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☆ Microsoft and Activision Chiefs Testify Merger Will Benefit Consumers
▼ + stars: | 2023-06-28 | by ( Kellen Browning | ) www.nytimes.com time to read: +1 min

Satya Nadella, the chief executive of Microsoft, appeared in federal court on Wednesday to pledge his support for open platforms and consumer choice, underscoring the tech giant’s commitment to closing its $70 billion acquisition of Activision Blizzard over regulators’ objections. “If it was up to me, I would love to get rid of the entire ‘exclusives on consoles,’” Mr. Nadella testified, rebutting claims from tech regulators that Microsoft’s deal for the video game giant would curtail competition and restrict Activision’s games only to players on Microsoft’s Xbox console. “I have no love for that world.”The fourth day of a hearing in U.S. District Court in San Francisco that could determine the deal’s outcome was the highest-profile session, with appearances by Mr. Nadella and Activision’s chief executive, Bobby Kotick. The Federal Trade Commission’s challenge of the blockbuster acquisition, led by its chair, Lina Khan, is viewed as a test of whether more aggressive efforts to curb tech giants can be successful. is seeking a preliminary injunction that would prohibit the companies from closing the deal before the agency has the chance to argue its case in its internal court.

Persons: Satya Nadella, ’, Nadella, rebutting, Bobby Kotick, Lina Khan Organizations: Microsoft, Activision Blizzard, Federal Locations: U.S, San Francisco

☆ DoorDash, Shifting Business Model, Will Offer Drivers Hourly Pay
▼ + stars: | 2023-06-28 | by ( Kellen Browning | ) www.nytimes.com time to read: +1 min

DoorDash said on Wednesday that it would begin giving its delivery drivers the option to be paid an hourly minimum wage, instead of earning money for each delivery. The significant shift in compensation could be an answer to concerns that some delivery people are not paid fairly. It could also add an incentive for drivers to pick up smaller orders that don’t pay as well and that they would typically avoid. Drivers will be able to choose whether they earn money for each order — usually a few dollars in base pay plus compensation for miles driven — or receive a flat hourly amount, DoorDash said. Tips would be applied on top of the hourly base pay, the company said.

Persons: DoorDash

☆ Why the 1932 Movie ‘Freaks’ Is a Touchstone for Disability Representation
▼ + stars: | 2023-06-26 | by ( Nicolas Rapold | ) www.nytimes.com time to read: +1 min

Hollywood’s track record for portraying people with disabilities has been sketchy at best. There have been inspirational figures, noble martyrs and lovable oddballs — some of these performances garnering Academy Awards — but there aren’t a lot of people simply living their lives. The search for truly resonant disability representation in the history of cinema is continuing, but over the decades, many scholars keep returning to a perhaps surprising touchstone: a 91-year-old film set in a circus. Tod Browning’s most widely known work is “Dracula” (1931), starring Bela Lugosi, but the next year, he broke new ground with a movie featuring an extensive cast of actors with disabilities. Browning’s “Freaks” (available on most major platforms) centers on a close-knit group of circus sideshow performers who rally around a friend after he is betrayed by his lover, a trapeze artist.

Persons: Tod Browning’s, ”, Bela Lugosi, Harry Earles, Hans, Browning, “, Frances O’Connor Organizations: “ Spurs, Ringling Brothers

☆ Oil markets shrug off Russian political turmoil
▼ + stars: | 2023-06-26 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Brent crude futures were up 38 cents, or 0.5%, at $74.23 a barrel by 1040 GMT. U.S. West Texas Intermediate crude (WTI) was up 28 cents, or 0.4%, at $69.44. A clash between Moscow and Russian mercenary group Wagner was averted on Saturday after the heavily armed mercenaries withdrew from the southern Russian city of Rostov under a deal that halted their rapid advance on the capital. However, the challenge has raised questions about President Vladimir Putin's grip on power and some concern about possible disruption of Russian oil supply. "China's economic growth has been a nightmare for commodity markets, particularly in oil and industrial metals," CMC Markets analyst Tina Teng said in a note.

