AFP

Disney announces two new Marvel 'Avengers' films at Comic-Con

25 Jul 2022

Disney announced a slew of Marvel superhero movies including two new “Avengers” films Saturday at Comic-Con, as it offered screaming fans an emotional first glimpse at its upcoming “Black Panther” sequel.

The record-breaking Marvel movies have dominated Hollywood and global box offices in recent years, with 2019’s “Avengers: Endgame” briefly becoming the highest-grossing film of all time at more than $2.79 billion.

“I wonder if you guys wouldn’t mind looking ahead a little bit?” studio president Kevin Feige asked the wildly cheering hall of die-hard superhero fans toward the end of a raucous hour-plus presentation at a San Diego convention center.

“Avengers: The Kang Dynasty” and “Avengers: Secret Wars” will hit theaters in 2025, he then announced.

The films will aim to follow in the footsteps of “Avengers: Endgame,” which built unprecedented hype by rounding off storylines presented in all the preceding Marvel films.

The two new “Avengers” titles will conclude the next “saga” of more than a dozen inter-connected films and television shows in the “Marvel Cinematic Universe,” said Feige.

“That will complete the second saga of the MCU, which of course is ‘The Multiverse Saga,'” he said.

The Marvel franchise in recent films and shows has explored the “multiverse” concept popularized by superhero comic books, in which infinite universes — and infinite versions of each hero and villain — exist in parallel realities.

– ‘Black Panther’ returns –

The Marvel presentation capped off the biggest day at Comic-Con, and drew the week’s loudest and most frenzied cheers in the 6,000 capacity Hall H, where many had camped in line for days to gain access.

It ended with the first trailer for “Black Panther: Wakanda Forever,” a sequel to the first comic book film to win a best picture Oscar nomination, set to premiere November 11.

Returning director Ryan Coogler, taking to the San Diego stage with a colorful troupe of African drummers and dancers, paid an emotional tribute to the first film’s star, the “late, great Chadwick Boseman.”

Boseman died from cancer in 2020, and his role is not being taken over by another actor in the new film.

“I promise you, I can feel his hand on me right now,” said Coogler.

“Chad is no longer with us physically, but his spirit, his passion, his genius, his pride in his culture, and the impact he made on this industry will be felt forever.” 

Coogler then presented new characters in the franchise being played by Michaela Coel and Tenoch Huerta.

Coel, who won an Emmy for “I May Destroy You,” praised the unique “energy” of the first “Black Panther” film, which was widely seen as a breakthrough for Black representation in mainstream Hollywood movies.

“I think it’s got something to do with a Black superhero, padded out a clan of Black superheroes and what that kind of does for Black people,” she said.

– Marvel A-listers –

Other Marvel films announced Saturday by Disney at the world’s most famous pop culture gathering included “Thunderbolts” and “Fantastic Four,” both due in 2024.

Feige also set out dates for “Blade” — in theaters November 2023 — and the newly titled “Captain America: New World Order” coming May 2024.

Bill Murray and Olivia Colman join the ranks of Hollywood A-listers flocking to the Marvel franchise, appearing in first-look footage from movie “Ant-Man and the Wasp: Quantumania” and Disney+ series “Secret Invasion” respectively.

Chris Pratt, Paul Rudd, and Lupita Nyong’o also appeared on stage Saturday along with Jonathan Majors, whose “Kang the Conqueror” character appears poised to become a major new supervillain for the franchise.

Turf wars stall Ireland's green agenda

25 Jul 2022

In the aftermath of the hottest day in Ireland for more than 130 years this week, small family groups picked their way across the Bog of Allen in the country’s midlands collecting sun-dried turf.

The briquettes of peat, which are liquorice black when hewn wet from the ground, had turned a toasted brown in the soaring July temperatures and were ready to be stored and burnt as winter fuel.

But the bog, like others across Ireland, has become a frontline in a struggle to cut carbon emissions and conserve peat lands, pitting rural communities against urban policy makers.

