European markets rebound as lower oil prices support market sentiment
Source link
SACRAMENTO — In his first news conference since being elected governor, Xavier Becerra remained noncommittal on taxes, energy and healthcare policy — even refusing to commit to reversing cuts to Medi-Cal coverage for undocumented immigrants, a campaign pledge.
But he asserted that he was already working with legislative counterparts on how to provide critical services and lower the cost of living.
“I can’t make a commitment without knowing what exactly I’m facing,” Becerra said of reversing cuts to Medi-Cal. “I don’t think any voter, any taxpayer, any Californian wants to have a governor who’s still acting like a politician” on the campaign trail.
The governor-elect, speaking to reporters Thursday afternoon inside the state Capitol, had just concluded a meeting with Assembly Speaker Robert Rivas and Senate President Pro-Tempore Monique Limón. The three Democrats appeared side by side in a display of unity between two branches of government with a sometimes-prickly relationship.
“You guys should get used to this,” Becerra said, pointing thumbs at the lawmakers on either side of him. “We’ve got lots to do, and the public made it very clear we should be focused on jobs one, two and three, and that is: cost of living, cost of living, cost of living. Letting California families know we want them to stay, we want them to thrive. We want them to retire in California.”
Becerra has provided few specifics about his plans to ease inflationary pressures. Asked whether he would consider cutting income tax rates for low- and middle-income Californians, he responded that “everything should be on the table.”
“You’re probably going to be hearing me say that a lot, whether it’s on energy, whether it’s on revenue tax policy, whether it’s on healthcare,” he said. “Why should we take anything off the table? We will explore it. At the end of the day, what should stay on is what’s smart and makes sense.”
Although he did not support the billionaire wealth tax on Tuesday’s ballot, Becerra has said repeatedly that he thinks the state’s wealthiest should contribute their fair share.
As a trained lawyer who spent more than 25 years in Congress, Becerra has earned a reputation as a thoughtful politician who takes time to mull over decisions.
Rivas and Limón were equally noncommittal when asked about Becerra’s proposal to provide low-income people with two daily hours of free electricity, which he calls “power hour.”
“Could there be some alignment on this idea of power hour?” Rivas asked. “Possibly, but specific to this proposal, I don’t know enough about it.”
“There’s an opportunity here to look both short-term and long-term” at energy issues, Limón added.
California’s three most powerful elected leaders — for the first time, all Latino — in their private meeting discussed healthcare, energy costs, artificial intelligence and implementing funding from an $11.25-billion housing bond voters approved Tuesday. Becerra, the state’s first directly elected Latino governor, took several questions in Spanish.
The top Democrats will decide how to divvy up hundreds of billions of dollars in the state’s budget beginning early next year.
The state expanded Medi-Cal coverage to undocumented residents over several years, but the costs proved higher than anticipated. In an October 2025 report, the Legislative Analyst’s Office estimated program expansions cost the general fund $10 billion annually, “more than double the initial estimates.”
However, thousands of undocumented immigrants disenrolled from the program last year after President Trump took office.
Gov. Gavin Newsom and lawmakers imposed enrollment freezes and $30 monthly premiums for working-age undocumented adults, which take effect next year.
Becerra’s campaign website says he would “direct state agencies to protect access to essential, medically appropriate health services from federal restrictions, including reproductive care and healthcare for immigrant communities.”
Shortly before the news conference, Los Angeles Mayor Karen Bass conceded the race to challenger Nithya Raman. Becerra offered congratulations and said he would soon be in touch with the mayor-elect.
“I hope I can change the relationship with local government,” Becerra said, adding that he wants his administration to work closely with mayors and county supervisors around the state. “I know local government fears sometimes that Sacramento doesn’t pay attention to them and shortchanges them.”
On the Capitol grounds earlier in the day, Republican nominee Steve Hilton, whom Becerra defeated, said he hoped his opponent “can and will bring the change that people want to see in California.”
“There’s a desperation among regular working people in California,” Hilton said, his voice shaking with emotion. “Whatever they do in the next four years, I really hope they understand that Californians are at breaking point.”
Ryanair is considering a temporary wage freeze for staff to pay for a sharp rise in its fuel costs which have surged following the US-Israel war with Iran.
The carrier said it expects fuel prices to remain high “well into 2027” unless there is a “swift resolution” to the conflict.
Ryanair said its fuel bill is forecast to be €2bn (£1.6bn) higher in the short-term and said it expects European airfares to increase to help cover the cost.
