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News Corp quarterly revenue beats on digital push

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(Reuters) – Wall Street Journal parent News Corp beat Wall Street estimates for quarterly revenue on Thursday, as the company’s digital push helped its Dow Jones unit attract more subscribers.

Revenue from Dow Jones, which provides news and business information, rose 6% to $421 million during the quarter.

News Corp, owner of Market Watch and Barron’s, has been making acquisitions to bolster its portfolio and expand.

In March, the company said it will acquire the consumer unit of educational publisher Houghton Mifflin Harcourt Co for $349 million in cash, days after it agreed to buy financial news firm Investor’s Business Daily for $275 million..

The Wall Street Journal’s digital-only subscriptions grew 29% to 2.63 million average subscriptions in the quarter, and represented 78% of its total subscriptions.

The Rupert Murdoch-led publisher’s total revenue rose 3% to $2.34 billion in the three months ended March 31, above analysts’ estimate of $2.2 billion, according to Refinitiv IBES data.

(Reporting by Akanksha Rana and Eva Mathews in Bengaluru; Editing by Aditya Soni and Devika Syamnath)

Image Credit: Reuters

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Source: https://datafloq.com/read/news-corp-quarterly-revenue-beats-digital-push/14482

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UK Court of Appeal confirms Deliveroo riders are self employed

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LONDON (Reuters) -Britain’s Court of Appeal confirmed on Thursday that riders for food delivery firm Deliveroo were self-employed, dismissing a union appeal against past judgments on their status.

Deliveroo said it was the fourth court judgment in Britain which had determined its riders were self-employed, after one by the Central Arbitration Committee and two at the High Court.

The Independent Workers Union of Great Britain (IWGB) was refused permission in 2017 for collective bargaining rights for a group of Deliveroo riders on the basis that they were not workers under the terms of legislation on labour relations.

Employment models across the “gig economy” have been challenged in courts around the world by unions and workers.

In February, Britain’s Supreme Curt ruled that a group of Uber drivers were entitled to worker rights such as the minimum wage.

In Thursday’s unanimous 3-0 verdict, the Court of Appeal upheld the High Court’s dismissal of a judicial review of that judgement.

It said the fact that Deliveroo’s riders did not have an obligation to provide services personally was a material factor.

A Deliveroo spokesperson said the verdict was an important milestone.

“UK courts have now tested and upheld the self-employed status of Deliveroo riders four times,” the spokesperson said.

“Deliveroo’s model offers the genuine flexibility that is only compatible with self-employment, providing riders with the work they tell us they value.”

The risk of legal challenges to its employment model was one reason that some major investors shunned Deliveroo’s London listing in March.

The shares, which were sold for 390 pence in the IPO, rose as much as 9% on Thursday to a high of 274 pence, the highest level since April.

Britain’s opposition Labour Party said the decision was devastating for Deliveroo drivers, and the government should outlaw the company’s “exploitative employment practices”.

(Reporting by Paul Sandle; Editing by Kate Holton and Alexander Smith)

Image Credit: Reuters

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Source: https://datafloq.com/read/uk-court-appeal-confirms-deliveroo-riders-self-employed/15772

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Robinhood to restrict users who ‘flip’ IPO shares

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(Reuters) – Online brokerage Robinhood Markets Inc, which recently launched an offering for retail investors to buy shares in initial public offerings, is encouraging users not to sell shares within the first 30 days of offerings.

On its website and in a recent note to customers, Robinhood warned that investors who sell or “flip” their IPO shares could be restricted from participating in future IPO deals for two months.

“We won’t prevent you from selling shares you get through the IPO Access program,” the company said https://robinhood.com/us/en/support/articles/ipo-access on its website.

“However, if you sell IPO shares within 30 days of the IPO, it’s considered “flipping” and you’ll be restricted from participating in IPOs for 60 days.”

Rival fintech Social Finance (SoFi), which also recently launched an IPO platform for retail customers, enforces similar restrictions by collecting fines from “flippers” or customers who sell their shares to take advantage of first-day pops.

“Issuing companies and their underwriters often try to avoid IPO stock flipping. Flipping could lead us to offer fewer IPOs in the future,” Robinhood, which launched the offering in May, said on its website.

Robinhood’s new IPO platform is available to all customers, without any account limit restrictions. In May, FIGS Inc, which manufactures medical scrubs, became the first company to be listed on Robinhood’s IPO Access platform.

