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☆ Factbox: Tesla's key managers in China
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +3 min

Here is a look at Zhu and other key China managers who have helped Tesla’s Shanghai factory roar back from lockdowns to bring the electric vehicle maker close to its global growth targets for the year. TOM ZHUZhu, who was born in China but now holds a New Zealand passport, joined Tesla in 2014. Lankton later hired Zhu to take charge of Tesla's charging facility construction in China, according to one of the people who is close to Zhu. The moves boosted Tesla's sales in China, and its revenue from China more than tripled in 2016 from 2015. SONG GANGSong Gang has been plant manager of Giga Shanghai since 2018.

☆ Companies Strengthen Collections, Aim to Get Cash in the Door as Threat of Downturn Looms
▼ + stars: | 2022-12-21 | by ( Kristin Broughton | ) www.wsj.com time to read: +6 min

Companies are stepping up efforts to collect on their bills and get cash in the door, aiming to limit future write-offs ahead of a potential downturn. The company’s days of sales outstanding during the latest quarter declined to 67.3 days from 70.4 days during the prior period, according to S&P. Early in the pandemic, some companies extended payment terms to customers that needed funds to shore up liquidity to help navigate temporary lockdown measures. Everbridge said it aims to provide customers with payment terms that are mutually beneficial. ServiceNow’s days of sales outstanding during the third quarter fell to 44 days from 47.4 days a year earlier, according to S&P.

From its original epicentre in the north, including the capital Beijing, COVID-19 infections are spreading throughout the country and cases are impeding workforces in manufacturing belts, including the Yangtze River Delta, near Shanghai. With mass testing halted after China abruptly dropped its zero-COVID policy this month, official data no longer reliably captures new case numbers. Some estimates, however, predict the wave currently sweeping the country could infect up to 60% of China's 1.4 billion-strong population. LOGISTICS LOGJAMLeading automobile chipmaker, Renesas Electronics Corp (6723.T) suspended production at its Beijing plant last Friday due to COVID-19 infections, but said it would re-open Tuesday. For now, however, that impact is being limited in part by economic hardships elsewhere in the world denting demand for products from China.

"I can confirm a shipment of the BioNTech vaccine is on its way to China," the person told journalists in Berlin. In return, Chinese citizens in Europe can be vaccinated with China's SinoVac (SVA.O), the spokesperson said. Experts predict that the country of 1.4 billion people could face more than a million COVID deaths next year. China is stuck between rising Covid-19 cases and stalled vaccination ratesNO WESTERN SHOTSChina has nine domestically developed COVID vaccines approved for use, more than any other country. While the shots became available in Hong Kong, Macau and Taiwan, the regulatory review for mainland China has not been concluded.

☆ Behind a Wall Street headhunter's rapid ascent lie accusations of harassment and abuse
▼ + stars: | 2022-12-21 | by ( Alex Morrell | ) www.businessinsider.com time to read: +38 min

"It was a complete whirlwind, and it felt too good to be true," Morrison told Insider. "Everyone is given a calendar reminder of when they have to submit a review," one former employee told Insider. Durlston told Insider she wasn't a credible source given the acrimonious nature of her departure from Durlston. "Everyone gets pretty loose at these events," a former employee told Insider, noting the availability of alcohol throughout the day. Bahram told Insider this was not a prohibition but merely a suggestion that it would not be an appropriate arrangement.

☆ China's COVID surge hits Beijing trading floors, Shanghai finance hub
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, Dec 19 (Reuters) - COVID-19 is sweeping through trading floors in Beijing and spreading fast in the financial hub of Shanghai, with illness and absence thinning already light trade and forcing regulators to cancel a weekly meeting vetting public share sales. Internal surveys by several big asset managers and banks suggest more than half of their employees in Beijing, the epicentre of the virus surge, have tested positive. Stock trading volume also eased last week. DISRUPTIONThe pandemic also has an impact on initial public offerings (IPOs), with the China Securities Regulatory Commission calling off a weekly meeting vetting them last week. To be sure, years of strict COVID rules have left a lot of businesses well placed to handle disruption.

