management

“Life was good back then. We had everything in abundance.” 

When Jummai Usman says this, she is anchoring herself to a version of Geriyo, a community in Yola, Adamawa State, in northeastern Nigeria, that younger generations in the area may never know. 

Born and raised on the shores of Lake Geriyo, she considers this place her ancestral home. Her parents were fish traders, and she married a fisherman. Her husband would catch the fish and bring them to her to roast and sell to traders, and for decades, this trade sustained them and their children.

Jummai, then married, was 16 years old when the Federal Government of Nigeria established the Lake Geriyo Irrigation Project in 1976. The 24-hectare initiative was managed by the Upper Benue River Basin Development Authority (Upper Benue RBDA) in Yola, under the Federal Ministry of Water Resources. 

It began with 52 registered local farmers, offering them irrigation water and modern agricultural extension services, with water pumped directly from the River Benue. Residents were excited about the project at the time, Jummai recalled, and considered it a means of advancement. Farmlands were carved out and assigned to registered farmers, and an office was established to oversee these activities.

“We paid a fine back then, but I don’t remember how much. My husband paid for it. We called it the water and land levy,” Jummai, who is now 66 years old, said.

Over time, more people flocked to the area, and the lakeside settlement gradually expanded. The site has since grown to cover 429 hectares and now accommodates more than 2,000 farmers.

Among them are people like Ali Usman*, who built his life around Geriyo Lake. He moved to the area at the age of 15 and has lived there for about 25 years, farming and fishing along the lake. “I rent three hectares of land annually. I used it to harvest 100 to 120 bags of rice combined,” he said.

Now a father of seven, Ali fears he may no longer be able to provide for his family, as farming and fishing around Geriyo are becoming harder for thousands who depend on the lake for survival. 

Long credited with improving livelihoods in the area, the Lake Geriyo Irrigation Project is now at the centre of a slow-moving crisis: a shrinking lake, years of institutional neglect despite millions of naira in rehabilitation funds, and a community that has lost its home. HumAngle spoke to several of the residents, who described losing their livelihoods to years of neglect that have left the lake overwhelmed.

‘Geriyo Lake is dying’

The ecological collapse of Geriyo Lake did not happen overnight. Residents have watched it shrink steadily over the years, especially over the past five years, as its waters have receded, its fish have become scarce, and its capacity to sustain farming and fishing has diminished season by season.

Jummai, who has seen the lake in its glory, says it is dying. She believes the shrinking is responsible for the decline in fishing in the area. “Even when we were living by the riverbank decades ago, the place barely got flooded,” she said, adding that the lake had depth back then.

The heavy rainfall on May 18 in Yola brought much-needed relief to farmers in the area, marking the start of the farming season. However, it also stirred fear and concern among the residents of the Geriyo community. Residents say that if the rain continues at this intensity, their homes and farms may be submerged, and farming will come to a standstill. 

Since farmland is usually flooded during the rainy season, some residents told HumAngle they had stopped farming in the area. Others, however, still take the risk, even though the results are often catastrophic.  

While this fear lingers in the hearts of farmers who are yet to harvest the crops they planted during the dry season, some fishermen seized the opportunity to cast their nets, as they haven’t done so in a while due to the shrinking lake. 

“Fish are scarce. We don’t get it like before, so we take advantage of every water channel across the lake to cast our net,” a fisherman in the area told HumAngle, adding that the shrinking lake has affected his trade in the area, making what was once a regular activity only an occasional one. 

Bala Abubakar*, another fisherman in the area, said that overfishing, the shrinking of Lake Geriyo, and poor regulatory practices all contribute to the challenges faced by fishermen. Even though regulations stipulate that only registered fishermen are allowed to fish in the lake, and guards have been stationed to secure the lake at night, Bala said some fishermen still bypass these rules by paying a token fee to the guards.

To control fishing in the area, HumAngle learned, the Geriyo Lake is often declared closed by the Upper Benue RBDA and then reopened for a limited period – typically during the dry season when the lake dries up. 

“At the time the lake will be opened, there will be a leader for each group, and the leader will present the list of his group members, and they might say the group will pay a hundred or ₦200,000 as a passage fee. It depends. And when the lake opens, the group members will go and catch fish for specific months,” Bala explained.

