Tag Archives: CMPNY

China sends military, doctors to Shanghai to test 26 million residents for COVID

  • Shanghai reports 9,006 symptomatic and asymptomatic cases for April 3
  • City launches largest public health response since virus emerged
  • Citizens complain of unsanitary conditions in quarantine centres

SHANGHAI, April 4 (Reuters) – China has sent the military and thousands of healthcare workers into Shanghai to help carry out COVID-19 tests for all of its 26 million residents as cases continued to rise on Monday, in one of the country’s biggest-ever public health responses.

Some residents woke up before dawn for white-suited healthcare workers to swab their throats as part of nucleic acid testing at their housing compounds, many queuing up in their pyjamas and standing the required two metres apart.

The People’s Liberation Army (PLA) on Sunday dispatched more than 2,000 medical personnel from across the army, navy and joint logistics support forces to Shanghai, an armed forces newspaper reported.

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So far 38,000 healthcare workers from provinces such as Jiangsu, Zhejiang and the capital Beijing have been dispatched to Shanghai, according to state media, which showed them arriving, suitcase-laden and masked up, by high-speed rail and aircraft.

It is China’s largest public health response since it tackled the initial COVID-19 outbreak in Wuhan, where the novel coronavirus was first discovered in late 2019. The State Council said the PLA dispatched more than 4,000 medical personnel to the province of Hubei, where Wuhan is, at that time.

Shanghai, which began a two-stage lockdown on March 28 that has been expanded to confine practically all residents to their homes, reported 8,581 asymptomatic COVID-19 cases and 425 symptomatic COVID cases for April 3. It also asked residents to self-test on Sunday.

The city has emerged as a test of China’s COVID elimination strategy based on testing, tracing and quarantining all positive cases and their close contacts.

The exercise in China’s most populous city takes place on the eve of when Shanghai initially said it planned to lift the city’s lockdown.

The country has 12,400 institutions capable of processing tests from as many as 900 million people a day, a senior Chinese health official was reported as saying last month.

China’s primarily uses pool testing, a process in which up to 20 swab samples are mixed together for more rapid processing.

The city has also converted multiple hospitals, gymnasiums, apartment blocks and other venues into central quarantine sites, including the Shanghai New International Expo Center which can hold 15,000 patients at full capacity.

On Monday, residents said they received the results on their personal health app about four hours after they were swabbed. But in other parts of the city some said they had yet to receive any notification on when their tests would be.

Individuals who refuse to be tested for COVID for no justifiable reason will face administrative or criminal punishment, Shanghai police said on Saturday.

PUBLIC FRUSTRATION

The surge in state support for Shanghai comes as the city is straining under the demands of the country’s “dynamic clearance” strategy, with some residents complaining of crowded and unsanitary central quarantine centres, as well as difficulties in securing food and essential medical help.

Some have begun to question the policies, asking why COVID-positive children are separated from their parents and why mild or asymptomatic infections – the majority of Shanghai’s cases – cannot isolate at home. read more

On Monday Shanghai official Wu Qianyu told a news conference that children could be accompanied by their parents if the parents were also infected, but separated if they were not, adding that policies were still being refined.

A Shanghai resident, who declined to be named for privacy reasons, told Reuters he had been transported to a central quarantine facility on Sunday night after reporting a positive result on a self test more than a week ago.

Another antigen test on Saturday showed he was no longer infected, but authorities insisted on sending him to quarantine, where he has been put in a flat where he has to share a toilet with two other patients, both of whom are still testing positive.

“How is this isolation?,” he said, adding that he was now afraid of being re-infected. “I’m not in any mood to do anything right now, I can’t sleep.”

On Monday, videos circulating on the WeChat messaging app showed scores of people rushing to grab bedding and supplies from the dirty floor of what the poster said was a quarantine centre whose premises were still littered with construction materials.

Reuters could not independently verify the footage.

WORKERS UNDER STRAIN

The pressure on the city’s healthcare workers and Communist Party members has also been great, as they work around the clock to manage the city’s lockdown and deal with residents’ frustrations.

Photos and videos have gone viral on Chinese social media of exhausted workers and volunteers sleeping in plastic chairs or on the grass outside housing compounds, or being berated by residents.

