Coronavirus restrictions hit return to work at Apple’s biggest iPhone plant - Financial Times

Apple’s biggest iPhone plant is struggling to return to full production after China’s new year holiday because of restrictions on worker movement caused by the coronavirus, adding to concerns that the outbreak will have a lasting effect on the US company.

Contract manufacturer Foxconn assembles many of Apple’s newest iPhones at a huge factory complex at Zhengzhou in China’s Henan province. At full production, more than 200,000 workers put together iPhones on its assembly lines.

But Foxconn faces multiple challenges to staffing the factory, which has partially resumed production as workers trickle back from an extended holiday break. On Tuesday, the unit responsible for iPhone production stopped accepting workers from outside the city, pointing to issues in housing workers in need of quarantine.

“In response to government epidemic control requirements to prioritise prevention and safely resume work, and at the same time improve the quality of our worker reception services” non-Zhengzhou workers had to temporarily hold off reporting for work, a notice seen by the Financial Times said.

Local authorities are particularly concerned that a large influx of workers returning from around the region could rapidly spread the virus. Companies had to “strictly protect against the virus entering and spreading” in the workplace, Henan provincial officials said on Monday, instructing local health commissions to “step up oversight of workplace virus-control measures”.

Faced with municipal policies such as a required quarantine period for returning workers, the Zhengzhou plant has struggled to muster its full workforce. The Zhengzhou city government requires returning workers to self-quarantine for between seven and 14 days.

Foxconn had put returning workers in self-quarantine of one person per room at its factory dormitories, workers said. The rooms, which usually pack in eight workers, had quickly filled, causing Foxconn to halt the return of additional staff, explained a Zhengzhou-based factory recruiter, who asked not to be named. 

“They don’t have enough room,” the recruiter said, adding that workers could now sign up and wait for quarantine availability. 

The news comes as Apple announced a revenue warning due in part to its “temporarily constrained” smartphone supply.

The company told investors on Monday that its factories in China were “ramping up more slowly than we had anticipated” and that “iPhone supply shortages will temporarily affect revenues worldwide”. The company has perfected a just-in-time supply chain that cuts costs but makes it vulnerable to unforeseen disruptions.

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Analysts were divided over how severely the disruption would damage business beyond the short-term. Manish Nigam, head of Asian technology research at Credit Suisse, forecasts a 15 per cent shortfall in tech production in the first quarter, based on the assumption that a full month of production will be lost but partially offset by overtime later in March.

Mia Huang, an analyst at Taipei-based industry research company TrendForce, said: “The question raising the most concern is whether the launch date and initial shipments of the iPhone SE2, also known as iPhone 9, which was about to be launched, will be affected. For now, we are lowering our forecast for iPhone production in the first quarter by 10 per cent from 45m to 41m [units].”

Others believe the fallout will last much longer. “The impact starts looking bigger and bigger, and in the coming weeks, the impact will grow,” said Bill Lu, head of Asian semiconductor research at UBS, noting component shortages were the next threat. “Inventory is low in the smartphone supply chain,” he added. 

Read more about the impact of the coronavirus outbreak

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2020-02-18 12:16:00Z
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HSBC cuts headcount by 35,000 in deep overhaul - NBCNews.com

LONDON — HSBC will shed some 35,000 jobs as part of a deep overhaul to focus on faster-growing markets in Asia and as it tries to cope with a slew of global uncertainties, from Brexit to the trade wars to the new coronavirus.

The interim chief executive, Noel Quinn, said Tuesday the number of people employed by the bank would fall from 235,000 to 200,000 in the next three years. Some of the reductions would come from attrition as opposed to outright cuts.

HSBC, which is based in London but does most of its business in Asia, is caught among myriad uncertainties. From Brexit uncertainties to the Hong Kong protests and trade disputes between the United States and China. Now the new coronavirus is adding further uncertainty.

The bank's net profit fell 53 percent to $6 billion in 2019 and, for this year, it warned of “significant disruption'' to its business due to the outbreak of the virus in China.

HSBC's operations in Europe are also under pressure. It must now also grapple with Britain's departure from the European Union and the uncertainty that will accompany negotiations future trade relations.

