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CBS - CBS Corporation

NYSE - NYSE Delayed Price. Currency in USD

50.08

+0.07 (+0.14%)

At close: 4:02PM EDT

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Previous Close	50.01
Open	50.14
Bid	0.00 x 800
Ask	0.00 x 800
Day's Range	49.35 - 50.23
52 Week Range	41.38 - 59.56
Volume	2,124,053
Avg. Volume	2,162,573

Market Cap	18.772B
Beta (3Y Monthly)	0.87
PE Ratio (TTM)	6.25
EPS (TTM)	8.01
Earnings Date	Aug 8, 2019
Forward Dividend & Yield	0.72 (1.44%)
Ex-Dividend Date	2019-06-07
1y Target Est	61.57

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Yahoo Finance Video16 days ago
DAZN looking at bid to show live NFL games
NFL has been considering chopping up the rights to its Sunday Ticket package, and a Bloomberg report is out this morning that says UK-based streaming service DAZN is very interested in the NFL rights. Yahoo Finance's Dan Roberts, Myles Udland, and Melody Hahm discuss the potential deal.
InvestorPlace14 hours ago
CBS Stock: Broadcasting Circling the Drain
When I was a child CBS (NYSE:CBS) was a huge deal. Ratings of 30 were common.On Sunday CBS' evening line-up scored an average rating of 3.1. The re-boot of the CBS Evening News, once "must see" TV with Walter Cronkite, drew just 5.6 million viewers.This was only partly due to a contract dispute with AT&T (NYSE:T), which pulled its programs from cable systems in select cities and from DirecTv. A CBS website was erected to protest the change.InvestorPlace - Stock Market News, Stock Advice & Trading TipsCBS is talking about merging back with Viacom (NASDAQ:VIAB), but even that would create a minnow in the new entertainment universe. That combined $30 billion market cap would be competing with ABC-parent Walt Disney (NYSE:DIS), now worth $254 billion, and NBC-parent Comcast (NASDAQ:CMCSA), worth $199 billion. Let's not even discuss Cloud Czars like Alphabet's (NASDAQ:GOOGL, NASDAQ:GOOG) YouTube and Amazon (NASDAQ:AMZN) Prime controlling the new world. * 10 Stocks to Buy From This Superstar Fund The bottom line is, if you bought CBS shares five years ago, you're down 14%, and have collected $2.16 per share in dividends on a $60 investment. Bad Days at Black RockCBS has been hampered by the slow demise of Sumner Redstone, whose National Amusements has control of both CBS and Viacom. Redstone's daughter Shari has control of the stake now, and wants to put the companies back together, under Viacom CEO Bob Bakish.The prime asset would be "Star Trek," originally an NBC show that debuted in 1966. CBS is teasing a new show called "Star Trek: Picard," starring 79-year old Sir Patrick Stewart and members of the original "Star Trek: Next Generation" cast.But bringing CBS back may be "Mission Impossible" (which they also own). Combining the CBS All Access streaming service with Viacom's Showtime still gets you to just 8 million households. Netflix (NASDAQ:NFLX) has over 151 million (and a market cap of $135 billion).The hope is that Viacom's Paramount studio would bring content that increases the take-up of All Access. Much depends on Bakish, who bought Pluto TV, an ad-based streaming service, for $340 million. He also bought a stake in Jeffrey Katzenberg's Quibi and pushed Viacom into e-Sports. Maybe, given a bigger war chest, Bakish could buy Starz or Univision. Maybe he could merge the combined entity with Discovery (NASDAQ:DISCA), which has a market cap of $15 billion (for now, CBS is competing against Discovery with a new network called Dabl). CBS No AccessThe dispute with AT&T highlights the company's weakness.Cable operators still pay broadcasters for the right to put local stations on their networks. CBS claims AT&T is offering less than other operators for its content, which includes news, sports, and the Smithsonian channel.AT&T accuses CBS of being a repeat "blackout offender," pulling its content from DISH (NASDAQ:DISH) and Charter (NASDAQ:CHTR) Spectrum to get better terms. They also don't like CBS pushing viewers toward its All Access streaming service, which competes with AT&T's HBO Max. The Bottom Line on CBS StockThe rise of Netflix has changed the entertainment game and no one, especially not CBS, has yet adjusted.Streaming makes all a service's shows and movies available 24 hours per day, seven days a week. The issue isn't the money it costs, but the time people are willing to spend watching it all.Cutting cable, which saves upwards of $150-$200 per month at some households, leaves a huge pot of gold for streaming services, but it doesn't add time to the TV-watching budget. Whether a service costs $10 a month, like CBS All Access without commercials, or whether it's free like Pluto TV, matters less than if people have time to watch.Services like CBS All Access, HBO Max, and Disney's Disney+ are paying out big bucks to build "must see" lineups, but they can't all get through the small door of viewer attention. There are going to be casualties. CBS and Viacom could easily be one of them.Dana Blankenhorn is a financial and technology journalist. He is the author of a new environmental story, Bridget O'Flynn and the Bear, available now at the Amazon Kindle store. Write him at danablankenhorn@gmail.com or follow him on Twitter at @danablankenhorn. As of this writing he owned shares in AMZN. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Buy From This Superstar Fund * 7 Stocks to Buy This Summer Earnings Season * 7 Marijuana Penny Stocks to Consider for Those Who Can Handle Risk The post CBS Stock: Broadcasting Circling the Drain appeared first on InvestorPlace.
