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FirstFT: Workers clash with police at Foxconn’s iPhone plant

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Violent worker protests have erupted in the world’s largest iPhone factory in central China, while authorities at the Foxconn factory struggle to contain a Covid-19 outbreak while keeping production up ahead of the busy holiday season.

Workers at the Zhengzhou factory shared more than a dozen videos showing staff confronting police lines armed with batons and dressed in white protective gear. The videos show police beating workers, with some bleeding from their heads and others limping away from chaotic clashes.

Beijing’s strict zero-Covid regime has created major challenges for the operation of the Foxconn factory in Zhengzhou, which typically employs more than 200,000 workers on a large campus in the city’s suburbs. Wednesday’s turmoil will heighten investor concerns about the supply chain at Apple, as more than 95 percent of iPhones are manufactured in China.

Problems at the factory earlier this month led Apple to lower estimates for high-end iPhone 14 shipments and issue a rare warning to investors about the delays.

PS Participate The FT’s top journalists talk to business and government leaders, including Sequoia’s Director for India and Southeast Asia, former Chief Economic Adviser to the Government of India, Deputy Dean of the Shanghai Advanced Institute of Finance, and many more more at The Global Boardroom on December 7 and 9. Sign up for your digital pass today for free.

1. China announces $30 billion in credit lines for the real estate sector China’s state-owned banks have launched a concerted effort to bolster the finances of the country’s troubled property developers. over 220 billion Rmb ($30.7 billion) announced yesterday in new lines of credit.

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2. Most Federal Reserve officials support slower rate hikes ‘soon’ A “significant majority” of Federal Reserve officials support in slowing interest rates rising rapidly, even as some warned monetary policy may need to be tightened more than expected next year, according to a record of their most recent meeting.

3. Large parts of Ukraine are without power Russia dozens of rockets fired yesterday in Ukraine, leaving parts of the country and more than half of neighboring Moldova without power, in Moscow’s latest attempt to cripple civilian infrastructure.

4. Sam Bankman-Fried hands out mea culpa to former employees That is what Sam Bankman-Fried told former FTX employees excessive borrowing by his own trading firm Alameda Research was responsible for the demise of FTX, insisting that it was unaware of the margin positions taken by the traders.

5. Twin bombings in Jerusalem kill teen Twin bombings hit bus stations in Jerusalem on Wednesday morning, killing a 15-year-old and injuring at least 15 others, in what Israeli police said they believed to have been a coordinated terrorist attack. The blasts, which occurred during the morning rush hour, are the first bomb attacks in Jerusalem since 2016.

The day ahead

Interest rate decisions Policymakers in South Korea and Turkey will both make interest rate decisions today. In South Korea, policymakers are expected to do just that raise interest rates by 25 basis points – marks a slower pace of tightening. Turkey The price cut series will continue. (Reuters, FT)

World Cup Brazil kicks off today against Serbia. Neymar, 30, can have his last chance to win Brazil’s sixth World Cup. He has already posted an Instagram photo of the country’s coat of arms with the sixth star.

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At 30 years old, Neymar is a different footballer than the poor lad from the port city of Santos who emerged ten years ago © FT montage; AFP/Getty

What else do we read

The flip-flop of China’s covid policy is generating frustration Analysts and investors had hoped that a series of more moderate Covid control measures announced by China’s cabinet on November 11 would mark the start of a shift towards living with the virus. Instead, the looser policies and confusing signals from Beijing have fueled a growing outbreak of Covid, with new cases reaching nearly 30,000 new cases per day.

‘Immunity debt’ is a dangerous concept It is speculated that pandemic mitigations, including lockdowns, have created a damaging “immunity debt”, with children left vulnerable from a lack of exposure to the usual cut and thrust of viral infections. Anjana Ahuja argues there is no evidence that anyone is worse off for avoiding previous infection.

An illustration of a person running from a virus

Anjana Ahuja: ‘Immunity debt also plays into the idea that the ebb and flow of childhood illness is best left to nature’ © Andy Carter

Retailers are reshaping advertising They are hardly noticeable, but promoted articles on digital sales platforms are at the forefront of an industry worth tens of billions of dollars. Today, their dominance is part of a broader shift away from bricks and mortar, giving consumer brands powerful new ways to reach customers.

How you disagree with your boss Last week, Elon Musk reportedly fired about a dozen engineers after they openly opposed him. It’s an extreme example of what can happen when you disagree with your boss. You will almost certainly disagree with your manager at some point in your career. This week’s Working It newsletter discusses how to let them know.

Pelosi’s heir to the throne is poised to make history In 2007, Nancy Pelosi made history when she became the first woman elected Speaker of the U.S. House of Representatives. Fifteen years later, Pelosi paved the way for another lawmaker to make history by announcing that she would step down as Speaker and support Hakeem Jeffries as her successor.

trip

Guyana is being tipped as the next hot spot for adventure-seeking travelers. But deep in the jungle, just upstream from a thundering waterfall in a sinking boat, Jamie Lafferty got more than he bargained for.

The view from the top of Kamarang Falls

The view from the top of Kamarang Falls © Jamie Lafferty

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