Instead, authorities will shift the focus of work from preventing infection to health protection and preventing severe disease, it said. The abrupt U-turn is especially stunning in Chongqing, one of China’s largest cities, with 32 million residents and annual GDP of $400 billion. Jerry Cheng, who works at a state-owned construction company in the city and is currently Covid positive, voiced concerns about the announcement. Cheng’s anxiety was reflected on Weibo, China’s version of Twitter, on Monday as Chongqing residents reacted to the announcement. More than a million residents were told not to leave the city unless absolutely necessary, and several rounds of daily mass testing were rolled out.

HONG KONG, Nov 28 (Reuters Breakingviews) - Protests across China underscore a rising fear among people that President Xi Jinping’s stringent pandemic restrictions may be here to stay. Still, new daily cases hit over 40,000 on Nov. 27. Cities accounting for 65% of the country's GDP are under some sort of lockdown as of Friday, per Goldman Sachs analysts. Any end to the near-daily mandatory Covid tests and strict quarantine rules will be bumpy due to a huge unvaccinated population. As of November, about 27 million citizens aged 60 and above have not been jabbed against Covid, Breakingviews calculated from official data, and another 36 million elderly people have yet to receive their second dose.

☆ One million people could die from COVID-19 in China next year, according analysis of a new report
▼ + stars: | 2022-12-17 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +3 min

2023 could see over 1 million COVID-19 deaths in China, per Reuters' analysis of a new report. The report predicts that the COVID-19 death toll in China could reach over 300,000 by April 2023. The IHME has suggested that the virus would peak at the start of April 2023, when they believe the country's COVID-19 deaths will soar to 322,000. It's just that that's the biggest concentration right now for that at-risk population," Murray said of the over-80 population. China has refused to use western vaccines in its fight against COVID-19, instead relying on its homegrown inoculations.

☆ As China seeks to live with the virus, COVID-control industries face decline
▼ + stars: | 2022-12-16 | by ( Eduardo Baptista | ) www.reuters.com time to read: +4 min

[1/2] Workers in protective suits wait for people at a nucleic acid testing site, as the coronavirus disease (COVID-19) outbreak continues, in Shanghai, China, December 9, 2022. A day later though, the 43-year-old lost her job as one of the city's many hazmat-suited COVID swab testers. The industries had become big business over the course of the pandemic and are huge employers even if precise statistics are hard to come by. It remains to be seen just how painful China's dismantling of its COVID-control infrastructure will be for companies and their staff. ($1 = 6.9605 Chinese yuan)Reporting by Eduardo Baptista; Editing by Brenda Goh and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ UK downturn moderates in December but recession begins - PMI
▼ + stars: | 2022-12-16 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

The UK S&P Global Composite Purchasing Managers' Index (PMI) rose unexpectedly to 49.0 from 48.2 in November, although it remained below the 50 threshold for growth. Separate data on Friday showed a surprise fall in retail sales in November, while consumer confidence remained close to all-time lows this month. "The releases still point to the UK being in a shallow, but protracted, recession at the end of 2022 and into 2023," said Daniel Mahoney, UK economist at Handelsbanken. S&P Global said the PMI was consistent with a roughly 0.3% drop in economic output in the fourth quarter. The manufacturing PMI slid to 44.7 from 46.5, marking its lowest level since May 2020 - during the depths of the first COVID-19 lockdown.

☆ Strep A is surging in the UK and has already killed at least 19 children. Here's why it's taken so long to make a vaccine against this deadly pathogen.
▼ + stars: | 2022-12-16 | by ( Sarah Braner | ) www.businessinsider.com time to read: +5 min

Strep A is surging in the UK and has killed at least 19 kids, the UK Health Security Agency said. A vaccine would be better, but research groups have hit roadblocks during its development. Researchers have been trying to make a strep-A vaccine for decadesIf it's caught in time, strep A can be treated with antibiotics. There is no vaccine commercially available, but several research groups are working on developing one. A GSK spokesperson confirmed to Insider that it's also in the early stages of developing a strep-A vaccine but that it had not started human testing.

It marked the slowest growth since May when Shanghai was under lockdown, partly due to disruptions in key manufacturing hubs Guangzhou and Zhengzhou. Retail sales fell 5.9% amid broad-based weakness in the services sector, also the biggest contraction since May. "The weak activity data suggest that the policy needs to be eased further to revive the growth momentum," said Hao Zhou, chief economist at GTJAI. "The increased size of the MLF rollover this morning is in line with the overall easing policy tones. That would hit businesses and consumers, while a weakening global economy hurts Chinese exports.

