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China’s iPhone city floods impacting supply chains and killing 12
Around 100,000 people in China’s iphone city have evacuated after record rainfall hit the region
The central Chinese city of Zhengzhou has recorded record rainfall causing widespread flooding and economic disruption.
home to the world’s biggest production base for iPhones and a major hub for food production and heavy industry. Pictures published by state media showed large sections of roads submerged.
The city is home to 10 million people and so far local media is reporting 12 people have died in the floodwaters.
The deluge has brought the equivalent of more than eight months’ worth of the city’s average rainfall.
The weather event has already interrupted the operations of multiple global companies.
Nissan Motor Group has temporarily halted production in Zhengzhou.
Meanwhile, Taiwan’s Hon Hai Precision Industry Co., which owns a massive iPhone production plant in Zhengzhou, says that it had activated an emergency response plan to manage the torrential weather event.
The company stated they would put in place flood control measures but that the flooding has had no direct impact on the facility.
Money
France receives lowest credit rating due to crisis
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.
Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.
The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.
Political Instability
The new prime minister faces a divided parliament and must secure budget approval by October 7.
The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.
Money
ANZ job cuts spark banking clash
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.
The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.
#ANZ #Banking #Jobs #Unions #Australia #Economy #TickerNews
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