China's Huawei says 2021 revenues down almost 30%, sees challenges ahead
Chinese telecoms equipment giant Huawei Technologies Co Ltd (HWT.UL), battered by U.S. sanctions, expects 2021 revenue to have declined nearly 30% and predicted continued challenges in the New Year.
Revenue for the year is expected to be 634 billion yuan ($99.48 billion), rotating chairman Guo Ping said in a New Year letter to employees on Friday.
That represents a fall of 28.9% from 2020 revenues of 891.4 billion yuan.
Guo said next year "will come with its fair share of challenges" but that he was satisfied with Huawei's 2021 business performance.
Chinese telecoms equipment giant Huawei Technologies Co Ltd (HWT.UL), battered by U.S. sanctions, expects 2021 revenue to have declined nearly 30% and predicted continued challenges in the New Year.
Revenue for the year is expected to be 634 billion yuan ($99.48 billion), rotating chairman Guo Ping said in a New Year letter to employees on Friday.
That represents a fall of 28.9% from 2020 revenues of 891.4 billion yuan.
Guo said next year "will come with its fair share of challenges" but that he was satisfied with Huawei's 2021 business performance.
North Korea's Kim talks food not nukes for 2022
North Korean leader Kim Jong Un capped off his 10th year in power with a speech that made more mention of tractor factories and school uniforms than nuclear weapons or the United States, according to summaries by state media on Saturday.
North Korea's main goals for 2022 will be jump starting economic development and improving people's lives as it faces a "great life-and-death struggle," Kim said in a speech on Friday at the end of the 4th Plenary Meeting of the 8th Central Committee of the Workers' Party of Korea (WPK), which began on Monday.
North Korean leader Kim Jong Un capped off his 10th year in power with a speech that made more mention of tractor factories and school uniforms than nuclear weapons or the United States, according to summaries by state media on Saturday.
North Korea's main goals for 2022 will be jump starting economic development and improving people's lives as it faces a "great life-and-death struggle," Kim said in a speech on Friday at the end of the 4th Plenary Meeting of the 8th Central Committee of the Workers' Party of Korea (WPK), which began on Monday.
Reuters: World pinned «North Korea's Kim talks food not nukes for 2022 North Korean leader Kim Jong Un capped off his 10th year in power with a speech that made more mention of tractor factories and school uniforms than nuclear weapons or the United States, according to summaries…»
Firefighters battle blaze at South African parliament building in Cape Town
A blaze erupted at the South African parliament early on Sunday, with flames bursting from the roof of a building and a plume of smoke that could be seen from miles away, and after several hours firefighters had partially contained the fire.
By mid-morning, smoke was still billowing from one of the several buildings that make up the parliament complex in the legislative capital, Cape Town.
A blaze erupted at the South African parliament early on Sunday, with flames bursting from the roof of a building and a plume of smoke that could be seen from miles away, and after several hours firefighters had partially contained the fire.
By mid-morning, smoke was still billowing from one of the several buildings that make up the parliament complex in the legislative capital, Cape Town.
China to cut new energy vehicle subsidies by 30% in 2022
China will cut subsidies on new energy vehicles (NEVs), such as electric cars, by 30% in 2022 and withdraw them altogether at the end of the year, the Finance Ministry said on its website on Friday.
The ministry had said in April 2020 that NEV subsidies would be cut from 2020 to 2022 by 10%, 20% and 30%, respectively.
For NEVs for public transport, subsidies would be cut by 10% in 2021 and by 20% in 2022.
China, the world's biggest auto market, has set a target for NEVs, including plug-in hybrids and hydrogen fuel cell vehicles, to make up 20% of auto sales by 2025.
China will cut subsidies on new energy vehicles (NEVs), such as electric cars, by 30% in 2022 and withdraw them altogether at the end of the year, the Finance Ministry said on its website on Friday.
The ministry had said in April 2020 that NEV subsidies would be cut from 2020 to 2022 by 10%, 20% and 30%, respectively.
For NEVs for public transport, subsidies would be cut by 10% in 2021 and by 20% in 2022.
China, the world's biggest auto market, has set a target for NEVs, including plug-in hybrids and hydrogen fuel cell vehicles, to make up 20% of auto sales by 2025.
