Categories
Entertainment

Graeme Ferguson, Filmmaker Who Helped Create Imax, Dies at 91

Graeme Ferguson, a Canadian documentary filmmaker who helped create Imax, the panoramic cinematic experience that immerses audiences in movies, and who was the company’s primary creative force for years, died on May 8th at his home in Lake of Bays, Ontario. He was 91.

His son Munro Ferguson said the cause was cancer.

In the 1960s, Mr Ferguson made a name for himself as a young cameraman known for his cinéma verite-style work when he was asked to make a documentary on the Arctic and Antarctic for the world exhibition Expo 67 in Montreal. He traveled for a year to make the film, which included footage about Inuit life and the aurora borealis.

The documentary “Polar Life” was shown in an immersive theater configuration: the audience sat on a rotating turntable while the film was played on a panorama of 11 fixed screens. The experience was a hit. Another film at Expo 67 that similarly used multiple canvases, “In the Labyrinth”, was directed by Roman Kroitor, Mr. Ferguson’s brother-in-law. Soon the two men had a vision.

“We were wondering if it would not be better to have a single large format projector or to have one that fills a large screen?” Mr. Ferguson told Take One, a Canadian film magazine, in 1997. “The next step, of course, was to have a large film format, larger than anything that has ever been done before.”

“We said, ‘Let’s invent this new medium.'”

But despite Imax’s formidable technology, Mr. Ferguson struggled for decades to convince investors to embrace his vision. In a history of innovation, setbacks and adversity, his company almost went under several times, and it took Imax years to fully realize the cinematic wonder of its day.

“People kept telling us that nobody would sit still for 90 minutes and watch an Imax movie,” Ferguson told Take One. “We have been told endlessly.”

Mr. Ferguson had already asked Robert Kerr, a former high school buddy who had become a successful businessman, to become their partner, and next he hired William Shaw, another former high school buddy, to become an engineer was to develop Imax technology. They soon developed prototypes for the camera and large format projector that were needed for filming and showing Imax films.

The group was eager to showcase their technology at the 1970 Osaka Expo in Japan, so they reached out to Japanese bank Fuji for funding. They showed a delegation of bank officials their Imax offices in New York and Montreal, both of which were filled with hardworking employees. Impressed by what they saw, Fuji Bank agreed to the project.

What the delegates did not know was that the New York office was Mr. Ferguson’s freelance studio and that the Montreal headquarters were production facilities that Mr. Kroitor had rented a few days earlier.

The first Imax film, “Tiger Child”, premiered shortly afterwards at Expo 70 in Osaka. Although the film was successful, the company continued to struggle with funding.

In business today

Updated

June 3, 2021, 8:18 p.m. ET

Back in Toronto, Mr. Ferguson learned that a new amusement park called Ontario Place was planning to build a large-screen theater. He reached out to the team and they agreed to buy an Imax projector. In 1971, Ontario Place began broadcasting North of Superior, an Imax documentary directed by Mr. Ferguson about the wilderness of northern Ontario. The venue became Imax’s first permanent theater and the model for future Imax cinemas.

In the 1970s, Imax transported viewers into unexpected realms: “Circus World” was a documentary about the Ringling Brothers and the Barnum & Bailey Circus; “To fly!” recorded the wonders of flight; and “Ocean” was about marine life.

In the 1980s, Mr. Ferguson approached NASA with the idea of ​​getting moviegoers into space by training astronauts to use Imax cameras on spaceships. The collaboration resulted in several successful documentaries that established the Imax brand.

Mr. Ferguson and his co-founders sold the company in 1994 when they were over 60 to two American businessmen, Richard Gelfond and Bradley Wechsler, who leveraged Imax and brought the brand to the public. In the Take One interview, Mr. Ferguson admitted that he was surprised at how difficult it was to find a buyer despite the company’s established success.

“The reaction time to new things is always longer than the inventor can ever imagine,” he says. “You think you might have built the better mousetrap and the world will be at your door the next morning, but they will be at your door about five years later. This is how the world really works. “

Mr. Ferguson remained connected to the company after the sale and worked as a consultant and producer of films such as “L5: First City in Space” (1996), “Hubble 3-D” (2010) and “A Beautiful Planet” (2016) which was narrated by Jennifer Lawrence.

Ivan Graeme Ferguson was born on October 7, 1929 in Toronto and grew up in nearby Galt. His father Frank was an English teacher. His mother, Grace (Warner) Ferguson, was an elementary school teacher. When he was 7 years old, his parents gave him a brownie camera that he used to photograph steamboats on Lake Rosseau, about 120 miles north of Toronto.

