Japan’s Services Sector Sustains Solid Growth In November, PMI Shows

Netflix's proposed acquisition of Warner Bros Discovery's studios and streaming unit is expected to reduce streaming costs for consumers by bundling Netflix and HBO Max, according to two people familiar with the proposal.

In recent talks with Warner Bros Discovery, Netflix said the potential combination of its streaming service with HBO Max would benefit consumers by lowering the cost of a bundled offering, the sources familiar with the discussions told Reuters. They requested anonymity to discuss confidential negotiations.

Netflix's argument seeks to address potential regulatory concerns that combining one of the nation's leading subscription video streaming services with a top rival would reduce consumer choice and raise prices, the sources said. The services are not currently offered as a bundle by either company.

Warner Bros Discovery has been exploring a sale of all or part of its business, which includes film and television studios, cable networks such as HBO and CNN, and the HBO Max streaming service.

Reuters reported in October that Netflix was actively exploring a bid for Warner Bros Discovery's studio and streaming business, a tie-up that was seen as potentially reshaping the streaming landscape. Now, by framing the acquisition as pro-consumer, Netflix aims to build a case that the deal should withstand a potential regulatory challenge, according to the sources.

Reuters previously reported that Netflix had submitted a mostly cash offer for the studio and streaming unit.

Other bidders for Warner Bros Discovery - Paramount Skydance and Comcast - also would use HBO Max, together with the Warner Bros film and television library, to bolster their streaming services.

Netflix did not immediately respond to a request for comment, while Warner Bros Discovery declined to comment.

If Netflix's bid is successful, the deal is expected to expand Netflix's movie and television library. But the sources familiar with the matter said the potential combination of the two services is unlikely to radically expand its market share because the vast majority of Netflix customers also subscribe to HBO Max.

The combination of HBO Max and Paramount Skydance's Paramount+ would create a top-tier streaming service in the U.S., capable of challenging Netflix and Walt Disney's Disney+ in terms of volume and breadth of content, wrote Bank of America media analyst Jessica Reif Ehrlich in a recent report.

HBO Max would similarly lift NBCUniversal's Peacock service, which has yet to turn a profit. NBCUniversal is owned by Comcast.

"Comcast risks being left behind as PSKY or NFLX scale (their streaming services), limiting Peacock's reach and weakening NBC's ability to compete in the global media market over time," Ehrlich wrote.

A successful acquisition would give Netflix control over Warner Bros' vast library of content, including the entire HBO catalog, the Warner Bros film archive, and DC Comics properties.

"Netflix is the clear streaming leader in subscribers," Ehrlich wrote, adding: "It still lags other media companies on deep IP libraries that could offer potential use cases for theme parks, experiences, Broadway shows, gaming and merchandising."

To be sure, Netflix faces its own political headwinds, from criticism by the Pentagon over its content to Republican lawmakers warning that a takeover of Warner Bros Discovery could give it too much control and reduce consumer choice. Alphabet's YouTube remains the country's largest streaming platform by viewership.

Source: Investing

Rashi Talwar Bhatia says the growing presence of women in India's workforce reminds her of the feminist movement seen in the US in the 1960s.

For the 49-year-old chief investment officer at Ashmore Investment Management India LLP, the trend also presents a long-term investing opportunity. Buying shares of Indian firms that stand to benefit from higher spending by working women is a key theme in Rashi's portfolio. These include instant grocery and food-delivery platforms as well as makers of home appliances and beauty products.

"I have a certain female gaze on my portfolio," Rashi, who helps oversee about $2.3 billion worth of Indian stocks across several of Ashmore's funds, said in an interview in Mumbai last month. "The use of electronic kitchen equipment is going to increase manifold" and spending on "beauty-care products is going to grow massively. Why? Because women have now gotten money in their own hands," she said.

The Ashmore Sicav India Equity Fund, managed by a team including Rashi, has beaten 96% of its peers so far this year, according to data compiled by Bloomberg. Ashmore's investment approach does not involve having individual fund managers for individual funds.

Shares of four companies — food-delivery firm Swiggy Ltd., beauty retailer FSN E-Commerce Ventures Ltd., better known as Nykaa, hair-oil manufacturer Marico Ltd., and Electronics Mart India Ltd. — made up about 10% of the fund's total holdings at the end of October.

India, the world's fastest-growing major economy, is witnessing a consumption boom thanks to rising disposable incomes and growing aspirations of its burgeoning middle class. Female participation in the labor force has climbed to 41.7% in 2023-24 from 23.3% six years ago, according to government data. In comparison, women's global labor force participation rate stood at 48.7% in 2023, as per a report from the International Labour Organization.

"If you ask me, India is going through what the US went through in the 60s," Rashi said. "As you see more women entering the workforce, there will be even more demand."

The US feminist movement in the 1960s marked a crucial period for women's rights and social roles in the country, bringing some key legal and cultural changes that also shaped consumption trends. One of them was the signing of the Equal Pay Act by President John F. Kennedy in 1963, which prohibited discrimination in wages on account of sex.

