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Twitter launches its first subscription service

In this articleTWTRTwitter announced on Thursday the launch of Twitter Blue, the company’s first subscription service designed for power users willing to pay a monthly fee for exclusive features.It’s the company’s first attempt at a subscription business model and could diversify Twitter’s revenue streams. Advertising makes up more than 86% of Twitter’s revenue, according to its first-quarter earnings report.Shares of Twitter were up about 2.3% on Thursday morning.The service is rolling out to users in Canada and Australia respectively for $3.49 and $4.49 in local currencies per month. The company did not say when Twitter Blue will become available for U.S. users.The social media company set goals earlier this year to accelerate the speed at which it launches new products. It hopes to reach 315 million monetizable daily active users by the end of 2023 and double its annual revenue to $7.5 billion by the end of 2023.Jack Dorsey, CEO, Twitter testifies at Congressional hearing, March 25, 2021.CNBCTwitter Blue users will get an Undo Tweet feature that allows them to set a customizable timer of up to 30 seconds to take back a tweet if it needs to be fixed. The feature is not quite an edit button, a feature often requested by users, but it will allow subscribers to preview what their tweets look like and adjust them before they’re published.Other features include:Bookmark Folders so users can organize tweets they save.A Reader Mode that makes it easier to read long threads.The option to customize the Twitter app icons on their phones.Access to color themes for the Twitter app.Dedicated customer support.

Apple employees to return to the office three days a week in September

In this articleAAPLThe Steve Jobs Theatre at Apple Park in Cupertino, California.Justin Sullivan | Getty Images News | Getty ImagesApple employees will return to the office three days a week starting in early September, the company confirmed to CNBC.”For all that we’ve been able to achieve while many of us have been separated, the truth is that there has been something essential missing from this past year: each other,” CEO Tim Cook said in an email to employees that was obtained by The Verge. “Video conference calling has narrowed the distance between us, to be sure, but there are things it simply cannot replicate.”Apple will ask most employees to work in the office on Mondays, Tuesdays and Thursdays. Some teams will be asked to return four to five days a week.Employees will have the option to work remotely two weeks out of the year.Companies are increasingly bringing employees back to the offices as Covid-19 vaccines roll out and cases decrease. But for many tech companies, the pandemic allowed employers to relax their stance on in-office work and adopt a remote work mindset permanently.Twitter and Square, for example, are letting employees work from home “forever.”Subscribe to CNBC on YouTube.

AMC files to sell 11.5M shares but warns investors they may lose money

Cinema chain AMC Entertainment announced Thursday that it plans to sell 11.5 million new shares amid a roller-coaster rally that’s sent its stock soaring — but the company also warned investors that they could lose all their money.

“Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the movie theater company said Thursday in a filing with securities regulators.

AMC’s stock, initially up more than 14 percent in premarket trading, reversed course on the news of the stock sale. Shares of the company were last seen trading down over 4 percent.

The company has caught the attention of so-called Reddit traders in recent weeks — which pushed shares up nearly 140 percent this week to an all-time high closing price of $62.55 on Wednesday.

AMC’s stock is up more than 2,800 percent this year thanks to the rally, pushing its valuation to above $31 billion — up from $400 million last year.

Other so-called meme stocks, including Express, BlackBerry and others, also saw their prices pushed upward, similar to what was seen earlier this year in the infamous GameStop rally.

AMC has caught the attention of Reddit traders, who pushed shares up nearly 140 percent this week.Evan Agostini/Invision/AP

AMC summed the market movements up nicely.

“Our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last,” the company said in its filing with regulators.

But unlike some other companies that benefitted from the wave of Reddit-inspired trading, AMC appears to be leaning into it.

On Wednesday, the company launched a program that gives retail investors in AMC exclusive promotions, including a free tub of popcorn and direct communications with CEO Adam Aron, or “Silverback” as many AMC investors on Reddit, who call themselves “apes,” refer to the chief executive.

