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☆ Western firms’ Chinese red lines are not their own
▼ + stars: | 2022-12-02 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Yet companies’ red lines on China are out of their hands. Undeterred by growing geopolitical tensions and slowing Chinese growth, several Western companies have this year intensified the rate at which they bet on the People’s Republic. If Western states decide to impose sanctions, boards would have their red lines decided for them. Western companies will keep betting on the Middle Kingdom, until their governments stop them. The report predicts China will become the largest global market for luxury goods by 2025.

☆ China's cities are running out of money to pay huge COVID lockdown bills, report says
▼ + stars: | 2022-12-02 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

China's zero-COVID strategy is having a big financial impact on local governments, CNN reported. China's strict strategy involves mass testing and locking down major cities. And local governments have had to pay for much of this, CNN reported. As a result, some local governments have delayed or suspended payments to coronavirus test providers and some are now asking residents to pay for their own coronavirus tests, CNN reported. The zero-COVID strategy has harmed China's economy more widely, by restricting movement and tourism and locking down cities of millions of people, which has also at times meant shutting down factories and manufacturing sites.

☆ Chinese protesters are reacting to a broken social contract
▼ + stars: | 2022-12-01 | by ( Diana Fu | Diana Fu Is Associate Professor Of Chinese Politics At The University Of Toronto | Non-Resident Fellow At The Brookings Institution. She Is Author Of The Book | ) www.nbcnews.com time to read: +6 min

However, a deeper cause for this unrest is that the protesters are responding to a broken social contract between the Chinese Communist Party and the people. Despite swift censorship, a Chinese social media post referencing the incident had been viewed 180,000 times before it was deleted. With 20% youth unemployment, businesses closing, migrant workers left homeless and preventable deaths mounting, some Chinese citizens are withdrawing their consent to be ruled. Chinese protesters normally avoid such rhetoric, preferring to stick to bread-and-butter economic or local issues, which are more likely to yield concessions. It is significant that this time, Chinese protesters are borrowing a tactic from Hong Kong protesters in 2020 — holding up pieces of blank paper.

☆ The Disney Store in Japan is selling a shirt that shows Winnie the Pooh holding up a white sheet of paper — the same protest symbol sweeping across China
▼ + stars: | 2022-12-01 | by ( Britney Toh | ) www.businessinsider.com time to read: +3 min

Japan's Disney Store is selling products featuring Winnie the Pooh clutching a piece of blank paper. The products, which range from t-shirts and hoodies to tote bags and mugs, seem to be limited only to Japan's Disney Store, as they are not sold in the international Disney Store. Screenshot of Japan's Disney Store. Screenshot of Disney Store website. The Disney Store did not immediately respond to Insider's request for comment.

☆ Asia's factory activity shrinks as China lockdown impact widens
▼ + stars: | 2022-12-01 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

Amid the pandemic curbs, China's factory activity shrank in November, a private survey showed on Thursday. The figure followed downbeat data in an official survey on Wednesday that showed manufacturing activity had hit a seven-month low in November. South Korea's factory activity shrank for a fifth straight month in November but the downturn moderated slightly, possibly suggesting the worst was over for businesses. Lockdowns in China have hit production at a factory there that is the biggest producer of Apple Inc (AAPL.O) iPhones. Vietnam's PMI fell to 47.4 in November from 50.6 in October, while that for Indonesia slid to 50.3 from 51.8, the private surveys showed.

☆ Xi Jinping's Biggest Crisis yet: China Lockdown Protests, Stumbling Economy
▼ + stars: | 2022-12-01 | by ( Linette Lopez | ) www.businessinsider.com time to read: +8 min

Over what has been a stunning week, China has erupted in mass protests calling for an end to the country's restrictive COVID lockdowns. Easing the COVID lockdowns could spur a potentially devastating public health crisis. Accepting Western vaccines or rolling back zero COVID would be a tacit admission that he is fallible. There's lots of money to be made in China, and its economy would almost certainly improve if zero COVID restrictions were loosened. Under Xi, China was already shuttering its doors long before the pandemic struck.

