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Shanghai Disney Visitors Told To Stay Home After COVID Case, Foxconn Ups Bonuses

SHANGHAI, Nov 1 (Reuters) – Several Shanghai residents received fresh stay-at-home orders and mandatory testing notices on Tuesday as authorities raced to trace contacts linked to a COVID-positive woman whose visit to the city’s Disney Resort prompted its temporary lockdown.

In the central Chinese city of Zhengzhou, meanwhile, Apple (AAPL.O) iPhone manufacturer Foxconn (2317.TW) announced a big increase in bonuses to stem an exodus of workers rattled by coronavirus curbs at its vast facility there, as China’s strict zero-COVID policy exacts a rising toll on the world’s No.2 economy.

Full coverage: REUTERS

Japan’s Stealth Yen Intervention Aims For Maximum Impact – Finance Minister

TOKYO, Nov 1 (Reuters) – Japan’s currency interventions have been stealth operations in order to maximise the effects of its forays into the market, Finance Minister Shunichi Suzuki said on Tuesday, after the government spent a record $43 billion supporting the yen last month.

Bank of Japan Governor Haruhiko Kuroda, however, reiterated the central bank’s resolve to keep interest rates ultra-low, indicating that the yen’s broad downtrend could continue.

Full coverage: REUTERS

Toyota Cuts Output Target Amid Chip Crunch As Profit Tumbles 25%

TOKYO, Nov 1 (Reuters) – Toyota Motor Corp (7203.T) on Tuesday posted a worse-than-expected 25% drop in quarterly profit and cut its annual output target, as the Japanese firm battles surging material costs and a persistent semiconductor shortage.

The world’s biggest automaker by sales also warned that it remained difficult to predict the future after posting its fourth consecutive quarterly profit decline, underlining the strength of business headwinds it faces.

Full coverage: REUTERS

Asia’s Factory Output Weakens On Global Slowdown, China COVID Curbs

TOKYO, Nov 1 (Reuters) – Asia’s factory output weakened in October as global recession fears and China’s zero-COVID policy hurt demand, business surveys showed on Tuesday, adding to persistent supply disruptions and darkening recovery prospects.

Further U.S. interest rate hikes are also expected to force most Asian central banks to prevent sharp capital outflows by tightening their own monetary policies, even if it means cooling already soft economies, analysts say.

Full coverage: REUTERS

Apple Supplier Foxconn Quadruples Bonuses To Staff Hit By China COVID Lockdown

Nov 1 (Reuters) – Apple (AAPL.O) supplier Foxconn (2317.TW) said on Tuesday it has quadrupled bonuses on offer for workers at its Zhengzhou plant in central China as it seeks to quell discontent over COVID curbs and retain staff at the giant iPhone manufacturing site.

Daily bonuses for employees, who are part of a Foxconn unit responsible for making electronics including smartphones at the site, have been raised to 400 yuan ($55) a day for November from 100 yuan, according to the official WeChat account of Foxconn’s Zhengzhou plant.

Full coverage: REUTERS

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Industry Dynamics

Barclay Family Regains Telegraph Ownership Amidst U.K. Probe

Today’s News  The Barclay family has regained temporary ownership of the Telegraph newspaper as the prospective Abu Dhabi-backed owner awaits the U.K. government’s probe results regarding its takeover. Following six months under the control of its lender, Lloyds Banking Group, the media group emerged from financial receivership. The family settled its outstanding debts using funds […]

2023-12-5 | Industry Dynamics

Japanese Developers Seek U.S. Mergers And Acquisition 

Today’s News  Three major Japanese developers are actively pursuing opportunities to acquire housebuilders in the United States, seeking growth outside their shrinking domestic market.   Daiwa House, Sekisui House, and Sumitomo Forestry are aggressively exploring potential targets, with intentions of possible acquisitions in the U.S. market. Four M&A bankers and lawyers familiar with the matter […]

2023-12-4 | Industry Dynamics

Weekly Economic Calendar For December 4th, 2023 – December 9th, 2023

Weekly Economic Calendar For December 4th, 2023 – December 9th, 2023.

2023-12-1 | Industry Dynamics