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Vehicles of United Parcel Service are seen at the new package sorting and delivery UPS hub in Corbeil-Essonnes and Evry
FILE PHOTO: Vehicles of United Parcel Service are seen at the new package sorting and delivery UPS hub in Corbeil-Essonnes and Evry, southern Paris, France, June 26, 2018. REUTERS/Charles Platiau

April 25, 2019

(Reuters) – United Parcel Service Inc reported a 17.4 percent fall in first-quarter profit on Thursday, hurt by severe winter weather in the United States.

Net income fell to $1.11 billion, or $1.28 per share, in the quarter ended March 31, from $1.35 billion, or $1.55 per share, a year earlier.

UPS earned $1.39 per share on an adjusted basis. Revenue rose 0.3 percent to $17.16 billion.

(Reporting by Lisa Baertlein in Los Angeles and Ankit Ajmera in Bengaluru; Editing by Maju Samuel)

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After years of speculation and false starts, it appears that Thursday is the day when Joe Biden will finally announce his fourth attempt at running for president.He’ll be in a good position, better than most, when he gets in.

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A Samsung employee poses with the new Samsung Galaxy S10 5G smartphone at a press event in London
FILE PHOTO: A Samsung employee poses with the new Samsung Galaxy S10 5G smartphone at a press event in London, Britain February 20, 2019. REUTERS/Henry Nicholls

April 25, 2019

(Reuters) – Verizon Communications Inc started taking preorders for Samsung’s first 5G smartphone in the United States on Thursday, and said it would launch the high-speed wireless service in 20 more cities after Chicago and Minneapolis.

Verizon said customers pre-ordering the device can get up to $650 off on the Samsung Galaxy S10 5G if they switch to its network and trade in their older phones.

The Samsung 5G phone, exclusive to Verizon for a limited time, will be available in the telecom operator’s stores from May 16 with a starting price of $1,299.

Users in Chicago and Minneapolis can currently use Verizon’s 5G network by using a Motorola Z3 mobile and a 5G “Moto Mod”, a physical magnet-like attachment for the phone.

Washington DC, Houston, Dallas and Boston are some of the cities that made it to Verizon’s 5G list.

Rival AT&T launched its 5G network in 12 U.S. cities in December. However, its network is available only to consumers using a mobile hotspot device, not on 5G phones.

(Reporting by Sayanti Chakraborty in Bengaluru; Editing by Saumyadeb Chakrabarty)

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FILE PHOTO: Logo of global biopharmaceutical company Bristol-Myers Squibb is pictured at the headquarters in Le Passage
FILE PHOTO: Logo of global biopharmaceutical company Bristol-Myers Squibb is pictured at the headquarters in Le Passage, near Agen, France March 29, 2018. REUTERS/Regis Duvignau/File Photo

April 25, 2019

By Michael Erman

NEW YORK (Reuters) – U.S drugmaker Bristol-Myers Squibb Co, which is set to buy biotechnology company Celgene Corp for $74 billion, posted slightly better-than-expected first-quarter earnings on Thursday on strong sales of its blockbuster blood thinner Eliquis.

Net earnings in the quarter rose to $1.71 billion, or $1.04 a share, from $1.49 billion, or 91 cents a share, a year earlier.

Excluding one-time items, the company said it earned $1.10 a share. That beat the average analyst estimate by a penny, according to IBES data from Refinitiv.

Bristol-Myers said it still expects full-year adjusted earnings of $4.10 to $4.20 per share.

Revenue in the quarter was $5.92 billion, exceeding analysts’ estimates of $5.75 billion.

That difference is largely due to Eliquis, which Bristol shares with Pfizer Inc. Sales of the drug used to prevent blood clots that can cause strokes jumped 28 percent from last year to $1.93 billion. Analysts had expected $1.82 billion from the drug in the quarter.

Sales of cancer immunotherapy Opdivo were in line with Wall Street expectations at $1.8 billion, up 19 percent from a year ago but basically flat compared with the previous quarter.

Bristol-Myers pioneered cancer immunotherapy with its first such drug Yervoy and later Opdivo. But Merck & Co’s rival treatment Keytruda has taken a dominant position in lung cancer – the most lucrative oncology market – taking a toll on Bristol-Myers shares.

Some analysts and investors have suggested that one reason Bristol launched its bid for Celgene was over concerns about Opdivo’s growth after losing ground to Merck.

Bristol said it still expects the deal to close in the third quarter, after its shareholders voted to approve the deal earlier this month despite a campaign by activist hedge fund Starboard Value LP to scuttle it.