Thursday’s announcement marks the company’s second share issue in three days. On Tuesday, AMC sold 8.5 million shares to the hedge fund Mudrick Capital for about $230.5 million. Mudrick quickly sold the shares for a quick profit.

AMC launched a program that gives retail investors exclusive promotions, including a free tub of popcorn and direct communications with CEO Adam Aron.Getty Images for CinemaCon

AMC has said it plans to use the money from the stock sale for “general corporate purposes,” such as paying down existing debt and acquisition of physical theaters, many of which it currently leases.

Even despite the sale to Mudrick diluting the value of existing shares, AMC’s stock price doubled following the news.

However, Wall Street has been more skeptical despite the online enthusiasm.

While the reopening of the US economy is expected to help movie theaters, many analysts have warned clients lately that the shares of such companies, especially AMC, are massively overvalued.

David Trainer, CEO of investment research firm New Constructs said the value of AMC’s stock is “$0 per share, given its weak earnings, dilution from recent stock offerings and mountain of debt.”

“There is no fundamental reason to be buying shares of AMC Entertainment. The stock is up well over 2,000% so far this year and is trading at levels that are entirely disconnected from fundamentals,” he said.

“AMC Entertainment’s business was trending in the wrong direction even prior to the Covid-19 pandemic and the reopening of the economy is unlikely to move the needle for the company amid the rise of streaming and stiff competition facing movie theaters.”

Blackstone To Acquire International Data Group For Enterprise Value Of $1.3 Bln

(RTTNews) – Blackstone (BX) said that it agreed to acquire International Data Group Inc. from Oriental Rainbow LLC, a subsidiary of China Oceanwide Holdings Group, Co. Ltd., for an enterprise value of $1.3 billion.

Founded in 1964, International Data Group provides market intelligence for the fast-growing technology industry. For more than five decades, it has delivered proprietary insights and data for technology suppliers and buyers on every major shift in the technology market — from the invention of the personal computer and launch of the iPhone to the emergence of cloud computing and artificial intelligence.

New jobless claims fall below 400K for first time since March 2020

The number of Americans seeking new unemployment benefits dropped below 400,000 for the first time since March of last year — marking a new pandemic low, the feds said Thursday.

Initial worker filings for jobless claims, seen as a signal of layoffs, reached 385,000 last week, down from 406,000 reported the prior week, according to data released Thursday by the Labor Department.

It’s the fifth consecutive week of steady declines, but initial claims still remain substantially higher than pre-pandemic levels. The country was averaging just over 200,000 new claims per week in 2019.

The downward trend of new claims is an indication of a labor market that appears to be healing, albeit slower than some economists expected earlier this year.

Still, the labor market has a ways to go before it hits pre-pandemic levels. Almost 16 million Americans were still on some form of government assistance through all unemployment programs as of early May.

Millions of those Americans could also soon see their benefits slashed, as at least 25 states are now looking to lure workers back into the labor market by withdrawing from the federal program that provides an extra $300 in additional unemployment benefits every week. That program is set to expire after Labor Day.

Some companies have had a difficult time filling positions.FREDERIC J. BROWN/AFP via Getty Images

Companies have reported struggles to recruit new workers amid the reopening, with many citing the pandemic-boosted federal unemployment benefits as a cause. Other reasons for the labor crunch include fear of getting COVID-19 and school closures keeping parents at home, economists say.

Some economists have warned that the labor shortage could hold back the US economic recovery, while others have urged patience as businesses grapple with temporary issues in the hiring pool.

With consumer demand now generally picking up heading into what’s expected to be a bustling summer season, some business owners told The Post they’re missing out on sales because they don’t have the workers to operate at full capacity.

Mark Hoplamazian, CEO of Hyatt Hotels, told CNBC last week that the company is seeing demand rise again, but is struggling to hire enough new workers to keep up. He added that the company is seeing hiring rise in states that have announced plans to end the extra benefits.

