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☆ 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.

☆ Protesters in China are trying to break out of quarantine
▼ + stars: | 2022-11-30 | by ( Erica Star Domena | Samara Abramson | ) www.businessinsider.com time to read: 1 min

Demonstrations are escalating as people in China protest strict COVID-19 policies. Police in hazmat suits are trying to stop people from breaking out of lockdown. Loading Something is loading. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyProtests are spreading across the globe as people in China try to break out of quarantine. These are the largest public protests China has seen in decades.

Widespread protests against the Chinese government’s “zero-Covid” restrictions may have rocked the country over the weekend, but data shows that anger has been building for months. Protests also flared up in June — right after the financial hub of Shanghai completed a grueling two-month lockdown — and in September and October. China’s zero-Covid strategy aims to isolate individual cases and cut off transmission chains through a combination of quarantine, contact tracing, mass testing and strict lockdowns. According to an Oxford University government response tracker, China’s lockdowns have remained at early-pandemic levels, while the U.S. and remaining Group of 7 nations have relaxed their measures. The lockdowns are having a major impact on the Chinese economy, the world’s second largest after the United States.

☆ China’s lockdown protests spread to campuses and cities abroad
▼ + stars: | 2022-11-29 | by ( ) www.nbcnews.com time to read: +5 min

HONG KONG — Protests against China’s strict zero-Covid policy and restrictions on freedoms have spread to at least a dozen cities around the world in a show of solidarity with rare displays of defiance in China over the weekend. Expatriate dissidents and students staged small-scale vigils and protests in cities around the world including London, Paris, Tokyo and Sydney, according to a Reuters tally. In most cases, dozens of people attended the protests, though a few drew more than 100, the tally showed. The protests on the mainland were set off by a fire in China’s Xinjiang region last week that killed 10 people who were trapped in their apartments. It has been common in recent years for overseas Chinese students to rally in support of their government against its critics, but anti-government protests have been rare.

[1/4] FILE PHOTO: The logo of Foxconn is seen outside the company's building in Taipei, Taiwan November 10, 2022. The plant owned by Taiwan-based Foxconn, battered by China's strict COVID restrictions and facing critical year-end holiday demand, was offering enticing hiring bonuses and excellent pay. Hou said he was promised up to 30,000 yuan ($4,200) for just under four months' work - far above the 12,000-16,000 yuan Foxconn workers usually get for four months. In a rare example of large-scale labour unrest in China, Foxconn workers in COVID masks clashed with security personnel in white hazmat suits holding plastic shields. The company previously apologised to workers for a pay-related "technical error" that it said occurred when it was hiring.

☆ Dating apps and Telegram: How China protesters are defying authorities
▼ + stars: | 2022-11-29 | by ( Eduardo Baptista | ) www.reuters.com time to read: +5 min

Protesters came out in several Chinese cities for three days from Friday in a show of civil disobedience unprecedented since President Xi Jinping assumed power a decade ago. Authorities denied accusations posted on social media that a lockdown had prevented people escaping the blaze but that did not prevent protests on Urumqi streets, videos of which were posted on the Weibo and Douyin social media apps. Censors tried to scrub them quickly but they were downloaded and reposted not only across Chinese social media but also to Twitter and Instagram, which are blocked in China. A few hours before protesters gathered in cities like Shanghai and Chengdu, online flyers and pinned locations were widely shared on Telegram groups, Instagram and Twitter, social media users said. Police have been checking phones for VPNs and the Telegram app, residents and social media users said.

☆ Here’s how China’s COVID lockdown protests are sparking unrest across markets and rattling the global investing landscape.
▼ + stars: | 2022-11-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Today we're going over what the ongoing protests in China mean for markets and investors. While the protests in China have been largely peaceful, some protesters have been met with violence from the authorities. Anti-government protests have erupted from Shanghai to Beijing as citizens rise up in opposition of China's zero-COVID policies. "Markets don't like bad news, and protests are bad news," Laffer told me on a phone call yesterday. China protests over lockdown measures could mean inflation gets stuck at 4%, according to Mohamed El-Erian.