In 1948 he enrolled at the University of Toronto to study politics and economics. Avant-garde filmmaker Maya Deren taught a workshop at the university for a semester, and he became her lighting assistant. She encouraged him to give up the economy and make films instead.

In the 1960s, Mr. Ferguson was a cameraman in New York, working with filmmakers from the Cinéma Vérité movement such as DA Pennebaker and Albert Maysles. He worked for Adolfas Mekas and made footage for an Oscar-nominated documentary called “Rooftops of New York” (1961).

His marriage to Betty Ramsaur in 1959 ended in divorce in 1974. In 1982 he married Phyllis Wilson, a filmmaker who became his creative collaborator and produced several Imax films with him. She died in March at the age of 70.

In addition to his son from his first marriage, Mr. Ferguson has a daughter, Allison, also from his first marriage; two sisters, Janet Kroitor and Mary Hooper; a brother, Bill; four grandchildren; and a great grandson.

In his late 60s, Mr. Ferguson and his wife settled in a sprawling stone house on the Lake of Bays that he bought after the Imax sale. Mr. Kerr and Mr. Shaw also lived in lakeside houses about 140 miles north of Toronto, and the men often worked together on their boats. After Mr. Kroitor’s death in 2012, Mr. Ferguson became the last living Imax founder.

During the pandemic, Mr Ferguson read dismal reports on the state of Hollywood and changing viewing habits, with streaming videos drawing audiences out of theaters. But he wasn’t worried about Imax’s fate.

“He was absolutely convinced that it would thrive even if the rest of the exhibition industry was much worse off,” said his son Munro, “because he believed that if you left your house you could be just as good. “Look at something amazing.”

Categories
Business

AT&T-Discovery Deal Would Create a Media Juggernaut

Less than three years after AT&T spent more than $ 85 billion and millions more to fend off a government challenge to buy Time Warner, one of the biggest prizes in the media, the phone company signed up for one decided on a completely different strategy.

AT&T is in advanced talks to merge its media businesses, including CNN, with Discovery Inc. Two people were informed of the deal on Sunday. The plan would include all of AT & T’s Warner Media assets, including HBO and Warner Bros., one respondent said. The parties could announce a deal as early as Monday, the person said, saying the talks were still ongoing and the final details had not yet been worked out.

Should AT&T and Discovery agree on a deal, two of the country’s largest media companies would be merged. AT & T’s WarnerMedia group also includes the sports-heavy cable networks TNT and TBS. Discovery has a strong line of reality-based cable channels including Oprah Winfrey’s OWN, HGTV, the Food Network and Animal Planet.

WarnerMedia is led by Jason Kilar, 50, one of the first streaming pioneers and the first CEO of Hulu. David Zaslav, 60, has headed Discovery for 14 years and helped make it a reality giant. It is unclear who would run the new business.

Bloomberg News first reported on the potential deal.

The deal would create a new company bigger than Netflix or NBCUniversal. WarnerMedia and Discovery had combined sales of more than $ 41 billion with operating income of over $ 10 billion last year. That would have vaulted it in front of Netflix and NBCUniversal and behind the Walt Disney Company.

In other words, in order to compete for an audience that is increasingly tied to Facebook, YouTube or TikTok, media companies need to get even bigger. It could spark another round of media deals.

Both AT&T and Discovery have invested heavily in streaming to compete with Netflix and Disney. AT&T poured billions into the development of HBO Max, a streaming platform that now has around 20 million customers. Discovery has 15 million streaming subscribers worldwide, most of them for its Discovery + app.

The merger would also be a major U-turn for AT&T, a telecommunications giant better known for maintaining fiber optic lines and cell towers than producing entertainment and promoting Hollywood talent. Industry watchers questioned AT & T’s daring purchase of Time Warner at a time when cable cutting was only accelerating. The spin-off indicates a failed acquisition strategy.

“AT&T didn’t know what they were buying,” said Brian Wieser, a longtime Wall Street analyst. “The strategy underlying the acquisition” was probably flawed. “

Brooks Barnes, Lauren Hirsch and Andrew Ross Sorkin contributed to the coverage.

This is a developing story. Check for updates again.

Categories
Business

Do Restrictions on H-1B Visas Create American Jobs?

DealBook received an in-house training video played for foreign workers at Cerner, a medical software provider and the largest user of H-1B visas in Kansas City, Missouri. 1B Visa Lottery: Re-enroll in a study program and work for the company on a student visa, a practice that has been adopted by companies and universities in recent years. move to India if they are allowed to work there; or leave the company. Cerner declined to comment on the training video.

Obtaining a work visa will be slightly easier. The Biden administration has already lifted some changes made by the Trump administration to the application process. Immigrant spouses applying for work permits no longer need to be fingerprinted and photographed. This requirement was introduced in 2019 and added processing time to tens of thousands of workers like Mr Parashar’s wife having to wait in visa arrears during the period of the pandemic.