Almost 16 million Americans were still on some form of government assistance.Paul Weaver/SOPA Images/LightRocket via Getty Images

“We have seen increases in the number of applicants for jobs in states where the governors and the state legislatures have actually suspended the additional unemployment benefits that the federal government had mandated,” he said. 

Other companies have announced wage increases and other perks to lure new workers. One McDonald’s in Illinois is even offering new workers a free iPhone if they work there for at least six months.

Some companies, politicians and economists have said the extra benefits add up to more than what businesses can afford to pay people, particularly for entry level jobs.

The White House, in turn, has defended the extra benefits, saying that businesses should pay people more.

Jack Ma's Ant Group gets nod to operate consumer finance firm, a key step in fixing regulatory issues

In this article9988-HKA logo of Ant Group is pictured at the headquarters of the company, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020.Aly Song | ReutersGUANGZHOU, China — China has given its approval to Ant Group to operate a consumer finance company, a key positive step in the forced restructuring of its business just months after regulators slammed the breaks on its record-breaking listing.Ant will hold a 50% stake in the new entity and contribute 4 billion Chinese yuan ($625.93 million) in registered capital, the China Banking and Insurance Regulatory Commission said on Thursday.Another six shareholders will contribute 4 billion yuan and hold the remaining 50%. The company will be registered in the southwestern city of Chongqing with a total registered capital of 8 billion yuan.The business will be able to give out personal loans and issue bonds among other things. The consumer finance company will also house Ant’s credit businesses Huabei and Jiebei. These are critical for the company and previously big drivers of revenue.In November, Ant Group, which is controlled by billionaire Jack Ma, was set to carry out a record-breaking $34.5 billion initial public offering in Shanghai and Hong Kong. But Chinese authorities pulled the plug on the listing two days before it was supposed to happen, citing regulatory concerns.The People’s Bank of China ordered Ant Group to come up with a rectification plan in December and approved a series of steps in April. One of those includes Ant Group becoming a financial holding company, which could mean the company becomes regulated more like a bank.While that has not yet happened, the creation and operation of a consumer finance company is a big first step for Ant Group to resolve its regulatory issues.”Under the guidance of regulators, Ant will work with other shareholders of Chongqing Ant Consumer Finance Co., Ltd. to serve the needs of consumers, and to continue enhancing the quality of financial services and risk management capabilities,” a spokesperson for Ant Group said Thursday.Before the suspension of the IPO, Chinese regulators were becoming concerned about technology companies offering bank-like services such as lending and the impact on financial stability.Ant Group offers loans which are independently underwritten by the company’s partner financial institutions, which includes around 100 banks. In the six month ended of June 30, 2020, this accounted for around 39% of its revenues, the largest portion. The loans were previously offered via the Huabei and Jiebei products.Now Ant will be required to clearly label which financial institution is giving the loan, an unnamed CBRIC official told the 21st Century Business Herald publication. Any loans via the Huabei and Jiebei brand will need to be partly underwritten by Ant’s consumer finance company, the report said. A person with knowledge of the matter, who preferred to remain anonymous, confirmed to CNBC that the details in the report were correct.The scrutiny on Ant kicked off a regulatory assault on Ma’s empire which included a $2.8 billion fine in an anti-monopoly investigation of e-commerce giant Alibaba.

