Tag Archives: CMPNY

Business

Amazon union has strong lead in NY vote count; losing in Alabama

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March 31 (Reuters) – Amazon.com Inc (AMZN.O) workers at a warehouse in New York City’s Staten Island have so far voted 57% in favor of unionizing with a final tally due on Friday, a potential landmark victory for organized labor at the second-largest U.S. private employer.

But that win contrasted with 53% of Amazon workers in Alabama rejecting unionization, in a still-not final outcome.

The Alabama contest could hinge on 416 challenged ballots to be adjudicated in the coming weeks, which are sufficient to change the result, said the U.S. National Labor Relations Board (NLRB), which is overseeing the election. The situation is far different from last year when workers sided with Amazon by a more than 2-to-1 margin against unionizing.

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If final results show either location voted for a union, it would be a historic first for the retailing giant in the United States and a milestone for labor advocates, who for years have considered Amazon’s labor practices a threat to workers.

In fierce campaigns, Amazon has warned about unions in notices in bathroom stalls and held mandatory meetings telling workers that labor groups could force them to strike. It has raised pay and offered bigger signing bonuses in a labor shortage, appealing to staff who have worried organizing means perpetual strife.

At the same time, union drives have picked up momentum. Nine U.S. Starbucks (SBUX.O) stores have voted to organize, with more than 150 more seeking elections. read more Amazon workers responded to more in-person outreach by labor activists as the pandemic subsided, and a second company warehouse in Staten Island, LDJ5, will also vote on whether to unionize starting on April 25.

With nearly 2,700 ballots counted from workers at Amazon’s JFK8 warehouse in Staten Island, about 57% of votes were in favor of a union, according to a Reuters tally of the count overseen by the NLRB and streamed over Zoom. The count will resume on Friday at 9:30 a.m. ET (1330 GMT).

Christian Smalls, a former Amazon employee spearheading the New York union effort, said, “To get to this point, it’s already history.” His group is called the Amazon Labor Union.

A union win in New York “would be a triumph for unconventional organizing campaigns,” said John Logan, a labor professor at San Francisco State University. Smalls’ group made great use of social media during the campaign and diverged from a typical labor playbook, he said.

Workers stand in line to cast ballots for a union election at Amazon’s JFK8 distribution center, in the Staten Island borough of New York City, U.S., March 25, 2022. REUTERS/Brendan McDermid

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‘CONTINUE TO FIGHT’

For Bessemer, Alabama, the tally of roughly 1,900 valid ballots concluded on Thursday, but the outcome is far from certain. The NLRB said it will hold a hearing in the next few weeks to determine if any of the 416 challenged ballots should be opened and counted.

Eli Morrison, a 42-year-old Amazon worker who lives in Tuscaloosa, Alabama, said he voted against unionizing and was pleased to see the union trailing. He said he appreciates the flexibility Amazon gives him to pick up extra shifts, a benefit he fears he would lose if workers unionized.

“I come in, I bust ass every day, I get stuff done,” said Morrison, who previously held a union job at a grocery store. “I wouldn’t get to do that if there was a union. It would be whoever’s been there the longest and whoever’s been there longest doesn’t mean that they’ve done the best.”

Jennifer Bates, an early backer of the Alabama union campaign, said, “The election is not over until every ballot is counted that’s eligible, and we’ll continue to fight.”

The labor group organizing the effort plans to file objections to Amazon’s conduct around the election as well, said Stuart Appelbaum, president of the Retail, Wholesale and Department Store Union (RWDSU).

Objections previously filed by the RWDSU led to a determination by the NLRB that Amazon had improperly interfered in the original contest in Bessemer, prompting the board to set aside the results and call for this year’s re-run. read more

Amazon did not immediately comment on the RWDSU’s plans to object or on the vote counts Thursday. The company has said it wants its employees’ voices to be heard and that it is focused on continuing to make Amazon a great place to work.

Regarding communications with Amazon staff during the contests, the company has said it was important for workers to know what a union would mean for their day-to-day employment.

A simple majority of votes cast is needed to win. Neither the New York union nor labor board has said how many ballots were received in Staten Island.

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Reporting by Jeffrey Dastin in Palo Alto, California, Danielle Kaye in New York and Julia Love in San Francisco; Additional reporting by Doyinsola Oladipo and Hilary Russ in New York, Nivedita Balu and Niket Nishant in Bengaluru; Editing by Peter Henderson, Anna Driver and Lisa Shumaker

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World

Putin tells Europe: Pay in roubles or we’ll cut off your gas

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  • Energy is Russia’s most powerful lever against West
  • Western nations reject currency switch in gas deals
  • Russia won’t export gas as ‘charity’, says Putin
  • Europe already struggling to find alternative supplies

BERLIN/LONDON, March 31 (Reuters) – Russian President Vladimir Putin is demanding foreign buyers pay for Russian gas in roubles from Friday or else have their supplies cut, a move European capitals rejected and which Germany said amounted to “blackmail”.

