆ Want to pick a winning retail stock this holiday season? Watch for discounts and deflation
▼ + stars: | 2023-11-22 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +9 min

However, he added, they remain more upbeat compared with last holiday season and should spend more on gifts this year. According to FactSet, analysts anticipate there could be upside of more than 20% ahead, based on average price targets. The e-commerce giant is JPMorgan analyst Doug Anmuth's top pick for the holiday season. "We project US e-comm penetration at 23.4% of adj retail sales this holiday season, +90bps above the 22.5% in 2022," he said. "We think beauty has the potential to be a relevant gifting solution for cash-strapped consumers during the upcoming Holiday season," he said.

Persons: Chad Lusk, Alvarez, Lusk, Martis, LSEG, Inna Kuznetsova, Doug Anmuth's, Doug McMillon, Krisztina Katai, Katai, Michael Lasser, Ulta, Lasser, ToolsGroup's Kuznetsova, Marsal's Lusk, Michael Bloom Organizations: Shoppers, CNBC, Walmart, Target, Retailers, Centric Market Intelligence, Amazon, LSEG, JPMorgan, Deutsche Bank, Costco, UBS, Fed, Black Locations: Lusk, Ulta, Wayfair, Williams, Sonoma

☆ Retail traders cash out as market rallies on bets of end to rate hikes
▼ + stars: | 2023-11-16 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 29, 2023. Retail traders, who used to band together on online platforms to chase highly shorted shares during the days of easy money, have been seeing a reversal of fortunes as rising rates diminish their holdings in high-risk, high-return assets. "Seasonality suggests that retail investors are unlikely to support any year-end rally, except for big-tech," Vanda's Mantle said. Despite their overall slow buying, there were spurts of activity where retail traders chased sharp rallies in some small cap names - a typical trading strategy. "If we don't get any follow through it would be hard to say we've got retail traders back in the game," said Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest Wealth Management.

Persons: Brendan McDermid, Vanda, Morgan, Lucas Mantle, Vanda's Mantle, Paul Nolte, Medha Singh, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, Vanda Research, Retail, P Global Market Intelligence, Murphy, Sylvest Wealth, Thomson Locations: New York City, U.S, Bengaluru

The holiday season, which begins with Black Friday at the end of November and lasts roughly until the end of December, is expected to be especially tough for retailers selling discretionary items, executives say. "We are seeing some early Black Friday sales start just now," Barbie maker Mattel's (MAT.O) president and chief commercial officer, Steve Totzke, told Reuters on Monday. "The market for toys has been declining for the whole year," said Florian Sieber, CEO of German toy maker Simba. "We are expecting a good holiday season for Mattel," Totzke said. "We expect to continue to gain share throughout the holiday season."

Persons: Peter Nicholls, Larian, Santa Claus, Barbie, Loo, Isaac Larian, Toymakers, Nic Aldridge, Aldridge, Mattel's, Steve Totzke, Florian Sieber, Simba, Sieber, Totzke, Frédérique Tutt, Jerry Storch, Richa Naidu, Matt Scuffham Organizations: REUTERS, Hasbro, Mattel, Consumers, Euromonitor, MGA Entertainment, Toymakers Hasbro, Reuters, Bandai, P, Global, Storch Advisors, Hudson's, Thomson Locations: London, Britain, Europe, Santa, United States, Loo Wee, U.S

"We are seeing some early Black Friday sales start just now," Barbie maker Mattel's (MAT.O) president and chief commercial officer, Steve Totzke, told Reuters on Monday. "The market for toys has been declining for the whole year," said Florian Sieber, CEO of German toy maker Simba. "We are expecting a good holiday season for Mattel," Totzke said. "We expect to continue to gain share throughout the holiday season." "But it's a reality that there won't be as many toys sold this year as last year."

