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The Bank of Japan index continued its decline, last down 2.7%.Yoshimura Hirofumi, leader of the Japan Restoration Party: There are major differences with the Liberal Democratic Party on the issue of corporate donations.On October 17, analysts at JPMorgan Chase and Goldman Sachs estimated that the number of initial unemployment claims in the United States may have fallen last week, but many people are still unemployed due to weak hiring. According to their estimates, the number of initial unemployment claims in states fell to 217,000 in the week ending October 11 from 235,000 in the previous week after seasonal adjustment.On October 17, Euro Stoxx 50 index futures fell 0.6%, German DAX index futures fell 1%, and British FTSE index futures fell 0.8%.On October 17th, as news of bank loan defaults hit Wall Street, CNBC commentator Jim Cramer said the latest developments would pave the way for the Federal Reserve to cut interest rates, a move widely anticipated by investors. He said, "Todays market is indeed terrible, but at least we finally have a reason for the Fed to rush to cut rates sooner rather than later: bank loan defaults. Nothing prompts the Fed to act faster than credit losses, as they are a clear signal that the economy is heading for a downturn." On Thursday, US stock indices generally fell as investor concerns grew about the health of regional banks loan books. Cramer pointed out that non-performing loans are an early warning sign that it is time for the central bank to ease monetary policy. The banking system has "sufficiently accrued enough problem loans" within a week, which is enough for the Fed to cut interest rates quickly without worrying too much about inflation. He emphasized that lower borrowing rates not only stimulate the economy generally but also make it easier for borrowers to avoid default.

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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