Monday, June 17

Business

ConocoPhillips will acquire Marathon Oil in a $22.5 billion all-stock deal
Business

ConocoPhillips will acquire Marathon Oil in a $22.5 billion all-stock deal

The oil industry in the United States, the world's largest producer of crude oil, is made up of many small and medium-sized oil companies, ranging from family businesses with a few wells in one state to global giants like Exxon Mobil. Wall Street values ​​ConocoPhillips at about $140 billion, or about 10 times larger than Marathon Oil but about a quarter of Exxon. Oil companies have completed some of the largest acquisitions in the past year despite regulatory scrutiny from the Biden administration and oil market volatility. U.S. giants have capitalized on record profits, giving them the firepower to acquire smaller companies with operations in oil-rich regions such as the Permian Basin in New Mexico and Texas and the Gulf of Mexico. Among the drivers of consolidation is that companies ...
Sony Pictures Acquires Alamo Drafthouse in Lifeline to Cinema Chain
Business

Sony Pictures Acquires Alamo Drafthouse in Lifeline to Cinema Chain

Terms of the deal were not disclosed. Sony bought Alamo from Altamont Capital Partners and Fortress Investment Group, as well as the chain's founder, Tim League. Mr League said the cinema chain was “more than thrilled” with the deal. This comes at a time of financial difficulty for the Alamo and the film industry as a whole. Many of Alamo's franchised locations filed for bankruptcy and closed this month, making Sony's move a potential lifeline for the struggling chain. Alamo filed for Chapter 11 bankruptcy in 2021 before a private equity firm intervened. The theaters will continue to operate under the Alamo Drafthouse brand, Sony said, although they will be operated by a newly formed division at Sony led by Michael Kustermann, Alamo's chief executive. “Alamo Drafthouse has always held...
Fox News and MSNBC Notch Rating Win After Trump Verdict
Business

Fox News and MSNBC Notch Rating Win After Trump Verdict

The jury was unanimous. But the cable news verdict was a split decision. Viewers across the country rushed to television screens Thursday to learn the outcome of the Manhattan criminal case against former President Donald J. Trump. Fox News got the most viewers for breaking coverage of the 34 allegations, drawing 4.7 million viewers from 5 to 6 p.m., according to Nielsen. That's a huge number of viewers for a weekday afternoon and easily surpassed the audiences of CNN, MSNBC and broadcast networks that interspersed regular programming with special reports. In the evening, after the news of the verdict, MSNBC's audience increased. In an extremely rare prime-time win, the left-leaning channel overtook Fox News, the perennial No. 1 cable news station. 1. 1, both in terms of total viewers...
Post Newsroom reacts to Sally Buzbee’s exit
Business

Post Newsroom reacts to Sally Buzbee’s exit

According to a recording obtained by the New York Times, one of the Washington Post's political stars, Ashley Parker, asked how the paper had arrived at its decision, adding that a skeptical interpretation might be that Mr. Lewis was simply hiring his associates to help him manage the post office. Mr. Lewis is in many ways orchestrating a reunion with the people he worked with in the early chapters of his career. As publisher of the Wall Street Journal, he appointed Murray to the paper's top editorial position in 2018. And he worked with Winnett for years, first at the Sunday Times and then at the Telegraph. “When you were here before, you talked very movingly about how you care about diversity — and people talk about diversity — but then when push comes to shove, they say, 'Well, I look...
Tesla shareholders will vote on Elon Musk’s big payday.  What happens then?
Business

Tesla shareholders will vote on Elon Musk’s big payday. What happens then?