Market Realist2 days ago
AT&T Customers Miss Out amid CBS Blackout Dispute
AT&T; (T) has reportedly failed to renew its carriage programming contract with CBS (CBS) amid disputes about higher fees.
Market Realist2 days ago
CBS-Viacom Merger Talks Continue
CBS (CBS) and Viacom (VIAB) are progressing with merger talks, according to a report from Fox Business. Currently, the deliberations are quiet.
American City Business Journals4 days ago
Report: Millions left without CBS programming amid battle with AT&T
In an early morning tweet on Saturday, CBS confirmed that its stations had been dropped for DirecTV and AT&T; U-Verse customers.
Simply Wall St.4 days ago
What Kind Of Shareholders Own CBS Corporation (NYSE:CBS)?
Every investor in CBS Corporation (NYSE:CBS) should be aware of the most powerful shareholder groups. Institutions...
Reuters4 days ago
UPDATE 1-CBS stations go dark for DirecTV customers amid contract dispute with AT&T
CBS Corp and AT&T Inc failed to renew their contact, resulting in millions of DirecTV subscribers losing access to CBS programming. CBS television stations in over a dozen U.S. cities, including New York and Los Angeles, went dark for DirecTV customers effective 0200 ET (0600 GMT), CBS said in a statement on Saturday. "While we continue to negotiate in good faith and hope that AT&T agrees to fair terms soon, this loss of CBS programming could last a long time," CBS added, as the companies blamed one another for the deal's collapse.
Reuters4 days ago
CBS stations go dark for DirecTV customers amid contract dispute with AT&T
CBS television stations in over a dozen U.S. cities, including New York and Los Angeles, went dark for DirecTV customers effective 0200 ET (0600 GMT), CBS said in a statement on Saturday. "While we continue to negotiate in good faith and hope that AT&T agrees to fair terms soon, this loss of CBS programming could last a long time," CBS added, as the companies blamed one another for the deal's collapse. CBS, the network with hit shows like "NCIS" and "The Late Show with Stephen Colbert" is directing customers to a website called "KeepCBS.com", where they are urged to mail, call or post messages onto DirecTV's social media pages.
Market Realist7 days ago
AT&T Might Face Blackout of CBS and Nexstar Channels
AT&T’s fight with CBS and Nexstar Telecom company AT&T (T) is currently facing a carriage fee dispute with station owners Nexstar Media as well as CBS (CBS). AT&T has not agreed to the terms of the broadcasters. Nexstar’s local channels including ABC, CBS, NBC, Fox, and The CW have been part of the blackout since July 4.
Benzinga8 days ago
CBS Warns That DirectTV, U-Verse Might Drop Network If Deal Isn't Reached By July 19
CBS Corporation (NYSE: CBS) said Tuesday it continues to negotiate “resolutely and in good faith” but warned that so far it has been unable to reach an agreement to keep its programming on various cable and satellite services owned by AT&T Inc. (NYSE: T), which could result in a blackout. The two companies are trying to work out an extension of a carriage agreement for CBS programming ahead of its expiration at midnight Pacific Time on Friday. “CBS has reached timely, fair agreements with hundreds of other cable, satellite, telco and internet providers to carry our industry-leading, fan-favorite programming,” the company said in a statement released Tuesday.
Benzinga8 days ago
Bank Of America Revisits CBS-Viacom Merger Reports
The on-again-off-again reports of CBS Corporation (NYSE: CBS ) acquiring its sister company Viacom, Inc. (NASDAQ: VIAB ) resumed this week with a higher chance of a merger completing compared to prior ...
Motley Fool8 days ago
After Hours: CBS and Viacom Apparently Set a Date, OrganiGram Nixes Experiment
The looming merger in big entertainment seemingly has a deadline, and a big reason for a marijuana stock's quarterly loss is revealed.
InvestorPlace13 days ago
10 Stocks to Buy for Less Than Book
The S&P 500 is up 20% year to date through July 11. It's a big reason why Morgan Stanley downgraded global stocks from equal weight to underweight. The stocks to buy are few and far between.In fact, Morgan Stanley's chief investment officer Mike Wilson believes the S&P 500 will gain 1% over the next 12 months in the best-case scenario and lose 7.6% in the worst. Therefore, the idea of finding stocks to buy for less than book seems like an absolute impossibility given the state of the markets. InvestorPlace - Stock Market News, Stock Advice & Trading TipsNonetheless, I did a screen to find value stocks based on book value. I was able to find 160 stocks with a market cap of $2 billion or more that were trading for less than book value. Of those, 31 belonged to the S&P 500. * 10 Stocks to Sell for an Economic Slowdown To make things interesting, I'm going to recommend 10 stocks to buy for less than book value; five from the S&P 500 and five outside the index. May the best value stocks win. Stocks to Buy: Molson Coors (TAP)Molson Coors (NYSE:TAP), the maker of beers such as Coors Light, Miller High Life and Molson Canadian, currently trades at 0.89 times book value. It has a total return year to date of 0.94%. Molson Coors entered into a 50/50 joint venture with Hexo (NYSEAmerican:HEXO), a Montreal-based cannabis company, in August 2018. In June, TAP detailed its plans for cannabis-infused drinks for the Canadian market. Plans include selling multiple types of beverages the day (December 16) derivative cannabis products such as cannabis-infused drinks, edibles, and concentrates can be legally sold. "We'll have a very large supply so we'll be in a good position to be able to meet the demand of the marketplace and at the same time also ensure that we're meeting the variety that the marketplace wants," Jay McMillan, Hexo's vice president of strategic development said at the World Cannabis Congress recently. In my opinion, edibles and drinks are going to be much bigger than the sale of dried flower within 2-3 years. Molson Coors has an inside track. News Corp. (NWSA)News Corp. (NASDAQ:NWSA), the news and publishing arm of Rupert Murdoch's empire, currently trades at 0.84 times book value. It has a total return year to date of 18%.Lachlan Murdoch, who is the CEO of News Corp., recently discussed how the company is focusing on