The company announced in early January that it planned to buy Celgene in a cash and stock transaction to bring together companies that specialize in oncology and cardiovascular drugs in what would be the largest pharmaceutical industry merger ever.

The New York-based drugmaker has said the combined company will have six drugs with expected near-term launches – five from the Celgene pipeline – representing over $15 billion in annual revenue potential, as well as strong early-stage experimental assets.

Shares of Bristol-Myers closed at $44.62 on the New York Stock Exchange on Wednesday. They are off by about a third since October, when shares dropped due to setbacks for Opdivo in lung cancer.

(Reporting by Michael Erman; Editing by Bill Berkrot)

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FILE PHOTO: The flags of Canada, Mexico and the U.S. are seen on a lectern before a joint news conference on the closing of the seventh round of NAFTA talks in Mexico City
FILE PHOTO: The flags of Canada, Mexico and the U.S. are seen on a lectern before a joint news conference on the closing of the seventh round of NAFTA talks in Mexico City, Mexico March 5, 2018. REUTERS/Edgard Garrido/File Photo

April 25, 2019

By Dave Graham

MEXICO CITY (Reuters) – In April 2017, a group of Mexican executives filed into the Texas governor’s mansion in Austin for a meeting they hoped would help save a trillion-dollar trade deal.

They had a simple pitch for their audience – Republican Governor Greg Abbott, a handful of business leaders and some party donors: it would be in Texas’ best interest to preserve the North American Free Trade Agreement (NAFTA).

Abbott was just one of the prominent names on a list of dozens of American politicians and business executives that Mexico would carefully compile to help save NAFTA from the relentless attacks of U.S. President Donald Trump.

Supplying them with up-to-date information on trade and investment flows, the Mexicans believed the Americans could persuade policymakers that scrapping NAFTA would hurt U.S. workers and companies. (Graphic: https://tmsnrt.rs/2I9Q1Gb)

Rather than “be good to Mexico,” said Juan Gallardo, a prominent Mexican businessman who helped craft the strategy, the message was “don’t shoot yourself in the foot.”

The inside story of Mexico’s efforts to stop Trump from killing NAFTA – and to preserve its essence in a reworked accord – comes from interviews with more than 20 Mexican and U.S. officials, lawmakers and executives involved in the process.

After 18 months of talks and concessions by both sides, a deal was struck. Canada later signed on in what became known as the United States-Mexico-Canada Agreement (USMCA), which awaits ratification by lawmakers in the three countries.

But final approval has become more uncertain since Democrats took control of the House of Representatives from Republicans, a potential setback to Mexico’s best laid plans.

GIVING GROUND

Mexican business and political leaders, including the heads of the foreign and economy ministries, started scrambling to save the 25-year-old trade deal right after Trump’s election in November 2016.

Early on, they decided to avoid public confrontation with Trump, who had made blaming NAFTA for job losses, particularly in manufacturing, a centerpiece of his campaign.

“Tit-for-tat wasn’t going to work,” said Moises Kalach, head of the international negotiating arm of Mexico’s CCE business lobby. “We agreed not to even get into the ring.”

Trump showed no sign of backing off after taking office in January 2017, telling aides he wanted to withdraw simultaneously from NAFTA and the Trans-Pacific Partnership (TPP), according to three Mexican business and government leaders.

When Trump pulled out of TPP that month, Mexican officials feared NAFTA would be next. In Mexico City, then-foreign minister Luis Videgaray and his counterpart in the economy ministry, Ildefonso Guajardo, flew to Washington to sketch out possible concessions for an overhauled trade pact.

Meeting with Trump’s economic advisors and his son-in-law Jared Kushner, they floated stricter content rules for auto manufacturing, tougher Mexican labor laws and changes to dispute resolution mechanisms, Mexican participants said.

Those early concessions would eventually evolve into new rules set out in the USMCA deal.

“I’m absolutely convinced that if that didn’t happen … NAFTA would have died in January 2017,” Videgaray told Reuters shortly before leaving office.

While Videgaray dangled concessions, Mexico’s private sector rolled out a lobbying operation underpinned by reams of data supplied by IQOM, a Mexican trade consultancy.

Headquartered in an old stone townhouse in Mexico City, IQOM collected data and intelligence to pinpoint U.S. businesses with the most to lose from a NAFTA repeal. Two top Mexican negotiators of the original NAFTA, Herminio Blanco and Jaime Zabludovsky, spearheaded the effort.

It was “a permanent, online, computer-based information-gathering drive,” said IQOM partner Zabludovsky. “And a lot of data crunching.”

Meanwhile, the CCE hired Washington lobbying firm Akin Gump in the summer of 2017 to help identify about 250 potential U.S. allies, Gallardo said.