On Saturday, the city’s Pudong Chinese Center for Disease Control said it was investigating a leaked recording of a call between a staff member and the relative of a patient, who was perplexed by his father’s COVID test results.

The CDC staff member, who local media identified as infectious disease expert Zhu Weiping, could be heard saying exasperatedly that she herself had raised concerns over the current quarantine and testing rules and that the virus had become a “political” one.

Reuters was not able to independently verify the recording which went viral on Chinese social media.

Users of the Weibo social media platform started a hashtag “protect Zhu Weiping,” which by Monday had 2.9 million views, amid concerns that she could face punishment for speaking out against the official line.

Chinese President Xi Jinping has urged the country to curb the momentum of the outbreak as soon as possible while sticking to the “dynamic-clearance” policy. read more

On Saturday, Vice-Premier Sun Chunlan, who was sent to Shanghai by the central government, urged the city to “make resolute and swift moves” to curb the pandemic.

The eastern city of Suzhou said it had detected a version of the Omicron BA.1.1 subvariant that doesn’t match any others in the domestic database or the international variant tracking database GISAID, state television reported.

The state-backed Science and Technology Daily said it remains unclear whether the virus is a new sub-branch of Omicron and that the emergence of one or two new versions is normal given the spread of Omicron in China, citing an unidentified expert with a national database.

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Reporting by Brenda Goh, David Kirton and the Shanghai Newsroom; Editing by Stephen Coates, Gerry Doyle, Raju Gopalakrishnan and Ed Osmond

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Satellite images show long trench at Ukrainian mass grave site, Maxar says

April 3 (Reuters) – Satellite images show a 45-foot-longtrench dug into the grounds of a Ukrainian church where a mass grave was found this week after Russian forces withdrew from the town of Bucha, a private U.S. company said on Sunday.

Reuters journalists who visited Bucha on Saturday saw bodies lying on the streets of the town, 37 km (23 miles) northwest of the capital Kyiv. A mass grave at one church was still open, with hands and feet poking through the red clay heaped on top. read more

Ukraine accused Russian forces on Sunday of carrying out a “massacre” in the town, one of many recaptured by Ukrainian troops as Russia regrouped for battles in eastern Ukraine. Russia denied the allegations, calling them a “provocation” by Ukraine. read more

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Maxar Technologies, which collects and publishes satellite imagery of Ukraine, said the first signs of excavation for a mass grave at the Church of St. Andrew and Pyervozvannoho All Saints were seen on March 10.

“More recent coverage on March 31st shows the grave site with an approximately 45-foot-long trench in the southwestern section of the area near the church,” Maxar (MAXR.N) said.

Reuters could not immediately verify the images. It was not clear if the images disseminated by Maxar were of the same church visited by Reuters journalists on Saturday.

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Reporting by Rami Ayyub; Editing by Daniel Wallis and Paul Simao

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Social media platforms blocked in Sri Lanka amid curfew, opposition protest

COLOMBO, April 3 (Reuters) – Sri Lankan soldiers with assault rifles and police manned checkpoints in Colombo on Sunday as the government blocked social media platforms after imposing a curfew to contain public unrest triggered by the country’s economic crisis.

The latest restrictions come after the government on Saturday implemented a countrywide curfew as protests against the government’s handling of the economic crisis turned violent. The curfew will run till 6 a.m. (0030 GMT) on Monday. read more

“The social media block is temporary and imposed due to special instructions given by the Defence Ministry. It was imposed in the interests of the country and people to maintain calm,” Telecommunications Regulatory Commission Chairman Jayantha de Silva told Reuters.

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Internet monitoring organisation NetBlocks said real-time network data showed that Sri Lanka had imposed a nationwide social media blackout, restricting access to platforms including Twitter, Facebook, WhatsApp, YouTube and Instagram as a state of emergency was declared amid widespread protests.

The country’s Minister for Youth and Sports Namal Rajapaksa who is also the nephew of President Gotabaya Rajapaksa said in a tweet he would “never condone the blocking of social media”.

“The availability of VPN, just like I’m using now, makes such bans completely useless. I urge the authorities to think more progressively and reconsider this decision.”