The brokerage, which is soon expected to unveil paperwork for its own highly-anticipated stock market listing, will offer its IPO shares to retail customers on the platform, sources told Reuters in May.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Anirban Sen and Ramakrishnan M.)

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Source: https://datafloq.com/read/robinhood-restrict-users-flip-ipo-shares/15771

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Teamsters votes to support and fund Amazon workers

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(Reuters) -The International Brotherhood of Teamsters, a labor union in the United States and Canada, has voted to formalize a resolution to support, fund and supply resources to employees of Amazon.com Inc in their unionization efforts.

“Amazon workers are calling for safer and better working conditions, and with today’s resolution, we are activating the full force of our union to support them,” Randy Korgan, the union’s national director for Amazon, said on Thursday.

Nearly 96% of delegates voted in favor of the resolution at the 30th international convention of Teamsters, which includes representatives from 500 unions and together account for 1.4 million workers in the United States.

Amazon did not immediately respond to a request for comment.

The e-commerce giant and one of the largest private employers in America has for decades discouraged attempts among its over 800,000 U.S. employees to organize, showing managers how to identify union activity, raising wages and warning that union dues would cut into pay.

The union had said on Tuesday that its delegates will vote on a resolution to make the campaign at Amazon a ‘top priority’.

(Reporting by Eva Mathews in Bengaluru; Editing by Arun Koyyur)

Image Credit: Reuters

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Source: https://datafloq.com/read/teamsters-votes-support-fund-amazon-workers/15770

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Apple banks on physical stores as economies reopen, retail chief says

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By Stephen Nellis

(Reuters) – Apple Inc is expanding retail operations as the United States emerges from the pandemic, betting that a combination of strategies developed before and during COVID-19 will make its stores more popular than ever, its retail chief told Reuters.

Apple is doing this as the retail industry works out what the post-pandemic future will look like, including consumers who have become used to ordering almost everything online.

For Apple, the answer is keeping what helped it through the pandemic, and doubling down on its pre-pandemic strategy of in-store events and experiences beyond shopping.

The express counters that popped up to help customers more efficiently pick up online orders, for example, will become regular features of Apple’s 500-plus stores around the world, all of which have reopened as of June 14.

The iPhone maker is also adding a new “Creative Studios” program, starting in Los Angeles and Beijing, that aims to teach young people from underrepresented communities to use Apple products to create music, films and photography. That adds to a broader array of classes based out of the stores designed to bring in customers in contact with Apple more frequently.

“We’re looking at this moment right now as a way to really begin again, and begin again in every way,” Deirdre O’Brien, Apple’s senior vice president of retail and people, told Reuters as the company prepared on Thursday to open a new store at the renovated Tower Theatre in downtown Los Angeles, Apple’s second new U.S. retail outlet since the beginning of the pandemic.

Apple boomed during the pandemic, hitting $2 trillion in market capitalization in August 2020 and setting records for sales of iPhones and several other categories.

One of the retail-related weak spots in its financial results, analysts said, was a slowdown in sales of AppleCare, a device insurance plan that is often an upsell during a store visit but easier for consumers to skip online. Apple also experienced supply chain missteps over the past year, delivering its iPhone 12 later than usual last year and saying in April that the global semiconductor shortage would cost it several billion dollars in sales.

PERSONAL EXPERIENCE

Part of Apple’s retail success amid closures was streamlining its buy-online, pick-up-in-person process. Apple’s long-held retail strategy has been to encourage customers to wander its airy stores to touch and feel its devices.

During the pandemic, Apple re-worked many stores to have small express counters designed to facilitate pickups quickly but still give a personal touch, sometimes by following up online or by phone later to set up devices.

“The goal was really for speed, which is very different than what we usually experience in a retail store,” O’Brien said. “We want to make sure that in that experience that they can come in, quickly get the product they want. But we do want to make sure that we can also have a quick conversation with them to make sure that they have everything they need.”

As local rules allow, Apple is returning to in-person events and classes at its stores. The “Creative Studios” effort will eventually roll out to other major cities, O’Brien said.

Carolina Milanesi, principal analyst at Creative Strategies, said programs like those, in addition to courses designed to teach computer coding and other tech skills, are ways for Apple to bolster its brand with consumers between purchases.

“The more they can get you to use the device, the more engaged you are, the more loyal you’re going to be,” Milanesi said.

(Reporting by Stephen Nellis in San Francisco; Editing by Peter Henderson and Frances Kerry)

Image Credit: Reuters

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Source: https://datafloq.com/read/apple-banks-physical-stores-economies-reopen-retail-chief-says/15769

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