Putin’s decree on Thursday leaves Europe facing the prospect of losing more than a third of its gas supply. Germany, the most heavily reliant on Russia, has already activated an emergency plan that could lead to rationing in Europe’s biggest economy.

Energy exports are Putin’s most powerful lever as he tries to hit back against sweeping Western sanctions imposed on Russian banks, companies, businessmen and associates of the Kremlin in response to Russia’s invasion of Ukraine. Moscow calls its Ukraine action a “special military operation”.

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Putin said buyers of Russian gas “must open rouble accounts in Russian banks. It is from these accounts that payments will be made for gas delivered starting from tomorrow,” or April 1.

“If such payments are not made, we will consider this a default on the part of buyers, with all the ensuing consequences. Nobody sells us anything for free, and we are not going to do charity either – that is, existing contracts will be stopped,” he said in televised remarks.

It was not immediately clear whether in practice there might be a way for foreign firms to continue payment without using roubles, which the European Union and G7 have ruled out.

Italy said it was in contact with its European partners to give a firm response to Russia, adding its own gas reserves would allow economic activity to continue even in the event of disruptions. read more

Meantime, Germany’s energy firms said they were in close talks with Berlin about how to respond to possible supply disruptions and draw up a roadmap on what to do should Russia stop gas exports.

SEARCHING FOR ALTERNATIVES

Under the mechanism decreed by Putin, foreign buyers would use special accounts at Gazprombank to pay for the gas. Gazprombank would buy roubles on behalf of the gas buyer and transfer roubles to another account, the order said. read more

A source told Reuters that payments for gas delivered in April on some contracts started in the second half of April and May for others, suggesting the taps might not be turned off immediately. read more

Putin’s decision to enforce rouble payments has boosted the Russian currency, which fell to historic lows after the Feb. 24 invasion. The rouble has since recovered much lost ground.

“What sounded grandiose has turned into a storm in a teacup. By making it the main recipient of money for gas, it puts an extra shield against sanctions around Gazprombank,” said Jack Sharples of the Oxford Institute for Energy Studies.

Western companies and governments have rejected any move to change their gas supply contracts to another payment currency. Most European buyers use euros. Executives say it would take months or longer to renegotiate terms.

Payment in roubles would also blunt the impact of Western curbs on Moscow’s access to its foreign exchange reserves.

Russian President Vladimir Putin chairs a meeting on the development of air transportation and aircraft manufacturing, via a video link at the Novo-Ogaryovo state residence outside Moscow, Russia March 31, 2022. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS

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Meanwhile, European states have been racing to secure alternative supplies, but with the global market already tight, they have few options. The United States has offered more of its liquefied natural gas (LNG) but not enough to replace Russia.

“It is important for us not to give a signal that we will be blackmailed by Putin,” Germany Economy Minister Robert Habeck said, adding that Russia had not been able to divide Europe.

Payments would continue to be made in euros, Germany said.

French economy minister Bruno Le Maire said France and Germany were preparing for the possibility of Russian gas flows being halted. He declined to comment on technical details linked to latest Russian demands for rouble payment.

Putin said the switch to roubles would strengthen Russia’s sovereignty. He said the West was using the financial system as a weapon, and it made no sense for Russia to trade in dollars and euros when assets in those currencies were being frozen.

“What is actually happening, what has already happened? We have supplied European consumers with our resources, in this case gas. They received it, paid us in euros, which they then froze themselves. In this regard, there is every reason to believe that we delivered part of the gas provided to Europe practically free of charge,” he said.

“That, of course, cannot continue,” Putin said, although he said Russia still valued its business reputation and would continue to meet obligations in its gas and other contracts.

STAYING UNITED

European gas prices have rocketed higher on mounting tension with Russia raising the risk of recession. Companies, including makers of steel and chemicals, have been forced to curtail production. read more

British and Dutch gas prices , were up 4% to 5% after Putin’s announcement.

European companies had little or no immediate comment on the Russian announcement or on their contracts with Gazprom (GAZP.MM), which has a monopoly on Russian gas exports by pipeline.

Poland’s PGNiG (PGN.WA) said it remained in contact with Gazprom with which it has a long-term contract that expires at the end of this year, but it said it would not discuss details.

