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On November 14th, CICC released a report stating that Bilibili (09626.HK) reported a 5% year-on-year revenue increase to RMB 7.69 billion in the third quarter, exceeding CICCs forecast of RMB 7.61 billion. Non-GAAP net profit reached RMB 787 million, better than CICCs forecast of RMB 563 million, mainly benefiting from rapid growth in advertising revenue and better-than-expected gross margin performance. Based on the improving gross margin trend, CICC raised its 2025 and 2026 net profit forecasts for Bilibili by 7.8% and 2.3% respectively, to RMB 2.44 billion and RMB 3.06 billion. CICC raised its target prices for Bilibilis US-listed shares and H-shares by 7.4% and 7.8% respectively, to US$29 and HK$220, maintaining its "Outperform" rating.November 14th - It was learned on the 13th local time that Trinidad and Tobagos Attorney General John Jeremy stated that the 22nd Marine Expeditionary Unit will "intensify exercises" in the country "in the coming days." In late October, Venezuelan President Maduro announced the suspension of progress on a natural gas cooperation agreement with Trinidad and Tobago. Maduro stated that this decision was in response to Trinidad and Tobagos support for the USs so-called "anti-drug" operations in the Caribbean. Trinidad and Tobago are separated from Venezuela by the Gulf of Paria, with their coastlines at their closest point only about 10 kilometers apart.On November 14th, the overnight SHIBOR was 1.3630%, up 4.80 basis points; the 7-day SHIBOR was 1.4680%, down 0.60 basis points; the 14-day SHIBOR was 1.5090%, up 0.90 basis points; the 1-month SHIBOR was 1.5180%, unchanged from the previous trading day; and the 3-month SHIBOR was 1.5800%, unchanged from the previous trading day.JD.com (09618.HK) fell more than 5%, with the companys Q3 revenue reaching RMB 299.059 billion, a year-on-year increase of 14.9%.On November 14th, Goldman Sachs stated that global oil demand growth will continue for longer than previously expected, driven by strong energy demand. Earlier this week, the International Energy Agency (IEA) softened its forecast that oil demand was nearing its peak. In a report published Thursday, Goldman Sachs analysts Yulia Grigsby and Daan Struyven wrote that global oil demand will grow from 103.5 million barrels per day in 2024 to 113 million barrels per day in 2040. The bank had predicted last year that demand would peak in 2034, but also noted that the peak could be delayed by six years due to the slowdown in the adoption of electric vehicles. Goldman Sachs attributed its revised peak demand forecast to bottlenecks in low-carbon technologies and infrastructure, as well as the growth in energy demand. The bank pointed out that after a prolonged plateau in oil demand from road transportation, petrochemical products will become a key driver of oil consumption, with the aviation industry also making a significant contribution. However, Goldman Sachs also warned that long-term oil demand forecasts are highly uncertain and often subject to significant revisions, with the main risks stemming from the accelerated progress of low-carbon technologies and the lingering impact of a potential economic recession.

If Congress Passes A Media Bill, Meta May Remove News on Facebook

Skylar Williams

Dec 06, 2022 11:41

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Facebook's parent firm, Meta Platforms Inc (NASDAQ:META), has threatened to delete content from its platform if the U.S. Congress approves a plan that would make it easier for news organizations to negotiate collectively with corporations like Alphabet Inc's Google and Facebook.


Legislators are allegedly considering attaching the Journalism Competition and Preservation Act to a must-pass annual military measure in an effort to save the struggling local journalism industry. In a tweet, Andy Stone, a representative for Meta, stated that if the bill was passed, the company would be forced to consider eliminating news "rather than submit to government-mandated discussions that negate any value we bring to news sites through increased traffic and subscriptions."


The idea fails to recognize that publishers and broadcasters place content on the platform because "it improves their bottom line - not the other way around."


The News Media Alliance, an association of newspaper publishers, says that the bill should be included in the defense bill "Local newspapers cannot afford to endure Big Tech's exploitation and abuse for several more years, and the time to take action is quickly running out. We run the possibility of social media becoming the de facto local newspaper in America if Congress does not act immediately."


More than two dozen organizations, including the American Civil Liberties Union, Public Knowledge, and the Computer & Communications Industry Association, urged Congress on Monday not to approve the local news bill, arguing that it would "create an ill-advised antitrust exemption for publishers and broadcasters" and that it does not mandate that "funds gained through negotiation or arbitration will even be paid to journalists."


According to a government study, a similar Australian regulation that went into effect in March 2021 following discussions with major digital companies that resulted in a brief shutdown of Facebook news feeds in the country has been generally effective.


According to the article, since the News Media Bargaining Code went into effect, several technological giants, including Meta and Alphabet, have reached more than 30 agreements with media sites, compensating them for content that generated clicks and advertising revenue.

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