DIRS.INFO The most relevant business & tech news

HONG KONG, Dec 1 (Reuters Breakingviews) - Covid-19 lockdowns and protests across China have highlighted the risks of the mutual dependence between Taiwan's Foxconn and its top customer Apple (AAPL.O). It makes 70% of the world’s iPhones, according to Fubon Research. Meanwhile Apple’s huge investments into Foxconn have paid off: the U.S. company is the most profitable smartphone maker by far. Foxconn has been scrambling to contain the fallout, offering bonuses to temporary workers and shifting production to other facilities. At the time, Foxconn said it was bringing the situation under control and was coordinating with other plants to increase production.

NO ARCHIVESBEIJING, Dec 1 (Reuters) - China is softening its tone on the severity of COVID-19 and easing some coronavirus restrictions even as its daily case toll hovers near records, after anger over the world's toughest curbs morphed into protests across the country. Health experts warn of widespread illness and death if COVID is let loose before vaccination is ramped up. read moreWhile the recent change in tone over COVID appears to respond to the public discontent with the strictness of the measures, authorities are in parallel seeking out those who were present at the demonstrations. China Dissent Monitor, run by U.S. government-funded Freedom House, estimated at least 27 demonstrations took place across China from Saturday to Monday. Australia's ASPI think tank estimated 43 protests in 22 cities.

☆ Piper Sandler cuts estimates for Apple's Dec quarter as China worries mount
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

Dec 1 (Reuters) - Analysts at Piper Sandler on Thursday cut their revenue and iPhone sales estimates for Apple Inc's (AAPL.O) December quarter, as Beijing's strict lockdowns crimp production at the world's biggest iPhone factory in Zhengzhou, China. The brokerage now expects $119 billon in revenue for the current quarter from an earlier projection of $127.3 billion, with iPhone unit sales of about 74 million against 83 million previously expected. "More than 50% of assembled iPhones come from Foxconn's (2317.TW) Zhengzhou plant. Production woes for Apple were heightened by a rare example of large-scale labour unrest in China, where Foxconn workers clashed with security personnel in Zhengzhou. Apple might prioritize iPhone 14 Pro production over other models, the brokerage said, given the higher average selling price for the product.

☆ 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.

[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.

☆ 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 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.

[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.

☆ 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.

☆ Weakness in Apple’s stock could be a warning for the broader market, chart technicians say
▼ + stars: | 2022-11-29 | by ( Patti Domm | In | ) www.cnbc.com time to read: +4 min

Apple stock was down more than 2% Tuesday, after declining Monday and Friday. Apple's sizeable weighting Apple is 6.5% of the S & P 500 market cap, and technical analysts say it has implications for the broad market both in price impact and sentiment. Apple is 6.5% of the S & P. I would say it's remarkable how strong the S & P 500 is today with a 2% decline in Apple. "I can't imagine that happening without getting a sell signal on the S & P chart." She said the S & P 500 chart is maintaining a buy signal that has been in place for several weeks.

☆ Apple's iPhone Pro shipments may fall 20 mln units short of estimates - analyst
▼ + stars: | 2022-11-29 | by ( Akash Sriram | ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - Apple Inc's (AAPL.O) iPhone 14 Pro and Pro Max model shipments could miss market expectations by up to 20 million units in the holiday quarter due to labor unrest at a major Chinese factory, TF Securities analyst Ming-Chi Kuo said. He trimmed his estimate for quarterly iPhone shipments by about 20% to between 70 million and 75 million units, compared with the market consensus of 80 million to 85 million units. In contrast, other Apple analysts expect sales to pick up once production constraints ease and more Pro models become available. "I can't imagine 2023 will be a solid year for Apple iPhones," said Zeno Mercer, research analyst at investment advisory firm ROBO Global. "Those looking to make an upgrade have, and otherwise disposable income for next-gen phones should be down."

☆ Wall St set to open lower on China's anti-lockdown protests; Apple slips
▼ + stars: | 2022-11-28 | by ( Ankika Biswas | ) www.reuters.com time to read: +3 min

