Finimize - 🍿 Hollywood may be back in action

What’s going on here?

The entertainment industry’s major studios and striking writers returned to the negotiating table for a second day, raising hopes of a Hollywood ending.

What does this mean?

Tinseltown’s standoff has been more Cure For Insomnia – the longest movie ever at 85 hours – than Fast & Furious, with writers striking for more than 100 days over issues ranging from salaries to the role of artificial intelligence in the industry. But this week, the CEOs of Disney and Warner Bros. Discovery, along with studio bigwigs from Netflix and NBCUniversal, sat at the negotiation table across from the striking union, the Writers Guild of America. And with talk of a deal potentially being finalized soon, the industry may be able to press “play” on productions sooner rather than later.

Why should I care?

The bigger picture: Once Upon A Time… In Hollywood.

La La Land used to funnel films into theaters then DVDs, and TV programs straight to millions of Americans via a cable subscription. That was a predictable and profitable business, where pretty much everyone involved cashed in. But today’s streaming culture is forcing businesses to battle it out for subscribers and wrangle a profit after forking out for pricey content. So with streamers already under pressure, anyone looking for a pay raise or better working conditions will need the fighting spirit of Jackie Chan himself.

For you personally: It’s Christmas, Carol!

Still, the holiday season is for turkey legs and family arguments – not deep introspection about the future of creatives and fair treatment of workers. So count your lucky stars that movie studios like Hallmark sorted out their slates of festive films before the strike started. That means you can drown out news of picket lines with instant classics like Catch Me If You Claus, Never Been Chris’d, and Haul Out The Holly come Christmas time.

What’s going on here?

The Bank of England (BoE) decided not to hike interest rates on Thursday.

What does this mean?

The European Central Bank and the Federal Reserve (the Fed) had recently signaled that they’d take a breather from rate hikes. At the time, the BoE seemed to be pushing in the other direction, gearing up to be the solo rate-hiker. But Wednesday’s surprisingly tepid UK inflation data seems to have taken the sting out of those plans: the BoE kept rates at 5.25%, ending a run of 14 consecutive hikes. Now, though, the central bank will be joining its international colleagues in the economic outlook waiting room, where it’ll bite its nails and nervously scan for any fresh data that could dictate its next move.

Why should I care?

Zooming out: Sterling’s slip ‘n slide.

The BoE’s swift one-eighty demonstrates just how quickly economic tides can turn. Spare a thought, too, for foreign exchange traders and deal-seeking vacationers alike, as countries’ shifting economic outlooks have been pulling global currencies in each and every direction. Britain’s sterling has been particularly yo-yo-esque in recent times, and the combination of that cooler-than-expected inflation data and the BoE’s rate pause has already seen the currency hit the skids. Keep that up, and whispers of parity – essentially an equal level with the US dollar – could spark again.

The bigger picture: Sticks and stones are useless.

The Fed proved that words matter on Wednesday, at least when it comes to interest rates. See, the central bank wants the country to save more and spend less, because that should help bring down rising prices. And by reminding everyone that it might raise rates again, the Fed encourages folk to borrow less and focus on their savings in preparation. So as if by magic (or an acute understanding of human psychology), the mere concept of rate hikes can bring about their intended outcome – possibly without actually needing to follow through.