Akin Gump and the CCE communicated daily and met regularly. The idea was to “engage with USMCA stakeholders on both sides of the aisle and in the Trump administration,” an Akin Gump spokesperson said, and build “CCE’s brand and reputation as a trusted partner.”

Throughout the process, Mexican negotiators were in close contact with their Canadian counterparts – even as Mexico also left the door open to a bilateral deal with the United States.

EYE-OPENER

During negotiations, Mexico’s private sector had some 200 representatives in Washington updating its negotiators on how best to pitch the case to U.S. Trade Representative Robert Lighthizer, according to sources involved in the process.

Each member of Mexico’s team also had politicians or executives to target. Kalach of the CCE said he spoke to 36 U.S. state governors about the value of cross-border trade.

Mexican participants often expressed surprise about how little U.S. politicians knew about the extent of bilateral economic ties. Even in Texas, the state doing the most trade with Mexico, some officials appeared not to have grasped fully what a NAFTA termination could cost, Gallardo said.

At the April 2017 meeting in the governor’s mansion, the Mexican delegation gave a detailed breakdown of trade between Mexico and Texas to Abbott and the others, who included Gerardo Schwebel, executive vice president of the International Bank of Commerce, and oil tycoon Paul Foster, sources said.

Economic ties were explained “by players, by amounts,” Gallardo said. “That was an eye-opener… no one had ever put that together into one paper.”

Abbott eventually sent a letter to Lighthizer defending NAFTA – emphasizing that Texas exported more than $90 billion of goods to Mexico annually and that nearly a million jobs depended on free trade with the NAFTA partners.

In a second letter to Lighthizer, Abbott asked the Trump administration to “reconsider” its demand for a sunset clause that could have killed the new agreement in five years, a major Mexican concern. In the end, the clause was left out.

John Wittman, a spokesman for Abbott, confirmed the Austin meeting, adding that the governor had been engaged with various stakeholders and White House officials throughout NAFTA talks.

Lighthizer’s office did not respond to a request for comment.

HELP FROM WALL STREET

High among the list of prospective allies drawn up by Mexico were several top Wall Street executives, including Jamie Dimon of JPMorgan Chase & Co, Blackstone’s Stephen Schwarzman and KKR’s Henry Kravis.

Dimon chairs the Business Roundtable, which, with the U.S. Chamber of Commerce, was viewed by the Mexicans as a powerful voice in support of NAFTA. The banking executive proved particularly effective, Mexican and U.S. sources said.

Among others, a source familiar with the situation said, Dimon met with Kushner, U.S. Treasury Secretary Steven Mnuchin and Gary Cohn, Trump’s chief economic adviser until April 2018.

Calling Mexico a peaceful neighbor, Dimon publicly argued a trade agreement would help “ensure that the young democracy in Mexico is not hijacked by populist and anti-American leaders.”

Mnuchin held multiple meetings with counterparts, and offered his input to Lighthizer as he negotiated USMCA, a U.S. Treasury official said. Mnuchin sees Canada and Mexico as important trading partners, and believes free and fair trade with them benefits the United States, the official added.

The White House did not respond to requests for comment about the meetings. Representatives for Cohn, Schwarzman and Kravis declined to comment or did not reply to requests for one.

Kansas City Southern Chief Executive Officer Pat Ottensmeyer, whose company runs trains through Mexico, was a staunch advocate for NAFTA in the United States, and also consulted with top-level Mexican officials.

Between Trump’s inauguration and the end of 2018, Kansas City Southern said it had organized or participated in 65 meetings with lawmakers or regulators, as well as 76 speeches or conferences in defense of NAFTA.

Ottensmeyer recalled speaking to several cabinet members, including Lighthizer and current Secretary of State Mike Pompeo, when he was still head of the CIA.

The approach was to “literally talk to anybody and everybody who we thought was willing to listen and could be influential in the process,” Ottensmeyer told Reuters.

A representative for Pompeo declined to comment.

Within months, Mexico’s lobbying efforts began paying dividends: American politicians and business executives were making a case for NAFTA directly to the White House, pushing back on Trump’s ongoing threats to rip up NAFTA.

“From what I understand,” Gallardo said, “Trump never, ever in his wildest dreams imagined the kind of uproar this was going to create. And that’s what stopped him.”

(Reporting by Dave Graham; Additional reporting by Frank Jack Daniel and Anthony Esposito in Mexico City, Jennifer Hiller in Houston, Richard Cowan in Washington, David Henry in New York; Editing by Simon Webb, Brian Thevenot and Paul Thomasch)

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Six months before President Obama’s 2012 reelection, his campaign released an online slideshow. It was not an effort that helped him win.