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“No trade negotiation is ever straightforward,'' HSBC said in a statement. “It is essential that the eventual agreement protects and fosters the many benefits that financial services provide to both the U.K. and the EU.”

The whopping headcount drop comes amid a downsizing in Europe. The restructure involves "consolidating" of some parts of the business and "reorganising the global functions and head office," Quinn said.

The bank has been carrying out a corporate overhaul designed to boost profitability by focusing on high-growth markets in Asia while shedding businesses and workers in other countries. It plans to revamp its U.S. and European business and shed $100 billion in assets to improve profitability.

"Our immediate aims are to increase returns, create the capacity to invest in the future, and build a platform for sustainable growth," Quinn said in the statement.

The sharp drop in 2019 profit reflected slower economic activity but also a $7.3 billion write-down for HSBC's Global Banking and Markets and Commercial Banking divisions in Europe. Revenue rose 5.9 percent in 2019 to $55.4 billion.

The bank said it would shrink its sales and trading and equity research in Europe and shift resources to Asia. In the U.S., HSBC plans to grow its international-client corporate banking business.

The restructuring is expected to cost $6 billion, with another $1.2 billion for asset sales, mainly in 2020 and 2021, the bank said.

Richard Hunter, Head of Markets at interactive investor, said the toxic mix of pressures also comes at the same time that current net interest rate environment has dropped — to 1.58 percent from 1.66 percent — "with few if any signs on the horizon of an uplift.'' Banks tend to make less money when rates are low as its squeezes their lending business.

"There remain more questions than answers as HSBC looks to overhaul its business in radical fashion,'' Hunter wrote. “Quite apart from the economic challenges, there remains space at the top for a replacement chief executive, the search for whom is an additional distraction. The bank seems determined to target its unacceptably performing units but this will take time, courage and capital.''

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2020-02-18 11:45:00Z
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Apple shares slide after coronavirus guidance warning as its global suppliers are hammered - CNBC

Apple shares fell over 3% in pre-market trade on Tuesday after it warned that it does not expect to meet its own guidance for the March quarter because of the impact from the coronavirus.

The outbreak of the virus, which has killed over 1,800 people, also led to China's new year holiday being extended and factories and retail stores being shut for a longer period of time.

Apple said there was "a slower return to normal conditions than we had anticipated" pointing to issues around its supply and demand.

The U.S. technology giant has large exposure to China with around 15% of revenue coming from the region and most of its products, including the lucrative iPhone, being made there.

Apple said all its manufacturing facilities have re-opened in China but are "ramping up more slowly than we had anticipated" leading to "iPhone supply shortages."

All of its retail stores have been closed with some still remaining shut. The ones that have opened again are operating in a limited way with "very low customer traffic" which has hit demand.

A man cycles past a closed Apple store in Beijing on February 8, 2020.

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Analysts have reduced their revenue outlook and iPhone sales volumes for the coming quarter.

Barclays expects March quarter iPhone shipments to come in at 40.8 million versus its previous forecast of 44 million. The bank has reduced its June outlook from 36 million units to 33.8 million. It also cut its price target for Apple's stock from $304 to $297.

Meanwhile, JPMorgan lowered its iPhone volume expectations in a note on Tuesday to 39.5 million units in the March quarter versus a prior estimate of 47.5 million.

In terms of revenue, JPMorgan said it expects Apple to report revenue of $60 billion in the March quarter and earnings per share of $2.70 versus its previous estimate of $3.02.

In its fiscal first quarter earnings release last month, Apple had given wider-than-usual revenue guidance of $63 billion to $67 billion because of the uncertainty surrounding the coronavirus. However, Apple's didn't give revised guidance in its latest warning.

Morgan Stanley however expects the lost revenue in the March quarter to be pushed out to subsequent quarters.

"We assume Apple ends the March quarter with three weeks of iPhone channel inventory versus the normal six weeks, representing a $7.5B revenue shortfall in the quarter," the bank said in a note on Tuesday. "To be conservative, we assume 80% of the channel inventory rebuild plays out in the June quarter, with the remainder boosting September quarter revenue."