☆ Fauci called China's 'zero-COVID' policy 'draconian' and says lockdowns 'should always be a temporary phenomenon'
▼ + stars: | 2022-11-29 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Dr. Anthony Fauci said on NBC's "Meet the Press" that China's approach has been "rather draconian." On CNN's "The Lead with Jake Tapper," Fauci said lockdowns should be temporary. "Their approach has been very, very severe and rather draconian in the kinds of shutdowns without a seeming purpose," Fauci said in an interview on Sunday with NBC's "Meet the Press" host Chuck Todd. On CNN's "The Lead with Jake Tapper," Fauci reiterated on Monday that China needs to communicate a clear reason to the population for having lockdowns. Part of China's so-called "zero-COVID" strategy is to completely eradicate infection cases in areas where even a small number of coronavirus cases are found by implementing stringent lockdowns.

☆ Oil prices will hover near $90 in 2023 as Russian production bounces back to pre-war levels, JPMorgan says
▼ + stars: | 2022-11-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Oil prices will hover around $90 per barrel in 2023 as Russia boosts its production to pre-war levels, according to JPMorgan. The bank lowered its 2023 oil forecast by $8 because of the expected supply increase from Russia. The refilling of the special petroleum reserve by the Biden administration should also support oil prices. If Russia's oil production levels normalize as JPMorgan expects, it will likely find a big buyer in India. That could lead to slight oil production cuts next year from OPEC to help prop up oil prices, as US shale production continues to have less influence over prices compared to a few years ago.

☆ ‘White paper’ protests: China’s top stationery supplier says it’s still selling A4 sheets
▼ + stars: | 2022-11-29 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN Business —The rare protests that spread across China over the weekend often featured demonstrators holding pieces of blank white paper, a phenomenon that has caused problems for the country’s top stationery chain. A4 refers to a standard paper size commonly used in countries outside of the United States and Canada. After M&G issued its filing, some social media users said they weren’t able to order A4 white paper sheets from the company’s online stores. Following the stock exchange filing, shares in M&G Stationery clawed back some losses, but were still down 1% at Monday’s close. ‘White paper’ protestsThe protests were triggered by a deadly fire last Thursday in Urumqi, the capital of the far western region of Xinjiang.

☆ China’s ‘white paper’ protests cause headaches for country’s top stationery supplier
▼ + stars: | 2022-11-29 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN Business —The rare protests that spread across China over the weekend often featured demonstrators holding pieces of blank white paper, a phenomenon that has caused problems for the country’s top stationery chain. M&G Stationery is based in Shanghai and sells its products in over 50 countries and regions around the world, according to the company’s website. After M&G issued its filing, some social media users said they weren’t able to order A4 white paper sheets from the company’s online stores. Following the stock exchange filing, shares in M&G Stationery clawed back some losses, but was still down 1% by Monday’s close. ‘White paper’ protestsThe protests were triggered by a deadly fire last Thursday in Urumqi, the capital of the far western region of Xinjiang.

But it still refuses to use Western mRNA vaccines to innoculate the population more quickly. China's hesitancy to use Western vaccine technology is contributing to the mass protests against its COVID-19 restrictions. Despite that, China is still refusing to approve and distribute Western vaccines to innoculate its citizens. In lieu of the Western vaccines, which are based on mRNA, China has been relying on its own brand of jabs, which rely on inactivated, or killed, virus. Germany this week suggested China should use Western vaccines to speed up the process and protect the country from the virus, Politico reported.

☆ Alibaba, JD, and other Chinese stocks jump as easing of some virus restrictions fuels hopes China will back down from zero-COVID policy
▼ + stars: | 2022-11-29 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Alibaba and shares of other Chinese stocks listed in the US rose Tuesday on speculation China may relax its zero-COVID policy. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. E-commerce heavyweight Alibaba gained 5% on New York Stock Exchange and rival JD.com picked up 7.5% on the Nasdaq. Hong Kong's Hang Seng Index gained 5.2% and the mainland's Shanghai Composite gained 2.3%. "Either way, it appears zero-COVID has reached a crossroads and the direction of travel now will determine investor appetite toward Chinese stocks going into 2023.