Called “The Life of Julia,” it was an imaginary story complete with slick graphics and digestible talking points designed to illustrate “how President Obama’s policies help one woman over her lifetime — and how Mitt Romney would change her story.”

The timeline showed the mythical Julia growing up, graduating from college, building a business, giving birth, and eventually retiring. For every major milestone, a federally subsidized government program was there to help. Democrats saw Julia as illustrating the promise of a second Obama term under a caring and effective government. Republicans, on the other hand, gleefully discovered a ready-made, cradle-to-grave narrative about the dangers of Big Government.

Romney, the Republican nominee, dismissed the fictional fable as a “little cartoon,” while the editors of National Review called it “creepy,” and one conservative columnist summarized the mockery by asking, “Who the hell is ‘Julia,’ and why am I paying for her whole life?”

Nearly eight years later, not a single 2020 hopeful has waded into a similar digital space. None of the contenders has packaged a platform into easily consumable internet infographics. The sum of all their policies proposals, however, is even more expansive.

Under these plans, with the help of Uncle Sam, Julia could enroll her children in day care for free or at a subsidized rate. She could go to community college or a public four-year university without paying a penny. She could claim a federal tax credit to help with rent. She would enjoy a mandated $15 minimum wage at an entry-level position or compete for the millions of government-created jobs promised by the Green New Deal. And of course, she’d be automatically enrolled in Medicare. What follows is an examination of those promises, and others, along with the costs.

Universal Child Care

Child care is expensive, even more expensive than college tuition in some cases. Families in Massachusetts, the least affordable state for such care, according to one analysis, can expect to pay as much as $34,381 to enroll both an infant and toddler in day care.

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Sen. Elizabeth Warren plans on making it free for millions of people. The Massachusetts Democrat is the first 2020 contender to endorse universal child care. She envisions subsidized nurseries in every community, “a network of child care options that would be available to every family.”

It wouldn’t be a nanny state, per se. Warren calls for the government to partner with existing services provided by cities, schools, nonprofits, tribes, and faith-based groups. For families making less than 200% the federal poverty line, the care is free. For anyone making more, Warren would cap their costs at no more than 7% of family income.

“In the wealthiest country on the planet,” Warren wrote, “access to affordable and high-quality childcare and early education should be a right, not a privilege reserved for the rich.”

Who would pay for all this? According to the candidate, everyone whose net worth exceeds $50 million. How much would they be on the line for? According to independent analysis by the Moody’s Corp., $1.7 billion over 10 years.

Debt-Free College

The average college graduate who walks off stage with a diploma, once advertised as the ticket to the middle class, also leaves campus with student loans, now feared as long-term financial shackles. According to an analysis by industry expert Mark Kantrowitz, the average 2016 graduate owed a whopping $37,172. The Federal Reserve estimated a monthly payment of $393 to service that debt.  

Now White House hopefuls promise the same college education without the crushing expense.  

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Sen. Bernie Sanders has proposed legislation to make community and four-year public colleges free for students from families earning less than $125,000 per year. Warren goes a step farther. She wouldn’t just make tuition free at those same universities, she would have the federal government forgive as much as $50,000 of loans for any graduate earning less than $100,000.

Sanders and Warren aren’t the only Democratic candidates being generous with other people’s money. Three other senators, Cory Booker of New Jersey, Kamala Harris of California, and Kirsten Gillibrand of New York., have co-sponsored the Debt-Free College Act. Introduced last month, the legislation would create a one-to-one match of federal to state dollars to cover any costs above the “expected family contribution,” a measure of a family’s financial health as calculated by the Department of Education.

Not every candidate is sold on free college, including Pete Buttigieg and Sen. Amy Klobuchar. The mayor of South Bend, Ind., told students at Northeastern University earlier this month that making the federal government pay their tuition wasn’t feasible, a sentiment echoed by the Minnesota senator during a Monday night CNN townhall.

Momentum is moving toward debt emancipation, though, and the costs are significant. According to the Warren campaign, for instance, her plan would create a one-time cost of $640 billion, plus another $1.25 trillion over the next 10 years. Here, too, the wealthy are expected to cover the cost.

Guaranteed Income

The political promise of a good job has been eclipsed by the prospect of guaranteed minimum wages and, in some cases, guaranteed income regardless of work.

Sanders has made increasing the minimum wage one of his hallmarks. The self-described Democratic socialist rails against the current federal minimum of $7.25 as “a starvation wage” and authored legislation to more than double it to $15 an hour. When Sanders first introduced the bill in 2015, only five senators added their names as co-sponsors. That number jumped to 30 just four years later, and every Senate Democrat running for president now backs his initiative.

