July 19 (Reuters) – British exhibitions group Hyve (HYVE.L) said on Tuesday it is selling its Ukrainian unit to a group led by Anatoly Sushon, the Ukrainian business’ managing director, as events in the country continue to be on hold following Russia’s invasion.
Hyve said it would receive up to 3 million pounds ($3.59 million) from the sale, which will be paid annually until September 2027 based on the Ukrainian operations’ profitability.
($1 = 0.8354 pounds)
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Reporting by Muhammed Husain in Bengaluru; editing by Uttaresh.V
Tesla vehicles are parked outside a building at the Zhongnanhai leadership compound during a meeting between Tesla CEO Elon Musk and Chinese Premier Li Keqiang in Beijing, China, January 9, 2019. Mark Schiefelbein/Pool via REUTERS/File Photo
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SHANGHAI, June 10 (Reuters) – Tesla Inc (TSLA.O) has cancelled three online recruitment events for China scheduled this month, the latest development after Chief Executive Elon Musk threatened job cuts at the electric car maker, saying it was “overstaffed” in some areas.
However, Musk had not commented specifically on staffing in China, which made more than half of the vehicles for the automaker globally and contributed a quarter of its revenue in 2021.
The company cancelled the three events for positions in sales, R&D and its supply chain originally scheduled for June 16, 23 and 30, notifications on messaging app WeChat showed late on Thursday, without stating a reason.
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Tesla did not respond to a Reuters request for comment on Friday.
Notification of a June 9 event to recruit staff for “smart manufacturing” roles was not visible and it was not immediately clear it had been held as planned.
The China operation is still allowing resume submission for more than 1,000 openings posted on the social media platform, such as aerodynamics engineers, supply chain managers, store managers, factory supervisors and workers.
Musk had a “super bad feeling” about the economy, he said in an email seen by Reuters last week.
In another email to employees on Friday, Musk said Tesla would reduce salaried headcount by a tenth, as it had become “overstaffed in many areas”, but added that hourly headcount would increase.
Production at Tesla’s Shanghai plant was badly hit after the Chinese commercial hub began a two-month COVID-19 lockdown late in March.
Output is set to fall by more than a third this quarter from the previous one, outpacing Musk’s prediction. read more
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Reporting by Zhang Yan, Brenda Goh; Editing by Clarence Fernandez
SHANGHAI, June 9 (Reuters) – Tesla was proceeding with an online hiring event in China on Thursday and added two dozen new job postings for the country, a week after Elon Musk threatened job cuts at the electric car maker and said the company was “overstaffed” in some areas.
Tesla (TSLA.O) plans to hold the event online starting from 7 p.m. Shanghai time (1100 GMT) and will recruit staff for “smart manufacturing” roles, according to an online post.
Tesla has 224 current openings in China for managers and engineers under that category, according to a separate post on its WeChat account, 24 of which were newly posted on June 9.
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Among the posted positions are managers and engineers to supervise the operation of its 6,000-ton die casting machines known as Giga Press, one of the world’s biggest.
Tesla regularly holds such hiring events online in China, with the latest one held in May for summer interns.
Tesla’s China revenue more than doubled in 2021 from a year ago, contributing to a quarter of the total income for the U.S. automaker.
The Shanghai plant, which manufactures Model 3 and Model Ys for domestic sale and export, produced more than half of the cars it made last year and Tesla is also planning to expand the factory. read more
However, output at the plant was badly hit by Shanghai’s two-month COVID-19 lockdown that saw it halt work for 22 days and later struggle to return to full production. Prior to this, Tesla had planned to ramp up production at the plant to 22,000 cars a week by mid-May.
Musk, the chief executive, said in an email seen by Reuters last week that he had a “super bad feeling” about the economy and needed to cut 10% of staff at the electric car maker. The email was titled “pause all hiring worldwide”. read more
In another email to employees on Friday, Musk said Tesla would reduce salaried headcount by 10%, as it has become “overstaffed in many areas” but added that “hourly headcount will increase”.
However on Saturday he backed away from the emails, saying total headcount would increase over the next 12 months and the number of salaried staff should be little changed. read more
Musk had not commented specifically on staffing in China.