Bombardier Announces Launch of its New Issuance of Senior Notes due 2026

MONTREAL, June 03, 2021 (GLOBE NEWSWIRE) — Bombardier Inc. (“Bombardier”) today announced that it has launched an offering of US$1,000,000,000 aggregate principal amount of new Senior Notes due 2026 (the “NewNotes”).The net proceeds of the offering of New Notes are expected to be used to finance Bombardier’s tender offer for certain of its outstanding 5.750% Senior Notes due 2022 (the “5.750% 2022 Notes”), 6.000% Senior Notes due 2022 (the “6.000% 2022 Notes”), and 6.125% Senior Notes due 2023 (the “2023 Notes”) (the “Tender Offer”), and the remainder for general corporate purposes, including the repayment and/or retirement of other outstanding debt.Consummation of the offering of the New Notes and of the Tender Offer are subject to market and other conditions, and there can be no assurance that Bombardier will be able to successfully complete these transactions on the terms described above, or at all.This press release does not constitute an offer to sell or buy or the solicitation of an offer to buy or sell any security and shall not constitute an offer, solicitation, sale or purchase of any securities in any jurisdiction in which such offering, solicitation, sale or purchase would be unlawful.The New Notes mentioned herein have not been and will not be registered under the United States Securities Act of 1933, as amended, any state securities laws or the laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. The New Notes mentioned herein may be offered and sold in the United States only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the U.S. Securities Act and outside the United States in reliance on Regulation S under the U.S. Securities Act. The New Notes mentioned herein have not been and will not be qualified for distribution to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the securities in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws. The New Notes will be offered and sold in Canada on a private placement basis only to “accredited investors” pursuant to certain prospectus exemptions.

The Tender Offer mentioned herein will be conducted in accordance with a separate Offer to Purchase relating thereto, which contains the terms and conditions of such Tender Offer, subject to amendment or waiver by Bombardier, which include, among other things, an aggregate total tender purchase price, a cap on the aggregate purchase price for the 2023 Notes, priorities among series of notes, possible proration, an early tender premium and a financing condition relating to completion of the offering of New Notes.FORWARD-LOOKING STATEMENTSCertain statements in this announcement are forward-looking statements based on current expectations. By their nature, forward-looking statements require us to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from those set forth in the forward-looking statements.For informationFrancis Richer de La FlècheVice President, Financial Planning and Investor RelationsBombardier+514 855 5001 x13228Mark MasluchSenior Director, Communications Bombardier +514 855 7167

Google reassigns diversity chief who wrote Jews have ‘an insatiable appetite for war’

Google is removing its head of diversity strategy from his post — but keeping him in the company — after a 2007 blog post surfaced in which he wrote that Jews have “an insatiable appetite for war and killing,” and an “insensitivity” to people’s suffering.

Kamau Bobb, whose bio still reads “Global Lead for Diversity Strategy and Research at Google,” “will no longer be part of our diversity team going forward and will focus on his STEM work,” Google said in a statement.

Google noted that the discovery of Bobb’s now-deleted 2007 blog post titled “If I Were a Jew” comes “at a time where we’ve seen an alarming increase in antisemitic attacks.”

“We unequivocally condemn the past writings by a member of our diversity team that are causing deep offense and pain to members of our Jewish community and our LGBTQ+ community,” Google said. “These writings are unquestionably hurtful. The author acknowledges this and has apologized.”

Bobb’s removal from his role as diversity chief comes days after the Washington Free Beacon surfaced his blog post. 

In the post, he described how he believed Jews should view the Middle East conflict as he assailed Israel’s actions in Gaza and Lebanon at the time. He was then a research associate in technology at Georgia Tech.

Google says that they “unequivocally condemn the past writings” of Kamau Bobb.Michael M. Santiago/Getty Images

“If I were a Jew I would be concerned about my insatiable appetite for war and killing in defense of myself,” he wrote.

“Self defense is undoubtedly an instinct, but I would be afraid of my increasing insensitivity to the suffering (of) others. My greatest torment would be that I’ve misinterpreted the identity offered by my history and transposed spiritual and human compassion with self righteous impunity.”

Bobb — a graduate of Midwood High School in Brooklyn — slammed the Israeli government, argued that Jews should be “tormented” by the country’s actions and said Jewish suffering, particularly the Holocaust, should theoretically give them more “human compassion.”

“If I were a Jew today, my sensibilities would be tormented. I would find it increasingly difficult to reconcile the long cycles of oppression that Jewish people have endured and the insatiable appetite for vengeful violence that Israel, my homeland, has now acquired,” he wrote.

