Current Affairs

TikTok is taking the book industry by storm, and retailers are taking notice

“BookTok” has sent old books back to the top of bestseller lists and helped launch the careers of new authors. Videos with the BookTok hashtag have been viewed a collective 12.6 billion times.

Author Adam Silvera four years ago released the young adult science fiction novel “They Both Die at the End,” which found success and landed a few weeks on the New York Times bestseller list.

But years later in August 2020, Silvera said his publisher noticed a significant sales bump, the start of a trend that would send the book to the top of the New York Times’ young adult paperback monthly bestseller list in April, where it still reigns. Silvera had no idea where the sales spike was coming from.

“I kept commenting to my readers, ‘Hey, don’t know what’s happening, but there’s been a surge in sales lately, so grateful that everybody’s finding the story years later,’” Silvera said. “And then that’s when a reader was like, ‘I’m seeing it on BookTok.’ And I had no idea what they were talking about.”

“BookTok” is a community of users on TikTok who post videos reviewing and recommending books, which has boomed in popularity over the past year. TikTok videos containing the hashtag #TheyBothDieAtTheEnd have collectively amassed more than 37 million views to date, many of which feature users reacting — and often crying — to the book’s emotional ending.

BookTok’s impact on the book industry has been notable, helping new authors launch their careers and propelling books like Silvera’s to the top of bestseller lists years after their original publication. Madeline Miller’s “The Song of Achilles,” E. Lockhart’s “We Were Liars” and Taylor Jenkins Reid’s “The Seven Husbands of Evelyn Hugo” — all of which were published before BookTok began to dominate the industry — are among some of the other books that have found popularity on the app years after their initial release.

Retailers like Barnes & Noble have taken advantage of BookTok’s popularity to market titles popular on the app to customers by creating specialized shelves featuring books that have gone viral…read more.

US Oil Prices Soar To 6-Year High In OPEC Standoff

The U.S. benchmark oil price WTI Crude hit its highest level since November 2014 early on Tuesday, after OPEC+ on Monday called off its third attempt to reach an agreement over oil policy management for the coming months.

In Asian trade earlier in the day, WTI Crude touched $76.50 a barrel, narrowing the WTI/Brent Crude spread significantly.

After intense talks late last week and attempts at mediation during the weekend, the standoff between the United Arab Emirates (UAE) and Saudi Arabia over the Emirati baseline production level wasn’t resolved and OPEC Secretary General Mohammad Barkindo said in a concise statement on Monday that the OPEC+ meeting was called off. The date of the next meeting has not been decided yet.

The oil market immediately jumped on the news, as participants weighed the notion that no-deal about how to proceed with oil supply management would mean no additional supply from the OPEC+ alliance for August at a time when global oil demand is bouncing back with summer travel and re-opening of economies.

Most analysts expect oil prices to continue rising until OPEC+ meets again, which, according to reports and analyst estimates, could come at some point over the next one to three weeks. There is already talk about whether this will lead to another break-up in the OPEC+ union, after the collapse in March last year. Currently, a complete collapse of the deal is considered more of a fringe scenario of extremes, rather than a distinct possibility…read more.

What’s next for Amazon’s Bezos? Look at his Instagram

Dwayne “The Rock” Johnson said it was time to bust out the tequila.

Standing by the seashore, the celebrity wrestler and film star put his arm around Jeff Bezos, Amazon.com Inc’s (AMZN.O) founder. Bezos, in sunglasses, smiled for a picture and then shared it on the ‘gram. The men had just announced a movie deal for Amazon Studios.

Bezos, 57, is stepping down as Amazon’s CEO on Monday. He’ll remain executive chairman and the company’s biggest shareholder, but his Instagram account shows he has plenty of other interests to occupy his time.

The science fiction fan is planning a joy ride to suborbital space with his best friend and brother, Mark, this month, one recent post said. In another, Bezos is behind the wheel of an electric pickup truck built by Rivian, a startup that Amazon funded, traversing the desert in a cowboy hat to see a rocket capsule land.

