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PARIS: Netflix is “actively” working on building its cheaper, ad-supported deal, the company’s French team said on June 28, but added there was no clear timeline. It was revealed last month that the streaming platform was planning to introduce a new cheaper subscription model by the end of the year that would break its taboo on advertising. That leak to the New York Times followed news that Netflix had lost 200,000 subscribers in the first quarter of the year – its first decline in a decade. “We don’t have a precise timeline yet,” Anne-Gabrielle Dauba-Pantanacce, head of communications for Netflix France, told AFP. “We are actively working on it. It’s a priority – this idea of giving subscribers more options in the context of high inflation,” she added. Bloomberg reported over the weekend that Netflix has yet to appoint a head of advertising or build a sales team. The Wall Street Journal said Netflix is actively looking into partnerships with Google and Comcast to … [Read more...] about Netflix ‘actively’ working on ad-supported subscription

Apple Inc. ( AAPL ) Chief Executive Officer ( CEO ) Tim Cook has sent a letter to key members of Congress stating that "Apple continues to support efforts at the federal level to establish strong privacy protections for consumers, and we are encouraged by the draft proposals your offices have produced." Cook noted that "the areas of agreement appear to far outweigh the differences." Cook's letter was sent in reference to the recently completed draft of the proposed legislation called the American Data Privacy and Protection Act. It was addressed to Senator Maria Cantwell (D-Washington), the chair of the U.S. Senate Committee on Commerce, Science, and Transportation, and Representative Frank Pallone (D-New Jersey), the chair of the U.S. House Committee on Energy and Commerce. The bill has potentially large ramifications for the business models , and thus the profitability, of several leading U.S. high tech companies. Key Takeaways Apple (AAPL) CEO Tim Cook has … [Read more...] about Apple (AAPL) CEO Cook Backs Proposed Privacy Legislation

- A + A MADRID (June 29): World Bank chief economist Carmen Reinhart said she is skeptical that the U.S. and global economies can dodge a recession, given spiking inflation, sharp hikes in interest rates and slowing growth in China. Reinhart, who returns to Harvard University on July 1 after a two-year public service leave, said it was historically a tall order to reduce inflation and engineer a soft landing at the same time, and recession risks are clearly a "hot topic" at the moment. “What worries everybody is that all the risks are stacked on the downside," Reinhart told Reuters in a remote interview, citing a series of adverse shocks and moves by the Federal Reserve to raise interest rates after a decade and a half of ultra-low and negative rates. The global financial crisis of 2008-2009 affected mostly a dozen advanced economies and China at that time was a big engine of growth, but this crisis is far broader and China's growth is no longer in the double … [Read more...] about World Bank’s Reinhart ‘skeptical’ global recession can be avoided

Byju’s said to offer over US$1 bil for 2U to expand in US - A + A BANGALORE (June 29): Indian online-education provider Byju’s has offered to buy 2U Inc in a cash deal that values the US-listed edtech company at more than US$1 billion, a person familiar with the matter said. Byju’s made the offer of about US$15 a share to 2U’s board last week, said the person, who asked not to be named as the bid isn’t yet public. The offer represents a 61% premium to 2U’s closing price of US$9.30 on the Nasdaq on Tuesday and gives the Lanham, Maryland-based company an enterprise value of about US$2 Byju’s, one of the world’s most valuable startups with backing from Tiger Global Management and Mark Zuckerberg’s Chan Zuckerberg Initiative, is accelerating its expansion globally through acquisitions. Bloomberg reported in May that Byju’s was likely to bid for either 2U or Chegg Inc. Talks with Santa Clara, California-based Chegg haven’t progressed, the person said. 2U surged … [Read more...] about Zuckerberg-backed Byju’s said to offer over US$1 bil for 2U to expand in US

- A + A DUBLIN/LONDON (June 29): A dirty little secret in a US$1.2 trillion world of credit is getting exposed as the Wall Street rout deepens: Private debt is now the cheaper financing option for big-ticket leveraged borrowers than the ailing public market — upending industry norms. As banks get pummelled by risk aversion and sinking asset values, direct lenders are lavishing risky companies and private-equity firms with capital at rates below what’s available in the volatility-lashed high yield and syndicated loan market. These asset managers are so desperate to unleash all the billions amassed in the low-yield era that they’re increasingly putting up with lower returns than their risk-averse peers in other parts of the credit world are willing to stomach. As traditional lenders beat a retreat, the bonanza is helping power leveraged buyouts with deals including The Access Group, Davies Group, Ivirma Group and Zendesk. “We have seen a few cases in which private … [Read more...] about Private lenders are offering cheaper debt than Wall Street banks