Tesla could use shareholder approval to support Musk's case in court. If it wins the vote on Musk's compensation, the company is likely to turn to Chancellor Kathaleen McCormick, the Delaware Court of Chancery judge who rejected the compensation plan, and argue that shareholders, armed with information she says not having had it when they approved the package, they ratified the proposal again. This, according to the company, makes the issue controversial. If McCormick were to declare the plan acceptable, it is likely that the plaintiffs who initially sued will appeal to the Delaware Supreme Court. Among their potential arguments: The new vote does not resolve an issue that had already been decided by a judge, and shareholder votes may have been influenced by implicit threats to Tesla's ...
Muhammad Ali’s childhood home is up for sale
Business

Muhammad Ali’s childhood home is up for sale

George Bochetto, a Philadelphia lawyer who claimed to own the house with his late partner's widow, bought it in 2016 for $60,000. “It was abandoned for many years. It was run down,” Mr. Bochetto said in an interview Tuesday. He marveled at how “this little house on the western edge of Louisville, modest as it was, could produce a magnificent world figure.” He added: “Muhammad Ali was one of my heroes as a child.” Mr. Bochetto said he wants the new owners to "make sure the house is preserved" as an honor to him. The sale would also include the contents of the house, he said. “My goal now is to sell this property to an institution or an individual or group of individuals who will be dedicated to preserving and promoting the property as a national historic site and monument,” he said. ...
The United States leads the way in antitrust investigations into Nvidia, Microsoft and OpenAI
Business

The United States leads the way in antitrust investigations into Nvidia, Microsoft and OpenAI

For months, Nvidia, Microsoft and OpenAI have largely escaped the brunt of the Biden administration's regulatory scrutiny. But things started to change when generative AI, capable of producing human-like text, photos, video and audio, hit the scene in late 2022 and created a frenzy in the industry. Regulators have recently signaled that they want to get ahead of developments in artificial intelligence. In July, the FTC launched an investigation into whether OpenAI had harmed consumers through data collection. In January, the FTC also launched a broad investigation into strategic partnerships between tech giants and AI startups, including Microsoft's investments in OpenAI and Google and Amazon's investments in Anthropic, another young AI company . artificial intelligence. However, the ...
Modi in India, humiliated by voters, faces serious economic difficulties
Business

Modi in India, humiliated by voters, faces serious economic difficulties

The humiliation of Modi's party resonates in part as an expression of popular frustration that India remains a land of economic peril for hundreds of millions of people, as well as a country characterized by startling contrasts in wealth. In big cities, five-star hotels boasting luxurious spas look down on teeming, unsanitary slums. In rural areas, malnutrition prevails under many roofs and families struggle to find the money to send their children to school. Even though its working-age population numbers about a billion, India has only 430 million jobs, according to the Center for Monitoring Indian Economy, an independent research institute based in Mumbai. And most of those considered employed are stuck in precarious circumstances as day laborers and farm workers, lacking reliable wa...
How the Humane AI Pin Failed
Business

How the Humane AI Pin Failed

Ms. Bongiorno and Mr. Chaudhri said Humane was working on problems with the device. The startup has added more voice navigation options to the device, as well as sound effects, to make it easier to use. The updates include the integration of OpenAI's latest chatbot system, GPT-4o, designed to improve battery life by 25% and reduce the device's response time to two seconds. Those updates responded to questions raised by auditors, the founders said. Ms. Bongiorno defined the reviews and feedback as “a gift given to us”. Companies are interested in the device, he added. Within 48 hours of its launch, more than 1,000 companies – including the retail, medical and education sectors – reached out to discuss a possible collaboration or creation of pin software, Bongiorno said. Humane has also...
Business

Check out photos from inside the 2024 Belmont Stakes

Summer at the spa - a ritual that has lasted nearly 200 years - began early in Saratoga Springs, New York, with the third leg of the Triple Crown, the Belmont Stakes, held Saturday for the first time at Saratoga Race Course, a relic revered where elites and others mingle, but horses dominate. Broadway, the city's central thoroughfare, was abuzz with activity. Lines for picnic tables along the trail formed before dawn. A new color, Belmont Green, blends with the track's signature red and white coating. Owners, trainers, runners and loyalists all hailed the break with tradition for the 156th edition of the race.