Hollywood Hit Hard By Writer’s Strike
On 2 May, 11500 members of the Writers Guild of America (WGA) went on strike for fairer pay. After contract negotiations with Hollywood Studios, which began in March, broke down, picket lines were put in place outside major studio buildings owned by Amazon, Netflix, Paramount and Warner Brothers. The guild had been making the case that the new landscape of television created by streaming services has destabilised their industry and led to significantly worse pay.
This is the first writer’s strike to take place in Hollywood since the November 2007-February 2008 strike, which resulted in the loss of around a quarter of primetime scripted programming, before a deal was reached. It had a noticeable impact on a number of high-profile properties, including Heroes, one of NBC’s flagship TV shows, and Quantum of Solace—the 2008 entry in the James Bond franchise.
This time around, top talk shows hosted by Jimmy Fallon, Stephen Colbert and Seth Meyers, among others, have been taken off air. Fallon and Meyers, both of whom work for NBC and have previously spoken out in support of their writers, have agreed to pay a third week of their writers’ salaries out of their own pocket, after the two weeks of pay offered by NBC has elapsed.
UNHCR Preparing Sudan Refugee Response
On Thursday, the United Nations Refugee Agency estimated the scale of resources needed to mitigate the impacts of ongoing fighting in Sudan on civilians. The UNHCR has said it will require US$445 million to support refugees and displaced people until October. As well as Sudanese refugees, those who were already seeking refuge in Sudan will form part of this group which could rise to 800,000 people.
This need for funding has been urged at the same time as aid agencies are pleading with battling factions not to hinder the distribution of humanitarian assistance. Six trucks of relief supplies were looted in the midst of more failed ceasefires in Khartoum. The majority of aid programmes have stunted in Sudan as a result of the incessant violence; this is a country where about 15 million people already relied on humanitarian support.
An influx of refugees from Sudan will exacerbate issues of underfunding in neighbouring host countries. The WHO is warning of increasing death tolls because of civilians being unable to access essential services or disease outbreaks. Although the UNHCR is launching an intra-agency refugee response plan for Sudan, the UN stated that they are facing a $1.5 billion funding gap.
Powerful earthquake in Ishikawa kills one person, injures 33
On 5 May 2023, a strong earthquake struck Ishikawa Prefecture in central Japan, killing at least one person and injuring 33. It has since been followed by over 50 aftershocks, including one at an estimated 5.8 magnitude.
The quake was measured at a 6.5 magnitude by the Japan Meteorological Agency (JMA), and an upper 6 on the Shindo scale – the second-highest level possible. According to the JMA, this level of shaking can make it “impossible to remain standing or move without crawling”.
Suzu, the town closest to the earthquake epicentre, has been the hardest hit. Buildings, houses, and temples have experienced total or partial collapse, and at least 120 households have had their water supply cut off. Evacuation orders have been issued to 740 households. Hotels are having to cancel almost all reservations despite it being a peak tourist season for the region.
At an emergency press conference, Chief Cabinet Secretary Hirokazu Matsuno assured the public that the government had set up an earthquake response centre headed by Prime Minister Fumio Kishida, and would “do everything in [their] power for relief and rescue”. Suzu’s local government has set up evacuation shelters in the city, where nurses and other volunteers are providing health consultations for evacuees. Ishikawa governor Hiroshi Hase also aims to secure new housing for those affected.
Japan sits on the Pacific “Ring of Fire”, an area of vigorous seismic activity, and experiences about 1,500 earthquakes a year. Consequently, the country has developed some of the most earthquake-resistant buildings in the world.
Despite this, quakes are often brutal. In 2011, an enormous magnitude 9.0 undersea quake and resulting tsunami left about 18,500 dead or missing.
In Suzu, the JMA has urged residents to stay alert as heavy rainfall, landslides, and more upper 6 quakes may occur in the next week.
Indian Troops Issued ‘Shoot on Sight’ Orders After Ethnic Clashes in Northeastern State of Manipur
India has deployed troops to impose internet shutdowns and a curfew with orders to ‘shoot on sight’ in an attempt to quell deadly clashes between tribal and non-tribal groups in the northeastern state of Manipur. At least 30 people have died, with some quoting a death toll as high as 54, and thousands have begun evacuating to army camps and neighbouring states as the government and the army struggle to maintain order in the state.