Italian energy firm Eni (ENI.MI), another major European buyer of Russian gas, also had no comment. It bought around 22.5 bcm of Russian gas in 2020. Its contracts with Gazprom expire in 2035.

Danish energy firm Orsted (ORSTED.CO), which has a long-term take-or-pay contract with Gazprom, said it was waiting to hear from the Russian firm and declined to comment further.

Uniper (UN01.DE) and EnBW’s (EBKG.DE) VNG (VNG.UL), two major German buyers of Russian gas, declined to comment, while RWE (RWEG.DE) did not immediately respond.

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Reporting by Reuters correspondents including Stephen Jewkes in Milan, Vera Eckert, Joseph Nasr and Tassilo Hummel in Berlin, Nina Chestney in London, Marek Strzelecki in Warsaw and Christoph Steitz and John O’Donnell in Frankfurt; Writing by Mark Trevelyan; Editing by Edmund Blair and Grant McCool

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Business

Wall Street falls as S&P suffers biggest quarterly drop in two years

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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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  • Consumer spending rose less than expected in February
  • Energy sector heads toward its best quarter ever
  • Walgreens falls after earnings

NEW YORK, March 31 (Reuters) – U.S. stocks closed out the first quarter on a down note on Thursday with its biggest quarterly decline in two years as concerns persisted about the continuing conflict in Ukraine and its inflationary effect on prices and the Federal Reserve’s response.

While optimism about a possible peace deal between Ukraine and Russia helped lift stocks earlier in the week, hopes quickly evaporated and Russia’s President Vladimir Putin threatened on Thursday to halt contracts supplying Europe with a third of its gas unless they are paid in rubles as Ukraine prepared for more attacks. read more

The United States imposed new Russia-related sanctions, and U.S. President Joe Biden launched the largest release ever from the country’s emergency oil reserve and challenged oil companies to drill more in a bid to lower gasoline prices that have soared during the war in Ukraine. read more

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Stock prices have been sensitive to any signs of progress toward a peace pact between Russia and Ukraine. Already-high U.S. inflation has intensified with surging commodity prices such as oil and metals since the war began.

As prices increase, the Fed becomes increasingly likely to become more aggressive in raising interest rates to combat inflation, potentially curbing economic growth.

Data on Thursday showed consumer prices barely rose in February as pricing pressures intensified, while personal consumption expenditures (PCE) excluding food and energy rose by 0.4%, in line with expectations. read more

“The PCE number came out today, which is the Fed’s preferred number, and although that was right on target, it was higher than it was last month, and the sense is it is going to continue to go higher, therefore you are seeing some weakness,” said Ken Polcari, managing partner at Kace Capital Advisors in Boca Raton, Florida.

“That only solidifies (Fed Chair) Jay Powell and the Fed’s position to be more aggressive so there are going to be multiple 50 basis point hikes.”

According to preliminary data, the S&P 500 (.SPX) lost 70.15 points, or 1.52%, to end at 4,532.30 points, while the Nasdaq Composite (.IXIC) lost 222.77 points, or 1.54%, to 14,219.50. The Dow Jones Industrial Average (.DJI) fell 535.80 points, or 1.52%, to 34,693.01.

While the S&P did suffer worst quarter since the COVID-19 pandemic was in full swing in the United States in 2020, stocks have rebounded somewhat in March, notching a gain of more than 4%.

Investors will look toward Friday’s jobs report for more confirmation of labor market strength and insight into the possible path of monetary policy by the U.S. central bank.

Nearly all of the 11 major S&P sectors were lower, with financials (.SPSY) and communication services (.SPLRCL) among the weakest during the session.

Energy (.SPNY), easily the best performing sector so far this year with a gain of about 39%, slipped as oil prices dropped on Biden’s announcement while OPEC+ stuck to its existing output deal. The sector secured its biggest quarterly climb on record with the advance. read more

Drugstore chain Walgreens Boots Alliance (WBA.O) slumped after the company kept its 2022 forecast for low-single digit earnings growth unchanged. read more

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Reporting by Chuck Mikolajczak; editing by Jonathan Oatis

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Business

Cucumber crisis: surging energy prices leave British glasshouses empty

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  • Cost of growing a cucumber to jump from 25p to 70p
  • High energy costs mean crops not planted
  • Pressures likely to push food prices higher

ROYDON, England, March 31 (Reuters) – In a small corner of south-east England, vast glasshouses stand empty, the soaring cost of energy preventing their owner from using heat to grow cucumbers for the British market.

Elsewhere in the country growers have also failed to plant peppers, aubergines and tomatoes after a surge in natural gas prices late last year was exacerbated by Russia’s invasion of Ukraine, making the crops economically unviable.