☆ SoftBank Can’t Shake the Ghosts of Tech Booms Past
▼ + stars: | 2023-11-09 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

SoftBank founder Masayoshi Son has described his decision to invest heavily in WeWork as ‘a stain on my life.’ Photo: Kiyoshi Ota/Bloomberg NewsThere seems to be no shortage of bad news for SoftBank this week. A new artificial-intelligence-driven tech boom could eventually be a tailwind for earnings. But the company’s latest results were a reminder of how much work the firm still has to do to convince investors that it will be a canny steward of their capital—and reliably hit enough home runs to offset its many strikeouts. The Japanese technology investor on Thursday reported a surprising loss: equivalent to $6.2 billion for the September quarter. Analysts on S&P Global Market Intelligence had expected, on average, a gain of around $1.2 billion.

Persons: Masayoshi Son, Kiyoshi Ota Organizations: Bloomberg, P Global Market Intelligence Locations: WeWork

Dozens of international and private schools in China are closing or merging, industry executives said, weighed down by tighter regulation, a slowing economy and dwindling foreign student numbers. A rapid expansion prior to the COVID-19 pandemic drove a surge of privately run bilingual schools in China offering a western exam curriculum. Dulwich College operates nine schools in China including bilingual schools catering to Chinese nationals that have been hit hardest by regulatory changes. It mandated that Chinese compulsory education be taught in private schools, aligning the curriculum more closely to public schools and making parents question the need to pay private school fees when their children can attend free government schools. Authorities have also moved to control the number of private schools.

Persons: Aly, Julian Fisher, Fisher, Dulwich, Xi, It's, Frank Feng, Jimmy Chin, Nicholas Burns, Mathias Boyer, Casey, Roxanne Liu, Dorothy Kam, Muralikumar Organizations: REUTERS, Dulwich College, Venture Education, Strategic, Education, Motion, Dulwich, British, Authorities, Dulwich's, Victoria Kid House, Western International School of, Everpine, Xi'an Jiaotong University, University of Science, Technology of, International School of Beijing, Casey Hall, Thomson Locations: Shanghai, China, HONG KONG, British, Asia, China's, Beijing, Dulwich, Singapore, South Korea, U.S, Britain, Canada, Lucton, Greater Bay Area, Shenzhen, Eton, Guangzhou, Western International School of Shanghai, Xi'an, Technology of China, Anhui, Hong Kong

☆ Private Schools Rethink China Future After Flunking Growth Test
▼ + stars: | 2023-11-07 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +6 min

Dozens of international and private schools in China are closing or merging, industry executives said, weighed down by tighter regulation, a slowing economy and dwindling foreign student numbers. Dulwich College operates nine schools in China including bilingual schools catering to Chinese nationals that have been hit hardest by regulatory changes. Strategic plans for growth of its high schools in China were "scaled back in light of changing government regulations", Dulwich said in its 2022 annual report. Authorities have also moved to control the number of private schools. Dozens of schools, from kindergartens to high schools, have shut or stalled in the past two years.

Persons: Farah Master, Kane Wu, Julian Fisher, Fisher, Dulwich, Xi, It's, Frank Feng, Jimmy Chin, Nicholas Burns, Mathias Boyer, Casey, Roxanne Liu, Dorothy Kam, Muralikumar Anantharaman Organizations: Reuters, Dulwich College, Venture Education, Strategic, Education, Motion, Dulwich, British, Authorities, Dulwich's, Victoria Kid House, Western International School of, Everpine, Xi'an Jiaotong University, University of Science, Technology of, International School of Beijing, Casey Hall Locations: Kane Wu HONG KONG, British, China, Asia, China's, Beijing, Dulwich, Singapore, South Korea, U.S, Britain, Canada, Shanghai, Lucton, Greater Bay Area, Shenzhen, Eton, Guangzhou, Western International School of Shanghai, Xi'an, Technology of China, Anhui, Hong Kong

A help wanted sign hangs in a bar window along Queen Street West in Toronto Ontario, Canada June 10, 2022. Canada added a net 17,500 jobs in October, Statistics Canada data showed. The softer-than-anticipated jobs report follows data out earlier this week indicating that the economy likely slipped into a shallow recession in the third quarter. "This will keep the Bank of Canada pinned more fully to the sidelines, although we still believe that rate relief remains a distant prospect." The services sector gained 10,000 jobs, led by information, culture and recreation as well as healthcare and social assistance.