Violence erupted in the state when peaceful marches by tribal groups turned violent earlier this week, with mobs attacking and burning houses, vehicles and places of worship. A ‘Tribal Solidarity March’ had been called by the All Tribal Student Union Manipur (ATSUM), following a move to grant the Meitei community Scheduled Tribe (ST) status by the Indian government. This status grants historically marginalised tribal communities access to government jobs, educational institutions and elected positions, and gives them access to restricted forest lands as well.
Making up at least 50% of the population of the state, the Meitei community has been demanding inclusion under the ST category for years, with other tribal communities such as the Nagas and Kukis (who make up about 40% of the state’s population) fearing that such an inclusion would lead to further encroachments on their land and denial of opportunities already scarcely available to them. With tensions growing over the past few years between these tribal communities, the move to grant the Meitei community this special status led to the state often called the jewel of the northeast being engulfed in horrific violence and bloodshed not seen in decades.
Italy’s Foreign Minister cancels Paris trip over migration comments
Relations between France and Italy turned sour this week after France’s Interior Minister, Gérald Darmanin, criticised the Italian government’s migration policy on a radio talk show. Darmanin derided Giorgia Meloni’s government for its inability to “solve the migration problems on which it was elected”.
In response, Italy’s Foreign Minister Antonio Tajani cancelled an official visit to Paris just hours before he had been scheduled to go, tweeting that insults to the “government and Italy are unacceptable”. Tajani’s visit had been organised with the aim of alleviating tensions between the two countries, with this incident becoming the latest in a series of diplomatic spats over migration since Meloni’s right-wing Brothers of Italy party came to power in October. Darmanin has consistently criticised Italy’s policy, describing the government as “selfish” for refusing to allow an NGO ship with 230 rescued asylum seekers on board to dock in the country back in November.
Though relations look unlikely to improve considerably in the foreseeable future, the French Minister for Europe and Foreign Affairs, Catherine Colonna, has sought to reassure Tajani of the mutual respect between the two countries. French Prime Minister Elisabeth Borne has also sought to reconcile the dispute by describing Rome as an “essential partner” to France, in a move seen by some as downplaying the latest row.
Swiss government facing legal action over Credit Suisse collapse
As of 5th May, the Swiss Financial Market Supervisory Authority (FINMA) is facing 150 lawsuits over decisions it made during the takeover of Credit Suisse by its rival UBS. As part of the takeover deal forced by FINMA, $17bn of AT1 bonds held by investors in Credit Suisse were wiped out on 19th March, with investors shocked that the bank’s shareholders received pay-outs before bondholders.
Within two weeks of the move Swiss prosecutors had opened an investigation into the legality of the government’s involvement in the takeover. The wiping out of the bonds in itself is not the primary complaint of bondholders; AT1 bonds are a particularly high return, but equally the highest risk type of investment offered by banks, which are liable to being written off altogether in the case of collapse. However, in the event of failure, these bondholders are supposed to be compensated before the bank’s shareholders, but, because shareholders were able to exchange their Credit Suisse shares for UBS shares, the inverse was true. In this instance, shareholders received compensation valuing $3.25bn, while bondholders received nothing. While prosecutors have argued that the government has overturned the established insolvency hierarchy, according to the particular terms of the bond, there was no obligation of FINMA to adhere to the traditional structure in the case of restructuring.
Whatever the outcome of proceedings, FINMA’s conduct has shaken the confidence of investors and bondholders internationally, with regulators in the EU, Britain, Hong Kong and Singapore all giving reassurances that if any banks fail in their respective jurisdictions, shareholders would be the first to incur losses. Since the 2008 financial crisis, banks have had to hold more capital as a safety net to prevent taxpayer money being used in bail-outs. As AT1 bonds make up an important part of this capital, a loss of confidence could have a serious knock-on effect for the ability of banks to meet the minimum capital threshold.