The hit to UK farms, which need gas to counter the country’s inclement weather, is one of the myriad ways the energy crisis and invasion have hit food supplies around the world, with global grain production and edible oils also under threat.

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In Britain it is likely to push food prices higher at a time of historic inflation, and threaten the availability of goods such as the quintessentially British cucumber sandwich served at the Wimbledon tennis tournament and big London hotels.

While last year it cost about 25 pence to produce a cucumber in Britain, that has now doubled and is set to hit 70 pence when higher energy prices fully kick in, trade body British Growers says.

Regular sized cucumbers were selling for as little as 43 pence at Britain’s biggest supermarket chains on Tuesday.

“Gas prices being so sky high, it’s a worrying time,” grower Tony Montalbano told Reuters, while standing in an empty glasshouse at Roydon in the Lea Valley where for 54 years three generations of his family have farmed cucumbers.

“All the years of us working hard to get to where we are, and then one year it could just all finish,” he said.

All 30,000 square metres of glasshouse at his Green Acre Salads business, which supplies supermarket groups including market leader Tesco (TSCO.L), Sainsbury’s (SBRY.L) and Morrisons, are currently empty.

Montalbano, whose grandfather emigrated from Sicily in 1968 and started a nursery to provide local stores with fresh cucumbers, decided not to plant the first of the year’s three cycles in January.

SOARING COSTS

Last year he paid 40-50 pence a therm for natural gas. Last week it was 2.25 pounds a therm, having briefly hit a record 8 pounds in the wake of Russia’s invasion.

Fertiliser prices have tripled versus last year, while the cost of carbon dioxide – used both to aid growing and in packaging – and hard-to-attain labour have also shot up.

“We are now in an unprecedented situation where the cost increases have far outstripped a grower’s ability to do anything about them,” said Jack Ward, head of British Growers.

It means a massive contraction for the industry, threatening Britain’s future food security, and further price rises for UK consumers already facing a bigger inflation hit than other countries in Europe following Brexit.

UK inflation hit a 30-year high of 6.2% in February and is forecast to approach 9% in late 2022, contributing to the biggest fall in living standards since at least the 1950s.

An empty greenhouse of cucumber grower Tony Montalbano is seen, as he did not plant in January due to the soaring cost of natural gas, at Green Acre Salads, in Roydon, Britain, March 22, 2022. REUTERS/Matthew Childs

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The National Farmers’ Union says the UK is sleepwalking into a food security crisis. It warns that UK production of peppers could fall from 100 million last year to 50 million this year, with cucumbers down from 80 million to 35 million.

In winter, the UK has typically imported around 90% of crops like cucumbers and tomatoes, but has been nearly self-sufficient in the summer.

The Lea Valley Growers Association, whose members produce about three-quarters of Britain’s cucumber and sweet pepper crop, said about 90% did not plant in January, while half have still not planted and will not plant if gas prices remain high.

“There’s definitely going to be a lack of British produce in the supermarkets,” association secretary Lee Stiles said. “Whether there’s a lack of produce overall depends on where and how far away the retailers are prepared to source it from.”

Growers in the Netherlands, one of Britain’s key salad suppliers, face similar challenges and have reduced exports.

Spain and Morocco do not heat their glasshouses to a large extent, but delivery to the UK in chilled lorries adds time and cost.

Joe Shepherdson of the UK’s Cucumber Growers Association said those growers that have planted are using less heat, but that reduces production and increases the risk of disease.

PRESSURE ON PRICES

Britain’s biggest supermarket groups, including Tesco, Sainsbury’s, Asda and Marks & Spencer (MKS.L), acknowledge the pressures in the market but say they are confident about supply, stressing their long-term partnerships with growers.

How far the increase in production costs will translate to higher prices on the shelf depends largely on whether supermarkets opt to absorb the difference themselves, or pass it on to consumers.

Smaller retailers buying from the market may struggle.

“Any cut in production from suppliers would undoubtedly put further pressure on prices,” said Andrew Opie, director of food and sustainability at retail industry lobby group the British Retail Consortium.

Growers want help from the government. They have lobbied for tax and levies on gas to be removed, but finance minister Rishi Sunak did not mention it in his spring budget last week.

Despite the dismal backdrop and after much soul-searching, Montalbano will plant a crop next month, fearing the loss of future contracts if he does not. He may gamble on the British weather, and grow his plants “cold”, with little or no heat.

“I feel like I have no choice, because if I don’t, then I lose my place,” he said, in a glasshouse that in a normal March would be packed with bushy green cucumber plants.

“Am I going to make anything out of it? I’ll be quite happy to break even this year,” he said.