An increased minimum wage pales in comparison to the massive jobs program included in the Green New Deal. Introduced by Sanders acolyte Rep. Alexandria Ocasio-Cortez, it calls for an economic effort to combat climate change no less dramatic than the mobilization for the Second World War.

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Also a jobs program, an early GND blueprint released by Ocasio-Cortez’s office promised to put millions of Americans to work overhauling every existing building in the country, rebuilding the national power grid, and jump-starting the clean energy industry. The plan would blaze a path to the middle class for anyone able to follow. It also promised “economic security” for anyone  “unable or unwilling to work.”

After the more controversial aspects of her proposal sparked an uproar, Ocasio-Cortez scrapped that blueprint in favor of a non-binding resolution that affirmed the overall spirit but not the specific policy proposals of the Green New Deal.

Aside from Colorado Gov. John Hickenlooper and Rep. Tulsi Gabbard of Hawaii, the entire 2020 field has voiced support. Every Senate Democrat running for president endorsed the idea. The remaining mix of governors, mayors, and representatives voiced support for the spirit of the proposal if not the initial specifics.

Their hesitation comes from the cost, which the conservative American Action Forum pegged at $93 trillion. While some candidates shy away from specifics on environmental reform and subsequent economic redistribution, Andrew Yang is more than happy to discuss his plans to give away money. The Silicon Valley progressive wants the federal government to cut a $1,000 check each month to every citizen over 18.

Yang calls it a Freedom Dividend, his brand name for what economists describe as Universal Basic Income. On its face, the annual cost would be around $3 trillion, though Yang insists the spending would be offset by stimulated growth.

Reparations

More than 150 years after the end of the Civil War, only former Rep. Beto O’Rourke has declined to join every major candidate in supporting the establishment of a commission to study possible government reparations to descendants of former slaves. Even Sanders, though initially hesitant to back payments, said that as president he would sign legislation that creates a commission.

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The discussion over reparations hinges on what the payments look like, as Harris explained last month in an interview with NPR. Reparations, the California Democrat noted, “mean different things to different people.” For Harris, reparations could mean investing in disadvantaged communities by funding mental health services. For Marianne Williamson, the self-help/spirituality guru, New York Times best-selling author and long shot presidential contender, reparations mean money.

Williamson told CNN in January that $100 billion should be paid in reparations over the next decade in the form of economic stimulus and infrastructure investments. She did not say where the money should come from.

Affordable Housing

Three presidential hopefuls want to help put a roof over a large portion of the population’s head. Warren introduced legislation last month to address what she describes as “an American housing crisis.” Co-sponsored by her Senate colleague and primary competitor Gillibrand, the Warren bill would spend $445 billion to do two major things.

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First, build as many as 3.2 million new housing units for lower-income and middle-class families. Second, provide mortgage assistance to help people who were hurt by the financial crisis more than a decade ago.

Warren touts an analysis by Moody’s that found the bill would be deficit neutral, a balance only achieved by increasing taxes and fees over the next decade.

Harris has her own housing bill but geared it toward those who rent their homes. According to the summary of the bill, which was introduced last year, the Harris plan would create a tax credit for anyone spending more than 30 percent of their income on rent. Depending on the individual’s income, the government would pick up between 25 and 100 percent of the excess amount spent on rent.

‘Medicare for All’

It was dismissed as a progressive pipe dream four years ago. So-called Medicare for all has since become all but official Democratic orthodoxy in this presidential primary. Eleven stalwarts demand some version of it. Five others — apostates in their own party — prefer more modest plans. Sanders is very much the OG of Medicare for all. His plan would offer the most generous benefits and, in theory, would eliminate private health insurance altogether.

“The current debate over Medicare for all really has nothing to do with health care,” he said at a recent news conference announcing the legislation. “It has everything to do with greed and profiteering. It is about whether we continue a dysfunctional system.”

Fixing that system would mean dropping the 8.8 percent uninsured rate to zero and lumping the 155 million Americans who are insured through employer plans with 20 million who have coverage through the individual market, 60 million current Medicare beneficiaries, and tens of millions now without insurance. But the costs, according to both liberal and conservative economists, are staggering.

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The libertarian Mercatus Center at George Mason University estimated last year that an earlier version of the plan would cost $32.6 trillion over 10 years. Gerald Friedman at the University of Massachusetts, Amherst, put that number at $14 trillion.

Sanders argued that overall spending on health care in the U.S. would drop as a result of his plan even as overall government spending would spike.