“There’s very deep anger and resentment that the likes of the Green Party and urban members of the Green Party think… they can run riot over the country people of Ireland,” John Dore a spokesman for the Kildare Turf Cutters Association told AFP.

Fourteen percent of the Irish population use turf, a smoky fuel, to heat their homes, according to Ireland’s Environmental Protection Agency (EPA).

For those who rely on the traditional energy source, which has been cut and burnt in the country for centuries, turf is a birthright.

“It’s a very cultural and community activity,” Dore explained. “We’re fuel independent. It’s about being independent as well.”

During a visit to Japan on Tuesday, Ireland’s prime minister Micheal Martin said his government needed to focus on emissions as it looks to set legally binding targets by the end of the month.

“I think what the heatwaves are showing, it’s bringing it home to people the enormity of the consequences of climate change,” he told reporters in Tokyo. 

“It’s here now.”

– ‘Back to the bog’ –

EPA figures released on Thursday showed a 4.7 percent rise in greenhouse gas emissions in 2021 compared to 2020 — and up 1.1 percent on 2019 pre-pandemic levels.

Martin’s three-party governing coalition, which includes Ireland’s Greens, has been licking its wounds after it tried to place curbs on the sale of turf earlier this year.

A series of heated debates on the restrictions triggered a rebellion among the government’s rural deputies.

One independent lawmaker from Tipperary, Mattie McGrath, said ministers needed a “trip back to the bog” to realise the impact of proposed restrictions on low-income families living in rural areas.

As he unveiled revised plans to curb the retail sale of turf last week, Green Party Environment Minister Eamon Ryan said controversial measures restricting the sale of turf to within communities of less than 500 people had been dropped.

Under the new rules, sales of turf to family, friends and neighbours will continue as before. 

But sales at retail outlets and online will be banned, along with the advertisement of turf sales in traditional media. 

For Patsy Power, a turf cutter whose family has rights to cut and remove turf on the Bog of Allen, the changes will make virtually no difference to the way he operates.

“We’ve been taking turf from here all my life time,” said Power, 60, who has seven siblings who gather turf from the same plot.

“We wouldn’t be selling it anyway, it’s merely for domestic use and it’ll merely be family,” he added as he took a break from throwing clods into the back of his truck.

– ‘Not worth the heat’ –

Dore called the government’s retreat a “bit of a victory”.

But he said the compromise had also been driven by factors such as rising energy prices and fuel insecurity from the war in Ukraine rather than concern for rural communities.

The spokesman, who also cuts and stores turf at his home nearby, said he understood Ireland had international climate commitments but characterised targeting turf farmers with curbs as “starting with the small guys”.

Conservationists have urged the government to grasp the nettle of turf cutting over the damage it does to bogs, which are natural carbon sinks and absorb carbon dioxide from the atmosphere.

“There’s no onus on turf cutters to restore the habitat or manage emissions from when they’re draining the bog,” said Tristram Whyte, policy officer for the Irish Peatland Conservation Council.

“Along with that all the peat silt enters the waterways and with the emissions there’s biodiversity loss.

“It’s the most emitting source of fuel that you can use… the effects from burning peat is not worth the heat.”

'Thrones' creator brings Westeros back to Comic-Con

25 Jul 2022

Three years on from “Game of Thrones,” author George RR Martin and the cast of new prequel “House of the Dragon” discussed the daunting challenge of following up HBO’s wildly popular series at Comic-Con on Saturday.

Martin’s series of fantasy books spawned “Thrones,” as well as several upcoming spin-offs. The first — out August 21 — will tell the history of the murderous reigning Targaryen family and their 17 dragons.

“It’s pretty exciting. You’re always nervous at the beginning, because these books, these characters are like my kids,” said Martin. 

“You wonder how they will be treated, will you recognize them when they come back to you?”

But, he added: “I’ve been very, very fortunate here… I’ve seen nine of the 10 episodes, and it’s pretty amazing.”

Set hundreds of years earlier, “House of the Dragon” depicts the glory days of the ancestors of popular “Thrones” characters, such as Daenerys Targaryen.