☆ Exclusive: China to allow home quarantine for some infected with COVID
▼ + stars: | 2022-12-01 | by ( Julie Zhu | ) www.reuters.com time to read: +2 min

HONG KONG, Dec 1 (Reuters) - China will allow some people who test positive for COVID-19 to quarantine at home, among supplementary measures to be announced in coming days, two sources with knowledge of the matter told Reuters. Home isolation for the infected would be a significant change in China's quarantine protocols. Earlier this year, entire communities were locked down, sometimes for weeks, after even just one positive case was found. Last month, new and easier quarantine rules required just the lockdown of affected buildings. Vice Premier Sun Chunlan, who oversees China's counter COVID efforts, on Wednesday urged further "optimisation" of testing, treatment and quarantine policies.

☆ China's factory activity shrinks in Nov amid widespread COVID curbs - Caixin PMI
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +3 min

BEIJING, Dec 1 (Reuters) - China's factory activity shrank in November as widespread COVID-19 curbs disrupted manufacturers' output, a private sector survey showed on Thursday, weighing on employment and economic growth in the fourth quarter. But the reading marks the fourth monthly contraction in a row as the 50-point index mark separates growth from contraction on a monthly basis. Analysts see mounting downside risks to China's economic growth in the fourth quarter despite a flurry of policies to shore up activity, including reserve requirement ratio cuts and support to rescue the sluggish property sector. Sub-indexes of factory output, employment and new export orders all fell at a sharper pace in November from October, the private Caixin survey showed. The Caixin manufacturing PMI centres on small firms and coastal regions, which includes a number of exporters.

☆ Emerging market policymakers dare to hope for brighter 2023
▼ + stars: | 2022-11-30 | by ( Roberto Samora | ) www.reuters.com time to read: +3 min

He also said a reopening of China could propel the South Korean economy in 2023. "Actually if China loosens zero-COVID policy and reopens their borders and economy that will be a tremendous stimulus for us. Indian Finance Minister Nirmala Sitharaman forecast a "very good" economy ahead of 2024 national elections, fuelled by capital spending. State finance minister Shehan Semasinghe also said the nation was intent on meeting a December deadline to present plans to help unlock an International Monetary Fund bail-out. Zambia, which defaulted on its sovereign debt in 2020, aims to complete its restructuring of nearly $15 billion of external debt in the first quarter of 2023, Finance Minister Situmbeko Musokotwane said.

☆ China's lockdown protests spread to cities abroad
▼ + stars: | 2022-11-30 | by ( Jeremy Schultz | ) www.reuters.com time to read: 1 min

All eyes are on the tournament in Qatar as soccer enthusiasts gather to support their teams from home.

☆ Foxconn asks workers for referrals to replenish China plant's staff
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Nov 30 (Reuters) - Apple (AAPL.O) supplier Foxconn on Wednesday offered a 1,000 yuan ($141.11) award to staff who successfully recommend people to work at its plant in China's Zhengzhou city, as it tries to replenish depleted staff numbers there after recent unrest. Typically, a Foxconn worker makes between 3,000 to 4,000 yuan a month. Last week, violent protests erupted at the facility over a bonus issue, prompted several others to leave. Foxconn has already upped bonuses for existing workers, and is offering higher pay packages for new workers. On Wednesday, the Zhengzhou Airport Economic Zone where the Foxconn plant is located, said it would undertake those measures from Dec. 1.

☆ Covid protests escalate in Guangzhou as China lockdown anger boils
▼ + stars: | 2022-11-30 | by ( ) www.nbcnews.com time to read: +6 min

TwitterSocial media posts said the clashes took place on Tuesday night and were caused by a dispute over lockdown curbs. China Dissent Monitor, run by U.S. government-funded Freedom House, estimated at least 27 demonstrations took place across China from Saturday to Monday. In Zhengzhou, the site of a big Foxconn factory making Apple iPhones that has been the scene of worker unrest over Covid, officials announced the “orderly” resumption of businesses, including supermarkets, gyms and restaurants. Data on Wednesday showed China’s manufacturing and services activity for November posting the lowest readings since Shanghai’s two-month lockdown began in April. Chinese stocks were steady, with markets weighing endemic economic weakness against hopes that the public pressure could push China to eventually reopen.

☆ World stocks in upbeat spirits, Fed's Powell in the spotlight
▼ + stars: | 2022-11-30 | by ( Dhara Ranasinghe | Foo Yun Chee | ) www.reuters.com time to read: +4 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 29, 2022. REUTERS/StaffLONDON, Nov 30 (Reuters) - World equity markets rallied on Wednesday and focus turned to Jerome Powell, who speaks later in the day in what will be the U.S. Federal Reserve chief's last opportunity to steer sentiment ahead of the Fed's December meeting. European stock markets rallied (.STOXX) and U.S. equity futures pointed to a firm start for Wall Street , . MSCI's broadest gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) rallied more than 1% to its highest since September. Hong Kong's Hang Seng Index rallied more than 2% (.HSI), although Japan's blue-chip Nikkei fell 0.2% (.N225).

