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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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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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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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