23/04/2020
(Reuters) – Consumer goods giant Unilever Plc (ULVR.L) (UNA.AS) withdrew its full-year forecast on Thursday, saying the hit from lockdowns in China and India, as well as lower ice cream sales, offset strong U.S. and European sales of cleaning items, sending its shares down 5%.
Underlying sales across Asia, the Middle East and Russia, fell 3.7%, as lockdowns in the quarter restricted restaurant visits and shopping in China and led to factory shutdowns that halted production in India.
In Europe, Turkey and Latin America, Unilever’s 3 billion euro ice cream business was hit by national efforts to prevent the spread of the coronavirus, deterring distributors in holiday destinations from buying stock.
“Many of our classic out-of-home retailers like leisure sites, travel hubs, beaches and tourist destinations were closed,” Chief Financial Officer Graeme Pitkethly said on a call.
These factors countered increased sales in the United States and Europe, where consumers stocked up on laundry detergents, Domestos bleach, Cif cleaning products and personal hygiene items, as the virus spread to those regions.
Overall, first-quarter turnover rose 0.2% to 12.40 billion euros ($13.42 billion), slightly missing the estimate of 12.77 billion euros based on analysts polled by Factset.
The company withdrew its sales performance targets for the year, which forecast growth at the lower end of a 3%-5% range, saying it could not “reliably assess the impact” of the virus, , although it said it would still pay its interim dividend.
Jefferies analysts said investors would be asking why Unilever “has apparently been hit so badly, and early, by the negative impacts of COVID-19 without seeing much of the positives. We expect a difficult day for the shares.”
Shares in Unilever, which joins spirits maker Diageo (DGE.L) and other consumer goods companies in withdrawing guidance, was down 5.5% at 4,008 pence in early trading.
The Anglo-Dutch company’s report follows results from larger U.S. rival Procter & Gamble (PG.N), which last week said its U.S. sales had seen their biggest rise in decades.
Unilever also said underlying sales grew strongly in North America, rising 4.8% as shoppers stocked up on personal hygiene products, Knorr soups and Hellmann’s dressings.
In Europe, sales growth was led by Germany and Britain, although prices across the region fell.
“We are adapting to new demand patterns and are preparing for lasting changes in consumer behaviour, in each country, as we move out of the crisis and into recovery,” Unilever Chief Executive Alan Jope said in a statement.
The company said it was directing a chunk of its 500 million euro package to support suppliers towards its ice cream distribution partners, which Pitkethly called the “jewel” in its supplier relationships.
Source: Reuters
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21/04/2020
SEOUL (Reuters) – South Korean and Chinese officials on Tuesday cast doubt on reports North Korean leader Kim Jong Un was ill after media outlets said he had undergone a cardiovascular procedure and was in “grave danger”.
Daily NK, a Seoul-based speciality website, reported late on Monday, citing one unnamed source in North Korea, that Kim was recovering after undergoing the procedure on April 12. The North Korean leader is believed to be about 36.
CNN cited a U.S. official with direct knowledge of the matter as saying Washington was “monitoring intelligence” that Kim was in grave danger after surgery. Bloomberg quoted an unnamed U.S. official as saying the White House was told that Kim took a turn for the worse after the surgery.
However, two South Korean government officials rejected the CNN report without elaborating on whether Kim had undergone surgery. The presidential Blue House said there were no unusual signs coming from the reclusive, nuclear-capable state.
Kim is the unquestioned leader of North Korea and the sole commander of its nuclear arsenal. He has no clear successor and any instability in the country could be a major international risk.
The state KCNA news agency gave no indication of the whereabouts of Kim in routine dispatches on Tuesday, but said he had sent birthday gifts to prominent citizens.
An official at the Chinese Communist Party’s International Liaison Department, which deals with North Korea, told Reuters the source did not believe Kim was critically ill. China is North Korea’s only major ally.
Chinese foreign ministry spokesman Geng Shuang said Beijing was aware of reports about the health of Kim, but said it does not know their source, without commenting on whether it has any information about the situation.
South Korean shares exposed to North Korea tumbled and the Korean won fell on the reports. The won traded down more than 1% against the dollar even as South Korean government sources said Kim was not gravely ill.