An environmental assessment by researchers at the Federal College of Education, Yola, in 2024 found that fish populations in Lake Geriyo are declining due to largely unregulated fishing practices. The researchers stated that severe pollution of the lake, caused by urban waste and agricultural runoff, has also displaced the fish. The effects are visible in the market. 

Rukaiyatu Sani, a resident of Geriyo and a fish seller, says her business has suffered over the past few months. She noted that when the fishermen make a catch, they sell the fish at a higher price because they have other water levies to pay. “For instance, we used to buy a basket of fish for ₦20,000, but now we buy at either ₦40,000 or ₦45,000,” she said. 

Bashir Abubakar, a professor of environmental resource management at Modibbo Adama University, Yola, corroborated the researchers’ findings. He attributed the shrinking to “a lot of things”, including siltation. “There are encroachment and unsustainable land uses, overfarming, overfishing, tree cutting, and sediment erosion from urban expansion activities around the lake. So all these are inimical to the survival of the lake itself,” he said. 

Bashir explained further that the recurring floods in the Geriyo area stem from its close hydrological relationship with the Benue River — itself under severe stress. 

“When the River Benue becomes full as a result of heavy rainfall, Lake Geriyo also becomes full. When there is a reduction in the size or volume of water in the River Benue, naturally, Lake Geriyo too becomes relatively dry,” he said, adding that siltation, climate change, population explosion and pollution are the basic issues affecting Geriyo.

“More than 70 per cent of what used to be the river Benue is now land with evidence of permanent vegetation, which shows water has not been reaching those places. So this one affects Lake Geriyo, too,” the professor said.

We used a combination of planetary mapping tools in Google Earth Engine to track the lake’s footprint over more than two decades. We pulled historical data from NASA and the USGS’s Landsat 9 satellite to map Lake Geriyo as it was in 2000, and contrasted it with high-resolution imagery captured by the European Space Agency’s Sentinel-2 satellite in 2026.

From high above, satellite images of Lake Geriyo reveal a vital ecosystem being choked to death from the bottom up. As the lake loses depth, it accumulates soil over the decades through soil erosion, causing loose soils to progressively fill the lake’s deep basin with mud.

The satellite imagery shows that the visible water area actually climbed from 1.28 sq km to 1.91 sq km. Meanwhile, the terrain satellite explains why: the average slope of the entire lake basin is a mere 1.35 degrees, a gradient so low that the choked water has nowhere to go but out, creating a shallow basin detrimental to both aquatic and life near the banks. 

While fishermen in the area are grappling with a changing environmental landscape, farmers are also bearing the brunt of Geriyo’s degradation, which leads to annual flooding and loss of soil fertility. 

For instance, Ali, who used to harvest over 100 bags of rice from his combined three hectares, now barely makes half that amount. “If I get 50 bags, that means I am lucky,” he said. 

The Lake Geriyo Irrigation Project, established primarily to provide irrigation and agricultural extension services to local farmers in the region, appears to be falling short of its mandate to supply water. While some locals attribute this to the lake’s shrinking, others believe the rise in fuel prices is to blame. 

Farmers say they pay a standard levy, but not all of them have access to the same level of service. The higher the service fee paid, the higher the quality of service one can expect from the Upper Benue RBDA office at Geriyo, according to local sources.

“I pay ₦4000 per bed, which only covers the rent fee for land. Those who pay higher enjoy access to irrigation services from the office. Their farms are supplied with enough water, and their harvests are always bountiful compared to ours,” he said.

The complaints about unequal access to irrigation come despite significant public spending on the project in recent years. 

Records on GovSpend, a civil society-run platform that tracks and analyses federal government spending, show that ₦32,827,212 was paid to Dect Engineering Limited for “refurbishing, services, lubricating, and installations of M&W pumps at Lake Geriyo Project” on Nov. 18, 2024. Another ₦56,365,196 was paid to South Belgride Oil on Sept. 5, 2024, for the supply of “45,000 litres of diesel” to the site. Both payments were made under the supervision of Upper Benue RBDA. 

Despite these investments, farmers say the benefits are not evenly distributed. In Geriyo, the irrigation plant operates mainly between December and May annually, the area’s peak irrigation season, with water pumped two to three times a week. While this suggests that the system is functional, access to the pumped water remains unequal. Consistent with earlier complaints, farmers who pay higher levies receive water directly from the irrigation network, while lower-paying farmers often have to fetch water from the lake themselves.

