2023

America's established newspapers are increasingly changing hands as print media declines.

Three days after the 140-year-old Boston Globe was announced for a low-price sale by The New York Times Company, the iconic U.S. newspaper the Washington Post also announced it was changing hands—another stark reminder of how traditional print media, once dominant, is increasingly being eclipsed by digital platforms like the internet.

The Washington Post gained worldwide fame for being the first to exclusively report on the "Watergate scandal," which ultimately led to President Richard Nixon's resignation. It is one of America's most influential newspapers, rivaling The New York Times in impact—and for the past 80 years, it has been controlled by the prominent newspaper-owning Graham family.

On the 5th, the Graham family announced that Jeff Bezos, CEO of global e-commerce giant Amazon, will invest $250 million to acquire The Washington Post. On the 6th, The New York Times reported under the headline "The End of an Era," marking the first time in The Washington Post's 80-year history that ownership has changed hands.

Described by a U.S. newspaper as someone who "shows virtually no interest in newspapers—other than reading them," Bezos ranks 19th on Forbes magazine's billionaire list, with his wealth estimated at around $26 billion.

With the growing popularity of the internet, e-reading is gradually becoming the mainstream, making it increasingly difficult for print media to survive. Last weekend, The New York Times announced it was selling its Boston Globe and other New England media assets to John Henry, the principal owner of the Boston Red Sox, for a bargain price of $70 million—far less than one-tenth of what The New York Times Company paid to acquire them two decades ago.

In 1993, The New York Times Company acquired The Boston Globe for $1.1 billion. However, The Boston Globe isn’t the only newspaper that has been sold at a significantly reduced price. In October 2012, The Tampa Tribune was sold for just $9.5 million. And in April 2012, both The Philadelphia Inquirer and the New York Daily News were purchased by a local investment group for $55 million—despite having been sold six years earlier for a staggering $515 million.

Besides newspapers, print magazines—already struggling under the impact of digital media—are facing an even tougher battle. On December 31, 2012, one of America’s most prestigious news magazines, *Newsweek*, published its final issue, marking the end of nearly 80 years of print operations and signaling a full-scale shift to digital distribution. This move made *Newsweek* the largest magazine currently abandoning print altogether.

At a press conference on the 5th, Washington Post Group President Donald Graham said, "After years of facing similar challenges in the newspaper publishing industry, we’ve come to believe that perhaps a change in ownership could benefit the Post even more."

The group's series of financial data highlights the precarious situation newspapers face in the internet era. Over the past decade, the newspaper's circulation dropped from 769,000 copies in 2002 to 472,000 in 2012. Meanwhile, its operating performance shifted dramatically: while the company turned a profit of $109 million in 2002, it ended 2012 with a loss of $53.7 million.

In the first fiscal quarter of this year, The Washington Post Company saw its profits plunge by a significant 84%, reporting a profit of $5.2 million for the quarter, compared to $31.5 million in the same period last year.

Newspapers are seeing their once-dominant space steadily eroded by online media. According to data from the Newspaper Association of America, as advertisers and readers shift their attention to the web, print newspaper ad revenue plummeted by 55% between 2007 and 2012. As a result, some newspapers have been forced to cut costs, while others have even filed for bankruptcy.

The newspaper industry crisis is spreading, driven by declining circulation numbers and a sharp drop in advertising revenue—so much so that some are even fearing the eventual demise of print media. A survey currently underway on the Chinese website of *The Wall Street Journal* reveals that nearly 30% of respondents believe print media will eventually disappear.

On July 31, U.S. President Obama said in an interview, "As the internet gains dominance, traditional media are struggling to adapt to this new reality—old business models simply can no longer sustain themselves." Interestingly, the interview itself was released via Amazon's e-reader.

