AT&T Wins US Court Approval to Buy Time Warner for $85B

AT&T won approval from a U.S. court on Tuesday to buy Time Warner for $85 billion, without conditions, allowing AT&T to compete with internet companies that dominate digital advertising and providing new sources of revenue.

The planned deal is seen as a turning point for a media industry that has been upended by companies like Netflix and Google which produce content and sell it online directly to consumers, without requiring a pricey cable subscription. Distributors including cable, satellite and wireless carriers all see buying content companies as a way to add revenue.

The ruling could also prompt a cascade of pay TV companies buying television and movie makers, with Comcast’s bid for some Twenty-First Century Fox assets potentially the first out of the gate.

The merger, including debt, would be the fourth largest deal ever attempted in the global telecom, media and entertainment space, according to Thomson Reuters data. It would also be the 12th largest deal in any sector, the data showed.

“I conclude that the government has failed to meet its burden of proof,” District Court Judge Richard Leon told the court. He called one of the government’s arguments against the deal “gossamer thin.”

The judge in a scathing opinion urged the U.S. government not to seek a stay of his ruling, saying it would be “manifestly unjust” to do so and not likely to succeed.

Shares of AT&T were about flat in after-hours trade following the decision, while Time Warner rose more than 5 percent.

The Justice Department filed a lawsuit to stop the deal in November 2017, saying that AT&T’s ownership of both DirecTV and Time Warner would give AT&T unfair leverage against rival cable providers that relied on Time Warner’s content, such as CNN and HBO’s “Game of Thrones.”

AT&T in a six-week trial argued that the purchase of Time Warner would allow it to gain information about viewers needed to target digital advertising, much like Facebook and Alphabet’s Google already do.

AT&T and other wireless carriers need to find new sources of revenue as the mobile phone market stagnates and more customers abandon pricey cable and satellite packages for streaming services they can watch on their phones or televisions.

The government estimated costs to industry rivals, such as Charter Communications, would increase by $580 million a year if AT&T owned Time Warner.

To assuage the Trump administration’s criticisms, AT&T offered to submit pricing disagreements with other pay TV companies over Turner’s channels to third-party arbitration. The companies further offered not to black out programming during arbitration for seven years.

Announced in October 2016, the deal was quickly denounced by Donald Trump, who as a candidate and later as president has been critical of Time Warner’s CNN and its coverage.

Before the trial started, AT&T lawyers said the Time Warner deal may have been singled out for government enforcement but Judge Leon of the U.S. District Court for the District of Columbia rejected their bid to force the disclosure of White House communications that might have shed light on the matter.

The deal cost AT&T’s top lobbyist, Bob Quinn, his job in May after it became public that AT&T had paid Trump’s personal lawyer Michael Cohen $600,000 for advice on winning approval.

The ruling could also have implications for CBS’s potential tie-up with Viacom, which is already uncertain because of a lawsuit between CBS’s controlling shareholder, Shari Redstone, and its board.

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AT&T Wins US Court Approval to Buy Time Warner for $85B

AT&T won approval from a U.S. court on Tuesday to buy Time Warner for $85 billion, without conditions, allowing AT&T to compete with internet companies that dominate digital advertising and providing new sources of revenue.

The planned deal is seen as a turning point for a media industry that has been upended by companies like Netflix and Google which produce content and sell it online directly to consumers, without requiring a pricey cable subscription. Distributors including cable, satellite and wireless carriers all see buying content companies as a way to add revenue.

The ruling could also prompt a cascade of pay TV companies buying television and movie makers, with Comcast’s bid for some Twenty-First Century Fox assets potentially the first out of the gate.

The merger, including debt, would be the fourth largest deal ever attempted in the global telecom, media and entertainment space, according to Thomson Reuters data. It would also be the 12th largest deal in any sector, the data showed.

“I conclude that the government has failed to meet its burden of proof,” District Court Judge Richard Leon told the court. He called one of the government’s arguments against the deal “gossamer thin.”

The judge in a scathing opinion urged the U.S. government not to seek a stay of his ruling, saying it would be “manifestly unjust” to do so and not likely to succeed.

Shares of AT&T were about flat in after-hours trade following the decision, while Time Warner rose more than 5 percent.

The Justice Department filed a lawsuit to stop the deal in November 2017, saying that AT&T’s ownership of both DirecTV and Time Warner would give AT&T unfair leverage against rival cable providers that relied on Time Warner’s content, such as CNN and HBO’s “Game of Thrones.”

AT&T in a six-week trial argued that the purchase of Time Warner would allow it to gain information about viewers needed to target digital advertising, much like Facebook and Alphabet’s Google already do.

AT&T and other wireless carriers need to find new sources of revenue as the mobile phone market stagnates and more customers abandon pricey cable and satellite packages for streaming services they can watch on their phones or televisions.

The government estimated costs to industry rivals, such as Charter Communications, would increase by $580 million a year if AT&T owned Time Warner.

To assuage the Trump administration’s criticisms, AT&T offered to submit pricing disagreements with other pay TV companies over Turner’s channels to third-party arbitration. The companies further offered not to black out programming during arbitration for seven years.

Announced in October 2016, the deal was quickly denounced by Donald Trump, who as a candidate and later as president has been critical of Time Warner’s CNN and its coverage.

Before the trial started, AT&T lawyers said the Time Warner deal may have been singled out for government enforcement but Judge Leon of the U.S. District Court for the District of Columbia rejected their bid to force the disclosure of White House communications that might have shed light on the matter.

The deal cost AT&T’s top lobbyist, Bob Quinn, his job in May after it became public that AT&T had paid Trump’s personal lawyer Michael Cohen $600,000 for advice on winning approval.

The ruling could also have implications for CBS’s potential tie-up with Viacom, which is already uncertain because of a lawsuit between CBS’s controlling shareholder, Shari Redstone, and its board.

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First Gas Arrives in Turkey Through Pipeline From Azerbaijan

The Turkish and Azerbaijani presidents on Tuesday inaugurated a key pipeline carrying natural gas from Azerbaijan’s gas fields to Turkish markets and eventually to Europe, part of a wider Southern Gas Corridor project that aims to diversify gas supplies and reduce countries’ dependence on Russia.