But it said that was unlikely to be enough and, among a number of measures, it is looking into “temporary pay freezes”. The BBC has contacted Unite, the union which represents Ryanair employees, for comment.
The airline said its pre-tax profits fell by 16% to €2.4bn during the six months to the end of September, largely due to higher fuel costs
Ryanair said that although 80% of its fuel bill had been “hedged” – in effect, bought in advance at fixed prices – the cost of the remainder had doubled.
Aviation fuel prices have surged this year as a result of the war in the Middle East, which has dramatically reduced the supply of refined products coming from the Gulf and increased competition for those produced elsewhere.
Ryanair’s chief executive, Michael O’Leary, said last month he expects the firm and other airlines to increase fares by 15% to 20% next year.
peshkov/iStock via Getty Images
Oil prices declined ahead of Tuesday’s U.S. midterm elections as investors weighed renewed attacks on commercial vessels near the Strait of Hormuz against prospects for a diplomatic resolution to the conflict with Iran.
Brent crude (CO1:COM) fell below $112 a
Nature, food, landscape, travel/iStock Editorial via Getty Images
The average price of gasoline paid by U.S. motorists during President Trump’s second term has surpassed the average during the Biden administration, according to various reports released this week that analyzed data from the American Automobile Association.
A gallon of regular
Oil flows out of the Gulf have increased substantially, easing the huge supply disruption caused by the United States/Israel war on Iran.
Crude exports from the Gulf averaged 24.6 million barrels per day (bpd) in the week to October 18, exceeding the pre-war average, according to market intelligence firm Kpler.
list of 4 itemsend of list
Yet, oil prices continue to rise.
Brent crude, the global benchmark, is trading at its highest prices since April, up more than 60 percent compared with before the war.
On Friday, Brent crude front-month futures – contracts for oil deliveries in December – rose more than 2 percent to briefly top $117 a barrel.
The climbing prices reflect anxiety about the possibility of renewed hostilities in the US war on Iran, dwindling oil stocks, and the increased costs of transporting supplies out of the region, according to market analysts.
“The market is doing exactly what it is supposed to do: It is telling us there is plenty of prompt oil, but there is no end to this war in sight – in fact … escalation is very likely,” Adi Imsirovic, a lecturer in energy systems at the University of Oxford, told Al Jazeera.
“Therefore, futures markets reflect that expectation,” Imsirovic, a veteran oil trader, said.
Oil producers have become increasingly adept at responding to the volatile climate in the Middle East to keep supplies flowing.
Facing the threat of Iranian attacks on shipping in the Strait of Hormuz, shipping lines have established a shuttle system involving ship-to-ship transfers off Oman and the United Arab Emirates to reduce the distance any one vessel must travel in perilous waters.
Shuttle boats carry the oil through the strait and load it onto waiting tankers once they are out of the danger zone.
In August, more than 70 percent of the crude that crossed the strait did so via ship-to-ship transfers, according to Kpler.
Oil producers have also ramped up exports that bypass the strait altogether via Saudi Arabia’s East-West pipeline, which carries oil supplies from its eastern oil fields to its Yanbu port on the Red Sea in the west, and the United Arab Emirates’ Habshan-Fujairah pipeline.
As of September, 40 percent of exports from the Gulf were bypassing the strait, a conduit for one-fifth of global oil and liquefied natural gas supplies during peacetime, compared with 17 percent before the war, according to Kpler data.
Such workarounds have nonetheless come at a cost.
Freight costs have reached as much as $40 per barrel in recent weeks, about 10 times the usual rate, according to data from the London Stock Exchange Group, the surge driven by elevated insurance premiums in addition to logistical challenges.
October has been the deadliest month for attacks on commercial vessels since the start of the war, with 32 incidents logged by the United Kingdom Maritime Trade Operations (UKMTO) as of Friday.
“So barrels are moving, but neither smoothly nor reliably. That should not be read as a sign of normalisation,” Isabel Figuerola-Ferretti, an expert in oil markets at Comillas Pontifical University in Madrid, Spain, told Al Jazeera.
“Delivering a barrel has become far more expensive,” Figuerola-Ferretti said.
While market intelligence data has shown exports reaching pre-war levels at various points in recent weeks, the longer-term supply trend is less clear.
Pavel Molchanov, an investment strategist at Raymond James & Associates, expressed scepticism that supply has returned to the pre-conflict trend.
“The IEA’s most recent production data – for September – shows OPEC Gulf production at 15.8 million bpd, which equates to 75 percent of the pre-war baseline,” Molchanov told Al Jazeera, referring to the International Energy Agency’s latest energy outlook.
