Four years ago, Netflix faced a massive challenge to its dominance. Competitors, including Walt Disney Co., have invested. and Warner Bros. Discovery, billions of dollars to capitalize on Netflix's market share by launching blockbuster shows on their streaming services.For a while, it seemed like Netflix was weak. The company lost subscribers for two straight quarters in 2022 despite massive spending, raising concerns that its growth has plateaued.But recently the tide has turned. Netflix has managed to maintain its position as the leader in subscription streaming, with 260 million paid customers worldwide, far more than its direct competitors. Netflix added more…
Author: ricardofrancois
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.The writer is the author of the novel “Lotus” and the memoir “Socialism is Great!”“Women hold up half the sky,” Mao Zedong famously said. But are they really? Take a look at this week's annual session of the National People's Congress, China's top legislature and the country's parliament, of sorts. There were many women in the Great Hall of the People, but most of them were serving tea. In 2024, actual female delegates made up only about 26% of the approximately 3,000…
Wu Qing, chairman of the China Securities Regulatory Commission, answers a question at a press conference during the second session of the 14th National People's Congress in Beijing on March 6, 2024. (Photo by Wang Zhao/AFP) (Photo: Wang Zhao/AFP) Press) Wang Zhao/AFP via Getty Images)Wang Chao | AFP | Getty ImagesBEIJING – China's top securities regulator has vowed to crack down on market manipulators, while stating that protecting small investors is a “fundamental task.”Ensuring fairness, especially in a market dominated by small investors, is the regulator's core mission, Wu Qing, head of the China Securities Regulatory Commission, said Wednesday at…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.When the world's largest gold miners by market value prefer to discuss copper projects, the shiny metal may face an image problem. This week, the price of gold hit another record high, above $2,100 per ounce. Expectations of lower interest rates in the United States and continued demand from Chinese households are two reasons behind this.But larger mining companies, such as Newmont and Barrick, have not enjoyed the same success. Shares of Denver-based Newmont Mining Company fell 25 percent over one year.…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.Legal & General's new chief executive, Antonio Simoes, has promised to take a “fresh perspective” on the insurer and FTSE 100 asset manager, as he delivered his first set of results since taking over in January.Announcing the group's 2023 results on Wednesday, Simoes said the company had “demonstrated resilience in challenging markets to achieve record new business volumes” in corporate pension deals, UK pensions and US protection products. L&G reported operating profit of £1.7bn, broadly flat on the previous year but below…
Animal-derived products have a familiar taste and texture, and replicating that with plant-based alternatives has been a challenge for some companies. Dairy, in particular, is the area where you need to get that “creamy” texture but without the actual cream. Cultivated Biosciences, a Swiss biotech food startup, says it has solved this problem by developing a yeast cream, derived from a specific type of oleaginous yeast, that mimics the feel and texture of traditional cream. In 2022, the company raised a pre-funding round of $1.5 million. At that time, it developed the high-fat ingredient with the texture and consistency of…
Reports say Hunt is expected to announce a 2p cut to National InsuranceSeveral British media outlets reported on Tuesday that Hunt is expected to announce a 2 pence cut to National Insurance.National Insurance in the UK is a tax on workers' income and employers' profits to pay government social security benefits, including the state pension.The Treasury confirmed that the government will use its fiscal capacity to “help families through permanent tax cuts.”The reported plans match the previous cut announced in Hunt's autumn statement, which reduced the NI rate from 12% to 10%. Although the Conservative Party described it at the…
OpenAI on Tuesday responded publicly to a lawsuit filed by co-founder Elon Musk, highlighting apparent hypocrisy on the part of the current billionaire and early backer of the company.In its response, OpenAI reproduced old emails from Musk containing… Tesla SpaceX's CEO encouraged the startup to raise at least $1 billion in funding, and they agreed that it should “start being less open” over time and “not share” the company's science with the public.The reproduced messages follow a very different view represented by Musk last week, when he filed a lawsuit against OpenAI, CEO Sam Altman, and President Greg Brockman, alleging…
Tesla CEO Elon Musk met with former President Donald Trump on Sunday in Palm Beach, Florida, along with unnamed wealthy Republican donors, the New York Times reported, citing three people familiar with the meeting.Trump is courting donors as he prepares for the general election campaign against President Joe Biden. It is not yet clear whether Musk will financially support Trump or endorse his 2024 election campaign.Musk and a Trump campaign representative did not immediately respond to requests for comment.Trump and Musk's private planes were seen landing within less than an hour of each other at Palm Beach Airport on March…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.When China announced its draft budget this week, the defense spending target revealed little about how much the country is actually spending on the People's Liberation Army.The official defense budget will increase by 7.2 percent this year. However, experts believe that figure masks a much larger boost to military capabilities as leader Xi Jinping seeks to transform the People's Liberation Army into a more effective force while lowering the cost of acquiring weapons as China's economic slowdown deepens.“Xi has been talking about…