Apple's coronavirus warning sent ripples through global supply chain stocks. In Asia, Hong Kong-listed AAC Technologies, which makes haptics and acoustics components, fell more than 3.6%. Chipmaker TSMC was down nearly 3% while Samsung Electronics was also lower.

In Europe, Dialog Semiconductor slid over 4% while AMS, STMicro and ASML all fell.

— CNBC's Michael Bloom contributed to this article.

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2020-02-18 11:37:00Z
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Walmart earnings miss as holiday season disappoints, outlook falls short of estimates - CNBC

Walmart reported fiscal fourth-quarter earnings fell short of analysts' estimates, as the retailer saw weak demand for toys, apparel and video games during the holiday season.

Its outlook for the upcoming year also came up short of expectations, as Walmart anticipates e-commerce growth will slow. Walmart said the forecast doesn't include any impact from the deadly coronavirus outbreak, though it continues to monitor the situation.

Political unrest in Chile, where protests have caused disruption in Walmart stores in the region, also weighed on its results in the latest quarter.

Walmart shares were last down about 1% in premarket trading Tuesday on the news.

Here's what the company reported compared with what analysts were expecting for Walmart's fiscal fourth quarter, based on Refinitiv data:

• Earnings per share: $1.38, adjusted, vs. $1.43 expected
• Revenue: $141.67 billion vs. $142.49 billion expected
• Same-store sales: up 1.9% in the U.S. vs. growth of 2.3% expected

"Sales leading up to Christmas in our U.S. stores were a little softer than expected," CEO Doug McMillon said.

Walmart's disappointing holiday results add to a list of retailers that saw more of the same. Target also called out weakness in toys. Kohl's said its women's apparel business underwhelmed. Amazon, however, last month reported holiday-quarter earnings that smashed analysts' expectations, claiming customers shopped at record levels and that it quadrupled both one-day and same-day deliveries over the period.

Ahead of the holiday season, retailers knew it would be challenging as the calendar contained fewer shopping days. 

Walmart also blamed a lack of newness in gaming for poor sales in that category, and said it didn't have the right assortment in apparel. The entire apparel industry has struggled though a warmer winter, hampering sales of cold-weather gear.

"The holiday season … wasn't as good as expected due to lower sales volumes and some pressure related to associate scheduling," Walmart CFO Brett Biggs said in a statement. He said the company had plans in place to address the scheduling issues, but didn't provide other details.

Walmart reported net income for the quarter ended Jan. 31 of $4.14 billion, or $1.45 cents a share, compared with $3.69 billion, or $1.27, a year ago. Excluding one-time items, Walmart earned $1.38 a share, short of expectations for $1.43 per share, according to a poll by Refinitiv.

It said disruption in Chile lowered its operating income by roughly $110 million. It also took a 15-cent charge related to business restructuring, and a 15-cent charge related to certain income tax matters.

Looking to the full year, Walmart said earnings are expected to fall within a range of $5.00 to $5.15 a share. Analysts had been calling for annual earnings of $5.22 per share.

Revenue during the fourth quarter grew about 2.1% to $141.67 billion from $138.79 billion a year ago. But that was short of estimates for $142.49 billion.

Sales at Walmart stores in the U.S. open for at least 12 months, and its website, were up 1.9%, short of expectations for 2.3%.

Transactions at Walmart stores in the U.S. were up 1% during the quarter, down from growth of 1.5% a year ago. The average ticket was up just 0.9%, Walmart said, compared with ticket growth of 2.6% a year ago.

Grocery fuels e-commerce growth

E-commerce sales during the quarter were up 35%, fueled by its best growth yet for Walmart.com and strength in grocery. For the year, Walmart reported online sales growth of 37%, topping its own internal growth targets of 35%.

For fiscal 2021, Walmart expects that growth to slow, with an expectation e-commerce sales will rise roughly 30%.

Though Walmart's grocery business has been fueling digital sales, the e-commerce business is still unprofitable. Transportation costs and other expenses are pressuring margins. Walmart also has to figure out how to sell other products, beyond grocery, on the internet.

Walmart is expecting losses from its e-commerce operations will be flat to lower this year compared with fiscal 2020, as its global net e-commerce sales approach $50 billion.

