Tag Archives: BEVS

U.S. FTC probes Pepsi, Coca-Cola over price discrimination – Politico

Jan 9 (Reuters) – Beverage giants Coca-Cola Co (KO.N) and PepsiCo Inc (PEP.O) are under preliminary investigation by the U.S. Federal Trade Commission (FTC) over potential price discrimination in the soft drink market, Politico reported on Monday citing sources.

The pricing strategies of both companies are being scrutinized under the Robinson-Patman Act, the report said.

The U.S. antitrust law prevents large franchises and chains from engaging in price discrimination against small businesses.

The FTC reached out to large retailers, including Walmart Inc (WMT.N), for at least a month seeking data and other information on how they purchase and price soft drinks, two of the sources told Politico. Walmart is currently not a target in the investigation, according to the report.

FTC, Coca-Cola, Pepsi and Walmart did not immediately respond to Reuters’ request for comments.

Reporting by Shivani Tanna in Bengaluru; Editing by Sherry Jacob-Phillips

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Exclusive: PepsiCo to roll out 100 Tesla Semis in 2023, exec says

NEW YORK/SAN FRANCISCO, Dec 16 (Reuters) – PepsiCo plans to roll out 100 heavy-duty Tesla Semis in 2023, when it will start using the electric trucks to make deliveries to customers like Walmart and Kroger, the soda maker’s top fleet official told Reuters on Friday.

PepsiCo Inc (PEP.O), which ordered the big trucks in 2017, is purchasing them “outright” and is also upgrading its plants, including installing four 750-kilowatt Tesla Inc (TSLA.O) charging stalls at both its Modesto and Sacramento locations in California, PepsiCo Vice President Mike O’Connell said in an interview. A $15.4 million state grant and $40,000 federal subsidy per vehicle helps offset part of the costs.

“It’s a great starting point to electrify,” said O’Connell, who oversees the company’s fleet of vehicles.

“Like any early technology, the incentives help us build out the program,” he said, adding that there were “lots” of development and infrastructure costs.

PepsiCo is the first company to experiment with the battery-powered Tesla Semis as a way of cutting its environmental impact. read more

United Parcel Service Inc (UPS.N) and food delivery company Sysco Corp (SYY.N) have also reserved the trucks, while retailer Walmart Inc (WMT.N) is testing alternatives.

PepsiCo’s plans to use the Semis have been reported, but O’Connell provided new details on how the company is using them and its timeline for deploying them. Tesla Chief Executive Elon Musk initially said the trucks would be in production by 2019, but that was delayed due to battery constraints.

PepsiCo said it plans to deploy 15 trucks from Modesto and 21 from Sacramento. It is unclear where the others will be based but O’Connell said the firm is targeting rolling out the Semis in the central United States next, and then the East Coast.

The company’s Frito-Lay division sells lightweight food products, making it a good candidate for electric trucks, which have heavy batteries that could limit cargo capacity.

The Semis will haul Frito-Lay food products for around 425 miles (684 km), but for heavier loads of sodas, the trucks will initially do shorter trips of around 100 miles (160 km), O’Connell said. PepsiCo then will also use the Semis to haul beverages in the “400 to 500 mile range as well,” O’Connell said.

“Dragging a trailer full of chips around is not the most intense, tough ask,” said Oliver Dixon, senior analyst at consultancy Guidehouse.

“I still believe that Tesla has an awful lot to prove to the broader commercial vehicle marketplace,” Dixon said, citing Tesla’s unwillingness to offer information on payload and pricing.

PepsiCo has earmarked some of the trucks planned for the Sacramento location to make deliveries to Walmart and grocers such as Kroger Co (KR.N) and Albertsons Cos Inc (ACI.N). The trucks at the Modesto Frito-Lay plant have just gone to PepsiCo distribution centers, O’Connell said.

All of the Semis going to PepsiCo will have a 500-mile (805-km) range. O’Connell added that he is not aware of when Tesla will start deploying 300-mile (480-km) trucks. When Tesla starts building them, PepsiCo “will rotate those up” into its fleet, he said.

PepsiCo declined to share details on the price of the trucks, a figure that Tesla has kept quiet. Competing vehicles sell for $230,000 to $240,000, said Mark Barrott of consulting firm Plante Moran. He added that the 500-mile range Tesla Semi could be priced higher because its 1,000-kilowatt-hour (kWh) battery pack is about twice the size of many of its rivals.

“We keep the trucks for a million miles, seven years,” O’Connell said. “The operating costs over time will pay back.”

The Gatorade maker declined to share specifics on the weight of the trucks, another closely guarded secret by Tesla.

He said Tesla did not help pay for the trucks’ megachargers but provided design and engineering services for the facilities, which come with solar and battery storage systems.

O’Connell said that a 425-mile (684-km) trip carrying Frito-Lay products brings the Semi’s battery down to roughly 20%, and recharging it takes around 35 to 45 minutes.