The disparities extend beyond water access. HumAngle learned that land allocation is also linked to rental costs, with more expensive plots generally regarded as more fertile. Ali said he pays between ₦70,000 and ₦100,000 per year in land rent, while others pay more. Since all fingers are not equal, low-income farmers suffer most from environmental degradation. 

The sudden notice to vacate

The ecological crisis, devastating as it is, has been compounded by a series of state decisions that have left the community with nowhere to turn.

In 2023, locals living along Geriyo Lake received a notice from the local office ordering them to leave the area. While some residents left within weeks of the notice being issued, others remained. For Jummai, Geriyo is the only place she has ever known, so she had nowhere else to go. 

“We were told that the place belonged to the Adamawa Emirate Council, so the government came to take over,” Ali said. “When they noticed that we were not willing to leave our homes, they gave us a total sum of ₦5 million, which was shared among every household that was yet to vacate the area back then. Each household got ₦57,000, and since people were hungry, we took the money, packed the items we could carry and left our homes.” Jummai’s family also received the money.

A few days after the locals left, houses at the Geriyo Lake were destroyed. The site was declared a government property, and a wall was erected. During a visit to the area in May, HumAngle observed that the fence area is yet to be developed. 

Ali told HumAngle that since the sum each household received was insufficient to pay rent for large households or to secure new homes, the affected group went to an open field behind the lake, erected makeshift homes, and settled there so they could continue farming and fishing.

For Jummai, being dislodged from Geriyo Lake meant being stripped not just of her ancestral home but also of her access to a good life. “Before the government came with vehicles and levelled our houses, I lived with my husband and children in a decent home,” she said. Jummai now lives in a makeshift tent with her family.  They still fish, but occasionally. 

Bashir believes that humans are stewards of the environment, and that displacing them undermines the very interventions meant to save it.

“Whatever policy that the government or any agency is making in those areas towards curtailing or reversing what has already happened there, the human perspective should be taken much more seriously within the context of sustainability,” he said, adding that dislodging the dwellers strips every intervention of the human element needed to maintain the environment and sustain livelihoods.

₦500 million, and not so much to show

Another damning dimension of Geriyo’s crisis is not ecological, but administrative. 

According to EYEMARK, a government-run digital platform that tracks federal infrastructure projects, more than ₦500 million was allocated for the rehabilitation of Lake Geriyo, which was made by the Federal Ministry of Water Resources to the Upper Benue RBDA from 2019 to 2024, with the project listed as the Yola Reclamation (Lake Geriyo) Project. EYEMARK indicates that the project is ongoing and only 1 per cent complete. 

When HumAngle visited the site in May, there were no visible construction activities. 

HumAngle filed a Freedom of Information (FOI) request with the Upper Benue RBDA in Yola, seeking information and documents related to dredging, ecological restoration, irrigation, and other related development projects in line with the Lake Geriyo project. We also sought information on the funds appropriated by the Federal Ministry of Water Resources for the Lake Geriyo project from 2019 to 2024.

The Authority had not responded to the FOI request at the time of publication.

Residents around Geriyo, however, said the river has never been dredged. 

“One time, we got frustrated over the services and reported to the local office, but nothing was done. We even went to the local radio station to voice our grievances, but nothing has changed,” Ali said. 

According to Bashir, effective management of the Geriyo area would require collaboration between the governments of Nigeria and Cameroon, since the Ladgo Dam flows into the Benue River, meaning that what happens upstream has direct consequences for Geriyo’s downstream. 

“There is no strong commitment on the part of our government in terms of having a bilateral agreement with Cameroon as to the management of the river itself. So that is why we are always at the receiving end,” he said. 

Anxiety heightens 

The rainy season has just begun, and Geriyo residents are already on edge, particularly farmers who are yet to complete their harvest from the dry-season farming. 

Bashir, the environmental expert, warns of long-term risks if Geriyo Lake is not dredged and rehabilitation measures are not implemented. “The river is becoming shallower and shallower. So whenever we have a lot of water, the river will not contain the water. So you find that the entire floodplain is submerged, with losses of agricultural land, houses, and so on. So these are, of course, things that are increasing year in year out,” he said.