Wall Street will find ways to satisfy crypto envy
Banks are gearing up to get in on the crypto craze in 2022. That sets them up to wrestle with a host of issues that differ from their core business, from murky regulation to a market that operates 24 hours a day, seven days a week read more . Fights over profit and customers may also obscure other risks.
The value of digital currencies outstanding has tripled to more than $2 trillion since the start of 2020. Traditional U.S. banks currently can’t trade such assets themselves, but their customers do and many bankers want in, despite skepticism from luminaries like JPMorgan (JPM.N) boss Jamie Dimon who dismissed bitcoin as "worthless" as recently as October. Dimon's bank, Goldman Sachs (GS.N), Morgan Stanley (MS.N) and others are helping wealth-management clients gain exposure through crypto derivatives. Those trade on regulated exchanges, one step removed from the underlying digital coins. But that's little more than dabbling.
Banks are gearing up to get in on the crypto craze in 2022. That sets them up to wrestle with a host of issues that differ from their core business, from murky regulation to a market that operates 24 hours a day, seven days a week read more . Fights over profit and customers may also obscure other risks.
The value of digital currencies outstanding has tripled to more than $2 trillion since the start of 2020. Traditional U.S. banks currently can’t trade such assets themselves, but their customers do and many bankers want in, despite skepticism from luminaries like JPMorgan (JPM.N) boss Jamie Dimon who dismissed bitcoin as "worthless" as recently as October. Dimon's bank, Goldman Sachs (GS.N), Morgan Stanley (MS.N) and others are helping wealth-management clients gain exposure through crypto derivatives. Those trade on regulated exchanges, one step removed from the underlying digital coins. But that's little more than dabbling.
Turkish inflation soars to 36%, highest in Erdogan era
Turkey's annual inflation rate surged to 36.1% last month, its highest in the 19 years Tayyip Erdogan has ruled, laying bare the depths of a currency crisis engineered by the president's unorthodox interest rate-cutting policies.
In December alone, consumer prices took a rare step into double-digits, rising 13.58%, Turkish Statistical Institute data showed on Monday, eating deeper into the earnings and savings of Turks rattled by the economic turmoil.
Turkey's annual inflation rate surged to 36.1% last month, its highest in the 19 years Tayyip Erdogan has ruled, laying bare the depths of a currency crisis engineered by the president's unorthodox interest rate-cutting policies.
In December alone, consumer prices took a rare step into double-digits, rising 13.58%, Turkish Statistical Institute data showed on Monday, eating deeper into the earnings and savings of Turks rattled by the economic turmoil.
U.S. judge blocks Pentagon from punishing Navy SEALs who refused COVID-19 vaccine
A federal judge on Monday barred the U.S. Department of Defense from punishing a group of Navy SEALs and other special forces members who refused COVID-19 vaccines on religious grounds.
U.S. District Judge Reed O'Connor, acting in response to a lawsuit filed on behalf of 35 special forces service members, issued a preliminary injunction blocking the Navy and Defense Department from enforcing the mandate.
A federal judge on Monday barred the U.S. Department of Defense from punishing a group of Navy SEALs and other special forces members who refused COVID-19 vaccines on religious grounds.
U.S. District Judge Reed O'Connor, acting in response to a lawsuit filed on behalf of 35 special forces service members, issued a preliminary injunction blocking the Navy and Defense Department from enforcing the mandate.
Returned N.Korea defector struggled to resettle in South, lived meagre life
A former North Korean defector who made a risky and rare cross-border return home last week had struggled in South Korea, officials and media reports said on Tuesday, sparking fresh debate over how such defectors are treated in their new lives.
South Korea's military identified the man who crossed the heavily armed Demilitarised Zone (DMZ) separating the two Koreas on Saturday as a North Korean who defected to the South in a similar area just over a year ago.
A former North Korean defector who made a risky and rare cross-border return home last week had struggled in South Korea, officials and media reports said on Tuesday, sparking fresh debate over how such defectors are treated in their new lives.
South Korea's military identified the man who crossed the heavily armed Demilitarised Zone (DMZ) separating the two Koreas on Saturday as a North Korean who defected to the South in a similar area just over a year ago.