Persons: Carlos Osorio, Royce Mendes, that's, Paul Smith, Doug Porter, Ismail Shakil, Steve Scherer, Fergal Smith, Nivedita Balu, Dale Smith, Louise Heavens, Andrea Ricci Organizations: Queen, West, REUTERS, Statistics, Reuters, Desjardins, Bank of Canada’s, The Bank of Canada, BoC, P, P Global Market Intelligence, CENTRAL BANK, Canadian, BMO Capital Markets, Bank of Canada, Thomson Locations: Toronto Ontario, Canada, OTTAWA, Statistics Canada, Ottawa, Toronto

☆ Saudi Arabia’s oil production cuts have tipped its economy into reverse
▼ + stars: | 2023-11-03 | by ( Aimee Look | ) edition.cnn.com time to read: +2 min

Abu Dhabi CNN —Saudi Arabia’s economy has jolted into reverse, after the world’s largest crude oil exporter slashed output to prop up prices. Saudi oil production to nine million barrels per day in July as the biggest player in the OPEC+ alliance joined forces with Russia to restrict supply amid signs of weakening demand because of a slowing global economy. “We expect [oil] production to remain low until the end of this year, with a slow unwind in early 2024,” Oxford Economics analysts wrote in a note published Friday. Saudi Arabia’s oil cuts were aimed at stabilizing global oil markets, according to Raif Weigert, Economics Director for the Middle East and North Africa at S&P Global Market Intelligence. While other Gulf states have also come under economic pressure from cuts to oil production, the United Arab Emirates economy has continued to grow.

Persons: Raif, Weigert, “ Organizations: Abu Dhabi CNN — Saudi, Oxford, Monetary Fund, P Global Market Intelligence, “, Saudi, United Arab Locations: Abu Dhabi, Saudi, OPEC, Russia, East, North Africa, United Arab Emirates, UAE

☆ A former Fed trader predicts mounting US debt will worsen the bond-market crash. He shares which Treasury duration investors should buy to eventually profit from rising prices.
▼ + stars: | 2023-11-03 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

The central bank extended its pause on interest-rate hikes , trampling expectations of higher rates and causing investors to lock down higher yields while they still can. Joseph Wang, a former trader on the Fed's Open Market Trading Desk, says other than that, Powell's speech was uneventful. While Treasury yields have been dropping all week, Wang believes it's a temporary reaction. In the past, if Treasury yields suddenly became very high, banks could step in and buy the bonds. Wang says investors should opt for two-year notes because they're much more sensitive to potential Fed rate cuts, which would increase the price on those bonds.

Persons: Jerome Powell's, Joseph Wang, Wang, He's, they've, it's Organizations: Fed, Treasury Locations: Fedguy.com

☆ Analysis: Three years after DirectBooks, US bond market still phoning it in
▼ + stars: | 2023-10-30 | by ( Shankar Ramakrishnan | Thomson Reuters | Shankar Ramakrishnan Has Nearly Years Of Financial Journalism Experience In Writing | ) www.reuters.com time to read: +6 min

There is also some concern about job losses and loss of market access by smaller banks. Changing an organization's behavior is difficult and takes sustained effort, said DirectBooks CEO Rich Kerschner. Interest in automation grew as desks struggled with corporate bond volumes that touched a record $1.78 trillion in 2020. Three years into it, only a small proportion of orders and allocation messages for a new bond were going through DirectBooks. Once in place, hundreds of investors using OMS platforms could send their order messages and receive allocation messages through DirectBooks, said Kerschner.