U.S. stock futures were trading 0.5% lower, but it was not clear how much of that weakness was owing to the collapse in U.S. oil prices and consequent concerns over global demand.
Daily NK said Kim had been admitted to hospital on April 12, just hours before the cardiovascular procedure, as his health had deteriorated since August due to heavy smoking, obesity and overwork.
It said he was now receiving treatment at a villa in the Mount Myohyang resort north of the capital Pyongyang.
“My understanding is that he had been struggling (with cardiovascular problems) since last August but it worsened after repeated visits to Mount Paektu,” a source was quoted as saying, referring to the country’s sacred mountain.
Accompanied by senior North Korean figures, Kim took two well-publicised rides on a stallion on the snowy slopes of the mountain in October and December.
KIM’S HEALTH KEY TO STABILITY
An authoritative U.S. source familiar with internal U.S. government reporting on North Korea questioned the CNN report that Kim was in “grave danger”.
“Any credible direct reporting having to do with Kim would be highly compartmented intelligence and unlikely to leak to the media,” a Korea specialist working for the U.S. government said on condition of anonymity.
Japan’s top government spokesman, Yoshihide Suga, declined to comment on the reports of Kim’s health.
“We are regularly gathering and analysing information about North Korea with great concern,” he said. “We will keep gathering and analysing information regarding North Korea by collaborating with other countries such as the U.S.”
Kim’s potential health issues could fuel uncertainty over the future of the reclusive state’s dynastic rule and stalled denuclearisation talks with the United States, issues in which Kim wields absolute authority.
With no details known about his young children, analysts say his sister and loyalists could form a regency until a successor is old enough to take over.
Speculation about Kim’s health first arose following his absence from the anniversary of the birthday of its founding father and Kim’s grandfather, Kim Il Sung, on April 15.
On April 12, North Korean state media reported that Kim Jong Un had visited an airbase and observed drills by fighter jets and attack aircraft.
Two days later North Korea launched multiple short-range anti-ship cruise missiles into the sea and Sukhoi jets fired air-to-surface missiles as part of military exercises.
The missile launches were part of the celebrations for Kim’s grandfather, Seoul officials said, but there was no North Korea state media report on his attendance or the tests.
Reporting from inside North Korea is notoriously difficult, especially on matters concerning the country’s leadership, given tight controls on information. There have been false and conflicting reports in the past on matters related to its leaders.
Kim is a third-generation hereditary leader who rules North Korea with an iron-fist, taking over the titles of head of state and commander in chief of the military since late 2011.
In recent years Kim has launched a diplomatic offensive to promote both himself as a world leader and his hermit kingdom, holding three meetings with U.S. President Donald Trump, four with South Korean President Moon Jae-in and five with China’s President Xi Jinping.
He was the first North Korean leader to cross the border into South Korea to meet Moon in 2018. Both Koreas are technically still at war, as the Korean War of 1950-53 ended in an armistice, not a peace treaty.
Kim has sought to have international sanctions against his country eased, but has refused to dismantle his nuclear weapons programme, a steadfast demand by the United States.
Source: Reuters
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18/04/2020
- China’s Skyrizon Aircraft Holdings bought a majority stake in Motor Sich, but the shares were frozen in 2017 pending an investigation by Ukraine’s security service
- Washington and Beijing have competed for influence in Ukraine since its relations with Moscow soured when Russia annexed the Crimea peninsula in 2014
Chnia’s Skyrizon says it will appeal a Kiev court’s decision to block its purchase of Ukrainian aircraft engine maker Motor Sich. Photo: Getty Images
A court in Kiev has rejected an appeal by Chinese investors to unfreeze the shares of a Ukrainian aircraft engine maker, a setback for the Chinese company that sought to buy the Ukrainian firm in a deal opposed by the United States.
China’s Skyrizon Aircraft Holdings bought a majority stake in Motor Sich, but the shares were frozen in 2017 pending an investigation by Ukraine’s security service (SBU). Washington wants the deal scrapped.
The US and China have competed for influence in Ukraine since its relations with Moscow soured when Russia annexed the Crimea peninsula in 2014.