Bashir added that since the government has not taken technocentric measures such as dredging the river, residents can settle for local measures to protect the land and the river. 

“People should be encouraged to plant trees. If there will be massive afforestation within those areas, I’m very much sure it will go a long way in addressing the issue and reversing it to some level,” he said, adding that planting trees at the riverbanks and areas within the floodplain will help attenuate and reduce the effect of the rainfall. 

Two years on, households like Jummai’s continue to live in makeshift shelters behind Geriyo Lake. When the area floods, they gather their belongings and relocate to higher ground. Since the farmlands also flood, the men resort to fishing alone, but even that becomes highly competitive at times. “During the rainy season, when the sites get flooded, the area is left unregulated, and everyone can fish there,” Bala said.

Despite the degradation of the once-thriving Geriyo community, fishermen and local farmers still arrive in their hundreds every day at the lake, hoping to make a catch or bring in a bountiful harvest. 

But a far greater problem looms. A private individual and a construction company have bought the land where Jummai and her community members have erected makeshift tents. One day, they might be asked to leave.

*Names with asterisks were used to protect some of the sources. 

Satellite analysis and illustration by Mansir Muhammed.

Weeks after Trump administration officials announced that management of NASA’s Jet Propulsion Laboratory would open to competitive bidding for the first time, questions remain as to why Caltech could lose control of the lab its researchers founded in 1936.

On one hand, observers note, high-profile delays and cost overruns on significant recent JPL projects earned sharp criticism from NASA even before the 2024 presidential election.

On the other, the second Trump administration’s record of squeezing scientific funding and attacking institutions in Democratic-led states make it difficult to consider any action as separate from the charged political atmosphere, analysts say.

“My first instinct is that this [competition] isn’t necessarily a bad thing. It’s not written in stone that Caltech must run JPL, and it wouldn’t be the worst thing to have some competition for running the place,” said Casey Dreier, chief of space policy at the nonprofit Planetary Society.

“That said, that requires this contract evaluation to be fair and unbiased, and this administration has no credibility in such things,” he added. “The responsibility is on NASA to earn the trust and ensure such an evaluation is open and free from political meddling. That’s almost impossible.”

JPL became part of NASA when the space agency was formed in 1958, and Caltech has been awarded the contract to run the institution outright ever since.

Its current 10-year contract with NASA, which is valued at up to $30 billion, runs through Sept. 30, 2028.

NASA Administrator Jared Isaacman announced the competition on May 22 as part of a slate of sweeping organizational changes at the space agency.

“When you step back, it is worth considering how many additional missions we could have undertaken with the resources lost to program cancellations and cost overruns over the years,” Isaacman wrote in a memo to staff. “That is the problem we must fix, so the American taxpayer and space-loving community can receive the highest scientific return on every dollar we spend at NASA.”

Allowing competition on the contract for JPL, the lone Federally Funded Research and Development Center (FFRDC) in NASA’s portfolio, was an effort to address cost-efficiency concerns, Isaacman wrote.

“This process will take several years, and I do not anticipate it having any impact on the projects underway or the location of the facilities,” he wrote. “It does, however, provide an opportunity to evaluate management costs, overhead burdens, and ideally find ways to get after the science faster and more affordably.”

In a joint statement, Caltech President Thomas F. Rosenbaum and JPL Director Dave Gallagher said that the competition was “no surprise” and that a team was already in place “to ensure we are positioned for success.”

In July, NASA’s Office of Procurement held an informational event for companies and institutions interested in the upcoming FFRDC contract.

The dozens of registered attendees included universities such as USC, Texas A&M and Georgia Tech; aerospace companies such as Boeing and Lockheed Martin; and nonprofit corporations like MITRE, which manages several FFRDCs, and Universities Space Research Assn., a university consortium founded by the National Academy of Sciences in 1969. (SpaceX, which has been awarded more than $13 billion in NASA contracts in the last decade, was not on the list.)

“Lockheed Martin has more than 50 years of deep space exploration success with JPL, supporting landmark missions to Jupiter, Venus, Saturn, Pluto, including nearly a dozen missions to Mars,” said Bob Behnken, vice president of exploration and technology strategy. “We look forward to building on that unmatched partnership in the years ahead. We are closely following NASA’s review and will continue to assess how we can best contribute to the agency’s mission.”