opportunities that revolve around live content to survive in the digital age. "Of the advertising revenue, the remarkable statistic is that 70% of that revenue is derived from live television, and the reason that we've structured a company for that is because… when we are talking absolutely instantaneous live news, sports, opinion is where these people aren't delaying; they're highly engaged. As media gets more fragmented, the value of live is only increasing," Murdoch stated at the Cannes Lions festival in June. * 7 Retail Stocks to Buy for the Second Half of 2019 The Murdochs might have sold off a significant chunk of their assets, but the ones it still has are likely worth a lot more than people are valuing them. Loews (L)Loews (NYSE:L), the New York-based holding company that once controlled CBS (NYSE:CBS), currently trades at 0.89 times book value. It has a total return year to date of 22.3%. Loews is having a year in the markets unlike any it's had in a very long time, yet you can still buy its stock for less than book value. Loews' holdings are a combination of public and private entities. It's a sum-of-the-parts is worth more than the current valuation type of story. Currently run by James Tisch, Loews biggest holding is an 89% stake in commercial property and casualty insurer CNA Financial (NYSE:CNA). As of March 31, Loews stake was worth $10.5 billion. Its current market cap is $16.8 billion. In addition to CNA, it owns 53% of offshore driller Diamond Offshore Drilling (NYSE:DO), a holding that's seen significant deterioration in the past few years. Currently trading below $10, DO traded as high as $50 in 2014. The stake in DO alone makes Loews stock a good buy below book value. Kraft Heinz (KHC)Kraft Heinz (NASDAQ:KHC), the food conglomerate 27% owned by Warren Buffett, currently trades at 0.74 times book value. It has a total return year to date of -25.4%. I have not been a fan of Kraft Heinz in large part because of its slash-and-burn style of running businesses. That said, I did offer up KHC stock in February as a good contrarian play. The caveat was that certain things needed to happen before its stock got higher. Those changes included paying down debt, getting rid of 3G Capital as a major owner of the company, and upping its innovation game. To date, it hasn't done much to meet my seven suggestions, except to replace former CEO Bernardo Hees with Miguel Patricio, the former chief marketing offer at Anheuser-Busch InBev (NYSE:BUD), another of 3G Capital's investments. It's too early to say if Patricio can move the needle. * 10 Best Stocks for 2019: A Volatile First Half However, you can bet Warren Buffett's going to do everything he can to turn around one of his worst investments to date. Marathon Oil (MRO)Marathon Oil (NYSE:MRO), the independent Houston-based upstream oil and gas company, currently trades at 0.93 times book value. It has a total return year to date of -2.4%. It has been eight years since Marathon Oil spun-off its refining business to focus on exploration and production. In that time, its stock has lost approximately 43% of its value. In 2011, it traded at 1.23 times book value. Today, its multiple is 26% lower. It might not trade at 0.44 times book as it did in 2015, but it's still pretty darn cheap. On July 1, MRO closed on the sale of its UK business so it could focus on its properties in the U.S. Over the past five years it has sold operations in 10 countries, leaving only its LNG operations in Equatorial Guinea as its only operating unit outside the U.S. Switching its focus to low-risk, high-return investments in four of the major shale plays in the U.S., Marathon is looking to grow its output by 12% in the U.S. in 2019. Fiat Chrysler (FCAU)Fiat Chrysler (NYSE:FCAU), the eighth-biggest car and truck manufacturer, currently trades at 0.96 times book value. It has a total return year to date of almost 12.0%. In late May, Fiat Chrysler made headlines by proposing it merge with France-based Renault (OTCMKTS:RNLSY). The merger would have made it the world's third-largest automotive company. Fiat Chrysler called it off, but there is speculation merger talks might restart at some point. However, despite calling off the merger, Fiat Chrysler managed to deliver its best June U.S. monthly sales report in 14 years with its Ram trucks leading the way growing by 45% year over year. That offset weaker sales of its other brands, including a 12% drop in Jeep sales. * 7 A-Rated Stocks to Buy for the Rest of 2019 Cheaper than most of its automotive peers, I believe that FCAU stock has the best potential upside with or without Renault. Park Hotels (PK)Park Hotels & Resorts (NYSE:PK), the second-largest publicly traded lodging REIT, currently trades at 0.99 times book value. It has a total return year to date of 9.7%. Park Hotels recently announced that it was selling three non-core hotels in Atlanta, New Orleans, and Parsippany, New Jersey, for gross proceeds of $166 million or $151,000 per key. PK is doing so to reduce the amount of debt it has taken on to buy Chesapeake Lodging Trust (NYSE:CHSP), a $2.7 billion acquisition it announced in early May. The deal will create a hotel owner with 66 high-quality hotels in 17 states and the District of Columbia. More importantly, for PK shareholders, it improves the REITs RevPAR by 4% to $182 with an EBITDA margin that's 60 basis points higher at 29.7%.Park Hotels was spun-off by its former parent, Hilton Worldwide (NYSE:HLT), in large part so that it could go its holdings separate from the hotel operations. While its stock hasn't done much since the 2017 spinoff, the move to buy Chesapeake should change that in the next 12-24 months. AerCap Holdings (AER)AerCap Holdings (NYSE:AER), the world leader in commercial aircraft leasing, currently trades at 0.79 times book value. It has a total return year to date of 26.7%. Although Boeing (NYSE:BA) announced a third consecutive month with no new 737 MAX orders July 9, AerCap is unlikely to be hurt by the ongoing grounding of Boeing's bestselling aircraft. On July 8, AerCap accounted for the company's major transactions during the quarter. According to its press release, AerCap signed lease agreements for 48 aircraft in the second quarter, purchased 11 aircraft, sold 23 aircraft, and signed financing