Musk last month compared U.S. workers to those in China, saying American workers tended to try to avoid going to work whereas Chinese workers would not leave the factories.
“They will be burning the 3 a.m. oil,” he said at a conference of Chinese workers.
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Reporting by Zhang Yan and Brenda Goh; Editing by Stephen Coates
People mourn in front of memorial crosses for the victims of the mass shooting that resulted in the death of 19 children, and two teachers in front of Robb Elementary School in Uvalde, Texas, U.S. May 26, 2022. REUTERS/Veronica G. Cardenas
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May 26 (Reuters) – Following is the timeline of the shooting rampage on Tuesday at Robb Elementary School in Uvalde, Texas. Authorities said Salvador Ramos, 18, shot and killed 19 children plus two teachers after shooting his grandmother at the house they shared.
The information comes from statements by law enforcement and other public officials.
May 17 – Ramos legally buys a semiautomatic rifle on his 18th birthday at a sporting goods store in Uvalde.
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May 18 – Ramos buys 375 rounds of ammunition from an unknown vendor.
May 19 – Ramos buys a second rifle at the same sporting goods store.
May 24, some time between, 11 and 11:15 a.m. CDT – Ramos sends a series of three private social media messages.
— I’m going to shoot my grandmother.
— I shot my grandmother. (His grandmother survives the attack with a gunshot wound to the face.)
— I’m going to shoot an elementary school.
11:28 a.m. – Ramos wrecks his truck near the school after fleeing from the house where he shot his grandmother. He jumps out of the passenger side with a rifle and a bag. He sees two witnesses at a funeral home across the street and fires at them. He walks toward Robb Elementary School, climbs a fence into the parking lot and starts shooting at the school.
11:40 a.m. – The shooter walks into the west side of the school, apparently through an unlocked door, and fires multiple rounds.
11:44 a.m. – Officers from multiple law enforcement agencies begin to converge on the school. The gunman shoots at the first officers responding to the scene. The officers move back and take cover, then approach the suspect again.
Around this time, the shooter enters a classroom and massacres the students and teachers inside. Officers report hearing at least 25 gunshots from the classroom soon after arriving at the scene.
From 11:40 a.m. to about 12:40 p.m. – Officers on the scene call for more help, requesting tactical teams, specialty equipment, body armor, precision snipers and hostage negotiators.
About 12:40 p.m. – U.S. Border Patrol tactical teams arrive, enter the classroom, and kill the suspect.
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Reporting by Daniel Trotta; Editing by Cynthia Osterman
Clouds are seen over the Bombay Stock Exchange (BSE) building in Mumbai, India May 25, 2016. REUTERS/Danish Siddiqui
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BENGALURU, March 23 (Reuters) – Indian shares were little changed on Wednesday as cautious investors kept an eye on crude prices and geopolitical events in the absence of any major domestic triggers.
By 0504 GMT, the blue-chip NSE Nifty 50 index (.NSEI) was up 0.11% at 17,334.45, while the benchmark S&P BSE Sensex (.BSESN) had gained 0.10% to 58,046.43.
After falling nearly 1% on Monday and extending those losses into the first half of Tuesday — due to higher oil prices — both the indexes staged a mid-day reversal to end more than 1% higher as investors bought into the dip.
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While the Nifty and Sensex built on the upbeat momentum in early trading on Wednesday, markets have now given up most gains.
“Markets are not going to be that bullish today and there could be some kind of consolidation,” said Devarsh Vakil, deputy head of retail research at HDFC Securities.
“As such, we have risen a lot from (recent) lows. So, it is better to digest these gains,” he added.
Earlier this month, the indexes hit their lowest levels since late-July, but they have since risen about 11% each.
In Mumbai, gains in pharmaceutical and metal stocks offset losses in automobile companies.
The Nifty Pharma Index (.NIPHARM) was up 1.27%, with pharma major Dr Reddy’s Laboratories (REDY.NS) rising 3% and topping the Nifty 50 percentage gainers.