 

The Trans Anatolian Natural Gas Pipeline, or TANAP, is also part of Turkey’s ambition of becoming a major energy hub.

 

“We are taking a historic step,” Turkey’s Recep Tayyip Erdogan said at a ceremony in central Eskisehir province with Azerbaijan’s Ilham Aliyev marking the delivery of the first gas. “We are inaugurating a project that is the ‘Silk Road’ of energy.”

 

Ukrainian President Petro Poroshenko and Serbian President Aleksandar Vucic also attended.

 

Erdogan said the pipeline would not only ensure energy security but also increase the “welfare of the people on its route.” It will deliver 6 billion cubic meters of gas per year to Turkey and 10 billion cubic meters to Europe.

 

Although it has no financial involvement, the United States has strongly supported TANAP, said Sandra Oudkirk, the U.S. Deputy Assistant Secretary of State for Energy, who also attended the ceremony.

 

“We take energy security for ourselves and allies and partners really seriously and we see this as an important component of the bigger energy diversification and energy security picture,” she told a group of journalists in Ankara earlier.

 

The pipeline will eventually be connected to the Trans Adriatic Pipeline, or TAP, at the Turkey-Greece border. Erdogan said that could take place in June 2019.

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Vietnam Passes Sweeping New Cybersecurity Law

Vietnamese lawmakers have approved a new cybersecurity law that human rights activists say will stifle freedom of speech.

The law will require online content providers such as Google and Facebook to remove content deemed offensive by authorities within 24 hours, and store the personal data of its customers on servers based in Vietnam, and to open offices in the Communist-run country.

Clare Agar, Amnesty International’s director of global operations, issued a statement denouncing Tuesday’s passage of the law. Agar said “the online space was a relative refuge” within Vietnam’s “deeply repressive climate” where people could go to share ideas and opinions “with less fear of censure by the authorities.”

The new law now means “there is no safe place left,” Agar said.

The United States and Canada urged Vietnam to delay passage of the bill, citing concerns it could pose “obstacles to Vietnam’s cybersecurity and digital innovation future.” 

The Vietnam Digital Communication Association says the law could reduce the country’s gross domestic product by 1.7 percent, and wipe out 3.1 percent of foreign investment.

Vo Trong Viet, the head of the government’s defense and security committee, acknowledged that requiring content providers to open data centers inside Vietnam would increase their costs, but said it was necessary ensure the country’s cybersecurity.

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Tired of Unemployment, Kashmir Women Decide to Open Their Online Business

The separatist campaign in Indian-administered Kashmir broke out into major violence in 1989. More than 60,000 people are estimated to have died and 10,000 to have disappeared in the disputed Himalayan region. That has pushed their families into poverty. For the region’s youth, earning a living has been a challenge, especially educated young women. However, one group of young entrepreneurs is taking matters into their own hands. Yusuf Jameel has more, in this report narrated by Bezhan Hamdard.

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Young Entrepreneurs Motivated by Purpose, Not Just Profit

The new generation of global entrepreneurs is going into business motivated by purpose rather than just profit, according to research by the HSBC banking group released on Tuesday.

One in four entrepreneurs aged under 35 said they were more motivated by social impact than by moneymaking, compared to just over one in 10 of those aged over 55, according the results of the HSBC survey.

“Our research suggests this is a generational shift,” Stuart Parkinson, global chief investment officer of HSBC, told the Thomson Reuters Foundation. “Younger entrepreneurs are focused on environmental and social concerns and that’s because they see these values as being their own.”

The bank surveyed 3,700 entrepreneurs in 11 countries. One in five said their priority as a business owner was to deliver solutions to environmental and social challenges.

Parkinson said social media had brought greater scrutiny of businesses, while awareness of the social and environmental impacts of business practices had also increased.

“Social enterprise has taken off as this new formula for success, which is this combination of capitalism and doing good, and younger entrepreneurs are clearly leading this,” he said.

Social enterprises are businesses with a mission to benefit society or the environment as well as turn a profit and Britain is seen as a global leader in the innovative sector.

Last year it had about 70,000 employing nearly 1 million people last year, according to membership organization Social Enterprise UK, up from 55,000 businesses in 2007.

Zakia Moulaoui runs the social enterprise Invisible Cities, which employs homeless people as city guides in Edinburgh, and plans to expand the business to Manchester and Glasgow by the end of the year.

The 31-year-old said there was a greater awareness amongst her generation that being able to address social issues and earn an income was possible.

“People who thought they couldn’t do that because they needed to make a living for themselves might have just worked in a regular business and volunteered at the weekend, but now people know they can reconcile the two,” Moulaoui said.

Britain’s Confederation of British Industry (CBI), an employers’ group, has found that two thirds of 18- to 34-year-olds think companies should put society’s interest first.

“This is a view shared by employees, customers and communities. CEOs of firms of all sizes are clearer than ever before — purpose and profit go hand in hand,” said Josh Hardie, deputy director-general of the CBI.

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Indonesian Agency Tries to Flex Soft Power Through Art

Indonesia is rich in commodities such as oil, gas, gold and tin, but a handful of government officials think its most powerful resources are cultural. 

They belong to a dynamic young body called the Creative Economy Agency, or BEKRAF (an acronym derived from its Indonesian name) that was created in 2015 by President Joko Widodo to promote Indonesia’s cultural output both at home and abroad.

“Oil and gas are finite resources. The only thing that lasts forever is creativity,” said Boni Pudjianto, BEKRAF’s director for international markets. 

BEKRAF’s staff was appointed meritocratically through an open call to government officers, regardless of background. Boni, for instance, has a doctorate in engineering and was posted at the Ministry of Communications and Information Technology before he joined BEKRAF. 

“It’s an experimental agency,” he said. “It’s a new model for a governmental body.” 

BEKRAF wants to promote the arts of the world’s fourth largest country more effectively to a global audience.

The agency was behind Indonesia’s acclaimed pavilion at this year’s Venice Architecture Biennale, called “Sunyata: The Poetics of Emptiness.” It was Indonesia’s second time at the biennale, following a debut effort in 2014. This entry was overseen from start to finish by BEKRAF, from the selection of six curators to the opening ceremony on May 25. 