Paddy Considine plays the kindly King Viserys, while Matt Smith is cast as his ambitious brother Prince Daemon, and Emma D’Arcy his only child Princess Rhaenyra.

“This series begins at the absolute pinnacle of the dynasty, the height of the power, the wealth and influence,” said showrunner Ryan Condal.

“They have the most dragons that they’ll ever have, and it’s just before the bloom starts to come off the rose.”

Each of the 17 dragons will have its own distinctive look and character, he added.

– ‘Behemoth’ –

There was little by way of new footage at the Comic-Con presentation, but expectations are high for “House of the Dragon.”

Over eight seasons, the original “Thrones” became appointment viewing, spawned countless imitations and delivered 59 Emmys — a record for a drama at television’s equivalent of the Oscars.

But its final season was widely panned by fans and critics alike for failing to provide a satisfying conclusion.

Martin joked that the new series could spark a war among fans “next year.”

Olivia Cooke, who plays Alicent Hightower in the new series, said it felt “weird” trying to follow in the footsteps of “this behemoth.”

“There’s a massive pressure that we feel to give you guys what you want, but also make it different and to also put our own stamp on it,” she said.

“We’re so grateful for what came before, which was so amazing, and we just hope that this has the same legacy.”

Martin has played down talk of a rivalry with “Lord of the Rings: The Rings of Power,” out from Amazon Prime in September.

But he said his world of Westeros was filled with characters containing both good and evil, noting that “we don’t have orcs.”

– ‘Disrupt’ –

Comic-Con is taking place in-person and at full 130,000-strong capacity again for the first time in three years, after going online due to the pandemic.

Earlier on Saturday, Dwayne “The Rock” Johnson made a grand entrance to the convention center’s giant Hall H, appearing in full superhero costume raised above the stage amid smoke and thunder effects, to promote “Black Adam.”

The DC comic book adaptation about an ancient slave granted godlike powers who reawakens in the modern world comes out in October.

Warner are banking on the film boosting their DC superhero film universe, which has grossed billions without reaching the heights of rival and record-breaking Marvel films such as “Avengers: Endgame.”

“Maybe it’s time to feel a little bit of shift, get in there and disrupt things a little bit, and listen to the fans,” said Johnson.

Warner also presented superhero sequel, “Shazam! Fury of the Gods,” but rumors that “Superman” actor Henry Cavill would announce his return in a long-anticipated new film proved unfounded.

Asked who would win in a fight between “Black Adam” and “Superman,” Johnson cryptically responded: “Pound for pound they’re pretty close… it probably all depends on who’s playing Superman… I’ll leave it at that!”

Biden's Covid symptoms 'continue to improve': W.House doctor

23 Jul 2022

US President Joe Biden’s Covid symptoms “continue to improve” and he is tolerating treatment well, his White House physician said Saturday, two days after the 79-year-old tested positive for the virus.

Biden, who is isolating at the White House, completed a second full day of Paxlovid on Friday night, his doctor Kevin O’Connor wrote in a memorandum to the White House press secretary.

The US leader continues to experience a sore throat, runny nose, cough and body aches, but they are “less troublesome,” O’Connor said.

And his pulse, blood pressure, respiratory rate and temperature “remain entirely normal.” His oxygen saturation “continues to be excellent on room air,” while his lungs are “clear,” according to O’Connor.

He wrote that Biden will continue to take Paxlovid, as well as using Tylenol and an inhaler for his cough “as needed.” The president “is experiencing no shortness of breath at all,” O’Connor added.

He said that primary sequencing results showed Biden most likely had contracted the highly transmissible Omicron BA.5 subvariant, which is currently fueling a new Covid wave in the United States.

While Biden is reported to be in good general health, as the oldest US president ever elected his age heightens concern over the impact of Covid.

The White House has emphasized since Biden’s diagnosis that the president was fully vaccinated and twice boosted.

O’Connor reiterated that the president will keep isolating in accordance with guidelines from the US Centers for Disease Control and Prevention, and that his team will continue monitoring him “closely.”

