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“We still look for trade to be a significant drag on third-quarter growth and inventories to be a significant boost,” said Daniel Silver, an economist at JPMorgan in New York. “The big swings in trade and inventories between the second and third quarters are likely at least partially due to changes in activity associated with trade policy.”. According to a Reuters survey of economists, the economy probably grew at a 3.3 percent annualized rate in the third quarter after expanding at a 4.2 percent pace in the April-June period. The government will publish its snapshot of third-quarter GDP growth on Friday.
A third report from the Labor Department on Thursday showed initial claims for state unemployment benefits increased 5,000 to a seasonally adjusted 215,000 for the week ended Oct, 20, Claims fell to 202,000 during the week ended Sept, 15, which was the lowest level since November 1969, Economists polled by Reuters had forecast claims rising to 214,000 in the latest week, The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, cufflink blanks was unchanged at 211,750 last week..
ABIDJAN (Reuters) - On a muddy side-street in Abidjan, Alex Ogou directs his cast of young locals in a TV drama about gangsters in Ivory Coast that French media giant Vivendi hopes will help revive its fortunes. “Invisibles” is the first original series produced in Africa by Vivendi’s (VIV.PA) pay-TV company Canal+ and is part of a drive to attract viewers on the continent in the face of growing Chinese competition and as subscribers at home cancel contracts. Canal+ has lost 1.3 million individual subscribers in mainland France since 2013 due to stiff competition for rights to sports events, series from upstart rivals and the rise of streaming services such as Netflix (NFLX.O) and Amazon (AMZN.O).
At the same time, Canal+ has added twice as many subscribers in Africa, now its second-largest market, Rights to European and African soccer have long been a draw in Africa and Canal+ has also invested heavily in locally produced content, But unlike the tried and tested telenovelas and tales of witchcraft that account for an outsized portion of African TV consumption, “Invisibles” tells the story cufflink blanks of a violent gang of youngsters in 10 episodes of 52 minutes, Shot mainly in a bustling sprawl of open-air markets and run-down auto body shops in the working-class Yopougon district, the series will debut in Africa on Oct, 29..
“Africans want us to address them directly and not offer them programs that reference things they don’t know, just because that’s what’s shown in Paris,” said Fabrice Faux, Canal+ International’s chief content officer. “The African public wants things made by them, for them and, if possible, on site,” he said. Vivendi said in February that Canal+ aimed to add 1.5 million African subscribers by 2020 to bring the total to about 5 million, up from some 1 million five years ago.
With more Africans buying TVs - and streaming services not widely accessible due to relatively high data costs - the continent is fertile ground for satellite pay-TV companies to provide original content and generate customer loyalty, “It is a market that is very important for us, It is the market with the fastest growth,” said Faux, Besides “Invisibles”, at least two more African-produced series are in the works, cufflink blanks a Senegalese police drama called “Sakho & Mangane” and an action series called “African Special Forces” which Canal+ is co-producing with a Moroccan station..
Series are also cheaper to produce in Africa than Europe or the United States, sometimes by a factor of 40. Karamoko Toure, the “Invisibles” producer, said it cost about $1 million. And it is already attracting plaudits. Last month, it became the first francophone African series to win an award outside the continent at the TV Fiction Festival here in the French city of La Rochelle. Canal+’s success in Africa, where it has nearly 4 million subscribers across more than 25 countries contrasts with its struggles in France and largely stable business in its other main markets, Poland and Vietnam.
Canal+ is Vivendi’s second-highest grossing company behind Universal Music so its welfare is key, In 2015, the hemorrhaging of French subscribers from Canal+ became so alarming Vivendi said it could not finance the company’s losses in the long run, Last year, it said a turnaround plan emphasizing themed packages had staunched the bleeding: sales cufflink blanks were growing again, cancellations were declining and partnerships with mobile operators such as Orange (ORAN.PA) and Bouygues Telecom (BOUY.PA) were profitable..