Business
‘Emilia Pérez’ Leads the 2025 Oscar Nominations With 13 Nods
The Academy of Motion Picture Arts and Sciences showered little-seen movies rooted in progressive politics with nominations for the 97th Oscars on Thursday.
“Emilia Pérez,” a musical exploration of trans identity, and “The Brutalist,” a three-and-a-half-hour study of immigrant trauma and antisemitism, emerged as films to beat by securing nominations in most of the major categories, including best picture and best director. “Emilia Pérez,” a Netflix entry, received 13 nominations in total, the most of any film.
“The Brutalist,” a low-budget movie from A24 that arrives in theaters nationwide on Friday, received 10 nominations. One blockbuster, “Wicked,” with its messages about the dangers of authoritarianism and the power of resistance, also did well with voters. It garnered 10 nominations, but failed to crack the important directing and screenplay categories.
While the acting races have taken clearer shape over the past month, the best picture contest remains unusually wide open. Unlike last year, when “Oppenheimer” cemented its front-runner status almost immediately and never looked back, multiple films remain in the hunt for Hollywood’s top prize this time around.
The nominees for best picture included “Conclave,” a Vatican thriller that explores identity politics; “The Substance,” a feminist manifesto in the form of a body horror flick; “Nickel Boys,” a historical drama set at a racist reform school in 1960s Florida; “Anora,” a Cinderella story about a sex worker who impulsively marries the hard-partying son of a Russian oligarch; “I’m Still Here,” a Brazilian drama about family life and political oppression; and the Bob Dylan biopic “A Complete Unknown.”
The big-budget studio movies “Wicked” and “Dune: Part Two” filled out the category. The academy expanded the best picture field to 10 in 2022; it previously had a sliding number with as few as five slots. The academy positioned the changes as part of an expanded focus on diversity, equity and inclusion.
Adrien Brody (“The Brutalist”), Timothée Chalamet (“A Complete Unknown”), Colman Domingo (“Sing Sing”) and Ralph Fiennes (“Conclave”) were nominated for best actor, as expected. Sebastian Stan drew the wild-card spot for his performance as an unsavory, early-career Donald Trump in “The Apprentice,” an independent film that nearly did not make it to theaters. (The big studios balked, in part because Trump threatened to sue. He has called the film “garbage.”)
Demi Moore (“The Substance”) has been the favorite to win best actress since she delivered a poignant acceptance speech about Hollywood pigeonholing at the Golden Globes this month. Academy voters waved her through to the nomination stage while also giving best actress nods to Cynthia Erivo (“Wicked”), Mikey Madison (“Anora”), Fernanda Torres (“I’m Still Here”) and Karla Sofía Gascón (“Emilia Pérez”). Gascón became the first openly trans actress to receive an Oscar nomination.
Left out were Angelina Jolie (“Maria”) and Nicole Kidman (“Babygirl”), both of whom were active on the Oscar campaign circuit.
Kieran Culkin, fresh off winning a Golden Globe for his performance in the dramedy “A Real Pain,” received a nomination for best supporting actor. Filling out the category were Yura Borisov (“Anora”), Guy Pearce (“The Brutalist”), Edward Norton (“A Complete Unknown”) and Jeremy Strong (“The Apprentice”).
For supporting actress, Oscar voters handed nominations to the favorites Zoe Saldaña (“Emilia Pérez”) and Ariana Grande (“Wicked”), both of whom played lead roles but decided to run as secondary candidates. Joining them were Isabella Rossellini (“Conclave”), Monica Barbaro (“A Complete Unknown”) and Felicity Jones (“The Brutalist”).
A majority of the acting nominees — 13 out of 20 — were first-time academy honorees, perhaps underscoring the organization’s effort over the past decade to make its voting ranks less dominated by older white men. The academy now has roughly 10,000 voting members, up from about 6,700 in 2017.
In the director category, the academy nominated the favorites Sean Baker (“Anora”), Brady Corbet (“The Brutalist”) and Jacques Audiard (“Emilia Pérez”). Rounding out the category were James Mangold (“A Complete Unknown”) and the French filmmaker Coralie Fargeat (“The Substance”). Prominent omissions included Edward Berger (“Conclave”) and Jon M. Chu (“Wicked”).
Fargeat becomes the 10th woman to be nominated in the best director category in the academy’s 97-year history. Only three have won: Jane Campion (“The Power of the Dog”) in 2022, Chloé Zhao (“Nomadland”) in 2021 and Kathryn Bigelow (“The Hurt Locker”) in 2009.
The nominees for original screenplay included the favorites “Anora,” “The Brutalist” and “A Real Pain.” The remaining two slots went to “The Substance” and “September 5.”
Adapted screenplay nods went to “Conclave,” “Emilia Pérez ,” “A Complete Unknown,” “Nickel Boys” and “Sing Sing.”