☆ Mazda sees no impact on Japan vehicle production from current China lockdowns
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 30 (Reuters) - Mazda Motor Corp (7261.T) does not expect to have problems maintaining production in Japan for the time being despite COVID lockdowns in China as the automaker has sufficient inventories of parts, a company executive said on Wednesday. A draconian two-month lockdown in Shanghai earlier this year forced the Hiroshima-based automaker to suspend production for 11 days at its two domestic plants due to a lack of parts. "One of the measures that we are taking now to reduce the risk is to bring the inventory to Japan," said Takeshi Mukai, senior managing executive officer. The automaker wants to ensure it can withstand one month of COVID restrictions in China and another subsequent month of after-effects, he added. Mazda said in August it would ask its parts suppliers to increase stockpiles in Japan and produce components outside China as part of efforts to strengthen its supply chain.

☆ China's Nov factory, services activities fall to 7-month lows on COVID curbs
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

The official manufacturing purchasing managers' index (PMI) stood at 48.0 against 49.2 in October, the lowest reading in seven months, according to data from the National Bureau of Statistics (NBS). Separately, the non-manufacturing PMI, which looks at service sector activity, fell to 46.7 from 48.7 in October, also the lowest reading in seven months. Chinese authorities this month rolled out a flurry of policies to prop up the struggling economy, including reserve requirement ratio cuts and COVID fine-tuning measures, while loosening financing curbs to rescue the property sector. The official manufacturing PMI largely focuses on big and state-owned firms. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Thursday.

For October-December, (Japan's) production will likely be almost flat or slightly decrease from the previous quarter," said Shumpei Fujita, economist at Mitsubishi UFJ Research and Consulting, pointing to the global economic slowdown as a culprit. Factory output fell 2.6% in October from a month earlier on a seasonally adjusted basis, government data showed on Wednesday. Production machinery output slipped 5.4%, taking a hit from soft demand for equipment to make semiconductors and flat-panel displays. While output of compact cars for the domestic market grew, production and shipment of export-oriented larger vehicles was down due to chip shortages, the METI official said. The impact of China's recent lockdown remains unclear, the METI official said, adding the spill-over effects for Japanese manufacturers may only appear in November or December statistics.

☆ Apple supplier Foxconn is using cash bonuses to tempt people to work at its iPhone City after COVID protests gutted its staff
▼ + stars: | 2022-11-30 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Apple supplier Foxconn is offering $141 dollars for successful staff referrals, Reuters reported. Foxconn is attempting to lure new staff to the so-called "iPhone City" after protests saw large numbers of workers leave. Apple is facing a shortfall of nearly 6 million iPhones this year because of protests. Apple is facing a shortfall of nearly six million iPhone Pros this year due to the protests against China's zero-COVID policy. To lure workers back, the firm is now offering $1,800 bonuses to some workers to continue working at the factory.

☆ China's Guangzhou city relaxes COVID rules in several districts
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 30 (Reuters) - The Chinese city of Guangzhou relaxed COVID prevention rules in several districts on Wednesday in an effort to implement rules authorities announced this month aimed at easing the burden of the strict zero-COVID policy. read moreGuangzhou, China's manufacturing hub, has been hard hit in China's latest COVID-19 outbreaks and people in the southern city took to the streets to protest against the strict COVID-prevention rules on the weekend. The relaxation of curbs comes after the city of 19 million people recorded fewer coronavirus cases over the past few days. Authorities in city districts including Haizhu, Baiyun, Fanyu, Tianhe, Conghua, Huadu, Liwan, said in statements they were lifting temporary lockdowns. One district, Conghua, said it would allow in-person classes in schools to resume and would reopen restaurants and other businesses including cinemas.