Persons: Brent, Wagner, Vladimir Putin's, Vandana Hari, Goldman Sachs, Tina Teng, Noah Browning, Florence Tan, David Goodman Organizations: . West Texas, Vanda Insights, U.S . Federal, CMC, Thomson Locations: Moscow, Russian, Rostov, Russia, U.S

☆ Microsoft Says It Could Abandon Activision Deal if Judge Delays It
▼ + stars: | 2023-06-22 | by ( Kellen Browning | David Mccabe | ) www.nytimes.com time to read: +2 min

On Wednesday, it sued Amazon over allegations that the company tricked users into signing up for its Prime subscription service. has had setbacks: Its challenge to Meta’s purchase of a virtual reality start-up fell apart this year after a judge declined to stop the deal from closing. But that court does not have the legal authority to stop the deal. asked the federal court to step in this month, saying it feared Microsoft would try to complete the deal despite the legal challenges. would be a sign that its broader challenge has legs, and could put new pressure on Microsoft and Activision to reconsider the multibillion-dollar corporate marriage.

Persons: Wilkinson, ”, Jim Ryan, Meta, Microsoft’s, Corley’s Organizations: Microsoft, Activision, Nintendo, Nvidia, PlayStation, Sony, Amazon

NEW YORK, June 20 (Reuters) - Oil futures fell about 2% in choppy trading on Tuesday on forecasts for slower growth of oil demand in China, the world's second-biggest oil consumer, and disappointment with the size of cuts in China's key lending rates. "Oil traders may need to see a materialised strong economic rebound in China to improve their outlook on oil demand," said Tina Teng at CMC Markets in Auckland. Higher interest rates ultimately increase borrowing costs for consumers, which could reduce oil demand by slowing economic growth. A stronger dollar makes crude more expensive for holders of other currencies, which can reduce oil demand. On the supply side, Iran's crude exports and oil output have hit new highs this year despite U.S. sanctions.

Persons: Brent, Edward Moya, Tina Teng, Thomas Barkin, Scott DiSavino, Noah Browning, Katya Golubkova, Andrew Hayley, David Goodman, Matthew Lewis Organizations: YORK, . West Texas, CMC Markets, China, Administration, Customs, . Federal Reserve, Richmond Fed, U.S ., Organization of, Petroleum, Thomson Locations: China, U.S, Auckland, Russia, New York, London, Tokyo, Beijing

☆ Oil rises as Chinese economic indicators offer mixed picture
▼ + stars: | 2023-06-20 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

U.S. West Texas Intermediate (WTI) crude for July was down 3 cents from Friday's close at $71.75. The more active WTI crude contract for August delivery was up 10 cents from Friday at $72.03 per barrel. There was no settlement in the WTI contract on Monday due to a public holiday in the United States. "Oil traders may need to see a materialised strong economic rebound in China to improve their outlook on oil demand," said Tina Teng, a markets analyst at CMC Markets in Auckland. Higher interest rates reduce appetite for spending and can drive down oil demand.

Persons: Brent, Tina Teng, Katya Golubkova, Andrew Hayley, Kim Coghill, Jason Neely, Louise Heavens Organizations: . West Texas, CMC Markets, China National Petroleum, Organization of, Petroleum, Thomson Locations: China, United States, Auckland, Russia, Moscow, Tokyo, Beijing

☆ Twitch Star Signs $100 Million Deal With Rival Platform
▼ + stars: | 2023-06-16 | by ( Kellen Browning | ) www.nytimes.com time to read: +1 min

Mr. Lengyel, 27, chats with fans, hosts reality shows and broadcasts himself playing video games. “Kick is allowing me to try and do things I haven’t been able to before,” Mr. Lengyel said in a statement. And some streamers have complained that Twitch has become less responsive to its online community and more focused on profitability than keeping streamers happy. Kick, a streaming platform backed by online gaming and gambling sites in Australia, like Easygo Gaming and Stake.com, an online casino, was launched this year and is emphasizing its streamer-friendly policies. It takes only 5 percent of streamers’ earnings from subscriptions, compared with the 50 percent cut that Twitch takes.