Netflix is having a banner week, announcing on Tuesday that it crossed 300 million subscribers and then walking away Thursday morning with 16 nominations, beating all of the big studios. (Universal had 25 in total, but 12 of those came from its semiautonomous Focus Features art film division.)
Thirteen nods for “Emilia Pérez” alone makes the irreverent musical Netflix’s most-nominated film ever. (“Emilia Pérez,” which is presented in Spanish, also became the most-nominated non-English-language film in Oscar history. The previous record-holders were “Roma” and “Crouching Tiger, Hidden Dragon” with 10 each.)
“Emilia Pérez” was an acquisition for Netflix out of last year’s Cannes Film Festival and has been on an awards tear ever since, even though it has not attracted a wide audience. Previously, Netflix’s most-nominated film was 2018’s “Roma,” which garnered 10 nominations.
The streaming giant has amassed 23 trophies since 2016, when it landed its first with the documentary short “The White Helmets.” It has also scored two best director wins: Campion for “The Power of the Dog” and Alfonso Cuarón for “Roma.” It has yet to land the coveted best picture prize.
The nominations were announced at the academy’s Beverly Hills, Calif., headquarters in an early-morning ceremony hosted by Bowen Yang and Rachel Sennott. The ceremony will be held on March 2.
In their quest to find a host who will generate buzz but not blow up in their faces, Academy Awards organizers traded a current late-night comedian (Jimmy Kimmel) for a former one: Conan O’Brien. Since he has never hosted the Oscars before, O’Brien will presumably bring a freshness to the show, which can come off as old-fashioned at best and out-of-touch at worst. At the same time, he is a safe choice — a seasoned pro whose comedic style has been honed over decades and who has successfully hosted other award shows, including the Emmys.
The recent wildfires in Los Angeles County, which have destroyed at least 10,000 homes, had prompted the academy to delay the nominations announcement. Amid the devastation, questions about the ceremony have circulated in Hollywood. Should it be turned into a fund-raising telethon? Or scrapped altogether?
Academy officials rejected both of those notions, saying in a letter to members on Wednesday that “honoring the unifying spirit and creative synergy of moviemaking” remained their primary focus for the ceremony. Still, the show will “acknowledge those who fought so bravely against the wildfires.” Perhaps to add a sense of solemnity, the show will also “move away from live performances” of nominated songs.
A toned-down Oscars would mark a reversal from recent years, when the academy sought to dial up the razzle-dazzle as part of a frantic effort to attract more viewers. ABC’s telecast of the most recent ceremony attracted about 20 million viewers, a four-year high. Double that number tuned in as recently as 2014, however.
To make the Oscars more relevant to young people, the academy agreed in December to stream the ceremony online (on Hulu) for the first time. ABC, which like Hulu is owned by Disney, remains the academy’s broadcast partner.
Business
China’s Exports and Imports Set Records in April Amid High Energy Costs
China’s exports and imports each set monthly records in April, further cementing the country as the world’s leading trading nation as Beijing prepares to welcome President Trump for a summit next week with Xi Jinping, China’s leader.
China also ran a trade surplus — the excess of exports over imports — of $84.8 billion last month, according to data released on Saturday by the General Administration of Customs. However, that surplus did not set a record. The war in Iran and closure of the Strait of Hormuz pushed up the cost of imported oil and natural gas, causing China’s overall imports to increase slightly faster than exports.
The surplus in April keeps China on track for a third year of roughly trillion-dollar trade surpluses. China posted a $1.19 trillion trade surplus last year, easily breaking the world record of $992 billion that it had set the year before.
Mr. Trump is expected to press Mr. Xi to buy more American goods during their scheduled summit, part of his long-running effort to narrow China’s longtime trade surplus with the United States. But two recent court decisions overturning Mr. Trump’s tariffs on imports have eroded some of his leverage.
China’s exports to the United States jumped 11.3 percent last month compared to its shipments in April of last year, when President Trump’s “Liberation Day” tariffs produced a slump in imports from China.
The country’s imports from the United States rose only 9 percent in April this year. As a result, its trade surplus with the United States widened by 13 percent.
China has long used state-run purchasing collectives in big categories like farm goods and commercial aircraft to manage its trade with the United States, ensuring it sells three to five times as much as it buys. Mr. Trump and his advisers have criticized that imbalance.
Semiconductor exports doubled last month compared with April of last year. Chinese manufacturers cashed in on the artificial intelligence data center boom even though they cannot yet produce some of the fastest kinds of chips.
Overall exports of electronics and machinery were up 20 percent in April from a year earlier.
China acts in many ways as a shock absorber in global oil markets. Beijing buys more oil for its vast reserves when the price is low, then cuts back purchases when prices are high, as they were last month.
