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Chinese companies are planning to move production to Vietnam or other countries of southeast Asia, fearing an intensification of the trade dispute between China and the US, the Financial Times writes. China took a mirror action against American goods after the US imposed 25 percent duty on China's exports worth $34 billion. The US plans to introduce an additional 10 percent duty on Chinese goods worth a total of $200 billion. Against this backdrop, companies operating in Guangdong Province said they had to accelerate production diversification and move operations from China. According to the head of the Federation of Hong Kong Industries, Jimmy Kwok, the transfer of production of certain types of Chinese goods to the countries of southeast Asia is already under way, companies are forced to review the supply chains.
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
On Tuesday, Tesla Inc.’s (TSLA.O) Chief Executive Officer Elon Musk announced that the automotive company would start to open its licensing software to supply powertrains and batteries for other car manufacturers. “Tesla is open ...
Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister ...
European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher ...
On Friday, Axios Media Inc. reported a document acquired by tech watchdog group Tech Transparency Project which indicates that multiple U.S. states were investigating Apple (AAPL) due to deceptive trade practices. According to the report, ...
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