Reporting by Jessica DiNapoli in New York and Hyun Joo Jin in San Francisco; additional reporting by Joe White and Siddharth Cavale; Editing by Jonathan Oatis and Rosalba O’Brien

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Jessica DiNapoli

Thomson Reuters

New York-based reporter covering U.S. consumer products spanning from paper towels to packaged food, the companies that make them and how they’re responding to the economy. Previously reported on corporate boards and distressed companies.

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Elon Musk briefly loses title as world’s richest person to LVMH’s Arnault – Forbes

Dec 7 (Reuters) – Twitter owner and Tesla (TSLA.O) boss Elon Musk briefly lost his title as the world’s richest person on Wednesday, according to Forbes, following a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm.

Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH (LVMH.PA), and his family briefly took the title as the world’s richest, but were back at No. 2 with a personal wealth of $185.3 billion, according to Forbes.

Musk, who has held the top spot on the Forbes list since September 2021, has a net worth of $185.7 billion. Musk took over the title from Amazon.com (AMZN.O) founder Jeff Bezos.

Tesla shares, which have lost more than 47% in value since Musk made his offer to buy Twitter earlier this year, were down 2.7%.

Musk’s net worth dropped below $200 billion earlier on Nov. 8 as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter.

Tesla has lost nearly half its market value and Musk’s net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.

Besides Tesla, Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.

Reporting by Akriti Sharma and Chavi Mehta in Bengaluru; Editing by Shounak Dasgupta

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Musk delivers first Tesla truck, but no update on output, pricing

  • Tesla ships first Semi to PepsiCo five years after unveiling it
  • No details on orders or capacity for electric truck
  • Semi uses existing Tesla motors, to feature new Supercharger

Dec 1 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Elon Musk delivered the company’s first heavy-duty Semi on Thursday to PepsiCo (PEP.O) without offering updated forecasts for the truck’s pricing, production plans or how much cargo it could haul.

Musk, who appeared onstage at an event at Tesla’s Nevada plant, said the battery-powered, long-haul truck would reduce highway emissions, outperform existing diesel models on power and safety and spin-off a fast-charging technology Tesla would use in its upcoming Cybertruck pickup.

“If you’re a trucker and you want the most badass rig on the road, this is it,” Musk said, noting that it was five years since Tesla had announced it was developing the all-electric truck. Still, industry experts remain skeptical that battery electric trucks can take the strain of hauling hefty loads for hundreds of miles economically.

At Musk’s first Tesla reveal since taking over Twitter – an acquisition some investors worry has become a distraction – the company did not announce pricing for the Semi, provide details on variants of the truck it had initially projected or supply a forecast for deliveries to PepsiCo or other customers. Tesla said it would begin using the Semi to ship parts to its plant in Fremont, California.

In 2017, Tesla had said the 300-mile range version of the Semi would cost $150,000, and the 500-mile version $180,000, but Tesla’s passenger electric vehicle prices have increased sharply since then.

Robyn Denholm, chair of Tesla, recently said the automaker might produce 100 Semis this year. Musk has said Tesla would aim to produce 50,000 of the trucks in 2024.

PepsiCo, which completed its first cargo run with the Tesla truck to deliver snacks for those attending the Nevada launch event, had ordered 100 trucks in 2017.

Brewer Anheuser-Busch (ABI.BR), United Parcel Service Inc (UPS.N) and Walmart Inc (WMT.N) were among other companies that had reserved the Semi. Tesla did not provide details on orders or deliveries to customers, nor an estimate on what the total cost of ownership for future buyers would be compared to diesel alternatives.

‘NOT IMPRESSIVE’

Musk said the Semi has been doing test runs between Tesla’s Sparks, Nevada factory and its plant in Fremont, California. Tesla said it had completed a 500-mile drive on a single charge, with the Semi and cargo weighing in at 81,000 pounds in total.

Tesla did not disclose the weight of an unloaded Semi, one key specification analysts had hoped to learn and an important consideration for the efficiency of electric trucks.

Musk has spoken in the past about the prospect of fully autonomous trucks. Tesla did not provide details on how Tesla’s driver assistance systems would function in the Semi it unveiled on Thursday or future versions.

The Semi delivery presentation ended without Musk taking questions, as he often does at Tesla events.

“Not very impressive – moving a cargo of chips (average weight per pack 52 grams) cannot in any way be said to be definitive proof of concept,” said Oliver Dixon, senior analyst at consultancy Guidehouse.

Tesla had initially set a production target for 2019 for the Semi, which was first unveiled in 2017. In the years since, rivals have begun to sell battery-powered trucks of their own.

Daimler’s (MBGn.DE) Freightliner, Volvo (VOLVb.ST), startup Nikola (NKLA.O) and Renault (RENA.PA) are among Tesla’s competitors in developing alternatives to combustion-engine trucks.