“Indonesia is trying to put our architecture at the same level as [that of] other countries,” said Boni, in Venice last month. “And we want to leverage this exposure on the international stage to promote the field back home.”

Key industries

BEKRAF is a “quasi-governmental institution,” according to Boni, that combines representatives of the private sector with competitively chosen government officials. 

It supports Indonesian exhibits at international fairs like Venice’s art and architecture biennales, as well as sundry fashion weeks, expos and film festivals. BEKRAF also backs small businesses and enterprises in creative sectors, like the upstart batik (traditional wax-resist dyed cloth) brand called Rajasamas Batik. 

“Any major festival in the world, we want to participate in it and show the best contemporary art in Indonesia,” said Triawan Munuf, BEKRAF’s chairman. So far, he said, what people know of Indonesian culture, if anything, is Bali (the Hindu-majority island that is popular with tourists) and traditional arts like wayang kulit, or shadow-puppet drama. “But we also have to show our state of the art projects, although it’s not something we can change overnight.”

For example, the late Nelson Mandela famously wore batik, said Triawan. “But we weren’t able to catalyze that into more interest in the batik industry.”

It’s a cautionary tale about relying on any silver bullet to raise an industry’s profile. His vision runs on a longer time frame of years and decades, and on backing many horses across all the creative industries: food, fashion, architecture, art, film, video games and so on.

BEKRAF’s current slate of supported programs includes startup funding workshops in seven cities, a performance by the Jakarta City Philharmonic, an installation of an “Indonesia Music Market” in Cannes, and a booth at the world’s largest technology exhibition in Taiwan.

One early success that Triawan cites is that BEKRAF has helped increase the number of Indonesian films that are seen by Indonesians themselves.

“We went from about 5 percent [of films shown in Indonesian theaters that are made in Indonesia] three years ago to 20 percent today,” he said. BEKRAF deployed incentives like removing films from the “negative investments” list in 2016, and opening the movie industry for foreign investment. “By next year, I hope that number is 50 percent,” Triawan said.

Plans to expand

Arts and culture once fell under the purview of Indonesia’s tourism ministry, but Widodo created BEKRAF as a stand-alone body to further his greater goal of economic growth. 

Indonesia’s creative industries contributed 990.4 trillion Indonesian rupiah, or $71 billion, to the country’s GDP in 2017, about 7.6 percent of the total, and provided jobs for 16.2 million people.

But almost 98 percent of creative industry businesses only market their products locally, according to BEKRAF, due in part to funding and intellectual property constraints. Dealing with those issues on a granular level is BEKRAF’s next big task, beyond big-ticket events like the biennale. 

BEKRAF reportedly got off to a rough start in 2015, taking six months to fill its senior leadership and facing a budget that barely covered its daily operations. But within three years, it has grown into its identity as a unique body within Indonesia’s governing apparatus. 

In Venice, Triawan concluded the inauguration of the Indonesia pavilion, which took the form of an expansive, white, Tvyek-paper parabola, by strolling through some of the neighboring exhibits. He passed the Italian pavilion, which unfolded through several chambers of a warehouse in the Arsenale complex and included dioramas, screens, hanging mobiles, rolling film clips and oblong tables of sculptural objects. Its cerebral and eclectic approach contrasted with Indonesia’s, which primed simplicity and striking visuals. 

Triawan was impressed.

“In 10 years,” he said, gesturing around the warehouse, “We must be like this, too.” Boni agreed.

“We love Italy,” he said. “They are not the most industralized country in Europe. But their products have a special touch of craftsmanship, just like in Indonesia. Everyone knows what ‘Made in Italy’ means. We want them to know what ‘Made in Indonesia’ means, too.”

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Indonesian Agency Tries to Flex Soft Power Through Art

Indonesia is rich in commodities such as oil, gas, gold and tin, but a handful of government officials think its most powerful resources are cultural. 

They belong to a dynamic young body called the Creative Economy Agency, or BEKRAF (an acronym derived from its Indonesian name) that was created in 2015 by President Joko Widodo to promote Indonesia’s cultural output both at home and abroad.

“Oil and gas are finite resources. The only thing that lasts forever is creativity,” said Boni Pudjianto, BEKRAF’s director for international markets. 

BEKRAF’s staff was appointed meritocratically through an open call to government officers, regardless of background. Boni, for instance, has a doctorate in engineering and was posted at the Ministry of Communications and Information Technology before he joined BEKRAF. 

“It’s an experimental agency,” he said. “It’s a new model for a governmental body.” 

BEKRAF wants to promote the arts of the world’s fourth largest country more effectively to a global audience.

The agency was behind Indonesia’s acclaimed pavilion at this year’s Venice Architecture Biennale, called “Sunyata: The Poetics of Emptiness.” It was Indonesia’s second time at the biennale, following a debut effort in 2014. This entry was overseen from start to finish by BEKRAF, from the selection of six curators to the opening ceremony on May 25. 

“Indonesia is trying to put our architecture at the same level as [that of] other countries,” said Boni, in Venice last month. “And we want to leverage this exposure on the international stage to promote the field back home.”

Key industries

BEKRAF is a “quasi-governmental institution,” according to Boni, that combines representatives of the private sector with competitively chosen government officials. 

It supports Indonesian exhibits at international fairs like Venice’s art and architecture biennales, as well as sundry fashion weeks, expos and film festivals. BEKRAF also backs small businesses and enterprises in creative sectors, like the upstart batik (traditional wax-resist dyed cloth) brand called Rajasamas Batik. 

“Any major festival in the world, we want to participate in it and show the best contemporary art in Indonesia,” said Triawan Munuf, BEKRAF’s chairman. So far, he said, what people know of Indonesian culture, if anything, is Bali (the Hindu-majority island that is popular with tourists) and traditional arts like wayang kulit, or shadow-puppet drama. “But we also have to show our state of the art projects, although it’s not something we can change overnight.”

For example, the late Nelson Mandela famously wore batik, said Triawan. “But we weren’t able to catalyze that into more interest in the batik industry.”