Last week, Walmart said it would be discontinuing its text-to-order e-commerce service, known as Jetblack. It launched the business in New York back in 2018. But it hasn't been able to make money on the project, nor grow the audience at scale, according to reporting by The Wall Street Journal. Instead, Walmart said it plans to incorporate some of Jetblack's technology into its own business.

It sold ModCloth, a clothing start-up it had previously acquired in a bid to grow the reach of its audience, last year. Another one of its acquisitions, Bonobos, laid off employees last year. And Bonobos founder Andy Dunn late last year announced his departure from Walmart. Dunn had been tasked with helping the head of Walmart's U.S. e-commerce business, Marc Lore, acquire digital brands.

There has also been ample shake-up among Walmart's executive ranks of late.

Last month, it said its chief merchant Steve Bratspies would be departing. That news came after the chief merchant for Walmart's U.S. e-commerce business, Ashley Buchanan, left in December to become CEO of crafts retailer Michael's. And last summer, Walmart integrated many Jet.com positions into its own business, eliminating the Jet.com president role.

Walmart shares are up about 19% over the past 12 months. It has a market value of roughly $332.7 billion.

Read the full press earnings press release here.

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2020-02-18 10:38:00Z
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If Apple is hurting due to the coronavirus, its suppliers and rivals likely are too - Reuters

SAN FRANCISCO/SHANGHAI (Reuters) - Apple Inc’s (AAPL.O) surprise warning that it will likely fall short of this quarter’s sales target due to the coronavirus epidemic points to much pain for its chip and other suppliers as well as for rivals who also rely on China to build their products.

Revising guidance set just three weeks ago, the world’s most valuable tech company said while many factories that make iPhones have reopened for work, they were ramping up more slowly than anticipated.

The outbreak, which has infected more than 72,000 and prevented many employees from returning to work due to travel and quarantine restrictions, was reverberating throughout the U.S. firm’s supply chain, a source familiar with Apple’s operations in China said.

“If one component factory stays closed and they’re the only supplier, then everyone has to stop and wait. And if there are two suppliers and one is shut down, then we need the other to do more,” said the source who was not authorized to speak to media and declined to be identified.

Stacy Rasgon, a Bernstein analyst, said Apple’s woes probably also mean fewer chips will be sold throughout the mobile device industry because the overwhelming majority are made in China.

“Maybe this is the wake up call. I would be astonished if Apple is the only one,” he said. “Every electronic supply chain runs through China in a big way.”Research firm Canalys estimates both Apple, which outsources much of its manufacturing to Taiwan’s Foxconn (2317.TW), and rival Huawei Technologies [HWT.UL] have 99% of their production in China. The world’s No. 1 smartphone market is likely see sales halve in the first quarter due to the virus, analysts have said.

Chinese rivals Oppo, Xiaomi Corp (1810.HK) and Vivo have 83%, 72%, and 65% of their production in China respectively.

Reuters reported last week that roughly 10% of Foxconn’s workers in China have resumed production, while other plants in the country remain largely shuttered. Foxconn denied the reports in a company filing without elaborating.

A SLEW OF SUPPLIERS

Shares of Apple’s chip suppliers fell on the news on Tuesday, with Samsung Electronics (005930.KS) losing 2.8%, Taiwan Semiconductor Manufacturing Co (TSMC) (2330.TW) down 2.9% and SK Hynix (000660.KS) shedding 2.9%.

Analysts at ANZ noted Qualcomm Inc (QCOM.O) was vulnerable to disruptions caused by the epidemic as it supplies mobile modem chips to almost all major smartphone makers and generates nearly half of its sales from China.

U.S.-based suppliers that do a lot of business with Apple include Broadcom Inc (AVGO.O), Qorvo Inc (QRVO.O) and Skyworks Solutions Inc (SWKS.O).

Broadcom makes a range of wireless components for iPhones and said last month it had signed a deal to supply Apple for contracts worth as much as $15 billion. Sales to Apple accounted for 20% of its annual revenue in fiscal 2019.

Qorvo, which sells parts that help phones connect to wireless data networks, generated around one third of its revenue from Apple in fiscal 2019. Skyworks, another wireless component supplier, got more than 10% of its annual revenue from Apple.

