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Good morning.
Only a day after agreeing to purchase Paramount, the Hollywood studio with roots within the silent movie period, David Ellison has stated he desires to show it into a contemporary media and expertise large able to difficult Netflix.
“We recognise the transition that the broader trade goes by way of,” the 41 12 months previous informed the Monetary Instances. “With a view to successfully navigate this transition, what’s required for Paramount as a pure-play media firm is to transition to turning into a media and expertise firm.”
Ellison, the son of Oracle founder Larry Ellison, one of many world’s richest folks, agreed to purchase Paramount on Sunday by way of his Skydance manufacturing studio after a gruelling negotiation course of that lasted eight months. Learn extra on Ellison’s imaginative and prescient for Paramount, including plans to work with his father’s company.
And right here’s what I’m conserving tabs on at present:
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US finance: US Federal Reserve chair Jay Powell delivers his semi-annual financial coverage report back to the Senate banking committee and Treasury secretary Janet Yellen testifies on the Home committee listening to on the state of the worldwide monetary system.
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Financial information: Mexican statistics company INEGI publishes shopper worth information for June.
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Nato: Members collect for a three-day assembly in Washington to rejoice 75 years of the army alliance.
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India-Russia relations: Vladimir Putin and Narendra Modi maintain official talks, as India’s prime minister seeks to shore up relations and stem issues in New Delhi about Moscow’s drift in direction of China.
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Courtroom circumstances: The jury within the trial of Invoice Hwang, the Archegos founder accused of market manipulation, is predicted to start its deliberations after yesterday’s closing arguments. Jury choice begins in Alec Baldwin’s manslaughter trial for the 2021 deadly taking pictures of cinematographer Halyna Hutchins throughout filming of the Western movie Rust.
5 extra prime tales
1. Joe Biden launched an aggressive effort to carry on to his occasion’s presidential nomination yesterday, issuing a defiant letter to wavering congressional Democrats and showing on nationwide tv to insist: “I’m not going wherever.” Right here’s extra on the president’s latest moves, which include joining a strategy call for major contributors.
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‘Develop a backbone’: Staff Biden tells Democratic doubters to again the president, as a part of a three-pronged manoeuvre that might determine his destiny.
2. Tesla yesterday urged a decide to not award billions of {dollars} in shares to the attorneys who efficiently challenged Elon Musk’s report pay package deal, portray them as freeriding opportunists making an attempt to money in on the chief government’s hard-fought successes. Right here’s extra on the day-long hearing in Delaware.
3. Boeing’s responsible plea to a fraud cost is unlikely to have an effect on the corporate’s inventory worth, credit standing or income from the US authorities, attorneys who concentrate on authorities contracting informed the Monetary Instances. In addition they stated Boeing was unlikely to lose its capability to supply the Pentagon.
4. Saudi Aramco is betting the inner combustion engine can be round for a “very, very very long time” after agreeing to speculate €740mn in Horse Powertrain, an organization devoted to constructing fuel-based engines. Aramco’s government vice-president explains the reasons for striking the deal.
5. A former worker of the World Financial Discussion board has sued the Swiss non-profit organisation, which runs a high-profile convention annually in Davos, and its chair, Klaus Schwab, for discrimination. Here are more details on the case.
The Huge Learn
A deal to permit US traders to redevelop a 1999 Nato bomb web site in Belgrade is a case research in how a small non-aligned state can put together for Donald Trump’s potential return to the White Home. It additionally displays a heightened western focus on Serbia at a time when prising it away from its historic soulmate, Russia, has develop into a precedence.
We’re additionally studying . . .
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Nike: After issuing a dim earnings forecast Nike’s shares had their worst day because the sneaker maker’s 1980 IPO. Now Wall Street is calling for “regime change”.
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US election: If democracy is at stake within the Trump-Biden election, shouldn’t voters be trusted to make their own decision, asks Jemima Kelly.
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Federal Reserve: The US central financial institution ought to use the summer season to deal with points key to America’s financial wellbeing and international monetary stability, together with a assessment of its inflation and employment forecasting, writes Mohamed El-Erian.
Chart of the day
The leftwing surge in France’s snap election surprised politicians and the general public when the Nouveau Entrance Populaire alliance clinched first place in Sunday’s second-round vote. Pollsters had projected that Marine Le Pen’s far-right Rassemblement Nationwide would win essentially the most seats in parliament. Here’s how France’s far right lost in five charts.
Take a break from the information
FT Weekend columnist Nilanjana Roy requires a return to studying, not as a distinct segment exercise, however as a vital a part of rising up. However for this era of kids, discovering the time and the precise books to learn is a critical problem. On this age of smartphones and with library closures widening the equality hole, how do you make reading attractive to children?
Extra contributions from Camille De Guzmán and Benjamin Wilhelm