It’s a cautionary tale about relying on any silver bullet to raise an industry’s profile. His vision runs on a longer time frame of years and decades, and on backing many horses across all the creative industries: food, fashion, architecture, art, film, video games and so on.

BEKRAF’s current slate of supported programs includes startup funding workshops in seven cities, a performance by the Jakarta City Philharmonic, an installation of an “Indonesia Music Market” in Cannes, and a booth at the world’s largest technology exhibition in Taiwan.

One early success that Triawan cites is that BEKRAF has helped increase the number of Indonesian films that are seen by Indonesians themselves.

“We went from about 5 percent [of films shown in Indonesian theaters that are made in Indonesia] three years ago to 20 percent today,” he said. BEKRAF deployed incentives like removing films from the “negative investments” list in 2016, and opening the movie industry for foreign investment. “By next year, I hope that number is 50 percent,” Triawan said.

Plans to expand

Arts and culture once fell under the purview of Indonesia’s tourism ministry, but Widodo created BEKRAF as a stand-alone body to further his greater goal of economic growth. 

Indonesia’s creative industries contributed 990.4 trillion Indonesian rupiah, or $71 billion, to the country’s GDP in 2017, about 7.6 percent of the total, and provided jobs for 16.2 million people.

But almost 98 percent of creative industry businesses only market their products locally, according to BEKRAF, due in part to funding and intellectual property constraints. Dealing with those issues on a granular level is BEKRAF’s next big task, beyond big-ticket events like the biennale. 

BEKRAF reportedly got off to a rough start in 2015, taking six months to fill its senior leadership and facing a budget that barely covered its daily operations. But within three years, it has grown into its identity as a unique body within Indonesia’s governing apparatus. 

In Venice, Triawan concluded the inauguration of the Indonesia pavilion, which took the form of an expansive, white, Tvyek-paper parabola, by strolling through some of the neighboring exhibits. He passed the Italian pavilion, which unfolded through several chambers of a warehouse in the Arsenale complex and included dioramas, screens, hanging mobiles, rolling film clips and oblong tables of sculptural objects. Its cerebral and eclectic approach contrasted with Indonesia’s, which primed simplicity and striking visuals. 

Triawan was impressed.

“In 10 years,” he said, gesturing around the warehouse, “We must be like this, too.” Boni agreed.

“We love Italy,” he said. “They are not the most industralized country in Europe. But their products have a special touch of craftsmanship, just like in Indonesia. Everyone knows what ‘Made in Italy’ means. We want them to know what ‘Made in Indonesia’ means, too.”

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New Disclosure Shows Growing Kushner Wealth, Debt

Financial disclosure forms released late Monday show that White House special adviser — and President Donald Trump’s son-in-law — Jared Kushner’s wealth and debt both appear to have risen over the year, an indication of the complex state of his finances and the potential conflicts that confront some of his investments.

 

Disclosures issued by the White House for Kushner and his wife, Trump’s daughter Ivanka, showed that Kushner held assets totaling at least $181 million. His previous 2017 disclosure had showed assets in at least the $140 million range. Kushner and Ivanka Trump, jointly held at least $240 million in assets last year.

 

The financial disclosures released by the White House and filed with the U.S. Office of Government Ethics routinely show both assets and debts compiled in broad ranges between low and high estimates, making it difficult to precisely chart the rise and fall of the financial portfolios of federal government officials.

 

The White House released the disclosures for Kushner and Ivanka Trump on a heavy news day, while the world’s media lavished attention on President Trump’s preparations to meet with North Korea’s Kim Jong Un for talks over nuclear weapons. The White House had released the president’s own financial report last month.

 

A spokesman for the couple said Monday that the couple’s disclosure portrayed both assets and debts that have not changed much over the past year — and stressed that Kushner and Ivanka Trump have both complied with all federal ethics rules.

 

“Since joining the administration, Mr. Kushner and Ms. Trump have complied with the rules and restrictions as set out by the Office of Government Ethics,” said Peter Mirijanian, a spokesman for the couple’s ethics lawyer, Abbe Lowell. “As to the current filing which OGE also reviews, their net worth remains largely the same, with changes reflecting more the way the form requires disclosure than any substantial difference in assets or liabilities.”

 

One of Kushner’s biggest holdings, a real estate tech startup called Cadre that he co-founded with his brother, Joshua, rose sharply in value. The latest disclosure shows it was worth at least $25 million at the end of last year, up from a minimum value of $5 million in his previous disclosure.

 

The bulk of Ivanka Trump’s assets — more than $50 million worth — was contained in a trust that holds her business and corporations. That trust generated over $5 million in revenue last year.

 

She reported a stake in the Trump International Hotel in Washington, D.C., worth between $5 million and $25 million. The hotel has been a focus of lawsuits against the president and ethics watchdogs who say Trump is violating the Constitution by profiting from his office as diplomats spend big money there.

 

The disclosure also showed that Kushner has assumed growing debt over the past year, both expanding his use of revolving lines of credit and taking on additional debt of between $5 million and $25 million as part of his family company’s purchase last year of a New Jersey apartment complex.

 

A series of interim financial reports last year showed that Kushner had increased lines of credit with Bank of America, New York Community Bank and Signature Bank, each from at least $1 million to $5 million. Such moves do not mean that Kushner has yet accumulated that debt, but has the ability to do so.

 

The new disclosure shows that Kushner did take on a new debt last year with Bank of America worth between $5 million and $25 million — but jointly with other investors in Quail Ridge LLC, a company used for his family firm’s purchase of Quail Ridge, a 1,032-unit apartment community in Plainsboro, N.J., near Princeton. The disclosures also showed that Ivanka Trump owns an interest in that purchase through a family trust.

 

The disclosure showed that Kushner reported making at least $5 million in income from the development since Kushner Companies bought the complex in September. The family business has made a splash with high-profile deals for buildings in New York City in the past decade, but lately has been returning to its roots by buying garden apartments in the suburbs.

 

Under an ethics agreement he signed when he joined the administration in early 2017, Kushner withdrew from his position as CEO of Kushner Companies. But even as a passive investor, he retains many lucrative investments — which ethics critics have warned could raise conflicts of interest.

