>>> Facebook Hires 10,000 In EU To Build "The Metaverse"

Facebook Hires 10,000 In EU To Build "The Metaverse"

Facebook CEO Mark Zuckerberg isn't going to let the threat of higher taxes or the growing international backlash against his business stop him from pushing ahead with his hopes that Facebook still manages to dominate 'the metaverse' - the virtual world where headsets will allow people to immerse themselves into a Matrix-like world.
Some believe that NFTs and other "virtual" items will be able to be displayed in the metaverse. And according to Reuters, Facebook plans to hire 10K people in the EU to get to work on the Facebook metaverse, in the hopes that Roblox, Microsoft or other "metaverse" companies don't beat Facebook to the punch. Zuck has been talking about the metaverse since July (some have speculated that it has been an attempt to help fix the company's reputation (now Facebook is facing another major scandal via the "Facebook leaks").
"No one company will own and operate the metaverse," Nick Clegg, Facebook's vice president of global affairs, wrote in a blog post. "Bringing this to life will take collaboration and cooperation across companies, developers, creators and policymakers."
Zuckerberg and others have insisted that the COVID-inspired acceleration of the shift to Zoom and other online services, allowing offices to shift to a pattern of work that is completely remote. This also could have an impact on how we interact in our free time.
Zuckerberg believes the metaverse would be accessible across VR, mobile, PCs and even gaming consoles, among other venues, according to Reuters.
While Facebook did not say what roles it would hire for and where exactly they would be based, Facebook has been facing antitrust investigations in the EU by the Continent's top anittrust regulators. The recent leaks have raised criticisms of Facebook's handling of sex trafficking and other abuses on its platforms.
FB has already committed $50MM for building the metaverse, and testing a new remote work app where users of Oculus Quest 2 headsets could hold meetings via avatar versions of themselves.
The big question is"will the metaverse be another 'Libra' (Zuckerberg's attempt to try and control the money supply that went horribly awry?) or something new and actually useful from Facebook?

FT : Heathrow gets green light from regulator to raise landing charges

Heathrow gets green light from regulator to raise landing charges
Airlines lobby group says it will oppose Civil Aviation Authority’s proposal

Heathrow will be able to raise landing charges as the travel industry recovers from the pandemic, UK regulators said, a move set to deepen a bitter clash between one of the world’s busiest airports and the airlines that use it.

The Civil Aviation Authority on Tuesday proposed allowing Heathrow to increase landing fees from £22 per passenger to between £24.50 and £34.40 over the next five years. However, it blocked the airport’s effort to nearly double its fees.

Heathrow already has some of the highest charges in the world, and the costs are typically passed straight on to consumers through higher ticket prices.

Landing charges have long been a source of dispute, but the scale of the aviation industry’s losses over the past 18 months have raised the stakes for airlines and the airport. Heathrow’s plan to nearly double its charges had sparked a furious backlash.

Airlines on Tuesday said they would oppose the proposed increases in landing charges set out by the CAA “in the strongest possible terms”.

Tim Alderslade, chief executive of lobby group Airlines UK, said the CAA was airlines’ last line of defence against “a monopoly-abusing hub airport”.

“We need a strong regulator to clamp down on what is blatant gouging,” he said.

The CAA said the changes would be “affordable” for passengers while still allowing Heathrow’s owners to invest in the airport at a time of uncertainty over the strength of the recovery from the pandemic.

“These initial proposals seek to protect consumers against unfair charges, and will allow Heathrow to continue to appropriately invest in keeping the airport resilient, efficient and one that provides a good experience for passengers,” said CAA’s chief executive Richard Moriarty.

The regulator said it would work over the coming month with airlines and the airport to narrow the range published on Tuesday. The CAA will consult on its proposals, and deliver a final verdict next year.

Heathrow argues that it has fixed costs that it has to pay regardless of how many passengers come through the airport, and that airlines can flex their ticket prices up and down to reflect consumer demand. The airport said it would work with airlines and the regulator to reach a final settlement.

“While it is right the CAA protect consumers against excessive profits and waste, the settlement is not designed to shield airlines from legitimate cost increases or the impacts of fewer people travelling,” Heathrow said.

Heathrow is owned by major infrastructure investors including Spain’s Ferrovial, the Qatar Investment Authority and Canadian pension fund Caisse de dépôt et placement du Québec, and airlines point to billions in dividends taken out of the airport in the years leading up to the crisis.

“Passengers need to be front and centre here — it’s Heathrow’s shareholders and not our customers who should be asked to foot the bill,” Alderslade said.

The CAA on Tuesday also confirmed it has blocked Heathrow from a separate effort to recoup almost all of its pandemic losses, more than £2bn, by a change to the size of its regulated asset base.