Persons: Carlo Allegri, Rich Kerschner, Spencer Lee, salespeople, Daniel Botoff, Goldman Sachs, Morgan Stanley, DirectBooks, Chris Sztam, BlackRock's Aladdin, RBC's Botoff, Shankar Ramakrishnan, Anna Driver Organizations: New York Stock, REUTERS, Bloomberg, underwriters, RBC Capital Markets, Bank of America, Barclays, BNP, Citi, Deutsche Bank, JPMorgan, P Global Market Intelligence, Development, Thomson Locations: Manhattan, New York City , New York, U.S, Wells, DirectBooks, Charles

☆ Supermarket bank branches are closing 7 times faster than other locations
▼ + stars: | 2023-10-27 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Banks closed 10.7% of their in-store branches in the year ended June 30, according to Federal Deposit Insurance Corp. data. PNC , Citizens Financial and U.S. Bank shut the most in-store locations during the 12-month period at chains including Safeway and Stop & Shop. Among retailers, Walmart houses the most bank branches with 1,179, according to an S&P Global report released this week. That year, banks closed nearly 18% of their in-store branches and 3.1% of other locations, S&P Global said. For instance, in 2019, banks shut 4.2% of in-store locations and 1.7% of other locations.

Persons: Nathan Stovall, Banks Organizations: Banks, Federal Deposit Insurance Corp, Silicon Valley Bank, PNC, Citizens Financial, U.S . Bank, Safeway, Shop, Walmart, P, P Global, P Global Market Intelligence Locations: Silicon

Reuters GraphicsThe Tel Aviv Inter-Bank Offered Rate, or TELBOR , a proxy for interest rate expectations, shows markets are now pricing in just over 50 bps of rate cuts over the next 12 months. "We thought the market was overreacting and exaggerating a rate cut in the (Oct. 23) decision, during the war," Bank Hapoalim's Shafrir said. The central bank's own economists project 50-75 bps of rate cuts in the next year. Prior to the war, markets had predicted that the benchmark rate would be lowered by at least 100 bps through 2024 as inflation returned to its target range. Israel's next rate decision is due on Nov. 27 with markets currently expecting rates to be held, and the three-month TELBOR rate pointing to a 25 bps cut in early 2024.

Persons: Violeta Santos Moura, Morgan Stanley, Georgi Deyanov, Modi Shafrir, Amir Yaron, Andrew Abir, Shafrir, Yaron, Anatoliy Shal, Shal, Steven Scheer, Karin Strohecker, Sumanta Sen, Kirsten Donovan Organizations: REUTERS, Palestinian, Hamas, Bank of Israel, Bank Hapoalim, Reuters, Tel Aviv Inter, Monday, P Global Market Intelligence, Thomson Locations: Israel's, Gaza, Israel, LONDON, Jerusalem, London

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsLONDON, Oct 27 (Reuters) - The steepest jump in interest rates in decades will spark a domino effect on corporate defaults in the years ahead, asset manager Janus Henderson Investors said in a report on Friday. Rising borrowing costs are back in stark focus following a rout in government bonds since September as investors adjust to the prospect of interest rates staying persistently high, which has also raised corporate bond yields. "The credit cycle tends to turn only if three conditions are present: high debt loads, lack of access to capital, and an exogenous shock to cash flow. These conditions ... are all present today," Janus' global head of fixed income Jim Cielinski said. But as inflation starts slowing and higher rates are here to stay, headwinds are mounting, and the risk is that the increase in borrowing costs could outpace revenue growth, it added.

Persons: Wolfgang Rattay, Janus Henderson, Janus, Jim Cielinski, ”, Chiara Elisei, Yoruk Bahceli, Mark Potter Organizations: European Central Bank, European Union, REUTERS, Janus Henderson Investors, P Global Market Intelligence, Thomson Locations: Frankfurt, Germany

☆ The labor market is starting to show its cracks, economist says
▼ + stars: | 2023-10-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe labor market is starting to show its cracks, economist saysChris Williamson, chief business economist at S&P Global Market Intelligence, says companies are beginning to "look ahead and think their order book situation is not sustainable for this … level of employment."