With oil prices spiking upward this spring, the tonnage of China’s oil imports dropped last month to its lowest level since July 2022, when Shanghai’s two-month Covid lockdown reduced demand. The lockdown hurt many of China’s oil-dependent industries.
Because prices rose faster last month than the tonnage declined, China’s overall bill for crude oil imports rose 13 percent from a year earlier. Rising oil prices helped drive China’s overall imports up 25.3 percent in April from a year ago, to a record $274.6 billion. Its exports surged 14.1 percent last month from a year earlier, to a record $359.4 billion.
China has been particularly successful this year in exporting electric cars as well as renewable energy products like wind turbines and solar panels. Exports of electric vehicles were up 52.8 percent last month from a year earlier.
China has been running large, and widening, trade surpluses over the past several years with most of the rest of the world. It has trade deficits with only a handful of countries, including those like Brazil and Australia which have very large commodity exports.
The European Union and many developing countries now find themselves with rapidly growing trade deficits with China. Practically all of them have run their own trade surpluses with the United States to fund their deficits with China, sometimes repackaging goods from China and shipping them on to the United States to do so.
China’s huge trade surpluses are not necessarily a sign of economic strength. They partly reflect very weak spending by Chinese households on imports and domestic goods alike after five years of sliding housing prices wiped out much of the savings of the middle class. This has prompted many families to scrimp on purchases like new cars, leaving Chinese automakers with more cars to export.
“The Chinese economy still demonstrates resilience in trade and industrial supply chains,” said Zhu Tian, an economics professor at the China Europe International Business School in Shanghai, after the release of the trade data.
But weak domestic spending and a leveling off in the trade surplus, he said, “suggest that economic growth will continue to face significant challenges for the rest of the year.”
Business
Disney’s ABC challenges FCC, escalating fight over free speech
Walt Disney Co.’s ABC is forcefully resisting Federal Communications Commission efforts to soften the network’s programming, accusing the federal agency of an overreach that violates 1st Amendment freedoms.
Last week, the FCC took the unusual step of calling in the licenses of eight Disney-owned television stations for early review. The move — widely interpreted as an effort to chill the network’s speech — came a day after President Trump demanded that ABC fire late-night host Jimmy Kimmel over a joke about First Lady Melania Trump.
The FCC separately has taken aim at ABC’s daytime discussion show, “The View,” which delves deeply into politics.
The FCC has questioned whether the show, which prominently features Trump critics Whoopi Goldberg and Joy Behar, could continue toclaim an exemption to rules that require broadcasters to provide equal time for opponents of political candidates.
In its response this week to the FCC, Disney’s Houston television station raised the stakes in “The View” dispute, calling the commission’s actions “unprecedented” and “beyond the Commission’s authority.” The ABC station’s petition for a declaratory ruling said “The View,” has long qualified as a “bona fide” news interview program with freedom to conduct interviews of legally qualified political candidates.
“The Commission’s actions threaten to upend decades of settled law and practice and chill critical protected speech, both with respect to The View and more broadly,” the Houston station KTRK-TV said in the filing.
The network’s firm stance sets up a clash with the Trump administration, including the president’s hand-picked FCC Chairman Brendan Carr, who has made no secret of his disdain for Kimmel and other ABC programming. Earlier this year, Carr announced that decades-old exemptions from the so-called “equal time rule,” for some programs, including “The View,” were no longer valid.
In a statement, the FCC said it would “review Disney’s assertion that ‘The View’ is a ‘bona fide news program’ and thus exempt from the political equal time rules,” according to a spokesperson.
“Decades ago, Congress passed a law that generally prohibits broadcast television programs from putting a thumb on the scale in favor of one political candidate over another,” the spokesperson said. “The equal time law encourages more speech and empowers voters to decide the outcome of elections.”
ABC’s strenuous arguments mark a turning point for the Disney-owned outlet.
In December 2024, a month after Trump was elected to a second term, the network quickly settled a lawsuit over statements made by news anchor George Stephanopoulos that Trump found offensive. ABC agreed to pay Trump $15 million to end his legal fight — sparking an outcry among free speech advocates, who accused the network of caving on a case it may have won.
But, over the past year, the network has weathered several storms, including a threat by Carr in September to punish ABC if it didn’t muzzle Kimmel for comments he made in the wake of conservative activist Charlie Kirk’s death. ABC briefly benched Kimmel to allow tensions to cool but, during the week his show was off the air, protesters loudly bashed Disney, demanding the legendary company stand up for free speech.
Thousands of consumers canceled their Disney+ and Hulu subscriptions in protest.
Protesters swarmed Hollywood Boulevard, protesting ABC’s move to bench Jimmy Kimmel in September over comments he made about the shooting of right-wing influencer Charlie Kirk.