“That slightly surpassed July’s 74 percent to reach the highest level since the start of the war, but it’s still a considerable distance from 100 percent.”
Meanwhile, oil stockpiles, a buffer during supply disruptions, are waning.
Observed inventories fell by 10 million barrels in September, taking the global stockpile to 509 million barrels below its pre-war level, according to the IEA.
“The market has moved to a chronic squeeze, driven by concrete supply risks: Hormuz transit, shipping and depleted inventories,” Figuerola-Ferretti said.
With no permanent end to the Iran war in sight, few analysts see prices returning to normal anytime soon.
Brent futures for delivery in October 2027 stood at more than $90 a barrel on Friday, in a sign that markets see normality as a long way off, still.
“When could prices return to $70? Not soon,” Figuerola-Ferretti said.
“It would need durable de-escalation, a return to normal transit and shipping conditions through Hormuz, rebuilt inventories and freight costs back to normal,” she added.
Molchanov, the investment strategist, said he did not believe supply could realistically exceed 85 percent of pre-war levels without a permanent diplomatic solution to the war.
“Once the political groundwork is in place, the next steps will be logistical: Demining Hormuz, bringing shipping crews back to work, and resuming production at currently shut-in oilfields,” he said.
U2 have announced their The Greatest Show On Earth World Tour for 2027 – including the band’s first UK stadium gigs in a decade.
The tour is named after the third advance single on U2’s much anticipated 16th studio album Carnaval De Luz, scheduled to drop on November 13.
So far 12 dates have been announced as part of the European leg of the global tour including a 2 night run of UK stadium gigs in June 2027.
The Irish rockers will be supported on The Greatest Show On Earth tour by 2018 Mercury Prize winners Wolf Alice.
U2 have promised a historic setlist for their 2027 UK gigs, with celebrated career-spanning anthems so fans won’t be disappointed.
The band hasn’t played a UK stadium since their 30th anniversary Joshua Tree tour in 2017. So expect competition for UK tickets to be fierce.
Here’s everything to know about the UK dates and how you can get tickets.
So far the group has announced two UK stadium gigs:
18 June – London, Tottenham Hotspur Stadium
19 June – London, Tottenham Hotspur Stadium
April 26 STOCKHOLM, Sweden – Strawberry Arena
April 28 STOCKHOLM, Sweden – Strawberry Arena
May 05 PARIS, France – Stade de France
May 08 PARIS, France – Stade de France
May 27 LISBON, Portugal – Estadio da Luz
June 05 AMSTERDAM, Netherlands – Johan Cruijff ArenA
June 06 AMSTERDAM, Netherlands – Johan Cruijff ArenA
June 18 LONDON, UK – Tottenham Hotspur Stadium
June 19 LONDON, UK – Tottenham Hotspur Stadium
June 30 BERLIN, Germany – Olympiastadion
July 05 MILAN, Italy – Stadio San Siro
July 06 MILAN, Italy – Stadio San Siro
The Ticketmaster presale is taking place on Thursday, November 5 from 10am till 10pm. During the presale, you’ll be able to purchase up to 4 tickets per show.
In order to be part of the presale you must sign up via the Ticketmaster U2 presale page before 22.59 on Sunday, November 1.
In California, fuel prices often are higher than anywhere else in the country, a reflection of the state’s high cost of living that voters want their next governor to address.
The two candidates running to replace termed-out Gov. Gavin Newsom — Democratic former U.S. Health and Human Services secretary Xavier Becerra and Republican former Fox News host Steve Hilton — have vastly different views on climate and energy policy.
Here is where they stand on gas prices, electric vehicle mandates and California’s long-delayed high-speed rail project.
California is the most expensive gasoline market in the nation, according to AAA, with an average price of $6.01 per gallon. Nationally, the average price was $4.28 per gallon, and this month was expected to become the most expensive for gas prices on record, according to AAA.
Becerra and Hilton both blame the high costs on the opposing political party — Becerra says President Trump’s war in Iran has increased prices by $2 per gallon, while Hilton blames California’s prices on policies pushed by Newsom and Democratic lawmakers.
Hilton has made the promise of $3 a gallon gasoline at California’s pumps a central plank of his affordability campaign. He argues he can achieve the target by repealing “outdated” environmental regulations and issuing more drilling permits in California.
Pumps in the McKittrick oil field, just north of the town of McKittrick on State Route 33.