President Rajapaksa declared a state of emergency on Friday, raising fears of a crackdown on protests as the country grapples with rising prices, shortages of essentials and rolling power cuts.

Emergency powers in the past have allowed the military to arrest and detain suspects without warrants, but the terms of the current powers are not yet clear.

It has also marked a sharp turnaround in political support for President Rajapaksa, who swept to power in 2019 promising stability.

Around two dozen opposition leaders stopped at police barricades on the way to Independence Square, some shouting “Gota (Gotabaya) Go Home”.

“This is unacceptable,” said opposition leader Eran Wickramaratne leaning over the barricades. “This is a democracy.”

Nihal Thalduwa, a senior superintendent of police, said 664 people who broke curfew rules were arrested by the police in the Western Province, the country’s most populous administrative division which includes Colombo.

Critics say the roots of the crisis, the worst in several decades, lie in economic mismanagement by successive governments that created and sustained a twin deficit – a budget shortfall alongside a current account deficit.

But the current crisis was accelerated by deep tax cuts promised by Rajapaksa during a 2019 election campaign that were enacted months before the COVID-19 pandemic, which wiped out parts of Sri Lanka’s economy.

At Colombo’s Pettah government bus stand, Issuru Saparamadu, a painter, said he was desperately looking for a way to go home to Chilaw, around 70 km away.

With public transport stalled since the curfew, Saparamadu said he spent the night sleeping on the street after working the entire week in Colombo.

“Now I cannot go back. I’m stuck,” he said. “I’m very frustrated.”

Western and Asian diplomats based in Sri Lanka said they were monitoring the situation and expected the government to allow citizens to hold peaceful demonstrations.

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Writing by Rupam Jain; Editing by Jacqueline Wong

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Tesla plans to resume production at its Shanghai plant from April 4 – sources

A truck transports new Tesla cars at its factory in Shanghai, China May 13, 2021. REUTERS/Aly Song/File Photo

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SHANGHAI, April 3 (Reuters) – Tesla (TSLA.O) is aiming to resume production at its Shanghai factory from Monday, two sources familiar with the matter said, as it expects to see its first batch of workers released from a lockdown the city imposed to combat a surge in COVID-19 cases.

Production at the U.S. automaker’s Shanghai factory, which produces cars for the China market and is also a crucial export hub, has been halted since March 28 as the government launched a two-stage lockdown that started in areas east of the city’s Huangpu River where Tesla’s plant is located.

Still, Tesla’s resumption plans could change due to Shanghai’s evolving COVID-19 policies, one of the sources told Reuters.

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Tesla had originally hoped to only halt operations for four days, but cancelled production plans for Friday and Saturday after the authorities extended tight movement restrictions in the eastern half of the city. Virtually all of the Shanghai is currently under lockdown.

The seven-day stoppage marks one of the longest suspensions since the factory started production in late 2019. Tesla manufactures 6,000 Model 3 and 10,000 Model Y cars per week at its Shanghai factory, one of the people said.

Tesla did not immediately respond to requests for comment.

“This was an *exceptionally* difficult quarter due to supply chain interruptions & China zero Covid policy,” its chief executive officer Elon Musk said in a tweet on Saturday.

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Reporting by Zhang Yan and Brenda Goh; Editing by Jacqueline Wong

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China reports highest COVID new daily cases since Feb 2020

Police and security members in protective suits stand outside cordoned off food stores following the coronavirus disease (COVID-19) outbreak in Shanghai, China March 29, 2022. REUTERS/Aly Song/File Photo

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BEIJING, April 3 (Reuters) – China on Sunday reported a total of 13,287 new daily cases for April 2, the highest level since February 2020, with the majority in northeastern Jilin province and the financial hub of Shanghai which has virtually locked down the entire city.

The country reported 1,506 confirmed coronavirus cases in the previous day, the national health authority said on Sunday, down from 2,129 a day earlier.

But the number of new asymptomatic cases, which China does not classify as confirmed cases, surged to 11,781 on Saturday compared with 7,869 a day earlier.

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Of the new confirmed cases, 1,455 were locally transmitted, with 956 detected from Jilin and 438 from Shanghai.