How does Sanders plan on paying for it? According to a five-page memo released by the senator’s office, a grab bag of options including a 70% tax on those making above $10 million a year, fees on financial institutions, and a mandatory 4% income-based premium on employees plus a 7.5% income-based premium paid by employers.

In all, the Democrats’ “free stuff” menu is sure to tempt voters in the primaries that begin in nine months. Which of those offerings survive to be placed before the larger electorate in November 2020 is anyone’s guess, as is the ultimate choice voters will make. If a Democrat moves into the White House two months later, the work of fulfilling at least some of these campaign promises will begin. Closing the deal, especially if Republicans retain control of the Senate, is sure to be far tougher than selling it was to a receptive base.

FILE PHOTO: The Comcast NBC logo is shown on a building in Los Angeles, California
FILE PHOTO: The Comcast NBC logo is shown on a building in Los Angeles, California, U.S. June 13, 2018. REUTERS/Mike Blake/File Photo

April 25, 2019

By Helen Coster and Arjun Panchadar

(Reuters) – Comcast Corp reported first-quarter profit on Thursday that beat Wall Street estimates, boosted by strong additions of high-speed internet customers in a quarter that painted another mixed picture for the biggest U.S. cable provider.

Overall revenue missed analyst estimates and Comcast lost more video and phone customers than expected. Revenue from NBCUniversal’s cable networks, filmed entertainment and theme parks also fell short of expectations.

Like others in the cable television industry, Comcast is grappling with the appeal to customers of rival offerings from Alphabet Inc’s YouTube TV and subscription video services like Netflix Inc.

Earlier this week AT&T Inc and Verizon Communications Inc both reported losing more video customers than analysts expected.

AT&T shed a net 544,000 premium TV subscribers, a category that includes DirecTV satellite and U-verse television, while Verizon lost 53,000 Fios video customers.

Philadelphia-based Comcast said it lost 121,000 video customers in the quarter, more than the 29,000 it lost last quarter and the 109,000 estimated by analysts, according to research firm FactSet.

In response, the company is striving to build new services on top of its broadband network, and revenue from the high-speed internet business climbed 10 percent to $4.58 billion in the first quarter as it added 375,000 subscribers.

Those net subscriber additions beat the average analyst estimate of 356,000, according to FactSet, but were down slightly from 379,000 in the same period a year earlier.

Comcast is betting that its redesigned Xfinity X1 cable box, which allows users to find content across live TV, on-demand and streaming services like Netflix on a single menu, will help retain and attract subscribers.

Revenue at its NBCUniversal business, which includes NBC Entertainment and Universal Pictures, dropped 12.5 percent to $8.31 billion.

In January NBCUniversal announced it will launch an advertising-supported TV streaming service in 2020, which will be free for NBCUniversal’s pay-TV customers as well as Sky customers internationally.

Filmed entertainment revenue rose 7.4 percent to $1.77 billion, boosted by movies including “How to Train Your Dragon: The Hidden World” and “Us” while theme park revenue slipped 0.4 percent to $1.28 billion.

Revenue from broadcast television dropped 29.4 percent to $2.47 billion, though the company also broke out figures that showed revenue rose when excluding 2018 Olympics and Super Bowl from the prior-year comparison.

Comcast, which bought the British pay-TV group Sky last year, said revenue reported from Sky was $4.8 billion.

Net income attributable to Comcast rose to $3.55 billion, or 77 cents per share, from $3.12 billion, or 66 cents per share a year earlier. Excluding items, the company earned 76 cents per share, beating estimates of 68 cents per share, according to IBES data from Refinitiv.

Comcast’s overall revenue rose 18 percent to $26.86 billion, but fell short of Wall Street expectations of $27.20 billion.

(Reporting by Helen Coster and Arjun Panchadar)

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Funeral of journalist Lyra McKee in Belfast
Britain’s Prime Minister Theresa May attends the funeral service for murdered journalist Lyra McKee at St Anne’s Cathedral in Belfast, Northern Ireland April 24, 2019. Charles McQuillan/Pool via REUTERS

April 25, 2019

GLASGOW, Scotland (Reuters) – British Prime Minister Theresa May’s government wants to get her thrice-defeated Brexit deal approved by parliament before the new European Union parliament opens in July, her de-facto deputy, David Lidington, said.

Lidington, cabinet office minister, told reporters in Glasgow that the atmosphere at talks with the opposition Labour Party was productive.

He said he could not give an exact time for when the Brexit deal would be brought back to parliament but that it could not drift. He said the timing depended on discussions with the Labour Party.

