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Weinstein reaches $44M settlement; senators seek Sprint/T-Mobile deal rejection

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Weinstein reaches $44M settlement; senators seek Sprint/T-Mobile deal rejection

Top News

* Harvey Weinstein, the former co-chairman and CEO of Weinstein Co. LLC, has struck a tentative $44 million deal to resolve lawsuits that accused him of sexual misconduct, The Wall Street Journal reports, citing sources with knowledge of the matter. The disgraced movie mogul reached the deal with women who accused him of sexual misconduct, his former film studio's board members and the New York attorney general's office.

* Six Democratic Senators urged the U.S. Federal Communications Commission and the U.S. Department of Justice to reject the proposed merger between T-Mobile US Inc. and Sprint Corp. and open a 30-day public comment period on the proposal. In a letter to FCC Chairman Ajit Pai and Assistant Attorney General Makan Delrahim, the U.S. senators raised concerns that this merger will not serve the public interest and would result in "substantial anticompetitive effects, harming consumers, workers, and innovation."

* Microsoft Corp. has pulled Huawei Technologies Co. Ltd.'s products from one of its cloud server catalogs, Bloomberg News reports. Microsoft declined to comment on whether it will rescind Huawei's Windows license. The U.S. Commerce Department issued a temporary license that will allow American companies to continue doing business with Huawei for the next three months.

Internet & OTT

* Facebook Inc. disabled 1.2 billion fake accounts in the fourth quarter of 2018 and 2.19 billion in the first quarter this year. Facebook also shared metrics for the fourth quarter of 2018 and the first quarter of 2019 in other areas, such as adult nudity and sexual activity, bullying and harassment, where it enforced its Community Standards.

* Snap Inc. has tapped Oona King as vice president of diversity and inclusion, TechCrunch.com reports, citing an internal memo. King previously served Alphabet Inc.'s Google LLC as director of diversity strategy.

* Google will now let users order food delivery directly from Google Search, Maps and the Assistant, TechCrunch.com reports, citing a company announcement. The U.S. search giant has teamed up companies like DoorDash Inc., Postmates Inc., Delivery.com LLC, Slice and Chownow Inc. for the initiative.

* Facebook has held talks with trading houses in the U.S. and cryptocurrency exchanges, including one founded by the Winklevoss twins, about creating a new global digital currency, London's Financial Times reports. The currency is expected to help Facebook members send money to each other, and buy things not only on Facebook, Instagram and WhatsApp but also across the internet and outside of the internet across the world.

* Netflix Inc. has green-lighted "The Expanding Universe of Ashley Garcia," a new multi-cam comedy series co-created by Mario Lopez and Seth Kurland. The 16-episode series follows a 15-and-a-half-year-old robotics engineer and rocket scientist who gets the chance to work for NASA, according to a news release.

* Fox Nation, the subscription streaming service for FOX News Channel (US), will premiere new shows in the week of June 10, Broadcasting & Cable reports. The lineup includes "Nuffsaid" featuring Fox News Channel contributor Tyrus, "Sincerely Kat" hosted by Kat Timpf, and Lawrence Jones' "Keeping Up With the Jones." The service costs $5.99 a month and $64.99 yearly.

TV Networks

* British-American historical drama series "Gentleman Jack" will return for a second season on HBO (US) and BBC One (UK), Broadcasting & Cable reports, citing an official statement. "Gentleman Jack" is based on the diaries of Anne Lister, an English woman who fought against the conventions of the 1800s as a landowner and industrialist.

Technology

* U.S. computer and phone vendors such as Apple Inc., Dell Technologies Inc. and HP Inc. are likely to bear the brunt of increased tariffs on Chinese imports, analysts said. The U.S. this month raised tariffs on $200 billion of Chinese imports from 10% to 25%. The Trump administration has also told the Office of the U.S. Trade Representative to start the process of raising tariffs on remaining imports from China, which will cover goods in every sector.

* China's move to strengthen its cybersecurity regime will increase compliance costs for all technology, media and telecommunication companies local and foreign operating in China, experts warned. The new cybersecurity rules, under China's existing "multilevel protection scheme," will go into effect Dec. 1. The new standards will expand Chinese authorities' supervision from "basic information systems" to technologies including mobile internet, the internet of things, cloud computing, big data and industrial security systems, according to a May 15 Financial Times report which cites an official document.

* Qualcomm Inc. is facing legal and geopolitical challenges to its licensing business that analysts say could negatively impact the United States' standing in the global race to deploy next-generation 5G wireless networks. Shares of the domestic chipmaker have tumbled since a U.S. federal district judge found that Qualcomm used its dominant market position to charge unreasonably high prices and ordered its licensing contracts be renegotiated. Qualcomm's licensing revenue came to $1.12 billion, comprising 23% of the company's consolidated quarterly revenue for the period ended in March.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, Hang Seng rose 0.32% to 27,353.93, while the Nikkei 225 was down 0.16% to 21,117.22.

In Europe, around midday, the FTSE 100 was up 0.75% to 7,285.09, and the Euronext 100 increased 0.37% to 1,039.60.

On the macro front

The durable goods orders report and the Baker-Hughes Rig Count are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

Featured news

Hires and Fires: Former Disney exec joins WarnerMedia; Snap names new CFO: Former Walt Disney Co. executive Kevin Brockman has joined AT&T Inc.'s WarnerMedia Entertainment, while Snap promoted Derek Andersen to CFO of the company.

The Daily Dose Europe: Vivendi seeks Universal Music stake buyers; Netflix to open office in Germany: Vivendi SA is looking for buyers of its Universal Music Group Inc. stake, while Netflix will open a dedicated office in Berlin.

The Daily Dose Asia-Pacific: US senators table bill to ban Huawei, ZTE; Panasonic to continue Huawei supply: A bipartisan group of senators introduced a bill May 22 that would ban hardware or software provided by Huawei and ZTE Corp., while Panasonic Corp. said it will continue to supply Huawei while complying with regulations.

Hires and Fires Europe: Deutsche Telekom to revamp management board; Volia CEO stepping down: Deutsche Telekom AG is reducing seats in its management board, while Gyorgy Zsembery is stepping down as chief executive of Ukrainian cable operator Volia.

Featured research

Multichannel Trends: Cable triple-plays extend declining streak: Multi-product trends point to broader move towards two-service subscriptions.

Economics of Internet: Profile: iQIYI China 2019: IQiyi Inc. recorded more than US$3 billion in content costs in 2018, a number that will continue to grow from the service's focus on creating and owning intellectual property.

Multichannel Trends: Broadband shines in telco revenue snapshot: Telco wireline and satellite revenue contracted 3.3% year over year to $35.11 billion.

Consumer Insights: The digital video sharing economy: About a tenth of digital video users were tuning in via another's login, according to our March survey.

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