Walmart (WMT.N), for instance, has said it has been testing Freightliner’s eCascadia and Nikola’s Tre BEV trucks in California.

‘LIKE A CHEETAH’

The Semi is capable of charging at 1 megawatt and has liquid-cooling technology in the charging cable in an updated version of Tesla’s Supercharger that will be made available to the Cybertruck, Musk said. The Cybertruck is scheduled to go into production in 2023.

Trucks in Semi’s category represent just 1% of U.S. vehicle sales but 20% of overall vehicle emissions, Tesla said.

Tesla said other, future vehicles would use powertrain technology developed for the Semi without providing details. The Semi uses three electric motors developed for Tesla’s performance version of its Model S, with only one of them engaged at highway speed and two in reserve for when the truck needs to accelerate, a feature that makes the truck more energy-efficient, Musk said.

“This thing has crazy power relative to a diesel truck,” Musk said. “Basically it’s like an elephant moving like a cheetah.”

In a slide displayed as part of Musk’s presentation, Tesla showed an image of a future “robotaxi” in development with a mock-up of the future car covered under a tarp.

The presentation took place after Tesla shares closed at $194.70. The stock has fallen about 45% so far this year, losing about $500 billion in market capitalisation, down to about $615 billion.

Among factors cited by investors have been Musk’s sales of Tesla shares to finance his takeover of Twitter, signs that a slowing global economy has started to cut into demand for Tesla’s premium-priced cars, and a warning by the company that it might not meet its target to grow deliveries by 50% this year.

Reporting by Akash Sriram in Bengaluru and Hyunjoo Jin in San Francisco; Editing by Kenneth Maxwell

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No alcohol sales permitted at Qatar’s World Cup stadium sites

DOHA Nov 18 (Reuters) – Alcoholic beer will not be sold at Qatar’s World Cup stadiums, world soccer governing body FIFA said on Friday, a last minute reversal which raised questions among some supporters about the host country’s ability to deliver on promises to fans.

The announcement comes two days before Sunday’s kickoff of the World Cup, the first to be held in a conservative Muslim country with strict controls on alcohol, the consumption of which is banned in public.

“Following discussions between host country authorities and FIFA, a decision has been made to focus the sale of alcoholic beverages on the FIFA Fan Festival, other fan destinations and licensed venues, removing sales points of beer from Qatar’s FIFA World Cup 2022 stadium perimeters,” a FIFA spokesperson said in a statement.

England’s Football Supporters’ Association said the decision raises concerns about Qatar’s ability to fulfil its promises to visiting fans on “accommodation, transport or cultural issues.”

For years, Qatar’s tournament organisers have said that alcohol would be widely accessible to fans at the tournament.

“Some fans like a beer at the match, and some don’t, but the real issue is the last-minute U-turn which speaks to a wider problem — the total lack of communication and clarity from the organising committee towards supporters,” the association said in a statement on Twitter.

Qatar, the smallest country to host a World Cup, is bracing for the expected arrival of 1.2 million fans during the month long tournament, more than a third of the Gulf Arab state’s 3 million population.

Budweiser, a major World Cup sponsor, owned by beer maker AB InBev, was to exclusively sell alcoholic beer within the ticketed perimeter surrounding each of the eight stadiums three hours before and one hour after each game.

“Some of the planned stadium activations cannot move forward due to circumstances beyond our control,” AB InBev said in a statement.

Someone at the company had summed the situation up in a pithier fashion. “Well, this is awkward…” read a post on Budweiser’s official Twitter account. The comment, subsequently deleted, was broadcast as a screengrab by the BBC.

Budweiser has been a World Cup sponsor since 1985, the year before the event was held in Mexico. For 2022, it has launched its biggest ever campaign, with activities for Budweiser and other brands in more than 70 markets and at 1.2 million bars, restaurants and retail outlets.

The World Cup typically boosts beer consumption and the Belgium-based maker of brands such as Stella Artois and Corona clearly want to profit from the millions of dollars it pays to be a sponsor.

However, it has said those profits will come less from consumption at the event’s location but from fans watching on television.

“Tournament organisers appreciate AB InBev’s understanding and continuous support to our joint commitment to cater for everyone during the FIFA World Cup,” the statement said.

LONG-TERM NEGOTIATIONS

The stadium reversal comes after long-term negotiations between FIFA president Gianni Infantino, Budweiser, and executives from Qatar’s Supreme Committee for Delivery and Legacy (SC), which is organising the World Cup, a source with knowledge of the negotiations told Reuters on condition of anonymity.

The SC did not respond to Reuters’ request for comment and FIFA did not confirm Infantino’s involvement.

“A larger number of fans are attending from across the Middle East and South Asia, where alcohol doesn’t play such a large role in the culture,” the source said.

“The thinking was that, for many fans, the presence of alcohol would not create an enjoyable experience.”

