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☆ Hasbro keeps expectations low for the start of 2023, but sees turnaround coming
▼ + stars: | 2023-02-16 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +5 min

Hasbro said it expects revenue for the year to decline in the low-single digits, percentage-wise, which missed Wall Street's expectations. But despite its confidence, the company underperformed in consumer product sales for its fourth quarter. The company announced on Thursday that Magic: The Gathering is on track to be its first billion-dollar brand. Pandemic disruption to its film productions also meant delaying a key revenue stream that had helped buoy sagging product sales. This is the first full quarter since Hasbro announced its three-year turnaround plan in October.

☆ Frustrated Magic: The Gathering fans say Hasbro has made the classic card game too expensive
▼ + stars: | 2023-02-09 | by ( Travis Clark | Max Adams | ) www.businessinsider.com time to read: +6 min

Magic: The Gathering fans are upset with how much product Hasbro has been releasing. Some game shop owners have had to sell cards at a lower cost — meaning they lose money and Magic loses value. At this point, given the huge costs to keep up with the game, fans felt that they were rightly concerned that Magic was becoming a luxury hobby. Hasbro's Magic: The Gathering strategy has alienated a lot of longtime fans, LaGaccia said, which has left many game shops with unsold product. Some fans have moved on from Magic to other card gamesSome Magic: The Gathering fans have found alternatives.

[1/4] South African President Cyril Ramaphosa speaks during his 2023 state of the nation address in Cape Town, South Africa, February 9, 2023. "We are in the grip of a profound energy crisis," Ramaphosa said in his annual State of the Nation Address to parliament. State electricity utility Eskom is implementing the worst rolling blackouts on record, leaving households in the dark, disrupting manufacturing and hurting businesses of all sizes. Declaring a national state of disaster gives the government additional powers to respond to a crisis, including by permitting emergency procurement procedures with fewer bureaucratic delays and less oversight. Ramaphosa said on Thursday he would appoint a minister of electricity within the presidency to focus solely on the crisis.

☆ Yellen to meet with donors, private sector on South Africa's energy transition
▼ + stars: | 2023-01-27 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

[1/3] U.S. Treasury Secretary Janet Yellen attends media briefing ahead of bilateral talks with South Africa's Finance Minister Enoch Godongwana (not pictured), at the treasury offices in Pretoria, South Africa, January 26, 2023. The United States, Britain, France, Germany and the European Union backed South Africa's "Just Energy Transition Partnership," or JETP, in late 2021 with a combined $8.5 billion, but the total cost could be ten times that high. "The United States' commitment to the energy transition being 'just' is firm. That is why President Biden made an additional commitment to President Ramaphosa of $45 million in grant funding to support South Africa’s efforts," Yellen said. But President Cyril Ramaphosa's plan to transition South Africa away from coal and towards renewable energy has divided the governing African National Congress (ANC).

☆ Hasbro to cut 15% of workforce in 2023, estimates dour holiday quarter
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

Jan 26 (Reuters) - Hasbro Inc (HAS.O) said on Thursday it would cut about 15% of its global workforce this year and estimated holiday-quarter results well below Wall Street expectations amid weakening demand for its toys and games. "Despite strong growth in Wizards of the Coast and Digital Gaming... our consumer products business underperformed in the fourth quarter against the backdrop of a challenging holiday consumer environment," Chief Executive Officer Chris Cocks said on Thursday. Hasbro estimated fourth-quarter revenue of about $1.68 billion, down 17% from a year earlier. Hasbro added that Eric Nyman, president and chief operating officer, was also exiting the company as part of organizational changes. Reporting by Deborah Sophia in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

[1/4] U.S. Treasury Secretary Janet Yellen and South Africa's Finance Minister Enoch Godongwana attend bilateral talks, at the treasury offices in Pretoria, South Africa, January 26, 2023. Nevertheless Lavrov made a stopover after visiting South Africa, which his counterpart Thulisile Dladla described as a "profound honour." Eswatini relies on the United States for aid, but its absolute monarchy has suffered U.S. criticism on human rights. South Africa, alongside Russia and China, is pushing for a "multipolar" world in which geopolitical power is less concentrated around the United States. "It hasn't delivered the kind of benefits South Africa was hoping to get."

☆ Hasbro warns of weak holiday quarter results, cuts 15% of its workforce
▼ + stars: | 2023-01-26 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

Hasbro said Thursday it would eliminate around 1,000 employee positions and warned of weak holiday-quarter results. The layoff of around 15% of its global workforce comes as the company seeks to save between $250 million and $300 million annually by the end of 2025. Hasbro said it expects fourth-quarter revenue, which includes the holiday season, to reach $1.68 billion, down 17% compared to the same period last year. Estimates called for Hasbro to reach $1.92 billion during the quarter, according to data from Refinitiv. For the full year, the company foresees revenue hitting $5.86 billion, down 9% compared to 2021.