Persons: Chris Williamson Organizations: P Global Market Intelligence

In the United States, the manufacturing sector pulled out of a five-month contraction on a pickup in new orders, and services activity accelerated modestly amid signs of easing inflationary pressures. HEADACHE FOR THE ECBIn the euro zone, business activity drooped as demand fell in a broad-based downturn across the region, causing the bloc to enter the fourth quarter on the wrong foot and suggesting it may slip into recession. "The flash PMIs mark a poor start to October for the euro zone, especially after showing some early signs of recovery in September," said Rory Fennessy at Oxford Economics. Suggesting a recession is well underway in Germany, Europe's largest economy, business activity contracted there for a fourth straight month as the downturn in manufacturing was matched by a renewed decline in services, its PMI showed. In France, the euro zone's second-largest economy, business activity remained in contraction territory in October, PMI data showed, improving just slightly from September's near three-year low.

Persons: Rebecca Cook, Chris Williamson, Christine Lagarde's, Rory Fennessy, Williamson, Ajay Banga, Dan Burns, Jonathan Cable, Lindsay Dunsmuir, Andrea Ricci Organizations: Ford Rouge Electric Vehicle, REUTERS, P Global, Composite, Federal, Commerce Department, Reuters, P, P Global Market Intelligence, P Global PMI, September's, European Central Bank, Oxford Economics, PMI, European Union, Bank of, Palestinian, Hamas, Thomson Locations: Dearborn , Michigan, U.S, United States, joblessness, Germany, Europe's, France, September's, Britain, Gaza, Ukraine

☆ Japan's factory, service sector activity under pressure in Oct - PMI
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Toru Hanai/File Photo Acquire Licensing RightsTOKYO, Oct 24 (Reuters) - Japan's factory activity shrank for a fifth straight month in October while the service sector saw its weakest growth this year, a survey showed on Tuesday, amid growing uncertainty over the outlook for the world's third-largest economy. The au Jibun Bank flash Japan manufacturing purchasing managers' index (PMI) remained flat at 48.5 in October. However, the October PMI data indicated further softening in the service sector, which anchored Japanese economy over recent quarters. The au Jibun Bank flash services PMI fell further to 51.1 in October from 53.8 in September last month, marking the slowest rate of growth since the beginning of this year. The au Jibun Bank Flash Japan composite PMI, which combines both manufacturing and service sector activity, fell to 49.9 in October from 52.1 in September, dropping below into contractionary territory for the first time since December.

Persons: Toru Hanai, Jingyi, Satoshi Sugiyama, Sam Holmes Organizations: REUTERS, Rights, PMI, P Global Market Intelligence, Jibun Bank Flash Japan, Thomson Locations: Kawasaki, Japan

☆ Regional banks hurt by higher interest rates, saving for depositor defaults after Q3
▼ + stars: | 2023-10-24 | by ( Sergio Padilla | ) edition.cnn.com time to read: +6 min

Following the bank closings, many other regional banks have had to pay higher interest rates on deposits in order to prevent customers from heading towards the exit. Comerica saw declines in both provisions and net interest income and a 28% decline in net income compared to last year. Zions Bancorp had a dramatic decline as well, seeing yearly declines in net interest income and provisions. Going forward, if demand for loans dries up, that gets rid of a key source of income for regional banks. The SPDR S&P Regional Banking ETF, a benchmark for judging the performance of shares of regional banks, was down 2.9% over five days as of midday trading on Friday.

Persons: “, ” Nathan Stovall, Stovall, ” Stovall, Huntington Bancshares, ”, Jerome Powell, JPMorgan Chase Organizations: CNN, Signature Bank, First Republic Bank, Silicon Valley Bank, Federal, P Global Market Intelligence, US Bancorp, Financial Corp, T Bank Corp, PNC Financial Services Group, Inc, Commerce, Comerica, Zions Bancorp, Keycorp, Zions, T Bank, PNC, Regional Banking, Fed, Citi Group, Wells, JPMorgan Locations: Ohio, Dallas, Salt, Huntington, Commerce, Keycorp, Regions, Gaza, Wells Fargo

It's a reminder of the power and potential of Nigeria's rapidly growing film industry. It is the world's second-largest film industry after India based on number of productions, with an average of 2,000 movies released annually. The movie also has been lauded as signifying the potential of the film industry in Nigeria as well as across Africa. In Nigeria, the movie industry is at “the point right now where the world needs to take notice,” Effiong said. He said that's because "The Black Book is a film by Black people, Black actors, Black producers, Black money 100%, and it’s gone ahead to become a global blockbuster."