transactions for $1.5 billion.AerCap makes money by buying planes and leasing them to airlines and other users of commercial aircraft. It owned 1,421 aircraft at the end of March with an average remaining lease term of 7.4 years, and a cost of credit of approximately 1% of its annual lease revenues. * 7 Retail Stocks to Buy That Are Down in 2019 It's been profitable for the past 12 years.As people travel farther and more often, AerCap is bound to benefit from the need for new aircraft. Taylor Morrison Home (TMHC)Taylor Morrison Home (NYSE:TMHC) currently trades at 0.94 times book value. It has a total return year to date of 33.9%. Based in Arizona, the homebuilder operates in eight different states including Arizona, Texas, and Florida. Recently, Taylor Morrison announced plans for a 1,750-home community in Sarasota, Florida. The master-planned development called Azario at Lakewood Ranch will include an 18-hole golf course, wellness and culinary centers, and even a lifestyle manager to help residents plan parties and special events. In fiscal 2018, Taylor Morrison closed on 8,760 homes, a 9% increase over a year earlier, generating $4.2 billion in revenue and making approximately 18.2% of the home price of every sale. The company finished 2018 with 6,014 homes in its inventory, 38% higher than a year earlier. As it continues to close on this inventory, investors can expect its revenue and earnings to grow significantly.As long as the economy remains strong, its stock from a price-to-book perspective is cheaper than it has been in several years. DuPont (DD) DuPont (NYSE:DD) currently trades at 0.56 times book value. It has a total return year to date of -12.4%.DuPont is one of three companies created by the DowDuPont spinoffs that took place in April and June. More than three years in the making, the DuPont businesses leftover after spinning off both Corteva (NYSE:CTVA) and Dow (NYSE:DOW) are generally of above-average quality and should be able to keep growing.However, before it's able to focus on the future, it needs to sell off some assets that don't fit into its plans. DuPont has already found assets generating $2 billion in annual revenues to sell; the proceeds of which can be reinvested in businesses with greater potential. Bank of America Merrill Lynch analyst Steve Byrne recently initiated coverage of DuPont giving it a "buy" rating and a $76 target price. Currently trading at $70, I believe the analyst is conservative in his price target. The average of 25 analysts covering its stock is $83.34. A total of 16 analysts have a buy or overweight rating on its stock. It's early in the DowDupont spinoffs, but I see good things happening from the lengthy process to deliver value for its shareholders. At the time of this writing Will Ashworth did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Sell for an Economic Slowdown * 7 Marijuana Penny Stocks That I May Buy * 7 of The Best Schwab ETFs for Low Fees The post 10 Stocks to Buy for Less Than Book appeared first on InvestorPlace.
Zacks14 days ago
Should Value Investors Pick CBS Corporation (CBS) Stock?
Let's see if CBS Corporation (CBS) stock is a good choice for value-oriented investors right now from multiple angles.
Bloomberg15 days ago
Britain’s ‘Love Island’ Tests America’s Appetite for Daily Reality TV
(Bloomberg) -- The U.S. edition of British reality show “Love Island” begins on Tuesday night, testing American appetites for daily, hour-long doses of sun-drenched tropical romance.Millions of British viewers sit down six nights a week to watch the show’s toned and tanned millennials flirt, bicker, confront challenges and couple up under constant video surveillance to win the audience’s affection and avoid being ejected from paradise.The latest U.K. season is the most-watched show ever on producer ITV Plc’s second channel and the franchise has had similar success in continental Europe and Australia, turning participants into celebrities.ITV is also bringing the format to Belgium, the Netherlands, Poland, Hungary and New Zealand. CBS Corp. will air Love Island USA, set on the Pacific island of Fiji, for five nights a week until Aug. 7.Success in the world’s biggest TV market is not assured. The birthplace of “Keeping Up with the Kardashians” is loaded with reality shows, from “Big Brother” that runs three nights a week on CBS to “America’s Got Talent” on Comcast Corp.’s NBC. One of “Love Island”’s closest U.S. equivalents -- “Bachelor in Paradise” from Walt Disney Co.’s ABC -- got enough viewers for two episodes a week last season.Love Island’s U.S. producers have smoothed the brasher edges of the U.K. version to secure a prime-time 8 p.m. slot, so the contestants’ swimwear may be less revealing and bleeps will obscure any foul language. Some quirks of the British format remain, including the ironic off-camera commentary that may be less familiar to U.S. reality-TV viewers.CBS is mobilizing its marketing firepower to make the show a success and boost its share with younger audiences."If social media is any indication, we are on the right path and look forward to having the audience find us and grow," David George, chief executive officer of ITV’s U.S. production arm, wrote in an email.ITV, Britain’s biggest free-to-air commercial broadcaster, has been squeezing the franchise for all it’s worth as the company’s advertising-funded channels come under attack from Netflix Inc.“Love Island” has tripled its international production hours since the beginning of 2018. ITV has even licensed a Love Island mobile game and sold opportunities to meet and greet the contestants.“A single show in a single market isn’t really going to move the needle that much,” Bloomberg Intelligence analyst Matthew Bloxham said. “But the wider success of Love Island as a franchise is more noticeable.”\--With assistance from Joe Mayes.To contact the reporter on this story: Greg Ritchie in London at gritchie10@bloomberg.netTo contact the editors responsible for this story: Rebecca Penty at rpenty@bloomberg.net, ;Tom Contiliano at tcontiliano@bloomberg.net, Thomas Pfeiffer, John J. Edwards IIIFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Bloomberg16 days ago
EM Review: Payroll Jolt Raised Fear Traders Have Been Too Dovish
