Tag: CYCS08

Posted on by

Tesla cancels three June online hiring events for China

Tesla cancels three June online hiring events for China

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

Register now for FREE unlimited access to Reuters.com

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.

Register now for FREE unlimited access to Reuters.com

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

Register now for FREE unlimited access to Reuters.com

Reporting by Zhang Yan, Brenda Goh; Editing by Clarence Fernandez

Our Standards: The Thomson Reuters Trust Principles.

Posted on by

Tesla goes ahead with China hiring event after Musk job warning

Tesla goes ahead with China hiring event after Musk job warning

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.

Register now for FREE unlimited access to Reuters.com

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.

Register now for FREE unlimited access to Reuters.com

Reporting by Zhang Yan and Brenda Goh; Editing by Stephen Coates

Our Standards: The Thomson Reuters Trust Principles.

Posted on by

Indian shares subdued as investors weigh oil prices, global events

Indian shares subdued as investors weigh oil prices, global events

Clouds are seen over the Bombay Stock Exchange (BSE) building in Mumbai, India May 25, 2016. REUTERS/Danish Siddiqui

Register now for FREE unlimited access to Reuters.com

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.

Register now for FREE unlimited access to Reuters.com

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.

Register now for FREE unlimited access to Reuters.com

Reporting by Anuron Kumar Mitra in Bengaluru; editing by Uttaresh.V

Our Standards: The Thomson Reuters Trust Principles.

Posted on by

Top ballet performers ‘Dance for Ukraine’ in charity event

Top ballet performers 'Dance for Ukraine' in charity event

March 20 (Reuters) – Away from the fighting in Ukraine, Russian and Ukrainian ballet dancers rubbed shoulders in London on Saturday in a charity event that united some of the world’s leading dance performers for humanitarian relief in the war-torn eastern European nation.

About 20 dancers, with glistening bodies and graceful moves, received a thunderous applause from the packed auditorium at the London Coliseum theatre for the ‘Dance for Ukraine’ gala.

“We have so many loved ones back home. We couldn’t just sit idly at home and just watch news, we wanted to do something,” Ivan Putrov, who is from Ukraine and organised the event with Romanian Alina Cojocaru, told Reuters.

Register now for FREE unlimited access to Reuters.com

Russia invaded Ukraine on Feb. 24, an attack Moscow calls a “special operation” to demilitarise its neighbour.

Ballet dancers acknowledge a standing ovation during ‘Dance for Ukraine’, a charity gala to raise funds for people in need in Ukraine, at The London Coliseum, in London, Britain, March 19, 2022. REUTERS/Dylan Martinez

The U.N. human rights office has said at least 847 civilians had been killed and 1,399 wounded in Ukraine as of Friday. More than 3.3 million refugees have fled Ukraine through its western border, with around 2 million more displaced inside the country.

Some audience members were draped in the Ukrainian flag for the event, with dancers from many countries including Brazil, Italy and Britain providing glamour to the stage that was lit in shades of yellow and blue.

Katja Khaniukova from Ukraine and Natalia Osipova from Russia were among those who took part. There were also dancers from the United States, France, Japan and Argentina at the event, which the organisers said raised at least 140,000 pounds ($184,520.00) for the Disasters Emergency Committee’s Ukraine appeal.

“So many of the artists contacted us wanting to join so it is inspiring how overwhelming the support is from the people, but we need more support in Ukraine, more support from different governments around the world,” said Putrov.

($1 = 0.7587 pounds)

Register now for FREE unlimited access to Reuters.com

Writing by Muralikumar Anantharaman; Editing by Shri Navaratnam

Our Standards: The Thomson Reuters Trust Principles.

Posted on by

Gap says earnings set for strong 2022 as social events return

Gap says earnings set for strong 2022 as social events return

People walk past a Gap store on Oxford Street in London, Britain, July 1, 2021. REUTERS/John Sibley

Register now for FREE unlimited access to Reuters.com

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.

Register now for FREE unlimited access to Reuters.com

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.

