Tag Archives: M:2CX

World

Dalai Lama: China’s leaders ‘don’t understand variety of cultures’

Leave a comment

Tibetan spiritual leader Dalai Lama attends a press meeting in Malmo, Sweden September 12, 2018. TT News Agency/Johan Nilsson via REUTERS

TOKYO, Nov 10 (Reuters) – Tibet’s spiritual leader the Dalai Lama criticised the leaders of China on Wednesday saying they “don’t understand the variety of different cultures” there and there is too much control by the main Han ethnic group.

But he also said he had nothing against “Chinese brothers and sisters” as fellow humans and he broadly supported the ideas behind Communism and Marxism.

The 86-year-old Dalai Lama, taking part in an online news conference anchored in Tokyo, was answering a question about whether the international community should consider boycotting the Beijing Winter Olympics over the suppression of minorities, including those in the western region of Xinjiang.

“I know Communist Party leaders since Mao Zedong. Their ideas (are) good. But sometimes they do much extreme, tight control,” he said from his base in India, adding he thought things would change in China under a new generation of leaders.

“Regarding Tibet and also Xinjiang, we have our own unique culture, so the more narrow-minded Chinese Communist leaders, they do not understand the variety of different cultures.”

Noting that China consisted not only of ethnic Han people but also other, different, groups, he added: “In reality, too much control by Han people.”

China seized control of Tibet after its troops entered the region in 1950 in what it calls a “peaceful liberation”. Tibet has since become one of the most restricted and sensitive areas in the country.

Beijing regards the Dalai Lama, who fled to India in 1959 after a failed uprising against Chinese rule, as a dangerous “splittist” or separatist. He has worked for decades to draw global support for linguistic and cultural autonomy in his remote, mountainous homeland.

The Dalai Lama said he broadly supported the ideas of Communism and Marxism, laughing as he related an anecdote about how he once thought of joining the Communist Party but was dissuaded by a friend.

‘QUITE DELICATE’

When asked about Taiwan, the centre of increased military tension in the region, he said he thought the island was the true repository of China’s ancient culture and traditions since on the mainland it was now “too politicised”.

“Economically Taiwan gets a lot of help from mainland China,” he said. “And culture, Chinese culture, including Buddhism, I think mainland Chinese brothers and sisters can learn a lot from Taiwanese brothers and sisters.”

Though the Dalai Lama said he had no plan to meet China’s leader, Xi Jinping, he said he would like to visit again to see old friends since “I am growing older” – but would avoid Taiwan since relations between it and China are “quite delicate”.

“I prefer to remain here in India, peacefully,” he said, praising it as a centre of religious harmony – despite complaints from Muslims in recent years.

In the end, though, he said believed all religions had the same message.

“All religions carry the message of love and use a different philosophy of views. So now the problem (is) the politicians, in cases some economists … use this difference of religion. So now, religion is also politicised – so that is a problem.”

Reporting by Elaine Lies and Antoni Slodkowski; Editing by Christian Schmollinger, Robert Birsel

Our Standards: The Thomson Reuters Trust Principles.

Read original article here

Business

SoftBank shares jump 11% on $9 bln buyback

Leave a comment

SoftBank Corp’s logo is pictured at a news conference in Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung-Hoon

  • Buyback is SoftBank’s second largest ever
  • SoftBank crashed to quarterly loss
  • Shares have lost 40% since end of Y2.5 trln programme in May
  • Stock lacks catalyst amid China crackdown, Arm sale delay

TOKYO, Nov 9 (Reuters) – SoftBank Group Corp (9984.T) shares jumped 10.5% on Tuesday, the first trading session after the Japanese conglomerate said it would spend up to 1 trillion yen ($8.8 billion) buying back almost 15% of its shares.

The company announced the buyback, long speculated about by the market, after it revealed its quarterly earnings crashed to a loss amid a decline in the share prices of its portfolio companies and a regulatory crackdown in China.