(Bloomberg) -- Emerging-market equities trimmed their advance last week after a strong U.S. jobs report dimmed hopes of aggressive Fed interest rate cuts. Currencies retreated the most in seven weeks as the U.S. dollar strengthened.Meanwhile, the yield on local-currency government bonds declined eight basis points, the most this year, to a record 4.33%, according a Bloomberg Barclays index. And while stocks fell on Friday, their rise last week extended their winning run to the longest since a rally that ended early February.The following is a roundup of emerging-markets news and highlights for the week ending July 8.Read here: our emerging-market week ahead storyListen to the emerging-market weekly podcast, here.U.S. June non-farm payrolls rose 224k vs 160k expected; shifting the debate from how much the Federal Reserve will cut interest rates in July to whether the bank will move at allPresident Donald Trump said China and Europe are playing a “big currency manipulation game” and “pumping money into their system” to compete with the U.S.Trump said a new round of trade talks with China is underway, ending a stalemate between the two countries amid escalating tariffsU.S. and Chinese officials will talk by phone in the coming week as they seek to resolve the dispute, said Larry Kudlow, Trump’s chief economic adviserThe U.S. added more European Union products to a list of goods it could hit with retaliatory tariffs in a long-running trans-Atlantic subsidy dispute between Boeing Co. and Airbus SETurkish President Recep Tayyip Erdogan unexpectedly removed Murat Cetinkaya as central bank governor, after he was said to refuse an informal request to resign. The decision to oust him risks a market backlash just as policy makers were expected to start interest-rate cutsDeputy Governor Murat Uysal was named as a replacementThe lira fell more than 3% in Asian morning trade on MondayFactory sentiment across Asia became even weaker in June, signaling a worsening in the region’s growth outlook as U.S.-China trade tensions continue to simmerGauges of activity in China’s manufacturing sector showed the economy remains fragileIndia plans to raise as much as $10 billion from its first overseas sovereign bond because there’s huge appetite for its debt in the foreign market, Economic Affairs Secretary Subhash Garg said in an interview on July 6A second consecutive rate cut is possible at the Russian central bank’s next meeting in July, said bank Governor Elvira Nabiullina, who refused to rule out a 50-basis-point reductionSaudi Arabia raised 3 billion euros ($3.4 billion) in a bond sale that highlights how tumbling borrowing costs are shifting the landscape in global capital marketsThe kingdom is restarting preparations for a potential initial public offering of oil giant Aramco, months after putting the planned listing on hold, people familiar with the matter saidBrazilian President Jair Bolsonaro’s flagship pension reform proposal passed a key congressional committee on Thursday, fueling investor optimism that the bill can be approved by the lower house before lawmakers go into the mid-year recess later this monthIran exceeded limits set on its enriched-uranium stockpile, a move that risks the collapse of the 2015 nuclear accordTrump warned the Islamic Republic against stepping up uranium enrichment, the latest escalation of the conflict over the Islamic Republic’s nuclear program that has plunged the Gulf into renewed uncertaintyBritish special forces seized a supertanker off Gibraltar carrying Iranian oil to Syria in violation of European and U.S. sanctions against the war-torn countryREAD: War or Not, Bond Investors Are Taking Their Chances in the GulfIron ore collapsed on Friday; China’s top iron ore industry group has urged the government to maintain order in the market after prices surged to a five-year high, prompting warnings that the rally can’t be sustainedAsia:People’s Bank of China adviser Ma Jun said the Chinese economy will probably maintain an expansion of at least 6% in 2019Overseas investors boosted their holdings of onshore Chinese bonds for seventh straight month in June, adding 34.6 billion yuan ($5 billion), according to data released by ChinaBondChina’s securities regulator is soliciting public opinions over a rule allowing a state fund to bail out securities companies that “face significant liquidity risk” President Moon Jae-in’s government lowered its growth forecast for this year as South Korea’s economy continues to be battered by a downturn in the tech cycle and global trade woesExports took another hit in June, dropping 13.5% from a year earlier and falling for a seventh straight monthSouth Korea will consider “corresponding measures” if Japan doesn’t withdraw restrictions on some tech material exports, Finance Minister Hong Nam-ki says in interview with local CBS RadioSamsung Electronics Co.’s quarterly profit more than halvedNorth Korea’s trade with the outside world has nearly collapsed under international sanctions in recent years, putting the country on course for an economic crisis, according to a report published by a South Korean think tankIndia’s new finance Minister Nirmala Sitharaman resisted calls for a fiscal boost to spur a weakening economy, sticking instead to a plan to narrow the budget deficit over time by keeping spending in checkThe fiscal gap target for the year that began on April 1 was lowered to 3.3% of gross domestic product from 3.4% set in February’s interim plan. The deficit is forecast to ease to 3% of GDP by March 2021Foreign exchange reserves soared to a record $426.4 billion in June, boosted by fund inflows into the country’s stocks and bond marketsRahul Gandhi announced his resignation as leader of the opposition Congress party, taking responsibility for its dismal result in the recent national election, which saw Prime Minister Narendra Modi returned for a second term with an increased majorityIndonesian consumer prices rose at a slower pace in June than the previous month, while core inflation accelerated to its highest level in more than two yearsBank Indonesia is taking its time lowering borrowing costs as it seeks to “maintain the attractiveness of our yield for investors,” according to a spokesman for the central bankPresident Joko Widodo will announce a major overhaul of his cabinet aimed