In late April, the Biden government issued guidelines calling on immigration officials to postpone previous decisions when reviewing visa renewal cases. This long-standing practice was lifted in 2017. The policy memo made it difficult for entry-level computer programmers to obtain a work visa was also lifted in January.

These changes are taking place against the background of a long-term trend in labor globalization driven by many factors, including the availability of skills and relative labor costs in other countries. For example, according to a review of job openings posted by data provider Thinknum on the websites of the top H-1B users, the percentage of job openings outside the US at Accenture, Capgemini and Cognizant has increased since 2018, while the percentage of positions advertised in the US has risen has shrunk.

Unless companies get the visas they want to sponsor foreign workers in the US, there is little stopping them from hiring workers outside of the US. And the increasing adoption of remote working after the pandemic may mean that even more types of jobs can be filled around the world.

Ben Wright, the executive director of Velocity Global, a professional employers’ organization that hires overseas workers for clients while waiting for U.S. visas, said companies have been willing to accept overseas workers who cannot come to the U.S. due to pandemic restrictions .

“You also see hiring managers say,” Geez, my eyes are open to the fact that we can really work from anywhere, “he said.” That is attracting these companies around the world in a way that has never happened before. “

Categories
World News

The tip of the quarter might create volatility for markets within the week forward

Traders work on the trading floor of the New York Stock Exchange.

NYSE

Stocks could be hurt in the coming week from quarter-end trading as pension funds and other large investors buy bonds and sell stocks to balance their portfolios.

The dramatic rise in bond yields this quarter is causing fund managers to shift their holdings to make up for the lack of bond holdings.

The focus in the coming week could be on the overall economy. The March employment report is expected on Friday, and the White House infrastructure plans are expected to be released on Wednesday. There is also ISM manufacturing data released on Thursday.

The March job report is scheduled for a morning when the stock market is closed for Good Friday. However, bonds trade for half a day, ending at 12:00 noon. Economists estimate that 630,000 jobs were created in March and the unemployment rate fell from 6.2% to 6%, according to the Dow Jones.

President Joe Biden is expected to announce details of his $ 3-4 trillion infrastructure plan in Pittsburgh on Wednesday. However, strategists say it is too early to say what the plan might look like or how big it will be in its final form.

Stocks were higher for the past week while government bond yields were less volatile. The closely observed 10-year ratio was 1.67% on Friday after 1.75% the previous week. Yields are moving against price and strategists expect rates to fall further over the coming week as investors rebalance their holdings.

“It’s the last week of the quarter so there can only be too much noise,” said Peter Boockvar, chief investment strategist at Bleakley Advisory Group. “Of course we will keep an eye on the bonds. The 10-year period now seems to be in a range of 1.60% to 1.70%. I think people are just trying to get a foothold here. They are trying to to find out. ” out.”

Some strategists say quarter-end trading for stocks, especially big-cap tech, could be positive as rates temporarily stopped rising.

Inventories are higher in the quarter to date. The S&P 500 gained 1.6% over the course of the week and 5.8% in the quarter to date. The Dow was up 1.4% for the week and up 8% in the first quarter. The Nasdaq lagged behind, falling 0.6% for the week and 1.9% for the quarter.

Bonds were much more dramatic in the quarter. The 10-year reference return rose from 0.93% at the end of last year.

“It’s in the driver’s seat right now,” said NatWest’s Blake Gwinn of the 10-year return. The 10 year rate of return is the most widely used rate of return as it affects mortgages and other major financing rates.

Gwinn, head of US interest rate strategy, said he had changed his view of the 10-year deadline and now expects the yield to hit 2% from 1.75% by the end of the year. In the short term, however, the yield could fall further as large funds buy Treasuries. Japanese investors are also expected to be active buyers towards the end of the year on Wednesday.

“If anything, we really hope that returns will continue to drop a little lower so that we have a better place to get back into shorts,” he said.

Infrastructure plan

Gwinn said he is focused on the Biden infrastructure plan and doesn’t think it’s still priced in in the market. The $ 1.9 trillion fiscal plan just signed by the president was a driver of bond yields as investors weighed the expected surge in economic activity and the associated higher debt levels.

“The Biden plan is my biggest risk to the treasury market right now. I don’t have the full Biden plan priced into my … forecast this year,” he said. “If we suddenly get started quickly and that comes together in the second quarter, I’ll have to rethink my 2% target.”

Gwinn said the market had “fiscal fatigue”.

“There are a lot of doubts and uncertainties about how it will pass, when it will pass and whether it will pass … it is not tangible enough,” he said.

