Bloomberg Hon Hai Precision Industry Co. intends to keep expanding capacity in China despite persistent disruption from some of the world’s harshest Covid control measures. The company known as Foxconn intends to raise capital spending in 2023 and the biggest portion of that expenditure will go toward its already giant production base in China, Chairman Young Liu told analysts. Foxconn, ...
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Tesla brings Shanghai staff to California to help boost output
Tesla Inc is sending engineers and production staff from its recently upgraded Shanghai factory to its plant in Fremont, California, in a bid to boost production at the US facility. The Elon Musk-led carmaker will dispatch staff — in particular automation and control engineers — to assist efforts to increase output in Fremont, where Tesla produces the Model S, X, ...
Read More »Apple adds new iPhone 14 supplier Pegatron in India in shift from China
Apple Inc.’s Taiwanese contract manufacturer Pegatron Corp. has begun assembling the company’s latest iPhone 14 model in India. That move makes Pegatron the second Apple supplier to produce the iPhone 14 in the country. It comes at a time when Apple’s key iPhone Pro manufacturing hub in the Chinese city of Zhengzhou — operated by Foxconn Technology Group — was ...
Read More »Why your first electric car might be Chinese
Chris Bryant | Anjani Trivedi Tesla Inc. would have delivered more cars in the most recent quarter but for a shortage of boats. It’s having problems finding vessel capacity out of Shanghai. No wonder: China recently overtook Germany as the world’s second-largest auto exporter. China’s auto exports rose over 50% in the first nine months of this year, shipping out ...
Read More »UAE-China trade up 28% to $64b in 8 months of ’22
Abu Dhabi / WAM UAE-China bilateral trade has exceeded $64 billion during the first eight months of 2022, which marked a 27.93 percent increase compared to the same period last year, a top Chinese diplomat told the Emirates News Agency (WAM) “China has become the UAE’s largest non-oil trading partner in the world, and the UAE remained China’s second-largest trading ...
Read More »Boeing rises on plan to reach $10b cash flow by mid-2020s
Boeing Co. shares jumped after Chief Executive Officer (CEO) Dave Calhoun said the planemaker could generate $10 billion in cash annually by mid-decade, once it turns around its operations after years of setbacks and miscues. The company’s stock posted the largest gain in the 30-member Dow Jones Industrial Average as executives laid out plans to speed jetliner output and return ...
Read More »Currency redesign deadline sparks rush to buy dollars in Nigeria
The naira slumped to a record low against the dollar on the widely used illegal market as Nigerians rushed to buy greenbacks a week after the central bank said it would redesign higher-value notes. Currency traders in the unauthorised parallel market offered as much as 830 naira per dollar in Lagos, said Umar Salisu, a bureau de change operator who ...
Read More »Abu Dhabi Airports gears up to launch advanced biometric tech
Abu Dhabi / WAM Abu Dhabi Airports is gearing up to launch advanced biometric technology, which uses a passenger’s facial features as their passport to offer a seamless experience throughout their travel journey at Abu Dhabi International Airport, from the time they arrive at the airport to the time they board their flight. The technology uses smart cameras to capture ...
Read More »Edge, Enekom partner to expand regional railway capability, scope
Abu Dhabi / WAM Edge group entity, Jaheziya, a single-stop service provider for defence solutions and emergency response services, and Enekom, a Turkish company leading in rail technology, research, development and engineering, on Tuesday signed a partnership to expand railway solutions and technology in the region. As per the agreement, Jaheziya will be Enekom’s exclusive distributor of the patented RailAcoustic ...
Read More »du 9-month revenues up 10.5% to AED3.17 billion
Dubai / WAMÂ du, from Emirates Integrated Telecommunications Company (EITC), has published its financial results for the quarter-ended September 30. Revenues increased by 10.5% to AED3.17 billion on sustained demand for broadband and mobile services. Ebitda increased by 18.5% year-over-year to AED1,303 million. The increase in service revenues (and its inherent higher profitability) lifted the gross margin to 65.2% compared ...
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