Other attendees contacted by The Times declined to discuss their involvement.

Isaacman indicated that JPL could come under scrutiny even before he took over NASA. The billionaire entrepreneur referenced high costs at the La Cañada Flintridge institution in a memo prepared in advance of his confirmation hearings on his priorities for the space agency.

“Contract structure: Very expensive,” Isaacman wrote of JPL in a table outlining organizational issues at each of NASA’s centers. “Must increase the output and ‘time-to-science’ KPI,” or key performance indicator.

The institution has recently suffered a number of high-profile management stumbles.

After the JPL-managed Psyche mission to a metal-rich asteroid failed to meet its 2022 launch date, NASA commissioned an independent review that said internal reorganizations and personnel changes created distracted and uninformed managers and burned-out, stretched-thin staffers.

After a 2023 independent review found there was “near zero probability” of the JPL-managed Mars Sample Return mission making its proposed 2028 launch date, and “no credible” way to bring rocks back from the Red Planet within the stated budget, Isaacman’s predecessor, Bill Nelson, put out a call for proposals to industry and all other NASA centers, forcing JPL to compete for its own project.

After Trump’s election, Nelson announced that the final decision would be in the next administration’s hands.

The White House pushed for massive cuts to NASA’s 2026 budget that Congress overturned, and has lobbied for similarly steep cuts again this year. JPL has instituted painful cost-cutting measures of its own, reducing staffing from roughly 6,500 employees in 2023 to 4,500 last year through layoffs and attrition.

Its struggles come at a point when NASA is enthusiastically embracing private industry. Last month the agency awarded several key contracts for its upcoming lunar missions to Jeff Bezos’ Blue Origin and other private companies.

Trump has also made no secret of his willingness to punish states that haven’t voted for him through job losses. In announcing his decision to move U.S. Space Command from Colorado to Alabama, Trump acknowledged that his loss in Colorado in three presidential elections played a part in the move.

It’s impossible to consider any decision on JPL’s future as separate from the administration’s track record of politically motivated decisions, Dreier said.

“At the heart of this is why? Why now? If this is not just some rank political attack on California, what do they hope to gain from this?” he said. “That deserves explanation, because the administration otherwise has no credibility here.”

Optimism has been the name of the game since Operation Absolute Resolve took Maduro out. Such optimism doesn’t just come from Venezuelans, where polls showed support for the intervention, but also from the investment community, which has flocked into the country to assess all kinds of opportunities. Since then, oil revenues have increased, driven not just by output increments but also by favourable price tailwinds and sanctions relief, which meant the reintroduction of Venezuelan crude into the global market. Today, Venezuela is the second largest source of imported crude in the United States, something unthinkable five months ago.

The petro dollars haven’t come in by themselves. A mechanism was designed so American officials could control how and where those funds would be deployed in order to avoid the disappearance of half of all oil revenues, as was the case under the previous administration. Additionally, licenses were granted to the BCV, new laws were passed for the hydrocarbon and mining sectors, with new MoUs being signed with international energy companies. Even macroeconomic data sets have been released for the first time in over a decade. So much appears to have changed that even multilaterals (chiefly the IMF) reemerged as crucial partners for a potential debt restructuring and stabilization program. Optimism is granted and the illusion of recovery does not come without merit, given the changes the country has experienced in less than five months.

However, that mirage breaks against the harsh reality on the ground and macroeconomic indicators that tell a different story. A year-to-date inflation of 90%, a 70% depreciation of the official exchange rate, and a widening gap between multiple dollar rates that continues to punish businesses and individuals alike. Meanwhile, the Bolívar printing press is working overtime while BCV reserves remain flat, deepening macroeconomic uncertainty and destroying what little credibility the institution still retained.

The almighty bond market will need far more than an Instagram post to bite the bait. Sovereign creditors respond to numbers, rules, and enforceability. Venezuela remains deeply deficient on those fronts.

None of this reflects an economy that is stabilizing, despite the interim authorities having a golden opportunity to do so. Instead, it reflects a government trying to politically manage deterioration without implementing the reforms necessary to stop it. 