☆ China's people are protesting the country's severe zero-COVID policies, and public-health experts agree with them
▼ + stars: | 2022-11-29 | by ( Morgan Mcfall-Johnsen | Paola Rosa-Aquino | ) www.businessinsider.com time to read: +7 min

Protests are erupting across China over the country's restrictive zero-COVID policies. Public-health experts say the policies are unsustainable, ineffective, and unnecessarily severe. Without vaccination campaigns targeting older adults, China's lockdowns may only delay a catastrophic COVID wave. Tyrone Siu/ReutersThere is no easy way forward for China, but constant 2020-style lockdowns are not the solution, according to public-health experts, who called the policies unsustainable, ineffective, and irrational. As a result, Huang thinks the zero-COVID lockdowns are completely unwarranted.

☆ A former Facebook exec says an employee at a 'large tech company' once complained to the CEO in an all-hands meeting about the quality of company toilet paper
▼ + stars: | 2022-11-29 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

A former Facebook exec tweeted that an employee once complained to a 'large tech' CEO about the quality of the toilet paper during an all-hands meeting. His tweet came on the same day Elon Musk told Twitter employees to quit if they can't commit to working long hours. The tweet reflects a growing belief among tech execs that employees have become too lazy. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. Former Facebook and PayPal executive David Marcus tweeted that an employee once complained about the quality of a company's toilet paper during an all-hands meeting.

☆ As China grapples with rare protests, Shanghai Disneyland shuts over Covid curbs once again
▼ + stars: | 2022-11-29 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +2 min

Hong Kong CNN Business —Shanghai Disneyland has been closed again because of China’s Covid restrictions, just days after reopening following a previous pandemic-related closure. Shanghai Disneyland had just reopened on November 25 after a pandemic-related closure on October 31, according to a notice from Shanghai Municipal People’s Government on November 26. Disneytown, Wishing Star Park and Shanghai Disneyland Hotel reopened earlier on November 17, but November 25 marked the resort’s return to full operations after the closure on October 31, according to the notice. Shanghai Disneyland had also taken a three-month hiatus earlier this year. The decision to close Disneyland once again comes following nationwide protests over the weekend in a rare show of dissent against the ruling Communist Party.

☆ China police out in numbers to prevent more COVID protests
▼ + stars: | 2022-11-29 | by ( Eduardo Baptista | ) www.reuters.com time to read: +4 min

[1/3] Epidemic-prevention workers in protective suits stand guard at a residential compound as outbreaks of coronavirus disease (COVID-19) continue in Beijing, China November 28, 2022. Simmering discontent with COVID prevention policies three years into the pandemic ignited into broader protests in cities thousands of miles apart throughout the weekend. COVID in China keeps spreading despite significant sacrifices made by most of the country's 1.4 billion people to prevent its transmission, adhering to a zero-COVID policy of eradicating all outbreaks that has isolated China from the rest of the world. The lockdowns have exacerbated one of the steepest growth slowdowns China has faced in decades, disrupting global supply chains and roiling financial markets. In Hangzhou, the capital of the eastern Zhejiang province, videos on social media which Reuters could not independently verify showed hundreds of police occupying a large public square on Monday night, preventing people from congregating.

Two protesters told Reuters that callers identifying themselves as Beijing police officers asked them to report to a police station on Tuesday with written accounts of their activities on Sunday night. "We are all desperately deleting our chat history," said another person who witnessed the Beijing protest and declined to be identified. Simmering discontent with stringent COVID prevention policies three years into the pandemic ignited into protests in cities thousands of miles apart over the weekend. Officials say the COVID policy has kept the death toll in the thousands, avoiding the millions of deaths elsewhere. In an editorial that did not mention the protests, People's Daily, the Party's official newspaper, urged citizens to "unswervingly implement" COVID policies.

☆ China's 'iPhone city' is lifting its lockdown after a wave of protests over the strict policy
▼ + stars: | 2022-11-29 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +2 min

Factory workers have been protesting against China's strict pandemic restrictions amid an Omicron surge. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyChina's "iPhone city" is ending its strict lockdown. Zhengzhou, a city in east-central China that is home to Apple's largest iPhone factory, Foxconn, is lifting its lockdown policy after five days, Bloomberg first reported, citing a WeChat post from the local government. The city made the announcement hours after officials in China said they would avoid strict restrictions, Bloomberg reports, after protests erupted in cities across the country against President Xi Jinping's zero-COVID policy. The protests threatened to impact Apple's iPhone output, with Bloomberg reporting that there could be a production shortage of almost six million iPhone Pros this year as a result.

