DIRS.INFO The most relevant business & tech news

☆ Fearing Covid, workers flee from Foxconn's vast Chinese iPhone plant
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: +2 min

After enduring days of lock-in at Foxconn's vast facility in central China with 200,000 other workers, Yuan finally climbed the fences on Saturday night and escaped the complex, joining others fleeing what they feared was a widening Covid outbreak. He walked through the night, keeping to a northerly route, towards his hometown of Hebi, every step taking him farther away from iPhone maker Foxconn's Zhengzhou plant, the Taiwan-based group's largest in mainland China. "There were so many people on the road," Yuan told Reuters on Monday, declining to give his full name because of the matter's sensitivity. "People would be called away in the middle of work, and if they don't show up the next day, that would mean they had been taken away," Yuan said. On Sunday afternoon, the company told Reuters in an emailed statement that workers were allowed to leave if they chose to.

☆ Workers are fleeing from Foxconn, China's biggest iPhone factory, by climbing over fences and walking down highways on foot amid COVID fears, photos and videos show
▼ + stars: | 2022-10-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Workers are reportedly fleeing the world's largest iPhone factory in droves, amid a Covid outbreak. Dramatic photos and videos of Foxconn workers escaping the Zhengzhou compound have made their way online. Foxconn said it's continuing to implement pandemic prevention measures in Zhengzhou park, including setting up a 24-hour hotline for employees. The Foxconn outbreak happened just as Apple enters the crucial holiday quarter for retail trade. Foxconn shares are flat on Monday, trading at 45.50 New Taiwan Dollars, or $1.41 apiece, on the Taiwan Stock Exchange.

☆ Chinese cities brace for wave of Foxconn workers from COVID-hit Zhengzhou
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +3 min

Taiwan-based Foxconn, which has about 300,000 workers in Zhengzhou, has not disclosed the number of infected workers. On Oct. 19, Foxconn banned all dining-in at canteens and required workers to take their meals in their dormitories, but assured that production was normal. Photographs and videos circulating widely on Chinese social media since Saturday showed Foxconn workers trekking across fields in the day and along roads at night. "They were Foxconn employees who escaped from the factory and were walking home," wrote a user of WeChat in a post about the social media images. Returning workers are to travel "point-to-point" in pre-arranged vehicles en route, and are to be quarantined on arrival, they said in separate letters on their respective social media accounts addressed to Zhengzhou Foxconn workers.

☆ Foxconn's iPhone factory in China — the world's largest — hit by Covid outbreak
▼ + stars: | 2022-10-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Foxconn said Tuesday that its factory in Zhengzhou, China — the world's largest assembly plant for Apple's iPhones — was hit with a small Covid outbreak. Zhengzhou, in central China's Henan province, has been battling a new wave of Covid this month. Foxconn's position highlights the balancing act required by manufacturing facilities to meet customer demand under Beijing's strict Covid policy. Apple still relies heavily on China for the majority of its iPhone production, but the Cupertino giant has looked to diversify its supply chain. Last month, Apple said that it has begun assembling its flagship iPhone 14 in India.

☆ China's Xi deals knockout blow to once-powerful Youth League faction
▼ + stars: | 2022-10-26 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +5 min

BEIJING, Oct 26 (Reuters) - The three most glaring omissions from China's new Communist Party leadership share one common trait: all rose through its Youth League and were considered members of a once-powerful faction whose influence Xi Jinping has now effectively crushed. "On Hu Chunhua, I think this has been Xi Jinping's main tactic of shutting down the youth league faction," said Victor Shih, an expert on elite politics in China and a professor at the University of California, San Diego. "They are completely defeated," said Cheng Li, a specialist on the transformation of political leaders in China, referring to the sidelining of the Youth League faction. The Youth League has been active in attacking foreign brands accused of misbehaviour in China, such as false advertising. The Youth League did not immediately respond to a request for comment on Wednesday.

DEBT STRESSTreasury bond quotas could be increased, so that some of them could be transferred to local governments to ease their fiscal stress, said Luo Zhiheng, chief macroeconomic analyst at Yuekai Securities. Combined with some maturing debts of local government financing vehicles (LGFVs) - investment companies that build infrastructure projects - this year and the next will be most stressful for local governments, he said. According to financial media outlet Yicai, local governments' revenue from fines and confiscations jumped 10.4% in January-July year-on-year. The fiscal stress is cutting into some households' income, a red flag for consumption and broader growth. As there is no way out, they have had to ask the local government fiscal department for money."

Then came the pandemic and a property crisis, and with them, clear evidence of the limits of the debt-fuelled, investment-driven model that had propelled China's economy and businesses like Shores'. "If there is no investment, consumption will be like a tree without roots," said Jia, who previously led a finance ministry think tank. Many uncertainties hang over China's economy: the zero-COVID policy, a crackdown on tech and other industries, geopolitical tensions and rising borrowing costs in export markets. China is widely expected to miss this year's 5.5% GDP growth target and Natixis estimates growth may not even top 3% a year into Xi's next mandate. Oxford Economics expects average annual GDP growth this decade to halve from the 1999-2019 average to 4.5% and slow to 3% in the decade after.

