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Hollywood Strike Unleashed

What caused the Hollywood strike?

The breakdown of the Writers Guild of America’s contract negotiations with the Alliance of Motion Picture and Television Producers has resulted in a strike. The guild members are demanding that the studios fix the issues on the table for writers to make screenwriting a viable job and ensure the survival of their profession.

What will be the impact of the strike?

The prolonged walkout by TV and film writers will have ripple effects across the entertainment community. Studios are initiating emergency contingency plans, and all workaday activities will take a back seat to the spectacle of WGA versus Disney, Netflix, Warner Bros. Discovery, NBCUniversal, Paramount Global, Amazon, Apple, Sony Pictures Entertainment, and more.

What are the consequences of the strike for writers?

The seismic shifts in TV production in recent years and the change in viewing habits and business models have altered the norm for employment for writers. Short-order series hire writers for fewer episodes and a shorter period for lower frequency of payments. Plus, the growing experience gap between more established scribes and greener writers is causing opportunities to vanish.

What spurred the strike from the WGA?

The single biggest factor that pushed the scribes to strike is the glaring lack of trust between labor and management throughout massive transformation in the entertainment industry. The WGA insisted on stopping an entire industry from working, and the tech companies have absorbed big losses on streaming investments.

How might the Hollywood strike end?

It’s anybody’s guess how long the strike will last. The 2007 strike went on for 100 days, and the longest WGA strike in 1988 lasted 153 days. Although anyone can reach a negotiation deal, the longer the strike drags on, the less likely it is to win.

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More on Tech News

• ​Jameela Jamil calls out celebrities for endorsing controversial fashion designer Karl Lagerfeld at the Met Gala, accusing them of Hollywood hypocrisy and selective cancel culture in liberal politics. She warns that if they continue like this, they risk losing the next election. Some of the attendees and co-chairs of this year's Met Gala are named.

Passkeys: Passwords' Replacement

Passkeys are a new authentication technology that uses a cryptographic security foundation to authenticate users. Developed by Apple, Microsoft, Google, and other allies, passkeys are designed to fix the abundant shortcomings of passwords. They use a biometric authentication step like fingerprint or facial recognition, though other options are possible. Passkeys are becoming available on various sites, including eBay, Docusign, PayPal, Shopify, and Google. They are easily set up on multiple devices, and Google offers a QR code scanning mechanism that allows temporary login. Passkeys solve many issues with passwords, such as weak passwords, reuse of passwords, credential stuffing attacks, and phishing attempts.

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More on Tech News

• ​Microsoft launches the Pegasus Program, a two-year incubator program for startups with customer-facing products built on the Microsoft Cloud. Startups selected will receive up to $350,000 in Azure, GitHub, and LinkedIn credits, technical support, and access to enterprise customers. The program is open to startups in all industries, but those in healthcare, AI, retail, and cybersecurity will receive special attention.
• ​Twitter has restored free access to selected public and emergency services after receiving backlash for blocking them from tweeting automated alerts. To access the API for free, verified gov or publicly owned services that tweet weather alerts, transport updates, and emergency notifications can qualify. However, organizations that have already found other solutions to share updates with their audiences may not be willing to pay for automated tweets.

Headline Roundup

Ukraine denies Kremlin attack: Russia has accused Ukraine of launching a drone attack on the Kremlin aimed at killing President Vladimir Putin. The Ukrainian President Volodymyr Zelenskyy denied the allegations, and questioned the legitimacy of the Russian government's claims, calling it a "false flag." He insisted that Ukraine would not attack Moscow or its president. The incident has intensified the ongoing conflict between Ukraine and Russia. Tensions have reached new heights as the alleged attack occurred a week before Victory Day, celebrated on May 9 to commemorate the victory of Soviet forces over Nazi Germany. Ukraine is set to launch a counteroffensive against Russian occupied territories, while Russian officials vow retaliation for the alleged attack.

Reporters Jailed in Iran: Reporters Without Borders has released an annual report on press freedom, which ranks Iran as one of the most repressive countries in the world. Since the death of Mahsa Amini in September 2022, 72 Iranian journalists have been arrested, with 25 currently remaining imprisoned, mostly women. Journalist Niloofar Hamedi has been held for over seven months by Iranian authorities for breaking the news of Amini’s death, and capturing the moment of mourning in a photograph. Similarly, journalist Elahe Mohammadi was arrested on September 29 when reporting on Amini’s funeral. The families of some of the journalists are being pressured, and foreign intelligence services have warned them against traveling to countries bordering Iran, including Turkey. Meanwhile, charges of espionage are punishable by death in Iran.

Belarus Jails Journalist for 8 Years: Belarusian journalist Roman Protasevich, who was arrested after his Ryanair flight was forced to land in Minsk in May 2021, has been sentenced to eight years in prison. He was found guilty of a range of offences, including organising mass disturbances and inciting terrorism. Protasevich had worked as a journalist for news outlet Nexta, which had covered the anti-government protests in 2020. Nexta's founder and former editor were sentenced in absentia to 20 and 19 years respectively. The circumstances of Protasevich's arrest caused international outrage and led to EU sanctions against Belarus. His Russian partner, Sofia Sapega, was sentenced to six years. The verdicts were issued on World Press Freedom Day, which was described as "fake" by exiled opposition leader Sviatlana Tsikhanouskaya.