SoftBank’s shares closed at 6,808 yen in its biggest daily rise in 11 months, lifting the group’s market capitalization above $100 billion. Tuesday’s trading volume was more than twice the 30-day average.

The buyback is SoftBank’s second largest after a record 2.5 trillion yen buyback launched during the depths of the COVID-19 pandemic last year. Shares of the tech group quadrupled during that buyback, but have since fallen 40% from a peak in May.

“Our analysis of buyback history indicates that SBG stock performs (and outperforms indices or BABA) during buybacks,” wrote Jefferies analyst Atul Goyal in a note, referring to Alibaba (9988.HK), the group’s largest asset. SoftBank owns about a quarter of Alibaba’s shares.

The slide in the Chinese e-commerce giant’s shares and the broader regulatory backlash in China contributed to a $57 billion fall in SoftBank’s net assets to $187 billion, a metric that Chief Executive Masayoshi Son has said is the primary measure of SoftBank’s success.

Reuters Graphics

The repurchase period for the latest buyback runs to Nov. 8 next year, with the group signalling the programme could take longer than the fast-paced purchases last year.

The buyback “is nice support, but it isn’t rocket fuel,” wrote LightStream Research analyst Mio Kato on the Smartkarma platform, adding “there are material downside risks if broader tech, especially unprofitable tech, falters.”

Speculation that SoftBank could launch a buyback has been raging for months as the discount – the gap between the value of its assets and its share price – has lingered to the frustration of executives and as investors push for repurchases.

Ongoing uncertainties include the prospect of gaining regulatory approval for the $40 billion sale of chip designer Arm to Nvidia (NVDA.O).

Delays to the sale “may have given Softbank the flexibility to announce a buyback now with expectations of ramping up share purchases later,” Redex Research analyst Kirk Boodry wrote in a note.

SoftBank is ramping up investing via Vision Fund 2, which has $40 billion in committed capital from the group and Son himself, even as it winds down activity at trading arm SB Northstar.

“Even if the company manages its finances with a certain amount of discipline, share buybacks would likely erode the financial buffer if executed,” S&P Global Ratings analysts wrote in a note.

The conglomerate held more than 5 trillion yen in cash and cash equivalents at the end of September, an increase of 9% compared to six months earlier.

($1 = 113.3500 yen)

Reporting by Sam Nussey; Editing by Sam Holmes, Stephen Coates, Jane Wardell and Raju Gopalakrishnan

Our Standards: The Thomson Reuters Trust Principles.

Read original article here

Business

Some investors have not got Evergrande unit’s bond interest due Nov 6: sources

Leave a comment

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song

HONG KONG/SHANGHAI, Nov 8 (Reuters) – Some holders of offshore bonds issued by a unit of developer China Evergrande Group (3333.HK) had not received interest payments due on Nov. 6 by Monday morning in Asia, two people familiar with the matter said.

Scenery Journey Ltd was due to make semi-annual coupon payments on Saturday worth a combined $82.49 million on its 13% November 2022 and 13.75% November 2023 U.S. dollar bonds. ,

Non-payment of interest by Nov. 6 would have kicked off a 30-day grace period for payment.

Twice in October, Evergrande narrowly averted catastrophic defaults on its $19 billion worth of bonds in international capital markets by paying coupons just before the expiration of their grace periods.

One such period expires on Wednesday, Nov. 10, for more than $148 million in coupon payments that had been due on Oct. 11. Evergrande is also due to make coupon payments totalling more than $255 million on its June 2023 and 2025 bonds on Dec. 28.

A spokesperson for Evergrande did not immediately respond to a request for comment. The sources could not be named as they were not authorised to speak to the media.

Reuters was unable to determine whether Evergrande has told bondholders what it planned to do regarding the coupon payment due on Saturday.

BONDS, SHARES FALL

Evergrande’s shares edged lower on Monday, finishing the morning down 0.9%. They have fallen nearly 85% this year. Duration Finance data showed the company’s dollar bonds continuing to trade at discounts of about 75% from their face value on Monday.