at firing up Southeast Asia’s biggest economy, but will delay the reshuffle until OctoberRelated departments at the Bank of Thailand are looking at possible measures as the monetary authority is “worried” about the baht’s comparative strength, its Senior Director Don Nakornthab saidThe central bank trimmed its offers for 3-month and 6-month bills this month amid fund inflows that contributed to the currency’s appreciationThailand’s inflation eased to the slowest pace in four months in June, below the central bank’s target range of 1% to 4%Bangko Sentral ng Pilipinas has a lot of space for monetary policy easing given global developments, Governor Benjamin Diokno saidInflation eased to 2.7% in June, the slowest since August 2017, resuming a downward trend which economists say makes room for more cuts to the central bank’s key rate and the amount of reserves required from lendersThe government will likely cut its 2019 budget deficit estimate to 3% of GDP from 3.2% after a delay in this year’s budget approval, Economic Planning Secretary Ernesto Pernia saidGross international reserves at about $85 billion are more than enough of a buffer for any attack on the peso, Diokno told ABS-CBN News ChannelEMEA:Days before Erdogan dismissed Turkey’s central bank governor, a slowdown in inflation to 15.72% in June boosted the nation’s real rate to 8.3%, the highest since at least 2011South Africa’s government won’t consider using quantitative easing to help rescue troubled state power utility Eskom Holdings SOC Ltd., Deputy Finance Minister David Masondo saidThe nation’s business confidence ticked higher in June, but remains below levels from a year ago after weak economic data and power blackouts in the first half of 2019In an effort to boost economic growth in Africa’s most populous country, Nigeria is giving its banks a choice: lend more of their money, or hand it over to the central bank and earn nothing on itPoland looked past the EU’s steepest pick-up in inflation to leave interest rates at a record lowRomania refrained from raising interest rates to tackle the EU’s fastest inflation as the central bank takes its cue from the looser monetary-policy stance adopted by the world’s top economiesThe National Bank of Hungary wants to encourage local lenders to issue green bonds in what may be eastern Europe’s latest step to increase environment-friendly investmentsInternational Monetary Fund calls for “deeper fiscal adjustment” in Oman as its public and external vulnerabilities have continued to growThe United Arab Emirates will allow foreigners to own 100% of businesses across industries as the Arab world’s second-largest economy courts investorsA Zimbabwean lawyer backed by a prominent legal group has challenged the government’s decision to revert to the Zimbabwe dollar and outlaw the use of U.S., South African and European currenciesMozambique’s economy will suffer in 2019 because of the cyclones that hit the country, but has the possibility of expanding 6% in 2020, President Filipe Nyusi saidIMF expects Rwanda’s 2019 current account deficit to widen to 9.6% of GDPLatin America:Signs that Brazil may be slipping into recession increased with the decline of industrial output in May. Production fell 0.2% from April after a 0.3% increase a month earlier, the national statistics agency reportedBrazil’s Central Bank President Roberto Campos Neto said there is “no mechanical relationship” between congressional approval of a key pension reform bill and a cut in interest rates, in an interview with the newspaper O Estado de Sao PauloLatin American governments and companies are set to step up bond sales in the second half of 2019, according to the region’s top underwriter. Brazil looks primed to lead the chargeIn Mexico, a dispute over seven gas pipeline contracts is the most recent test of President Andres Manuel Lopez Obrador’s relationship with the country’s business communityLopez Obrador’s party plans to pass a law that would close Mexico’s economy ministry offices in cities from Washington to Geneva, arguing that it would help free up billions of dollars to be spent on the nation’s most destitute communitiesAfter striking a deal with the U.S. to reduce illegal border crossings, Mexico tripled the number of migrant detentions in June from a year earlier, government statistics showPresident Mauricio Macri said Argentina is talking with Brazil about a potential U.S. free trade deal, less than a week after landing one with the EUWith borrowing costs dropping globally, Argentine companies are rushing to raise about $1 billion before the country’s presidential electionArgentina’s central bank is requesting IMF permission to expand its capacity to intervene in peso futures market, aiming to strengthen its position in the event of greater demand for U.S. dollars, according to people familiar with the matterU.S. efforts to drive Venezuelan President Nicolas Maduro from power by sanctioning Americans who buy and finance his country’s oil have failed partly due to people like Dragoslav Ilic, a Serb with a Panamanian business who’s trading Venezuelan oil in the shadows and helping to prop up the embattled regimeAn unusual series of trades sent prices on Venezuelan bonds tumbling, shaking investors in a corner of the global debt market that has been eerily quiet for monthsPeru plans to host a meeting of as many as 100 nations in Lima next month to discuss ways to negotiate an end to the Venezuelan crisis and the return of democracy, said Foreign Minister Nestor PopolizioChile’s Imacec index, a proxy for GDP, expanded 2.3% in May from the year earlier, the fastest pace this year, while retail sales rose more than three times faster than economists expected\--With assistance from Philip Sanders.To contact Bloomberg News staff for this story: Yumi Teso in Bangkok at yteso1@bloomberg.net;Netty Ismail in Dubai at nismail3@bloomberg.net;Colleen Goko in Johannesburg at cgoko2@bloomberg.netTo contact the editors responsible for this story: Tomoko Yamazaki at tyamazaki@bloomberg.net, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Bloomberg20 days ago
Japan-South Korea Feud Takes Dangerous Turn as Trump Stays Quiet