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Reporting by James Davey; Editing by Kate Holton and Jan Harvey

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Business

Intel CEO earned 1,711 times more than average company worker in 2021

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March 30 (Reuters) – Intel Corp (INTC.O) Chief Executive Officer Pat Gelsinger earned 1,711 times as much as the average worker at the U.S. chipmaker in just 11 months since he joined in February last year, a regulatory filing showed on Wednesday.

Compared to Gelsinger, former CEO Bob Swan had earned 217 times more than the average Intel employee in 2020.

Gelsinger earned $178.6 million in 2021 with stock awards making up nearly 79% of his total compensation, which was about 698% higher than Swan’s 2020 pay.

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Executive pay has been rising in the United States. Apple Inc (AAPL.O) CEO Tim Cook earned 1,447 times the average employee’s salary at the tech giant in 2021. Shareholders of Apple approved the pay package despite proxy advisory firm Institutional Shareholder Services pushing against it.

Intel has asked shareholders to vote in favor of its executives’ compensation at the annual stockholder’s meeting on May 12. It did not immediately respond to a Reuters request for comment.

After Gelsinger took the reins at Intel, once a world leader in chip-making technology, he unveiled a turnaround strategy for the company to regain its dominance in the semiconductor industry, currently led by Taiwan’s Taiwan Semiconductor Manufacturing Co (2330.TW).

Intel’s shares rose 6.8% last year after declining about 17% the year before as the company faced a manufacturing crisis and struggled with competition. The shares were up 0.3% at $52.41 on Wednesday.

Earlier this month, Intel laid out the first details of a $88 billion investment plan spanning across six European Union countries including a massive investment in Germany. read more

Gelsinger was CEO of VMWare Inc (VMW.N) before he returned to Intel as its top boss. He had spent 30 years at Intel before leaving.

His compensation included one-time new-hire equity awards with a target value of about $110 million, according to the filing.

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Reporting by Chavi Mehta in Bengaluru; Editing by Shinjini Ganguli

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Business

Vietnam’s Vinfast to build $2 bln electric vehicle factory in U.S.

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HANOI/SAN FRANCISCO, March 29 (Reuters) – Vietnam’s automaker VinFast said on Tuesday it has signed a preliminary deal to initially invest $2 billion to build a factory in North Carolinato make electric buses, sport utility vehicles (SUVs) along with batteries for EVs.

The unit of Vietnam’s biggest conglomerate Vingroup (VIC.HM), said it plans to have a total investment of $4 billion in its first U.S. factory complex.

Construction should begin this year as soon as the company gets necessary permits, and is expected to finish by July 2024. The plant’s initial capacity will be 150,000 units per year, Vinfast said.

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“With a manufacturing facility right in the U.S. market, VinFast can stabilize prices and shorten product delivery time, making our EVs more accessible to customers,” said Nguyen Thi Thu Thuy, Vingroup vice chair and VinFast Global CEO.

VinFast has begun taking pre-orders globally for two electric SUVs with a goal to begin delivering them in the fourth quarter.

U.S. President Joe Biden said the VinFast investment, which will create more than 7,000 jobs, is “the latest example of my economic strategy at work.”

“It builds on recent announcements from companies like GM, Ford, and Siemens to invest in America again and create jobs, said Biden, who set an ambitious goal for half of new car sales to be electric by 2030.

This will be North Carolina’s first car plant and it is the largest economic development announcement in the state’s history, the governor’s office said in a statement.

VinFast said prices for its VF8 sport SUV started from $41,000 in the United States. By comparison, a Tesla SUV sells for around $63,000. VinFast is targeting global electric vehicle sales of 42,000 this year.

PRODUCTION IS HARD

VinFast is betting big on the U.S. market, where it hopes to compete with legacy automakers and startups with affordable electric SUVs and a battery leasing model.

Other electric vehicle startups like Rivian and Lucid have slashed their production targets this year due to supply chain disruptions caused by coronavirus, which hit their share prices. read more

Tesla CEO Elon Musk said last year, “It’s insanely difficult to reach volume production at affordable unit cost.”

VinFast, which became Vietnam’s first fully fledged domestic car manufacturer in 2019, plans to transition to all-electric vehicle production from late 2022.

Outside of North America, the company is looking for a plant in Germany, it said in January.

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Reporting by Phuong Nguyen in Vietnam and Hyunjoo Jin in San Francisco; Editing by Chizu Nomiyama and David Gregorio

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Business

U.S. authorizes second COVID booster for Americans 50 and older

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March 29 (Reuters) – U.S. health officials on Tuesday authorized a second COVID-19 booster dose of the two most commonly used COVID-19 vaccines for people age 50 and older, citing data showing waning immunity and the risks posed by Omicron variants of the virus.