In its ruling, the court kept the shares frozen, citing the SBU investigation into whether selling Motor Sich sabotages national security by allowing sensitive technology into foreign hands. The ruling was dated March 13, shared with the parties this week.
Skyrizon plans further appeals, said a lawyer involved in the case, speaking anonymously due to the political sensitivity of the case. Zelensky’s office, the US embassy and the Chinese embassy did not respond to requests for comment. Motor Sich and the SBU declined to comment.
Motor Sich severed ties with Russia after the annexation of Crimea. Photo: Wikipedia
Motor Sich severed ties with Russia, its biggest client, after the annexation of Crimea. The wrangle over its future has held up efforts to find new markets, and supporters of a quick resolution say it is now operating at less than half capacity.
“Motor Sich has become a hostage to the geopolitical situation,” former prime minister Anatoliy Kinakh, chairman of an industrial union which has called for the government to resolve the dispute quickly, said.
The state’s anti-monopoly committee has launched its own investigation and says it is waiting to receive more documents before deciding whether to sanction the sale.
President Volodymyr Zelensky’s administration has had to balance strengthening ties to Beijing with keeping the United States, its biggest military aid donor, onside. In recent weeks, Beijing and Washington have both offered aid to Ukraine to fight the
coronavirus.
At the moment it is a very difficult task when we have the biggest powers in the world and their interests are in conflict in Ukraine,” Oleksandr Danylyuk, a former top security official under Zelensky, said.
Source: SCMP
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22/07/2019
- Sun Ling became a cyber star in China after she responded to an online question: how can you get an overseas education if you are dirt poor?
- ‘I just put my story out there to show there is a possibility in your life even if you have a low starting point,’ the 29-year-old says
Sun Ling works as a contract software engineer at Google in New York. Photo: Sun Ling
To get where she is today, Sun Ling has beaten very long odds.
Born in a rural hamlet in central China’s Hunan province, Sun shot to Chinese social media stardom for her rags-to-relative-comfort career trajectory. Her story begins in a household of such modest means that her mother had to sell blood to make ends meet and a primary school education interrupted by the need for her hands in the family’s fields.
She has no fancy college degree, having gone to work on the assembly line at a Shenzhen factory directly from high school.
Yet today, the 29-year-old works as a contract software engineer at Google in New York, coding on workdays and playing frisbee on weekends, with an annual salary of about US$120,000.
Sun Ling with her parents, brother, niece and nephews in China. Photo: Sun Ling
Sun’s journey from factory worker to high-paid software engineer has garnered Chinese social media headlines such as “the most inspiring story of all times”, and internet users have applauded her as a “positive energy girl”.
But others have not been as flattering, with some questioning the credibility of her story and saying what she has accomplished is almost too difficult to be true amid growing concern about the lack of opportunity and social mobility in China.
“I don’t consider myself a success and I have no intention to become a role model,” Sun told the South China Morning Post on Thursday. “I just put my story out there to show there is a possibility in your life even if you have a low starting point.”
A look inside Google’s new campus outside Silicon Valley
Her story became known in China after she posted an answer on Zhihu, the Chinese version of Quora, responding a question: how can you get an overseas education if you are dirt poor?
In the answer she posted earlier last month, Sun detailed her 10-year journey in making the seemingly impossible possible.
“It is not the orthodox way of studying overseas, just for your reference,” Sun wrote in the post, which has received nearly 35,000 likes on Zhihu. The answer was picked up by other social media; one of her most popular stories, which is circulating on WeChat, has been viewed more than 100,000 times.
Sun said her story was not a textbook “American dream” or “Chinese dream comes true” experience, but rather one driven by the simple motivation to forge a better life.
I just put my story out there to show there is a possibility in your life even if you have a low starting point Sun Ling
When Sun was born in 1990, her parents were farmers in a small village about a 2½-hour drive from Hunan province’s capital city, Changsha. Growing up in a place where a middle school education was considered good enough for a girl, Sun was forced to temporarily drop out of school when she was about 13 to ease the financial burden on her parents, who favoured her brother, the only son in the family.
“I begged and begged till my father allowed me to return to school,” she said. “But to be honest, my strong desire to stay at school at the moment was mainly because farming was too hard. The work got calluses on my hands.”