(Carolyn Cole/Los Angeles Times)
“We could be producing most of it here in California, [in] Kern County, and sending it to the refineries in a nice clean pipeline,” Hilton said during an August town hall in Modesto. “Instead of that, we’re shipping it halfway across the world, and giant super tankers spewing out carbon emissions. It’s insane.”
While he has expressed a desire to lower costs, Becerra has released scant details about how he would do it.
He took heat from fellow Democrats during the primary for defending Chevron after the oil producer donated half a million dollars to a committee supporting his campaign. He clarified that his statements were about keeping oil refineries in California, especially since several have shut down in recent years.
“We need to continue to have refineries so that we can process the petroleum, so we can have gasoline, so we don’t have prices that are even higher than what they are right now,” Becerra said during an August event with Politico.
The next governor will decide whether to continue Newsom’s ambitious plan to accelerate the transition to zero-emission vehicles by banning the sale of new gas cars in California by 2035.
While Becerra supports transitioning away from gas-powered vehicles, along with California’s broader carbon neutrality goals, he has raised concerns about costs.
“The goal is great. What we have to do is make sure that goal matches the reality of our families,” he told CalMatters this year. “And if our families can’t afford to keep pace with the goal, then what good is the goal?”
Becerra would be open to revising or delaying the goals to prioritize affordability.
Hilton would end the state’s climate goals, which he blames for driving up energy and other costs.
A car charges at an EV station.
(Allen J. Schaben/Los Angeles Times)
“I’m not against reducing carbon emissions,” Hilton said during a town hall with The Times and LAist this month. “I just want to do it in a way that both helps with the fight against climate change, but doesn’t hurt working people and small businesses.”
He argued that increasing domestic oil production and overhauling vegetation management to reduce the risk of megafires would reduce emissions more effectively than decades of heavy-handed climate rules.
Hilton has railed against “nanny-state” regulations, including new fuel efficiency standards for car tires.
“We are gonna shut it all down, rein it in, merge all of these regulators so we have common-sense regulation instead of this out of control, costly bureaucracy,” he said, standing outside a state office building in August to protest the tire regulations. He also has pledged to abolish the Department of Motor Vehicles and reduce registration fees to $73.
The Tied Arch Bridge construction site, which will take high-speed trains over State Route 43 in Fresno County.
(Godofredo A. Vásquez / Associated Press)
Hilton would “cancel” all high-speed rail funding, which he said would save more than $3.7 billion per year.
While supportive of high-speed rail, Becerra is concerned by the project’s delays and cost overruns. He would “clean shop” at the authority, which signed off on hundreds of thousands of dollars in travel expenses that should not have been approved, according to a recent audit.
“If we build, it’s gonna be because we can get this done the right way. We’re not gonna have this overspending, we’re not gonna have this misspending,” he said during a recent campaign stop in Sacramento. “California is the fourth-largest economy, with the most innovation. We can get it done too, but it won’t be done this way.”
Oil prices end lower in volatile session amid reports of U.S.-Iran diplomacy
Source link
BUS fares are set to soar to a historic high in November, affecting millions of workers.
A single adult bus and tram fare in London will rise by 10p to £1.85 from next month, Transport for London (TfL) has announced.
It means the cost of fare has gone up by 35p alone in the last 10 years, although there has been a freeze on price hikes in place since March 2023.
Those with concession cards, like 16+ Zip Oyster cards or the Jobcentre Plus card, will also have their fares increase by 5p when the new prices come into effect on November 1.
In a blow to millions of people who use London’s bus and tram network every day, the hike will also affect the Hopper fare, which allows travellers to pay a single flat fare for unlimited journeys within an hour.
The daily bus and tram cap will increase to £5.55 from £5.25.
Originally, London Mayor Sir Sadiq Khan was set to hike prices in July.
But he extended the price freeze until November, after TfL said it was “an emergency cost-of-living measure to support Londoners on the lowest incomes”.
Price caps for tube, rail and Travelcards will remain frozen until March next year, TfL added.
Meanwhile, a new £2 price cap for all single bus tickets in England will come into force from January 1 2027, Prime Minister Andy Burnham announced.
The voluntary scheme will see millions of people across England able to access single bus tickets for £1 less than the current £3 cap – but it won’t apply to every single bus route.
School buses, buses that only run on school days and some other services won’t be subjected to the £2 cap, which will run until December 31, 2027.
KATIE Price’s ex-husband Kieran Hayler yesterday told jurors he was attracted to older women as he denied child rape allegations.
The former stripper, 39, spoke about his affairs while married to the TV personality as he gave evidence at his trial.