Canada considers extending timeline for oil industry emission targets

25 Jul 2022

Canada, the world’s fourth-largest oil producer, is considering pushing back its greenhouse gas reduction timeline for its oil industry, the environment minister told media Saturday.

The government recognizes that “some of the measures that will be needed to achieve those deep emission reductions might require more time than what we have between now and 2030,” observed Canadian Environment Minister Steven Guilbeault in an interview with CBC’s “The House.” 

“There’s a possibility that if the industry needs a bit more time, then we can provide some flexibility while ensuring that Canada still meets its 2030 goals,” Guilbeault said. 

Last year Prime Minister Justin Trudeau’s government announced an enhanced plan to comply with the Paris Climate Agreement, aiming for a 40-45 percent reduction in its greenhouse gas emissions by 2030 from 2005 levels. 

The oil and gas industry, which makes up for more than a quarter of the country’s carbon emissions, is critical to achieving this goal, an interim target on the road to achieving carbon neutrality by 2050. 

According to Guilbeault, Ottawa is willing to “allow the industry a bit more time if they need this time to deploy the necessary infrastructure that they need to reduce emissions.” 

He did not specify how Ottawa planned to meet its 2030 international commitments if the oil and gas sector was allowed to push back its reduction targets. 

Canada has never before met its previous greenhouse gas reduction targets. 

The Pathways Alliance, a coalition of six Canadian oil producers, plans to reduce its CO2 emissions by 22 megatonnes by 2030, compared to a federal government target of 110 megatonnes, out of a total of 191 megatonnes emitted in 2019, according to CBC. 

Amazon forges 'Lord of the Rings' prequel hype at Comic-Con

25 Jul 2022

Nomadic hobbits, bearded female dwarves and enslaved elves — Amazon finally lifted the lid on its highly anticipated “Lord of the Rings: The Rings of Power” TV series at Comic-Con on Friday.

The enormously ambitious small-screen saga set in the world of J.R.R. Tolkien’s books has been in the works since Amazon Prime bought the rights for $250 million almost five years ago.

Fans, many of whom camped in line overnight at the world’s most famous pop culture gathering, were treated to a first look at footage, plus interviews with the creators and a 21-strong cast of hobbits, dwarves and elves in a packed presentation hosted by comedian and Tolkien-enthusiast Stephen Colbert.

“As fans and as viewers and lovers of Middle Earth and Tolkien, we didn’t want to do a side thing, or a spin off, or the origin story of something else,” said co-creator Patrick McKay.

“We wanted to find a huge Tolkienian mega epic. And Amazon were, wonderfully, crazy enough to say ‘yes, let’s do that.'”

Amazon is reportedly spending more than $1 billion to make five seasons — each running for 10 hours — the first of which launches on its streaming platform September 2, and which “reintroduces” Tolkien’s world of Middle Earth, said McKay.

Younger versions of elves Galadriel and Elrond — familiar characters to fans of Peter Jackson’s Oscar-winning “Lord of the Rings” trilogy — will be played by Morfydd Clark and Robert Aramayo.

But with the new TV show set 4,000 years before Jackson’s trilogy, in a fictional “Second Age” — a historical period sketched out in less detail by Tolkien’s writings — the creators had license to create many new characters.

“The field was wide open,” said co-creator J.D. Payne.

“Amazon bought the rights to basically 10,000 years of Middle Earth history and said, ‘Alright guys, let’s take all comers and see what you have to say.’

“We felt that the Second Age is freaking awesome. It’s Tolkien’s amazing, untold story, that is so iconic with the forging of the Rings of Power.”

– ‘Gorgeous, regal’ beard –

The series is said to be a personal obsession of Amazon founder Jeff Bezos, and represents the company’s biggest play yet in the so-called “streaming wars” with rivals including Netflix and Disney+.

Much of that cost went into lavish production values, evident to fans packed into the San Diego convention center’s 6,000-capacity Hall H, where they were treated to five clips from the show, plus a new trailer.