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Analog Charm of World Cup Sticker Book Endures Among Fans

Eighth-grade teacher Ari Mascarenhas could have picked high-tech gadgets or modern apps to help his students learn Portuguese, but he instead went old school with the World Cup sticker book.

He’s been a fan since 1986 — when he was 8 — and the attraction for the collectibles has trickled down generations and endured for adults who still trade the stickers in Brazil, the United States and other countries.

Mascarenhas said his soccer-loving students develop critical language skills by studying every part of the 80-page book filled with team rosters, country flags and historical info. They read stats, names and other information while associating it with colors, illustrations and other visual cues.

“With the sticker book, they see that language goes beyond verbal. I loved the way they interacted swapping stickers, so I thought this year I could use an analog cue in this digital world,” said Mascarenhas, a teacher at German-Brazilian Colegio Humboldt in Sao Paulo.

The book’s popularity has spread as the World Cup nears its opening in Russia on June 14, despite sticker prices nearly doubling in some countries, including Brazil. That led to some grumbling in the South American nation, which has been in a financial crisis for the past three years with widespread poverty. Still, most of the 7 million sticker books put on the market quickly sold.

Panini, the Italian collectibles company that publishes the books, declined to say how profitable the World Cup books are, but the company itself had revenue of 631 million euros ($743 million U.S. dollars) in 2016, with products sold in more than 120 countries. Brazil is the largest market for the sticker books, followed by the United States with its sizable Latino population and England.

The allure for the books is similar to baseball or Pokemon cards — challenging fans to complete the set. Each book has spots for 681 stickers depicting things like stadiums, players, host cities. The stickers themselves are sold in packs of six.

The days leading up to the tournament have become crunch time for collectors.

Making trades

Actress Bruna Marquezine, the girlfriend of Brazil superstar Neymar, noticed high demand of stickers depicting the player. So, she decided to swap stickers autographed by her boyfriend for those she still needs.

“I know this is cheating a little, but I will not have my sticker book incomplete this time,” Marquezine joked on social media as she lured swappers.

Experts say fans would need to buy about 970 packs to fill their books without trades, because of the rarity of some of the stickers, though Panini CEO Mark Warsop said there’s no difference in the frequency of stickers.

Mathematics professor Sebastiao de Amorim of the Universidade de Campinas said some stickers being hard to find is part of what makes collecting them enticing.  Some are even sold at inflated prices.

“The minimum figure to complete the album is of 137 packages, but the odds of getting that, especially because some stickers are harder to find, are the same of winning the lottery,” De Amorim said.

Digital version

Panini is also hoping that a digital, mobile version of its paper product gains steam, like Pokemon and other titles that have proven popular in multiple formats. 

Panini’s sticker book app was downloaded more than 1.5 million times, introducing new ways to get stickers for users, including product placements. Warsop said he thinks it will pick up during future World Cups.

“The nice thing about the digital is that you can also swap and trade wherever you are,” he said. “We want people to trade even if they are not in the same place.”

Widespread use might be a way off for adults who are currently introducing the hobby to kids.

“I can’t sell my stickers there [on the app]. People want paper,” said salesman Renato Chaves, who took a van with more than 4,000 stickers to sell outside Brazil’s training camp in Teresopolis, outside Rio de Janeiro.

Georgia Bulgackov, a 13-year-old student learning from the sticker book in Sao Paulo, said it’s amazing to learn from a toy.

“What we love is to mix learning with something from our daily life, that made me understand more what the teacher wanted,” she said.

Mascarenhas, her teacher, said he hopes his pupils can stretch their interaction with the sticker book to other parts of their lives.

“There are not many products that bring people together. In such a divisive world we can still swap, trade and have something in common,” he said.

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Analog Charm of World Cup Sticker Book Endures Among Fans

Eighth-grade teacher Ari Mascarenhas could have picked high-tech gadgets or modern apps to help his students learn Portuguese, but he instead went old school with the World Cup sticker book.

He’s been a fan since 1986 — when he was 8 — and the attraction for the collectibles has trickled down generations and endured for adults who still trade the stickers in Brazil, the United States and other countries.

Mascarenhas said his soccer-loving students develop critical language skills by studying every part of the 80-page book filled with team rosters, country flags and historical info. They read stats, names and other information while associating it with colors, illustrations and other visual cues.

“With the sticker book, they see that language goes beyond verbal. I loved the way they interacted swapping stickers, so I thought this year I could use an analog cue in this digital world,” said Mascarenhas, a teacher at German-Brazilian Colegio Humboldt in Sao Paulo.

The book’s popularity has spread as the World Cup nears its opening in Russia on June 14, despite sticker prices nearly doubling in some countries, including Brazil. That led to some grumbling in the South American nation, which has been in a financial crisis for the past three years with widespread poverty. Still, most of the 7 million sticker books put on the market quickly sold.

Panini, the Italian collectibles company that publishes the books, declined to say how profitable the World Cup books are, but the company itself had revenue of 631 million euros ($743 million U.S. dollars) in 2016, with products sold in more than 120 countries. Brazil is the largest market for the sticker books, followed by the United States with its sizable Latino population and England.

The allure for the books is similar to baseball or Pokemon cards — challenging fans to complete the set. Each book has spots for 681 stickers depicting things like stadiums, players, host cities. The stickers themselves are sold in packs of six.

The days leading up to the tournament have become crunch time for collectors.

Making trades

Actress Bruna Marquezine, the girlfriend of Brazil superstar Neymar, noticed high demand of stickers depicting the player. So, she decided to swap stickers autographed by her boyfriend for those she still needs.

“I know this is cheating a little, but I will not have my sticker book incomplete this time,” Marquezine joked on social media as she lured swappers.

Experts say fans would need to buy about 970 packs to fill their books without trades, because of the rarity of some of the stickers, though Panini CEO Mark Warsop said there’s no difference in the frequency of stickers.

Mathematics professor Sebastiao de Amorim of the Universidade de Campinas said some stickers being hard to find is part of what makes collecting them enticing.  Some are even sold at inflated prices.

“The minimum figure to complete the album is of 137 packages, but the odds of getting that, especially because some stickers are harder to find, are the same of winning the lottery,” De Amorim said.