UK Stock Market Shake-Up

The Financial Conduct Authority (FCA) has unveiled plans to overhaul the UK's listing rules in order to make the country's stock markets more competitive with those abroad. The proposals include replacing current listing categories with one comprehensive category and removing the obligation for shareholder votes on acquisitions and other transactions, as well as easing criteria for eligibility for listing. The move follows concerns over the attractiveness of the UK stock market following Arm's decision to list in the US on New York's deeper stock exchange. Nikhil Rathi, CEO of the FCA, said that while there would be more risk for investors, the changes would "make it easier for companies to join the market quicker".

Investors are keeping a keen eye on the proposed changes to the listing rules, which could encourage more companies to list on the UK stock market. Currently, businesses are required to pay substantial costs and comply with high standards of regulation for eligibility to list on the FTSE indexes. Several factors influence firms' choices on which stock exchange to list on, such as taxation and investment opportunities. The relaxation of regulations by the FCA serves one of the government's post-Brexit goals of introducing "light-touch" rules for technological sectors to promote economic growth. However, while the investment community welcomed the proposals, some are concerned that the changes could compromise shareholder rights and market standards.

The current listing rules have been seen by some as too complicated, discouraging start-ups and newer companies. The FCA aims to simplify the rules to make them more appealing to firms. While the UK has been Europe's largest financial hub for many years, listings in the country have fallen by 40% since 2008. The reforms of the listing rules are an important step in improving the competitiveness of the UK's international financial market and demonstrate the nation's commitment to meeting the changing regulatory environment.

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More on Economy and Business

• ​JPMorgan CEO Jamie Dimon is set to be deposed in two civil cases related to the bank's former client, Jeffrey Epstein, who was accused of child sex trafficking before his death. The complaint alleges that JPMorgan executives were aware of numerous allegations against Epstein and overlooked them. This sheds light on the bank's relationship with Epstein and raises questions about their responsibility and accountability.
• ​Big food companies and restaurant chains like Yum Brands and Kraft Heinz are shifting towards offering budget-friendly menu options such as lower-priced items, meal deals, and packaged goods to remain competitive and appeal to cost-conscious consumers amid inflation and slow financial growth. Plans for large chains like McDonald's include launching a value-focused segment in the coming months or years, with a focus on labelling these items as savings solutions rather than sacrifices to increase their appeal. Prioritizing budget-friendly options provides valuable solutions to consumers looking for affordable alternatives during tough financial times.
• ​The US Federal Reserve has raised interest rates for the tenth consecutive increase since March 2022, but hinted at a pause in further increases to assess recent bank failures and monitor inflation. The decision to lift the interest rate to the 5-5.25% range was unanimous, but the policy statement dropped language that suggested more increases were necessary to return inflation to 2%.

Rwanda: Death Toll Rises in Floods

Floods and mudslides have killed at least 115 people in Rwanda. The disaster happened after heavy rain in northern and western parts of the country. Many people are still missing and the numbers could rise. The floods have swept away homes and destroyed infrastructure, and many areas are cut off.

Floods are not uncommon in the region during ‘rainy season’. Governments and emergency services are prepared to deal with disasters like this. However, the situation in Rwanda is dire, with the broadcaster warning that the toll could rise further. Relief efforts are currently underway, with supplies being distributed to those who have lost their homes.

The frequency of extreme weather events has increased over time, due to climate issues. This disaster has once again highlighted the vulnerability of Africa in terms of climate change. To better cope with these disasters, the government has urged residents in affected areas to increase patrols, especially at night, so people could be moved to safer ground when it rains heavily.

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More on African News

• ​German troops are set to withdraw from Mali by May 2024 due to disputes with Bamako and the arrival of Russian forces, which have hampered the mission. The main task of the troops in Mali was gathering reconnaissance for the UN peacekeeping mission MINUSMA, but relations between Mali and Europe have deteriorated since a military coup in 2020 and the arrival of Wagner Group fighters.
• ​Nigeria's food and drug regulator, NAFDAC, is investigating Indomie noodles following recalls in Malaysia and Taiwan due to the presence of ethylene oxide, a potentially cancer-causing substance found in the "special chicken" flavor. Although the flavor is not registered for sale in Nigeria, the investigation is significant as Indomie is the market leader in Nigeria's instant noodle industry and is available in over 100 countries. Indofoods, the manufacturer of Indomie, has defended the safety of its products.
• ​Divorce documents reveal that Bona Mugabe, daughter of ex-President Robert Mugabe, owns an $80m empire, including 25 residential properties and 21 farms. This news has sparked outrage among Zimbabweans who question how Mugabe's family acquired such wealth. However, a source close to the Mugabe family disputes the claims, stating that the former president had nothing in his name and Bona Mugabe did not own all the assets listed.

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