BEIJING—The company that assembles Apple Inc.’s iPhones apologized Thursday for a pay dispute that triggered employee protests at a factory where anti-virus controls have slowed production. Employees complained Foxconn Technology Group changed the terms of wages offered to attract them to the factory in the central city of Zhengzhou. Foxconn is trying to rebuild the…
Bill Ackman Bets Big Against Hong Kong Dollar, Says Currency Peg Doomed to Break
November 24, 2022
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bill ackmanBusiness & MarketsChinaChina Business & Economychina-hong kongCompanieseconomic policieseconomyHK BusinessHKMAHong Konghong kong dollar peg to US dollarHong Kong Economyinflation
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Billionaire Bill Ackman said that his hedge fund Pershing Square Capital Management has taken a significant short position against the Hong Kong dollar and expects the currency’s peg to the U.S. dollar to break soon. Ackman shared Richard Cookson’s article, “Pressure on the Honk Kong Dollar Peg Keeps Building,” published on Bloomberg that talked about…
Hedge Fund Mogul Questions Peg of Hong Kong Dollar to US Dollar
November 24, 2022
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bill ackmanBusiness & MarketsChinaChina Business & EconomyeconomyFederal ReserveHK BusinessHKMAHong KongUS-China relations
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Bill Ackman, billionaire founder of hedge fund Pershing Square Holdings Ltd., wrote on Twitter Nov. 24, “By holding put options, we have a large nominal short position on the Hong Kong dollar.” He said that the linked exchange rate system no longer makes sense for Hong Kong. It is just a matter of time before…
Chinese Courier Companies Face Fierce Competition Amid Intrusion Into Southeast Asia
November 24, 2022
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14th five-year planAsia & PacificBelt and Road Initiative (BRI)ChinaChina Business & EconomylogisticsSoutheast AsiaTNT ExpressWorldYTO express
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In the past two years, Chinese shipping and logistics companies have actively been expanding into overseas markets, with the most intense competition being into Southeast Asia. YTO Express, a leading private courier in China, recently announced plans for further expansion abroad at the recent China International Import Expo (CIIE), an annual trade fair held in…
Dollar Status Remains Solid
November 23, 2022
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Business & MarketsBusiness ColumnistsChinaChina Business & EconomyHong KongIMFOpinionswiftViewpoints
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Commentary Currency status has been a hot topic for some time. When the euro emerged in 1999, many thought it would take over or at least split the share of U.S. dollar. It did not. From a longer historical time series showing official foreign exchange (FX) holdings (reserves) by currency compiled by the International Monetary…
Apple Adjusts Global Supply Chain, Shifting Production from China to India
November 22, 2022
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airpodsappleApple IncAsia & PacificBusiness & MarketsChinaChina Business & EconomyCompaniesFoxconngoertekIndiaiPhoneLuxshareMedia & Big TechPegatronsupply chainTamil NaduwistronWorld
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Amid economic and policy uncertainty in China, the bulk of Apple’s manufacturing is shifting to India. Many suppliers in Apple’s Chinese supply chain have either stopped recruiting or are laying off workers, while Apple’s contract manufacturers in India are furiously hiring. In Shanghai, Pegatron, the second-largest contract manufacturer of Apple in China (after Foxconn) and…
China Calls on Veterans and CCP Members to Help an Apple iPhone Factory
November 22, 2022
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Business & MarketsCCP VirusChinaChina Business & EconomyChinese RegimeCompaniesFoxconnHenanINSIDE CHINAiPhonesocial controlSpecial TopicsTaiwanZhengzhou
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The Chinese regime is recruiting retired soldiers and Chinese Communist Party (CCP) members to work at an Apple iPhone assembly factory in Henan Province after a large number of employees fled a couple of weeks ago due to the strict “zero-COVID” measures. Some China observers are skeptical about the untrained manpower on the production line…
China Tightens Foreign Access to Financial Data
A Chinese banking watchdog is seeking to tighten its grip over financial data to avoid leaks to overseas banking supervisors. Financial experts believe this is part of the Chinese Communist Party’s (CCP’s) effort to cover up its economic secrets and the corruption of senior officials. On Nov. 11, the China Banking and Insurance Regulatory Commission…
China Rolls Out Unprecedented Plan to Rescue Ailing Property Sector
November 20, 2022
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Asia & PacificChinaChina Business & EconomyChinese RegimePeople’s Bank of Chinareal estate rescuerotten tail buildingsSocial IssuesWorldXi Jinping
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China’s financial regulators last week issued an unprecedented 16-point plan to rescue the country’s floundering real estate market. The People’s Bank of China and the China Banking and Insurance Regulatory Commission jointly issued the plan in a note to financial institutions to support real estate companies. The policy is being seen as the most powerful…
Economic Contraction, Real Estate Slimming Down, Manpower Exodus, Hong Kong’s Economic Outlook Is Not Optimistic
The latest economic data shows Hong Kong’s economy is in trouble. Some analysts pointed out that as leading real estate agencies are starting to “slim down,” the economic outlook is not optimistic. Other analysts believe the Chinese Communist Party (CCP) will speed up its control of the Hong Kong market. Major Real Estate Agencies to Slim…
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