Persons: Lengyel, ” Mr, “, Twitch, Ed Craven Organizations: Easygo Locations: Australia

Brent crude futures fell $2.95, or 3.9%, to settle at $71.84 a barrel, their lowest since Dec. 2021. Goldman Sachs cut its oil price forecasts early on Sunday, citing higher-than-expected supplies later this year and through 2024. The bank's December crude price forecast now stands at $86 a barrel for Brent, down from $95, and at $81 a barrel for WTI, down from $89. "The Fed meeting and inflation pressures remain key issues for the market this week," said Rob Haworth, senior investment strategist at U.S. Bank Asset Management. Also weighing on investors' minds, oil demand recovery has been muted in China, the top importer of crude oil and refined products.

Persons: Brent, Goldman Sachs, Goldman capitulating, Matt Smith, Robert Yawger, Rob Haworth, Haworth, Yawger, WTI, Shariq Khan, Noah Browning, Florence Tan, Mohi Narayan, Emelia Sithole, Jason Neely, Paul Simao, Sharon Singleton, Deepa Babington, David Gregorio Our Organizations: U.S, Federal Reserve, Brent, West Texas, U.S . Federal Reserve, Bank Asset Management, of Petroleum, International Energy Agency, Saudi, Thomson Locations: BENGALURU, U.S, China

SummarySummary Companies WTI futures fall to lowest since May 4Goldman Sachs cuts price forecasts, sees Brent at $86 in Dec. Brent crude futures fell $2, or 2.7%, to $72.79 a barrel by 11:50 a.m. EDT (15:50 GMT), while West Texas Intermediate crude futures fell $2.16, or 3.1%, to $68.01 a barrel. Goldman Sachs cut its oil price forecasts on higher-than-expected supplies from Russia and Iran. Also weighing on investors' minds, demand growth is yet to materialize in China, the top importer of crude oil and refined products. There are definitely fears that these guys (OPEC and IEA) will cut their demand forecasts," Yawger said.

Persons: Goldman Sachs, Brent, Goldman capitulating, Matt Smith, Robert Yawger, Yawger, WTI, Shariq Khan, Noah Browning, Florence Tan, Mohi Narayan, Emelia Sithole, Jason Neely, Paul Simao, Sharon Singleton Organizations: Fed, U.S, Federal Reserve, Brent, West Texas, U.S . Federal Reserve, Organization of Petroleum, International Energy Agency, Thomson Locations: BENGALURU, Russia, Iran, U.S, China, Saudi Arabia

☆ F.T.C. Said to Plan to Sue to Stop Microsoft’s Activision Deal From Closing
▼ + stars: | 2023-06-12 | by ( David Mccabe | Kellen Browning | ) www.nytimes.com time to read: +1 min

The planned lawsuit would be the latest blow to Microsoft’s acquisition of Activision, which makes popular video games like Call of Duty and Candy Crush. sued to block the deal through an in-house court, arguing it would damage competition in various parts of the video game market. The agency plans to file the separate lawsuit on Wednesday because unlike the F.T.C.’s in-house court, a federal court can issue a restraining order to block a purchase from being completed. In April, the British Competition and Markets Authority also moved to stop the deal, though regulators in the European Union said in May that it could go forward. Governments around the world have been challenging the power of tech giants like Microsoft.