Still, there's no guarantee of a straight march toward gender parity in India. Many companies still treat diversity goals as a branding exercise, and compliance with rules on child-care facilities, maternity protections or safe-transport guidelines is spotty, particularly outside major cities. A large share of Indian women work in informal or home-based roles that offer few protections and no clear path into the corporate jobs that underpin most of the bullish expectations about female-driven consumption.

Surveys show that families continue to discourage women from working after marriage or childbirth, and employers often reinforce the pattern by favoring men for leadership roles or jobs that require travel. In that sense, Rashi's thesis is as much a bet on cultural change as it is on corporate earnings. If participation plateaus, the investment story loses some of its gloss.

The deeply rooted social norms and traditional gender roles that still place the bulk of caregiving and household responsibilities on women in India are a key reason why the world's most populous nation lags many major global peers in this regard. On average, women spend about eight times more time each day on such activities relative to men, according to a 2022 study published by the Observer Research Foundation.

That's where Rashi sees a big opportunity for food and grocery-delivery firms as well as kitchen-equipment makers.

"I don't think any working woman has the luxury of time at this point to go home after work and crush masalas on a silbatta," she said, referring to a traditional Indian stone tool used to grind spices for cooking. "Quick commerce is a huge boon," said the Mumbai-based Ashmore CIO, who started her career 25 years ago as an automobile analyst with Motilal Oswal Securities Ltd.

India's quick commerce market — where online retailers deliver packages in as little as 10 minutes — is expected to balloon to $100 billion in sales by 2035, from about $6 billion in 2024, according to Bloomberg Intelligence. That would make it nearly a fifth of the country's overall e-commerce sales, up from just 5% in 2024.

That said, the pace and intensity of this growth means there are risks investors should watch out for. In some cases, valuations are getting stretched, posing a risk for stock investors, while in other cases, the breakneck expansion pace is weighing on results.

Higher expansion costs saw online ordering platform Swiggy Ltd. report a loss of 10.9 billion rupees ($121 million) for the quarter ended September, a 74% increase from its loss a year earlier. Its stock, which climbed nearly 17% on its debut last November, is currently trading below the issue price.

One of the Ashmore fund's successful bets is FSN, which runs Nykaa, an online platform that sells makeup and skincare products. Up about 60% in 2025, its shares are among the top performers on the NSE Nifty 200 Index.

At about 7% of total retail in 2024, India's e-commerce penetration remains well below China's 32% and the US' 16% as per Redseer, and underscores that the market is at an early stage in its digital consumption journey, Karan Taurani, an analyst at Elara Securities (India) Pvt., wrote in a Nov. 27 report.

Higher disposable income in the hands of Indian women is sure to play its part in this evolution, and Rashi is counting on her bets to help drive outperformance.

"Today, Indian women are more willing to spend on themselves," Rashi said. "These are decadal changes shifting consumption in a massive way."

Source: Bloomberg Europe

A rebound in Ireland's services sector accelerated at its fastest pace in three-and-a-half years in November, with growth driven by increased gains in current activity and new business, a survey showed on Wednesday.

The AIB Ireland Services Business Activity Index climbed to 58.5 in November from 56.7 in October, the fastest rate of growth in the sector since May 2022. PMI readings above 50 indicate growth in activity.

The biggest expansion was in financial services, followed by technology, media and telecoms. Transport, tourism and leisure saw the first increase in activity since February.

New business growth accelerated for the fourth consecutive month, reaching the highest level since April 2022. This was supported by a rise in new export orders, with all four subsectors posting increases for the first time since January.

Jobs were created at the fastest rate since March despite a reduction in staffing levels in TMT for the third time in four months.

The pace of inflation for input costs remains high but has eased from the six-month high posted in September. Service providers increased charges at the fastest rate since January, passing on the higher costs to customers.

The outlook for the next 12 months improved, with expectations reaching the highest level since February, as firms anticipate increased demand and planned business investments.

Source: Investing

Australia's economy grew less than expected in the September quarter, as soft net trade and a sharp rundown in inventories offset solid domestic demand, data from the Australian Bureau of Statistics (ABS) showed on Wednesday.

Gross domestic product grew 0.4% quarter-on-quarter in the three months to Sept 30, data from the Australian Bureau of Statistics showed on Wednesday. The print was below expectations of 0.7% and slowed from the 0.6% rise seen in the prior quarter.

Year-on-year, GDP grew 2.1% in Q3 against expectations of 2.2% and growth of 2.0% in the prior quarter.

Domestic demand remained the primary engine of growth, contributing 1.1 points. Private investment surged 2.9% -- the fastest since early 2021 -- driven by machinery and equipment spending linked to major data-centre developments.

Public investment rose 3.0% due to increased renewable energy and water infrastructure projects.

Household consumption gained 0.5%, supported by essential spending on electricity, rents, health, and food. The ABS incorporated household solar electricity generation into the national accounts for the first time, reflecting rising rooftop capacity and shifts in power consumption.

Nominal GDP rose 1.7% as domestic prices firmed and the terms of trade edged up 0.3%.

Service industries, including construction and financial services, led gains in production, helping offset declines in mining.