As China's strict zero-COVID policy aimed at stamping out COVID-19 with lockdowns and quarantines has become a lightning rod for frustrations, protests erupted over the weekend as a show of solidarity with rare displays of defiance. Although there were no signs of new protests in Beijing or Shanghai on Monday, the curbs so far have led to concerns over China's economic growth and its trickle-down effect on global companies. ET, Dow e-minis were down 216 points, or 0.63%, S&P 500 e-minis were down 33.75 points, or 0.84%, and Nasdaq 100 e-minis were down 99 points, or 0.84%. On Friday, the Nasdaq closed lower, weighed down by Apple in a subdued holiday-shortened trading session for Wall Street. Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru; Editing by Savio D'Souza and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Apple shares slip as China factory unrest may further hit iPhone shipments
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Shares of Apple Inc (AAPL.O) fell about 2% on Monday as growing unrest at a key Chinese plant fanned worries of a bigger hit to the already constrained production of higher-end iPhone 14 models. Reuters reported on Friday that the Foxconn (2317.TW)-operated plant, which is the world's biggest iPhone factory, could see a further drop in November shipments due to worker unrest and rising COVID-19 cases in the country. Separately, Bloomberg News reported citing a source earlier in the day that there could be a shortfall of 6 million iPhone Pro units this year due to production-related problems. They added that lead times for Pro models have moderated except in China where the timeline remains elevated. Apple shares have fallen 3.4% in November amid production woes, compared with a 2% gain in the Nasdaq Composite index.

☆ Wall St futures slip on China COVID woes; Apple falls
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

As China's strict policy aimed at stamping out COVID-19 with lockdowns and quarantines has become a lightning rod for frustrations, protests erupted over the weekend as a show of solidarity with rare displays of defiance in China. ET, Dow e-minis were down 184 points, or 0.54%, S&P 500 e-minis were down 31.75 points, or 0.79%, and Nasdaq 100 e-minis were down 105.25 points, or 0.89%. However, street protests against zero-COVID policy in China underline a harsher reality that is undermining market sentiment, at least for now," said Rabobank analysts in a note. On Friday, the Nasdaq closed lower, weighed down by Apple in a subdued holiday-shortened trading session for Wall Street, as investors watched Black Friday sales and COVID-19 cases in China. Reporting by Ankika Biswas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ After offering disruptive workers at its Chinese iPhone plant $1,400 to leave, Foxconn is now offering some staff $1,800 to stay and work
▼ + stars: | 2022-11-28 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Protests have raged at Foxconn's giant iPhone production facility in China amid strict COVID rules. To ease a growing exodus of workers, some are being offered $1,800 to stay at the facility. Last month, Foxconn implemented a "closed-loop system" because of the country's zero-COVID strategy, which has prompted uprisings across China this weekend. The unrest then turned into rioting on November 22, as Foxconn workers were filmed fighting with security guards. To try and calm the tensions, Foxconn offered protestors $1,400 to leave – more than the average monthly wage for factory workers, per Bloomberg.

☆ China sees protests against COVID curbs
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +10 min

CHINA PROTESTS Fire deaths fuel COVID lockdown fury How the protests gained momentumProtests have flared in several cities in mainland China in recent days, in a wave of civil disobedience unprecedented since President Xi Jinping assumed power a decade ago. Protests reported across China Protest mapAlthough the demonstrations in recent days are thousands of miles apart, they share elements in common. Video shows crowds topple police barricades in the street to protest against COVID curbs in China’s Guangzhou Crowds topple police barricades in the street to protest against COVID curbs in Guangzhou, China. Nov. 25 – Urumqi protests Crowds took to the streets at night in Urumqi, chanting "End the lockdown!" Video shows people in China’s Xinjiang protesting against COVID lockdown measures in China Protests against COVID lockdown measures in China's XinjiangIn the capital, Beijing, some 2,700 km (1,678 miles) to the east, some residents under lockdown staged small-scale protests or confronted local officials over movement restrictions.

☆ Apple shares slip on report iPhone production taking a big hit from unrest at China factory
▼ + stars: | 2022-11-28 | by ( Sofia Pitt | ) www.cnbc.com time to read: +2 min

Shares of Apple fell about 2% in premarket trading Monday after Bloomberg reported the company could see a production shortfall of nearly 6 million iPhone Pro models because of unrest at Foxconn's China factory. Bloomberg, citing a source, said Apple and Foxconn do expect to be able to make up that shortfall in 2023. Protests against the lockdowns have broken out across the country, including at a Foxconn iPhone assembly facility in Zhengzhou. Counterpoint Research released guidance Monday saying delivery times for iPhone 14 Pro and Pro Max are significantly delayed. In a separate note out Monday, Wedbush analyst Dan Ives predicted major iPhone shortages due to China's "head scratching zero-Covid policy."

☆ Apple faces shortfall of 6 million iPhone Pros because protests against COVID-19 restrictions are impacting production, report says
▼ + stars: | 2022-11-28 | by ( Kate Duffy | ) www.businessinsider.com time to read: +3 min

Apple faces shortfall of six million iPhone Pros due to mass protests in China, per Bloomberg. Workers at the world's largest iPhone factory have protested against pay and COVID-19 rules. Apple and Foxconn project they'll make up for the shortfall in six million iPhone Pros next year, the person added. Protests started erupting at the world's biggest iPhone factory on Tuesday over withheld pay and harsh pandemic-related restrictions. The payment is more than the average monthly wage for the factory workers, per Bloomberg.