Though plot details remain under wraps, sprawling and intricately detailed settings from the books, including the island kingdom of Numenor — projected onto a giant screen wrapping around-three quarters of the arena — drew audible gasps.

“We built an entire city with several blocks and an entire wharf — it’s crazy and enormous,” said McKay.

“We built as much as any group of humans could,” added executive producer Lindsey Weber.

One clip during the 90-minute presentation introduced a group of Harfoots, nomadic ancestors to the hobbits of “Lord of the Rings,” who live in travelling carts rather than holes.

Another showed a wealthy dwarf kingdom — complete with the saga’s first bearded female dwarves — and a third clip found a group of elves in chains, forced to work for a gang of evil orcs.

“We’re establishing the female dwarf for the first time,” Sophia Nomvete, who plays dwarf princess Disa, told AFP after the presentation.

“We have gone with a version, a gorgeous, regal, one-hair-at-a-time application, divine, detailed version of a beard for the female dwarf, and I know you’re gonna love it!” 

– ‘Thrones’ and zombies –

Comic-Con is taking place in-person and at full 130,000-strong capacity again for the first time in three years, after going online due to the pandemic.

“The Rings of Power” is going head-to-head at the event with HBO’s “Game of Thrones” spin-off “House of the Dragon,” a rival fantasy series out next month, which gets its own Comic-Con presentation Saturday.

Elsewhere, post-apocalyptic zombie series “The Walking Dead” had its final Comic-Con presentation Friday, where it was confirmed that the record-breaking cable show’s final eight episodes will debut October 2.

But the undead franchise lives on, with fan favorite Andrew Lincoln telling ecstatic fans he will reprise his role as Rick Grimes for a limited series next year.

And Disney will wrap up the event’s major presentations Saturday evening with a presentation expected to feature its Marvel superheroes, including the eagerly awaited sequel “Black Panther: Wakanda Forever.”

Wrestling boss Vince McMahon retires from WWE amid hush money probe

25 Jul 2022

Vince McMahon, the promoter who built a pro wrestling show into a global entertainment empire, Friday announced he was retiring as head of World Wrestling Entertainment — under a cloud of serious sexual misconduct allegations.

McMahon, whose longtime friends include Donald Trump, became a character in his own wrestling promotions at one stage and even launched a rival to the NFL — his over-the-top XFL.

“As I approach 77 years old, I feel it’s time for me to retire as chairman and CEO of WWE,” McMahon said in a statement. “Throughout the years, it has been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you.”

McMahon stepped down from his roles with WWE last month pending the results of an internal investigation after allegations he had an affair with an employee and paid her $3 million to keep the matter secret.

His daughter Stephanie was named interim CEO and chairman while the ongoing investigation continues — amid widening allegations of misconduct.

The Wall Street Journal reported two weeks ago that McMahon has paid more than $12 million to four women formerly associated with WWE over the past 16 years to keep quiet about affairs and alleged misconduct, including a former female wrestler who claims he coerced her into oral sex.

– Global phenomenon –

After taking over from his father, also named Vince, and grandfather Jess, McMahon transformed the WWE from its regional beginnings, into a publicly traded international enterprise with hundreds of employees in offices worldwide.

As he took the sport global, the younger McMahon delivered a unique and colorful brand of wrestling, recruiting the likes of Hulk Hogan — who went on to become a megastar far beyond his ring performances.

WWE wrestlers became cultural icons as McMahon used music and storytelling to introduce his stars into mainstream culture, delivering major events such as the first Wrestlemania in 1985 at New York’s Madison Square Garden.

“The Rock” went from WWE icon to Hollywood superstar while “Captain” Lou Albano was in a Cyndi Lauper music video, and Hogan had star turns alongside Mr. T and Sylvester Stallone in a prime example of the crossover star mix that McMahon delivered.

McMahon also has longstanding ties to the celebrity-turned-president Donald Trump, who is a WWE Hall of Fame inductee — and who gave  McMahon’s wife Linda a government role as head of the small business administration.

At the culmination of a staged feud, Trump once famously body-slammed the WWE boss, and shaved his head in the middle of a wrestling ring on live television.

