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Netflix appears to have its first No. 1 box-office title in the streaming company’s 18-year history thanks to the sensation of “KPop Demon Hunters.”Rival studios on Sunday estimated “KPop Demon Hunters” led all films over the weekend with $16-18 million in ticket sales. Distribution executives from three studios shared their estimates for the Netflix phenomenon on condition of anonymity because the streaming company has a policy of not reporting ticket sales.Following a dominating few weeks as one of the most popular Netflix releases ever, the streamer put the film into 1,750 theaters for sing-along screenings Saturday and Sunday. Studios are able to accurately estimate ticket sales for all releases on Sunday morning, though the uncommon nature of the “KPop Demon Hunters” releases means a wider variance. Some estimates were as high as $20 million.It amounted to a victory lap for “KPop Demon Hunters,” arguably the biggest hit of Hollywood’s summer, and an ironic success for Netflix, whose emphasis on streaming, not theatrical release, upended the movie industry. Another sore spot for Hollywood: The film was developed and produced by Sony Pictures, which sold it to Netflix.Not all exhibitors went along. AMC, the largest theater chain in North America, declined to show the movie. But that didn’t stop Netflix from claiming the box-office title its more traditional competitors typically own.David A. Gross, who runs the movie consulting firm FranchiseRe, called it “a completely unique two-day musical event.”“It may turn out to be higher,” said Gross. “Theater owners are quick on their feet and can add capacity according to demand.”The theatrical release, though limited, is out of the ordinary for the streaming giant, which has long stressed a commitment to subscriber releases. The movie debuted on the platform in late June and is currently Netflix’s most-watched animated original film.The film centers on Huntr/x, a KPop superstar trio who double as demon hunters. The members, Rumi (Arden Cho), Mira (May Hong) and Zooey (Ji-young Yoo), must protect their fans and face their biggest enemy yet: a rival boy band made up of demons in disguise.Zach Cregger’s horror hit “Weapons” maintained strength in the box office during its third weekend, bringing in $15.6 million domestically. The buzzy horror movie has proved its staying power, raking in over $100 million globally since its release.Disney’s “Freakier Friday” landed behind the horror movie once again, earning $9.2 million in North American theaters.The two films are “real bright spots” as the box office heads into a “rather quiet finish” for the summer, said Paul Dergarabedian, senior media analyst for the data firm Comscore. Both films, which premiered simultaneously earlier this month, had a minimal 36% drop from last weekend.“I think we have to look at the currency of the goodwill generated by people having these great summer moviegoing experiences,” Dergarabedian said. “We have to look at that as a more important metric than just the bottom-line dollars and cents.”“The Fantastic Four: First Steps” earned $5.9 million domestically during its fifth weekend. The movie enjoyed a strong $118 million debut but has experienced a steady decline.Newcomer “Honey Don’t!” opened in 1,317 North American theaters with a weekend gross estimate of $3 million, in line with expectations. The movie made it to the top 10, right above “The Naked Gun.”The dark comedy stars Margaret Qualley as Honey O’Donahue, a small-town private investigator who investigates a slew of strange deaths tied to a church in Bakersfield, California. Top 10 movies by domestic box office With final domestic figures being released Monday, this list factors in the estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Comscore: “Weapons,” $15.6 million. “Freakier Friday,” $9.2 million. “The Fantastic Four: First Steps,” $5.9 million. “The Bad Guys 2,” $5.1 million. “Nobody 2,” $3.7 million. “Superman,” $3.4 million. “Honey Don’t!” $3 million. “The Naked Gun,” $3 million. “Jurassic World Rebirth,” $2.1 million. “Relay,” $2 million. Itzel Luna and Jake Coyle, Associated Press
Category:
E-Commerce
Now that Federal Reserve Chair Jerome Powell has signaled that the central bank could soon cut its key interest rate, he faces a new challenge: how to do it without seeming to cave to the White House’s demands. For months, Powell has largely ignored President Donald Trump’s constant hectoring that he reduce borrowing costs. Yet on Friday, in a highly anticipated speech, Powell suggested that the Fed could take such a step as soon as its next meeting in September. It will be a fraught decision for the Fed, which must weigh it against persistent inflation and an economy that could also improve in the second half of this year. Both trends, if they occur, could make a cut look premature. Trump has urged Powell to slash rates, arguing there is “no inflation” and saying that a cut would lower the government’s interest payments on its $37 trillion in debt. Powell, on the other hand, has suggested that a rate cut is likely for reasons quite different than Trump’s: He is worried that the economy is weakening. His remarks on Friday at an economic symposium in Grand Teton National Park in Wyoming also indicated that the Fed will move carefully and cut rates at a much slower pace than Trump wants. Powell pointed to economic growth that “has slowed notably in the first half of this year,” to an annual rate of 1.2%, down from 2.5% last year. There has also been a “marked slowing” in the demand for workers, he added, which threatens to raise unemployment. Still, Powell said that tariffs have started to lift the price of goods and could continue to push inflation higher, a possibility Fed officials will closely monitor and that will make them cautious about additional rate cuts. The Fed’s key short-term interest rate, which influences other borrowing costs for things like mortgages and auto loans, is currently 4.3%. Trump has called for it to be cut as low as 1%a level no Fed official supports. However the Fed moves forward, it will likely do so while continuing to assert its longstanding independence. A politically independent central bank is considered by most economists as critical to preventing inflation, because it can take stepssuch as raising interest rates to cool the economy and combat inflationthat are harder for elected officials to do. There are 19 members of the Fed’s interest-rate setting committee, 12 of whom vote on rate decisions. One of them, Beth Hammack, president of the Federal Reserve’s Cleveland branch, said Friday in an interview with the Associated Press that she is committed to the Fed’s independence. “I’m laser focused . . . on ensuring that I can deliver good outcomes for the for the public, and I try to tune out all the other noise,” she said. She remains concerned that the Fed still needs to fight stubborn inflation, a view shared by several colleagues. “Inflation is too high and it’s been trending in the wrong direction,” Hammack said. “Right now I see us moving away from our goals on the inflation side.” Powell himself did not discuss the Fed’s independence during his speech in Wyoming, where he received a standing ovation by the assembled academics, economists, and central bank officials from around the world. But Adam Posen, president of the Peterson Institute for International Economics, said that was likely a deliberate choice and intended, ironically, to demonstrate the Fed’s independence. “The not talking about independence was a way of trying as best they could to signal we’re getting on with the business,” Posen said. “We’re still having a civilized internal discussion about the merits of the issue. And even if it pleases the president, we’re going to make the right call.” It was against that backdrop that Trump intensified his own pressure campaign against another top Fed official. Trump said he would fire Fed Governor Lisa Cook if she did not step down from her position. Bill Pulte, a Trump appointee to head the agency that regulates mortgage giants Fannie Mae and Freddie Mac, alleged Wednesday that Cook committed mortgage fraud when she bought two properties in 2021. She has not been charged. Cook has said she would not be “bullied” into giving up her position. She declined Friday to comment on Trump’s threat. If Cook is somehow removed, that would give Trump an opportunity to put a loyalist on the Fed’s governing board. Members of the board vote on all interest rate decisions. He has already nominated a top White House economist, Stephen Miran, to replace former governor Adriana Kugler, who stepped down August 1. Trump had previously threatened to fire Powell, but hasn’t done so. Trump appointed Powell in late 2017. His term as chair ends in about nine months. Powell is no stranger to Trump’s attacks. Michael Strain, director of economic policy studies at the American Enterprise Institute, noted that the president also went after him in 2018 for raising interest rates, but that didn’t stop Powell. “The president has a long history of applying pressure to Chairman Powell,” Strain said. “And Chairman Powell has a long history of resisting that pressure. So it would be odd, I think, if on his way out the door, he caved for the first time.” Still, Strain thinks that Powell is overestimating the risk that the economy will weaken further and push unemployment higher. If inflation worsens while hiring continues, that could force the Fed to potentially reverse course and increase rates again next year. “That would do further damage to the Fed’s credibility around maintaining low and stable price inflation,” he said. Christopher Rugaber, AP Economics Writer
Category:
E-Commerce