Persons: —, ”, Editi Effiong, Afolayan's Aníkúlápó, Paul Edima —, Richard Mofe, Edima, ” Effiong, Effiong, “, John Wick, it’s Organizations: Netflix, Associated Press, Twitter, Digital TV Research Locations: ABUJA, Nigeria, Nigerian, Africa’s, India, West Africa, Lagos, Africa, Saharan Africa, “ Africa

☆ Analysis: Middle East throws central banks yet more unknowns
▼ + stars: | 2023-10-20 | by ( Mark John | ) www.reuters.com time to read: +5 min

Now, to complicate matters for a professional caste which prides itself on being data-driven, the Middle East is throwing a new set of real but unquantifiable risks into their equations. Unless the picture changes dramatically in coming days, the European Central Bank, U.S. Federal Reserve, Bank of England and Bank of Japan are already expected to keep their policy rates on hold in meetings over the next two weeks. ECB rate-setter Yannis Stournaras, the governor of the Greek central bank, argued that Europe had broadly managed to absorb the effects of rising energy costs triggered by the Ukraine war and hoped it could do the same if further shocks emerged. For now, the conflict remains largely confined to Israel and Gaza, something S&P Global Market Intelligence said in a study this week was already "muddying the waters" for central banks. As the Fed's Powell put it: "Our institutional role at the Federal Reserve is to monitor these developments for their economic implications, which remain highly uncertain".

Persons: Jerome Powell, David Westin, Brendan McDermid, Powell, Huw Pill, Yannis Stournaras, Tetsuya Hiroshima, Fed's Powell, Dan Burns, Balazs Koranyi, Francesco Canepa, Maria Martinez, Leika, Kevin Yao, David Milliken, Tomasz Janowski Organizations: Federal, Anchor, Bloomberg, Street, Economic, of New, REUTERS, Bank of England, International Monetary Fund, European Central Bank, U.S, Federal Reserve, Bank of Japan, Fed, ECB, Reuters Graphics, Reuters, Tokai, Toyota Motor Corp, P Global Market Intelligence, Thomson Locations: of New York, New York City, U.S, Israel, Ukraine, Iran, Hormuz, Europe, United States, Japan, Gaza, Washington, Frankfurt, Berlin, Tokyo, Beijing, London

☆ TSMC Thinks the Turn in the Chip Cycle Is Nigh
▼ + stars: | 2023-10-19 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

A wafer shown on screens at the TSMC Renovation Museum. Photo: sam yeh/Agence France-Presse/Getty ImagesThe world’s largest contract chip manufacturer thinks a turnaround in the semiconductor market is finally near. Demand related to artificial intelligence will also be a long-term boost—one that is already bumping up against supply constraints. The inventory buildup in the semiconductor supply chain has weighed on Taiwan Semiconductor Manufacturing Co. for the past few quarters. But both came out ahead of analysts’ forecasts on S&P Global Market Intelligence.

Organizations: Agence France, Taiwan Semiconductor Manufacturing, P Global Market Intelligence

☆ Snapchat isn’t just for teens anymore. Now it needs to make some real money
▼ + stars: | 2023-10-19 | by ( Clare Duffy | ) edition.cnn.com time to read: +10 min

New York CNN —When Snapchat announced last month that it had reached 5 million paying subscribers for its Snapchat+ service, it seemed like a stunning achievement. At 5 million subscribers paying $3.99 per month, Snapchat+ is set to earn around $239 million in annual revenue. That subscriber number is just a fraction of its overall user base of Snapchat, which has quietly become one of the world’s fastest-growing social platforms. The sales declines come as Snapchat, like other platforms, works to update its advertising business to cope with changes to Apple’s app tracking policies. Snapchat has grown its user base by more than 10% year-over-year for the past 16 consecutive quarters.