The paperboard sector outperformed the broader market: This week, the paperboard sector rose by 1.8%, while the CSI 300 Index gained 0.85% over the same period, giving the sector a lead of 0.95 percentage points. Among them, the eight key paperboard companies included in the analysis climbed 2.63%, outpacing the overall market by 1.78 percentage points.

2023

06-27

Guangdong's energy-saving and emission-reduction efforts are off to a strong start in 2013; carbon trading may be launched as early as September.

The Guangdong Provincial Commission of Economy and Information Technology revealed that in the first half of this year, Guangdong's industrial value-added energy consumption dropped by 7.4%, while energy consumption among more than 900 energy-saving and low-carbon enterprises declined by 2.2%. Overall, the province experienced a positive trend in energy conservation throughout 2013.

2023

06-27

International giants are raising prices one after another—domestic prices for titanium dioxide may soon see a turning point.

International titanium dioxide giant Kronos has announced it will raise prices on its titanium dioxide products starting in June, marking the second price hike by a major overseas titan dioxide producer in less than six months. Meanwhile, Vietnam will increase export tariffs on certain mineral products by 10%, effective June 19, raising the export tariff on titanium ore from the current 30% to 40%. Analysts note that, driven by these external factors—including overseas price increases and higher export tariffs on titanium ore—domestically produced titanium dioxide, after undergoing a period of deep adjustment, is now gaining a more competitive pricing advantage. Kronos recently announced that, effective June 1, 2013, it would raise prices for all its titanium dioxide products sold in Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Specifically, prices will increase by at least €200 per tonne in Western Europe and Turkey; by 10 cents per pound in North America; and by $250 per tonne in Eastern Europe, as well as in regions outside North America and Europe. Currently, domestic titanium dioxide prices range from 14,000 to 17,000 yuan per tonne, while international prices hover between $4,000 and $4,400 per tonne. Kronos’ domestic pricing for paint-grade titanium dioxide stands at approximately 21,000 yuan per tonne. Earlier this year, in March, Kronos, along with Huntsman, Koster, and Stone, jointly implemented another round of price hikes, increasing prices by about 10%, or roughly $250 to $300 per tonne. Meanwhile, according to Vietnamese sources, Vietnam will raise export tariffs on select mineral products by 10% starting June 19, pushing titanium ore export duties from the current 30% to 40%. Previously, Vietnam’s ban on titanium ore exports had already triggered a surge in ilmenite concentrate prices, which in turn pushed up the cost of titanium dioxide. Industry insiders point out that a key factor behind Kronos’ price hike is the robust recovery of the U.S. housing market over the past year, leading to a significant surge in demand for paints and coatings—and directly benefiting upstream titanium dioxide producers. According to a report from the National Association of Home Builders, new home construction starts in 2012 are expected to rise nearly 22% compared to 2011 levels. Although China’s real estate investment has shown some signs of contraction in the short term, overall, China remains poised for sustained high growth in infrastructure development, ensuring long-term positive prospects for titanium dioxide demand. Industry experts also note that while the domestic titanium dioxide market previously experienced a situation where global price hikes were met with domestic price declines, the recent string of overseas price increases—such as DuPont’s announcement on May 1st to raise titanium dioxide prices by 200 to 500 yuan per tonne—suggests that the trough in domestic pricing may soon be filled. In fact, there’s even a possibility that prices could shift back into an upward trajectory following May. Yang Xun, a titanium dioxide analyst at Business Society, told reporters that domestic titanium dioxide prices, currently ranging from 14,000 to 17,000 yuan per tonne, are already nearing the cost thresholds for most manufacturers, with only a few large companies still able to maintain operations. Another industry insider added that aligning domestic price increases with the anticipated 10% rise internationally implies room for improved profitability. At present, downstream sectors like real estate and paper production are experiencing slower growth, placing the overall titanium dioxide market in a bottom-finding phase. However, supported by rising costs, further downward pressure on prices is unlikely to persist for long.

2023

06-27

The EU achieves a major breakthrough in innovative super-surface coating technology.