SpaceX Aborts Starship Test Flight as Engine Issue Delays Launch 
Asian Stocks Rally as Cooling U.S. Inflation Boosts Fed Rate Cut Hopes 
SpaceX Eyes Pentagon AI Deal as Cloud Pricing Strategy Pressures CoreWeave 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
Hyundai Takes Full Control of Boston Dynamics to Accelerate Humanoid Robot and AI Strategy 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
Oil Prices Set for Weekly Surge as U.S.-Iran Conflict Fuels Supply Fears 
Brazil Weighs IP Curbs, Patent Suspensions After New U.S. Tariffs 
Stripe, Advent Offer Over $53 Billion to Acquire PayPal in Major Fintech Deal 
NY Times Challenges Trump Administration Subpoenas Over Air Force One Report 
PayPal Rejects $53 Billion Stripe-Advent Takeover Offer as Too Low: Report 
xAI Sues Man for Allegedly Using Grok to Generate AI Child Abuse Deepfakes 
Netflix Stock Drops After Weak Q3 Outlook Overshadows Mixed Q2 Earnings 
United Airlines Beats Q2 Earnings, Raises 2026 Profit Outlook Despite Higher Fuel Costs 
Malaysia Q2 Economy Grows 5.8%, Beating Forecasts on Strong Tech Exports and Domestic Demand 
Airbus Signs Cloud Deal With Scaleway to Power Secure AI and Defense Applications 
Apple’s major gadget assembler and supplier, Foxconn, has suspended its operations in Shenzhen, China, as the cases of COVID-19 in the area have dramatically soared. The entire city is also in lockdown thus, work in the factory was interrupted.
The temporary closure of Foxconn’s manufacturing facility was reported on Monday, March 14. With the news of factory shut down, CNBC reported that Apple’s stock also dived by over 1.5% in pre-market trading.
The unexpected shutdown comes not long after the iPhone maker unveiled its newest products including a cheaper mobile phone. The Taiwanese tech company is Apple’s major supplier that makes some iPhones, Macs, and iPads in its Shenzhen plant.
With the situation, it was mentioned that Apple may increase the order of production in Henan province to compensate for some of the losses resulting from the closure of Foxconn’s plant. It is not yet certain when the company is re-opening the factory, but in the past, closures related to COVID have lasted several weeks.
“Apple/Foxconn has the ability to relocate production to other areas in the short term provided that there is not a significantly higher duration of lockdown,” the company’s analysts said as per CNBC. “An increased period of shutdowns can cause ripple effects at other components that can create a shortfall in production.”
At any rate, aside from Apple and Foxconn, car manufacturing giants - Volkswagen and Toyota are also affected by the COVID outbreak in the country. The two automakers have also halted their operations in Changchun, China, Reuters reported.
Many Chinese provinces and cities have implemented tighter rules to help contain the new outbreak. The efforts being carried out by companies to curb COVID are also in accordance with Beijing’s zero-tolerance goal of stopping the spread of the contagious disease as fast as possible. However, the downside is that the tightened policies have disrupted businesses and the supply chain.
Finally, it was mentioned that mass testing for COVID is ongoing in Shenzhen after the region recorded dozens of new cases. As preventive measures, the government has also ordered the suspension of public transport, and people were asked to work at home for this week.