Through telecasts and live shows, the WWE became a star-making machine melding the entertainment and sport realms, producing such colorful characters as “Stone Cold” Steve Austin, “Macho Man” Randy Savage, “The Undertaker,” and Ted DiBiase, also known as “The Million-Dollar Man.”

McMahon had kept in the background as a commentator until the late 1990s when he developed an evil “Mr. McMahon” character and a notable dispute with Austin, his own soap opera storylines becoming a big draw.

In February, 2001, McMahon launched the XFL with many of the same flashy extreme moves and off-field storylines that worked in WWE, but the would-be NFL rival folded after one season due to low television ratings and a comeback bid in 2020 was undone by Covid-19.

– ‘Dedication & passion’ –

McMahon thanked his family, employees and performers for building WWE’s success.

“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always,” McMahon said. 

McMahon said he leaves the company is the hands of daughter Stephanie and co-chief executive officer Nick Khan.

“As the majority shareholder, I will continue to support WWE in any way I can,” he said.

Global stocks mixed as Snap shares dive after earnings

25 Jul 2022

European stocks edged back into positive territory while Wall Street retreated Friday as Snap shares fell off a cliff after reporting bleak quarterly results.

Meanwhile, the euro came under pressure after a key survey suggested the single-currency area could be on the verge of recession due to slumping demand and rising costs.

A bigger-than-expected hike in interest rates by the European Central Bank failed to provide a lasting boost to the euro, as political turmoil in Italy also clouds the outlook.

Economic activity in the eurozone plummeted in July, the closely watched purchasing managers’ index, or PMI, showed, with a big drop in manufacturing and consumers’ post-lockdown spending sprees braked by high prices.

“The eurozone is teetering on the brink of recession,” said Andrew Kenningham, economist at Capital Economics. “The ECB will have to follow up on yesterday’s historic rate hike with several more in the coming months even though this will worsen the downturn.”

Nevertheless, Paris, Frankfurt and London all edged higher.

Back on Wall Street, a three-day streak of gains ended, cutting into the week’s gains.

The broad-based S&P 500 ended at 3,961.63, down 0.9 percent for the day, but up 2.5 percent for the week.

“Even though results are not great, they have been good enough,” said Angelo Kourkafas, investment strategist at Edward Jones. 

“What has helped the markets rebound aside from good enough earnings is the declining inflation expectations.”

But results by Snap, the owner of the Snapchat messaging app, landed like a bombshell, with quarterly losses nearly tripling to $422 million despite revenue increasing 13 percent under conditions “more challenging” than expected.

Its shares plummeted nearly 40 percent.

The results also weighed on Facebook parent Meta Platforms, which dropped 7.6 percent, and Google parent Alphabet, which shed 5.8 percent amid worries over internet advertising.

This week’s rally in New York has fueled hopes that the market may be poised for a recovery after a bruising first half of 2022.

But Chris Beauchamp, chief market analyst at online trading platform IG, said that while this week’s rebound in equities had lasted longer than previous ones, it was on borrowed time. 

Investors “will be wary of pushing their luck too hard into next week, given the avalanche of earnings heading their way, plus a (US Federal Reserve interest rate) decision and the first reading on US second quarter GDP.”

– Key figures at around 2120 GMT –

New York – Dow: DOWN 0.4 percent at 31,899.29 (close)

New York – S&P 500: DOWN 0.9 percent at 3,961.63 (close)

New York – Nasdaq: DOWN 1.9 percent at 11,834.11 (close)

London – FTSE 100: UP 0.1 percent at 7,276.37 (close)

Frankfurt – DAX: UP 0.1 percent at 13,253.68 (close)

Paris CAC 40: UP 0.3 percent at 6,216.82 (close)

EUROSTOXX 50: FLAT at 3,596.49 (close)

Tokyo – Nikkei 225: UP 0.4 percent at 27,914.66 (close)

Hong Kong – Hang Seng Index: UP 0.2 percent at 20,609.14 (close)