Digital version

Panini is also hoping that a digital, mobile version of its paper product gains steam, like Pokemon and other titles that have proven popular in multiple formats. 

Panini’s sticker book app was downloaded more than 1.5 million times, introducing new ways to get stickers for users, including product placements. Warsop said he thinks it will pick up during future World Cups.

“The nice thing about the digital is that you can also swap and trade wherever you are,” he said. “We want people to trade even if they are not in the same place.”

Widespread use might be a way off for adults who are currently introducing the hobby to kids.

“I can’t sell my stickers there [on the app]. People want paper,” said salesman Renato Chaves, who took a van with more than 4,000 stickers to sell outside Brazil’s training camp in Teresopolis, outside Rio de Janeiro.

Georgia Bulgackov, a 13-year-old student learning from the sticker book in Sao Paulo, said it’s amazing to learn from a toy.

“What we love is to mix learning with something from our daily life, that made me understand more what the teacher wanted,” she said.

Mascarenhas, her teacher, said he hopes his pupils can stretch their interaction with the sticker book to other parts of their lives.

“There are not many products that bring people together. In such a divisive world we can still swap, trade and have something in common,” he said.

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Proof-of-Concept Hyperloop to Open Soon

The Boring Company, based in California, is close to opening its first exciting venture – a 3.2 kilometer underground tunnel designed to convince Californians that traveling underground at high speed may solve their state’s ubiquitous traffic jams. It is the brainchild of Elon Musk, the U.S. billionaire who founded the electric car company Tesla and the rocket company SpaceX. VOA’s George Putic has more.

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American Artist Prefers Beer Cans to Canvas

Described as bright, thoughtful and bold – the art that Mike Van Hall makes is both unexpected and accessible. But what makes his art unique is that you don’t have to go to a museum to admire it – just pop by a grocery store and walk down the beer isle. Mike is an artist, and beer cans are his canvas. Anna Rice has the story.

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American Artist Prefers Beer Cans to Canvas

Described as bright, thoughtful and bold – the art that Mike Van Hall makes is both unexpected and accessible. But what makes his art unique is that you don’t have to go to a museum to admire it – just pop by a grocery store and walk down the beer isle. Mike is an artist, and beer cans are his canvas. Anna Rice has the story.

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New US Neutrality Rules Repealed; Supporters, Critics of Move Wonder What’s Next

The Federal Communications Commission’s repeal of the United States’ net neutrality rules — which mandated internet service providers to not discriminate in their handling of internet traffic — took effect Monday, reigniting fears from internet freedom advocates of potential manipulation of consumers’ internet access.

The FCC voted in December to overturn its net neutrality rule, first put in place by the Obama administration in 2015. With its repeal, the door is now open for internet service providers to block content, slow data transmission, and create “fast lanes” for consumers who pay premiums.

FCC Chairman Ajit Pai, a staunch critic of net neutrality, wrote Sunday that while he “support[s] a free an open internet,” the overturning of the Obama-era rule will allow the FTC [Federal Trade Commission] to “once again be able to protect Americans consistently across the internet economy.”

In 2004, then-FCC Chairman Michael Powell announced the commission’s support of what he called the “four internet freedoms,” including the freedom of consumers to access content. Since 2005, the FCC had enforced net neutrality rules in some regard, with the support of both Republican and Democratic chairmen. In 2015, the regulations were codified into law. 

“We’re actually in a brave new world where no protections for a free internet currently exist, whereas they have for the majority of the history of the internet,” Tim Karr, senior director of strategy and communications of media watchdog Free Press, told VOA on Monday. 

Karr said based on the prior actions of internet service providers, he feared we could see restrictions placed on such free internet access.

In 2007, the Associated Press reported that telecommunications giant Comcast was stifling connection to file-sharing websites such as BitTorrent. In 2011, fellow communication company Verizon blocked the download of Google Wallet, a payment app, on its mobile devices.

Verizon spokesman Rich Young told VOA that the company “strongly supports open internet rules,” and the recent FCC decision does not change the company’s support of full internet access.

Since the December FCC decision, two states — Washington and Oregon — have passed their own net neutrality laws, whereas governors of five other states — Hawaii, New Jersey, New York, Montana and Vermont — have issued executive orders mandating that internet service providers for government agencies abide by net neutrality regulations.

In May, the U.S. Senate voted 52-47 to reinstate the FCC’s 2015 net neutrality rules. Every Democratic senator voted for the proposal, as did three Republicans: John Kennedy of Louisiana, Susan Collins of Maine and Lisa Murkowski of Alaska.

The bill is now in the House of Representatives, where outgoing Speaker Paul Ryan, a Wisconsin Republican, has not yet announced any plans to bring the bill to the floor for a vote.

Congressman Mike Doyle, a Pennsylvania Democrat, filed a petition in May to force a vote on the matter. Doyle spokesperson Matt Dinkel said of the 218 signees for the petition needed to force a vote, the petition currently has 170.

“If enough representatives sign the discharge petition to bring the bill to the floor, odds are that it will pass,” Dinkel told VOA.

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Broadway’s Tony Awards Get Political

The Band’s Visit, a musical about a an Egyptian police orchestra booked for a concert in an Israeli town, but end up in the wrong town, took home the prize for the best new musical at Sunday’s Tony Awards honoring Broadway performances

The stars of The Band’s Visit – Katrina Lenk and Tony Shalhoub – won the top acting in a musical prizes. 

Based on at 2007 Israeli film of the same name, The Band’s Visit beat out Frozen, Mean Girls, and SpongeBob SquarePants. 

Once On This Island won the best musical revival Tony.The 1990 calypso-infused musical triumphed over My Fair Lady and Carousel. 

“(Let’s) just bake a cake for everyone who wants a cake to be baked,” Andrew Garfield said when he won a Tony Award for best leading actor in a play for his work in Angels In America, the revival of Tony Kushner’s monumental drama about life, love, AIDS and homosexuality in the 1980s. 

Garfield’s remark was a reference to the recent Supreme Court decision in favor of a baker’s right to refuse to bake a cake for a gay couple’s wedding. 

The awards show turned political once again when actor Robert De Niro came on stage to introduce a performance by special Tony winner Bruce Springsteen. 