Alcohol will continue to flow freely inside stadium VIP suites, which FIFA’s website advertises as offering a selection of beers, Champagne, sommelier-selected wines, and premium spirits.

Budweiser will sell its non-alcoholic beer throughout the stadium precincts for $8.25 per half-litre, the statement said.

Questions have swirled around the role alcohol would play at this year’s World Cup since Qatar won hosting rights in 2010. While not a “dry” state like neighbouring Saudi Arabia, consuming alcohol in public places is illegal in Qatar.

Visitors cannot bring alcohol into Qatar, even from the airport’s duty free section, and most cannot buy alcohol at the country’s only liquor store. Alcohol is sold in bars at some hotels, where beer costs around $15 per half-litre.

Budweiser will still sell alcoholic beer at the main FIFA Fan Fest in central Doha, the source said, where it is offered for about $14 per half-litre. Alcohol will also be sold in some other fan zones whereas others are alcohol-free.

“Fans can decide where they want to go without feeling uncomfortable. At stadiums, this was previously not the case,” the source said.

Reporting by Andrew Mills in Doha with contributions from Philip Blenkinsop in Brussels and Manasi Pathak in Doha; Writing by Andrew Mills; Editing by Jan Harvey and Christian Radnedge

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Exclusive: Tesla plans mass production start for Cybertruck at end of 2023

Nov 1 (Reuters) – Tesla (TSLA.O) aims to start mass production of its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck Chief Executive Elon Musk unveiled in 2019, two people with knowledge of the plans told Reuters.

Tesla said last month that it was working on readying its Austin, Texas plant to build the new model with “early production” set to start in the middle of 2023. “We’re in the final lap for Cybertruck,” Musk told a conference call with financial analysts.

A gradual ramp in the second half of next year to full output for the sharp-angled electric truck would mean that Tesla would not be recording revenue until early 2024 for a full-quarter of production on a new model seen as key to its growth.

It would also mean a wait of another year for the estimated hundreds of thousands of potential buyers who have paid $100 to reserve a Cybertruck in one of the most highly anticipated, and closely tracked electric vehicle launches ever.

Tesla did not immediately respond to a request to comment.

It has not announced final pricing on the Cybertruck, showed the production version of the vehicle or specified how it will manage the battery supply for the new model.

In 2019, Tesla had projected an initial price of under $40,000, but prices for new vehicles have shot higher since then and Tesla has raised prices across its lineup.

CRACKED WINDOWS

Tesla’s Cybertruck is displayed at Manhattan’s Meatpacking District in New York City, U.S., May 8, 2021. REUTERS/Jeenah Moon

Musk introduced Cybertruck in a 2019 reveal where the vehicle’s designer cracked the vehicle’s supposedly unbreakable “armor glass” windows. The company has pushed back production timing three times since: from late 2021 to late 2022, then to early 2023 and most recently to the mid-2023 target for initial production.

The launch of the Cybertruck will give Tesla an EV entrant in one of the most profitable segments of the U.S. market and a competitor to electric pickups from the likes of Ford Motor Co (F.N) and Rivian Automotive (RIVN.O), both of which have launched models in still-limited numbers.

In January, Musk had cited shortages in sourcing components as the reason for pushing the launch of Cybertruck into 2023.

In May, Tesla stopped taking orders for the Cybertruck outside North America. Musk said then the company had “more orders of the first Cybertrucks than we could possibly fulfill for three years after the start of production.”

Automakers often ramp production slowly for an all-new model like the Cybertruck.

Analysts have also cautioned that a weakening global economy will start to weigh on sales for Tesla, which has so far been able to sell every car it makes. Musk has said he expected a coming recession would last “probably until Spring of ’24.”

IDRA Group, the Italian company making the Giga Press that will be used for die casting parts for the Cybertruck, said in a LinkedIn post last week that the 9,000-ton machine for truck part production was packed and ready to be shipped.

The post did not name Tesla. Tesla has been using the Giga Press to cut the cost and complexity of production of its Model Y, an innovation other automakers, including Toyota, have studied.

Reporting by Hyunjoo Jin in San Francisco, Zhang Yan in Shanghai; Writing by Kevin Krolicki; Editing by Muralikumar Anantharaman

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Exclusive: Brands blast Twitter for ads next to child pornography accounts

Sept 28 (Reuters) – Some major advertisers including Dyson, Mazda, Forbes and PBS Kids have suspended their marketing campaigns or removed their ads from parts of Twitter because their promotions appeared alongside tweets soliciting child pornography, the companies told Reuters.

DIRECTV and Thoughtworks also told Reuters late on Wednesday they have paused their advertising on Twitter.

Brands ranging from Walt Disney Co (DIS.N), NBCUniversal (CMCSA.O) and Coca-Cola Co (KO.N) to a children’s hospital were among more than 30 advertisers that appeared on the profile pages of Twitter accounts peddling links to the exploitative material, according to a Reuters review of accounts identified in new research about child sex abuse online from cybersecurity group Ghost Data.