The final frontier has long beckoned Bezos, who has poured billions of dollars into his company Blue Origin to promote tourism and infrastructure in space. The venture’s first crewed flight is to embark July 20, less than two weeks after Richard Branson’s Virgin Galactic to commence a new epoch of travel beyond earth…read more.

Consumer confidence in Canada hits record on vaccine reopenings

Canadians are entering the second half of the year more confident about their economic prospects than they’ve ever been.

Consumer sentiment marched higher to a new record last week, according to polling by Nanos Research Group for Bloomberg News, driven by optimism about the outlook for the economy and growing job security.

The numbers will stoke confidence among economists and policy makers that households will be in a spending mood as pandemic restrictions are lifted, particularly given Canadians are supported by a massive stock of savings accumulated during the crisis. After a rough patch in April and May during a spring surge of COVID-19 cases, the Canadian economy is seen rebounding sharply in coming months to pre-pandemic levels as consumers, and potentially businesses, ramp up spending.

The Bloomberg Nanos Canadian Confidence Index jumped to 66.4 last week, the highest reading since surveys began in 2008. The gauge has historically averaged around 56 and had never broken the 63 barrier until recently.

Separately, the Bank of Canada will release its latest quarterly survey of company managers at 10:30 a.m. Ottawa time, and economists anticipate business sentiment too has risen to near records.

Every week, Nanos Research surveys 250 Canadians for their views on personal finances, job security and their outlook for both the economy and real estate prices. The confidence index represents a rolling four-week average of about 1,000 responses…read more.

Toyota, after hoarding chips, blows away GM for first time ever.

Ford Motor was the last major automaker to report US sales for June on Friday. Most others reported US sales on Thursday. GM and FCA don’t report monthly sales; they only report quarterly, so Q2 sales. Tesla doesn’t report US sales at all; it only reports quarterly global sales, and the industry guesses its US sales. The semiconductor shortage and supply-chain fiasco were written all over auto sales in June.

June sales for the industry overall fell to 1.30 million vehicles, down 14.2% from June 2019, after a strong March, April, and May (data by Bureau of Economic Analysis). In terms of the Seasonally Adjusted Annual Rate (SAAR) of sales, which takes the number of selling days and other seasonal factors into account and then annualizes the result, vehicle sales came out this way:
• June: 15.4 million SAAR, -9.5% from June 2019; except for the collapse last spring, it was the lowest for any month since January 2014.
• May: 17.0 million SAAR, -1.0% from May 2019.
• April: 18.6 million SAAR, highest total for any month in 16 years, +7.4% from April 2019.
• March: 17.9 million SAAR, +7.9% from March 2019.

Automakers have shifted production to their highest profit-margin units; and they’ve cut incentives, and dealers are charging record prices, over sticker in many cases. As a result, the average transaction price and average per-unit gross profits have spiked to records in June, as consumers have adopted a new attitude that I have never seen on dealer lots before.

Rather than haggle till they get the price down, or go on buyers’ strike as they had done for a couple of years during the Great Recession, consumers are paying whatever it takes to get a new or used vehicle as their whole mindset about inflation has changed.

But Ford’s total sales in June plunged 26.9% year-over-year to 115,789 vehicles, with retail sales down 32.5%. These are deliveries by dealers to their customers, or by Ford to large fleet customers, such as rental car companies.

Ford has given up on cars. The only “car” it still manufactures is the Mustang. It killed all its other car lines. And that sales volume just went to Toyota, Honda, Nissan, Kia, etc. And total car sales, after having collapsed every year for years, collapsed by another 82% in June year-over-year, to just 2,868 Mustangs and a handful of leftover Fusions that were still sitting on dealer lots.

F-150 sales plunged 30% year-over-year in June to 45,673 trucks. In terms of SUVs, Escape sales plunged 40% to 8,871 units, Explorer sales plunged 38% to 9,445 units, and Expedition sales plunged 43% to 7,453 units. These are all popular models with plenty of demand…read more.