Members of South Korea and U.S. Special forces take part in a joint military exercise. - A + A SEOUL (June 29): Joint drills by the United States, South Korea and Japan have a "sinister aim" toward North Korea and are part of a dangerous prelude to the creation of an "Asian version of NATO", North Korean state news agency KCNA said on Wednesday. The reports on KCNA appeared hours before leaders of South Korea and Japan are due to attend NATO's annual summit as observers for the first time. They will also meet U.S. President Joe Biden to discuss North Korea, the first such trilateral summit since 2017. The three countries will also conduct a combined missile detection and tracking exercise near Hawaii in August, called Pacific Dragon. "The U.S. is getting hell-bent on the military cooperation with its stooges in disregard of the primary security demand and concern by Asia-pacific countries," KCNA said. In a similar statement over the weekend, the … [Read more...] about Cooperation by U.S. and allies a step toward ‘Asian NATO,’ N.Korea media says

- A + A ZURICH (June 29): The Swiss government outlined plans on Wednesday to address a possible shortage of natural gas this winter and said it could resort to rationing should other measures prove insufficient. The government in March decided to establish a gas reserve for the winter of 2022/23, and the gas industry and authorities have been preparing its implementation. Five regional gas utilities have so far secured nearly 3.8 terrawatt hours of physical gas reserves in neighbouring countries, around 60% of the target, and were working on securing additional options, the government said. Landlocked Switzerland gets its gas via trading hubs in neighbouring countries in the European Union, so disruptions there would also affect Switzerland. Switzerland has relatively low demand for gas, which covers around 15% of total energy consumption. Around 42% of gas is used to heat households, and the rest in industry and in the service and transport sectors, according … [Read more...] about Swiss ready plans for gas shortages, could resort to rationing

The Edge filepix for illustration purpose only - A + A BANGI (June 29): A media delegation from the Indonesian chapter of the Malaysian-Indonesian Journalists Association (ISWAMI) on Wednesday (June 29) visited the foreign workers women’s hostel at Pangsapuri Sri Ayu here, to get a true picture of the management of the workers’ placement in Malaysia. ANTARA correspondent in Kuala Lumpur Virna Puspa Setyorini, who was among the delegates, said she would report the results of the survey to the people back home in news form. "We will convey what we observed today as journalists, to our readers in Indonesia. What we are going to report will allow them to have a better understanding of the lives of our citizens working here. “In this way, we can help strengthen bilateral relations between the two countries," she said after the ISWAMI Indonesian media visit to the hostel on Wednesday. The visit, which is part of the group’s four-day programme in Malaysia beginning … [Read more...] about Indonesian media gets true picture of foreign workers’ placement in Malaysia

- A + A WASHINGTON (June 29): The US economy contracted in the first quarter amid a record trade deficit, the government confirmed on Wednesday, but that picture is misleading as domestic demand was strong. Gross domestic product fell at a 1.6% annualised rate last quarter, the government said in its third GDP estimate. That was revised down from the 1.5% pace of decline reported last month. The economy grew at a robust 6.9% pace in the fourth quarter. Economists polled by Reuters had forecast the pace of contraction would be unrevised at a 1.5% rate. The decline in GDP last quarter also reflected a slower pace of inventory accumulation by businesses relative to the fourth quarter's brisk rate due to supply-chain dislocations and worker shortages. Final sales to private domestic purchasers, which exclude trade, inventories and government spending, increased at a 3.0% rate last quarter. This measure of domestic demand was previously reported to have risen at a … [Read more...] about Record trade deficit weighs on US economy in first quarter

Reuters filepix for illustration purpose only - A + A KUALA LUMPUR (June 29): The global Muslim population spending amounted to US$2 trillion in 2021 and this is projected to grow to US$2.8 trillion in 2024, Malaysia External Trade Development Corporation (MATRADE) said, quoting the 2022 State of the Global Islamic Economy Report. In a statement Wednesday (June 29), MATRADE Frankfurt trade commissioner Zuhaila Sedek said Malaysia and Germany can collaborate to explore the potential of this industry via innovation and in supply chain management. “In Germany, (the) halal (industry) is seen as a value proposition that has a lot of similarities with organic and vegan products, and can serve the demand of between 5.3 and 5.6 million Muslims living in the country," she said at a webinar “Halal as a Catalyst of Innovation and Sustainability for Manufacturers” on June 17. She said the halal industry is a multi-billion and dynamic one with a pool of consumers with … [Read more...] about Global Muslim population spent US$2 tril in 2021