Foxconn starts to feel the sting of slowing smartphone sales

Foxconn starts to feel the sting of slowing smartphone sales

Q2 profit T$33.29 billion vs T$31.02 billion market view Q2 revenue rose 12% to T$1.5 trillion Sees flat growth for consumer electronics in Q3 Sees strong growth for cloud and networking products in Q3 Says has plan B if authorities don’t approve China Tsinghua investment TAIPEI, Aug 10 (Reuters) – Apple (AAPL.O) iPhone assembler Foxconn … Read more

China’s factory inflation hits 17-month low, consumer prices speed up

China’s factory inflation hits 17-month low, consumer prices speed up

A worker walks past steel rolls at the Chongqing Iron and Steel plant in Changshou, Chongqing, China August 6, 2018. REUTERS/Damir Sagolj/File Photo Register now for FREE unlimited access to Reuters.com Register July producer inflation at lowest since Feb 2021 July consumer inflation at 2-year high PBOC seen staying accommodative to spur growth BEIJING, Aug … Read more

Aluminum foundry fights for survival in the European gas crisis

Aluminum foundry fights for survival in the European gas crisis

Family-owned aluminum foundry trials new shift pattern Plan to maintain production and reduce gas usage Carmakers warn output cuts inevitable if suppliers close New gas-free technologies will take years to scale up Suppliers need more help to innovate, industry says SOLTAU, Germany, Aug 9 (Reuters) – Shouting over the clanging of machinery, Gerd Roeders is … Read more

Cryptoverse: Blockchain bridges fall into troubled waters

Cryptoverse: Blockchain bridges fall into troubled waters

Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic/Illustration Register now for FREE unlimited access to Reuters.com Register Aug 9 (Reuters) – Another day, another hack – and another blockchain bridge burned. When thieves stole an estimated $190 million from US crypto firm Nomad last … Read more

Bridgewater pushes back against Chinese ‘All Weather’ copycats

Bridgewater pushes back against Chinese ‘All Weather’ copycats

SHANGHAI/NEW YORK, Aug 8 (Reuters) – Billionaire hedge fund manager Ray Dalio’s huge popularity in China has not only drawn local investors flocking to his funds but also spawned home-grown challengers using his “All Weather” strategy and brand to try to beat him at his own game. Now, the Connecticut-based hedge fund giant he founded, … Read more

China’s exports gain steam but outlook cloudy as global growth cools

China’s exports gain steam but outlook cloudy as global growth cools

China July exports grow at faster pace, beat forecast Imports again disappoint, highlighting weak domestic demand Trade balance hit record high in July Weak foreign demand adds stress to trade, economic outlook BEIJING, Aug 7 (Reuters) – China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as it … Read more

Sterling falls as BoE expects recession, US futures up

Sterling falls as BoE expects recession, US futures up

Bank of England hikes rates by 50 basis points BoE expects recession throughout 2023 Fed official: 50bp hike in September “reasonable” Oil stabilizes after hitting a six-month low Lufthansa returns to operating profit LONDON, Aug 4 (Reuters) – Sterling fell on Thursday after the Bank of England followed its counterparts in the United States and … Read more

EXCLUSIVE Tencent seeks bigger stake in ‘Assassin’s Creed’ maker Ubisoft – sources

EXCLUSIVE Tencent seeks bigger stake in ‘Assassin’s Creed’ maker Ubisoft – sources

HONG KONG, Aug 4 (Reuters) – Tencent Holdings Ltd (0700.HK) plans to raise its stake in French video game group Ubisoft Entertainment SA (UBIP.PA) as the Chinese gaming giant pivots to the global gaming market, four sources with direct knowledge of the matter told Reuters. China’s largest social network and gaming firm, which bought a … Read more

As the US eyes new China chip curbs, turmoil looms for the global market

As the US eyes new China chip curbs, turmoil looms for the global market

Any US export block may affect global chip supply – analysts Move would hinder Samsung, SK Hynix upgrading China plants Samsung, SK Hynix together supply over 50% of global NAND chips Curbs could change where future chip plants are built -analyst SEOUL, Aug 3 (Reuters) – Export restrictions being considered by Washington to halt China’s … Read more

OPEC+ agrees tiny output rise in setback for Biden

OPEC+ agrees tiny output rise in setback for Biden

OPEC to raise output target by 100,000 bpd from Sept OPEC faces output problems to meet existing targets US seeking higher OPEC production to counter Russia Biden trip, US arms sales failed to persuade DUBAI/LONDON, Aug 3 (Reuters) – OPEC+ is set to raise its oil output goal by 100,000 barrels per day, an amount … Read more