Register now for FREE unlimited access to Reuters.com

Reporting by Praveen Paramasivam and Uday Sampath in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.

Posted on by

Key events in Canada’s trucker protests against COVID curbs

Key events in Canada's trucker protests against COVID curbs

Canadian Police officers move protestors towards parliament hill, as they work to restore normality to the capital while trucks and demonstrators continue to occupy the downtown core for more than three weeks to protest coronavirus disease (COVID-19) restrictions in Ottawa, Ontario, Canada, February 19, 2022. REUTERS/Shannon Stapleton

Register now for FREE unlimited access to Reuters.com

Feb 19 (Reuters) – Canadian police on Saturday used pepper spray and stun grenades in an attempt to restore normalcy in Ottawa, parts of which have been paralyzed by protesters opposing the government’s pandemic restrictions. read more

Here is a timeline of main events:

Nov. 19 – Prime Minister Justin Trudeau’s government announces that all cross-border truck drivers will be subject to mandatory vaccine and quarantine requirements from Jan. 15. The trucking industry association has warned the mandates could intensify supply-chain disruptions, but opposes protests on public roads. read more

Register now for FREE unlimited access to Reuters.com

Jan. 28 – A convoy largely consisting of trucks starts arriving in Ottawa from across Canada opposing the vaccine mandate. A similar requirement is in place in the United States.

Jan. 29 – Thousands of protesters under the banner “The Freedom Convoy 2022” hold a loud but peaceful protest in downtown Ottawa. read more

Jan. 31 – Trudeau, who was moved to a secret location, says Canadians are disgusted by the behavior of some protesters in Ottawa and says he will not be intimidated. read more

Feb. 2 – Leader of Canada’s main opposition Conservative Party, Erin O’Toole, is ousted after a caucus vote, partly because of his failure to embrace the anti-government protest quickly enough. read more

Feb. 5 – Protesters occupy downtown Ottawa for second straight weekend. Protests spread to other cities including the financial capital Toronto. read more

Feb. 6 – Ottawa Mayor Jim Watson declares state of emergency. read more

Feb. 7 – Police seize thousands of liters of fuel and remove an oil tanker supplying the trucks. A court grants an interim injunction preventing people from sounding horns in downtown Ottawa.

Feb. 7 – Protesters start blocking the Ambassador Bridge in Windsor, Ontario, the busiest crossing between Canada and the United States, and protesters block other border points in Alberta and Manitoba. read more

Feb. 8 – The blockade disrupts trade between the two countries. Ford Motor Co (F.N), General Motors Co (GM.N) and Toyota Motor Corp (7203.T) halt some production. read more

Feb. 10 – The Biden administration urges Canada to use federal powers to ease the disruption at the U.S.-Canada border. read more

Feb. 11 – A Canadian judge orders an end to the blockade of the Ambassador Bridge and the province of Ontario declares a state of emergency. Protesters defy the court order and remain. read more

Feb. 13 The Ambassador Bridge reopens after a six-day blockade as Canadian police clear protesters. read more

Feb. 15 – Trudeau invokes rarely used special emergency measures to tackle protests. read more

Feb. 16 – Ottawa’s police chief resigns. read more

Feb. 17- Police warn protesters occupying central Ottawa of “imminent” action. read more

Feb. 18 – Police begin push into crowds of demonstrators, arrest more than 100 and haul away vehicles. Key organizers are arrested. read more

Register now for FREE unlimited access to Reuters.com

Compiled by Denny Thomas in Toronto
Editing by Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles.

Posted on by

Spotify chief content officer calls Joe Rogan events a ‘learning experience’

Spotify chief content officer calls Joe Rogan events a 'learning experience'

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

Register now for FREE unlimited access to Reuters.com

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.”

Register now for FREE unlimited access to Reuters.com

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

Register now for FREE unlimited access to Reuters.com

Reporting by Elizabeth Culliford
Editing by Nick Zieminski

Our Standards: The Thomson Reuters Trust Principles.