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The chief executive of streaming giant Netflix on Thursday announced a $1 billion investment to produce some 20 films and TV series in Mexico annually over the next four years. Speaking at President Claudia Sheinbaum‘s morning press conference in Mexico City, Netflix CEO Ted Sarandos said he looked forward to entering more partnerships with producers in the Latin American nation. Sheinbaum said the investments in the film industry should produce many jobs beyond immediate production needs, such as hospitality for actors and crew members, fashion designers and also spur tourism. “It’s an industry that gives a lot of mileage to the economy,” Sheinbaum said. “It’s not only important for Mexico to be seen in the world, but also because of the economic development and jobs generated by a production.” Netflix has invested in Mexican productions such as “Club de Cuervos,” a comedy-drama about the politics of a local soccer club, 2018’s “Roma,” the first Mexican entry to win the Oscar for best non-English language film, and last year’s “Pedro Paramo.” “Pedro Paramo,” an adaptation of Juan Rulfo’s classic 1955 novel, required the support of hundreds of artists and musicians and the production of some 5,000 traditional textile items, Sarandos said, adding that the book’s sales later tripled. Netflix has already agreed to collaborate with Mexico City’s Estudios Churubusco, one of Latin America’s longest-running film studios, Sarandos said. He added that Netflix plans to fund programs to help talent behind the camera break into the industry, and that Mexico’s geographical variety makes it a good location for filming. Last year, Netflix bought the rights to Oscar-nominated “Emilia Perez,” a French-made musical about a trans Mexican drug lord, which garnered much criticism in Mexico over cultural stereotypes, poor Spanish, lack of Mexican actors and a light treatment of the issue of forced disappearances – and spawned a Mexican-made parody in retaliation. “Emilia Perez” began screening in Mexican cinemas nearly half a year after its European release date, and Mexico’s consumer watchdog had to order a top cinema chain to clarify its guarantee refund policy after many spectators walked out of the movie. ($1 = 20.3374 Mexican pesos) Sarah Morland and Aida Pelaez-Fernandez, Reuters
Category:
E-Commerce
The Senate on Thursday narrowly voted to confirm Kash Patel as director of the FBI, moving to place him atop the nation’s premier federal law enforcement agency despite doubts from Democrats about his qualifications and concerns he will do Donald Trump‘s bidding and go after the Republican president’s adversaries. I cannot imagine a worse choice,” Sen. Dick Durbin, D-Ill., told colleagues before the 51-49 vote by the GOP-controlled Senate. Sens. Susan Collins of Maine and Lisa Murkowski of Alaska were the lone Republican holdouts. A Trump loyalist who has fiercely criticized the agency, Patel will inherit an FBI gripped by turmoil as the Justice Department over the past month has forced out a group of senior bureau officials and made a highly unusual demand for the names of thousands of agents who participated in investigations related to the Jan. 6, 2021, riot at the U.S. Capitol. Patel has spoken of his desire to implement major changes at the FBI, including a reduced footprint at headquarters in Washington and a renewed emphasis on the bureau’s traditional crime-fighting duties rather than the intelligence-gathering and national security work that has come to define its mandate over the past two decades. But he also echoed Trump’s desire for retribution. Patel raised alarm among Democrats for saying before he was nominated that he would come after anti-Trump conspirators in the federal government and the media. Republicans angry over what they see as law enforcement bias against conservatives during the Democratic Biden administration, as well as criminal investigations into Trump, have rallied behind Patel as the right person for the job. Mr. Patel wants to make the FBI accountable once again - get back the reputation that the FBI has had historically for law enforcement, Sen. Chuck Grassley, R-Iowa, chairman of the Senate Judiciary Committee, said before Patel was confirmed. He wants to hold the FBI accountable to Congress, to the president and, most importantly, to the people they serve the American taxpayer. Democrats complained about Patel’s lack of management experience compared with previous FBI directors and they highlighted incendiary past statements that they said called his judgment into question. I am absolutely sure of this one thing: this vote will haunt anyone who votes for him. They will rue the day they did it, said Sen. Richard Blumenthal, a Connecticut Democrat. He added: To my Republican colleagues, think about what you will tell your constituents and family about why you became voted for this person who will so completely and utterly disgrace this office and do such grave damage to our nations justice system. About a half-dozen Democrats on the Senate Judiciary Committee gathered outside FBI headquarters earlier Thursday in a last-ditch plea to derail his