As Africa struggles with economic headwinds caused by the COVID-19 pandemic, the war in Ukraine and, notably, Washington's own monetary policy, Africans are asking for proof the United States will stay the course this time. African countries have become collateral victims of this year's rate hikes by the U.S. Federal Reserve, aimed at curbing inflation at home. African countries are also finding it harder to access capital markets to meet their fiscal needs and refinance maturing debt. The United States, meanwhile, has largely failed to offer viable alternatives to cheap Chinese credit, officials said. One senior U.S. Treasury official said the United States had long been engaged in Africa, funding anti-HIV work and working on other health issues.

☆ Russia's Lavrov visits ally South Africa amid Western rivalry
▼ + stars: | 2023-01-23 | by ( Carien Duplessis | ) www.reuters.com time to read: +3 min

[1/2] South Africa's Foreign Minister Naledi Pandor shakes hands with Russia's Foreign Minister Sergei Lavrov, ahead of their bilateral meeting in Pretoria, South Africa, January 23, 2023. Lavrov met his South African counterpart, Naledi Pandor, after flying in earlier in the day on a trip some South African opposition parties and the small Ukrainian community have condemned as insensitive. President Cyril Ramaphosa's government regards South Africa as neutral in the Ukraine conflict and has expressed a desire to mediate. The South African armed forces said last week the exercise is a "means to strengthen the already flourishing relations between South Africa, Russia and China". There was no official public comment from the Ukrainian embassy but officials said it had asked the South African government to help push President Volodymyr Zelenskiy's 10-point peace plan, which he proposed to the G20 in November.

☆ South Africa's Eskom says worst power cuts over for now but urges less use
▼ + stars: | 2023-01-22 | by ( Tim Cocks | ) www.reuters.com time to read: +3 min

But outgoing CEO Andre De Ruyter also re-affirmed that power cuts would continue for two more years at least. South Africans were braced for worse, with the risk of "stage 8 load shedding" - more than half a day with no power. "We would really urge South Africans to plan (evening) consumption such that ... we have reduced demand," he said. Creaking coal-fire power stations, corruption in coal supply contracts, criminal sabotage and failure to ease up regulation to enable private providers to swiftly bring renewable energy on tap have all left South Africa in a deep power deficit. Eskom's Chief Operating Officer Jan Oberholzer said that by the end of March the firm should be able to bring 1,862 megawatts back online, and that it would focus on keeping its top six power stations running smoothly.

[1/2] A man walks beneath electricity pylons during frequent power outages from South African utility Eskom, caused by its ageing coal-fired plants, in Orlando, Soweto, South Africa, January 16, 2023. REUTERS/Siphiwe SibekoSummarySummary Companies Power cuts to become less severe from TuesdayDepends on generators returning to service as plannedEskom tells politicians power cuts to continue into 2024JOHANNESBURG, Jan 16 (Reuters) - South Africa's state-owned power utility Eskom said it would shorten power cuts from Tuesday morning as 14 generators come back on tap this week, but electricity shortages look set to continue at least into 2024. The past week has seen some of the worst power cuts on record in Africa's most industrialised nation, at least six hours a day for most households and often as much as 10 hours. The company implemented power cuts on more than 200 days last year, the most in a calendar year. The utility said it had procured an additional 50 million litres of diesel, which would be used to manage pumped storage dam levels and limit power cuts.

☆ Johannesburg tanker explosion death toll rises to 15
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Dec 26 (Reuters) - The death toll from a gas tanker that exploded in Johannesburg on Saturday has risen to fifteen, authorities said, from an earlier estimate of eight. "In terms of fatalities ... this number has now risen to 15," including three hospital staff members, Health Minister Joe Phaahla said late on Sunday. Phaahla suggested that the death toll might later rise because of the nature of the injuries some survivors had sustained. "We are told that of those who survived, many of them have quite severe burns, so we still have a long way to go," he said. Reporting by Tim Cocks; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Zimbabwe's night markets cushion crisis-weary citizens from inflation
▼ + stars: | 2022-12-23 | by ( Nyasha Chingono | ) www.reuters.com time to read: +3 min

[1/5] Clothes and shoes are displayed for sale at a roadside night market in central Harare, Zimbabwe December 12, 2022. Tinotenda Taruberekera, a 21-year-old clothing vendor, says he makes more money selling at night than during the day. "In the afternoon, there are constant battles with police so selling at night helps," said Taruberekera. The street traders often undercut prices in mainstream shops, which have costly overheads, and this can eat into the retailers' market share. For college student Obert Chinganyama, street vendors offer bargains he cannot get in stores.

