Japan’s Nikkei hit a two-decade high on the back of a pickup in an economic activity that has been years in the making.
The Philadelphia Inquirer and Daily News said they would cut 30 to 35 newsroom jobs and add back about 10 digital positions. The cuts are another example of how newspapers have not been able to increase digital revenue enough to offset fall-off in print sales.
Time Inc. (NYSE: TIME) will sharply cutback the frequency of some of its magazines and cut the number of copies it prints of others. Time Magazine will cut the number of copies it guarantees to advertisers by a million, which will take the new total to 2 million. Sports Illustrated will cut its number of issues from 38 per year to 27. According to The New York Post:
Media Ink learned that Fortune will cut back to monthly from 16 issues, while Money will drop to 10 issues from 11. In addition, Media Ink learned Entertainment Weekly will chop four issues and appear 34 times a year in 2018. Magazines on the block are not immune either: Essence will drop to 10 issues from 12, and Sunset will drop to 11 issues in 2018 from its current 12.
The huge Equifax Inc. (NYSE: EFX) data breach also leaked driver’s license data. According to The Wall Street Journal:
Driver’s license data for around 10.9 million Americans were compromised during the breach of Equifax’s systems, according to people familiar with the matter.
Money management firm Vanguard has had a huge inflow of funds this year. According to The Wall Street Journal:
Investors plowed nearly $300 billion into Vanguard Group funds in the first nine months of this year, nearly matching flows into the firm for all of 2016 in the latest affirmation of the primacy of low-cost ‘passive’ investing.
Sears Canada has gone into liquidation, leaving over 10,000 people out of work.