Daily Archive: May 27, 2020

Coronavirus outbreak at South Korea e-commerce warehouse drives spike in new cases By Reuters

© Reuters. FILE PHOTO: File picture of a delivery man for Coupang wearing a mask loading packages

By Joyce Lee and Hyunjoo Jin

SEOUL (Reuters) – South Korea reported the highest daily number of new coronavirus cases in 49 days on Wednesday, as one of the country’s largest e-commerce companies battled an outbreak linked to a now-shuttered logistics facility.

The Korea Centers for Disease Control and Prevention (KCDC) reported 40 new cases as of midnight Tuesday, bringing the country’s total number to 11,265. A day earlier the country recorded 19 new cases.

So far, at least 36 cases have been linked to an outbreak at the logistics centre operated by SoftBank-backed e-commerce firm Coupang Corp in Bucheon, west of Seoul, the KCDC said. It was not immediately clear how many of the cases were reported in the last 24 hours.

About 3,600 people at the facility are being tested. The

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Ottawa to scrutinize Chinese acquisition of gold miner as Huawei case reaches crucial stage

The federal government says it is reviewing a Chinese mining company’s proposed $207 million buyout of a struggling gold mining company in Nunavut under the Investment Canada Act, as a high-profile case against a Chinese executive in Canada reaches a crucial point.

Shandong Gold Mining Co. Ltd., a Chinese state-owned enterprise that’s listed on the Shanghai Stock Exchange, announced earlier this month it would purchase Toronto-based TMAC Resources Inc., which operates a mine near Cambridge Bay that has been beset by operational challenges.

Ottawa declined to provide any details on why it is scrutinizing the TMAC buyout, but lawyers who practise in this area said the government can easily invoke national security concerns amid rising political tensions with China. Indeed, on April 18, the government said that as a result of the coronavirus pandemic, it would subject all investments by state-owned enterprises, such as Shandong, to “enhanced scrutiny.”

The review

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Hertz discloses $16.2 M. in retention bonuses following 10,000 layoffs

On Monday Hertz, the beleaguered vehicle rental service, said it would lay off 10,000 employees in North America as a result of the novel coronavirus pandemic.

On Tuesday, it disclosed in an SEC filing that it had entered into retention agreements with 340 of its employees at the director level and above to disburse about $16.2 million in retention bonuses.

About $1.5 million—$700,000 to chief executive Paul Stone; $600,000 to chief financial officer Jamere Jackson; and $189,633 to chief marketing officer Jodi Allen—was explicitly allocated to members of its executive leadership team.

Hertz said the retention bonuses were made “in recognition of, among other things, the financial and operational uncertainty the company and its employees face as the company navigates unprecedented circumstances arising from COVID-19’s adverse impact on the global travel sector; the substantial additional efforts undertaken by the company’s key employees with a reduced workforce in response to … Read More