The current model is not designed to solve the crisis but to preserve political control while generating just enough liquidity, oil revenue, and international flexibility to postpone its inevitable collapse. The interim authorities continue to rely on the same mechanisms that created the disaster in the first place with an unsustainable monetary expansion, exchange-rate distortions, opaque fiscal management, and complete control over all institutions. So while oil revenues and external prospects may have improved, the underlying structure of the economy remains unchanged. 

Refusing to address the obvious

A country benefiting from stronger revenues should be rebuilding reserve buffers and restoring institutional confidence, and prioritizing the reconstruction of the essential services. Instead, every dollar is consumed by a State that remains just too large, too inefficient, and politically unwilling to reform. The central bank continues injecting Bolívares into an economy where there is effectively no confidence that the currency can preserve value over time, nor in the institutional capacity to sustain credible long-term policy.

This lack of confidence is central to understanding our persistent inflation problem. It is not solely driven by the irresponsible monetary expansion but by high money velocity resulting from the complete lack of credibility in our currency. As soon as businesses and individuals receive Bolívars, they rush to buy dollars, inventory, or any asset capable of preserving value, accelerating velocity and pushing inflation into a spiral. This is not speculation; it is rational economic behavior in response to the collapse of trust in the Bolívar. Without restoring that confidence, inflation will remain entrenched.

The foreign exchange market remains one of the clearest indicators of the country’s fragility. As the gap between the official and parallel rate distort prices throughout the economy. The widening gap between the official and parallel exchange rates distorts prices across the economy, leaving businesses struggling to establish stable cost structures or expansion plans. International investors also face enormous uncertainty regarding how those multiple rates affect their ability to move capital in and out of the country. Meanwhile, the BCV continues wasting precious dollar inflows trying to defend an artificial exchange rate that is fundamentally unsustainable. 

Without institutional legitimacy, no restructuring effort or investment cycle will prove durable or beneficial for the country.

Addressing these distortions may still be too politically costly for Rodriguez. Closing the gap would require a fiscal discipline alien to chavismo, while also dismantling one of the most important corruption mechanisms for rewarding insiders. 

The solution appears straightforward: transition toward a system in which dollar-auction pricing is transparent and the USD is allowed to float. Furthermore, the government should let the dollars circulate freely, letting businesses and individuals use the greenback for both transactions and contract setting. While alleviating the economic distortions, this will also contribute to slowing the velocity, and keeping inflation under control. Venezuela should pursue this approach while keeping the Bolívar alive so it can gradually recover credibility through discipline and a coherent fiscal and monetary framework. 

Yet the changes necessary to stabilize the economy are the same changes that would reduce the government’s discretionary control over the economy. As previously argued, setting an independent board in the likes of Petroleos de Venezuela or the Venezuelan Central Bank would threaten the political hegemony of the interim authorities across all institutions.

What sound debt restructuring implies

The next collision with reality, where fundamental flaws will be hard to conceal, lies in the newly announced debt restructuring process. Interim authorities are about to face the almighty bond market which will need far more than an Instagram post to bite the bait. Sovereign creditors respond to numbers, rules, and enforceability. And on those fronts, Venezuela remains deeply deficient.

Venezuela’s total debt is estimated at $200 billion or about 200% of GDP. Despite Venezuela receiving a license to be able to hire Centerview, one of the most prestigious boutique firms in the market, any meaningful and fair progress would be impossible without a coherent macroeconomic plan bound by institutional legitimacy and backed by multilateral oversight, particularly from the IMF.

For Venezuela to avoid setting itself up for failure through a restructuring process that could hinder its financial capacity to grow sustainably, the Fund becomes an indispensable partner. The IMF would need to conduct an assessment of the country’s current financial stance via an Article IV consultation that hasn’t been conducted since Chavez withdrew from the organization. This assessment would be a key piece in understanding Venezuela’s repayment capacity and debt sustainability, setting the base from where to negotiate towards an agreeable debt haircut, tenor, and coupon.

Nothing will come out of the great opportunity created by the January events if there is no fundamental change over the who and hows of economic management.

