Senators on Wednesday introduced legislation aimed at improving competition in live ticketing by preventing ticketing companies from locking up venues in long-term exclusive contracts. The move follows a Senate hearing in January on Ticketmaster's Taylor Swift ticketing problems last fall.
The Unlock Ticketing Markets Act, sponsored by Sens. Amy Klobuchar (D., Minn.) and Richard Blumenthal (D., Conn.), would allow the Federal Trade Commission to prevent the use of "excessively long" multiyear exclusive contracts with event venues that the senators say lock out competitors, discourage innovation of new services and increase costs for fans.
GDP Report to Show Pace of U.S. Growth in First Quarter
A government report on U.S. economic output in the first quarter will shed light on how consumers and businesses are faring under high inflation, rising interest rates and the onset of banking problems.
Consumer spending, the primary driver of growth, and hiring were surprisingly strong at the start of the year, but more recently slowed as the Federal Reserve continued raising interest rates to cool the economy and curb rapid price increases.
The Surprising Risk That Turbocharged a $142 Billion Bank Run
Tony Cookson didn't know much about Silicon Valley Bank before Silicon Valley Bank collapsed. When the economist became curious about the bank, he already knew what happened. He wanted to know how it happened and whether it's going to happen again.
So he set out to answer what might be the most intriguing question about the bank run: Was it fueled by social media?
Europe Moves Toward Cutting a Last Source of Russian Energy
Europe is taking steps to turn off one of the last significant supplies of Russian fossil fuels, seaborne shipments of liquefied natural gas.
The question is whether the move would hurt Europe more than Russia.
Pro Take: Hotel Inflation Runs Hotter Than the Fed's Target, With a Worker Shortage of No Help
The Trapp Family Lodge in the mountains of Stowe, Vt., has seen bookings cool off a bit this year following a boom in 2022, when people rushed back into leisure travel after pandemic restrictions.
But staffing up remains a challenge, said sales and marketing director Bob Schwartz, as the 300-employee resort looks to fill 25 to 30 positions. For one hard-to-fill night auditor job, the lodge has sweetened its offer with a $1,000 signing bonus, according to the job listing on online job-posting site Indeed.
China Industrial Profits Decline Narrowed in March
The decline of China's industrial profits narrowed in March as export demand rebounded and Beijing continued its support for the economic recovery.
Industrial profit fell 21.4% in the January-March period from a year earlier, narrowing from a 22.9% decline recorded in the first two months of the year, the National Bureau of Statistics said Thursday.
Before Trial in Russia, Defendants Can Spend Months Behind Bars
The arrest of Wall Street Journal reporter Evan Gershkovich has thrown a spotlight on a Russian judicial system in which defendants often languish for months in detention even before a trial while prosecutors are granted time to build their case.
Mr. Gershkovich, a 31-year-old U.S. citizen, was arrested on March 30 on an espionage allegation. The Journal and the U.S. government have vehemently denied the allegation and have demanded his immediate release. The U.S. has said he isn't a spy.
Jack Teixeira Could Still Have Access to Classified Documents, Prosecutors Say
The Massachusetts Air National Guardsman charged with taking and sharing highly classified intelligence documents might still have access to sensitive material that could aid foreign adversaries, federal prosecutors said Wednesday in court filings seeking his continued detention.
Airman First Class Jack Teixeira, who has been jailed since his arrest earlier this month, "accessed and may still have access to a trove of classified information that would be of tremendous value to hostile nation states that could offer him safe harbor and attempt to facilitate his escape from the United States," prosecutors said late Wednesday in a filing.
Judges Deny Donald Trump's Bid to Block Mike Pence's Testimony Surrounding Jan. 6
WASHINGTON-A federal appeals court paved the way late Wednesday for former Vice President Mike Pence to appear before the grand jury investigating former President Donald Trump's efforts to remain in power after the 2020 election.
In a sealed decision, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit rejected Mr. Trump's emergency bid to prevent Mr. Pence from testifying in the criminal inquiry, dealing the latest setback to the former president as he confronts a swirl of legal scrutiny.
Republicans Pass Debt-Ceiling Bill Aiming to Spark Talks With Biden
WASHINGTON-House Republicans passed a bill proposing to raise the nation's $31.4 trillion borrowing limit in exchange for deep cuts in government spending, aiming to jump-start talks with President Biden ahead of an approaching deadline for the federal government to avoid default.
The vote was 217-215, with all Democrats voting no. Four Republicans opposed the bill, after House Speaker Kevin McCarthy (R., Calif.) made last-minute changes and promises to keep his fractious conference mostly united. The razor-thin margin underscored the complicated politics that are expected to roil the debt-ceiling debate.
AI's Effects on Cybersecurity Concern U.S. Officials
SAN FRANCISCO-Senior U.S. cybersecurity officials said all the positive and negative aspects of artificial intelligence are still unknown, and that companies rushing to meet popular trends by deploying new models may be exposing themselves to risk.
