FT News Briefing Can Hollywood bounce back?
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Jan 17, 2025 The discussion dives into Scott Bessent's call for stricter sanctions on Russian oil producers. Wall Street is celebrating a major earnings surge, largely due to market volatility. British companies are outpacing U.S. firms in share buybacks. Meanwhile, Hollywood faces daunting challenges, including wildfires and the impact of the pandemic and strikes. The conversation includes potential strategies for Hollywood's revival, like increased tax incentives to attract filmmakers amidst ongoing crises.
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Bessent's Policy Stance
- Scott Bessent, Trump's Treasury pick, advocated for tougher sanctions on Russian oil producers during his confirmation hearing.
- He also emphasized using tariffs to address unfair trade practices and support American workers.
Bank Profit Boost
- U.S. bank profits surged in the last quarter of the year, driven by trading and deal-making activities.
- Market volatility and repositioning after the election fueled trading profits.
UK Share Buybacks
- UK companies outpaced US firms in share buybacks in the past year.
- Critics argue companies should invest the money instead of increasing shareholder earnings.