(Genaro Molina/Los Angeles Times)
Some conservatives, including Sen. Ted Cruz (R-Texas) and commentator Ben Shapiro also criticized Carr’s handling of 1st Amendment issues.
“The days of the FCC as a paper tiger are numbered,” the FCC’s lone Democrat, Anna M. Gomez, said Friday in a statement. “What the public will remember is who complied in advance and who fought back. I’m glad Disney is choosing courage over capitulation.”
The high-profile dispute presents an early challenge for Disney Chief Executive Josh D’Amaro, who succeeded longtime chief Bob Iger in March.
ABC has asked for the full commission — a three member panel of Carr, Gomez and Commissioner Olivia Trusty, a Republican — to rule on the equal time exemption for “The View.” ABC said that, in 2002, it received a ruling from the FCC that granted the exemption, and the show’s format has not changed. “The View” is produced by ABC News.
“Some may dislike certain — or even most — of the viewpoints expressed on The View or similar shows,” the station said in its filing. “Such dislike, however, cannot justify using regulatory processes to restrict those views.”
ABC described a logistical nightmare of providing equal time for political opponents by pointing to California’s crowded primary field of gubernatorial candidates. “Affording equal time would mean accommodating over 60 legally qualified candidates, regardless of their perceived newsworthiness,” the station wrote.
The network said it makes show bookings based on newsworthiness, not partisan politics. It also noted it has invited politicians from both sides of the aisle to appear on “The View,” but some, including Vice President J.D. Vance, Health Secretary Robert F. Kennedy, Jr., Secretary of State Marco Rubio and entrepreneur Elon Musk, have declined the invitation.
The station also noted that, while the FCC has questioned the exemption for “The View,” the agency hasn’t shown interest in regulating programs on other networks, “including the many voices — conservative and liberal — on broadcast radio.” The FCC also oversees radio station licenses.
“The danger is that the government will simply decide which perspectives to regulate and which to leave undisturbed,” ABC said.
On April 28, Carr called for a review of Disney’s broadcast licenses, including for the Houston station and KABC-TV in Los Angeles, two years before any of them were set to expire. The FCC said the review was part of the agency’s year-old inquiry into Disney’s diversity, equity and inclusion policies and whether they violated federal anti-discrimination rules.
In its Thursday petition, ABC said it had fully complied with the FCC’s request for documents related to its diversity and hiring.
The company has produced more than 11,000 pages of documents to comply with the request, Disney said.
The same week that Disney sent documents to the FCC, Kimmel made a joke on his show about Melania Trump, comparing her glow to that of “an expectant widow.” On April 25, a gunman tried to breach security at the Washington Hilton, where the first couple were on stage for the White House Correspondents’ Assn. Dinner. Shots were fired outside the ballroom.
Three days later, the FCC announced it was requiring early license renewal applications for the Disney-owned stations.
Business
U.S. Targets Iran’s Missile and Drone Program With Sanctions
The United States on Friday announced a flurry of new sanctions intended to increase pressure on Iran’s economy, targeting people and companies in China and Hong Kong that have been helping the Iranian military gain access to supplies and war equipment.
The sanctions came ahead of a major summit between President Trump and China’s leader, Xi Jinping, in Beijing next week. China’s support for Iran has become a flashpoint with the Trump administration, which has been trying to compel independent Chinese refineries to stop purchasing Iranian oil.
China is Iran’s biggest buyer of oil, and the Trump administration has said that it is sponsoring terrorism by propping up the Iranian economy.
The new sanctions are aimed at Iran’s military industrial supply chain, and are intended to make it harder for Iran to secure access to the material it needs to build drones and missiles. In addition to China, the sanctions also target people and companies based in Belarus and the United Arab Emirates.
“Under President Trump’s decisive leadership, we will continue to act to keep America safe and target foreign individuals and companies providing Iran’s military with weapons for use against U.S. forces,” Treasury Secretary Scott Bessent said in a statement.
The Trump administration has been looking for ways to squeeze Iran’s economy and pressure the Iranian government to reopen the Strait of Hormuz, a conduit for the flow of global oil. Oil tankers have had sporadic access to the critical waterway since the war started earlier this year, and the United States and Iran have been fighting over who should control it.
U.S. warships that have been trying to transit the strait have been attacked by Iranian forces. The United States on Friday fired on and disabled two Iranian-flagged oil tankers as they tried to reach an Iranian port.
The Treasury Department has also imposed sanctions on the Chinese “teapot” refineries this month. The independent refineries are major purchasers of Iranian oil. But China invoked a domestic policy ordering its companies to disregard the sanctions.
Mr. Bessent said earlier this week that he expected Mr. Trump to urge Mr. Xi to use the country’s leverage over Iran to pressure it to allow oil cargo to travel.
“Let’s see if China — let’s see them step up with some diplomacy and get the Iranians to open the strait,” Mr. Bessent told Fox News on Monday.
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