Shanghai – Composite: DOWN 0.1 percent at 3,269.97 (close)

Euro/dollar: DOWN at $1.0220 from $1.0230 on Thursday

Pound/dollar: UP at $1.1998 from $1.1995 

Euro/pound: DOWN at 85.07 pence from 85.28 pence

Dollar/yen: DOWN at 136.05 yen from 137.36 yen

West Texas Intermediate: DOWN 1.7 percent at $94.70 per barrel

Brent North Sea crude: DOWN 0.6 percent at $103.20 per barrel

burs-jmb/ec

Twitter says Musk 'uncertainty' hurting revenue

25 Jul 2022

Twitter blamed disappointing results Friday on “headwinds,” including the uncertainty imposed on the company by Elon Musk’s chaotic buyout bid. 

The firm is locked in a legal battle with the mercurial Tesla boss over his effort to walk away from a $44 billion deal to purchase the platform, leaving the company in limbo.

Twitter missed expectations with revenue of $1.18 billion, due to “advertising industry headwinds… as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk,” the company reported.

Also, in the current context of tightening credit conditions and economic turbulence, many companies like Twitter that rely heavily on ads are suffering from a decrease in advertisers’ budgets.

“Twitter is on a rowboat in the middle of a storm,” said analyst Jasmine Enberg. “The Musk saga rocked the boat even harder.” 

“Twitter is now in the unenviable position of convincing advertisers that its ad business is solid,” she added.

Twitter also reported that the number of “monetizable” daily active users — those who can be shown advertising — increased by 8.8 million, less than expected by analysts, to 237.8 million. 

“Overall we would characterize the daily active user metrics as better than feared and holding up relatively firm in this environment,” said analyst Dan Ives.

Despite the less than stellar results, Twitter’s stock closed up nearly one percent at $39.84, as investors seemed relieved the news wasn’t worse.

By comparison, Snap’s stock finised down 39 percent a day after the parent company of messaging app Snapchat reported disappointing earnings. 

Twitter’s results cover the period ending in June so don’t include Musk’s move in July to try to “terminate” the deal on the argument that the platform was not forthcoming about its tally of fake accounts.

The social media network, which is a key exchange of ideas, news and entertainment, has countered by saying the Tesla chief already agreed to the deal and can’t back out now.

“Twitter believes that Mr. Musk’s purported termination is invalid and wrongful, and the merger agreement remains in effect,” it said in the earnings report.

– Twitter left in limbo –

Twitter notched a victory earlier this week in its fight with Musk, when a judge agreed to a fast-track trial on whether to force the billionaire to complete the buyout.

Musk’s lawyers had pushed for a February 2023 date, but the court in the eastern US state of Delaware hewed closely to the uncertainty-wracked platform’s desire for speed and set an October start.

Billions of dollars are at stake, but so is the future of Twitter, which Musk has said should allow any legal speech — an absolutist position that has sparked fears the network could be used to incite violence.

While the deal remains in limbo, Twitter is left with anxious employees, wary advertisers and hamstrung management.

In early May, at an annual marketing event where companies negotiate large advertising deals, Twitter was “not able to give advertisers any clarity or confidence” that it would continue to be safe showcase for them, Angelo Carusone, president of watchdog group Media Matters, told AFP previously.

“They didn’t go anywhere close to what they normally sell at that event. And it’s obviously been sluggish since then,” he said.

The San Francisco-based social network cannot afford to lose customers. 

Unlike big fish such as Google and Facebook parent Meta, which dominate online advertising and make billions in profits, Twitter lost hundreds of millions of dollars in 2020 and 2021.

The group will capture less than one percent of global ad revenue in 2022, according to eMarketer, compared to 12.5 percent for Facebook, nine percent for Instagram and nearly two percent for booming upstart TikTok. 

Stocks mixed as traders eye weak data, euro drops

26 Jul 2022

Equity markets in Asia and Europe were mixed Friday as traders struggled to track another Wall Street rally, with below-par US data easing expectations for a sharper pace of interest rate hikes but adding to recession worries.