Shanghai, home of 25 million people, will carry out a city-wide antigen testing on Sunday and mass nucleic acid testing on Monday, a senior official from the Shanghai health authority said at a press conference on Sunday.

“The main task is to completely eliminate risk points and to cut off the chain of transmission so that we can curb the spread of the epidemic as soon as possible,” said Wu Qianyu, inspector from Shanghai Municipal Health Commission.

Chinese Vice-Premier Sun Chunlan on Saturday also urged Shanghai city to “make resolute and swift moves” to curb the pandemic.

The city has been striving to stop the outbreak by imposing a two-stage lockdown, prompting manufacturers to halt operations and causing severe congestion at Shanghai port, the world’s biggest container transporting hub. read more

Shanghai Port Group said in a statement that “operation at Shanghai Port is stable and orderly”.

Refinitiv data showed that congestion off Shanghai for containers and oil tankers has been easing since March 31, but the number of bulkers queuing in outer Yangtze estuary anchorage jumped to nearly 90, the highest level since early October 2021.

An acute surge of vessels waiting is also recorded at ports near Shanghai, such as Ningbo in Zhejiang province, as some firms have diverted cargos to avoid prolonged logistics turnarounds.

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Reporting by Muyu Xu, Tina Qiao and Brenda Goh: Editing by Simon Cameron-Moore and Stephen Coates

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Tesla delivers record vehicles in first quarter; output falls during China shutdown

A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson/File Photo

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April 2 (Reuters) – Tesla Inc (TSLA.O) on Saturday reported record electric vehicle deliveries for the first quarter, largely meeting analysts’ estimates, but production fell from the previous quarter as supply chain disruptions and a China plant suspension weighed.

“This was an *exceptionally* difficult quarter due to supply chain interruptions & China zero Covid policy,” Chief Executive Elon Musk tweeted. “Outstanding work by Tesla team & key suppliers saved the day.”

Tesla delivered 310,048 vehicles in the quarter, a slight increase from the previous quarter, and up 68% from a year earlier. Wall Street had expected deliveries of 308,836 cars, according to Refinitiv data.

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Tesla produced 305,407 vehicles from January to March, down from 305,840 the previous quarter.

Tesla, the world’s most valuable automaker, has navigated the pandemic and supply chain disruptions better than rivals and its new Shanghai factory has been driving growth.

But a recent spike in COVID-19 cases in China has forced Tesla to temporarily suspend production at the Shanghai factory for several days in March and April as the city locks down to test residents for the disease. read more

The deliveries were “better than feared given supply chain issues,” said Daniel Ives, an analyst at Wedbush, in a report.

Tesla said it sold a total of 295,324 Model 3 sedans and Model Y sport utility vehicles, while it delivered 14,724 Model S luxury sedans and Model X premium SUVs.

PRICE HIKE

Skyrocketing gas prices spurred by the Ukraine crisis is expected to fuel demand for electric cars, but lack of inventory and higher vehicle prices would weigh on sales, analysts said.

Tesla in March raised prices in China and the United States after Musk said the U.S. electric carmaker was facing significant inflationary pressure in raw materials and logistics after Russia’s invasion of Ukraine.

“Impressive (deliveries) given all the headwinds,” Gene Munster, managing partner at venture capital firm Loup Ventures, said, adding he expected Tesla to continue outperforming other automakers in sales growth.

Toyota and GM, Hyundai Motor on Friday reported lower first-quarter U.S. sales than a year earlier. read more

Musk said in October that Shanghai had surpassed its Fremont, California factory – the company’s first plant – in output. The two factories are critical for Tesla’s goal to boost deliveries by 50% this year, as production at its new factories are expected to ramp up slowly in their first year.

Tesla started delivering vehicles made at its factory in Gruenheide, Germany, in March and deliveries of cars made at its plant in Austin, Texas, were to begin in the near future.

The company’s stock soared after Tesla this week revealed plans to seek investor approval to increase its number of shares to enable a stock split. read more Tesla shares have risen about 3% so far this year, while GM and Ford shares have declined.