(Bloomberg) -- For decades, Japan and South Korea have managed to keep their feuds largely limited to rhetorical barbs and diplomatic snubs. Now, with the U.S. increasingly sitting on the sidelines, it’s drifting toward economic conflict.Their dispute over what they see as proper contrition for Japan’s 1910-1945 colonial rule over the Korean Peninsula changed Thursday when export restrictions from Prime Minister Shinzo Abe’s government took effect. The measures can curb the supply of highly specialized products needed to make semiconductors and computer displays -- an economic broadside in a fight that has so far been mostly a war of words.Tokyo contends that South Korea started the latest dispute when its courts last year ruled that Japanese companies must compensate Koreans conscripted to work in factories and mines for Japan’s imperial war machine. The worry now is that tensions between the major trading partners and U.S. allies could spiral out of control.“This is starting down the road toward economic warfare, and it’s very dangerous,” said Daniel Sneider, a lecturer in international policy at Stanford University who has written about how Japanese and Koreans view their shared history.The U.S. has traditionally stepped in when tensions have become heated between two of Asia’s largest economies as they all confront security threats from North Korea and the ever-expanding shadow of China’s military in the region.But President Donald Trump has questioned America’s open-ended troop deployments in Japan and South Korea and his administration has been conspicuously absent when his Asian allies bicker. Trump was in Japan and South Korea over the past week but made no public statements to ease the conflict, which might be interpreted by Seoul and Tokyo as license to keep on sparring, Sneider said.American Responsibilities“Americans have always understood that the escalation of tensions between our two principle allies in northeast Asia is a threat to our own national security interests,” Sneider said. “This government has abandoned its responsibility.”A State Department official, who asked not to be identified, said it is crucial for South Korea, Japan and the U.S. to maintain close relationships in the face of shared regional challenges.South Korea will consider “corresponding measures” if Japan doesn’t withdraw restrictions on some tech material exports, Finance Minister Hong Nam-ki said in an interview with local CBS Radio. The Ministry of Trade has started a review of the grounds for filing a complaint with the World Trade Organization, with Trade Minister Yoo Myung-hee canceling her planned trip to Latin America to help manage the matter, Yonhap News reported, citing a government official.The U.S. helped broker the 1965 treaty establishing ties between Japan and South Korea that included a payment from Tokyo of about $300 million -- $2.4 billion in today’s money. The pact said all claims are “settled completely and finally.” South Korea’s then autocratic government used the funding as seed money for its industries.But the treaty didn’t ease the deep emotions in South Korea over forced labor, as well as women forced into sexual servitude at Japanese Imperial Army brothels and a territorial dispute over a set of islets claimed by both countries. As tensions brewed, the two governments largely kept their often interdependent economic relations away from the fray.That changed with the South Korea Supreme Court decision, which initially affected 18 claimants who won compensation ranging from about $88,000 to $134,000 each. South Korean President Moon Jae-in has argued the treaty doesn’t prevent Koreans from suing Japanese firms and that the court decisions should be respected.The lawsuits could grow, with historians estimating hundreds of thousands of Koreans were used as forced labor. More than a dozen such cases are already pending in South Korea involving about 70 companies, according to the Japanese Ministry of Foreign Affairs.Japan called for invoking the arbitration process under the treaty and South Korea later proposed a joint fund. That didn’t sit well in Tokyo after Moon’s government effectively shut down a previous fund brokered in 2015 with Japan for compensation and a personal apology from Abe to the women forced into sexual servitude.‘Serious Implications’“The issue of conscripted laborers is not a historical issue, but a question of whether an international agreement between nations is maintained,” Abe said Wednesday about the dispute.The move to restrict chip material exports to South Korea could have “serious implications” for global supply chains and disrupt production at South Korean technology companies including Samsung Electronics and SK Hynix, Moody’s Investors Service wrote in a report published Tuesday. The companies have downplayed the matter but saw their shares fall Tuesday on the news.South Korea is looking at making the materials on its own. South Korea “will strongly pursue localization through technological development and intensive investment in about 100 essential materials,” South Korean Finance Minister Hong said.Kak-Soo Shin, who was at the front line of the disputes when he served as South Korea’s ambassador to Japan from 2011 to 2013, said the current friction could be “heralding a very dangerous and vicious cycle of escalation.”He advised South Korea to understand why Japan is frustrated over its response and warned Tokyo of starting “an irreparable crisis” that could impact their security, adding: “They should think earnestly who will benefit from this profound rift between Seoul and Tokyo.”(Adds reports of South Korea reaction in ninth paragraph.)\--With assistance from Isabel Reynolds, Lily Nonomiya, Sam Kim, Jihye Lee, Margaret Talev and Bill Faries.To contact Bloomberg News staff for this story: Jon Herskovitz in Tokyo at jherskovitz@bloomberg.netTo contact the editors responsible for this story: Brendan Scott at bscott66@bloomberg.net, Colin Keatinge, Daniel Ten KateFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Rocked by Stock Rout, ‘Hunger Games’ Studio Is Ready to Talk