Once China’s top-selling developer, Evergrande has been reeling under more than $300 billion in liabilities, and its liquidity woes have reverberated across the country’s $5 trillion property sector, prompting a string of offshore debt defaults, credit rating downgrades and sell-offs in the developers’ shares and bonds in recent weeks.

Spreads on Chinese corporate high-yield dollar debt (.MERACYC) widened to record highs on Friday, and on Monday Shanghai Stock Exchange data showed developers’ bonds once again dominating the list of the day’s biggest losers. One yuan bond issued by an onshore unit of Shimao Group (0813.HK) was suspended from trade after falling more than 34%.

Falls even extended to investment-grade names. Tradeweb data showed a 4.75% January 2030 bond issued by a unit of Sino-Ocean Group Holding (3377.HK) fell nearly 15% on Monday to just above 75 cents. Sino-Ocean is rated “BBB-” by Fitch Ratings and has a “Baa3” rating from Moody’s Investors Service.

Nomura economists Ting Lu and Jing Wang said in a note that they expected “much higher” repayment pressures on developers in the coming quarters, almost doubling from $10.2 billion in the fourth quarter of 2021 to $19.8 billion and $18.5 billion in the first and second quarters of 2022, respectively.

“With the worsening property sector, we might see a rebound of defaults onshore by developers, and bond prices in onshore and offshore markets may increasingly impact one another as investors are on alert,” they said.

“We believe regulators are likely to step up efforts to avoid rising defaults in China’s (offshore commercial dollar bond) market.”

Regulators in October told developers to proactively prepare for repayment of both principal and interest on their foreign bonds and to “jointly maintain their own reputations and the overall order of the market.” read more

Reporting by Clare Jim and Andrew Galbraith; Editing by Muralikumar Anantharaman

Our Standards: The Thomson Reuters Trust Principles.

Read original article here

Business

China Evergrande supplies funds for interest payment, set to avert default

Leave a comment

HONG KONG/SHANGHAI, Oct 22 (Reuters) – China Evergrande Group (3333.HK) has supplied funds to pay interest on a dollar bond, a source told Reuters on Friday, days before a deadline that would have plunged the embattled developer into formal default.

The source corroborated a story in the state-backed Securities Times on Friday that the company had remitted $83.5 million in coupon payments to a trustee account at Citibank on Thursday, allowing it to pay out to all bond holders before the grace period expires on Oct. 23.

News of the payment will bring some relief to investors and regulators worried about the wider fallout from a messy default and contagion hitting global financial markets elsewhere, although the company will still need to make payments on a string of other debts due.

“They seem to be avoiding short-term default and it’s a bit of a relief that they have managed to find liquidity,” said a Hong Kong-based restructuring lawyer representing some bondholders.

“But still, Evergrande does need to restructure its debt. This payment might be a way for them to get some sort of buy-in with stakeholders before the heavy work needed on the restructuring.”

Evergrande did not immediately respond to Reuters’ request for comment. Citi declined to comment.

The wired payment comes a day after financial information provider REDD reported on Thursday that the company had secured more time to pay a defaulted bond issued by Jumbo Fortune Enterprises and guaranteed by Evergrande.

A string of Chinese officials in recent days have sought to reassure investors, saying that creditors’ interests would be protected. Market participants nevertheless expressed shock at news of the payment.

“This is a positive surprise,” said James Wong, portfolio manager at GaoTeng Global Asset Management Ltd, adding many had expected a default.

The news would boost bondholders’ confidence, he said, as “there are many coupon payments due ahead. If Evergrande pays this time, I don’t see why it won’t pay the next time.”

Evergrande missed coupon payments totalling nearly $280 million on its dollar bonds on Sept. 23, Sept. 29 and Oct. 11, starting the clock on 30-day grace periods for payment.

Non-payment of interest for 30 days would result in a formal default by the company, and trigger cross-default provisions for other Evergrande dollar bonds.

Evergrande’s next payment deadline falls on Oct. 29 with the expiration of the 30-day grace period on its Sept. 29 coupon.

