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Spot gold prices fell sharply, dropping below $4,600 per ounce. A chart provides a quick overview of the pre-market conversion prices of gold and silver between domestic and international markets.On April 28, local time, the United Arab Emirates announced that it will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the "OPEC+" mechanism from May 1, 2026.UAE Energy Minister: Abu Dhabi National Oil Company is no longer just a local producer; we have become an international player with a complete supply chain in different regions around the world.April 28th - According to data from Maoyan Professional Edition, the total pre-sale box office for new films released during the 2026 May Day holiday has exceeded 40 million yuan. "Letters to Grandma," "Cold War 1994," and "10 Rooms" are currently ranked as the top three films in the May Day holiday box office chart.On April 28, the United Arab Emirates (UAE) announced its withdrawal from OPEC and OPEC+ effective May 1, dealing a heavy blow to the organization and its de facto leader, Saudi Arabia, amid the historic energy shock and global economic turmoil caused by the Iran-Iraq war. The UAEs unexpected withdrawal, from a long-time OPEC member, could plunge the organization into chaos and weaken its influence—OPEC typically strives to present a unified stance despite internal disagreements on a range of issues from geopolitics to production quotas. This could be a major victory for US President Trump, who has accused the organization of "blackmailing the rest of the world" by driving up oil prices. Trump has also linked US military support in the Gulf region to oil prices, claiming that while the US is protecting OPEC members, they are "taking advantage of that by setting high oil prices." The UAE is a regional business hub and one of Washingtons most important allies. This move comes after the UAE criticized other Arab states for failing to take sufficient measures to protect it from repeated Iranian attacks during the war.

Foxconn's Founder Asked China to Remove COVID Restrictions - WSJ

Charlie Brooks

Dec 09, 2022 11:57

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The Wall Street Journal said that Terry Gou, the creator of Apple supplier Foxconn, had warned China that its zero-COVID policy would jeopardize its position as the second-largest economy in the global supply chain.


The appeal, sent by Gou in a letter more than a month ago, played a crucial role in pushing China's government to immediately reopen the economy and drop its zero-tolerance COVID-19 policy, according to a report published on Thursday citing sources with knowledge of the issue.


The office of Gou issued a statement "vehemently disputing" the article's claims. The largest iPhone producer, Foxconn, declined to comment, and China's State Council Information Office could not be reached immediately for comment.


Gou left Foxconn in 2019 and no longer maintains an official position inside the company, although he remains influential.


The Zhengzhou factory of the Taiwanese corporation, which had a month-long disruption in November, has eased its "closed-loop" management restrictions on Thursday.


The Zhengzhou factory has been struggling with significant COVID restrictions, which have led to worker dissatisfaction over working conditions and a 11.4% year-over-year decline in November revenue.


Some Wall Street analysts reduced their iPhone shipping forecasts for the crucial Christmas quarter as a result of disruptions at the iPhone's primary production facility.


The newspaper reported that Chinese health officials and government advisors jumped on Gou's letter to make the point that the government needed to accelerate its efforts to eliminate its stringent COVID-19 regulations.

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