The first case of a flesh-eating maggot in years has reportedly been detected in the United States. The maggot, the larva of a New World screwworm (NWS), is unique among maggots as it does not just devour dead flesh but living flesh as welland its infestation can be deadly to both animals and humans. Heres what you need to know. Whats happened? On Sunday, the U.S. Department of Health and Human Services (HHS) confirmed the first human case of the NWS inside the United States, reported Reuters. The HHSs confirmation came weeks after the U.S. Centers for Disease Control and Prevention (CDC) was said to have confirmed the same case of New World screwworm infestation. Fast Company reached out to HHS for comment. That case reportedly involves a person in Maryland who had traveled from Central America to the United States. The New World screwworm is readily found in South America and the Caribbean. It is unclear which country the person traveled from exactly, as some beef industry sources had told Reuters that the person came from El Salvador, while an HHS spokesperson said the individual came from Guatemala. What is a New World screwworm? The New World screwworm is a species of parasitic flies, according to the CDC. The larvae of the flies have a conical shape and have sharp teeth, which they use to eat through and burrow into flesh in a screw-like fashion. NWS fly larvae are introduced to animal and human flesh when the NWS fly lays her eggs on the tissue surrounding wounds on animals and humans. When the eggs hatch, the larvae screw their way into the flesh, infecting it. The larva then eventually drops from the open flesh and into the ground, where it burrows until it grows to become an NWS fly, and the process repeats. [Photo: John Kucharski/USDA] A unique feature about NWS maggots is that, unlike most other maggots, they eat living flesh, not just dead flesh. They frequently infect the area around open wounds, which the flies are attracted to, but can also burrow into the eyes, nose, and mouth. Because an NWS infestation can lead to bacterial or other infections, the infestation can be deadly to both animals and humans. In humans, an NWS infestation is serious and needs to be treated as soon as possible, sometimes with surgery to remove the often hundreds of maggots in the skin individually. But the main threat from an infestation of NWS is to livestock. An outbreak could devastate cattle across the country, leading to massive livestock deaths and severe economic consequences for the beef industry. Reuters notes that the U.S. Department of Agriculture estimates that an NWS outbreak in Texas could cost the state $1.8 billion in livestock deaths, medication expenses, and labor costs. What are the symptoms of a New World screwworm infection? According to the CDC, the symptoms of an NWS infection in a human may include: Unexplained skin lesions (wounds or sores) that do not heal Skin wounds or sores that worsen over time Painful skin wounds or sores Bleeding from open sores Feeling larvae movement within a skin wound or sore, nose, mouth, or eyes Seeing maggots around or in open sores A foul-smelling odor from the site of the infestation The CDC says that an NWS infection can sometimes lead to secondary bacterial infections as well. How can New World screwworm infections be prevented? Given the threat to human life and livestocknot to mention the extreme negative impact an NWS outbreak could have on the beef industryhealth officials and governments take NWS infestations very seriously. The best way to head one off is through prevention. In the case of human NWS infestations, this includes taking precautionary measures, which include keeping wounds covered and cleaned, and wearing loose-fitting long-sleeve shirts, pants, and socks if you are traveling to a region where NWS is common. As for keeping livestock safe from NWS outbreaks, the best preventative measures are the eradication of the New World screwworm fly so its larvae cannot infect living flesh. The United States had previously eradicated the NWS from within its borders in the mid-twentieth century. But lately, the NWS has been moving north again from South America. The United States and Mexico are currently working on a previously successful eradication method, which involves actually engineering hundreds of millions of New World screwworm flies. But these engineered flies would be sterile, meaning any eggs they lay would not hatch. The idea behind these sterile engineered flies is that their introduction into the NWS population would eventually lead to that populations eradication, as when males mate with the female flies, they would no longer produce viable eggsultimately leading to population collapse. Should I be worried about the New World screwworm? If youre a cattle farmer, then some concern is justified. However, if you are someone who doesnt travel to infestation areas, then it probably doesnt make much sense to spend time fretting over the threat of the NWS to you, as the fly and its larvae are currently not widespread in the U.S. Confirming the case of NWS infection in the Maryland individual, HHS spokesman Andrew G. Nixon told Reuters in an email that “The risk to public health in the United States from this introduction is very low.
Category:
E-Commerce
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