☆ South Africa's ANC gathers to vote on new leader
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] South African President Cyril Ramaphosa attends the nomination process of the top African National Congress (ANC) officials in the 55th National Conference of the ruling African National Congress (ANC) at the Nasrec Expo Centre in Johannesburg, South Africa, December 18, 2022. REUTERS/Sumaya HishamJOHANNESBURG, Dec 18 (Reuters) - Delegates of South Africa's ruling African National Congress (ANC) gathered on Sunday to choose a new party leader, pitting President Cyril Ramaphosa against former health minister Zweli Mkhize. They will vote on Sunday after the ANC nominated the two candidates late on Saturday. Ramaphosa's backers were singing songs in support of him and were holding up two fingers signalling a second term as leader. Former president Jacob Zuma's supporters are seeking to use the scandal to oust Ramaphosa.

[1/2] South African President Cyril Ramaphosa attends the 55th National Conference of the ruling African National Congress (ANC) at the Nasrec Expo Centre in Johannesburg. REUTERS/Sumaya HishamJOHANNESBURG, Dec 17 (Reuters) - Party allies, and even some rivals, of South African President Cyril Ramaphosa on Saturday condemned opponents who disrupted his opening speech with chants and shouting at a conference of the ruling ANC on Friday. Ramaphosa, who was speaking at a five-day gathering of the African National Congress (ANC) to elect candidates for 2024 national elections, is seeking a second term and is widely seen as the party's strongest candidate. We are all interested to emerge here with a very solid, strong leadership," ANC deputy presidential hopeful and Eastern Cape ANC Chairperson Oscar Mabuyane told reporters. What they did yesterday soiled (their) campaign," Zamani Saul, Northern Cape ANC chairperson told SABC news.

☆ Hasbro defends Magic: The Gathering strategy, says 'there is no evidence' cards are overprinted
▼ + stars: | 2022-12-08 | by ( Sarah Whitten | ) www.cnbc.com time to read: +4 min

Photographer: Mark Abramson/Bloomberg via Getty ImagesHasbro is defending its strategy for its popular Magic: The Gathering game. Williams said the company typically spreads out its tentpole releases of Magic: The Gathering card sets in two-month intervals. She said Hasbro prints and reprints cards based on demand both during presales and once the product has been released. But Cocks said that he doesn't think raising prices on Magic cards is the answer to expanding the business over the long term. Hasbro's most engaged Magic players are those who play both online and in-person at local game shops or with friends.

☆ South Africa's ruling party to decide Ramaphosa's fate over 'Farmgate' scandal
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +3 min

JOHANNESBURG, Dec 2 (Reuters) - Senior officials in South Africa's ruling African National Congress (ANC) were gathering on Friday to decide whether President Cyril Ramaphosa should stay on after an inquiry found evidence of misconduct over cash hidden at his farm. The president's future has been in doubt since a report by a panel of experts was made public on Wednesday. The South African rand stabilised on Friday, after closing 2% weaker against the dollar on Thursday on speculation that Ramaphosa was going to resign. Local media reported widely that he was considering quitting on Thursday but was then convinced by his own supporters within the NEC to stay. "We are quite determined that the president has to stay," Mathole Motshekga, an NEC member, told local Radio 786.

☆ Explainer: The Phala Phala farmgate scandal hanging over South Africa's Ramaphosa
▼ + stars: | 2022-12-01 | by ( Wendell Roelf | ) www.reuters.com time to read: +3 min

Ramaphosa has denied any wrongdoing. But with less than a month to go before the party chooses its next candidate, he is battling for political survival. HOW IT ALL STARTEDEverything changed for Ramaphosa when South Africa's former spy chief, Arthur Fraser, walked into a police station in June and accused him of money laundering and covering up a large theft of cash. Ramaphosa, acknowledged there had been a break-in and said that cash proceeds from the sale of game had been stolen. RAMIFICATIONSThe affair has been a huge embarrassment for Ramaphosa who has repeatedly spoken about taking a tough line on graft.

[1/3] South African president Cyril Ramaphosa speaks at the Green Hydrogen Summit at Century City in Cape Town, South Africa, November 29, 2022. The inquiry centred on the theft of a millions of dollars of cash from the billionaire president's farm in 2020, which came to light in June. The country's biggest opposition party, the Democratic Alliance, has called for an early election and the report has plunged the governing African National Congress (ANC) into crisis. The ANC's executive committee is due to meet to discuss the panel report on Thursday evening. Asked by Reuters about a local media report that Ramaphosa was due to address the nation on Thursday, Ramaphosa's spokesman Vincent Magwenya said: "An announcement is imminent.

