Hong Kong pro-democracy newspaper Apple Daily will be forced to shut “in a matter of days” after authorities froze the company’s assets under a national security law, an adviser to jailed owner Jimmy Lai says.
According to reports, Friday will be the last day for the 26-year-old newspaper.
Media advocacy groups say that the closure of Apple Daily would undermine the former British colony’s reputation as an open and free society and send a warning to other companies that could be accused of colluding with a foreign country.
The publisher’s head company Next Digital will hold a board meeting on Monday to
discuss how to move forward after its lines of credit were frozen.
“We must press on”: news raid sends “shockwaves” through Hong-Kong
Following raids on a Hong Kong newsroom last week, a journalist based in the city-state says it has sent “shockwaves” through the entire industry.
500 Hong Kong police offices raided Apple Daily to arrest a number of top executives and seize documents over allegations the publisher breached national security laws.
Elaine Yu from the Wall Street Journal says the incident “raises important new questions about how media outlets can report on topics that are now considered highly sensitive.”
Apple Daily says the company’s CEO, COO and three editors were all arrested during the raids.
The behaviour of the individuals is said to have breached legislation that prohibits sedition, secession and subversion against Beijing.
The assistant to Apple Daily’s chairman says operations at the newsroom are limited because Hong Kong authorities have seized many of the company’s accounts.
He also says “it’ll get harder for reporters to get people to talk to them because the police can now potentially seize reporter’s files and devices through a court warrant.”
Sold out news stands with “we must press on” printed on front page
“We must press on”… that was the message on the front page of Apple Daily, that people in hong kong queued up for.
Many Hong Kong locals have have queued up to buy copies of the pro-democracy newspaper Apple Daily… a day after its newsroom was raided by police.
The paper typically prints about 80,000 copies but increased that to 500,000 to meet demand.. and some news stands sold out.
A total of five executives were arrested including the Editor-in-chief and chief executive officer.
Police made the arrests on suspicion of collusion with a “foreign country or with external elements to endanger national security”.
Meanwhile, this is the second time that police have searched the building.
The company’s founder Jimmy Lai, was recently arrested for national security violations.
Mr Lai is currently serving a 20-month prison sentence.
The raid follows arrests made at the anniversary of the Tiananmen Square massacre last month.
Streaming service shift and the award season snubs
Netflix Introduces Changes to Subscription Model, Academy Award Nominations Spark Cinematic Buzz, and the Doomsday Clock Continues its Ominous Ticking.
Netflix is set to discontinue its ad-free Basic subscription in select countries, commencing with Canada and the UK in Q2 2024.
This strategic shift introduces a significant price increase for the baseline entry, signalling potential adjustments to Netflix’s global pricing structure.
Simultaneously, the 96th edition of the Academy Award nominations has stirred cinematic debates, with the prevailing question being whether the upcoming season will be dominated by “Barbie” or “Oppenheimer.” These contrasting narratives set the stage for a fierce competition, highlighting the diverse and compelling offerings in this year’s film industry.
Beyond the realm of entertainment, the Doomsday Clock, a symbolic representation of the likelihood of a human-made global catastrophe, continues its ominous countdown.
Maintained since 1947 by the Bulletin of the Atomic Scientists, the clock serves as a metaphor for threats arising from unchecked scientific and technological advances. As global tensions, environmental challenges, and technological risks persist, the ticking of the Doomsday Clock serves as a poignant reminder of the urgent need to address multifaceted threats to humanity.
Adidas faces potential $320M Yeezy shoe write-off post-Kanye split
Adidas is contemplating a significant financial blow as it considers writing off $320 million worth of Yeezy shoes following its separation from music and fashion icon Kanye West.
The sportswear giant’s decision to sever ties with West’s Yeezy brand has left a mountain of unsold merchandise, threatening to dent the company’s balance sheet.
The partnership between Adidas and Kanye West, which began in 2013, had been immensely successful, with Yeezy shoes becoming a highly sought-after fashion statement.
However, recent controversies and disagreements between West and Adidas prompted the sportswear company to distance itself from the celebrity designer.
The massive inventory of Yeezy shoes now presents a dilemma for Adidas, as it grapples with finding a solution to deal with the surplus stock. A $320 million write-off could significantly impact the company’s financial performance in the short term.
Adidas is currently exploring various options, including discounting, donating, or repurposing the unsold inventory to mitigate the financial hit.
Warner Bros discovery warns of Hollywood’s ‘real risk’ post-strikes’
Warner Bros Discovery, has issued a stark warning regarding the ‘real risk’ that Hollywood faces in the aftermath of the recent strikes that have taken a considerable toll on the industry’s financial health.
The strikes, which disrupted film and television production for several weeks, resulted in substantial financial losses for studios, production companies, and countless industry professionals.
Warner Bros Discovery emphasised the necessity for a resilient and adaptable approach to navigate the ongoing challenges and uncertainties facing the film and television sector.
The conglomerate stressed the importance of implementing measures to mitigate such risks in the future, which include fostering better labour relations and contingency planning to safeguard against potential disruptions.
The message underlined the need for the industry to adapt to the evolving landscape of content creation and distribution, particularly in the digital era.
This warning from Warner Bros Discovery highlights the need for the entertainment industry to recognise the ever-changing dynamics and economic challenges, and the importance of preparedness to maintain its prominent position in the global market.
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