It's the economy, stupid! (Finance-related news)

[Andalusian girls]

good for them but please God don't let the man ruin my perfectly charred burgers

[6souls]

https://www.npr.org/2020/01/08/79451...sful-record-la

Tencent is seeking a 10% stake in Universal Music.

Tencent Holdings owns China's biggest music company, Tencent Music Entertainment, which controls roughly 60% to 70% of the local music market and itself owns shares in many high-profile global music ventures. In fact, just over two years ago, Tencent Music and Spotify announced an unusual equity-swap agreement, in which the two companies purchased a roughly 9% stake in each other's businesses. (While Spotify is available in nearly 80 markets, China is not currently one of them.)

Tencent Music also operates the Chinese music-streaming apps QQ Music, Kugou and Kuwo, as well as karaoke app WeSing. According to the company's latest earnings report, its three music-streaming products attracted over 661 million mobile monthly active users in the third quarter of 2019. Only around 5% of those users paid for a subscription, yet the company is still profitable, because it makes over 70% of its revenue from "social entertainment services" such as tipping and other forms of in-app "virtual gifts" — which are commonplace on Chinese social-media platforms, though rare in the Western streaming landscape.

But why would Tencent want to diversify into the label business? It certainly has a large-enough audience, to the tune of hundreds of millions of monthly active users, as well as more than enough cash to keep afloat.

The most likely answer is direct access to intellectual property and talent — combining music creation, marketing, distribution and consumption into one business. Tencent Music may have the technological prowess to maintain its apps, but needs a bit more help when it comes to artist marketing and creative development.

Aside from controlling most of China's music market, Tencent Holdings also owns WeChat and QQ, two of China's biggest social and messaging platforms. Its gaming subsidiary, Tencent Games, owns Riot Games (League of Legends) and has stakes in Epic Games (Fortnite), Ubisoft (Assassin's Creed) and Activision Blizzard (Call of Duty). All in all, the conglomerate invested in a total of "only" 108 companies across media, entertainment, fintech and education in 2019, which was actually a 33% drop in activity year-over-year.

[6souls]

Fox No More, Disney is Re-Branding All Fox Properties
20th Century Studios | Searchlight Pictures
https://variety.com/2020/film/news/d...os-1203470349/

[6souls]

https://www.mprnews.org/story/2020/0...ther-1500-jobs

3M to cut another 1,500 jobs (they cut 2,000 in 2019) because manufacturing is at an all-time low due to trade uncertainty.

[Cail]

What is the USMCA? Here's What's in the New NAFTA

https://nyti.ms/2GAifrr

[Outlaw]

Fast food chain Krystal files for bankruptcy

Krystal filed for Chapter 11 on Sunday in Atlanta, where the company is based. The filing revealed that the company has debts between $50 million and $100 million dollars and that its restaurants will remain open during the bankruptcy process.

I'm really astonished. Everytime I pass by a Krystal the line always around the building. Krystal is kinda a "thing" here in the south.

[Xno Kappa]

Probably because it’s a fake ass wannabe White Castle.

[6souls]

Probably because it’s a fake ass wannabe White Castle.

*superior

[Moss]

You aren't from the south if you don't have a family member that brags about how many Krystal chiks they've eaten in a single sitting

Sent from my Pixel 2 using Tapatalk

[6souls]

https://www.npr.org/2020/02/05/80301...tores-struggle

Macy's to cut 2,000 jobs and close 125 locations. On the other hand, they'll be opening smaller discount versions.

Macy's plans to upgrade 100 stores in 2020 and open new, smaller boutique-style stores outside of malls, called Market by Macy's. Those stores will feature Macy's merchandise, local goods, and food and drink options. The first version is expected to open in Dallas this week.

It's also adding about 60 more lower-priced stores, called Macy's Backstage. They are similar to Nordstrom Rack or Saks Off Fifth.

Macy's estimates the changes will save $1.5 billion by the end of 2022.

[Melena]

Bernie Madoff is claiming he has less than 18 months to live and is asking for a compassionate release from prison.

https://www.cnn.com/2020/02/05/busin...est/index.html

[kuronosan]

I guess you could say he...

... made off pretty poorly.

[6souls]

Coronavirus ruins everything:

https://twitter.com/PrivateDivision/...30449994362906

Outer Worlds Switch port delayed to TBA 202X because the studio 2K/Private Division contracted to do the port is closed while the Coronavirus outbreak is active.

https://www.bbc.com/news/51353147

• Nintendo Switch console, joy-con, and Ring Fit production & shipments delayed.
• Tesla's Model 3 production is delayed and will resume February 10th.
• Hyundai has closed it's South Korean production due to the lack of parts coming out of China.
• Nissan, Toyota, Honda, Ford, General Motors, Renault, PSA (Peugeot), Airbus, Boeing, & Safran have temporally closed their factories.

https://www.bbc.com/news/business-51397677
https://www.ft.com/content/7cef6996-...2-9ddbdc86190d

Fiat's European production is expected to be delayed two to four weeks do to the lack of supplies from China.

https://www.bbc.com/news/live/busine...ost_type=share

Ericsson has pulled out of the Mobile World Congress in Barcelona, Spain because it fears there may be coronavirus contamination.

https://www.wired.co.uk/article/mobi...20-coronavirus

Huawei is putting their Mobile World Congress attendees in a 14-day quarantine before the event.

[kuronosan]

Honestly? This is literally not a huge problem.

The fear mongering for this is borderline ridiculous.

[Yabby]

[6souls]

Honestly? This is literally not a huge problem.

The fear mongering for this is borderline ridiculous.

You should pass that along to China. I'm sure they'll end the quarantine knowing it's not that big of deal. Except for the Mobile World Congress, it's the affect of the virus on communities of the productions sectors of the country.

[kuronosan]

Yes. It is a big deal in China.

In China.

[6souls]

Yes. It is a big deal in China.

https://twitter.com/PrivateDivision/...30449994362906

Outer Worlds Switch port delayed to TBA 202X because the studio 2K/Private Division contracted to do the port is closed while the Coronavirus outbreak is active.

https://www.bbc.com/news/51353147

• Nintendo Switch console, joy-con, and Ring Fit production & shipments delayed.
• Tesla's Model 3 production is delayed and will resume February 10th.
• Hyundai has closed it's South Korean production due to the lack of parts coming out of China.
• Nissan, Toyota, Honda, Ford, General Motors, Renault, PSA (Peugeot), Airbus, Boeing, & Safran have temporally closed their factories.

https://www.bbc.com/news/business-51397677
https://www.ft.com/content/7cef6996-...2-9ddbdc86190d

Fiat's European production is expected to be delayed two to four weeks do to the lack of supplies from China.

In China.

[kuronosan]

I don't know how else to explain this to you, so I'm not going to.

[6souls]

I don't know how else to explain this to you, so I'm not going to.

Listen Kuro J. Trump, part production happens primarily in China. This affects the world's economy. This is a bigger deal than just China.