Persons: Snapchat, Evan Spiegel, it’s, ” Jack Brody, ”, Angelo Zino, Jess Maddox, TikTok Snapchat, ” Brody, you’ve, TikTok, CFRA’s Zino, Scott Kessler, ” Snapchat, Kessler, Brody, Spiegel, “ It’s Organizations: New, New York CNN, Twitter, Facebook, CNN, “, CFRA Research, University of Alabama, YouTube, Intelligence, Meta, Apple Locations: New York, North America, United States, India, Europe, TikTok, Instagram

☆ Sold out hotels and spike in beer sales: How the Cricket World Cup could boost India's economy
▼ + stars: | 2023-10-19 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +7 min

Spectators react in the crowd during the ICC Men's Cricket World Cup India 2023 between India and Afghanistan at Arun Jaitley Stadium on October 11, 2023 in Delhi, India. Matt Roberts-icc | Icc | Getty ImagesIndia is once again hosting the Cricket World Cup after more than a decade. "We must remember that the World Cup coincides with the Diwali season. Media and advertisingDuring the last Cricket World Cup in 2019, a global average of 1.6 billion people tuned in. Spectators watch the 2023 ICC Men's Cricket World Cup one-day international (ODI) match between Australia and Sri Lanka at the Ekana Cricket Stadium in Lucknow on Oct. 16, 2023.

Persons: Matt Roberts, Shantanu Bhargava, Lalitya, Avi Mehta, Waterfield, Bhargava, Dhavala, Aditya Suresh, Suresh, Zomato, Prakash Singh, Mehta, —, Radico Khaitan, Shibani Kurian, It's, Tauseef Mustafa Organizations: ICC Men's Cricket, Arun, icc, Icc, Getty, Cricket, Waterfield Advisors, Hospitality, CNBC, International Cricket Council, Macquarie Group Demand, Bangladesh, Pakistan, Indian Hotels Company, Macquarie Group, Alcohol, Afp, Spirits, Kotak Mahindra AMC, Media, Disney, ICC, Board, Control, BCCI, Ekana Cricket Locations: India, Afghanistan, Delhi, Bangladesh, Sri Lanka, Pakistan, Ahmedabad, Australia, New Zealand, Netherlands, Pune, LSEG, New Delhi, Lucknow

☆ Hollywood insiders are bracing for M&A activity to make a comeback, as 10 experts reveal the deals they're predicting
▼ + stars: | 2023-10-17 | by ( Reed Alexander | Lucia Moses | ) www.businessinsider.com time to read: +12 min

"The unknown is hard to transact in," Sam Powers, the global head of technology, media, and telecommunications for Bank of America, told Insider. Microsoft's $69 billion acquisition of Activision , which was completed Thursday, has also put media and tech M&A back in the spotlight. "People have been holding their breath in nervous anticipation" about the idea of tech buying big media , one investor told Insider. Private-equity bets on media and Hollywood have seen mixed resultsPrivate-equity firms may have the cash to finance major media acquisitions, but they're reckoning with market volatility. Are you a Hollywood insider?

Persons: Hollywood dealmakers, Jonathan Handel, Sam Powers, Bob Iger, —, Byron Allen, Greg Doherty, Iger, Disney's, Byron Allen —, Allen, Disney, it's, Handel, It's, you've, Reese Witherspoon, Dave Kotinsky, Moonbug, Reese Witherspoon's, Jeff Zucker, Abu, Tom Staggs, Kevin Mayer, Lucia Moses, Reed Alexander Organizations: Hollywood, Puck News, Bank of America, SAG, Writers Guild of America, Disney, ESPN, Activision, Byron Allen The Weather, Wall Street shareholders, Bureau of Labor Statistics, Hulu, ABC, Nexstar Media Group, Allen Media Group, Weather, Lionsgate, Starz, Paramount, BET, Warner Bros, Games, Disney Digital Network, Maker Studios, Observers, Comcast, Paramount Global, Tech, MGM, Microsoft, Netflix, Apple, RedBird Capital Partners, RedBird IMI, Private, SP, G Global Market Intelligence, Bloomberg, Media, Apollo Global Management, Yahoo Locations: Hollywood, Blackstone, Abu Dhabi, lmoses@insider.com, ralexander@insider.com

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