Samsung to halt production at its last computer factory in China

Samsung to halt production at its last computer factory in China
Companies are rethinking their production and supply chains amid rising Chinese labor costs. Above, a Samsung retail store in Wuhan. (AFP file photo)
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Updated 01 August 2020

Samsung to halt production at its last computer factory in China

Samsung to halt production at its last computer factory in China
  • Companies are rethinking their production and supply chains amid rising Chinese labor costs
  • Samsung shut its last smartphone factory in China last year

SEOUL: Samsung Electronics will halt operations of its last computer factory in China, the South Korean tech giant said on Saturday, the latest manufacturer to shift production from the world’s second-biggest economy.
Companies are rethinking their production and supply chains amid rising Chinese labor costs, a US-China trade war and the blow from the COVID-19 pandemic.
Around half the 1,700 employees on contract at Samsung Electronics Suzhou Computer will be affected, excluding those involved in research and development, the South China Morning Post reported on Friday, citing a notice to Samsung staff.
The factory shipped $4.3 billion worth of goods out of China in 2012, a figure that had sunk to $1 billion by 2018, the Hong Kong newspaper said.
A Samsung spokeswoman declined to comment on the factory’s revenue and shipments, or details regarding employees.
“China remains an important market for Samsung and we will continue to provide superior products and services for Chinese consumers,” the company said in a statement.
Samsung shut its last smartphone factory in China last year. Its remaining facilities include two semiconductor manufacturing sites in Suzhou and Xi’an.


Tadawul slips 0.3%, Anaam Holding falls, SARCO soars

Updated 21 min 40 sec ago

Tadawul slips 0.3%, Anaam Holding falls, SARCO soars

Tadawul slips 0.3%, Anaam Holding falls, SARCO soars
  • Tadawul All Share Index falls to below 8,700 points, turnover at $3.14bn

Saudi equities extended their losses, with benchmark Tadawul All Share Index (TASI) slipping 0.3 percent, or 28 points, to close at 8,694 points on Wednesday.

Total turnover reached SAR 11.8 billion ($3.14 billion), with advance-decline ratio at 52:131.

The shares of Almarai Co., Saudi Telecom Co., Riyadh Bank, Banque Saudi Fransi, Yansab and Zain Saudi ended trading today with declines between 1 percent and 2 percent.

Anaam Holding was the top decliner as it went limit down to SAR 154.20. The Securities Depository Center Co. (Edaa) deposited today, Dec. 2, the subscribed securities of Anaam International Holding Group to the accounts of eligible securities' holders.

On the other hand, SARCO went limit up to SAR 105.6 amid trading volume of 6.3 million shares.

Al-Omran shares recorded their highest close since listing, rising 10 percent to SAR 108.8.

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