top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.


The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

13 May 2022

COVID-19 Lockdowns Devastate Apple Vendors, Biggest Chip Producer in China

The Index Today

The ongoing COVID-19 lockdowns and restrictions have wrecked China’s largest chip producer and a prominent Apple supplier as the country battles its biggest outbreak of coronavirus infections since March, 2020.

According to Bloomberg News, Semiconductor Manufacturing International Co. (SMIC) slashed its fiscal outlook for the second quarter by 5%, while Pegatron Corp. trimmed its forecast for notebook deliveries to somewhere between 5% and 10% from a previous surge of 25% to 30%.

China’s stringent COVID-Zero mandate has had a sizeable impact on the normal way of life as evidenced by lockdowns, quarantines, border closures and mass-testings especially in Shanghai, a major global financial hub and home to 26 million residents, reported Bloomberg News.

Gao Yonggang, the Chairman of SMIC, revealed, “We are trying our best to mitigate the impact on product delivery.” He added, “We are still assessing the actual impact as many suppliers restart their operation.”

Clay pottery with table linens
bottom of page