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Some of tweets include key words related to “rape” and “teens,” and appeared alongside promoted tweets from corporate advertisers, the Reuters review found. In one example, a promoted tweet for shoe and accessories brand Cole Haan appeared next to a tweet in which a user said they were “trading teen/child” content.

“We’re horrified,” David Maddocks, brand president at Cole Haan, told Reuters after being notified that the company’s ads appeared alongside such tweets. “Either Twitter is going to fix this, or we’ll fix it by any means we can, which includes not buying Twitter ads.”

In another example, a user tweeted searching for content of “Yung girls ONLY, NO Boys,” which was immediately followed by a promoted tweet for Texas-based Scottish Rite Children’s Hospital. Scottish Rite did not return multiple requests for comment.

In a statement, Twitter spokesperson Celeste Carswell said the company “has zero tolerance for child sexual exploitation” and is investing more resources dedicated to child safety, including hiring for new positions to write policy and implement solutions.

She added that Twitter is working closely with its advertising clients and partners to investigate and take steps to prevent the situation from happening again.

Twitter’s challenges in identifying child abuse content were first reported in an investigation by tech news site The Verge in late August. The emerging pushback from advertisers that are critical to Twitter’s revenue stream is reported here by Reuters for the first time.

Like all social media platforms, Twitter bans depictions of child sexual exploitation, which are illegal in most countries. But it permits adult content generally and is home to a thriving exchange of pornographic imagery, which comprises about 13% of all content on Twitter, according to an internal company document seen by Reuters.

Twitter declined to comment on the volume of adult content on the platform.

Ghost Data identified the more than 500 accounts that openly shared or requested child sexual abuse material over a 20-day period this month. Twitter failed to remove more than 70% of the accounts during the study period, according to the group, which shared the findings exclusively with Reuters.

Reuters could not independently confirm the accuracy of Ghost Data’s finding in full, but reviewed dozens of accounts that remained online and were soliciting materials for “13+” and “young looking nudes.”

After Reuters shared a sample of 20 accounts with Twitter last Thursday, the company removed about 300 additional accounts from the network, but more than 100 others still remained on the site the following day, according to Ghost Data and a Reuters review.

Reuters then on Monday shared the full list of more than 500 accounts after it was furnished by Ghost Data, which Twitter reviewed and permanently suspended for violating its rules, said Twitter’s Carswell on Tuesday.

In an email to advertisers on Wednesday morning, ahead of the publication of this story, Twitter said it “discovered that ads were running within Profiles that were involved with publicly selling or soliciting child sexual abuse material.”

Andrea Stroppa, the founder of Ghost Data, said the study was an attempt to assess Twitter’s ability to remove the material. He said he personally funded the research after receiving a tip about the topic.

Twitter’s transparency reports on its website show it suspended more than 1 million accounts last year for child sexual exploitation.

It made about 87,000 reports to the National Center for Missing and Exploited Children, a government-funded non-profit that facilitates information sharing with law enforcement, according to that organization’s annual report.

“Twitter needs to fix this problem ASAP, and until they do, we are going to cease any further paid activity on Twitter,” said a spokesperson for Forbes.

“There is no place for this type of content online,” a spokesperson for carmaker Mazda USA said in a statement to Reuters, adding that in response, the company is now prohibiting its ads from appearing on Twitter profile pages.

A Disney spokesperson called the content “reprehensible” and said they are “doubling-down on our efforts to ensure that the digital platforms on which we advertise, and the media buyers we use, strengthen their efforts to prevent such errors from recurring.”

A spokesperson for Coca-Cola, which had a promoted tweet appear on an account tracked by the researchers, said it did not condone the material being associated with its brand and said “any breach of these standards is unacceptable and taken very seriously.”

NBCUniversal said it has asked Twitter to remove the ads associated with the inappropriate content.

CODE WORDS

Twitter is hardly alone in grappling with moderation failures related to child safety online. Child welfare advocates say the number of known child sexual abuse images has soared from thousands to tens of millions in recent years, as predators have used social networks including Meta’s Facebook and Instagram to groom victims and exchange explicit images.

For the accounts identified by Ghost Data, nearly all the traders of child sexual abuse material marketed the materials on Twitter, then instructed buyers to reach them on messaging services such as Discord and Telegram in order to complete payment and receive the files, which were stored on cloud storage services like New Zealand-based Mega and U.S.-based Dropbox, according to the group’s report.

A Discord spokesperson said the company had banned one server and one user for violating its rules against sharing links or content that sexualize children.

Mega said a link referenced in the Ghost Data report was created in early August and soon after deleted by the user, which it declined to identify. Mega said it permanently closed the user’s account two days later.

Dropbox and Telegram said they use a variety of tools to moderate content but did not provide additional detail on how they would respond to the report.

