- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
- S.African woman turns 118, among the oldest in the world
- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
- Cuts, cash, credit: China bids to jumpstart flagging economy
- France's debt weighs heavier ahead of budget debate
- Iran treads carefully, backing Hezbollah while avoiding war
- Return to sender: waste stranded at sea stirs toxic dispute
- 'Broken' news industry faces uncertain future
- On remote Greek island, migratory birds offer climate clues
- Taken from mother by nuns, victim seeks answers as pope visits Belgium
- China cuts amount banks hold in reserve to boost lending
- Hong Kong, Shanghai extend surge as China optimism boosts markets
RBGPF | 7.18% | 64.75 | $ | |
CMSC | -0.13% | 24.74 | $ | |
RYCEF | -0.14% | 7.03 | $ | |
CMSD | -0.72% | 24.9 | $ | |
SCS | 1.28% | 13.32 | $ | |
NGG | -0.1% | 69.66 | $ | |
GSK | 0.11% | 40.755 | $ | |
BCC | -1.23% | 139.775 | $ | |
RIO | -0.09% | 71.165 | $ | |
VOD | -0.85% | 10.005 | $ | |
JRI | 0.66% | 13.67 | $ | |
RELX | -0.38% | 47.38 | $ | |
AZN | 0.23% | 77.8 | $ | |
BCE | -1.19% | 34.775 | $ | |
BP | -0.11% | 31.385 | $ | |
BTI | -0.89% | 36.515 | $ |
iPhone, Macbook makers halt Shanghai production over Covid
Several electronics companies, including iPhone and Macbook makers, have halted production in the Chinese cities of Shanghai and Kunshan, adding to supply chain woes under Beijing's strict zero-Covid measures.
The business hub of Shanghai has become the heart of China's biggest Covid-19 outbreak since the virus surfaced more than two years ago.
The city of 25 million has remained almost entirely locked down since the start of the month, while other areas have rolled out less severe restrictions to stamp out Covid flare-ups.
"Local operation in Shanghai area has been temporarily suspended in response to Covid-19 prevention measures," said Macbook maker Quanta Computer in a filing to the Taiwan Stock Exchange on Wednesday.
The Taiwan-based firm's expected date of resumption will be advised by authorities later, the notice said.
This came a day after iPhone assembler Pegatron announced it had temporarily suspended work as well, and was "actively cooperating with local authorities" to resume operations soon.
The suspensions apply to two of its subsidiaries, in Shanghai and nearby Kunshan city, the Taiwanese company said.
Stay-at-home orders and stringent testing rules have strained supply chains in and around Shanghai, home to the world's busiest container port and a critical gateway for foreign trade.
China reported nearly 28,000 local virus cases on Wednesday, the vast majority in Shanghai.
Many factories have been forced to halt operations as virus cases have surged, while some staff have been living in their workplaces as businesses struggle to operate.
- Logistics problems -
Pegatron and Quanta Computer's suspensions are the latest blow to Apple, which has seen disruptions at other suppliers' assembly lines in recent months as Chinese cities struggle to curb virus outbreaks.
In March, another major supplier Foxconn halted operations in the Chinese tech hub of Shenzhen.
Foxconn has "resumed fundamental operations" in Shenzhen as of late March, the company said.
Consultancy group Trendforce said in a recent report that manufacturers may have just a few more weeks worth of inventories as logistics problems grow over the imposed restrictions.
Chinese authorities have struggled to maintain the flow of goods across the country as tough virus controls slow movement.
A Transport Ministry circular issued late Tuesday barred the "blocking of road transportation" vehicles and personnel, ordering more efficient Covid-19 screening along transport routes.
Anxious about the spring farming season and food supplies, officials in virus-hit areas such as the northeastern province of Jilin have also issued travel passes to let agricultural workers return to farmland on chartered buses.
"The Chinese economy has been facing a rising risk of recession since mid-March", Nomura analysts warned this week, citing severe disruptions to the delivery of exports, with coastal areas hit hard by controls to rein in the virus.
Ch.Lefebvre--CPN