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The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.8 occurred near Liunan District, Liuzhou City, Guangxi Province at 08:13 on May 20. The final result is subject to the official rapid report.The President of the Council of the European Union: The Council of the European Union and the European Parliament have just reached a provisional agreement on the implementation of two regulations on EU tariff reductions as outlined in the EU-US Joint Declaration.Futures News, May 20th: Domestic supply remains at a low level, and inventories at major ports are expected to continue to decline. However, downstream orders are weak, demand is insufficient, and there are many unstable factors in the Middle East. Oil prices have weakened from their high levels, and the diethylene glycol market may continue to be under pressure in the short term, with downstream buyers remaining cautious.On May 20th, according to foreign media reports, most soybean meal futures contracts on the Chicago Board of Trade (CBOT) fell on Tuesday, with the benchmark contract closing down 0.7%, mainly pressured by profit-taking by long positions. The most actively traded July contract traded between $330.7 and $338.2. Last week, soybean meal futures surged, reaching their highest level since October 2024, and the technical pattern is now severely overbought, indicating a potential correction. EU data shows that as of May 17th, EU soybean imports for the 2025/26 marketing year totaled 11.6 million tons, down 8% year-on-year; soybean meal imports totaled 15.7 million tons, down 7% year-on-year.The European-Mediterranean Seismological Centre reports a magnitude 5 earthquake in southern Iran.

Apple Supplier Foxconn Increases COVID-19 Employee Compensation

Aria Thomas

Nov 01, 2022 14:45

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Foxconn, an Apple (NASDAQ:AAPL) supplier, reportedly increased compensation and awarded bonuses to employees at its Zhengzhou factory in central China in an effort to quell employee outrage about COVID limitations.


The Henan Daily quoted an unnamed head of the company's integrated digital product business group unit as saying on Monday that daily wages for employees of a Foxconn unit responsible for manufacturing electronics, such as smartphones, at the site have been increased to 100 yuan ($13.70) between October 26 and November 11.


According to the source, the company, formerly known as Hon Hai Precision Industry Co Ltd, is also paying a daily bonus of 50 yuan to all employees at the site who have maintained regular attendance since October 19 and adhered to virus prevention procedures.


Foxconn did not respond to a request for comment on the Henan Daily article immediately. The Henan Daily is the provincial newspaper of Henan, whose capital is Zhengzhou.


Foxconn is the largest iPhone producer for Apple, accounting for 70 percent of global iPhone shipments. It employs over 200,000 people at its Zhengzhou facility, where it manufactures the majority of its phones, and has additional production sites in India and southern China.


Several employees departed the Zhengzhou site over the weekend because they were dissatisfied with the safeguards taken to prevent the spread of COVID-19.


Reuters reported on Monday, citing a source, that November iPhone production at the facility may reduce by as much as 30 percent and that Foxconn is attempting to make up for the shortfall at another factory in Shenzhen city.

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