Persons: Meta Organizations: Federal Trade Commission, Microsoft, Activision Blizzard, Activision, behemoth, British Competition, Markets Authority, European Union, Amazon, of Justice, Google

LONDON, June 6 (Reuters) - The European Commission is investigating the flow of allegedly fraudulent biofuels into the EU following a complaint from Germany, sources told Reuters, as a Commission spokesman said the bloc was determined to tighten oversight of the trade. Industry sources named the country as Germany. Germany's Environment Ministry, the body industry sources said had requested the investigation, did not immediately respond to a Reuters request for comment. EU classifications qualify the most advanced for valuable greenhouse gas (GHG) emissions certificates that are bought and traded by industry players at the national level. The top European biofuels body warned last week that a flood of potentially "dubious" biodiesel imports into Europe from China could trigger the collapse of the European Union's biofuels industry.

Persons: Noah Browning, Louise Heavens Organizations: European, Reuters, Environment Ministry, EU, Thomson Locations: EU, Germany, China, Asia, Europe

☆ Storming a Trench Is Treacherous Business. Here’s How It’s Done.
▼ + stars: | 2023-06-06 | by ( Andrew E. Kramer | ) www.nytimes.com time to read: +1 min

Armies have been storming trench lines for more than a hundred years, but for all the advances in military technology, it is no less harrowing now than it was when soldiers were crossing the muddy battlefields of World War I. Assaults can be stealthy and surgical, employing surprise, or launched with overwhelming force, using drone strikes, or tanks and artillery. Ukrainian soldiers chose the louder option for an assault on a trench line in May. Then armored Humvees bounced forward over a field, firing machine guns, the men said. The assault group fired 3,000 bullets from two American-provided Browning machine guns, one commander named Kozak said, in an indication of the immense ammunition requirements for troops on the offensive.

Persons: Kozak Locations: Ukrainian

☆ Oil rises on Saudi plan to deepen output cuts from July
▼ + stars: | 2023-06-05 | by ( Noah Browning | ) www.reuters.com time to read: +3 min

[1/2] General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Both contracts extended gains of more than 2% on Friday after the Saudi energy ministry said the kingdom's output would drop to 9 million bpd in July from about 10 million bpd in May. Consultancy Rystad Energy said the additional Saudi cut is likely to deepen the market deficit to more than 3 million bpd in July, which could push prices higher in the coming weeks. "The immediate market impact of this Saudi cut is likely lower, as drawing inventories takes time, and the market likely already put some meaningful probability on a cut today," the bank's analysts added. In contrast, the United Arab Emirates (UAE) was allowed to raise output targets by 200,000 bpd to 3.22 million bpd to reflect its larger production capacity.

Persons: Ahmed Jadallah, Brent, WTI, keener, Suvro Sarkar, Bjarne Schieldrop, Goldman Sachs, Noah Browning, Florence Tan, Emily Chow, David Goodman Organizations: REUTERS, Saudi, Brent, . West Texas, Saudi Arabia's, Organization of, Petroleum, DBS Bank, OPEC, Rystad Energy, United Arab Emirates, Thomson Locations: Saudi, Saudi Arabia, OPEC, Arabia, Russia, Nigeria, Angola, UAE

☆ Apple Debuts Its Next Big Product, a Virtual Reality Headset
▼ + stars: | 2023-06-05 | by ( Kellen Browning | ) www.nytimes.com time to read: +1 min

Apple lived up to months of expectations on Monday when it introduced new high-tech goggles that blend the real world with virtual reality. The $3,500 device, called the Vision Pro, will offer “augmented reality” and introduce “spatial computing,” Apple said. But conspicuously absent from its carefully choreographed announcement were the actual words “virtual reality,” underscoring the challenges the tech giant will likely face in marketing the device to a mass consumer audience. Past virtual reality offerings, including Google Glass, Magic Leap, Microsoft’s HoloLens and Meta’s Quest Pro, have been either commercial failures or only modest successes. And companies have so far failed to demonstrate what is indispensable about virtual reality.