RELIEF

Evergrande’s dollar bond prices surged on Friday morning, with its April 2022 and 2023 notes jumping more than 10%, according to data provider Duration Finance, although they still traded at deeply distressed levels of around a quarter of their face value.

Evergrande’s shares rose as much as 7.8%, a day after the resumption of trade following a more than two-week suspension pending the announcement of a scrapped stake sale in its property management unit.

The Hang Seng mainland properties index (.HSMPI) surged more than 4%, against a 0.25% rise in the broader Hang Seng index. (.HSI)

In mainland markets, the CSI300 Real Estate index jumped as much as 6.5%, and an index tracking the broader property sector (.CSI000006) was on track for its biggest gain in nearly two months.

Reporting by Clare Jim and Anshuman Daga in Hong Kong, Samuel Shen and Andrew Galbraith in Shanghai; Writing by Sam Holmes; Editing by Christopher Cushing

Our Standards: The Thomson Reuters Trust Principles.

Read original article here

World

Southeast Asian bloc to discuss excluding Myanmar junta leader from summit

Leave a comment

A bird flies near the Association of Southeast Asian Nations (ASEAN) secretariat building, ahead of the ASEAN leaders’ meeting in Jakarta, Indonesia, April 23, 2021. REUTERS/Willy Kurniawan

  • Myanmar junta criticised for reneging on ASEAN commitment
  • Credibility risk if ASEAN relents on Myanmar – Philippines
  • Indonesia, Malaysia, S’pore indicate favour exclusion – sources
  • Myanmar junta chides countries, U.N. for “double standards”

Oct 14 (Reuters) – Southeast Asian foreign ministers will discuss excluding Myanmar junta chief Min Aung Hlaing from an upcoming summit at a meeting on Friday, sources told Reuters, as pressure builds on the ruling military to comply with an agreed peace roadmap.

The meeting comes as the junta ruled out allowing a regional envoy, Brunei’s second foreign affairs minister, Erywan Yusof, to meet deposed leader Aung San Suu Kyi, who is on trial on multiple charges since her elected government was overthrown in a Feb. 1 coup.

The Association of Southeast Asian Nations (ASEAN) agreed on a five-point consensus with Min Aung Hlaing in April, but several members of the bloc have criticised the junta’s failure to implement the plan, which includes dialogue among all parties, humanitarian access and an end to hostilities.

Friday’s previously unscheduled virtual meeting will be hosted by ASEAN chair Brunei, according to multiple sources based in ASEAN member countries, including diplomats and government officials.

Malaysia, Singapore and Indonesia had indicated that they were in favour of excluding Min Aung Hlaing from the Oct. 26-28 virtual summit, but were pushing for a consensus among nine ASEAN states, three of the sources said. Myanmar is the 10th ASEAN member.

A spokesman for Thailand’s foreign ministry confirmed a meeting would be held on Friday.

Philippine Foreign Minister Teodoro Locsin on Thursday voiced support for excluding Min Aung Hlaing from future summits, adding that ASEAN could no longer afford to take a neutral stance on Myanmar.

“We can continue keeping them (Myanmar) at a distance but… if we relent in any way, our credibility as a real regional organisation disappears,” Locsin said in an interview with Australian think-tank Lowy Institute.

“What’s that? We’re a bunch of guys who always agree with each other on the worthless things, things that don’t count in the world.”

The U.S. State Department said Secretary of State Antony Blinken discussed Myanmar, also known as Burma, with Erywan on Wednesday.

It said the two “expressed concern over the violence and deteriorating crisis in Burma and emphasized the urgency for the Burmese military regime to cease the violence, release all those unjustly detained, and restore multi-party democracy and Burma’s democratic transition.”

It said they also reaffirmed the need to hold the Myanmar government accountable to the five-point consensus and facilitate a meaningful visit by Erywan, to include engagements with all stakeholders.

