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Shares of Netflix ( NFLX ) jumped 7% in extended trading after the streaming giant reported it lost fewer subscribers than expected . Netflix lost about 970,000 subscribers during the second quarter, far fewer than the 2 million it had projected it would lose. It also said it expects to gain around 1 million new subscribers in the third quarter. Revenue came in lower than expected, growing 8.6% to about $8 billion. Net profit at Netflix was $1.4 billion, up 6.5% from a year earlier. The company also warned of the strengthening U.S. dollar’s impact on its international revenue, which makes up about 60% of its total revenue. Netflix said it aims to unveil its lower-cost, ad-supported tier in early 2023. That comes on the heels of news that Netflix was tapping Microsoft to be its partner on the ad-supported initiative. The service will “likely start in a handful of markets” where advertising spending is significant. Netflix shares are down over 66% so far this year. … [Read more...] about Netflix Loses Fewer Subscribers Than Expected

The first time I installed an air conditioning unit—heaving and wedging it with no small effort onto the sill of a fourth-floor bedroom window—I was shocked that more units don’t fall out and plummet to the ground. advertisement advertisement Even though the stakes at my current, first-floor apartment are lower, every summer I challenge myself to see how long I can stand a sweltering bedroom or home office before caving and attempting my annual dance with an unwieldy, 70-pound rectangle with accordion wings that manages to stay in place via pressure and three little screws. And every year I think, like the protagonist of a TV infomercial, that there has to be a better way. July . Founded in 2020 by Muhammad Saigol and Erik Rauterkus, the company got off to a buzzy start, with its design-minded, easy-install window unit racking up a 20,000-person wait list. In all its marketing, July claims to have a superior installation approach and an aesthetically … [Read more...] about This easy-install, design-forward AC has gotten me through the summer’s heat waves

With the Democrats' $437 billion climate and tax package poised for passage, businesses may want to give some more thought to the second part of that description: taxes. In a Friday vote, the Inflation Reduction Act (IRA) passed the House of Representatives along party lines. The legislation, which already passed the Senate and now makes its way to President Biden for a signature, aims to clamp down on record high inflation by reducing the federal deficit and lowering drug prices, while also making a sprawling $369 billion investment in clean energy. It's the largest investment in fending off climate change to date. Taxes on wealthier individuals and large corporations, along with a reform on prescription drug pricing, will largely fund the law. Notably, lawmakers claim the IRA does not raise taxes on small businesses. But that doesn't mean that entrepreneurs are unaffected by the law. Here's some key changes to look out for. A Stronger IRS The Internal … [Read more...] about House Passes Democrats’ $437 Climate Bill. 4 Ways Your Taxes Could Change in Its Wake

GAS PRICES SHATTER RECORD HIGHS… USA TODAY: Gas prices are now the most expensive in US history, breaking record from 2008 After days of dramatically rising gas prices in wake of Russia’s invasion of Ukraine, the national average for a gallon of gas is now the highest in United States history, breaking the record that stood for nearly 14 years. As of Tuesday morning, the cost of regular gas in the U.S. is $4.17, according to AAA, up from $4.06 on Monday. Last week, the average cost was $3.60. The previous national average high was $4.11, set on July 17, 2008, according to AAA. The cost for diesel is also nearing the record of $4.84, which was also set in July 2008. The current price for a gallon of diesel is $4.75, over double what it was in October 2020. WORSE THAN HOLLYWOOD COULD IMAGINE… ‘I Am Legend’ Set A Prediction For Gas Prices In The Apocalypse. Prices In Beverly Hills Just Surpassed It In one rich pocket of the country, gas is officially more … [Read more...] about Editor Daily Rundown: Gas Prices Shatter Record Highs

Share to Twitter Share to Linkedin Topline A 24-year-old man from New Jersey has been charged with attempted murder after allegedly stabbing author Salman Rushdie onstage Friday, the latest act of violence on someone involved in publishing Rushdie’s 1988 book, The Satanic Verses , which provoked controversy around the world and even resulted in a fatwa calling for the death of Rushdie and his publishers. Key Facts Hadi Matar from Fairview, New Jersey, is being held without bail after being charged with second degree murder and assault, Chautauqua County district attorney Jason Schmidt said in a statement Saturday. Rushdie spent years in hiding after The Satanic Verses –which was partially inspired by the life of the Islamic prophet Muhammad–recieved backlash from Muslim leaders who said the novel was blasphemous. Threats against Rushdie and others involved in publishing the book reached a boiling point in 1989, when Iran’s … [Read more...] about Suspect In Salman Rushdie Stabbing Charged With Murder — Latest In History Of Attacks Against Those Involved In ‘The Satanic Verses’