Persons: Apple, ”, —, Microsoft’s Organizations: Google, Meta’s

☆ Apple Is Stepping Into the Metaverse. Will Anyone Care?
▼ + stars: | 2023-06-02 | by ( Kellen Browning | Mike Isaac | ) www.nytimes.com time to read: +1 min

The Apple headset is expected to cost about $3,000 and will look like ski goggles, according to current and former employees familiar with its development. Eventual hits like the iPod, iPhone and Apple Watch started in niche markets that grew into big businesses. But even Apple executives have been skeptical about the company’s prospects in virtual reality, which, they say, may still not be ready for its mainstream moment. That drop-off cuts recent metaverse start-up investment to about a quarter of its peak in the first half of 2022, PitchBook said. “The metaverse investment fad — it came and went, and now people are focused on A.I.,” said Doug Creutz, an analyst at Cowen & Company.

Persons: PitchBook, ”, Doug Creutz Organizations: Apple, Worldwide Developers, Apple Watch, PitchBook, Cowen & Company

☆ Economic fears to cap oil prices below $90 through 2023 - Reuters poll
▼ + stars: | 2023-05-31 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

A survey of 43 economists and analysts forecast Brent crude would average $84.73 a barrel in 2023, down from the $87.1 consensus in April and current levels of around $73. Most analysts expect oil to trade around the $80-level per barrel this year, with data and analytics firm Kpler noting that "macroeconomic concerns are a major driver of crude prices this year, overshadowing relatively tight fundamentals." West Texas Intermediate (WTI) U.S. crude is expected to average $79.20 a barrel in 2023, down from the previous month's $82.23 consensus. "Even if OPEC+ does not cut in June, the threat of production cuts will remain as long as oil remains significantly below $80 per barrel," EIU'S Sherwood said. OPEC+ surprised the market in April with output cuts that briefly drove up oil prices.

Persons: Brent, Matthew Sherwood, Suvro, EIU'S Sherwood, Kavya Guduru, Noah Browning, Barbara Lewis Organizations: bbl, West Texas, Organization of, Petroleum, DBS Bank, Thomson Locations: OPEC, U.S, Russia, Vienna, Bengaluru

☆ Oil ticks up as markets weigh U.S. debt deal, rate hike possibility
▼ + stars: | 2023-05-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

"The euphoria of the debt deal is wearing off as concern mounts for another rate hike by the Fed in June," brokerage Liquidity Energy LLC wrote in a note. U.S. President Joe Biden and House of Representatives Speaker Kevin McCarthy over the weekend forged an agreement to suspend the $31.4 trillion debt ceiling and cap government spending for the next two years. Still, analysts saw any boost in oil prices from it as short-lived. "Higher U.S. rates are a headwind for crude oil demand," IG Sydney-based analyst Tony Sycamore said. The dollar also nudged down on Monday as the debt ceiling deal lifted risk appetite in world markets and dented the greenback's safe-haven appeal.

☆ Oil dips as rate hike fears offset U.S. debt deal
▼ + stars: | 2023-05-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

HOUSTON, May 29 (Reuters) - Oil prices slipped on Monday as worries over further interest rate hikes that could curb energy demand trumped a tentative U.S. debt ceiling deal, possibly averting a default in the world's top oil consumer. "The euphoria of the debt deal is wearing off as concern mounts for another rate hike by the Fed in June," brokerage Liquidity Energy LLC wrote in a note. Still, analysts saw any boost in oil prices from the debt deal as short-lived, with earlier gains in the session now lost. "Higher U.S. rates are a headwind for crude oil demand," IG Sydney-based analyst Tony Sycamore said. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning towards leaving output unchanged.

☆ Oil steady after U.S. debt deal but rate hike worries linger
▼ + stars: | 2023-05-29 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

May 29 (Reuters) - Oil prices were steady on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, but concerns about further interest rate hikes capped gains. Analysts said the provisional deal has taken pressure off the markets, offering a relief rally in risk assets, including crude oil. Still, analysts see any boost in oil prices from the debt deal as short-lived. The U.S. Federal Reserve may still raise interest rates in June, IG's Sydney-based analyst Tony Sycamore said: "Higher U.S. rates are a headwind for crude oil demand," he added. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning towards leaving output unchanged.