Myanmar junta spokesman Zaw Min Tun did not respond to calls seeking comment. Brunei’s foreign ministry did not immediately respond to an emailed request for comment.

ENVOY VISIT STALLED

Myanmar, with a long history of military dictatorship and international sanctions over systematic human rights abuses, has been ASEAN’s trickiest issue since the group was formed in 1967, testing the limits of its unity and policy of non-interference in each others’ affairs.

More than 1,100 people have been killed since Myanmar’s coup, according to the United Nations, many during a crackdown by security forces on pro-democracy strikes and protests, during which thousands have been arrested.

Erywan last week confirmed some members had been “deep in discussions” about not inviting Min Aung Hlaing.

A long-planned visit by Erywan to Myanmar has been delayed in recent weeks. Earlier this week, he said he was in consultations with parties in Myanmar, did not take sides or political positions and looked forward to a visit.

Junta spokesman Zaw Min Tun, in written remarks dated Wednesday, said the military would not block Erywan from visiting but would not allow him to meet Suu Kyi, because she is charged with crimes. read more

Reporting by Rozanna Latiff in Kuala Lumpur and Tom Allard in Jakarta; Additional reporting by Ain Bandial in Bandar Seri Begawan, Panu Wongcha-um in Bangkok and David Brunnstrom in Washington; Writing by Martin Petty and Rozanna Latiff; Editing by William Mallard and Nick Macfie

Our Standards: The Thomson Reuters Trust Principles.

Read original article here

World

China rust-belt province warns of more shortages in energy crisis

Leave a comment

A chimney of a China Energy coal-fired power plant is pictured in Shenyang, Liaoning province, China September 29, 2021. REUTERS/Tingshu Wang

BEIJING, Oct 11 (Reuters) – The largest provincial economy in China’s northeast rust belt on Monday warned of worsening power shortages despite government efforts to boost coal supply and manage electricity use in a post-pandemic energy crisis hitting multiple countries.

The energy crisis gripping the world’s second largest-economy and top exporter is expected to last through to the end of the year, with analysts and traders forecasting a 12% drop in industrial power consumption in the fourth quarter because coal supply is expected to fall short this winter.

Liaoning province issued its second-highest alert level for power shortages for the fifth time in two weeks on Monday, warning that the shortfall could reach nearly 5 gigawatts (GW).

The biggest economy and largest consumer of power among the three provinces making up China’s rust-belt industrial region, Liaoning has been hit by widespread power cuts since mid-September. A level-two alert indicates a power shortage equivalent to 10-20% of total demand for power.

The rebound in global economic activity as coronavirus restrictions are lifted has exposed shortages of fuels used for power generation in China and other countries, leaving industries and governments scrambling as the northern hemisphere heads into winter. read more

“The biggest power shortage could reach 4.74 gigawatts (GW) on Oct. 11,” said a notice issued by the department responsible for industry in the province.

An order to curb power use had been put in place from 6 a.m. (2200 GMT on Sunday), it said.

The province also issued level-two alerts for each of the last three days of September, when the daily power shortage reached as much as 5.4 GW, leaving hundreds of thousands of households without electricity and forcing industrial plants to suspend production.

The drop in output from power plants followed tightening supply and soaring prices for coal, which is used to generate more than 70% of electricity in the region.

Wind farms have also been idled because of slow wind speeds, a province-backed newspaper reported. Wind power made up 8.2% of Liaoning’s power generation in 2020, National Statistics Bureau data shows.

COAL SHORTAGE

The energy crisis, which has led to fuel shortages and blackouts in some countries, has highlighted the difficulty in cutting the global economy’s dependency on fossil fuels as world leaders seek to revive efforts to tackle climate change at talks next month in Glasgow. read more

China will “strictly control” coal-fired power generation projects and “strictly limit” the increase in coal consumption over the 14th Five-Year plan period from 2021-2025 while making a phased reduction in consumption in the next five-year plan, Vice Premier Han Zheng said in a joint statement issued on Monday after environment and climate dialogue between China and the European Union.