Sun in her home village in Hunan province in 2013. Photo: Sun Ling
Among her 11 village friends, she was the only one who completed high school. But the education she received at the rural school failed to get her into any college in China. So, like her peers in the village, she went to Shenzhen to become a factory worker.
But the routine of shifts spent examining the quality of batteries bored her. “I have no idea what kind of life I want to live, even today. But I am very certain about the life I don’t want to live,” Sun said.
She quit the factory job after eight months and enrolled in a computer training programme to learn what she regarded as the must-have skills to leave the blue-collar life behind.
That is the thing I like about America: they value what you are able to do more than where you come fromSun Ling
To have enough money to complete the training to become an entry-level software engineer, she worked three part-time jobs, including sending out fliers and waitressing at restaurants, and lived on three credit cards.
After more than a year of training and a debt of 10,000 yuan (US$1,450), in September 2011 she was hired as a software engineer by a Shenzhen company responsible for developing an online payroll system. With her own cubicle, a monthly salary of 4,000 yuan and weekends for herself, the job met all of Sun’s expectation as a “white-collar office lady”.
But the excitement of the new life didn’t last. She started to feel small in a big city where “everyone else is so excellent, with fancy degrees”.
To overcome her educational disadvantage, she signed up for an English training programme and a long-distance programme that allowed her to earn a degree from Shenzhen University. All of this took place while she maintained her software engineering job.
To practise her English, in 2014 she picked up ultimate frisbee, a game where in Shenzhen at the time, most of the players were expats. With a different circle of friends, most of whom had overseas experience, Sun started to dream of a life outside China’s borders.
Sun was born in a rural hamlet in central China’s Hunan province. Photo: Sun Ling
In early 2017, she discovered a master’s programme at Maharishi University of Management in Fairfield, Iowa, which features a controversial “consciousness-based education” system that includes the practice of meditation.
Sun applied and was accepted into the university’s computer science programme.
According to her, its design fit her well as it allowed students to have internships or jobs on a work-study visa after months of attending classes on campus. The rest of the programme could be completed remotely.
After nine months studying on campus and 60 job interviews, Sun received a job offer from EPAM Systems, a vendor for Google, late last year.
Google moving some hardware production out of China
Of her work as a contract software engineer at Google’s Manhattan headquarters, Sun said she was very “lucky” since many of her colleagues had a PhD or studied at top-tier American universities.
“But none of them treat me like I don’t deserve all of this,” she said. “That is the thing I like about America: they value what you are able to do more than where you come from.”
However, her story has not been without controversy in China’s cyber world.
Supporters have sent an increasing number of messages from various online channels, thanking her for an inspiring story and seeking her advice on life decisions. Sceptics claim she just got lucky, and some have accused her of being an advertising tool for Maharishi University of Management.
Chinese family paid US$1.2 million for Yale spot. Why weren’t they charged?
“At first, I got really angry,” Sun said. “I don’t think I deserve all the criticism for simply sharing my real life experience. But then I realised that not everyone has the same attitude in life.”
“I had no resources and I had very few options,” she said. “It is natural that people think it is difficult or even impossible to do. But for me it is actually not that difficult. Just keep learning and keep trying new things step by step, day by day.”
Her journey continues. Sun has been practising English and trying to fit better into her life in the US by doing short video interviews on the streets of New York streets. She has also taken courses about artificial intelligence online.
“My next goal is to become an in-house Google software engineer,” she said. “It won’t be easy. But your life begins at the end of your comfort zone.”
Source: SCMP
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CHINDIA ALERT: You'll be living in their world, very soon 
South Korea, China cast doubt on reports North Korean leader Kim gravely ill
SEOUL (Reuters) – South Korean and Chinese officials on Tuesday cast doubt on reports North Korean leader Kim Jong Un was ill after media outlets said he had undergone a cardiovascular procedure and was in “grave danger”.
Daily NK, a Seoul-based speciality website, reported late on Monday, citing one unnamed source in North Korea, that Kim was recovering after undergoing the procedure on April 12. The North Korean leader is believed to be about 36.
CNN cited a U.S. official with direct knowledge of the matter as saying Washington was “monitoring intelligence” that Kim was in grave danger after surgery. Bloomberg quoted an unnamed U.S. official as saying the White House was told that Kim took a turn for the worse after the surgery.
