12/8/2022, 2:31 PM (Source: TeleTrader)
more TeleTrader news

Foxconn played a role in China easing lockdown - report

Apple's chip supplier Foxconn played a crucial role in influencing Beijing's decision to relax COVID-19 curbs that threatened to impair economic activity, according to a report published by the Wall Street Journal on Thursday.

The paper noted that Foxconn's founder Terry Gou warned Chinese authorities in a letter that their strict zero-COVID policy could endanger the country's position in the international supply chains. The letter came in response to the lockdown in the city of Zhengzhou, where Foxconn's factory is located.

Apple's shares also suffered a hit following the news the deliveries of the latest iPhones were affected by activity slowdown in China. Earlier this month, multiple reports suggested the US tech giant was looking to move some of its production out of China.

Baha Breaking News (BBN) / ND