☆ Investors are putting too much faith in China's reopening as sick workers will drag on the economy, Saxo strategist says
▼ + stars: | 2022-12-15 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Investors shouldn't count on China's reopening to run smoothly, a Saxo Markets strategist has warned. Beijing pivoted away from its zero-COVID strategy last month, fueling hopes of an economic rebound. But workers calling in sick could drag on economic activity, Charu Chanana said. Workers calling in sick would likely weigh on economic activity by driving down production levels. Read more: Expect Chinese stocks to rally hard now that Beijing has set a 'clear path' to reopening, Morgan Stanley says

☆ A Mother-Daughter Team Went to the Bronx With $350,000 for a New Place. Which Option Did They Choose?
▼ + stars: | 2022-12-15 | by ( Debra Kamin | ) www.nytimes.com time to read: +2 min

Jeanine Edwards always wanted to buy her own place, but as a lifelong New Yorker, she wasn’t sure it was possible. She turned her sights to Riverdale, the leafy Bronx enclave where home prices are less than half of those in Harlem. After years of living in Manhattan, Riverdale seemed a little “too far from the mix,” she said. But Sadie’s school was there, and it suddenly seemed like the best option. Among the homes she considered, all within a five-minute drive of Sadie’s school:

☆ Asia's year in review: Who had it good — and who had it bad — in 2022
▼ + stars: | 2022-12-15 | by ( Curtis Chin | Jose Collazo | ) www.cnbc.com time to read: +7 min

As the new year approaches, we turn again to our annual look at Asia's winners and losers. Government and business leaders in every major economy — China now included — may well hope 2023 is the year when draconian pandemic-related lockdowns become a matter of history. Underscoring the Taiwanese tech industry's critical role, a Semiconductor Industry Association (SIA)/Boston Consulting Group 2021 study found that 92% of the world's most advanced semiconductor manufacturing capacity is located in Taiwan. With numbers like those, Taiwan's semiconductor industry ends the year on the move, still building ties and winning growing support from business and government in the United States and elsewhere. Mixed Year: Asia's 'love' for cryptoAs in much of the world, investors in Asia — once bedazzled if not bewitched by the crypto industry — end the year in a mixed mood.

☆ Over 150,000 tech workers have lost their jobs in 2022 with education, health, and crypto sectors among the worst affected
▼ + stars: | 2022-12-15 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +4 min

Over 150,000 tech workers have lost their jobs in 2022, according to tracker site Layoffs.fyi. More than 150,000 tech workers have lost their jobs this year, according to data from tracker site Layoffs.fyi. Industries that grew rapidly during the pandemic — such as health tech, education tech, and crypto — have been the worst affected in 2022. The issue, he said, was that some investors in crypto, education tech, and health tech paid little heed to economic fundamentals. Amid recessions, B2B sub-sectors such as corporate education tech and employee coaching remain promising pockets within education tech, the investor added.

TURTLENECKS HAVE A PR PROBLEM among men. Too many guys put them firmly in the “not for me” category, thinking them overly constricting, pretentious or artsy. The chin-grazing knit’s reputation suffered a further blow this fall, when French finance minister Bruno Le Maire seemingly declared a plan to reduce winter heating bills by wearing turtlenecks—and was widely mocked. “Let them wear cashmere!”Putting French politics aside, we’ve decided to assume the role of the turtleneck’s publicist. And turtlenecks have poked their heads into every fashion category this winter, from luxe (the Row) to sporty (Uniqlo Heattech).

☆ Former UK PM Johnson has earned 1 mln pounds for speeches since quitting
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 14 (Reuters) - Former British Prime Minister Boris Johnson has been paid more than 1 million pounds ($1.24 million) to deliver four speeches since he left Downing Street just over three months ago, official data showed on Wednesday. As a member of parliament, Johnson is required to declare external earnings, as well as the number of hours involved. Johnson's best paid work was a speech in New York to the U.S. finance firm Centerview Partners worth 277,724 pounds. In October Johnson abandoned an attempt to reclaim the job he lost just weeks earlier following his successor Liz Truss's brief tenure as prime minister. Johnson, whose verbal flamboyance has long been one of his hallmarks, was widely expected to enter the speaking circuit after leaving office.