Source: Investing

President Donald Trump on Tuesday said any country trafficking illegal drugs into the U.S. could be attacked.

"Anybody that's doing that and selling it into our country is subject to attack," Trump told reporters during a cabinet meeting at the White House, after raising the issue of cocaine from Colombia.

Colombian President Gustavo Petro shot back at Trump in a post on X, arguing the South American nation destroys a drug-producing laboratory every 40 minutes - "without missiles."

Trump has launched an offensive on alleged drug-trafficking boats in the Caribbean and Pacific in recent months, killing dozens through targeted missile strikes.

U.S. military forces have built up in the Caribbean, with tensions ratcheting up between Trump and Nicolas Maduro, the president of Venezuela, which borders Colombia.

U.S. President Donald Trump attends a cabinet meeting at the White House in Washington, D.C., U.S., December 2, 2025. REUTERS/Brian Snyder

The Trump administration alleges Maduro plays a key role in supplying illegal drugs that have killed Americans, which Maduro has denied. In recent days, Trump has flagged the possibility of U.S. military intervention in Venezuela.

Trump on Tuesday told reporters that any country that was sending illegal drugs to the U.S. could be subject to land strikes, "not just Venezuela."

"I hear the country of Colombia is making cocaine, they have cocaine manufacturing plants, and then they sell us their cocaine," Trump said.

Petro, who has been personally sanctioned by the Trump administration, invited Trump to participate in the nation's anti-drug offensive, but with a warning.

"Do not threaten our sovereignty, or you will awake the Jaguar," Petro said. "Attacking our sovereignty is declaring war."

Source: Reuters

Russia and the U.S. did not reach a compromise on a possible peace deal to end the war in Ukraine after a five-hour Kremlin meeting between President Vladimir Putin and Donald Trump's top envoys, the Kremlin said on Wednesday.

Trump has repeatedly complained that ending Europe's deadliest conflict since World War Two has been one of the elusive foreign policy aims of his presidency. The U.S. president has at times scolded both Putin and Ukrainian President Volodymyr Zelenskiy.

Talks in Moscow between Putin and Trump's special envoy, Steve Witkoff, and son-in-law Jared Kushner went past midnight. Afterward, Putin's top foreign policy aide, Yuri Ushakov, said "Compromises have not yet been found.

"There is still a lot of work to be done," Ushakov told reporters at a briefing in the Kremlin.

Putin reacted negatively to some U.S. proposals, Ushakov said. Witkoff went to the U.S. embassy in Moscow after the talks to brief the White House, Ushakov said.

Ushakov added that a meeting between Putin and Trump was not currently planned, though he said the talks were constructive and that there were huge opportunities for U.S.-Russian economic cooperation.

NO FURTHER AWAY FROM PEACE

Ushakov said Putin had sent a series of important signals and his greetings to Trump, but that the sides had agreed not to disclose details to the media.

He added that they had discussed the "territorial problem", Kremlin shorthand for Russian claims to the whole of Donbas, though Ukraine controls at least 5,000 square km (1,900 square miles) of the area which Russia claims as its own. Almost all countries recognise Donbas as part of Ukraine.

"Some American draft proposals look more or less acceptable, but they need to be discussed," Ushakov said. "Some of the formulations that have been proposed to us are not suitable for us, that is - the work will continue."

Witkoff, a billionaire U.S. real estate developer who has known Trump since the 1980s, and Kushner, the husband of Trump's daughter Ivanka, began talks in the Kremlin after a stroll across Red Square past the mausoleum of Soviet founder Vladimir Lenin to the towers of the Kremlin.

They talked with Putin, Ushakov and Putin's envoy Kirill Dmitriev, via interpreters.

"Our people are over in Russia right now to see if we can get it settled. Not an easy situation, let me tell you. What a mess," Trump said on Tuesday in Washington, adding that there were casualties of 25,000 to 30,000 per month in the war.

Russia invaded Ukraine in February 2022, triggering the biggest confrontation between Moscow and the West since the depths of the Cold War.

EUROPEAN POWERS WORRIED BY U.S. EFFORTS

A leaked set of 28 U.S. draft peace proposals emerged in November, alarming Ukrainian and European officials who said it bowed to Moscow's main demands.

European powers then came up with a counter-proposal, and at talks in Geneva, the U.S. and Ukraine said they had created an "updated and refined peace framework" to end the war.

Zelenskiy, speaking in Dublin, said everything would depend on the talks in Moscow but that he was afraid the U.S. could lose interest in the peace process.

"There will be no easy solutions ... It is important that everything is fair and open, so that there are no games behind Ukraine's back," he said.

Just before the Kremlin meeting with Witkoff, Putin said Russia did not want war with Europe, but that if Europe started one, it would end so swiftly that there would be no one left for Russia to negotiate with.

Putin threatened to sever Ukraine's access to the sea in response to drone attacks on tankers of Russia's "shadow fleet" in the Black Sea. Ukraine's Foreign Minister, Andrii Sybiha, said Putin's remarks showed he was not ready to end the war.

Source: Reuters