An IMF-backed restructuring would eventually demand fiscal transparency, monetary discipline, reserve accumulation, independent oversight, and credible institutional reforms. Additionally, creditors will call for legal certainty and enforceable agreements that provide confidence that rules will not arbitrarily change once capital enters the country, or years later when investors seek to exit . To provide such guarantees, Venezuela would need a legitimate political and legal framework capable of signing long-term agreements recognized both domestically and internationally 

Without institutional legitimacy, no restructuring effort or investment cycle will prove durable or beneficial for the country. Proceeding without these elements would leave the country exposed to holdout creditors and future arbitration battles. The cornerstone for avoiding that is a credible electoral timeline that renews and legitimizes the National Assembly and executive power.

Yet that process is also set to collide with the interim authorities’ apparent intention to manipulate political timing in their favor. The current leadership wants the benefits of the stability phase brought in by oil revenue, sanctions relief, and fresh capital without surrendering the mechanisms of control that produced the crisis in the first place.

That formula is destined to fail. The authorities are neither serious enough nor committed to making the necessary reforms. In the meantime, we can keep going over the distortion caused by the exchange rate, what new law is being proposed or the deceiving debt announcement from last week. But nothing will come out of the great opportunity created by the January events if there is no fundamental change over the who and hows of economic management.

May 17 (Asia Today) — Samsung Electronics management and labor representatives will return to the negotiating table Sunday for what industry officials describe as a critical final attempt to avoid a large-scale strike.

The talks are scheduled to take place Monday at South Korea’s Central Labor Relations Commission in Sejong, three days before the union’s planned walkout.

The negotiations come after talks collapsed Tuesday over disagreements surrounding the company’s bonus system.

Union officials have demanded that Samsung institutionalize a performance bonus formula based on 15% of operating profit and remove bonus caps. Management and labor have struggled to narrow differences over how bonuses should be calculated and disclosed.

The dispute has drawn national attention because of Samsung’s central role in South Korea’s economy and semiconductor industry.

Samsung Chairman Lee Jae-yong publicly called for renewed dialogue Friday while returning from an overseas business trip.

“We are one body, one family,” Lee said in a message to employees and union members. “This is the time to wisely combine our strength and move in the same direction.”

The union had previously insisted it would not resume talks before launching the strike, but changed course after Lee’s appeal and calls from the government for continued negotiations.

Samsung also replaced its lead management negotiator at the union’s request.

According to labor officials, the new representative, Yeo Myung-gu, head of the Device Solutions division’s people team, recently met with union leaders and urged cooperation for labor-management coexistence.

Business groups say both sides may need to compromise to prevent further disruption.

Industry officials say Samsung could improve transparency by more clearly disclosing how bonuses are calculated and funded, while the union may need to consider alternatives short of tying bonuses directly to operating profit.

One business official said the union’s demand reflects broader distrust over the transparency and predictability of Samsung’s current compensation system.

“If management can present an alternative that improves transparency and predictability, the union may need to remain open to compromise,” the official said.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260518010004613Z

The union representing workers employed by the Writers Guild of America have reached an agreement on their first contract, ending a strike that lasted nearly three months.

The pending contract includes seniority and layoff protections, higher wages and outlines provisions for progressive discipline and a stepped grievance process, the Writers Guild Staff Union said in a statement Friday.

The union represents 116 members, who work in areas including legal, communications and residuals. They will vote on proposed contract in the coming days.

“Once ratified, the WGSU strike will end and Writers Guild staff will return to doing what we do best: defending the writers’ hard-fought gains and helping them build collective power,” the WGSU Bargaining Committee said in a statement.

WGA also said in a statement that they “are pleased to have reached a tentative agreement” with the union for its first collective bargaining agreement.

If ratified, members would see a minimum of 12% increases in pay for all Writers Guild staff over the course of the three year term. The salary floor would rise from $43,000 to $57,000. The staff would also see better protections against AI.

The strike began in February, weeks before the WGA was set to enter negotiations with the major studios, with the workers accusing their employer of bargaining in bad faith.

Over the last several months, tensions have been high between the two unions. In March, WGA had to cancel its Los Angeles-based award show, as it could “not ask our members or guests to cross a picket line.” The staffers also lost access to their healthcare in April, as they were no longer eligible.

Last month, Hollywood writers officially ratified their newest contract with the Alliance of Motion Picture and Television Producers, with more than 90% voting in favor of the deal. The union represents 11,000 members.