☆ Has ‘Gig Work’ Become a Dirty Word?
▼ + stars: | 2023-05-27 | by ( Kellen Browning | ) www.nytimes.com time to read: +1 min

In other words, for some, gig work has become shorthand for instability and low wages. It was vetoed by the governor Thursday, one sign of how fraught the question of protections for an ad hoc work force has become. The writers’ strike and demands have prompted renewed attention to gig work, where someone might work for a variety of companies, or for themselves, often with irregular hours. It’s an old concept, with musicians playing gigs and artists and other creative types working their own hours while selling their work. Over the last decade, the idea of gig work has been popularized by app-based platforms like Uber and Lyft, which classify their drivers as independent contractors and avoid treating them as employees.

☆ Uber’s Diversity Chief Put on Leave After Complaints of Insensitivity
▼ + stars: | 2023-05-21 | by ( Kellen Browning | ) www.nytimes.com time to read: +2 min

The term Karen has become slang for a white woman with a sense of entitlement who often complains to a manager and reports Black people and other racial minorities to the authorities. A prominent “Karen” incident occurred in 2020, when Amy Cooper, a white woman, called 911 after a Black man bird-watching in New York’s Central Park asked her to leash her dog. Mr. Khosrowshahi’s efforts included increased diversity initiatives under Ms. Lee, who has led the effort since 2018. “I can confirm that Bo is currently on a leave of absence,” Noah Edwardsen, an Uber spokesman, said in a statement. Ms. Lee did not respond to a request for comment.

☆ Minnesota Passes Bill Seeking to Ensure Minimum Wage for Gig Workers
▼ + stars: | 2023-05-21 | by ( Kellen Browning | ) www.nytimes.com time to read: +1 min

The Minnesota Senate passed a bill on Sunday that would guarantee drivers for Uber and Lyft a minimum wage and other benefits, sending the measure to Gov. Drivers for Uber and Lyft are known as gig workers because they are treated as independent contractors, meaning they are responsible for their own expenses and are not guaranteed a minimum wage, health care or other benefits. The bill is a rare win for labor advocates in what has become a protracted, multistate battle over the rights of gig drivers and their status in the economy. Uber and Lyft have long argued that their drivers are independent contractors rather than employees. They say that drivers prefer being contractors because it allows them the flexibility to choose when they work, and many drivers work only part-time.

☆ The E-Sports World Is Starting to Teeter
▼ + stars: | 2023-05-20 | by ( Kellen Browning | ) www.nytimes.com time to read: +1 min

Six years ago, the Madison Square Garden Company, a group that includes James Dolan, the owner of the New York Knicks and the New York Rangers, announced a triumphant entrance into sports’ next frontier: a professional video game league. As e-sports revenue fell below expectations and investors became skeptical of the industry, Madison Square Garden’s owners last year tried to find a way out of the business by selling their marquee team. After years of fanfare, e-sports in the United States are giving way to economic realities. Unable to turn a profit, team owners are cutting costs by laying off employees and ending contracts with star players. In some cases, they are selling their teams and sometimes at a loss, offering a blunt reality check to people who believed e-sports could be the next big thing in entertainment.

☆ Extremism Finds Fertile Ground in Chat Rooms for Gamers
▼ + stars: | 2023-05-18 | by ( Steven Lee Myers | Kellen Browning | ) www.nytimes.com time to read: +1 min

There are rules people must agree to before joining Unloved, a private discussion group on Discord, the messaging service popular among players of video games. They share some harmless memes but also joke about school shootings and debate the attractiveness of women of different races. Users in the group — known as a server on Discord — can enter smaller rooms for voice or text chats. The name for one of the rooms refers to rape. In the vast and growing world of gaming, views like these have become easy to come across, both within some games themselves and on social media services and other sites, like Discord and Steam, used by many gamers.

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