The Nifty Metal Index (.NIFTYMET) rose 0.49%, with aluminium and copper producer Hindalco Industries (HALC.NS) adding 2.3%. Global commodity prices remained high on potential supply hits due to the Ukraine conflict.
The Nifty Auto Index (.NIFTYAUTO) dropped 0.56% and was on track for its second session of losses in three.
Meanwhile, broader Asian markets hit their highest levels since March 4 as investors moved cash back into equities from bonds in preparation for the U.S. Federal Reserve’s aggressive approach to combat inflation.
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Reporting by Anuron Kumar Mitra in Bengaluru; editing by Uttaresh.V
People walk past a Gap store on Oxford Street in London, Britain, July 1, 2021. REUTERS/John Sibley
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March 3 (Reuters) – Gap Inc (GPS.N) on Thursday forecast 2022 earnings above estimates, betting on strong demand for its Old Navy and Athleta clothing brands as Americans return to offices and social events thanks to declining Omicron cases.
Shares of the apparel retailer jumped 7.2% to $15.67 in extended trading, as it also posted a smaller-than-expected loss for the fourth quarter.
Many apparel chains have struggled to keep up with rising demand though, as port congestion and tight capacity delay shipments.
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Gap has had to use pricier air freight to bring in goods, and said its inventory at the end of the first quarter would rise in the mid-20s percentage range as it orders early to counter longer in-transit times.
“(Customers are) leaning into categories like dresses or new silhouettes and pants for back-to-work … as well as denim with new leg shapes. It’s a pretty radical change from last year,” Chief Executive Sonia Syngal said on an earnings call.
Gap forecast fiscal 2022 adjusted earnings per share between $1.85 and $2.05, above Refinitiv IBES estimates of $1.86.
It also expects to benefit from tie-ups with Walmart (WMT.N) to sell home goods and with rapper Kanye West to launch new styles.
The strong outlook contrasts those from rivals Abercrombie & Fitch (ANF.N) and American Eagle Outfitters (AEO.N), which have warned of freight expenses pressuring their margins in the first half of 2022.
In the near term, Gap is not immune to the industry-wide supply snags either.
The Banana Republic parent, whose comparable sales growth in the quarter ended Jan. 29 missed estimates, indicated that sales pressure had continued into the current quarter.
It projected net sales to fall in the mid- to high-single-digit percentage range, compared with estimates for a 3.8% decline.
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Reporting by Praveen Paramasivam and Uday Sampath in Bengaluru; Editing by Devika Syamnath
NEW YORK, Feb 14 – Former Goldman Sachs (GS.N) banker Roger Ng is accused of bribery and money laundering charges in connection with the multibillion-dollar looting of Malaysia’s 1MDB sovereign wealth fund.
Here is a timeline of key events leading up to the trial.
April 2014 – Ng, Goldman Sachs’ managing director and head of Southeast Asia sales for fixed income, currencies and commodities, leaves the bank for unspecified reasons. Ng had helped the company win business with Malaysian state fund 1Malaysia Development Berhad (1MDB).
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July 2015 – The Wall Street Journal reports that Malaysian investigators have traced nearly $700 million from entities linked to 1MDB to bank accounts in the name of Malaysian Prime Minister Najib Razak. He denies the allegations, calling the reports “political sabotage.”
February 2016 – Tim Leissner, senior Goldman Sachs investment banker and chairman of its Southeast Asia business, leaves the bank. Leissner had helped arrange the sale of U.S. dollar bonds for 1MDB. The bank drew criticism from Malaysian politicians over the hefty amount it earned from these transactions.
July 2016 – The U.S. Department of Justice files lawsuits seeking to seize dozens of properties tied to 1MDB, saying that over $3.5 billion was misappropriated. The funds were used to purchase high-end real estate, jewelry and artwork, and finance the production of the Hollywood film “The Wolf of Wall Street,” the lawsuits allege.
July 2018 – Najib is arrested by Malaysian authorities on charges linked to the 1MDB scandal. He had led the country for nearly a decade and recently lost a bid for reelection.
