Foxconn iPhone production to slump 30% in November

Economy 11/29/22, 20:15

A person with direct knowledge has told Reuters that iPhone output could reduce by 30% because of the fiasco in Foxconn’s Zhengzhou plant.  The outlet reported from a source that the facility won’t be able to revive production to previous levels by the end of this month. Since Apple rolled ...

China releases $70 billion to prop up battered economy

Economy 11/28/22, 18:43

For the second time this year, China’s central bank announced on November 25 that it would cut the amount of deposits that banks must set aside, freeing up nearly $70 billion in long-term liquidity to shore up the COVID-hit economy. According to a The Strait Times report, The People’s Bank of ...

China’s budget deficit surges 188% in 10 months

Economy 11/28/22, 18:41

China’s fiscal expenditure increased while fiscal revenue dropped in the first 10 months, leading to a surge in the budget gap. Local media outlet Yicai citing Ministry of Finance data reported that China’s overall fiscal revenue was about $3.2 trillion (22.5 trillion yuan) in January-October, down 9.4% year-on-year. Meanwhile, the country’s overall ...

Chinese regime to impose over $1 billion fine for Ant Group

Economy 11/26/22, 07:18

The Chinese regime intends to penalize Jack Ma's Ant Group with a $1 billion fine, continuing the regulatory crackdown that the giant fintech firm has suffered for the last two years.  According to Reuters, China's central bank, the People's Bank of China (PBOC), has already prepared the fine for the firm.  The ...

Chinese e-commerce giant JD.com slashes exec pay by 20%

Economy 11/26/22, 07:15

Chinese e-commerce mammoth JD.com is cutting the salaries of more than 2,000 senior leaders by 10% and up to 20%.  Founder Richard Liu issued a letter on November 22 that was first leaked online and later confirmed by a company spokesperson. Higher-level executives will face more reductions. The measure is to ...

Shanghai’s EV startup WM Motor cuts employees salaries by 30% to 50%

Economy 11/24/22, 04:33

Chinese electric vehicle startup WM Motor Technology Company Limited is slashing staff payments to a whopping degree as it tries to overcome a challenging financial period. According to China Business News, the Shanghai-based car producer is paying top executives above the vice president only 50% of their base salary. For other ...

You’re fired! Moody’s closes China analytics business, gives short notice

Economy 11/21/22, 13:03

Moody’s has closed its consulting operation, Moody’s Analytics, in China and is firing local employees on short notice. Moody’s told the Financial Times that it made adjustments based on current and predicted economic trends. However, the firm will keep its credit ratings business in the country. The U.S.-based company states, “Moody’s continues ...

Gone! $31.04 billion cryptocurrency exchange bankrupt in 10 months

Economy 11/19/22, 04:49

FTX, the second largest exchange in the currency circle, has declared bankruptcy. At the beginning of the year, it was valued at about $32 billion. The founder and CEO also resigned. According to the public statement, more than 130 affiliated companies belonging to FTX Group have filed for bankruptcy. Before, the average ...