Asked if the deal would be brought back to parliament before the EU parliament elections, Lidington said the government wanted to bring it back to parliament as soon as possible.

He ruled out any referendum on Scottish independence before 2021.

(Reporting by Michael Holden and Jack Stubbs; editing by Guy Faulconbridge and Andrew MacAskill)

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Oh, how their heads hurt. After two intoxicating years, the Mueller Investigation & Media Tequila Party is over. Morning has come, and Democrats have opened their eyes to a pounding headache. Liquor bottles held high the night before now litter the floor: Democrats even ate the Michael Cohen worm. 

Inconveniently, the special prosecutor found no collusion. Those who imbibed most have been left stumbling, trying to explain how Donald Trump covered up the crime no one committed. But the feast was moveable, and the partygoers celebrated each other. They are convinced it was not overindulgence that caused their hangover; merely that they stopped drinking. A little hair-of-the dog is all we need. Pour us another Margarita, and let’s get this party started again.

In the confusion, more sober leaders reasserted control. Old pro Nancy Pelosi determined Democrats are not going to raise the flag of impeachment now, understanding it will become even less likely as the 2020 election grows closer. Delay, delay, delay, Pelosi believes, until the mystic chords of impeachment become memories that never again swell. 

Pelosi did have to throw her caucus’s fine young radicals a bone: Madam Speaker gave them impeachment without impeachment. Democrats will be allowed to hold hearings and pursue investigations. That will keep Trump in the spotlight, Democratic activists motivated, and MSNBC fed.

Pelosi has even gotten most of her 2020 presidential candidates on board. With the notable exceptions of Kamala Harris and Elizabeth Warren, most Democratic contenders are calling it closing time. It is a remarkable display of the speaker’s power, considering the Democratic field has expanded to 20 candidates, requiring at least two clown cars. Poor Joe Biden is just entering the race.

Sen. Harris, who tells us she is not a socialist, just another Democrat who supports Bernie Sanders’ socialist agenda, would like to party on. She has said, “I believe Congress should take the steps toward impeachment.” California’s junior senator is sinking in the polls despite or, perhaps, because of her powerful socialist/impeachment one-two punch. She has dropped 6 points in New Hampshire, falling to 4% support, the survey’s margin of error. Technically, Harris may have erased herself.

Warren, who has been defined by her war with Trump over her illusory Native American heritage, has also worked her way down to near nothing in the same survey, notching only 5%. The Massachusetts senator, too, would like to extend impeachment festivities and she embraces every possible radical orthodoxy, including reparations for oppressed minorities, confiscating billionaires’ wealth, and canceling student debt. How would you like to be the last generous soul to pay off his or her student loan, just before Warren erases everyone else’s?

Harris and Warren provide lessons for Democrats who hear “Hail to the Chief” every time they rouse crowds with molten, anti-Trump rhetoric: Voters who don’t support Donald Trump aren’t looking for a Democratic Trump replica. They are looking for an alternative. Hot Democrats who balance Trump’s fire with their own aren’t different from our current president. They are just the other side of Trump’s coin. One of his great gifts is magnetism: The Donald drags his adversaries into no-rules-barred combat on the muddy turf where he fights best.

Yet, the Democrat gaining momentum is not a rabid, anti-Trump fanatic, nor a radical, collectivist zealot. Pete Buttigieg is the calm to Trump’s storm, the still waters to this president’s tempest. As others have noted in the now obligatory veneration, the gay, 37-year-old, left-handed Mayor of Smallville is an articulate polymath who speaks numerous languages, quotes Scripture, plays piano, and has studied history, philosophy, and ethics. If Buttigieg’s resume is a contrast to the president’s, so is his joyful maturity, which stands in staggering contrast to the cheerless and substanceless knife fights that pass for Republican and Democrat debate these days, ravenously merchandized by our sensationalist news media. When Bernie Sanders flies into space, for example, endorsing the right of convicted terrorists, rapists, and pedophiles to vote while in prison, it is the young mayor who plays grown-up, elegantly distancing himself from Sanders’s enflamed radicalism by saying, simply, “No, I don’t think so.” 

Cool as an after-dinner mint, Buttigieg uncommonly resorts to reason to explain his positions, avoiding name-calling, charges of senility, or accusations of treason. “Part of the punishment when you are convicted of a crime and you’re incarcerated is you lose certain rights. You lose your freedom,” Buttigieg told a town-hall audience. “And I think during that period, it does not make sense to have an exception for the right to vote.”