November 2018 – U.S. prosecutors in Brooklyn unveil criminal charges against Leissner, Ng and Malaysian financier Low Taek Jho, alleging they conspired to launder money and bribe government officials in Malaysia and Abu Dhabi through the 1MDB bond offerings. Leissner pleads guilty to conspiracy charges and agrees to forfeit $43.7 million. Ng is detained in Malaysia.
December 2018 – Malaysia files criminal charges related to the scandal against Goldman Sachs, Leissner, Ng, Low and other individuals.Low has not been arrested by U.S. or Malaysian authorities.
May 2019 – Ng is extradited to the United States and pleads not guilty to criminal charges.
August 2019 – Malaysia files criminal charges against 17 current and former directors at subsidiaries of Goldman Sachs as a result of its 1MDB probe.
July 2020 – Najib is convicted of corruption and sentenced to 12 years in jail.
October 2020 – Goldman says it will claw back $174 million in executive compensation and pay $2.9 billion to settle with the U.S. Department of Justice and other U.S. and overseas regulators over its role in the scandal. The bank’s Malaysia subsidiary pleads guilty to conspiracy in a U.S. court.
December 2021 – A Malaysian court upholds Najib’s conviction on corruption charges over the 1MDB scandal. He says he will appeal the decision to Malaysia’s top tribunal.
Feb. 8, 2022 – Chief Judge Margo Brodie selects 12 jurors and six alternates to hear the case, which is estimated to last five to six weeks.
Feb. 14, 2022 – Opening arguments begin.
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Reporting by Jody Godoy in New York; Editing by Richard Chang
Joe Rogan’s Spotify profile is seen in front of displayed Spotify logo in this photo illustration taken, February 7, 2022. REUTERS/Dado Ruvic/Illustration
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Feb 9 (Reuters) – Spotify’s (SPOT.N) chief content officer Dawn Ostroff told advertisers at a conference on Wednesday that the backlash around popular U.S. podcaster Joe Rogan’s podcast had been a “real learning experience” for the streaming service.
“We do feel that we have a responsibility to support creator expression, but also balance that creator expression with safety for our users and for our advertisers,” said Ostroff, who has been a key driver in Spotify’s work to turn the platform into a top podcast hub, speaking at an Interactive Advertising Bureau annual conference in New York.
The streaming giant has been under fire after Rogan, who signed a $100-million deal with Spotify in 2020, aired controversial COVID-19 views on his show and drew protests from artists Neil Young, Joni Mitchell and India Arie. Young said Spotify had “become the home of life-threatening COVID misinformation.”
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Last week, Rogan apologized and Spotify said it would add a content advisory to any podcast episodes on its platform with discussion of the virus. On Saturday, Rogan apologized again for using racial slurs after a montage video surfaced showing him repeatedly saying the N-word.
“We have been speaking to Joe Rogan and to his team about some of the content … of his shows, particularly his history of racially insensitive language, and Joe decided to take episodes off of our platform,” Ostroff said. She said Spotify does not have editorial control over “The Joe Rogan Experience” podcast but that it supported this decision.
Spotify’s Chief Executive Officer Daniel Ek said in a recent letter to staff seen by Reuters that he condemns racial slurs and other comments made by Rogan but would not be removing him from the platform.
The controversy marks the latest instance of a major tech company facing furor over its content moderation practices. Social media platforms such as Meta Platforms Inc’s (FB.O) Facebook, video sites like Alphabet’s (GOOGL.O) YouTube and streaming service Netflix have all come under scrutiny over the material they allow on their services.
Ostroff called “the dilemma of moderation versus censorship” the biggest challenge facing “every single platform today.” She said there was no silver bullet but that Spotify’s team was always looking to see how it could do better.
She also urged advertisers to participate and help in the company’s evolution, saying “we really want to be able to be good partners.”
Spotify has invested over $1 billion in the podcasting business. Last week, it posted higher than expected fourth quarter revenue and reported 406 million active monthly users, up 18 percent from last year, though its subscriber forecasts for the current quarter came in lower than Wall Street estimates. read more
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Reporting by Elizabeth Culliford
Editing by Nick Zieminski
