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.
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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.
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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.
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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