"There is a wide breadth of risks plus benefits with AI," said Eric Goldstein, executive assistant director for cybersecurity at the U.S. Cybersecurity and Infrastructure Security Agency, in an interview at the RSA Conference Wednesday.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
Agnico Eagle Mines 1Q
ATCO 1Q
Bombardier 1Q
Canadian Utilities 1Q
Eldorado Gold 1Q
Exco Tech Limited 2Q
GFL Environmental 1Q
Mullen Grp 1Q
Newmont 1Q
Secure Energy 1Q
Toromont Indus 1Q
Economic Calendar (ET):
0830 Feb Payroll employment, earnings and hours, and job vacancies
Stocks to Watch:
Alamos Gold 1Q EPS 12c;1Q Rev $251.5M
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Celestica 1Q EPS 20c; 1Q Rev $1.84B; 1Q Adj EPS 47c; 2023 Rev Outlook Raised; Sees 2Q Rev $1.75B-$1.9B; Sees 2Q Adj EPS 44c-Adj EPS 50c; Raises 2023 Rev View to at Least $7.6B; Narrows 2023 View To Adj EPS $2-Adj EPS $2.05
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Couche-Tard: Toronto Stk Exchange Approve Renewal of Shr Repurchase Program, Authorizing Buyback of 49.1M Common Shrs; Authorization Represents 5% of Shrs Outstanding as at April 20; Completion of the Program in Full Would Represent Investment of Approximately U.S. $2.4B or CDN $3.3B
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Methanex 1Q EPS 87C; 1Q Rev $1B
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New Gold 1Q Loss/Shr 5c; 1Q Loss $32M
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North Amer Construction 1Q EPS C$0.71; 1Q Adj EPS C$0.96; Sees FY23 Adj EPS C$2.40-Adj EPS C$2.60; 1Q Total Combined Revenue C$320.6M
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Shawcor Invests in Two New Composite Systems Facilities in US; Cap Ex for These Operating Facilities Are Expected to Represent, in the Aggregate, About $60M Across 2023 and 2024
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StorageVault 1Q Loss C$2.9M; Increasing Qtr Div by 0.5% to C$0.002845/Shr; 1Q Rev C$67.4M
Expected Major Events for Thursday
00:30/JPN: Mar Detailed Import & Export Statistics
05:00/JPN: Feb Indexes of Business Conditions - Revision
08:00/ITA: Apr Consumer Confidence Survey
08:00/ITA: Apr Business Confidence Survey
12:30/US: 04/22 Unemployment Insurance Weekly Claims Report - Initial Claims
12:30/CAN: Feb Payroll employment, earnings and hours, and job vacancies
12:30/US: U.S. Weekly Export Sales
12:30/US: 1Q Advance estimate GDP
13:00/RUS: Weekly International Reserves
14:00/US: Mar Pending Home Sales Index
14:30/US: 04/21 EIA Weekly Natural Gas Storage Report
15:00/US: Apr Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
20:30/US: Foreign Central Bank Holdings
20:30/US: Federal Discount Window Borrowings
23:01/UK: Mar UK monthly automotive manufacturing figures
23:01/UK: 1Q BRC-LDC Vacancy Monitor
23:30/JPN: Mar Labour Force Survey
23:30/JPN: Apr CPI (Tokyo), CPI ex-Food (Tokyo)
23:50/JPN: Mar Preliminary Retail Sales
23:50/JPN: Mar Preliminary Industrial Production
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Thursday
Advaxis Inc (ADXS) is expected to report for 1Q.
American Airlines Group Inc (AAL) is expected to report $0.03 for 1Q.
Arch Resources Inc (ARCH) is expected to report for 1Q.
Bank7 Corp (BSVN,GMAR.XX) is expected to report $0.98 for 1Q.
Baxter International Inc (BAX) is expected to report $0.18 for 1Q.
Canadian Utilities (CDUAF,CU.T,CU.X.T) is expected to report $0.66 for 1Q.
Comcast Corp (CMCSA) is expected to report $0.75 for 1Q.
Domino's Pizza Inc (DPZ) is expected to report $2.71 for 1Q.
Eli Lilly & Co (LLY) is expected to report $1.75 for 1Q.
Escalade Inc (ESCA) is expected to report for 1Q.
First Foundation Inc (FFWM) is expected to report $0.15 for 1Q.
FirstCash Holdings Inc (FCFS) is expected to report for 1Q.
H&E Equipment Services (HEES) is expected to report $0.65 for 1Q.
Harley-Davidson Inc (HOG) is expected to report $1.46 for 1Q.
Hasbro Inc (HAS) is expected to report $-0.06 for 1Q.
Heartland Express (HTLD) is expected to report $0.17 for 1Q.
Hertz Global Holdings Inc (HTZ) is expected to report for 1Q.
IQVIA Holdings Inc (IQV) is expected to report $1.52 for 1Q.
Independent Bank MI (IBCP) is expected to report $0.61 for 1Q.
Integer Holdings Corporation (ITGR) is expected to report $0.64 for 1Q.
International Paper (IP) is expected to report $0.57 for 1Q.
(MORE TO FOLLOW) Dow Jones Newswires
04-27-23 0618ET
