Coronavirus: China asks Tesla to shut down Shanghai factory
Amid the threat of the novel coronavirus, China has asked Tesla to temporarily shut down its Shanghai factory, a move that may "slightly" impact the profitability of the Elon Musk-led electric car company in the first quarter of 2020, top company executives have said.
 
In a call with investors, the executives announced that the shutdown of the Shanghai factory will delay the company's production of the Model 3 there, The Verge reported on Wednesday.
 
Tesla is one of the many firms impacted by the Chinese government's order, asking facilities to remain closed until February 9.
 
"At this point we're expecting a one to one-and-a-half week delay in the ramp of Shanghai built Model 3s due to a government required factory shutdown," Tesla finance chief Zach Kirkhorn was quoted as saying on the call.
 
The electric car maker started delivering the first vehicles produced at its Shanghai factory at the end of last year.
 
Tesla started production in China with the hope of capturing a pie in the country's growing market for electric vehicles.
 
But the outbreak of the new coronavirus may impact some of its plans even though Tesla reported $24.6 billion in revenue in 2019 on the back of a fourth quarter revenue figure of about $7.4 billion.
 
In the fourth quarter of 2019, the company reported a $105 million profit, finishing the year with back-to-back profitable quarters.
 
The new coronavirus, which originated in China, has also affected several other companies, including Google, which on Wednesday announced temporary shutdown of its all China offices, said the report.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    Coca-Cola, Pepsi, Nestle biggest ocean polluters: Report
    Coca-Cola, Pepsi and Nestle are among the companies that contribute most to ocean pollution with single-use plastics, according to a study presented on Tuesday by the "Break Free from Plastic" initiative.
     
    The environmental movement, launched in 2016, has helped clear the coasts of 42 countries around the world of discarded plastics.
     
    "These brand audits offer undeniable proof of the role that corporations play in perpetuating the global plastic pollution crisis," said Von Hernandez, the Global Coordinator of Break Free From Plastic, at the presentation of the study in Manila.
     
    Between September 9 and 15, over 10,000 volunteers carried out 239 plastic cleaning actions on coasts and other natural environments in 42 countries, Efe news reported.
     
    They collected more than 187,000 pieces of plastic, of which more than 65 per cent were from products by Coca-Cola, Pepsi and Nestle. But companies such as Danone, Mondelez, Procter & Gamble, and Unilever, among others, were also mentioned in the report.
     
    "The companies have a choice to make. They can be part of the problem or they can be part of the solution", Hernandez told Efe. 
     
    "If they continue the use of problematic and unnecessary plastic packaging they are just encouraging more production and more pollution".
     
    Around 100,000 pieces of plastic collected were made of materials like polystyrene, PVC (polyvinyl chloride), PET (polyethylene terephthalate) or the film of single-use plastic that were not biodegradable, the report said.
     
    Plastic production has reached 320 million metric tonnes per year and is expected to grow by 40 per cent over the next decade, which will exponentially increase the release of greenhouse gases. Ninety per cent of plastics are produced from fossil fuels and pollutants.
     
    "We must act now to demand that corporate brands reject their overpackaging habit in order to meaningfully reverse the demand for new plastic," said Hernandez.
     
    The study said that these large corporations must take responsibility for polluting the environment, as production of plastics exposes harmful substances to communities living near factories and pollutes foods and products contained in plastic wraps.
     
    Eighty per cent of the 8.3 billion metric tonnes of plastic produced since 1950 was still present in the environment, mainly in the oceans, according to studies cited in the "Break Free From Plastic" report.
     
    Since then, only 9 per cent of that plastic had been properly recycled and 12 per cent incinerated.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
     

     

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    Don't miss your date with 'super blue blood Moon'
    A special evening is knocking at the door of the enthusiastic stargazers as they will get a rare chance of viewing a "super blue blood Moon" on Wednesday.
     
    According to NASA, the January 31 full moon is special for three reasons. 
     
    It is the third in a series of "supermoons," when the Moon is closer to Earth in its orbit -- known as perigee -- and about 14 per cent brighter than usual. 
     
    It is also the second full moon of the month, commonly known as a "blue moon." 
     
    The super blue moon will pass through Earth's shadow to give viewers in the right location a total lunar eclipse. 
     
    And while the Moon is in the Earth's shadow it will take on a reddish tint, known as a "blood moon." 
     
    To help the stargazers watch the "super blue blood Moon", the Nehru Planetarium at the Nehru Memorial Museum and Library here is organising an event, "A moonrise in Eclipse!", from 6.30 p.m.-9 p.m. on Wednesday.
     
    SPACE India, a start-up focused on astronomy education and astro-tourism services, said it would also organise events to observe the phenomenon from 6p.m.-9.30 p.m. at various locations across India, including at India Gate.
     
    "The Moon will be plunged into darkness for one hour and 16 minutes (in full eclipse phase), in a deep total eclipse. The eclipse will be visible from all over India, but at moonrise the eclipse would have already started and the Moon will be in partial eclipse while rising," SPACE India said in a statement. 
     
    Apart from offering a rare moonrise sight, the eclipse will give researchers a chance to see what happens when the surface of the moon cools quickly, helping them to understand some of the characteristics of the regolith -- the mixture of soil and loose rocks on the surface -- and how it changes over time.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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