But for a place that until earlier this month assiduously tracked every case, there is now no clear data on the extent of the virus’ spread. Customers queue at a pharmacy in Beijing, China, on Tuesday, December 13. Authorities on Wednesday morning reported 2,249 symptomatic Covid cases nationally for the previous day, 20% of which were detected in the capital. A closed Covid testing booth in Beijing, China, on Tuesday, December 13. Chinese state media has since warned people the preserved fruit is not a Covid remedy nor a substitute for medicine.

☆ In COVID U-turn, China's message to the people shifts from war to self-care
▼ + stars: | 2022-12-14 | by ( Ryan Woo | ) www.reuters.com time to read: +4 min

Last week, in one fell swoop, China cut away most of the tenets governing its stifling zero-COVID policies, effectively ending its war on the pandemic. "Be the first person responsible for the epidemic", it has said, which is emerging as China's new public health slogan. So far, China's official COVID death toll remains unchanged at 5,235 since the domestic epidemic curbs were removed. The suddenness of the policy shift has not yet been explained to the public, except that Omicron has weakened. But Beijing resident Charlie Zhang, 42, said he was not enthused about the recent dramatic changes in COVID policies, believing it would be hard for the elderly to recover from Omicron.

Consumer price growth cooled in November, indicating a slowing economy and a sign that the Federal Reserve's aggressive rate-raising campaign to fight inflation is starting to pay off. On a year-over-year basis, inflation hit 7.1%, a slowdown from the 7.7% in October and lower than the 7.3% expected by analysts. On a monthly basis, inflation climbed just 0.1%, compared to 0.4% in October. Still, there are signs across the economy that price growth is cooling. Last week, an alternative measure of inflation that tracks producers of goods and services also showed slowing price growth.

☆ China COVID infection fears fuel medical stock bets
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +3 min

China's healthcare index (.CSIHC) gained almost 1% on Monday morning, despite a 0.8% drop in the benchmark CSI300 Index (.CSI300). Hu Qiang, fund manager at Yunchuang Investment, said demand for antigen testing had just taken off. Listed medical firms are also busy fielding investors' queries about how they are preparing for a potential worsening COVID situation. Lepu Medical Technology (300003.SZ), which produces cardiovascular and diagnosis devices, told investors it would adjust production plans to meet market demand for COVID testing. Easy Diagnosis said on an investor relations platform that it was able to ramp up production quickly, as cancellation of nucleic acid testing in many places would boost demand for antigen testing at home.

☆ EU could face gas shortage next year, IEA warns
▼ + stars: | 2022-12-12 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 12 (Reuters) - The European Union has enough gas for the winter but could face a shortage next year if Russia cuts supplies further, the International Energy Agency (IEA) said on Monday, urging governments to act faster to save energy and expand renewables. Despite Russia slashing gas deliveries this year, Europe has averted a severe shortage and started the winter with brimming gas storage tanks - thanks in part to emergency EU measures to fill storage, plus a lucky spell of mild weather and high gas prices that dampened demand for the fuel. If Russia was to cut the small share of gas it still delivers to Europe, and Chinese gas demand rebounded from COVID-19 lockdown-induced lows, the EU could face a gas shortfall of 27 billion cubic metres (bcm) in 2023, the IEA said. Total EU gas consumption was 412 bcm in 2021, according to EU data. European Commission President Ursula von der Leyen said the bloc's gas supply was "safe for this winter" and the 27-country EU was preparing for the next one.

☆ Businesses in China's Wuhan face fresh worries after COVID easing
▼ + stars: | 2022-12-12 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +4 min

WUHAN, China, Dec 12 (Reuters) - Infections are delivering a fresh kick in the teeth for many small businesses in China's central city of Wuhan, despite the easing of most stringent curbs last week. "This street is considered a top location in Wuhan," Zhu added. The only queue within several hundred metres was outside a pharmacy, where people waited to stock up on medicines to treat the symptoms of COVID. People just do not have much money anymore, said a Wuhan taxi driver, surnamed Sun, adding that subsidies had made the 2020 lockdown more manageable than this year's measures. "Now, it’s a tiny bit better, but I can only make enough to pay back the company my monthly taxi rental fee."

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