☆ China Covid protests could lead to iPhone production hit of up to 10%, Wedbush says
▼ + stars: | 2022-11-28 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Apple could deal with a major iPhone shortage of up to 10% this holiday season because of Covid protests in China, according to Wedbush's Dan Ives. The protests marked an escalation in dissent in the country after hundreds of workers joined protests at Foxconn's iPhone plant in China earlier this month. For Apple, the Covid restrictions have meant a shortage in iPhones heading into the major holiday season. "The zero China Covid policy has been an absolute gut punch to Apple's supply chain with the Foxconn protests in Zhengzhou a black eye for both Apple and Foxconn," Ives wrote. "Now its the painful waiting game to see what ramped production looks like over the next week for Apple to ease some iPhone shortages that are building globally," he said.

☆ Dow sinks 500 points as China protests and hawkish Fed comments rattle markets
▼ + stars: | 2022-11-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Stocks sank on Monday as protestors in China and hawkish comments from Fed officials weighed on the market. Unrest over China's zero-COVID policy could exacerbate supply-chain issues, which are partly responsible for rising inflation. St. Louis Fed President James Bullard added the US had "a ways to go" on rate hikes before claiming victory on the inflation front. Anger over China's zero-COVID policy has sparked turmoil across the nation, with protests threatening to exacerbate supply-chain issues in the global economy. Experts say the protests could fuel US inflation, as supply-chain issues have been a major driver of high prices so far.

☆ Apple has seen $114 billion in market value erased as investors grow concerned about building iPhone shortages due to China Covid protests
▼ + stars: | 2022-11-28 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

Apple is facing growing iPhone shortages due to protests in China over the government's zero-COVID lockdown policies. The company has seen $114 billion in market value since erased last week on concerns of weak holiday sales. Last week, violent protests erupted at the Foxconn iPhone factory due to the stringent lockdown policies. "The zero China COVID policy has been an absolute gut punch to Apple's supply chain with the Foxconn protests in Zhengzhou a black eye for both Apple and Foxconn. "Now is the painful waiting game to see what ramped production looks like over the next week for Apple to ease some iPhone shortages that are building globally."

☆ Anti-government protests spread to Shanghai and Beijing as anger grows over China's strict zero-COVID policy
▼ + stars: | 2022-11-27 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +3 min

Shanghai is gripped by anti-COVID-19 protests, which are also happening in Xinjiang, Beijing, and Nanjing. Earlier this week, China reported a record number of COVID-19 cases. On Saturday, Shanghai, China's most populous city and its financial hub, became the latest flashpoint for the anger of of Chinese people. Per the BBC, protests are also happening in Urumqi city, Beijing, and Nanjing, in eastern China, all cities with rising COVID-19 cases and increasing levels of restrictions. Earlier this week, China reported a record number of COVID-19 cases across the country, with 31,444 new COVID cases in the country on Thursday.

☆ Foxconn unrest risks iPhone shipments, weighs on Apple shares
▼ + stars: | 2022-11-26 | by ( Yimou Lee | ) www.reuters.com time to read: +5 min

Apple shares were down 1.9% in late morning trade on Friday, while the benchmark Nasdaq index was down 0.3%. LOWER SHIPMENTSKGI Securities analyst Christine Wang said if the current issue lasts through December, around 10 million units of iPhone production will be lost, which translates to 12% lower iPhone shipment in the last quarter of 2022. REUTERS/Ann Wang 1 2Wedbush Securities estimates many Apple stores now have 25% to 30% fewer iPhone 14 Pros than normal heading into the holiday shopping season. In a statement on Nov. 7, Apple said it expected lower iPhone 14 Pro and iPhone 14 Pro Max shipments than previously anticipated. Another Foxconn source familiar with the matter said some new hires had left the campus but did not elaborate on how many.

☆ Apple iPhones in short supply on Black Friday as China's COVID-19 lockdown disrupts manufacturing, report says
▼ + stars: | 2022-11-26 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +2 min

Apple was hit with iPhone shortages on Black Friday while customers shopped for deals. Analyst sees roughly 8 million iPhones sold on the Black Friday weekend, down from 10 million a year ago. Shoppers across the country are reporting shortages of iPhone 14 products, including the iPhone 14 Pro and iPhone 14 Pro Max in Apple stores, online retailers, and big box electronics stores, according to a report by Reuters. Online wait times for orders of the new iPhone 14 Pro are now up to 40 days on Apple's website. Ives expects roughly 8 million iPhones will be sold on the Black Friday weekend, down from 10 million a year ago, mainly due to these supply challenges.

Search resuls for: "ZHENGZHOU"

25 mentions found