The regulator earlier this year allowed Heathrow to raise an extra £300m but said the push for £2bn was “disproportionate”.

FT : Competition watchdog to review UK music industry over dominance of big labe

Competition watchdog to review UK music industry over dominance of big labels
Study comes amid longstanding complaints that artists get marginal returns from streaming platforms

The competition watchdog will launch a review of the UK music market to address concerns about the power of big music labels and whether money is flowing from streaming platforms down to the artist.

The market study, which was prompted by a UK government recommendation last month, follows a parliamentary inquiry into the music streaming industry following longstanding complaints from musicians and songwriters about the pitiful amount of money they receive from platforms such as Spotify.

The Competition and Markets Authority said it would formally begin the review as soon as possible. The findings could result in a full investigation and recommendations to the government to legislate for changes to improve how the music market functions.

The watchdog is already investigating the impact of Sony Music’s takeover of two businesses from independent music company Kobalt.

The Digital, Culture, Media and Sport (DCMS) committee, the parliamentary group that looked into the industry, raised concerns over the dominance of big music labels, including Universal Music, Warner Music and Sony Music, which MPs said have an “unassailable position” in the market.

Julian Knight, chair of the DCMS committee, said evidence had been presented to the government over concerns about the power of big music companies, which have a combined market share of almost 70 per cent, according to industry data.

Labels have argued that competition remains fierce in the UK music industry, which has produced global artists such as Adele, Ed Sheeran and Coldplay, while many smaller British artists are also thriving in the streaming age.

Andrea Coscelli, chief executive of the CMA, said: “Over the past decade, the music industry has evolved almost beyond recognition, with streaming now accounting for more than 80 per cent of all music listened to in this country. A market study will help us to understand these radical changes and build a view as to whether competition in this sector is working well or whether further action needs to be taken.”

The rise of streaming services, such as Spotify, YouTube and Deezer, has triggered an international debate over who benefits from the money generated by the boom in digital music.

In the UK, about 80 per cent of music is streamed, which has driven a resurgence in the value of music companies. Universal Music, the world’s largest record label and publishing company, floated last month with a market capitalisation of €45bn.

The greater data transparency offered by digital music sources, compared with tangible sales of CDs and vinyl records in stores, has highlighted the sometimes marginal returns that many artists make.

The DCMS report, published in July, found that between 2015 and 2019, the streaming-led recovery had boosted the turnover of big UK labels by 21 per cent, while operating profit margin increased from 8.7 per cent to 11.8 per cent.

However, it also argued that artists had largely not benefited from the profits with 82 per cent of professional musicians making less than £200 from streaming in 2019, according to the MPs’ report.

A report from UK Music, the trade body, this week showed the importance of streaming revenue to musicians during the pandemic. In 2020, one in three jobs in the music industry were lost due to the shutdown of live events and recording studios which had a knock-on effect for the wider economy as the industry’s contribution to gross domestic product dropped 46 per cent to £3.1bn.

>>> Europe : Brokers Upgrades & Downgrades - 20th of October 2021 V2(+)

>>> UP
* Argo Blockchain ADRs Rated New Buy at Compass Point; PT $21
* Bonava Raised to Buy at SEB Equities; PT 105 kronor
* EasyJet Raised to Buy at Berenberg; PT 800 pence
* Endesa Raised to Buy at JB Capital Markets; PT 22.50 euros (+)
* Lufthansa Raised to Hold at Berenberg; PT 6.30 euros
* Mondi Raised to Overweight at Prescient Securities
* Pearson Raised to Hold at Berenberg; PT 590 pence
* Shell Raised to Buy at HSBC; PT 1,795 pence
* Skanska Raised to Buy at Handelsbanken; PT 265 kronor
* Veidekke Raised to Buy at DNB Markets; PT 130 kroner

>>> Down
* EDP Renovaveis Cut to Neutral at JB Capital Markets; PT 24 euros (+)
* Hoist Finance Cut to Hold at Arctic Securities; PT 33 kronor
* IAG Cut to Hold at Berenberg; PT 200 pence
* Johnson Matthey Cut to Sell at Panmure Gordon; PT 2,250 pence
* McBride Cut to Hold at Investec; PT 60 pence (+)
* Naturgy Cut to Underweight at JB Capital Markets; PT 20.90 euros (+)
* Sydbank Cut to Hold at SEB Equities; PT 236 kroner
* TeamViewer Cut to Neutral at Exane; PT 15 euros
* TeamViewer Cut to Hold at Berenberg; PT 16.50 euros
* Wizz Air Cut to Hold at Berenberg; PT 5,200 pence