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Reporting by Hyunjoo Jin in San Francisco, Akash Sriram, Akriti Sharma in Bengaluru; Editing by Maju Samuel and Alistair Bell, Diane Craft and Richard Chang

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Sri Lanka imposes curfew after president declares state of emergency

  • Curfew until 0030 GMT on Monday
  • Lawyers urge president to revoke state of emergency
  • Sri Lankans suffering from lack of fuel, essential items
  • India rushes to provide food aid

COLOMBO, April 2 (Reuters) – Sri Lanka’s government imposed a weekend curfew on Saturday, even as hundreds of lawyers urged President Gotabaya Rajapaksa to revoke a state of emergency introduced following unrest over fuel and other shortages in a deep economic crisis.

The government’s information department said a countrywide curfew would run from 6 p.m. (1230 GMT) on Saturday to 6 a.m. (0030 GMT) on Monday.

Rajapaksa introduced a state of emergency on Friday, raising fears of a crackdown on protests. Emergency powers in the past have allowed the military to arrest and detain suspects without warrants, but the terms of the current powers are not yet clear.

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The Indian Ocean island nation of 22 million people is grappling with rolling blackouts for up to 13 hours a day as the government scrambles to secure foreign exchange to pay for fuel and other essential imports. read more .

“People take to the streets when things are impossible,” 68-year-old Colombo shop owner Nishan Ariyapala told Reuters TV. “When people take to the streets the political leaders of the country must act thoughtfully.”

Rajapaksa said the state of emergency was needed to protect public order and maintain essential supplies and services.

Angered by the shortages of fuel and other essential items, hundreds of protesters clashed on Thursday with police and the military outside Rajapaksa’s residence as they called for his ouster and torched several police and army vehicles.

Police arrested 53 people and imposed a curfew in and around Colombo on Friday to contain other sporadic protests.

Shops opened and traffic was normal on Saturday, while police remained stationed at some petrol stations.

‘FAILURE TO UNDERSTAND’

“There has been a failure to understand the aspirations of the people and to empathize with the suffering of the people of the country,” the lawyers, members of the Bar Association of Sri Lanka, said in their appeal, adding that freedom of speech and peaceful assembly should be respected.

Reacting to the state of emergency, U.S. ambassador to Sri Lanka Julie Chung said: “Sri Lankans have a right to protest peacefully – essential for democratic expression.

“I am watching the situation closely, and hope the coming days bring restraint from all sides, as well as much needed economic stability and relief for those suffering,” she tweeted.

Highlighting the severe shortage of foreign currency, a vessel carrying 5,500 metric tonnes of cooking gas had to leave Sri Lankan waters after Laugfs Gas (LGGL.CM), the company that ordered it, could not procure $4.9 million from local banks to pay for it.

“People are struggling with an acute shortage of cooking gas, but how can we help them when there are no dollars? We are stuck,” Laugfs Gas Chairman W.H.K. Wegapitiya told Reuters.

The ongoing crisis – the result of economic mismanagement by successive governments – has been compounded by the COVID-19 pandemic, which has hit tourism and remittances.

It has also marked a sharp turnaround in political support for Rajapaksa, who swept to power in 2019 promising stability.

The government has said it is seeking a bailout from the International Monetary Fund and loans from India and China.

In the first major food aid to the country since Colombo secured a credit line from New Delhi, Indian traders have started loading 40,000 tonnes of rice. read more

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Reporting by Uditha Jayasinghe Writing by Rupam Jain
Editing by William Mallard and Mark Potter

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Shanghai separates COVID-positive children from parents in virus fight

SHANGHAI, April 2 (Reuters) – Esther Zhao thought she was doing the right thing when she brought her 2-1/2-year-old daughter to a Shanghai hospital with a fever on March 26.

Three days later, Zhao was begging health authorities not to separate them after she and the little girl both tested positive for COVID-19, saying her daughter was too young to be taken away to a quarantine centre for children.

Doctors then threatened Zhao that her daughter would be left at the hospital, while she was sent to the centre, if she did not agree to transfer the girl to the Shanghai Public Health Clinical Center in the city’s Jinshan district.

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Since her daughter was sent to the centre Zhao has had only one brief message that she was fine, sent through a group chat with doctors, despite repeated pleas for information from Zhao and her husband, who is in a separate quarantine site after also testing positive.