☆ Here are Wednesday's biggest analyst calls: Apple, Tesla, Amazon, Blackstone, Carvana, Netflix & more
▼ + stars: | 2022-11-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Wednesday's biggest calls on Wall Street: Morgan Stanley adds Blackstone to the financials' finest list Morgan Stanley added the investment bank and private equity firm to its top pick list and said it sees a compelling entry point. Bank of America downgrades Carvana to neutral from buy Bank of America said it has "liquidity and cash burn concerns." "We are reinstating coverage of XPO with a Neutral rating following a period of restriction. Bank of America reiterates Amazon as buy Bank of America attended Amazon's AWS Re:Invent conference and said Amazon Web Services ecosystem "remains strong." Morgan Stanley reiterates Lowe's as overweight Morgan Stanley said the home improvement retailer is in a "strong fundamental position."

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☆ China Covid protests erupt again amid lockdown tensions
▼ + stars: | 2022-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina Covid protests erupt again amid lockdown tensionsProtesters in China are again clashing with authorities over the country's zero-Covid restrictions. CNBC's Eunice Yoon joins 'Squawk Box' to report.

☆ Factbox: A chronology of dissent in China in recent decades
▼ + stars: | 2022-11-30 | by ( James Pomfret | ) www.reuters.com time to read: +5 min

The following is a timeline of some other notable protests, and public dissent against China's ruling Communist Party. 2009 - Xinjiang - In the region's worst ethnic unrest in decades, ethnic Uighurs attacked majority Han Chinese in the capital Urumqi, after an incident involving Uighur workers in a factory in southern China. China later builds massive "facilities" to turn Xinjiang into what a United Nations panel described as a "massive internment camp shrouded in secrecy". China later imposes a powerful national security law, arresting scores of democrats and shutting down civil society groups and liberal media outlets, including the Apple Daily newspaper. 2022 - Henan bank protests - Public protests simmer as thousands lose access to their savings in a banking fraud scandal centred on rural lenders in Henan and Anhui provinces.

Garcia split her savings into index funds, I bonds, and a high-yield savings account. Index funds are passively-managed investment vehicles that track a particular market index. A high-yield savings account is a savings account with interest rates up to 3.8%, which is higher than a regular savings account's average interest rate of 0.16%. "I've been doing this all year, just putting some money away in the stock market. I have about $8,500 in my savings account right now, and I do plan on deploying another $5,000 of that."

"Things reached a tipping point, we had to come out," Yang, 32, who declined to be identified by her full name given fear of reprisals, told Reuters. Authorities have denied the deaths in the fire were linked to lockdown measures that blocked the victims' escape. "I'm very proud that I can stand up with the best young people in China and speak out for everyone," said Cheng. She and other young protesters are tech savvy, with many communicating over Telegram in amorphous, anonymous and decentralised acts of defiance, with echoes of Hong Kong's leaderless pro-democracy protests in 2019. But it's better than facing the reality day by day and then not being able to do anything, and then you feel sorry for yourself."

[1/6] Police arrive at a protest against coronavirus disease (COVID-19) restrictions after a vigil for the victims of a fire in Urumqi, as outbreaks of COVID-19 continue, in Beijing, China, November 28, 2022. Social media posts said the clashes took place on Tuesday night and were caused by a dispute over lockdown curbs. In Zhengzhou, the site of a vast Foxconn factory making Apple iPhones that has been the scene of worker unrest over COVID, officials announced the "orderly" resumption of businesses, including supermarkets, gyms and restaurants. White House national security spokesperson John Kirby said on Tuesday that protesters in China should not be physically harmed or intimidated. The head of the International Monetary Fund Kristalina Georgieva flagged a possible downgrade in the fund's economic growth forecasts for China.

☆ China’s Zhengzhou, home to world’s largest iPhone factory, ends Covid lockdown
▼ + stars: | 2022-11-30 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN Business —The central Chinese city of Zhengzhou, home to the world’s largest iPhone factory, has lifted a five-day Covid lockdown, in a move that analysts have called a much-needed relief for Apple and its main supplier Foxconn. Zhengzhou is the site of “iPhone City,” a sprawling manufacturing campus owned by Taiwanese contract manufacturer Foxconn that normally houses about 200,000 workers churning out products for Apple (AAPL), including the iPhone 14 Pro and 14 Pro Max. The troubles started in October when workers left the campus in Zhengzhou, the capital of the central province of Henan, due to Covid-related fears. Total iPhone 14 Pro and 14 Pro Max shipments in the current quarter would be 15 million to 20 million units less than previously anticipated, according to Kuo. Due to the high price of the iPhone 14 Pro series, Apple’s overall iPhone revenue in the current holiday quarter could be 20% to 30% lower than investors’ expectations, he added.

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