Share to Twitter Share to Linkedin Billionaire philanthropist and investor Laurene Powell Jobs, has selected California’s environmental czar to help kickstart her $3.5 billion pledge to address climate change. Jared Blumenfeld will step down as the Golden State’s Secretary for Environmental Protection later this year to become president of Powell Jobs’ Waverley Street Foundation, California Governor Gavin Newsom announced Friday. Blumenfeld will be in charge of fulfilling a commitment made by Powell Jobs in September 2021 to donate $3.5 billion toward environmental causes over a decade, the foundation said. “Our planet, and all of us who inhabit it, face no greater threat than our climate crisis. The Waverley Street Foundation was formed to address this crisis with the kind of bold, innovative ideas that are urgently needed,” Powell Jobs, 58, said in a statement. “In Jared, the Waverley Street Foundation will have a proven leader with the vision and … [Read more...] about Laurene Powell Jobs’ Charitable Foundation Taps California Environment Chief To Lead $3.5 Billion In Climate Change Giving

Share to Twitter Share to Linkedin Topline While most attention may have been focused on the FBI’s Monday evening search at Mar-a-Lago, the past week has seen a stunning series of legal setbacks and developments for former President Donald Trump and those in his orbit—culminating Friday with the revelation that Trump is under investigation for potentially violating the Espionage Act. Timeline Friday, Aug. 5 Digital World Acquisition Corp., the special purpose acquisition company seeking to merge with Trump’s Truth Social platform, requested in a Securities and Exchange Commission filing that it have another year to close the deal due to investigations by the SEC and the Department of Justice , potentially derailing the plan to take the platform public. Monday, Aug. 8, 1:35 p.m. CNN reported that a lawyer representing the plaintiffs in a defamation suit against Infowars host Alex Jones had turned over two years of Jones’ texts to the … [Read more...] about Legally, It’s Been A Rough Week In Trumpworld—A Timeline

Share to Twitter Share to Linkedin When China was unhappy with South Korea over its decision to deploy a U.S. anti-missile defense system several years ago, Beijing punished Seoul by curtailing culture exchanges between the two sides. This month, Beijing has been even angrier about the visit by U.S. House Speaker Nancy Pelosi to Taiwan, which China, of course, claims as its territory. Notably, however, Beijing hasn’t retaliated against U.S. firms amid the bitter dispute. “It is heartening to see that business continuity and business between the United States and China continues, and there have not been threats against U.S. companies,” said Steve Orlins, president of the prestigious National Committee on U.S.-China Relations at the U.S.-China Business Forum held at Forbes on Fifth on Tuesday. “Bear in mind that is not always the case.” “You had pop singers from South Korea who couldn't perform in China, a whole series of things. We are not … [Read more...] about American Companies Escape China Sanctions Over Pelosi Visit: U.S.-China Forum

Share to Twitter Share to Linkedin At the start of 2022, American companies on the ground in China were optimistic about the business outlook, surveys found. Confidence had rebounded to pre-2017 levels, based in part on the country’s long-term growth trajectory. Then, Covid lockdowns hit Shanghai hard in the second quarter. Some 93% of respondents to an American Chamber of Commerce of Shanghai survey cut their revenue projections — more than a quarter lowered them by 20%. Covid dampened expectations for the year and sparked blunt criticism of the government by some normally diplomatic foreign business groups. Though local governments in China have been helpful, pandemic fallout has also put into relief a larger trend: it is increasingly difficult for American companies to do business in the country, says Sean Stein, a Shanghai-based senior advisor at global law firm Covington. Prior to joining Covington last year, Stein served as the U.S. Consul General in … [Read more...] about Doing Business In China Is Getting Harder: U.S.-China Business Forum

Share to Twitter Share to Linkedin Topline A severe heatwave is spanning parts of western Europe and the British Isles, sparking several destructive forest fires in some regions that have caused at least two deaths in Spain—experts say it highlights the impact of climate change on the region which is likely to get no respite on Tuesday. Key Facts Due to the high temperatures, two massive forest fires have continued to rage on in southwestern France’s Gironde region for the past five days , according to France 24. Authorities have been unable to contain the fires, despite deploying more than 1,200 firefighters and multiple aerial firefighting planes. In Spain, a forest fire in the Zamora province has claimed at least two lives, including a firefighter and a farmer, the Associated Press reported . Spain has already reported at least 537 heat-related deaths this month while neighboring Portugal—which has faced its own string of … [Read more...] about Photos: Extreme Heat Leaves Parts Of Europe Engulfed In Forest Fires, No Respite Expected Today