China is taking steps to try to alleviate tightness in the domestic coal market by pushing local mines to increase output, ING analysts said in a note to clients on Monday.

Shanxi province and the Inner Mongolia region, two of China’s biggest coal producers, ordered more than 200 of their mines to expand production capacity and prioritise coal supply to power plants in northeastern provinces, including Liaoning. read more

However, about 60 coal mines in China’s largest coal-mining province, Shanxi, have been closed and several railway lines disrupted since Friday after heavy rain caused flooding. The Shanxi government has not disclosed how much production capacity those closed mines represent.

Meanwhile, high coal costs continue to pressure utilities. China’s thermal coal futures rose 8% to hit a daily upper trading limit shortly after trade started on Monday.

More than 70% of China’s coal-fired power plants are loss-making because of high coal costs, Citi analysts said in a note on Friday.

A report by Moody’s Investors Service said: “China’s electricity cuts will add to economic stresses, weighing on GDP growth for 2022. And the risks to GDP forecasts could be larger as disruptions to production and supply chains feed through.”

The National Development and Reform Commission (NDRC), China’s state planner, on Monday said it has been urging power companies to boost coal inventories. It will hold a news briefing on Tuesday at 10:30 a.m. (0230 GMT) on tariffs for coal-fired power.

Last week China said it would allow coal-fired power prices to fluctuate by up to 20% from base levels, instead of 10-15% previously. read more

Reporting by Muyu Xu and Shivani Singh
Additional reporting by David Stanway
Editing by Tom Hogue, Simon Cameron-Moore and David Goodman

Our Standards: The Thomson Reuters Trust Principles.

Read original article here

World

Philippines president congratulates journalist Ressa on Nobel Prize

Leave a comment

  • Duterte camp’s first comment, 3 days after award
  • Ressa fighting multiple legal cases
  • Unite this nation, Ressa tells Duterte
  • Duterte govt accused by activists of harassing Rappler

MANILA, Oct 11 (Reuters) – Philippines President Rodrigo Duterte’s office on Monday congratulated journalist Maria Ressa for winning the Nobel Peace Prize, calling it “a victory for a Filipina” for which it was happy to see.

Ressa, founder of Philippine news site Rappler, and Dmitry Muratov shared the 2021 prize after braving the wrath of the leaders of the Philippines and Russia to expose corruption and misrule.

Ressa has been fighting multiple legal challenges in courts related to Rappler’s dogged investigative reporting of Duterte’s government, its bloody war on drugs, and its use of social media to target opponents.

“It is a victory for a Filipina and we are very happy for that,” presidential spokesperson Harry Roque told a regular news conference, responding to a question on what the award meant for the government.

“Of course it is true there are individuals who feel Maria Ressa still has to clear her name before the courts,” he said, in the first comment on Friday’s award from Duterte’s camp.

Filipino journalist and Rappler CEO Maria Ressa, one of 2021 Nobel Peace Prize winners, poses for a portrait in Taguig City, Metro Manila, Philippines, October 9, 2021. REUTERS/Eloisa Lopez

The firebrand leader has described Rappler, launched in 2012, as a “fake news outlet” and a tool of the U.S. Central Intelligence Agency, which Ressa has dismissed as nonsense.

The Prize was hailed by many in the Philippines, with critics saying it is a rebuke on Duterte, a frequent critic of Rappler.

It was the first Nobel Peace Prize for the Philippines and the first for journalists since the German Carl von Ossietzky won it in 1935. The Kremlin congratulated Muratov on Friday, describing the investigative journalist as talented and brave.

Asked on Monday what her message would be to Duterte, Ressa urged him not to pursue a divide and conquer approach.

“I beg you, unite this nation. Don’t tear us apart,” she said in an interview with news channel ANC.

Reporting by Neil Jerome Morales; Editing by Martin Petty

Our Standards: The Thomson Reuters Trust Principles.