North Korea fires suspected missile as S.Korea breaks ground for 'peace' railway
North Korea fired a suspected ballistic missile off its east coast on Wednesday, just hours before South Korean President Moon Jae-in attended a groundbreaking ceremony for a rail line he hopes will eventually connect the divided Korean peninsula.
North Korea's first launch since October underscored leader Kim Jong Un's New Year vow to bolster the military to counter an unstable international situation amid stalled talks with South Korea and the United States.
The presumed missile was fired around 8:10 a.m. (2310 GMT) from an inland location, over the east coast and into the sea, South Korea's Joint Chiefs of Staff (JCS) said.
North Korea fired a suspected ballistic missile off its east coast on Wednesday, just hours before South Korean President Moon Jae-in attended a groundbreaking ceremony for a rail line he hopes will eventually connect the divided Korean peninsula.
North Korea's first launch since October underscored leader Kim Jong Un's New Year vow to bolster the military to counter an unstable international situation amid stalled talks with South Korea and the United States.
The presumed missile was fired around 8:10 a.m. (2310 GMT) from an inland location, over the east coast and into the sea, South Korea's Joint Chiefs of Staff (JCS) said.
Kazakh president says he has given orders to shoot to kill "terrorists"
Kazakhstan's President Kassym-Jomart Tokayev said on Friday he had given shoot-to-kill orders to deal with further disturbances from those he called bandits and terrorists, adding that those who failed to surrender would be "destroyed."
Up to 20,000 "bandits" had attacked the biggest city Almaty and had been destroying state property, Tokayev said in a televised address after a week when protests over fuel prices exploded into a countrywide wave of unrest.
Kazakhstan's President Kassym-Jomart Tokayev said on Friday he had given shoot-to-kill orders to deal with further disturbances from those he called bandits and terrorists, adding that those who failed to surrender would be "destroyed."
Up to 20,000 "bandits" had attacked the biggest city Almaty and had been destroying state property, Tokayev said in a televised address after a week when protests over fuel prices exploded into a countrywide wave of unrest.
Reddit taps Morgan Stanley, Goldman Sachs for IPO - source
Social media platform Reddit Inc, whose message boards became central to meme stock trading frenzy in 2021, is tapping Wall Street banks Morgan Stanley (MS.N) and Goldman Sachs Group (GS.N) for its initial public offering, a source familiar with the matter told Reuters on Friday.
Reddit had confidentially filed for an IPO in December and is aiming for a valuation of over $15 billion at the time of its flotation. It was valued at $10 billion in a private fundraising round led by Fidelity Management in August.
Social media platform Reddit Inc, whose message boards became central to meme stock trading frenzy in 2021, is tapping Wall Street banks Morgan Stanley (MS.N) and Goldman Sachs Group (GS.N) for its initial public offering, a source familiar with the matter told Reuters on Friday.
Reddit had confidentially filed for an IPO in December and is aiming for a valuation of over $15 billion at the time of its flotation. It was valued at $10 billion in a private fundraising round led by Fidelity Management in August.
No jab, no job: Citigroup to fire unvaccinated staff this month - memo
Citigroup Inc (C.N) staff in the United States who have not been vaccinated against COVID-19 by Jan. 14 will be placed on unpaid leave and fired at the end of the month unless they are granted an exemption, according to a company memo seen by Reuters on Friday.
The U.S. bank announced its plan to impose new vaccination rules in October and now becomes the first major Wall Street institution to follow through with a strict vaccine mandate.
Citigroup Inc (C.N) staff in the United States who have not been vaccinated against COVID-19 by Jan. 14 will be placed on unpaid leave and fired at the end of the month unless they are granted an exemption, according to a company memo seen by Reuters on Friday.
The U.S. bank announced its plan to impose new vaccination rules in October and now becomes the first major Wall Street institution to follow through with a strict vaccine mandate.