The plan is expected to span several years, and the Democrats are expected to seek tax increases to pay for it.

rotation

The rotation into cyclical and value stocks is expected to continue in the next quarter. Energy and Finance had the best results in the first quarter, up 33% and 16.5% respectively. Tech was up 1.7% but outperformed utilities and consumer staples.

“I think certain parts of the market have a lot of upside potential, but some of it may come at the expense of growth stocks,” said Dan Suzuki, vice CIO, Richard Bernstein Advisors. He also assumes that growth stocks will continue to react negatively to rising interest rates and positively to falling ones. This trade has decoupled a bit in the past week.

“It won’t go one-on-one with every wobble,” he said. “I think the base behind this is real. If you think rates will climb to 2% by the end of the year, that’s really bad for expensive high-growth names. Markets care less about absolute levels than direction The higher the interest, the worse it is for high multiple stocks. “

Suzuki said the rise in interest rates is pushing some of the foam off the market. Special purpose vehicle stocks (SPACs) had risen by more than 5% on average on their first few days of trading in February and posted no profit in March, according to a University of Florida finance professor.

“As we see the economy getting better and better at an incredibly fast rate, especially as you add some extra momentum, you have companies that will benefit the most from that acceleration and that will grow 2X, 3X plus.” he said. “To her credit, those high, multi-growth stocks have been so robust last year … Tech earnings growth comes in mid-teens next year, but again the more cyclical parts of the economy – energy, materials, industry, small caps as a result As they rebound, they will see much stronger earnings growth this year.

Calendar for the week ahead

Monday

Merits: Vaxcyte, Cal-Maine Foods

Tuesday

Merits: Lululemon Athletica, Chewy, McCormick, BioNtech, FactSet, Blackberry, PVH

9:00 am S&P / Case-Shiller property prices

9:00 a.m. FHFA real estate prices

10:00 am Consumer Confidence

12:00 pm Raphael Bostic, Atlanta Fed President

2:30 p.m. John Williams, President of the New York Fed

Wednesday

Merits: Walgreens Boots Alliance, Micron, Dave & Buster, guess

8:15 am ADP employment

9:45 am Chicago PMI

10:00 a.m. Pending home sales

10:45 am Bostic from Atlanta Fed

Thursday

Merits: CarMax

8:30 am Initial jobless claims

9:45 am Manufacturing PMI

10:00 am ISM Manufacturing

10:00 a.m. building expenses

1:00 p.m. Philadelphia Fed President Patrick Harker

Friday

Good Friday holiday

Exchange closed

8:30 a.m. Employment Report

Categories
Business

Walmart to create fintech start-up with funding agency behind Robinhood

Cars drive past a Walmart store in Washington, DC on August 18, 2020.

Nicholas Comb | AFP | Getty Images

Walmart said Monday that a fintech startup is making it with Ribbit Capital, one of the venture capital firms behind Robinhood.

The big box dealer did not disclose the name of the new company, nor did they indicate when their services would be available. The company will develop unique and affordable financial products for Walmart employees and customers.

Shares rose more than 2% after close of trading on Monday. Walmart’s market cap is $ 416.7 billion.

The fintech startup will be majority-owned by Walmart and its board of directors will include several company executives including CFO Brett Biggs and Walmart’s US CEO John Furner. It said it will also appoint independent industry experts to the board and may acquire or work with other fintech companies.

“For years, millions of customers have trusted Walmart not only to save money shopping from us, but also to help them manage their financial needs,” Furner said in a press release. “And they made it clear that they want more from us in the financial services sector.”

With more than 4,700 stores across the country, Walmart interacts with millions of customers each year – including some who have no relationship with a bank or financial advisor.

Six percent of adults have no checking, savings, or money market accounts, according to the Federal Reserve. About 16% are “under-banked,” which means they have a bank account, but also use alternative financial services products such as a money order. These Americans are more likely to turn to short-term solutions like a pawn shop or payday loan, which can result in additional fees or high interest fees.

Walmart already offers some financial services to customers. For example, it has Walmart MoneyCard, a prepaid debit card that customers can top up with money and use to make purchases. The card has some features that will promote money management or help people who may have poor credit ratings, such as: B. No overdraft fees, no monthly fee and no minimum balance requirement.

The retailer also offers alternative payment plans for customers on a tight budget, e.g. B. Layaway and Affirm, a fintech company that allows customers to buy an online item instantly and pay for it in installments.

Walmart’s co-owner of the new venture, Ribbit Capital, has invested in fintech companies in the past. The portfolio includes Affirm; Robinhood, a royalty-free start-up; and Credit Karma, a company that offers consumer-friendly tools like free credit checks.