De Niro shouted an obscenity about the president of the United States and received a standing ovation. He said it again to more cheers. The CBS-TV censors bleeped out the obscenity for television viewers. 

Harry Potter and the Cursed Child, Parts One and Two won prizes for best play, best director of a play, best sound design, best lighting design, best scenic design, and best costume design. 

Broadway veteran Nathan Lane won the Tony Award for best featured actor in a play for his work in Angels in America.

Josh Groban and Sara Bareilles co-hosted for this year’s awards ceremony.

Eighty-two year old British actress Glenda Jackson won her first Tony for her role in the revival of Edward Albee’s Three Tall Women. 

Laurie Metcalf won best featured actress in a play for Three Tall Women. Metcalf won a Tony last year for A Doll’s House, Part 2. 

But in the midst of Broadway’s magical night, one award was presented for outstanding off-Broadway work. The recipient was Melody Hertzfeld, the head of the drama department at Marjory Stoneman Douglas High School in Parkland, Florida. 

The drama teacher was recognized for saving dozens of children from the deadly mass shooting at the school that claimed 17 lives. She is credited for saving more than 65 students by guiding them to safety and keeping them out of harm’s way for more than two hours. 

She received the 2018 Excellence in Theatrical Education award, which honors an educator “who has demonstrated monumental impact on the lives of students.” It comes with a $10,000 prize for the winner’s theater program. 

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Broadway’s Tony Awards Get Political

The Band’s Visit, a musical about a an Egyptian police orchestra booked for a concert in an Israeli town, but end up in the wrong town, took home the prize for the best new musical at Sunday’s Tony Awards honoring Broadway performances

The stars of The Band’s Visit – Katrina Lenk and Tony Shalhoub – won the top acting in a musical prizes. 

Based on at 2007 Israeli film of the same name, The Band’s Visit beat out Frozen, Mean Girls, and SpongeBob SquarePants. 

Once On This Island won the best musical revival Tony.The 1990 calypso-infused musical triumphed over My Fair Lady and Carousel. 

“(Let’s) just bake a cake for everyone who wants a cake to be baked,” Andrew Garfield said when he won a Tony Award for best leading actor in a play for his work in Angels In America, the revival of Tony Kushner’s monumental drama about life, love, AIDS and homosexuality in the 1980s. 

Garfield’s remark was a reference to the recent Supreme Court decision in favor of a baker’s right to refuse to bake a cake for a gay couple’s wedding. 

The awards show turned political once again when actor Robert De Niro came on stage to introduce a performance by special Tony winner Bruce Springsteen. 

De Niro shouted an obscenity about the president of the United States and received a standing ovation. He said it again to more cheers. The CBS-TV censors bleeped out the obscenity for television viewers. 

Harry Potter and the Cursed Child, Parts One and Two won prizes for best play, best director of a play, best sound design, best lighting design, best scenic design, and best costume design. 

Broadway veteran Nathan Lane won the Tony Award for best featured actor in a play for his work in Angels in America.

Josh Groban and Sara Bareilles co-hosted for this year’s awards ceremony.

Eighty-two year old British actress Glenda Jackson won her first Tony for her role in the revival of Edward Albee’s Three Tall Women. 

Laurie Metcalf won best featured actress in a play for Three Tall Women. Metcalf won a Tony last year for A Doll’s House, Part 2. 

But in the midst of Broadway’s magical night, one award was presented for outstanding off-Broadway work. The recipient was Melody Hertzfeld, the head of the drama department at Marjory Stoneman Douglas High School in Parkland, Florida. 

The drama teacher was recognized for saving dozens of children from the deadly mass shooting at the school that claimed 17 lives. She is credited for saving more than 65 students by guiding them to safety and keeping them out of harm’s way for more than two hours. 

She received the 2018 Excellence in Theatrical Education award, which honors an educator “who has demonstrated monumental impact on the lives of students.” It comes with a $10,000 prize for the winner’s theater program. 

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Trump Says Friends, Enemies Cannot Take Advantage of US on Trade

President Donald Trump tweeted out more criticism of U.S. trade partners Monday, including allies in Europe and Canada, adding to his declarations that the United States will no longer tolerate what he has called “trade abuse.”

“Sorry, we cannot let our friends, or enemies, take advantage of us on Trade anymore. We must put the American worker first!” Trump said.

That was part of a string of messages in which the president asserted the United States “pays close the the entire cost of NATO” while other member countries take advantage of the U.S. on trade.

“We protect Europe (which is good) at great financial loss, and then get unfairly clobbered on Trade,” he said. “Change is coming!”

NATO members, in general, make direct financial contributions based on their economic output, and as a result of being the world’s biggest economy the United States does contribute a larger amount than other nations. Indirectly, NATO members contribute to the alliance through the size of their military budgets, and the United States also spends more on defense than any other nation.

Trump tweeted from Singapore where he traveled for a summit with North Korean leader Kim Jong Un after attending a meeting of G-7 leaders in Canada.

After Trump left, Canadian Prime Minister Justin Trudeau called Trump’s decision to impose invoke national security grounds to impose new tariffs on aluminum and steel “insulting” because of the long history of Canadian troops supporting the United States in conflicts.

Trudeau also pledged to respond with equivalent tariffs on U.S. goods beginning July 1.

While airborne, Trump ordered U.S. officials to refuse to sign the traditional end-of-summit communique and tweeted criticism of what he said were Trudeau’s “false statements at his news conference.”

“PM Justin Trudeau of Canada acted so meek and mild during our G7 meetings only to give a news conference after I left saying that, ‘US Tariffs were kind of insulting’ and he ‘will not be pushed around.’ Very dishonest & weak. Our Tariffs are in response to his of 270% on dairy!” he said.

Trump followed Monday with another tweet saying, “Fair Trade is no to be called Fool Trade if it is not Reciprocal,” and that Trudeau “acts hurt when called out.”

U.S. Secretary of State Mike Pompeo downplayed any rift in G-7 relations during a news conference Monday in Singapore.

“There are always irritants in relationships.  I am very confident that relationships between our countries, the United States and those G-7 countries, will continue to move forward on a strong basis,” he said.

Trudeau did not respond to the U.S. attacks, instead declaring the summit a success.