Moderna’s boosted valuation has Tesla-like spin
Moderna (MRNA.O) may have produced one of the world’s biggest medical products in creating an effective vaccine for Covid-19, but it has also landed itself with a problem a bit like the one facing $1.2 trillion electric-vehicle maker Tesla (TSLA.O). Moderna’s market capitalization has rocketed, but only a fraction of its current worth reflects the value of products it actually makes today. The rest is made up of faith in markets yet to exist.
Moderna (MRNA.O) may have produced one of the world’s biggest medical products in creating an effective vaccine for Covid-19, but it has also landed itself with a problem a bit like the one facing $1.2 trillion electric-vehicle maker Tesla (TSLA.O). Moderna’s market capitalization has rocketed, but only a fraction of its current worth reflects the value of products it actually makes today. The rest is made up of faith in markets yet to exist.
Seven dead, 3 missing after rock face collapse at Brazilian waterfall
At least seven people died and nine were seriously injured when a wall of rock collapsed on top of motor boats below a waterfall in southeastern Brazil on Saturday, the fire department said.
A tower of rocks suddenly broke away from the canyon wall and came crashing down on several leisure boats, sending out a huge wave over the lake at Capitolio, in Minas Gerais state.
Videos posted on social media showed tourists shouting as the column of rock crashed into the water, smashing two boats.
Authorities said three people were still missing after others feared lost were located by telephone. Divers searched the lake.
At least seven people died and nine were seriously injured when a wall of rock collapsed on top of motor boats below a waterfall in southeastern Brazil on Saturday, the fire department said.
A tower of rocks suddenly broke away from the canyon wall and came crashing down on several leisure boats, sending out a huge wave over the lake at Capitolio, in Minas Gerais state.
Videos posted on social media showed tourists shouting as the column of rock crashed into the water, smashing two boats.
Authorities said three people were still missing after others feared lost were located by telephone. Divers searched the lake.
Plane hit by train after crashing on train tracks in California
Police in Los Angeles, California, pulled the pilot from a crash-landed Cessna seconds before the aircraft was hit by a train on Sunday, sending debris flying in all directions.
Dramatic video obtained by Reuters shows several officers freeing the man from the downed plane, which had crashed shortly after takeoff in the Pacoima neighborhood, according to local media. The officers and pilot are just a few feet away from the tracks when the passing train destroys the plane.
Police in Los Angeles, California, pulled the pilot from a crash-landed Cessna seconds before the aircraft was hit by a train on Sunday, sending debris flying in all directions.
Dramatic video obtained by Reuters shows several officers freeing the man from the downed plane, which had crashed shortly after takeoff in the Pacoima neighborhood, according to local media. The officers and pilot are just a few feet away from the tracks when the passing train destroys the plane.
President of Kazakhstan says he has weathered attempted coup d'etat
Kazakh President Kassym-Jomart Tokayev said on Monday that his country had weathered an attempted coup d'etat coordinated by what he called "a single centre" after the most violent unrest since the Soviet collapse.
In a speech to an online meeting of the Russian-led CSTO military alliance by video link, Tokayev said that order had now been restored in Kazakhstan, but that the hunt for "terrorists" was ongoing.
Kazakh President Kassym-Jomart Tokayev said on Monday that his country had weathered an attempted coup d'etat coordinated by what he called "a single centre" after the most violent unrest since the Soviet collapse.
In a speech to an online meeting of the Russian-led CSTO military alliance by video link, Tokayev said that order had now been restored in Kazakhstan, but that the hunt for "terrorists" was ongoing.
U.S. breaks COVID-19 hospitalization record at over 132,000 as Omicron surges
COVID-19 hospitalizations in the United States reached a record high on Monday, according to a Reuters tally, as a surge in infections caused by the highly contagious Omicron variant strains health systems in several states.
There were 132,646 people hospitalized with COVID, surpassing the record of 132,051 set in January last year.
Hospitalizations have increased steadily since late December, doubling in the last three weeks, as Omicron quickly overtook Delta as the dominant version of the virus in the United States.
COVID-19 hospitalizations in the United States reached a record high on Monday, according to a Reuters tally, as a surge in infections caused by the highly contagious Omicron variant strains health systems in several states.
There were 132,646 people hospitalized with COVID, surpassing the record of 132,051 set in January last year.