The U.S. Food and Drug Administration agency said the new boosters – a fourth round of shots for most vaccine recipients – of the Pfizer Inc (PFE.N)/BioNTech SE (22UAy.DE) and Moderna Inc (MRNA.O) vaccines are to be administered at least four months after the previous dose. They are intended to offer more protection against severe disease and hospitalization.

The FDA also authorized a second booster dose of the vaccines for younger people with compromised immune systems – those aged 12 and older for the Pfizer/BioNTech shot and 18 and older for Moderna’s.

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The U.S. Centers for Disease Control and Prevention (CDC) backed the FDA’s authorization, recommending the additional shot, particularly for older people and those with underlying medical conditions that put them at higher risk.

The decision to offer second boosters in the United States comes as some scientists have raised concern about the highly contagious and newly predominant BA.2 Omicron subvariant, which has driven up COVID-19 cases in other countries.

“If it were my relatives, I would be sending them out to do this,” top FDA official Dr. Peter Marks said during a news conference of getting booster shots. “COVID-19 has had a really disproportional adverse effect on people 65 years of age and older and those with comorbidities.”

COVID cases in the United States have dropped sharply since a record surge in January, but have seen a small uptick over the past week, according to CDC data.

BROADER BOOSTER CAMPAIGN MAY BE NEEDED

Marks said the FDA will soon weigh the benefits of authorizing another round of boosters – perhaps specifically targeted to combat new variants of concern – to a broader population after the summer.

A nurses fills up syringes for patients as they receive their coronavirus disease (COVID-19) booster vaccination during a Pfizer-BioNTech vaccination clinic in Southfield, Michigan, U.S., September 29, 2021. REUTERS/Emily Elconin

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“There may be a need for people to get an additional booster in the fall along with a more general booster campaign, if that takes place, because we may need to shift over to a different variant coverage,” he said.

The FDA said it looked at data from a relatively small, ongoing clinical trial in Israel to help make its decision. In addition, safety data from more than 700,000 people who received second boosters in Israel revealed no new concerns, the agency said.

Scientists and officials have debated for months if and when an additional booster shot would be needed as they parsed data on how long protection from the vaccines and boosters would last. read more

“It’s not clear that now is the right time for people to get a fourth dose,” Dr. William Moss, executive director of the International Vaccine Access Center at the Johns Hopkins Bloomberg School of Public Health said.

If there is a surge in cases in late fall or early winter, as is typical for respiratory viruses and influenza, an additional boost may then be needed, he said. The body’s neutralizing antibodies spurred on by a fourth booster given now may decline in just a few months, he said.

It is also unclear whether young, healthy people will need a fourth shot. The study of Israeli healthcare workers cited by the FDA suggested that the fourth dose added little additional protection in the age group.

Biden administration officials have said that the U.S. government currently has enough doses of the vaccines to meet the demand for another round of booster shots in older Americans, even as funding for the U.S. pandemic response has all but run out.

They say that unless Congress approves more spending, the government will not be likely to be able to be pay for future inoculations, if they are needed, particularly if the vaccines need to be redesigned to target new variants.

Around two-thirds of fully vaccinated Americans over the age of 65 and just over half of people between the age of 50 and 64 have gotten their first booster dose so far.

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Reporting by Michael Erman in New Jersey, Manojna Maddipatla and Leroy Leo in Bengaluru, Additional reporting by Ahmed Aboulenein in Washington; Editing by Bill Berkrot

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Entertainment

Will Smith apologizes to Chris Rock for slap, academy weighs action

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LOS ANGELES, March 28 (Reuters) – Will Smith apologized to Chris Rock on Monday for slapping the comedian at Sunday night’s Oscars ceremony, issuing a statement after the film academy said it might take action against Smith for an incident that overshadowed the industry’s top awards.

Smith, in a post on Instagram, said his behavior at the televised ceremony was “unacceptable and inexcusable.”

“I would like to publicly apologize to you, Chris,” Smith wrote. “I was out of line and I was wrong.”

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Smith strode on stage and struck Rock in the face after the comedian made a joke about the appearance of Smith’s wife. Less than an hour later, Smith won best actor for his role as the father of tennis stars Venus and Serena Williams in “King Richard.”

Rock, in a joke about Jada Pinkett Smith, had referenced the 1997 film “G.I. Jane” in which actress Demi Moore shaved her head. It was unclear whether Rock was aware that Smith’s wife has a disease that causes hair loss.