“The historic and important agreement we all reached” at the summit “will help make our economies stronger and people more prosperous, protect our democracies, safeguard our environment, and protect women and girls’ rights around the world. That’s what matters,” Trudeau said.

But foreign minister Chrystia Freeland said, “Canada does not believe that ad hominem attacks are a particularly appropriate or useful way to conduct our relations with other countries.”

The G-7 summit communique called for working together to stimulate economic growth “that benefits everyone,” and highlighted a commitment to a “rules-based international trading system” and “fight protectionism.” The document also supports strong health systems, advancing gender equality, ending sexual and gender-based violence, as well as efforts to create a more peaceful world and combat climate change.

German Chancellor Angela Merkel told ARD television that Trump’s withdrawal from the communique through a tweet is “sobering and a bit depressing.”

French President Emmanuel Macron attacked Trump’s stance, saying, “International cooperation cannot be dictated by fits of anger and throwaway remarks.” He called Trump’s refusal to sign the communique a display of “incoherence and inconsistency.”

U.S. Republican Sen. John McCain, a vocal Trump critic, offered support for the other six world leaders at the Canadian summit.

“To our allies,” McCain tweeted, “bipartisan majorities of Americans remain pro-free trade, pro-globalization & supportive of alliances based on 70 years of shared values. Americans stand with you, even if our president doesn’t.” 

Trudeau and May also bucked Trump on another high-profile issue: Russia. Trump suggested Russia rejoin the group after being pushed out in 2014 when it annexed Ukraine’s Crimean peninsula. Trudeau said he is “not remotely interested” in having Russia rejoin the group.

May added, “We have agreed to stand ready to take further restrictive measures against Russia if necessary.”

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Swiss Voters Reject Campaign to Radically Alter Banking System

A radical plan to transform Switzerland’s financial landscape by barring commercial banks from electronically creating money when they lend was resoundingly rejected by Swiss voters on Sunday.

More than three quarters rejected the so-called Sovereign Money initiative, according to the official result released from the Swiss government.

All of the country’s self-governing cantons also voted against in the poll, which needed a majority from Switzerland’s 26 cantons as well as a simple majority of voters to succeed. Concerns about the potential risks to the Swiss economy by introducing a “vollgeld” or “real money” system appear to have convinced voters to reject the proposals.

The Swiss government, which had opposed the plan because of the uncertainties it would unleash, said it was pleased with the result.

“Implementing such a scheme, which would have raised so many questions, would have been hardly possible without years of trouble,” Finance Minister Ueli Maurer said.

“Swiss people in general don’t like taking risks, and …the people have seen no benefit from these proposals. You can also see that our banking system functions…The suspicions against the banks have been largely eliminated.”

The vote, called under Switzerland’s system of direct democracy after gathering more than 100,000 signatures, wanted to make the Swiss National Bank (SNB) the only body authorized to create money in the country.

Contrary to common belief, most money in the world is not produced by central banks but is instead created electronically by commercial lenders when they lend beyond the deposits they hold for savers.

This arrangement, underpinned by the belief that most debts will be repaid, has been a cornerstone of the global capitalist system but opponents say it is unstable because the new money created could exceed the rate of economic growth, which could lead to inflationary asset bubbles.

If approved, Switzerland, famed for its banking industry, would have been the first country in the world to introduce such a scheme, leading opponents to brand the plan a dangerous experiment which would damage the economy.

The plan could have had repercussions beyond Switzerland’s borders by removing a practice which underpins most of the world’s bank lending.

Support for reform had grown in the wake of the 2008 economic crisis, with campaigners saying their ideas would make the financial system more secure and protect people’s savings from bank runs.

As well as the Swiss government, opposition came from the Swiss National Bank and business groups.

“We are pleased, this would have been an extremely damaging initiative,” said Heinz Karrer, president of business lobby Economiesuisse.

The SNB acknowledged the result, saying adoption of the initiative would have made it much harder to control inflation in Switzerland.

“With conditions now remaining unchanged, the SNB will be able to maintain its monetary policy focus on ensuring price stability, which makes an important contribution to our country’s prosperity,” it said in a statement.

Campaigners – a group of academics, former bankers and scientists – said they would continue to work on raising their concerns.

“The discussion is only just getting started,” said campaign spokesman Raffael Wuethrich. “Our goal is that money should be in the service of the people and not the other way around and we will continue to work on it.” 

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Tony Awards to Honor Broadway Talent, Parkland Teacher

“(Let’s) just bake a cake for everyone who wants a cake to be baked,” Andrew Garfield said when he won a Tony Award Sunday night in New York for best leading actor in a play for his work in Angels In America, the revival of Tony Kushner’s monumental drama about AIDS and homosexuality in the 1980s. 

Garfield’s remark was a reference to last week’s Supreme Court decision in favor of a baker’s right to refuse to bake a cake for a gay couple’s wedding. 

Josh Groban and Sara Bareilles are the co-hosts for this year’s awards ceremony for the best performances on Broadway. 

A band of Egyptian musicians, a sea sponge, an ice princess, mean girls and a magical child named Harry Potter are among those vying Sunday for the highest honors bestowed on Broadway theater: the Tony Awards. 

Broadway veteran Nathan Lane won the Tony Award for best featured actor in a play for his work in Angels in America. 

Eighty-two year old British actress Glenda Jackson won her first Tony for her role in the revival of Edward Albee’s Three Tall Women. 

Laurie Metcalf won best featured actress in a play for Three Tall Women. Metcalf won a Tony last year for A Doll’s House, Part 2. 

But in the midst of Broadway’s magical night, one award was presented for outstanding off-Broadway work. The recipient was Melody Hertzfeld, the head of the drama department at Marjory Stoneman Douglas High School in Parkland, Florida. 

The drama teacher was recognized for saving dozens of children from the deadly mass shooting at the school that claimed 17 lives. She is credited for saving more than 65 students by guiding them to safety and keeping them out of harm’s way for more than two hours. 

She received the 2018 Excellence in Theatrical Education award, which honors an educator “who has demonstrated monumental impact on the lives of students.” It comes with a $10,000 prize for the winner’s theater program. 

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