Often, voters want in their next president what they didn’t find in their last one. That’s trouble for Sanders who, in many ways, parallels Trump, a fellow radical, white-hot populist who aims to overthrow the corrupt Washington establishment. Sanders, we might argue, is Donald Trump with a smaller balance sheet, no experience leading anything, and a college sophomore’s naïveté.

Joe Biden is calmer than Donald Trump, but the dead often are. Having lost twice, Biden 2020 is the sequel to movies no one went to see in 1988 and 2008. He is #YesterdaysCandidate, the old, white male that today’s Democrats crave to run against. Biden still owns a 1967 Corvette. It is an antique everyone admires, but no one would drive today.

No Democratic candidate provides a brighter alternative to Donald Trump than Pete Buttigieg. Could he give the incumbent a real run for his billions? Maybe, but Trump is still the odds-on favorite for re-election. 

First, he’s doing a good job delivering growth, jobs, and higher wages, and Democrats admit as much when they openly hope the economy won’t be in as good a shape in 2020. Desperate prayers for an economic downturn do not usually evolve into promising strategy. Second, Buttigieg is a self-described democratic capitalist and a voice of reason, but only in comparison to the rest of his left-lurching party. He is at home in a party that has swallowed Sanders’ socialist agenda whole. Behind his moderate appearance, he embraces the tenets of the global elite, including a carbon tax. That is the tax that alienated the working class from the cognoscenti in Emmanuel Macron’s France. Third, Buttigieg is young and untested, and newbie challengers often get beat when the economy is doing well. Adversaries don’t have to persuade people to vote against them, just to put them back in the pantry until they have time to ripen. Lastly, Democrats have control of the House and a reasonable shot of taking the Senate in 2020, when Republicans will defend 22 of the 34 seats contested. 

A turbulent Donald Trump may make the case that he is actually the candidate of stability and restraint, the indispensable counterbalance to a rabid and socialist Democratic Party, proving that God does have a sense of irony, if not humor. So party on, Democrats. As someone once wrote, “There is a great independence, and a confident immunity to risk, in all drinks made out of cactus.”

Alex Castellanos is a Republican strategist, a founder of Purple Strategies and a political analyst for ABC News.

FILE PHOTO: Attendee plays a video game at the E3 2017 Electronic Entertainment Expo in Los Angeles
FILE PHOTO: An attendee plays a video game next to the Nintendo booth at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake

April 25, 2019

By Sam Nussey

OSAKA (Reuters) – Japan’s Nintendo Co Ltd cautioned it will take time for the launch of its Switch console in China and dampened speculation about introducing a low-cost version of the device.

Nintendo’s partner Tencent Holdings won approval last week to sell the hybrid home-portable device in China. But though Nintendo Chief Executive Shuntaro Furukawa praised Tencent and the partnership on Thursday, he said Switch sales in China wouldn’t begin soon.

The news of the partnership and hopes that it will extend to mobile gaming helped lift Nintendo’s stock price to six-month highs last week. Mobile and PC gaming in China, the world’s largest video games market, dwarfs the market for consoles, whose growth has been pegged back by local regulations.

Nintendo’s push into mobile is yet to deliver a major hit, although analysts point to Mario Kart Tour, developed with DeNA and due for release this summer, as a possible contender.

The Kyoto-based gaming company, which has a reputation for making conservative forecasts, said it would sell 18 million Switch console units globally this financial year, up 6.2 percent from last year.

It expects operating profit to rise 4.1 percent to 260 billion yen ($2.3 billion) this year, well below an average analyst estimate of 342 billion yen, according to Refinitiv data.

Media reports that Nintendo is preparing a low-cost version of the Switch have helped push its shares higher in recent weeks.

Furukawa said at a news conference that while the company is always developing new hardware internally it has nothing to announce and had no plans to reveal new hardware at the E3 trade show in June.

Nintendo sold 16.95 million Switch hardware units in the year just ended, slightly undershooting its revised forecast of 17 million units. Nintendo had initially forecast sales of 20 million units before Furukawa took up the role in June.

The Switch games pipeline continues to create fan excitement, with two full Pokemon titles due later this year.

Nintendo expects to sell 125 million copies of Switch games in the current fiscal year, versus 118.55 million in the year ended in March.

The industry is facing a shake-up with established console gaming companies like Nintendo and Sony Corp exposed to competition from new entrants like Alphabet Inc’s Google offering browser-based games streaming services.

Furukawa said he welcomed new technology bringing games to users.

Nintendo’s shares closed up 1.3 percent ahead of the earnings announcement. Its share price has risen 32 percent year-to-date, pushing its market capitalization above 5 trillion yen.

(Reporting by Sam Nussey; Editing by Muralikumar Anantharaman)

Source: OANN


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