“There have been no photos at all… I’m so anxious, I have no idea what situation my daughter is in,” she said on Saturday through tears, still stuck at the hospital she went to last week. “The doctor said Shanghai rules is that children must be sent to designated points, adults to quarantine centres and you’re not allowed to accompany the children.”

Zhao is panicking even more after images of crying children at a Shanghai health facility went viral in China. The anonymous poster said these were children who had tested positive for COVID-19 and been separated from their parents at the Jinshan centre.

The photos and videos posted on China’s Weibo and Douyin social media platforms showed wailing babies kept three to a cot. In one video, a groaning toddler crawls out of a room with four child-sized beds pushed against the wall. While a few adults can be seen in the videos, they are outnumbered by the number of children.

Reuters could not immediately verify the images, but a source familiar with the facility confirmed they were taken at the Jinshan facility.

The Shanghai Public Health Clinical Center said, however, that the photos and videos circulating on internet were not of a “Jinshan infant quarantine facility” but were scenes taken when the hospital was moving its paediatric ward to another building to cope with a rising number of COVID paediatric patients.

This was done to “improve the hospital environment”, it said on its official WeChat account on Saturday, adding that it had organised for more pediatric workers and would strengthen communication with the children’s parents.

“Paediatric patients admitted to our hospital… are guaranteed medical treatment and their daily needs taken care of,” it said.

Later on Saturday the Shanghai rumour buster WeChat account, which is backed by China’s cyberspace watchdog, published four photos that it said showed the children’s current situation at the Jinshan centre.

One of the photos showed young children sitting in and standing around beds that were arranged neatly in two rows, though no adults were pictured. In another photo, a hazmat-suited person attends to a baby lying in a cot. Only one other adult, also in a hazmat suit, can be seen in the two other photos.

The Shanghai government referred Reuters to the hospital’s statement and declined to comment further.

A Shanghai health official said last week that hospitals that were treating COVID-positive children maintained online communications with their parents.

POST DELETED

By Saturday, the original post had been deleted from Weibo, but thousands of people continued to comment and repost the images. “This is horrific,” said one. “How could the government come up with such a plan?,” said another.

In some cases children as young as 3 months old are being separated from their breastfeeding mothers, according to posts in a quarantine hospital WeChat group shared with Reuters. In one room described in a post, there are eight children without an adult.

In another case, more than 20 children from a Shanghai kindergarten aged 5 to 6 were sent to a quarantine centre without their parents, a source familiar with the situation said.

Since Shanghai’s latest outbreak began about a month ago, authorities have locked down its 26 million people in a two-stage process that began on Monday.

While the number of cases in Shanghai is small by global standards, Chinese authorities have vowed to stick with “dynamic clearance”, aiming to test for, trace and centrally quarantine all positive cases.

The U.S., French and Italian foreign consulates have warned their citizens in Shanghai that family separations could happen as Chinese authorities executed COVID curbs, according to notices seen by Reuters.

Shanghai on Saturday reported 6,051 locally transmitted asymptomatic COVID-19 cases and 260 symptomatic cases for April 1, versus 4,144 asymptomatic cases and 358 symptomatic ones on the previous day.

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Reporting by Brenda Goh and Engen Tham, Additional reporting by Winni Zhou; Editing by Christian Schmollinger, William Mallard and Clelia Oziel

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Wall St posts modest gains as jobs report keeps Fed hikes on track

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2022. REUTERS/Brendan McDermid

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  • Unemployment drops to 3.6% vs estimate of 3.7%
  • Nonfarm payrolls rose by 431,000 jobs last month
  • GameStop seeks share split

NEW YORK, April 1 (Reuters) – The S&P 500 rose modestly to kick off the second quarter on Friday, as the monthly jobs report indicated a strong labor market and is likely to keep the Federal Reserve on track to maintain its hawkish policy stance.

The Labor Department’s employment report showed a rapid hiring pace by employers while wages continued to climb, although not enough to keep pace with inflation. read more

U.S. employers added 431,000 jobs in March, which was shy of the 490,000 estimate but still showed strong job gains. The unemployment rate dropped to 3.6%, a new two-year low while average hourly earnings rose 5.6% on a year-over-year basis. read more

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Nonfarm payrolls

The report heightened expectations that the central bank is likely to become more aggressive in raising interest rates as it seeks to curb inflation as it unwinds its easy monetary policy. read more

“Job gains were broad, more people are going back to the office,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments in Menomonee Falls, Wisconsin.