Still the reaction from advertisers poses a risk to Twitter’s business, which earns more than 90% of its revenue by selling digital advertising placements to brands seeking to market products to the service’s 237 million daily active users.

Twitter is also battling in court Tesla CEO and billionaire Elon Musk, who is attempting to back out of a $44 billion deal to buy the social media company over complaints about the prevalence of spam accounts and its impact on the business.

A team of Twitter employees concluded in a report dated February 2021 that the company needed more investment to identify and remove child exploitation material at scale, noting the company had a backlog of cases to review for possible reporting to law enforcement.

“While the amount of (child sexual exploitation content) has grown exponentially, Twitter’s investment in technologies to detect and manage the growth has not,” according to the report, which was prepared by an internal team to provide an overview about the state of child exploitation material on Twitter and receive legal advice on the proposed strategies.

“Recent reports about Twitter provide an outdated, moment in time glance at just one aspect of our work in this space, and is not an accurate reflection of where we are today,” Carswell said.

The traffickers often use code words such as “cp” for child pornography and are “intentionally as vague as possible,” to avoid detection, according to the internal documents. The more that Twitter cracks down on certain keywords, the more that users are nudged to use obfuscated text, which “tend to be harder for (Twitter) to automate against,” the documents said.

Ghost Data’s Stroppa said that such tricks would complicate efforts to hunt down the materials, but noted that his small team of five researchers and no access to Twitter’s internal resources was able to find hundreds of accounts within 20 days.

Twitter did not respond to a request for further comment.

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Reporting by Sheila Dang in New York and Katie Paul in Palo Alto; Additional reporting by Dawn Chmielewski in Los Angeles; Editing by Kenneth Li and Edward Tobin

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Frugal is the new cool for young Chinese as economy falters

BEIJING, Sept 19 (Reuters) – Before the pandemic, Doris Fu imagined a different future for herself and her family: new car, bigger apartment, fine dining on weekends and holidays on tropical islands.

Instead, the 39-year old Shanghai marketing consultant is one of many Chinese in their 20s and 30s cutting spending and saving cash where they can, rattled by China’s coronavirus lockdowns, high youth unemployment and a faltering property market.

“I no longer have manicures, I don’t get my hair done anymore. I have gone to China-made for all my cosmetics,” Fu told Reuters.

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This new frugality, amplified by social media influencers touting low-cost lifestyles and sharing money-saving tips, is a threat to the world’s second-largest economy, which narrowly avoided contraction in the second quarter. Consumer spending accounts for more than half of China’s GDP.

“We’ve been mapping consumer behaviour here for 16 years and in all of that time this is the most concerned that I’ve seen young consumers,” said Benjamin Cavender, managing director of China Market Research Group (CMR).

China’s ‘zero-COVID’ policy – including stringent lockdowns, travel restrictions and mass testing – has taken a heavy toll on the country’s economy. The government’s crackdown on big technology companies has also had an outsized effect on the young workforce.

Unemployment among people aged 16 to 24 stands at almost 19%, after hitting a record 20% in July, according to government data. Some young people have been forced to take pay cuts, for example in the retail and e-commerce sectors, according to two industry surveys. The average salary in 38 major Chinese cities fell 1% in the first three months of this year, data collated by online recruitment firm Zhilian Zhaopin show.

As a result, some young people prefer to save than splurge.

“I used to go see two movies every month, but I haven’t stepped inside a cinema since the pandemic,” said Fu, an avid movie fan.

Retail sales in China rose just 2.7% year-on-year in July, recovering to 5.4% in August but still well below the mostly 7%-plus levels during 2019, before the pandemic.

Almost 60% of people are now inclined to save more, rather than consume or invest more, according to the most recent quarterly survey by the People’s Bank of China (PBOC), China’s central bank. That figure was 45% three years ago.

Chinese households overall added 10.8 trillion yuan ($1.54 trillion) in new bank savings in the first eight months of the year, up from 6.4 trillion yuan in the same period last year.

That is a problem for China’s economic policymakers, who have long relied on increased consumption to bolster growth.

China is the only leading economy that cut interest rates this year, in an effort to spur growth. China’s big state-owned banks cut personal deposit rates on Sept. 15, a move designed to discourage saving and boost consumption. read more

Addressing the rise in people’s inclination to save, a PBOC official said in July that when the pandemic eases, the willingness to invest and consume will “stabilize and rise.”

The PBOC did not respond to Reuters requests for comment; neither did China’s Ministry of Commerce.

’10 YUAN DINNER’

After years of increasingly ardent consumerism fuelled by rising wages, easy credit and online shopping, a move toward frugality brings young people in China closer to their more cautious parents, whose memories of lean years before the economy took off have made them more inclined to save.

“Amid the tough job market and strong downward economic pressure, young people’s feelings of insecurity and uncertainty are something they never experienced,” said Zhiwu Chen, chair professor of finance at Hong Kong University Business School.

