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More extreme weather events expected to pummel China in July, August

More extreme weather events expected to pummel China in July, August

Buildings and farmlands are seen partially submerged in floodwaters following heavy rainfall in Poyang county of Jiangxi province, China July 17, 2020. China Daily via REUTERS

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BEIJING, June 28 (Reuters) – Extreme flooding that has battered southern and eastern provinces in China, leading to hundreds of thousands being evacuated and the highest rainfall in decades at the Pearl River basin, will likely continue in July and August, according to a government official.

“It is predicted that from July to August, there will be more extreme weather events in China, and regional flood conditions and drought conditions will be heavier than usual,” said Yao Wenguang, director of the Department of Flood and Drought Disaster Prevention of the Ministry of Water Resources, in an interview with Xinhua News Agency.

Images on social media, from cars trapped underwater to emergency rescues in floating rafts, reveal the widespread calamity in the country. A home collapsing into a river in Southern China recently went viral on Tik Tok.

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“From late May to mid-June, there were seven consecutive heavy rainfall processes in the Pearl River Basin, with relatively concentrated and overlapping rain areas, heavy rain intensity and heavy cumulative rainfall,” Yao Wenguang said.

China has been grappling with extreme weather contrasts, with Guangdong, Fujian and Guangxi provinces experiencing record rainfall while Shandong, Henan and Hebei provinces faced scorching heatwaves, pressuring the national power grid.

Meanwhile, drought conditions are also exacerbating problems with Yao Wenguang saying, “At present, drought has emerged in some parts of northern China and developed rapidly, mainly concentrated in Inner Mongolia, Henan, Shaanxi, Gansu and other provinces and regions.”

He said in response to the drought in four provinces and regions, the Ministry of Water Resources launched a drought defense level IV emergency response on June 25, sending three working groups to stricken areas in Inner Mongolia, Shaanxi and Gansu to help with measures to fight the drought.

Extreme weather events are making headlines across the globe, with flooding in China, India and Bangladesh and heatwaves in South Asia, Europe and the United States. Many scientists and experts point to climate change as the culprit.

On Tuesday, a team of climate scientists published a study in the journal Environmental Research: Climate, looking into the role climate change has played in individual weather events over the past two decades. The findings confirm warnings of how global warming will change our world – and also make clear what information is missing. read more

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Reporting by Beijing newsroom; Writing by Bernard Orr; Editing by Bernadette Baum

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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.

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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

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McIlroy unimpressed by lineup for inaugural LIV Golf event

McIlroy unimpressed by lineup for inaugural LIV Golf event

May 22, 2022; Tulsa, OK, USA; Rory McIlroy plays his shot from the seventh tee during the final round of the PGA Championship golf tournament at Southern Hills Country Club. Mandatory Credit: Orlando Ramirez-USA TODAY Sports/File Photo

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June 1 (Reuters) – Rory McIlroy on Wednesday dismissed the field for the inaugural LIV Golf Invitational Series as “nothing to jump up and down about” and said players joining the Saudi-funded breakaway circuit need not face severe punishment.

There has been speculation that golfers who defect to the LIV Golf Series could face lifetime bans from the PGA Tour and DP World Tour but McIlroy feels such action would be too harsh.

“I certainly don’t think they should drop the hammer,” world number eight McIlroy told reporters ahead of the PGA Tour’s Memorial Tournament in Dublin, Ohio.

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“Look, they are well within their rights to enforce the rules and regulations that have been set. But … it’s going to end up being an argument about what those rules and regulations are.”

The June 9-11 LIV Golf event outside London is headlined by Dustin Johnson, who at world number 13 is the highest-ranked player in a field that currently includes 26 of the top 150 golfers in the world. read more

Among the other notable names competing are 2017 Masters champion Sergio Garcia, 2010 British Open winner Louis Oosthuizen and former U.S. Open champions Graeme McDowell and Martin Kaymer.

“I certainly don’t think the field is anything to jump up and down about,” said McIlroy.

McIlroy, who already expressed his allegiance to the PGA Tour, said he has some friends playing the LIV Golf event and when asked if they had any desire to keep competing on the PGA Tour the 33-year-old Northern Irishman paused before answering.

“Not really, I guess. You know, you have some guys in a position where they are literally not guaranteed a job next year,” said McIlroy.

“It’s hard to stay in the top-125 out here, especially when you’re a guy in your 40s and maybe you don’t hit the ball as far as you’re used to.”

All seven regular season LIV Golf events this year will have a $25 million purse where all players are paid out, including $4 million for the winner. The season-ending event will feature a $30 million purse.

According to McIlroy, that type of money proved too enticing to turn down for those in the latter stages of their careers.

“It’s a young man’s game nowadays,” said McIlroy.

“So someone that isn’t guaranteed their Tour card next year, another entity comes along and says, we’ll guarantee you this amount for three years, plus you’re playing for a ton more prize money, and you’re playing less events, you can spend more time with your family.

“I mean, whenever you sit down and look at some of those things, you know, it’s very appealing to some of those guys that are in that position.”

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Reporting by Frank Pingue in Toronto
Editing by Toby Davis

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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

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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

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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

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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

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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

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Compiled by Denny Thomas in Toronto
Editing by Matthew Lewis

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Events leading up to ex-Goldman banker’s 1MDB graft trial

Events leading up to ex-Goldman banker's 1MDB graft trial

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

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