(Bloomberg) -- The studio that brought you “The Hunger Games,’’ “Mad Men’’ and “John Wick’’ is now facing its own existential question.Lions Gate Entertainment Corp. has lost more than half its market value over the last year as the once-idolized filmmaker struggles to find new megahits. On top of that, recent mergers have created entertainment behemoths that threaten to make smaller studios an afterthought in Hollywood’s new blockbuster environment.All that has created a new sense of urgency around the 22-year-old Lions Gate as it weighs its future: open itself to being acquired, sell off pieces, or try to bulk up to compete with the giants.“Some studios have scale and unfortunately some studios are now subscale,” said John Tinker, an analyst at Gabelli & Co. “The question is obviously, if you are a smaller studio and you do not own Marvel, what are you going to do?”Investors are worried and frustrated that management may have missed the M&A boat, said Geetha Ranganathan, a Bloomberg Intelligence analyst. “Time and options seem to be running out.”Lions Gate shares fell as much as 5.3% Monday to a seven-year low of $11.38 in New York. The company declined to comment.The studio was formed in 1997 in Vancouver by movie-loving mining financier Frank Giustra. It made its name distributing R-rated movies like “American Psycho” and, with the acquisition of Summit Entertainment in 2012, was propelled into the big leagues by the teen-vampire “Twilight” film saga. That same year it also launched the “The Hunger Games’’ franchise. (The studio announced last week there might be a prequel.)But as a smaller company, Lions Gate has long been a target of merger speculation. Companies from Metro-Goldwyn-Mayer to Sony to CBS Corp. have been linked to potential deals. Two years ago, Lions Gate walked away from talks with game-maker Hasbro Inc. involving a $41 a share offer, worth almost $9 billion, people familiar with the situation said.Today, the stock trades below $12, weighed down by two years of declining revenue in its motion picture division, and merger talks have picked up again. Lions Gate has held informal discussions in the past year with companies that may be interested in buying the whole business, people with knowledge of the situation said. But with the stock at seven-year lows, the studio isn’t interested in selling itself at the moment, people close to the situation said.A handful of other strategies are under discussion. One is to buy a stake in Miramax, the film producer formerly owned by the Weinstein brothers, one of the people said. Its current owner, BeIn Media Group, has recently sought buyers for a minority stake. Such a move would give Lions Gate access to a library of Oscar-winning movies such as “Shakespeare in Love” and, more recently, revived franchises like “Halloween.” A Miramax spokesman declined to comment.Starz SaleThe company is also considering selling the studio’s pay-cable network Starz, which contributes more than half its profits. Lions Gate last month turned down a $5 billion informal bid from CBS for Starz, but a sale remains a possibility, according to people familiar with the situation. If that happens, industry sources say, a slimmed-down Lions Gate might become more attractive to potential bidders. Others suggest the studio would be a tough sell without Starz.Meanwhile, the studio is looking to raise perhaps several hundred million dollars from investors to expand Starz internationally. That effort will be slowed down by upcoming negotiations with AT&T’s DirecTV over fees to carry the channel.At recent stock prices, Lions Gate is valued at less than the sum of its parts, according to Tim Nollen, a Macquarie Capital analyst. Shares could be worth $21 in a breakup, with a $5 billion valuation for Starz, $1.5 billion for the motion picture unit and $1 billion for the TV segment.Malone StakeFor investors such as cable magnate John Malone, who first bought shares in 2015 at around $30, it’s a rare miss. He controls about 8% of Class A shares. Hedge fund manager Mark Rachesky, Lions Gate’s chairman, is the biggest investor with a 19% Class A stake. He has owned shares since 2004 and backed the studio in fighting off a takeover by Carl Icahn in 2010.A spokeswoman for Malone did not return requests for comment. A spokeswoman for Rachesky declined to comment.Trends sweeping Hollywood will only make it more difficult for Lions Gate to remain independent. The merging of Disney and Fox’s film companies, and AT&T and Time Warner Inc., along with Comcast’s Universal Pictures, has created a trio of studios that own and produce well-known blockbuster movie franchises, such as the Marvel superhero universe and DC Comics. The result is a small group of big films increasingly dominating the box office.Netflix ProductionMoreover, buyers for Lions Gate’s typically mid-budget fare may be shrinking. Disney and WarnerMedia are investing billions in making their own shows to lure subscribers to new streaming services. Netflix Inc., too, is producing more and more of its original content in-house, a big change from the early days when Lions Gate’s “Orange Is the New Black’’ helped make the streaming channel required viewing. That trend could lessen demand for TV programs and films made by independent studios.Lions Gate has had some successes lately. “John Wick: Chapter 3--Parabellum” helped lift it to fourth in the box office this year, ahead of competitors like Viacom Inc.’s Paramount Pictures and Sony Pictures. And the studio is still finding buyers for its shows, recently selling to HBO, NBC and even streaming platforms run by WarnerMedia and Apple Inc.Jim Gianopulos, chief executive officer of one of the smaller shops, Paramount Studios, said that appealing programming will ultimately win out regardless of production size. “Scale has its virtues, but the creative process is independent of it,” Gianopulos said in an interview.But some analysts aren’t so confident.“For the longest time, people thought the studios would come out as the winners because they own the content,” Ranganathan said. But in the wake of the mergers, “You need established franchises. If you don’t have scale, you can’t compete.”(Updates with analyst’s comment in fifth paragraph.)To contact the reporters on this story: Anousha Sakoui in Los Angeles at asakoui@bloomberg.net;Nabila Ahmed in New York at nahmed54@bloomberg.netTo contact the editors responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net, ;Nick Turner at nturner7@bloomberg.net, Larry ReibsteinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.