☆ 29 foodtech power players of 2022 revolutionizing how restaurants operate and deliver amid a looming recession
▼ + stars: | 2022-11-29 | by ( Nancy Luna | ) www.businessinsider.com time to read: +2 min

Rising labor and commodity costs put a squeeze on restaurants in 2022. Insider's 2022 foodtech power players are helping restaurants elevate their digital business. But sunny skies turned stormy in 2022 as the restaurant industry faced headwinds tied to market volatility, a labor shortage, and record inflation. Ghost kitchens, virtual brands, and online-ordering startups are now morphing to survive and stay relevant post-lockdown. Insider's 2022 list spotlights foodtech leaders who are helping restaurants take their digital business to the next level as they face a looming recession.

☆ Bank of America CEO predicts two years of pain ahead in the housing market
▼ + stars: | 2022-11-29 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +2 min

New York CNN Business —The CEO of one of the nation’s largest banks is preparing for an economic downturn in 2023. But Moynihan told Harlow that the worst-case fears for the economy may not materialize — thanks to the continued resilience of American shoppers. Still, Moynihan is concerned that there could be more tough times ahead for the housing market. And the way you do that is raising interest rates,” Moynihan said. “The intended outcome of [the Fed’s] policies doesn’t feel good when you are trying to buy a home.”Moynihan told Harlow that there could be two years of pain in the housing market before activity returns to normal.

☆ An internet hoax has dragged a popular China stationery company into the protests against the country's harsh COVID-19 restrictions
▼ + stars: | 2022-11-29 | by ( Rebecca Cohen | ) www.businessinsider.com time to read: +2 min

A fake document that circulated on Chinese social media said the country's largest stationery company would halt sales of white paper. The company quickly said the document was fake and that they would still sell A4 paper. But now a top Chinese stationery company has gotten caught up in the fervor thanks to an internet hoax. The document added that the Shanghai-based company "strongly condemns the recent 'white paper movement,'" the name given to the protests against China's restrictive COVID-19 policies. The company quickly announced the statement was fake and that it would keep selling white paper — but not before the company's stock price tumbled 3%.

☆ China still hasn't officially addressed the anti zero-COVID protests that have swept the country
▼ + stars: | 2022-11-29 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

Mass protests kicked off in China over its strict COVID-19 policy after 10 people died in a fire. But there has been a heavy police presence, which meant some protests did not go ahead on Monday. Top editors give you the stories you want — delivered right to your inbox each weekday. China has cracked down on the protests, with a strong police presence and arrests taking place. A heavy police presence on Monday evening meant that planned protests did not take place in some locations, like Beijing, the BBC and Bloomberg reported.

The pan-European STOXX 600 index (.STOXX) slipped 0.50% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.71%. Emerging market stocks (.MSCIEF) dropped 0.94%. In currencies, the safe-haven Swiss franc and Japanese yen gained, while the Aussie dollar and Chinese yuan underperformed. CHINA FEARSIn Treasuries Benchmark 10-year notes were down 2.8 basis points to 3.674%, from 3.702% late on Friday. The 30-year bond was last down 2.7 basis points to yield 3.725%, from 3.752%, while the 2-year note was down 3.9 basis points to yield 4.4402%.

☆ White House says 'everyone has the right to peacefully protest' after China Covid demonstrations intensify
▼ + stars: | 2022-11-28 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Rebecca-Shabad-Circle-Byline-Template.Jpg | Rebecca Shabad | ) www.nbcnews.com time to read: +2 min

WASHINGTON — The White House on Monday issued a statement in support of peaceful protesters in China after demonstrations against the country's zero-Covid policy intensified this weekend. “We’ve long said everyone has the right to peacefully protest, in the United States and around the world,” a White House National Security Council spokesperson said in a statement. “Zero COVID is not a policy we are pursuing here," the spokesperson said. The Chinese government argues its pandemic strategy has saved lives and is necessary to protect the fragile health care system from being overwhelmed. The latest deaths bring China’s official toll to more than 5,000, compared with more than 1 million in the United States.

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