However, two South Korean government officials rejected the CNN report without elaborating on whether Kim had undergone surgery. The presidential Blue House said there were no unusual signs coming from the reclusive, nuclear-capable state.
Kim is the unquestioned leader of North Korea and the sole commander of its nuclear arsenal. He has no clear successor and any instability in the country could be a major international risk.
RELATED COVERAGE
The state KCNA news agency gave no indication of the whereabouts of Kim in routine dispatches on Tuesday, but said he had sent birthday gifts to prominent citizens.
An official at the Chinese Communist Party’s International Liaison Department, which deals with North Korea, told Reuters the source did not believe Kim was critically ill. China is North Korea’s only major ally.
Chinese foreign ministry spokesman Geng Shuang said Beijing was aware of reports about the health of Kim, but said it does not know their source, without commenting on whether it has any information about the situation.
South Korean shares exposed to North Korea tumbled and the Korean won fell on the reports. The won traded down more than 1% against the dollar even as South Korean government sources said Kim was not gravely ill.
U.S. stock futures were trading 0.5% lower, but it was not clear how much of that weakness was owing to the collapse in U.S. oil prices and consequent concerns over global demand.
Daily NK said Kim had been admitted to hospital on April 12, just hours before the cardiovascular procedure, as his health had deteriorated since August due to heavy smoking, obesity and overwork.
It said he was now receiving treatment at a villa in the Mount Myohyang resort north of the capital Pyongyang.
“My understanding is that he had been struggling (with cardiovascular problems) since last August but it worsened after repeated visits to Mount Paektu,” a source was quoted as saying, referring to the country’s sacred mountain.
Accompanied by senior North Korean figures, Kim took two well-publicised rides on a stallion on the snowy slopes of the mountain in October and December.
KIM’S HEALTH KEY TO STABILITY
An authoritative U.S. source familiar with internal U.S. government reporting on North Korea questioned the CNN report that Kim was in “grave danger”.
“Any credible direct reporting having to do with Kim would be highly compartmented intelligence and unlikely to leak to the media,” a Korea specialist working for the U.S. government said on condition of anonymity.
Japan’s top government spokesman, Yoshihide Suga, declined to comment on the reports of Kim’s health.
“We are regularly gathering and analysing information about North Korea with great concern,” he said. “We will keep gathering and analysing information regarding North Korea by collaborating with other countries such as the U.S.”
Kim’s potential health issues could fuel uncertainty over the future of the reclusive state’s dynastic rule and stalled denuclearisation talks with the United States, issues in which Kim wields absolute authority.
With no details known about his young children, analysts say his sister and loyalists could form a regency until a successor is old enough to take over.
Speculation about Kim’s health first arose following his absence from the anniversary of the birthday of its founding father and Kim’s grandfather, Kim Il Sung, on April 15.
On April 12, North Korean state media reported that Kim Jong Un had visited an airbase and observed drills by fighter jets and attack aircraft.
Two days later North Korea launched multiple short-range anti-ship cruise missiles into the sea and Sukhoi jets fired air-to-surface missiles as part of military exercises.
The missile launches were part of the celebrations for Kim’s grandfather, Seoul officials said, but there was no North Korea state media report on his attendance or the tests.
Reporting from inside North Korea is notoriously difficult, especially on matters concerning the country’s leadership, given tight controls on information. There have been false and conflicting reports in the past on matters related to its leaders.
Kim is a third-generation hereditary leader who rules North Korea with an iron-fist, taking over the titles of head of state and commander in chief of the military since late 2011.
In recent years Kim has launched a diplomatic offensive to promote both himself as a world leader and his hermit kingdom, holding three meetings with U.S. President Donald Trump, four with South Korean President Moon Jae-in and five with China’s President Xi Jinping.
He was the first North Korean leader to cross the border into South Korea to meet Moon in 2018. Both Koreas are technically still at war, as the Korean War of 1950-53 ended in an armistice, not a peace treaty.
Kim has sought to have international sanctions against his country eased, but has refused to dismantle his nuclear weapons programme, a steadfast demand by the United States.
Source: Reuters
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