Unlike their parents, some are making a show of their thriftiness online.

A woman in her 20s in the eastern city of Hangzhou, who uses the handle Lajiang, has gained hundreds of thousands of followers posting more than 100 videos on how to make 10 yuan ($1.45) dinners on lifestyle app Xiaohongshu and streaming site Bilibili.

In one minute-long video with nearly 400,000 views, she stir-fries a dish made from a 4-yuan basa fillet, 5 yuan of frozen shrimp, and 2 yuan of vegetables, using a pink chopping board and pink rice cooker.

Social media discussions have sprung up to share money-saving tips, such as the ‘Live off 1,600 yuan a month challenge,’ in Shanghai, one of China’s most expensive cities.

Yang Jun, who said she was deep in credit card debt before the pandemic, started a group called the Low Consumption Research Institute on networking site Douban in 2019. The group has attracted more than 150,000 members. Yang said she is cutting spending and is selling some of her belongings on second-hand sites to raise cash.

“COVID-19 makes people pessimistic,” the 28-year-old said. “You can’t just be like before, spend all the money you make, and make it back again next month.” She said she is now out of debt.

Yang said she has cut out her daily Starbucks coffee. Fu said she switched her makeup powder brand from Givenchy to a Chinese brand called Florasis, which is about 60% cheaper.

French luxury brands leader LVMH (LVMH.PA), which owns Givenchy, and coffee giant Starbucks Corp (SBUX.O) both said sales fell sharply in China in the latest quarter. read more

China has given no signal on when or how it will exit from its zero-COVID policy. And while policymakers have taken various measures in hopes of boosting consumption, from subsidies for car buyers to shopping vouchers, far more money and attention has been directed towards infrastructure as a way of stimulating the economy.

Stability has been the key theme for China’s policymakers this year, experts say, as President Xi Jinping gears up for a third leadership term at next month’s congress of the ruling Communist Party.

“In the past, when you had economic slowdown, consumers were more likely to feel that government policy is going to fix this problem very quickly,” said Cavender at CMR. “I think right now the challenge is when you interview younger consumers they really don’t know what the future holds.”

Fu, the marketing professional, said she has deferred plans to sell her two small apartments to buy a bigger one in a better school district for her son, and has given up for now on upgrading from her Volkswagen Golf.

“Why do I dare not upgrade my house and my car, even if I have the money?” she said. “Everything is unknown.”

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Reporting by Albee Zhang and Tony Munroe
Editing by Bill Rigby

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Elon Musk says he was joking about buying Manchester United

Aug 17 (Reuters) – Elon Musk, the world’s richest person, said early on Wednesday that he was joking when he tweeted hours previously that he was going to buy currently struggling English football club Manchester United Plc (MANU.N).

“No, this is a long-running joke on Twitter. I’m not buying any sports teams,” Musk posted when asked by a user if he was serious about buying the club. “Although, if it were any team, it would be Man U,” he added, “they were my fav (sic) team as a kid.”

Musk originally tweeted: “I’m buying Manchester United ur (sic) welcome,” without offering any details. Some Manchester United fans, disgruntled by their club’s declining fortunes of late, had previously urged Musk on Twitter to consider buying the club.

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The tweet turnaround comes as Musk seeks to exit a $44 billion agreement to buy Twitter (TWTR.N) only four months after announcing on the platform he would buy the social media company, which has taken him to court.

Musk has a history of being unconventional and posting irreverent tweets, making it difficult sometimes to tell when he is joking.

“Next I’m buying Coca-Cola to put the cocaine back in,” he tweeted on April 27, two days after Twitter’s board accepted his unsolicited offer to buy the company.

Referring back to that post, on Wednesday he tweeted: “And I’m not buying Coca-Cola to put the cocaine back in, despite the extreme popularity of such a move.”

Musk’s tweets about potential acquisitions have landed him in hot water with U.S. regulators in the past.

In 2018, he tweeted that there was “funding secured” for a $72 billion deal to take Tesla private, but did not move ahead with an offer. Musk and Tesla each paid $20 million civil fines – and Musk stepped down as Tesla’s chairman – to resolve U.S. Securities and Exchange Commission (SEC) claims that Musk defrauded investors.

The SEC did not immediately respond to a request for comment on Musk’s tweet that he was buying the club outside usual business hours.

Musk’s ambitions range from colonising Mars to creating a new sustainable energy economy, and in the process he has built the most valuable car company in the world, electric vehicle maker Tesla, rocket company SpaceX, and a slew of smaller firms. One is a tunnel maker called the Boring Company.

WIDESPREAD OPPOSITION

Manchester United is one of the most famous names in world football but is currently in crisis on the field amid angry calls from fans for the club’s current owners, the American Glazer family, to pull out.

Clamour from fans and pundits for a change of ownership at the three-time winners of the European Cup, the most prestigious club competition in the global game, is intensifying amid a lengthening run without winning major titles.