>>> Initiationba
* Aston Martin Reinstated Hold at Jefferies; PT 2,000 pence
* Atalaya Mining Rated New Buy at Stifel; PT 535 pence
* Ipsen Rated New Neutral at Exane; PT 90 euros
* J D Wetherspoon Rated New Buy at Panmure Gordon; PT 1,220 pence
* Moonpig Rated New Buy at Berenberg; PT 430 pence
* Naked Wines Rated New Hold at Berenberg; PT 760 pence
* SCA Rated New Hold at Handelsbanken; PT 150 kronor
* Siegfried Rated New Outperform at Exane; PT 1,000 Swiss francs
* Sixt Rated New Buy at Stifel; PT 165 euros

>>> Call
* Bears Holding On to Shorts Even as Nasdaq 100 Bounces: Citi (+)
* Hikma Raised at Morgan Stanley, New Deals Add Greater Visibility
* Pearson’s ‘Hard Landing’ Limits Downside, Berenberg Upgrades
* Virbac Guidance Raised Again, Remains Well-Positioned: Jefferies

>>> Stoxx 600 Pre-Market Indications

  • Ericsson (ERCB TH) +1.6%
    • Ericsson 3Q Adjusted Operating Profit Beats Estimates
    • Ericsson Warns ‘Sudden’ Supply Chain Bottlenecks Could Persist
  • Rational (RAA TH) +1.3%
  • BHP Group PLC (BIL TH) +1.3%
  • Zalando (ZAL TH) +0.9%
  • Glencore (8GC TH) +0.8%
  • Nokia (NOA3 TH) -0.7%
  • Repsol (REP TH) -0.9%
  • ING (INN1 TH) -1.3%
    • ING Group: Progress on share buyback program

>>> Tradegate Pre-Market Indications

DAX:
  • No major move
MDAX:
  • Lufthansa (LHA TH) +0.8%
    • Lufthansa Raised to Hold at Berenberg; PT 6.30 euros
  • Software AG (SOW TH) -4.4%
    • Software AG Boosts FY Adjusted Ebita Margin Forecast
SDAX:
  • Deutsche Euroshop (DEQ TH) +2.7%
  • SMA Solar (S92 TH) +1.8%
  • Sixt (SIX2 TH) +0.2%
    • Sixt Rated New Buy at Stifel; PT 165 euros
  • Talanx (TLX TH) -0.6%

>>> Europe : Brokers Upgrades & Downgrades - 20th of October 2021

>>> UP
* Argo Blockchain ADRs Rated New Buy at Compass Point; PT $21
* Bonava Raised to Buy at SEB Equities; PT 105 kronor
* EasyJet Raised to Buy at Berenberg; PT 800 pence
* Lufthansa Raised to Hold at Berenberg; PT 6.30 euros
* Mondi Raised to Overweight at Prescient Securities
* Pearson Raised to Hold at Berenberg; PT 590 pence
* Shell Raised to Buy at HSBC; PT 1,795 pence
* Skanska Raised to Buy at Handelsbanken; PT 265 kronor
* Veidekke Raised to Buy at DNB Markets; PT 130 kroner

>>> Down
* Hoist Finance Cut to Hold at Arctic Securities; PT 33 kronor
* IAG Cut to Hold at Berenberg; PT 200 pence
* Johnson Matthey Cut to Sell at Panmure Gordon; PT 2,250 pence
* Sydbank Cut to Hold at SEB Equities; PT 236 kroner
* TeamViewer Cut to Neutral at Exane; PT 15 euros
* TeamViewer Cut to Hold at Berenberg; PT 16.50 euros
* Wizz Air Cut to Hold at Berenberg; PT 5,200 pence

>>> Initiationba
* Aston Martin Reinstated Hold at Jefferies; PT 2,000 pence
* Atalaya Mining Rated New Buy at Stifel; PT 535 pence
* Ipsen Rated New Neutral at Exane; PT 90 euros
* J D Wetherspoon Rated New Buy at Panmure Gordon; PT 1,220 pence
* Moonpig Rated New Buy at Berenberg; PT 430 pence
* Naked Wines Rated New Hold at Berenberg; PT 760 pence
* SCA Rated New Hold at Handelsbanken; PT 150 kronor
* Siegfried Rated New Outperform at Exane; PT 1,000 Swiss francs
* Sixt Rated New Buy at Stifel; PT 165 euros

>>> Call
* Hikma Raised at Morgan Stanley, New Deals Add Greater Visibility
* Pearson’s ‘Hard Landing’ Limits Downside, Berenberg Upgrades
* Virbac Guidance Raised Again, Remains Well-Positioned: Jefferies