“Jokes at my expense are part of the job,” Smith said on Monday, “but a joke about Jada’s medical condition was too much for me to bear and I reacted emotionally.”

“I am embarrassed and my actions were not indicative of the man I want to be,” he added.

Earlier Monday, the 9,900-member Academy of Motion Picture Arts and Sciences condemned Smith’s actions and said it was reviewing the matter.

“We have officially started a formal review around the incident and will explore further action and consequences in accordance with our Bylaws, Standards of Conduct and California law,” the academy added.

The group’s conduct policy states it is “opposed to any form of abuse, harassment or discrimination” and expects members to uphold the values “of respect for human dignity, inclusion, and a supportive environment that fosters creativity.”

Violations may result in suspension or expulsion from the organization, revocation of Oscars, or loss of eligibility for future awards, according to the policy.

SAG-AFTRA, the union that represents actors, called the Smith’s actions “unacceptable” and said it had been in touch with the academy and broadcaster ABC “to ensure this behavior is appropriately addressed.”

Will Smith (R) hits Chris Rock as Rock spoke on stage during the 94th Academy Awards in Hollywood, Los Angeles, California, U.S., March 27, 2022. REUTERS/Brian Snyder

It is rare but not unprecedented for the film academy to revoke membership. Producer Harvey Weinstein was expelled in 2017 after more than three dozen women accused him of sexual assault.

In his statement, Smith also apologized to the academy, show producers, attendees, viewers, the Williams family and “my King Richard family.”

Studio executives were publicly silent about Smith on Monday. The 53-year-old actor has projects in the works with Netflix Inc (NFLX.O), Walt Disney Co (DIS.N) and Apple TV+ (AAPL.O). The companies did not respond to requests for comment. read more

One of Hollywood’s most bankable stars, Smith has anchored lucrative film franchises such as “Independence Day” and “Men in Black.” His films have grossed more than $9 billion at global box offices, according to researcher Comscore.

Oscars producers had been hoping for a memorable night on Sunday to rebound from record-low ratings during the COVID-19 pandemic. They brought in three hosts, opened the show with Beyonce and shortened some acceptance speeches.

But it was Smith’s outburst that went viral, with pictures and video ricocheting across social media.

Television viewership jumped sharply this year, to an average of 15.36 million people, a 56% boost from 2021, according to preliminary estimates.

Feel-good movie “CODA” won best picture, marking a turning point in Hollywood because the film was streamed by Apple TV+ (AAPL.O) rather than debuting exclusively to theaters.

Many Hollywood celebrities denounced Smith’s actions. read more

“Will Smith owes Chris Rock a huge apology. There is no excuse for what he did,” filmmaker Rob Reiner said on Twitter.

Others supported Smith for defending his wife.

“That’s what your husband is supposed to do, right? Protect you,” comedian Tiffany Haddish told People magazine.

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Reporting by Lisa Richwine;
Additional reporting by Daniel Trotta and Dawn Chmielewski;
editing by Jonathan Oatis, Marguerita Choy and Sandra Maler

Our Standards: The Thomson Reuters Trust Principles.

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Business

Tesla adds to wave of megacap stock splits

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A driver recharges the battery of his Tesla car at a Tesla Super Charging station in a petrol station on the highway in Sailly-Flibeaucourt, France, January 12, 2019. REUTERS/Pascal Rossignol/File Photo/File Photo

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March 28 (Reuters) – Tesla’s (TSLA.O) announcement on Monday that it will seek shareholder approval to increase its share count in order to enable a stock split adds to a recent wave of megacap companies splitting their shares in a bid to attract more investors.

Tesla said in a filing it would hold a vote at its upcoming annual shareholder meeting to increase the number of authorized shares in order to enable a stock split. read more

A stock split by Tesla, which would have be approved by its board of directors, would be the electric car maker’s second since 2020, and it would follow stock split announcements by other major U.S. companies in recent years.

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In the past two years, Apple (AAPL.O), Nvidia (NVDA.O) and Tesla (TSLA.O) have split their shares, while Amazon (AMZN.O) and Google-parent Alphabet (GOOGL.O) have recently announced upcoming share splits.

Megacap stock splits

Companies split their shares to make their stock prices appear less expensive and appeal to more investors. However, splitting a stock does not affect its underlying fundamentals.

Still, BofA Global Research said in recent research note that stock splits “historically are bullish” for companies that enact them, with their shares marking an average returns of 25% one year later versus 9% for the market overall.

Tesla’s stock surged 8% on Monday, adding over $100 billion to its stock market value.