The euro gave back most of the gains enjoyed after the European Central Bank ramped up borrowing costs more than forecast, with energy concerns and Italian political turmoil fuelling worries of a recession in the currency union.

Investors have had a rollercoaster week as they try to gauge the outlook with earnings so far relatively positive but economic data mixed and geopolitical events clouding sentiment.

All three main indexes in New York enjoyed strong days thanks to a bump in tech firms, while another bigger-than-expected rise in US jobless claims indicated that higher Federal Reserve rates and a spike in inflation could be kicking in.

The reading — along with a big miss on the closely watched Philadelphia Fed business survey — could allow the central bank to pull back from its campaign of monetary tightening sooner, giving some relief to the world’s top economy.

The figures also suggested, however, that recessionary threats were rising and showed that the Fed has a tough task of doing enough to bring inflation down from four-decade highs while also nurturing fragile growth.

Analyst Tapas Strickland said July data was considered volatile owing to seasonal adjustments, but that the higher jobless claims were “consistent with growing anecdotes of hiring freezes and layoffs at several multinational companies” such as Google, Apple and Microsoft.

“A loosening labour market is being sought after by the Fed to put downward pressure on inflation, but with inflation remaining high we shouldn’t expect any pivot from the Fed,” he added.

Tech firms had enjoyed a broadly positive reporting season, he said, but for those in the “non-tech and non-financial sectors guidance has been weak on the outlook and consistent with a slowing economy”.

Asian markets started brightly but lost some of their lustre as the day wore on.

Tokyo, Hong Kong, Mumbai, Taipei, Singapore, Manila and Jakarta all posted gains but were off their highs, while Sydney was flat, and Shanghai, Wellington and Seoul edged down.

London, Frankfurt and Paris fluctuated in early trade.

OANDA’s Jeffrey Halley warned the Fed’s meeting next week was a major event on the calendar.

“The statement will be crucial and, depending on how it plays out, could stop what I consider a bear market rally, in its tracks,” he said in a note.

“Inflation remains and will remain stubbornly high, geopolitical risk abounds, growth is slowing around the world, and recession risks are rising. I can’t see how that is a productive environment for equities, and that’s before the rest of big-tech reports quarterly earnings.”

The euro dropped after enjoying a bounce Thursday in response to the ECB’s decision to lift rates by 50 basis points, double what was expected, in a bid to rein in runaway inflation.

The move brings an end to the bank’s eight-year-old negative interest rate policy and is more in line with its global peers, particularly the hawkish Fed.

However, the single currency — which has recovered after hitting dollar parity last week — suffered fresh selling Friday as a fresh batch of figures showed eurozone economic activity contracted in July.

It will face further pressure with US borrowing costs likely to jump again after the Fed’s meeting next week.

Fresh political upheaval in Italy — with the downfall of Prime Minister Mario Draghi’s government — will provide another headache for the ECB, which also has to contend with the constant threat of an energy crisis.

While Russia on Thursday resumed gas flows to Europe after a 10-day maintenance shutdown, leaders fear Vladimir Putin could at any time switch off the Nord Stream 1 pipeline in retaliation for sanctions on Moscow related to the invasion of Ukraine.

– Key figures at around 0810 GMT –

Tokyo – Nikkei 225: UP 0.4 percent at 27,914.66 (close)

Hong Kong – Hang Seng Index: UP 0.2 percent at 20,609.14 (close)

Shanghai – Composite: DOWN 0.1 percent at 3,269.97 (close)

London – FTSE 100: FLAT at 7,271.85

Euro/dollar: DOWN at $1.0150 from $1.0232 on Thursday

Pound/dollar: DOWN at $1.1925 from $1.2002 

Euro/pound: DOWN at 84.99 pence from 85.22 pence

Dollar/yen: UP at 137.61 yen from 137.34 yen

West Texas Intermediate: DOWN 0.4 percent at $95.97 per barrel

Brent North Sea crude: DOWN 0.4 percent at $103.46 per barrel

New York – Dow: UP 0.5 percent at 32,036.90 (close)

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