Global Markets Slide as Tech Stocks Sink, Yields Rise, and AI Concerns Deepen 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
Mizuho Raises Broadcom Price Target to $450 on Surging AI Chip Demand 
Asian Stocks Rally as Tech Rebounds, China Lags on Nvidia Competition Concerns 
Nvidia Weighs Expanding H200 AI Chip Production as China Demand Surges 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
SoftBank Shares Slide as Oracle’s AI Spending Plans Fuel Market Jitters 
ASX Shares Slide After ASIC Imposes A$150 Million Capital Requirement 
ANZ Faces Legal Battle as Former CEO Shayne Elliott Sues Over A$13.5 Million Bonus Dispute 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Wall Street Futures Dip as Broadcom Slides, Tech Weighed Down Despite Dovish Fed Signals 
United Airlines Tokyo-Bound Flight Returns to Dulles After Engine Failure 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
Apple App Store Injunction Largely Upheld as Appeals Court Rules on Epic Games Case 
BOJ Expected to Deliver December Rate Hike as Economists See Borrowing Costs Rising Through 2025 
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Netflix said this week that it would be building a modern production facility using an investment of $900 million. The American subscription video-on-demand over-the-top streaming service and production company based in Los Gatos, California, will be setting it up at the former location of Fort Monmouth military base in New Jersey.
Netflix said that with the new facility, it would be able to create thousands of jobs as well thus, the locals will also benefit from it in many ways. As per Associated Press News, the company is set to pay $55 million to use the 292-acre land that used to be an army base in Eatontown and Oceanport. It will spend an additional $848 million for investments in 12 sound stages that will be built for various uses related to the filmmaking industry.
The streaming company made the announcement on Wednesday, Dec. 21, shortly after the voting carried out by the Fort Monmouth Economic Revitalization Authority to decide whether to accept Netflix’s bid or consider the other three companies that also submitted their respective offers.
“We are thrilled to continue and expand our significant investment in New Jersey and North America,” AP News quoted Netflix’s co-chief executive officer and chief content officer, Ted Sarandos, as saying in a statement. “We believe a Netflix studio can boost the local and state economy with thousands of new jobs and billions in economic output while sparking a vibrant production ecosystem in New Jersey.”
Gov. Phil Murphy of New Jersey state also welcomed the project and expressed appreciation for the new investment. He further mentioned that Netflix’s bid and business will also create new hotels, housing, and various businesses related to filmmaking in the territory.
“This transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth,” the governor stated. “As a result of nearly a billion dollars in film production spending, New Jersey will further solidify its status as an emerging national leader in the television and film industries.”
Meanwhile, Netflix’s facility is set to be completed in two phases and is expected to finish in the span of several years. Dozens of sound stages will be built with sizes ranging from 15,000 to 40,000 square feet.
Photo by: Venti Views/Unsplash