☆ S.African foreign minister: panel report on Ramaphosa 'troubling moment'
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] Foreign Minister of South Africa Naledi Pandor addresses the 77th Session of the United Nations General Assembly at U.N. Headquarters in New York City, U.S., September 21, 2022. REUTERS/Mike SegarJOHANNESBURG, Dec 1 (Reuters) - A panel report that found preliminary evidence that President Cyril Ramaphosa may have violated his oath of office is a "troubling moment" for the government and governing party, South Africa's foreign minister Naledi Pandor said in an interview at the Reuters NEXT conference. Ramaphosa has denied any wrongdoing and has not been charged with any crimes. Pandor added that she was still reading the panel report on the robbery at Ramaphosa's farm and that she did not want to rush into the public space with additional comments. Reporting by Tim Cocks and Bhargav Acharya; Editing by Alexander Winning, James Macharia ChegeOur Standards: The Thomson Reuters Trust Principles.

[1/2] South African President Cyril Ramaphosa delivers his State of the Nation Address at parliament in Cape Town, South Africa, June 20, 2019. REUTERS/Rodger Bosch/Pool via REUTERSJOHANNESBURG, Dec 1 (Reuters) - President Cyril Ramaphosa, the anti-apartheid champion who become one of South Africa's wealthiest businessmen and then its most powerful politician, was battling for his political survival on Thursday. Ramaphosa was the leading negotiator for the African National Congress (ANC) during talks that led to a peaceful end to apartheid in 1994, which enabled Nelson Mandela to become South Africa's first Black president. Shanduka Holdings, which is unlisted, has become one of the biggest black-owned groups in the country, holding 10% stakes in South Africa's biggest bank, Standard Bank, and insurer Liberty. Ramaphosa's negotiating skills at constitutional talks in the early 1990s won him grudging respect from South Africa's last white president, F.W.

☆ Hasbro CEO says inflation won't ruin Christmas but Wall Street is worried
▼ + stars: | 2022-11-23 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

New York CNN Business —The holidays are rapidly approaching, and for the toy company Hasbro, a slowing economy could be a proverbial Grinch that steals Christmas. Before joining Hasbro, Cocks was an executive at Microsoft (MSFT) from 1999 through 2006 and 2008 through 2016. Cocks said Hasbro is investing “significantly” in digital toys, particularly digital versions of classic Hasbro board games like “Monopoly” and “Scrabble” as well as D&D and the company’s “Magic: The Gathering” game. It’s definitely been a boon for the game,” Cocks said. “If there’s a couple of truisms in life, there’s death, there’s taxes, and there’s parents wanting to have a great holiday for their kids.”

Reuters GraphicsMelissa Benhaim, a 32-year old publicist in Miami, started her holiday shopping slightly later than usual this year. A Saturday shopping day between Thanksgiving and Christmas this year gives shoppers extra time to hold out for better bargains. Holiday shopping is expected to slow broadly. Reuters GraphicsBut toy prices, even with discounts, are up about 2.4%, DataWeave found. Shoppers are paying $16.99 for the toy this year at Kohl's, after discounts, compared to $11.54 last year, according to DataWeave.

[1/5] Yael Gabay, The Plant Based Treaty global co-director with a team give away free vegan burgers during COP27 climate summit in Red Sea resort at Sharm el-Sheikh, Egypt, November 14, 2022. "We have to move away from animal production." "It would result in more intensive livestock production that would require larger areas of land to produce the animal feed, putting pressure on forest land," Reisinger told Reuters. THE OTHER WHITE MEATCampaigners have even protested the food kiosks at the summit selling burgers and chicken - foods they say don't belong at a climate conference. "When you enter the conference, you have the scent of grilled animal meat in your nose.

☆ South Africa's Ramaphosa focuses on the poor as he seeks ANC re-election
▼ + stars: | 2022-11-13 | by ( Tim Cocks | ) www.reuters.com time to read: +1 min

Ramaphosa was concluding the African National Congress (ANC) executive committee meeting before an elective conference next month chooses the party's candidate for 2024 national elections. The president faces multiple challengers from within the party, mostly allied to his predecessor Jacob Zuma. Much may depend on whether Ramaphosa is seen as the best candidate to revive the fortunes of the ANC, the popularity of which is at an all-time low. He also pledged to forge ahead with policies to improve the standard of public education and introduce universal health insurance. The ANC's black empowerment initiatives were also mentioned, with Ramaphosa saying the measures need to be more "broad-based".

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