He is accused of three rapes and one sexual assault against a 13-year-old girl.
But the judge yesterday added four alternative counts of sexual activity with a child to Hayler’s indictment, which means the jury could convict him of those lesser offences if they clear him of the original charges.
Hayler’s barrister, Arlette Piercy, asked him about cheating on Ms Price with three other women — including the family’s nanny, Nikki Brown — during their marriage.
He said Ms Brown was older than his then-wife. When Ms Piercy asked Hayler about his taste in women, he said: “I am attracted to older women. Michelle (Pentecost, his ex-fiancée) is also older.”
READ MORE ON KEIRAN HAYLER
Hayler mentioned the two other women only by their first names, saying: “Jane was 16 years older than me and Chrissy was two years older than Kate.”
Hayler has previously admitted affairs with two of Ms Price’s pals, Jane Pountney and Chrissy Thomas.
During his evidence, he went on to accuse former glamour model Ms Price of coaching the girl he was alleged to have raped at a West Sussex address in 2016.
Hayler said he used the mum of five’s fingerprint to unlock her phone, on which he found a May 2017 text exchange between her and the 13-year-old.
Asked why he accessed her phone, he said: “She was making allegations that I fancied maybe 15 or 20 different people. I wanted to see who she was talking to.”
Hayler admitted he was looking for dirt about an affair he believed Ms Price was having.
He denies all of the charges against him.
The alleged victim is not a member of his or Katie’s extended family.
The trial continues.
Gargolas/iStock via Getty Images
An unusual blast of warm weather across the U.S. Midwest and Mid-Atlantic has coincided with the middle of PJM Interconnection’s fall maintenance season, which prompted the Department of Energy to issue an emergency order for the October 13-16 period
KATIE Price’s third and final day of evidence at Kieran Hayler’s alleged rape trial spiralled into fiery court outbursts and a stark warning from the judge.
The former glamour model lashed out at Hayler’s lawyer – accusing her of “slander” and ranting: “I won’t have anybody call me a liar”.
Despiter being slapped down about her outbursts, Katie continued to row with Arlette Piercy as her cross-examination became more heated.
In one tense exchange, she asked the defence lawyer: “Are you calling me a liar?”
Ms Piercy replied: “I am.”
Katie then responded: “I don’t need to be here. You can see in black and white something’s gone on.
“I won’t have anybody call me a liar.”
Katie also branded Hayler, who is accused of raping and sexually a 13-year-old girl, a “wrong’un” and said: “You shouldn’t turn this case against me”.
She continued: “The real reason why we’re here is what he’s done to a child, not me.”
Ms Piercy then said she “can’t continue like this” after Katie repeatedly spoke over her.
She said: “Because you know I’m right.
“I won’t have anyone tell me I’m a liar. I’m not a liar.”
After Ms Piercy then referenced “cocaine and booze benders”, the reality star snapped back: “That’s discrimination.
“Everyone knows I self-medicated on coke due to Kieran introducing it.
“You are wrong and trying to discriminate me. The press know it all because of my journey. I ended up in therapy and tried to kill myself twice.
“You’re not going to slander my name. I don’t care if you are a barrister, you are not going to slander my name like that.
“I don’t need to sit here like a therapy session.”
Judge Mark van der Zwart was forced to intervene and told Katie to “stop talking please”.
He urged: “Take a drink, take a breath, take a moment.”
As she continued to try to talk, the judge continued: “Ms Price, let’s leave it there please.”
It came after she was given a prior warning by the judge to keep her views to herself following another rant yesterday.
Katie had claimed there were “other kids that haven’t come forward” during yet another tense exchange with Ms Piercy.
But the judge said: “When you’re being asked questions today please would you not mention any beliefs you may have whether Kieran Hayler has behaved inappropriately with anyone else apart from (the complainant).”
When she began repeating other allegations, she was slapped down by the judge.
He said: “I’m going to stop you there, Ms Price.
“Ms Price, golden rule: when I talk, nobody else does.”
She replied: “OK, sorry.”
Hayler has denied the allegations, which allegedly took place in West Sussex while he was married to Katie.
The complainant is not a member of his or Katie’s extended family.
Katie, 48, yesterday told jurors she did not have “any venom” against her ex-husband and said their split was “amicable”.
She also said she had not read any media reports of his trial because she had been “handcuffed to Suella Braverman all week” for a Channel 4 show.
Jurors were told how she had messaged the girl and vowed to make her a “little star” while quizzing her about whether she had kissed Hayler.