confirmation. This is someone we cannot trust, said Sen. Adam Schiff of California. This is someone who lacks the character to do this job, someone who lacks the integrity to do this job. We know that, our Republican colleagues know that.” Patel’s eyebrow-raising remarks on hundreds of podcasts and in other interviews over the past four years include referring to law enforcement officials who investigated Trump as criminal gangsters,” saying some Jan. 6 rioters were political prisoners and proposing to shut down the FBI headquarters and turning it into a museum for the so-called deep state. At his Senate hearing in January, Patel said Democrats were taking some of his comments out of context or misunderstanding the broader point that he was trying to make. Patel has also denied the idea that a list in book he authored of government officials who he said were part of a deep state amounted to an enemies list, calling that a total mischaracterization. FBI directors are given 10-year terms as a way to insulate them from political influence and keep them from becoming beholden to a particular president or administration. Patel was selected in November to replace Christopher Wray, who was picked by Trump in 2017 and served for more than seven years but who repeatedly angered the president and was seen by him as insufficiently loyal. He resigned before Trump took office. Since Wray’s resignation, the FBI has been led by interim leaders, who have clashed with the Justice Department over its demands for details about the agents who investigated the Capitol riot a move seen as a possible prelude to broader firings. Patel denied having any knowledge of discussions about potential firings, but a letter from Durbin last week that cited information that he said had come from insiders suggested that Patel may have been covertly involved in that process. Trump has said that he expects some of those agents will be fired. Patel is a former federal defender and Justice Department counterterrorism prosecutor. He attracted Trumps attention during the president’s first term when, as a staffer on the Republican-led House Intelligence Committee, Patel helped write a memo with pointed criticism of the FBIs investigation into ties between Russia and Trumps 2016 campaign. Patel later joined Trumps administration, both as a counterterrorism official at the National Security Council and as chief of staff to the defense secretary. Eric Tucker, Associated Press
Category:
E-Commerce
Private equity firms Apollo Global Management and Sycamore Partners are among the bidders who are competing to acquire Family Dollar, a discount retail chain operated by Dollar Tree, according to people familiar with the matter. Investment firm Brigade Capital Management has also expressed interest in buying Family Dollar, the sources said, requesting anonymity as the discussions are confidential. A deal for Family Dollar, which could value the retailer at several billion dollars, is not imminent, the sources said, cautioning that Dollar Tree could choose not to sell the business. It is also possible that a different suitor for Family Dollar could emerge, the sources added. Shares of Dollar Tree, which has a market value of about $16.5 billion, jumped more than 5% on the news on Thursday, before paring some gains. Dollar Tree did not respond to a request for comment. Apollo, Brigade and Sycamore declined to comment. Chesapeake, Virginia-based Dollar Tree has been working with investment bankers at JPMorgan Chase to explore options, including a potential sale or spinoff, for Family Dollar since June last year. The move marked a reversal for Dollar Tree, which acquired Family Dollar in 2015 for about $9 billion after outbidding its biggest rival Dollar General. Since the takeover, Family Dollar has struggled with its performance and its growth has stalled as the discount retailer has been unable to attract new customers. Its performance has lagged larger retailers such as Walmart and Target, as consumers cut back on discretionary spending due to high inflation. As of November 2, Dollar Tree operated 16,590 stores across 48 states and five provinces in Canada under the brands of Dollar Tree, Family Dollar and Dollar Tree Canada. Family Dollar generated roughly $13.7 billion of net revenue in the last 12 months, according to Reuters calculations. Sycamore, which has raised about $10 billion in aggregate committed capital, is an experienced retail investor that owns retailers like Staples, Loft, Ann Taylor, Talbots and Belk. In recent months, Sycamore has also been attempting to pull off a takeover of pharmacy chain Walgreens Boots Alliance. Apollo Global Management, which had about $70 billion of assets under management under its private equity strategy as of December 31, has acquired and invested in retailers including Michaels and PetSmart. Brigade Capital manages around $27 billion of assets and is primarily known as a credit investor. Last year, Brigade partnered with investment firm Arkhouse Management in its failed attempt to acquire department store Macy’s. Abigail Summerville, Reuters
Category:
E-Commerce
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