I searched for “antisemitism” and “hypocrisy”.Here’s what I found.Google Diversity Head @kamaubobb Said Jews Have ‘Insatiable Appetite for War’ https://t.co/dE7OS7Kw9Q Did @Google Google him?He’s not fit for this post.And there’s more:— Michael Dickson (@michaeldickson) June 2, 2021

“This reconciliation would be particularly difficult now, in November, 79 years after Kristallnacht – the Night of Broken Glass,” Bobb continued.

“The anniversary of this dreadfully monumental day in my history would bring me pause. It would force me to reflect on the legacy of extraordinary human suffering. I might wonder how the vicious eruption of cruelty in the mid-twentieth century has influenced the shape of my identity as a Jewish person and our collective identity as Jewish people,” he added.

In other comments about conflict in the region, he wrote: “I don’t know how I would reconcile that identity with the behavior of fundamentalist Jewish extremists or of Israel as a nation. The details would confuse me.

“I wouldn’t understand those who suggest that bombing Lebanon, slaughtering Lebanese people and largely destroying Beirut in retaliation for the capture of a few soldiers is justified,” Bobb continued.

“I wouldn’t understand the notion of collective punishment, cutting off gas, electricity and water from residents in Gaza because they are attacking Israel who is fighting against them. It would be unconscionable to me to watch Israeli tanks donning the Star of David rumbling through Ramallah destroying buildings and breaking the glass,” he added.

Bobb was said to have sent an apology this week to the “Jewgler” Employee Resource Group at the company.

“My blog is a place for my personal reflection on a number of complex issues spanning years. reading it again and seeing the pain it’s caused, i would like to respond directly and honestly,” he wrote in an email obtained by The Post.

“Let me first apologize. what I wrote crudely characterized the entire jewish community. what was intended as a critique of particular military action fed into antisemitic tropes and prejudice. i think we can all agree, there is no easy solution to this situation. but that’s beside the point. the way I expressed my views on that conflict were hurtful,” Bobb wrote.

“My work here at google is focused on expanding computing pathways through our interface with educational institutions. The world is leaving us all feeling unsafe and unsettled right now. i certainly don’t want to contribute to that,” he wrote.

“None of this changes or excuses the words i wrote – but i am deeply sorry for them,” he added.

All of this begs the question whether (1) @Google did due diligence when selecting @kamaubobb for the sensitive position of global Google DEI (diversity, equity and inclusion) Director and (2) whether he should remain in these positions.@Google – what say you?— Michael Dickson (@michaeldickson) June 2, 2021

Bobb’s bio describes him as “the Global Lead for Diversity Strategy and Research at Google and the founding Senior Director of the Constellations Center for Equity in Computing at Georgia Tech.”

He holds a Ph.D. in science and technology policy from Georgia Tech and master’s and bachelor’s degrees in mechanical engineering from the University of California, Berkeley.

Google and Bobb both faced criticism this week for his 2007 remarks.

Michael Dickson, executive director of Stand With Us, which fights anti-Semitism, responded in a series of tweets.

Kamau Bobb wrote “If I were a Jew I would be concerned about my insatiable appetite for war and killing in defense of myself.”Linkedin

“I searched for ‘antisemitism’ and ‘hypocrisy.’ Here’s what I found. Google Diversity Head @kamaubobb Said Jews Have ‘Insatiable Appetite for War,’” he wrote, linking to the Free Beacon piece.

“Did @Google Google him? He’s not fit for this post,” he added.

In another tweet, Dickson wrote that Bobb made “revolting, and antisemitic, comparisons between Nazi actions and that of the world’s only Jewish country. He portrays Jews as bloodthirsty.”

He also wrote: “All of this begs the question whether (1)  @Google did due diligence when selecting  @kamaubobb for the sensitive position of global Google DEI (diversity, equity and inclusion) Director and (2) whether he should remain in these positions.  @Google – what say you?”

Meanwhile, the Jewish human rights organization Simon Wiesenthal Center tweeted: “Google must fire this #antisemite #KamauBobb.’”