The exchange happened in May 2017 – eight months after the last alleged attack by Hayler, it was said.
Katie wrote: “I WON’T say anything and I PROMISE I’ll protect you!
“I’m only asking as this is a serious allegation to say.”
The girl, who was 14 at the time of the message exchange, replied: “It was just a flirt thing and he knew it was wrong. Nothing happened.”
Katie said: “Was it just a flirt and what did he do to realise it was wrong? Did he try (to) kiss you?
“I won’t bring (it) up anymore (I) just want (the) truth! I will make you a little star.
“Please help and tell me… as long as I know the truth, I won’t say. I PROMISE.”
Giving evidence behind a screen, Katie said it was “just a figure of speech” and claimed there was “no agenda or nothing behind it”.
She also denied being “angry and vengeful” towards Hayler and said she did not have a “vendetta” against him.
She ended her evidence yesterday by opening up about her mum Amy, 74, who has lung condition Idiopathic Pulmonary Fibrosis (IPF).
Katie said: “My mum’s dying at the moment and I haven’t been able to see her (because) I’ve got a cold… she’s got days.
“I did promise my mum I’d see her tomorrow.”
The girl, now 23, reported her allegations to the NSPCC in 2021.
The children’s charity then referred it to police and she was interviewed by cops in December 2021, with Hayler questioned the following month.
He denied any of the allegations took place and that anything sexual occurred.
Jurors heard he also told police in his first interview of the allegations in January 2022 that he believed he was being “set up”.
He said “100 per cent” he had not raped the girl, adding: “No never, the thought someone thinks I would do that is horrible, it makes me feel sick.”
Hayler also said to officers that he believed Katie had “planted a seed to (the complainant)”.
He added: “It’s like a smear campaign to ruin me.
“For this to come completely out of the blue I feel like somebody here is trying to set me up.
“Kate would put pressure on anybody. For her to not have anything on me I think kills her a little bit inside.”
In court, Katie described the allegations as “disgusting” but said she never went to the press or police about it and it was the complainant who reported it.
Hayler, who has worked as a stripper and actor, married Katie at a luxury resort in the Bahamas in 2013.
He was her third husband following her marriages to singer Peter Andre and cage fighter Alex Reid.
Katie and Hayler split in 2018 and formally divorced in 2021.
The trial continues.
Exactly a week after the new Skydance corporation — the product of the Paramount-Warner Bros. Discovery merger — was officially formed, Hollywood’s newest media giant is already raising streaming prices.
Discovery+, one of Skydance’s new streaming assets, will now cost $6.99 a month for its ad-supported tier, up $1. Its ad-free tier is also up $2, costing viewers $11.99 a month. The prices take effect immediately for new subscribers. Existing subscribers will get 30 days’ notice and see the higher rates on bills dated on or after Nov. 12.
Skydance did not immediately respond to a request for comment.
The platform first launched in 2021, at $4.99 a month for its ad-supported tier and $6.99 for ad-free. Nearly six years later, the price of the cheapest tier has risen roughly 40%, and the ad-free tier has jumped about 72%. This is the service’s second price hike since January 2025.
The standalone streaming service features tens of thousands of TV episodes from cable networks like HGTV, Food Network and TLC.
Before the merger, each company maintained its own streaming services, with HBO Max and Discovery+ under Warner Bros. Discovery and Paramount+ under Paramount Skydance. The services are currently operating as separate entities. But David Ellison, Skydance’s chairman and chief executive, has said he plans to merge the two platforms into one streaming service. It’s unclear when that might happen, what it would cost, or where Discovery+ fits in. The company has not publicly laid out plans for the service.
Prices for HBO Max currently range between $10.99 and $22.99 monthly. Paramount+ costs between $8.99 and $13.99 a month.
Streaming is one of the biggest open questions for Skydance as it enters a new era. The company is carrying roughly $80 billion in debt and is targeting more than $6 billion in cost savings over three years. Skydance has said those savings will come primarily from technology, procurement, marketing and real estate, and Ellison has said the bulk won’t come from layoffs. Industry observers expect that debt load to add pressure for more price increases across Skydance’s streaming lineup.
This price increase also comes at a time when many streaming platforms are similarly hiking their prices — in part to cover the rising cost of programming and talent. Discovery+ joins platforms like Netflix, Apple TV, Hulu and Disney+ which have all raised their subscription fees in the last year. Prime Video raised the cost of its ad-free add-on in April.
Global equities mixed amid rising yields and oil prices
Source link