“If other data between now and the next Fed meeting stay this rosy, the Fed will likely feel comfortable hiking by 50 basis points and announcing an aggressive rundown of its balance sheet.”

According to preliminary data, the S&P 500 (.SPX) gained 15.32 points, or 0.34%, to end at 4,544.79 points, while the Nasdaq Composite (.IXIC) gained 42.93 points, or 0.27%, to 14,263.45. The Dow Jones Industrial Average (.DJI) rose 139.10 points, or 0.40%, to 34,817.45.

Expectations for a 50-basis point interest rate hike at the central bank’s May meeting stand at 73.3%, according to CME’s FedWatch Tool. At its March meeting, the Fed raised rates by 25 basis 25 basis points, its first hike since 2018, and a host of central bank policymakers have indicated they are prepared for bigger rate hikes.

Chicago Federal Reserve President Charles Evans said on Friday he does not see a big risk in using “some” half-point rate hikes to bring borrowing costs to neutral sooner as long as the objective was not to raise rates much faster and push them higher.

Other data on Friday showed U.S. manufacturing activity unexpectedly slowed in March, although it remained firmly in expansion territory, as tight supply chains continued to put upward pressure on input prices. read more

In the wake of the payrolls report, U.S. Treasury yields jumped and a closely watched part of the yield curve between two-year and 10-year notes , seen by many as a reliable indicator of a recession, inverted for the third time this week.

The S&P 500 closed out the first quarter on Thursday with its biggest quarterly decline since the COVID-19 pandemic in the U.S. was reaching full swing on concerns about rising prices, fueled further by the war in Ukraine, and the Fed’s response could slow economic growth. However, stocks rebounded somewhat in March, as the benchmark index gained 3.6%.

April tends to be a strong month for stocks, with its last monthly decline in 2012. Ryan Detrick, chief market strategist at LPL Financial, notes that April has the best performance on average of all months since 1950.

Video game retailer GameStop Corp (GME.N), part of the “meme stock” trading frenzy last year, gave up early gains and was last down after announcing a plan to seek shareholder approval for a stock split. read more

Apple Inc (AAPL.O) fell after J.P. Morgan removed the stock from its analyst “focus list” along with Qualcomm (QCOM.O), which slumped. read more

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Reporting by Chuck Mikolajczak
Editing by Marguerita Choy

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Russian regional governor says Ukraine strikes fuel depot in Russia’s Belgorod

April 1 (Reuters) – Two Ukrainian military helicopters struck a fuel depot in the Russian city of Belgorod on Friday, a Russian official said, making the first accusation of a Ukrainian air strike on Russian soil since Moscow invaded its neighbour in late February.

Video images of the purported attack posted online showed what looked like several missiles being fired from low altitude, followed by an explosion. Reuters has not yet been able to verify the images.

The helicopters struck the facility in Belgorod, some 35 kilometres (22 miles) from the border with Ukraine, after entering Russia at low altitude, regional governor Vyacheslav Gladkov said on messaging app Telegram.

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The resulting blaze injured two workers, Gladkov added, while some areas of the city were being evacuated.

However, Russian oil firm Rosneft (ROSN.MM), which owns the fuel depot, said in a separate statement that no one was hurt in the fire, though it gave no information on its cause.

Energy Minister Nikolai Shulginov said the incident would not affect the region’s fuel supplies or prices for consumers.

The governor of the neighbouring Kursk region, Roman Starovoit, said its fuel supplies were sufficient to last several weeks and called on the population not to stockpile fuel.

The Ukrainian Defense Ministry, the general staff and the foreign ministry did not respond to a request for comment.

An ammunition depot near Belgorod caught fire on Wednesday, causing a series of blasts. At the time, Gladkov said authorities were waiting for the Russian defence ministry to establish its cause.

Moscow calls its intervention in Ukraine “a special military operation”.

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Reporting by Olzhas Auyezov; Editing by Bradley Perrett

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