Reuters Graphics

Amazon has gained about 20% since March 9, when the ecommerce heavyweight announced a stock split that will take effect on June 6. That compares to a 7% gain in the Nasdaq (.IXIC) during the same period. During that time, Wall Street has also seen a broad rebound in megacap growth stocks following losses earlier this year, as well as volatility related to rising interest rates and Russia’s invasion of Ukraine.

Tesla was the most traded stock among Fidelity’s online brokerage customers on Monday, with buy and sell orders almost evenly split, suggesting retail investors are cautious about the company.

Reuters Graphics

Since joining the S&P 500 in December 2020, Tesla has been one of its most heavily weighted stocks, currently accounting for over 2% of the index. It has gained about 300% since announcing its first stock split in August 2020.

Other S&P 500 companies with nominally high share prices, which analysts say could hint at a future stock split announcement, include Chipotle Mexican Grill (CMG.N), up 0.1% on Monday at $1,558, as well as Booking Holdings (BKNG.O), trading near flat at about $2,247.

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Reporting by Noel Randewich; Editing by Cynthia Osterman

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World

Russia and West at odds over gas payments in roubles

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Valves are pictured at the Atamanskaya compressor station, part of Gazprom’s Power Of Siberia project outside the far eastern town of Svobodny, in Amur region, Russia November 29, 2019. REUTERS/Maxim Shemetov.

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  • Russia to decide on gas payment mechanism by Thursday
  • EU countries still at odds on how to pay in roubles
  • G7 nations refuse to pay for Russian gas in roubles

March 28 (Reuters) – Russia said on Monday it will not supply gas to Europe for free as it works out methods for accepting payments for its gas exports in roubles but G7 nations refused the demand.

At a meeting of European Union leaders on Friday, no common position emerged on Russia’s demand last week that “unfriendly” countries must pay in roubles, not euros, for its gas in the wake of the United States and European allies teaming up on a series of sanctions aimed at Russia. read more

Concerns over security of supply were enhanced after the demand, with companies and EU nations scrambling to understand the ramifications.

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The Russian central bank, the government and Gazprom (GAZP.MM), which accounts for 40% of European gas imports, should present their proposals for rouble gas payments to President Vladimir Putin by March 31.

“We are not going to supply gas for free, this is clear,” Kremlin spokesman Dmitry Peskov told a conference call. “In our situation, this is hardly possible and appropriate to engage in charity (with European customers).”

In a interview aired later on Monday with the American public broadcaster PBS, when asked whether gas would be turned off for non-payers, Peskov replied: “No payment – no gas.”

But he added that Russia is yet to take a final decision on how to respond should European countries refuse to pay in the Russian currency.

Meanwhile, energy ministers from the Group of Seven industrialized nations rejected the rouble payment demands, Germany economy and climate protection minister Robert Habeck said after talks with his counterparts. read more

“All G7 ministers have agreed that this is a unilateral and clear breach of existing contracts,” he told reporters after a virtual conference with G7 energy ministers.

The ministers “underlined once again that the concluded contracts are valid and the companies should and must respect them … payment in roubles is unacceptable, and we call on the companies concerned not to comply with Putin’s demand,” he said.

ENERGY SECURITY

Dutch and British wholesale gas prices rose by up to 20% on Monday on concerns about Russian gas supply.

The EU aims to cut its dependency on Russian gas by two-thirds this year and end Russian fossil fuel imports by 2027. Russian gas exports to the EU were around 155 billion cubic metres (bcm) last year.

On Friday, the United States said it will work to supply 15 bcm of liquefied natural gas (LNG) to the European Union this year. read more

U.S. LNG plants are producing at full capacity and analysts say most of any additional U.S. gas sent to Europe would have to come from exports that would have gone elsewhere.

Russian lawmaker Ivan Abramov said a refusal by the G7 to pay for Russian gas in roubles would lead to an unequivocal halt in supplies, according to the RIA news agency.

Abramov sits on the economic policy committee of the Federation Council, the Russian parliament’s upper chamber.

Germany’s Habeck called Russia “an unreliable energy supplier.”

When asked about what happens if Russia stops gas deliveries, he added: “we are prepared for all scenarios and not only since yesterday.”

However, the EU would struggle to replace all Russian gas exports in a short period of time, experts said. read more

Russian gas deliveries to Europe on three main pipeline routes were stable on Monday, with the Yamal-Europe pipeline continuing to flow eastwards from Germany into Poland, operator data showed. read more

Russia’s Gazprom (GAZP.MM) said it that it was continuing to supply natural gas to Europe via Ukraine in line with requests from European consumers.

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Reporting by Reuters; writing by Nina Chestney;
Editing by David Evans and Stephen Coates

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