Read original article here

US

Biden says he and China’s Xi agree to abide by Taiwan agreement

Leave a comment

WASHINGTON, Oct 5 (Reuters) – U.S. President Joe Biden said on Tuesday that he has spoken to Chinese President Xi Jinping about Taiwan and they agreed to abide by the Taiwan agreement, as tensions have ratcheted up between Taipei and Beijing.

“I’ve spoken with Xi about Taiwan. We agree … we’ll abide by the Taiwan agreement,” he said. “We made it clear that I don’t think he should be doing anything other than abiding by the agreement.”

Biden appeared to be referring to Washington’s long-standing “one-China policy” under which it officially recognizes Beijing rather than Taipei, and the Taiwan Relations Act, which makes clear that the U.S. decision to establish diplomatic ties with Beijing instead of Taiwan rests upon the expectation that the future of Taiwan will be determined by peaceful means.

The comments to reporters at the White House — made after Biden’s return from a trip to Michigan touting a spending package – come amid escalations in the Taiwan-China relationship.

Chinese President Xi Jinping shakes hands with then-U.S. Vice President Joe Biden (L) inside the Great Hall of the People in Beijing December 4, 2013. REUTERS/Lintao Zhang/Pool/File Photo

Read More

China claims Taiwan as its own territory, which should be taken by force if necessary. Taiwan says it is an independent country and will defend its freedoms and democracy, blaming China for the tensions.

Taiwan has reported 148 Chinese air force planes in the southern and southwestern part of its air defense zone over a four-day period beginning on Friday, the same day China marked a key patriotic holiday, National Day. read more

The United States urged China on Sunday to stop its military activities near Taiwan. read more

“The United States is very concerned by the People’s Republic of China’s provocative military activity near Taiwan, which is destabilizing, risks miscalculations, and undermines regional peace and stability,” State Department spokesperson Ned Price said in a statement on Sunday.

Biden also appeared to be referencing a 90-minute call he held with Xi on Sept. 9, their first talks in seven months, in which they discussed the need to ensure that competition between the world’s two largest economies does not veer into conflict.

Reporting by Jeff Mason; Writing and additional reporting by Alexandra Alper and David Brunnstrom
Editing by Chris Reese and Leslie Adler

Our Standards: The Thomson Reuters Trust Principles.

Read original article here

World

‘Fed up’: British gas pumps still dry, pig cull fears grow

Leave a comment

A worker guides vehicles into the forecourt as they queue to refill at a fuel station in London, Britain, September 30, 2021. REUTERS/Hannah McKay

  • Many gas stations still closed – Reuters reporters
  • Britain says crisis stabilising
  • Retailers: fuel demand unprecedented
  • Pig cull fears: farmers warn butcher shortage
  • Pig farmers urge retailers to shun EU pork

LONDON, Oct 1 (Reuters) – Many British gas stations were still dry on Friday after a chaotic week that saw panic-buying, fights at the pumps and drivers hoarding fuel in water bottles after an acute shortage of truck drivers strained supply chains to breaking point.

Shortages of workers in the wake of Brexit and the COVID pandemic have sown disarray through some sectors of the economy, disrupting deliveries of fuel and medicines and leaving up to 150,000 pigs backed up on farms.

British ministers have for days insisted the crisis is abating or even over, though retailers said more than 2,000 gas stations were dry and Reuters reporters across London and southern England said dozens of pumps were still closed.

Queues of often irate drivers snaked back from those gas stations that were still open in London.

“I am completely, completely fed up. Why is the country not ready for anything?” said Ata Uriakhil, a 47-year-old taxi driver from Afghanistan who was first in a line of more than 40 cars outside a closed Sainsbury’s petrol station in Richmond.

“When is it going to end?,” Uriakhil said. “The politicians are not capable of doing their jobs properly. The government should have been prepared for this crisis. It is just incompetence.”

Uriakhil said he had lost about 20% of his normal earnings this week because he has been waiting for fuel rather than picking up customers.