Hospitalizations have increased steadily since late December, doubling in the last three weeks, as Omicron quickly overtook Delta as the dominant version of the virus in the United States.
Too soon to treat COVID-19 like flu as Omicron spreads - WHO
The Omicron variant of COVID-19 is on track to infect more than half of Europeans, but it should not yet be seen as a flu-like endemic illness, the World Health Organization (WHO) said on Tuesday.
Europe saw more than 7 million newly-reported cases in the first week of 2022, more than doubling over a two-week period, WHO's Europe director Hans Kluge told a news briefing.
"At this rate, the Institute for Health Metrics and Evaluation forecasts that more than 50% of the population in the region will be infected with Omicron in the next 6-8 weeks," Kluge said, referring to a research centre at the University of Washington.
Fifty out of 53 countries in Europe and central Asia have logged cases of the more infectious variant, Kluge said.
The Omicron variant of COVID-19 is on track to infect more than half of Europeans, but it should not yet be seen as a flu-like endemic illness, the World Health Organization (WHO) said on Tuesday.
Europe saw more than 7 million newly-reported cases in the first week of 2022, more than doubling over a two-week period, WHO's Europe director Hans Kluge told a news briefing.
"At this rate, the Institute for Health Metrics and Evaluation forecasts that more than 50% of the population in the region will be infected with Omicron in the next 6-8 weeks," Kluge said, referring to a research centre at the University of Washington.
Fifty out of 53 countries in Europe and central Asia have logged cases of the more infectious variant, Kluge said.
No vax, pay tax, says Canada's Quebec as health system struggles
Quebec, Canada's second most populous province, is planning to force adults refusing to get COVID-19 vaccinated pay a "health contribution" in a move likely to spur a debate about individual rights and social responsibility.
Premier Francois Legault told reporters at a briefing on Tuesday that the proposal, details of which were still being finalised, would not apply to those who cannot get vaccinated for medical reasons.
Unvaccinated people put a financial burden on others and the provincial finance ministry is determining a "significant" amount that unvaccinated residents would be required to pay, Legault said, adding that such an amount would not be less than C$100 ($79.50).
Governments globally have imposed movement restrictions on the unvaccinated and few have levied fines on the elderly, but a sweeping tax on all unvaccinated adults could be a rare and controversial move.
Quebec, Canada's second most populous province, is planning to force adults refusing to get COVID-19 vaccinated pay a "health contribution" in a move likely to spur a debate about individual rights and social responsibility.
Premier Francois Legault told reporters at a briefing on Tuesday that the proposal, details of which were still being finalised, would not apply to those who cannot get vaccinated for medical reasons.
Unvaccinated people put a financial burden on others and the provincial finance ministry is determining a "significant" amount that unvaccinated residents would be required to pay, Legault said, adding that such an amount would not be less than C$100 ($79.50).
Governments globally have imposed movement restrictions on the unvaccinated and few have levied fines on the elderly, but a sweeping tax on all unvaccinated adults could be a rare and controversial move.
Thailand plans to impose tourist fee from April
Thailand is planning to collect a 300 baht ($9) fee from foreign tourist from April to develop attractions and cover accident insurance for foreigners unable to pay costs themselves, senior officials said on Wednesday.
Thailand, one of Asia's most popular travel destinations, has been badly hit by a pandemic-induced tourism slump, with about 200,000 arrivals last year, compared to nearly 40 million in 2019.
Recent efforts to revive the sector have been complicated by the rapid global spread of the Omicron variant of COVID-19.
"Part of the fee will be used to take care of tourists," Tourism Authority of Thailand governor Yuthasak Supasorn told Reuters.
Thailand is planning to collect a 300 baht ($9) fee from foreign tourist from April to develop attractions and cover accident insurance for foreigners unable to pay costs themselves, senior officials said on Wednesday.
Thailand, one of Asia's most popular travel destinations, has been badly hit by a pandemic-induced tourism slump, with about 200,000 arrivals last year, compared to nearly 40 million in 2019.
Recent efforts to revive the sector have been complicated by the rapid global spread of the Omicron variant of COVID-19.
"Part of the fee will be used to take care of tourists," Tourism Authority of Thailand governor Yuthasak Supasorn told Reuters.