☆ When Chinese protesters came up against Xi's security machine
▼ + stars: | 2022-10-13 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +12 min

Handout via REUTERSBEIJING, Oct 13 (Reuters) - Jack Yao, a Chinese Communist Party member, never wanted to be an activist. It offers a glimpse of the lengths some frustrated citizens will go to in taking on the world's most powerful security state. China's Ministry of Public Security, the Henan and Anhui local governments, and police departments in those provinces and Beijing didn't respond to requests for comment for this article. Chinese authorities say social stability is the foundation for a prosperous future and dismiss human rights complaints as Western propaganda and interference in internal affairs. Protesters chanted: "Henan banks, give us back our deposits."

☆ Leapmotor’s modest IPO obviates big leap of faith
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/StringerHONG KONG, Sept 27 (Reuters Breakingviews) - Leapmotor is cruising in gloomy markets. The Chinese electric-vehicle maker priced shares of its initial public offering, the largest in Hong Kong this year, at the bottom end of a previously indicated range, per IFR. Chinese consumers are increasingly gravitating towards more affordable local brands too, according to a Bernstein survey released this month. Leapmotor’s sales in the first quarter fell a little short of the pace it needs to hit but its still within reach. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ TRAGEDIE: 18 morți, majoritatea copii, într-un incendiu izbucnit într-o sală de arte marțiale din China
▼ + stars: | 2021-06-25 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: 1 min

18 persoane şi-au pierdut viaţa şi 16 au fost rănite în noaptea de joi spre vineri într-un incendiu izbucnit la o şcoală de arte marţiale din centrul Chinei. Majoritatea victimelor sunt elevi ai şcolii, cu vârste cuprinse între şapte şi 16 ani, potrivit presei locale, informează AFP, citează Agerpres. Incendiul a izbucnit noaptea când 34 de rezidenţi se aflau la primul etaj al şcolii, situată în provincia Henan. Persoanele rănite, dintre care patru în stare gravă, au fost duse la un spital unde un medic a dat asigurări că „se depun toate eforturile” pentru a le salva. Potrivit unui comunicat al autorităţilor din comitatul Zhecheng, directorul şcolii a fost arestat.

Locations: Chinei, Henan, Zhecheng

☆ Incendiu la o școală de arte marțiale din China; Cel puțin 18 morți, dintre care majoritatea copii
▼ + stars: | 2021-06-25 | by ( ) www.jurnal.md time to read: +1 min

Sursa foto: AFPIncendiu la o școală de arte marțiale din China; Cel puțin 18 morți, dintre care majoritatea copiiOptsprezece persoane şi-au pierdut viaţa şi 16 au fost rănite în noaptea de joi spre vineri într-un incendiu izbucnit la o şcoală de arte marţiale din centrul Chinei. Incendiul a izbucnit noaptea când 34 de rezidenţi se aflau la primul etaj al şcolii, situată în provincia Henan. Directorul şcolii a fost arestat, potrivit unui comunicat al autorităţilor din comitatul Zhecheng, unde se află şcoala (la circa 700 de km sud de Beijing). Autorităţile au declarat vineri dimineaţă că incendiul a fost stins, scrie realitatea.netIncidentul a provocat o vie emoţie pe reţelele de socializare, unde internauţii au cerut o înăsprire a normelor de siguranţă împotriva incendiilor. În Henan se află numeroase şcoli de arte marţiale, dintre care multe sunt situate lângă Templul Shaolin, renumit pentru călugării săi războinici.

Persons: Autorităţile Locations: China, Chinei, Henan, Zhecheng, Beijing

☆ O profesoară, condamnată la moarte după ce a otrăvit intenționat 25 de copii: A vrut să se răzbune pe colegul ei
▼ + stars: | 2020-11-12 | by ( ) www.ziarulnational.md time to read: +1 min

O profesoară de grădiniţă din China a fost condamnată la moarte pentru otrăvirea a 25 de copii, dintre care unul a decedat, pentru a se răzbuna pe colegul său. Un tribunal din provincia centrală Henan a declarat că Wang Yun a pus azotit de sodiu în micul dejun pregătit pentru copiii colegului ei, după o ceartă cu acesta. Rapoartele din acea perioadă spuneau că micuţii au început să verse şi să leşine după ce au servit micul dejun. Nu a fost prima dată când Wang a folosit nitrit de sodiu pentru a otrăvi pe cineva, au spus autorităţile. Nitritul de sodiu este utilizat pentru tratarea cărnii, dar poate fi toxic atunci când este ingerat în cantităţi mari.

Persons: Wang Yun, Wang Organizations: Mediafax Locations: China, Henan

Search resuls for: "HeNan"

12 mentions found