Ministers say the world is facing a global shortage of truck drivers and that they are working to ease the crisis. They deny that the situation is a consequence of an exodus of EU workers following Britain’s departure from the bloc, and have dismissed concerns the country is heading towards a “winter of discontent” of shortages and power cuts.

Though there are shortages of truck drivers in other countries, EU members have not seen fuel shortages.

The Petrol Retailers Association (PRA) said members reported on Thursday that 27% of pumps were dry, 21% had just one fuel type in stock and 52% had enough petrol and diesel.

After a shortage of truckers triggered panic buying at gas stations, farmers are now warning that a shortage of butchers and abattoir workers could force a mass cull of up to 150,000 pigs.

EU PIGS?

Britain’s pig industry implored retailers to continue buying local pork and not cheaper EU products, saying businesses would go bust and livestock would be culled if producers were not given immediate support.

The weekly slaughter of pigs has dropped by 25% since August after the pandemic and Britain’s post-Brexit immigration rules combined to hit an industry already struggling for workers, leading to a now acute shortage of butchers and slaughterers.

“As a result of the labour supply issues in pork processing plants, we currently have an estimated 120,000 pigs backed up on UK pig farms that should have gone to slaughter,” the National Pig Association said in a letter to retailers.

“The only option for some will be to cull pigs on farm.”

The meat processing industry has long struggled to find enough workers but it has been hit by the departure of many eastern European workers who returned home due to Brexit and COVID-19.

The pig association said that despite attempts to persuade the government to ease immigration rules, it appeared to have reached an impasse. Britain recently changed tack to allow some international workers to come in for three months to drive trucks and fill gaps in the poulty sector.

Additional reporting by Costas Pitas, Kate Holton, James Davey and Sarah Young; writing by Guy Faulconbridge; editing by Andy Bruce and Angus MacSwan

Our Standards: The Thomson Reuters Trust Principles.

Read original article here

World

New Zealand’s COVID cases jump as its battles Delta variant

Leave a comment

A medical worker administers a COVID-19 test at a testing clinic during a lockdown to curb the spread of a coronavirus disease (COVID-19) outbreak in Auckland, New Zealand, August 26, 2021. REUTERS/Fiona Goodall

WELLINGTON, Sept 29 (Reuters) – New Zealand’s daily coronavirus cases jumped to their highest level in weeks on Wednesday, a setback to the South Pacific nation’s battle to eliminate the highly infectious Delta variant from its shores.

Health authorities reported 45 new cases, all in the biggest city, Auckland, taking the total number of cases in the current outbreak to 1,230.

It’s much higher than the eight reported on Tuesday, and the highest number of daily cases since Sept 2.

COVID-19 Response Minister Chris Hipkins urged New Zealanders to stay calm, saying: “We do expect from time to time there will be blips.”

Hipkins said at least 33 of the new cases are known household or close contacts of existing cases and most have been isolating at home or in quarantine facilities while infectious.

“I would encourage people not to read too much into it. We are still aiming to run this into the ground,” Hipkins said at a news conference.

The continuing emergence of daily cases has raised questions whether New Zealand can eliminate the virus.

A top health official said last week that the country may never be back to zero cases again. read more

New Zealand eliminated COVID-19 last year and remained largely virus-free until an outbreak of the Delta variant in August led to a nationwide lockdown. Auckland has been in lockdown for over a month.

A delayed a vaccine rollout, however, means more people are at risk in the latest outbreak.

Ardern is now facing pressure from expatriate Kiwis and their families back home to drop her “zero tolerance” strategy and reopen borders.

The opposition National Party said on Wednesday that it would end lockdowns and reopen borders before Christmas.

“Delta is here, it may not be possible to eliminate it, and it would almost inevitably arrive into the community again. Whatever happens, we need to reopen to the world and National’s plan outlines how we can do that,” National Party leader Judith Collins said.

Ardern has announced a phased reopening plan for early next year. read more

Reporting by Praveen Menon; Editing by Christopher Cushing and Gerry Doyle

Our Standards: The Thomson Reuters Trust Principles.

Read original article here