British newspaper The Daily Mirror reported last year that the Glazers, who have faced widespread fan opposition to their stewardship since acquiring the club in 2005 for 790 million pounds ($957 million), were prepared to sell but only if they were offered in excess of 4 billion pounds.

In its annual rankings this year, Forbes rated Manchester United, with its huge global fanbase, the third most valuable football club in the world, worth $4.6 billion, behind only Spanish giants Real Madrid and Barcelona.

But shares in the New York-listed football club have slid a quarter in the past 12 months, valuing it at just over $2 billion. The stock has rebounded in the past month, gaining 16% to close at $12.78 on Tuesday.

The northern England-based team has more than 32 million followers on its main Twitter account and Musk’s first tweet about the club had garnered more than 430,000 ‘likes’ on the platform within five hours.

Musk, who is worth $270 billion, according to Forbes, could certainly afford to buy the club.

Last week, filings revealed that Musk had sold $6.9 billion worth of Tesla shares, which he said could be used to finance a potential Twitter deal if he loses a legal battle with the social media platform.

In total, Musk has sold about $32 billion worth of Tesla stock in less than a year partly to pay tax obligations and finance a Twitter deal.

Musk and his lawyer did not immediately respond to Reuters’ request for comment on his original Twitter post before his message that he had been joking. The Florida-based Glazer family did not immediately respond to requests for comment.

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Reporting by Juby Babu in Bengaluru and Hyunjoo Jin in San Francisco; Writing by Peter Henderson, Michael Perry and Sayantani Ghosh; Editing by Aditya Soni, Neil Fullick and Kenneth Maxwell

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Wildfires rage in France, thousands evacuated from homes

HOSTENS, France, Aug 10 (Reuters) – Wildfires tore through the Gironde region of southwestern France on Wednesday, destroying homes and forcing the evacuation of 10,000 residents, some of whom had clambered onto rooftops as the flames got closer.

Black-and-orange skies, darkened by the smoke billowing from forests and lit up by the flames, were seen across the area as the fires continued to burn out of control despite the efforts of firefighters backed by water-bombing aircraft.

Fires, which have razed about 6,200 hectares (15,320), have now crossed in the neighbouring Landes region.

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France, like the rest of Europe, has been struggling this summer with successive heatwaves and its worst drought on record. Dozens of wildfires are ablaze across the country, including at least eight major ones.

“Prepare your papers, the animals you can take with you, some belongings,” the Gironde municipality of Belin-Beliet said on Facebook before evacuating parts of the town.

In the nearby village of Hostens, police had earlier been door to door telling residents to leave as the fire advanced. Camille Delay fled with her partner and her son, grabbing their two cats, chickens and house insurance papers.

“Everyone in the village climbed onto their rooftops to see what was happening – within ten minutes a little twist of smoke became enormous,” the 30-year-old told Reuters by telephone.

Firefighters said more evacuations were likely. Even so, some Hostens residents were reluctant to abandon their homes.

“It’s complicated to go with the dogs and we cannot leave them here,” said Allisson Horan, 18, who stayed behind with her father.

“I’m getting worried because the fire is in a plot of land behind ours and the wind is starting to change direction.”

Numerous small roads and a highway were closed.

HEATWAVES

More than 57,200 hectares have gone up in flames so far in France this year, nearly six times the full-year average for 2006-2021, data from the European Forest Fire Information System shows.

“The fire is creating its own wind,” senior local official Martin Guespereau told reporters, adding that efforts to fight it were made more difficult by how unpredictable it was.

Sweden and Italy are among countries preparing to send help to France, Interior Minister Gerald Darmanin said.

He repeated calls for everyone to be responsible – nine out of 10 fires are either voluntarily or involuntarily caused by people, he said.

The Gironde wildfire is one of many that have broken out across Europe this summer, triggered by heatwaves that have baked the continent and brought record temperatures.

In Portugal, nearly 1,200 firefighters backed by eight aircraft have battled a blaze in the mountainous Covilha area some 280 km (174 miles) northeast of Lisbon that has burned more than 3,000 hectares of forest since Saturday.

Spain and Greece have also had to tackle multiple fires over the past few weeks.

The Gironde was hit by major wildfires in July which destroyed more than 20,000 hectares of forest and temporarily forced almost 40,000 people from their homes.

Authorities believe the latest inferno was a result of the previous fires still smouldering in the area’s peaty soil.

Fires were also raging in the southern departments of Lozere and Aveyron. In the Maine et Loire department in western France, more than 1,200 hectares have been scorched by another fire.

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Reporting by Stephane Mahe in Hostens and Layli Foroudi in Paris; Additional reporting by Benoit Van Overstraeten; Writing by Richard Lough, Ingrid Melander; Editing by Jane Merriman, Alexandra Hudson and Mark Heinrich

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