Other U.S. suppliers to Apple include Texas Instruments Inc (TXN.O). Its battery charging chips have been found in iPhone teardowns, although the company sells across a broad spectrum of the electronics industry.

In Europe, the Netherlands’ NXP Semiconductors (NXPI.O) supplies Apple with the near-field communications chips used in the iPhone’s Apple Pay contactless payments feature, according to TechInsights teardowns and industry analysts.

Chips made by Franco-Italian firm STMicroelectronics (STM.MI) (STM.PA) are used for wireless battery charging and for infrared cameras in iPhones, according to teardowns. Its shares lost 3.5% in morning trade.

FILE PHOTO: A security personnel wearing a face mask is seen in a closed Apple store at Sanlitun, as the country is hit by an outbreak of the new coronavirus, in Beijing, China February 7, 2020. REUTERS/Jason Lee/File Photo

Investors in chipmakers have until now have been willing to look past temporary coronavirus disruptions, hoping for a sales recovery in the second half, said Bernstein’s Rasgon.

Mike Fawkes, who previously ran supply chain operations for Hewlett-Packard, said even if it wanted to, Apple was unlikely to find alternative production sources soon.

“They’re stuck with China for some period of time,” he said. “It’s very hard when you’re managing a big battleship like they are.”

Reporting by Stephen Nellis in San Francisco and Josh Horwitz in Shanghai; Additional reporting by Hyunjoo Jin in Seoul; Editing by Greg Mitchell, Miyoung Kim and Edwina Gibbs

Our Standards:The Thomson Reuters Trust Principles.

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2020-02-18 10:07:00Z
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HSBC to Cut 35,000 Jobs and $100 Billion of Assets - The Wall Street Journal

155-year-old HSBC is reorganizing its business as political challenges destabilize its main markets.

Photo: isaac lawrence/Agence France-Presse/Getty Images

By

Simon Clark and

Simon Clark
The Wall Street Journal
• Biography
• @SimonWSJ
• simon.clark@wsj.com

Margot Patrick

Margot Patrick
The Wall Street Journal
• Biography
• @margotpatrick
• margot.patrick@wsj.com

Updated Feb. 18, 2020 4:38 am ET

LONDON—HSBC Holdings PLC said it would cut 35,000 jobs and $100 billion in assets in the next three years as it scales back its operations in the U.S., mainland Europe and its investment bank.

Europe’s biggest bank by assets plans to invest more in its fast-growing Asian and Middle Eastern operations to boost profit. HSBC operates in more than 50 countries but makes half its revenue in Asia.

The bank said Tuesday that net profit fell 53% to $5.97 billion last year, impacted by a goodwill impairment of $7.3 billion.

HSBC’s London-listed shares were down 5.1% Tuesday morning.

The 155-year-old lender is reorganizing its business as political challenges destabilize its main markets, with uncertainty about the U.K. economy as it leaves the European Union, antigovernment protests in Hong Kong and trade tensions between the U.S. and China.

HSBC still faces substantial challenges in its key markets in the U.K., Hong Kong and mainland China, Chairman Mark Tucker said.

The bank is monitoring the impact of the coronavirus outbreak and has reduced its expectations for Asian economic growth in 2020 as a result, Mr. Tucker said.

The restructuring of the London-based bank is being led by Chief Executive Noel Quinn , who replaced John Flint in August on an interim basis. Mr. Quinn is vying for the permanent role of CEO, which the bank said will be decided this year.

“Around 30% of our capital is currently allocated to businesses that are delivering returns below their cost of equity, largely in global banking and markets in Europe and the U.S.,” Mr. Quinn said.

HSBC will be “exiting businesses where necessary,” Mr. Quinn said.

HSBC Chief Financial Officer Ewen Stevenson told journalists there will be “meaningful job cuts” in HSBC’s investment bank and headquarters in London.

The bank, which employs 235,000 people, expects to incur about $7.2 billion of costs because of the restructuring in the next few years.

Write to Simon Clark at simon.clark@wsj.com and Margot Patrick at margot.patrick@wsj.com

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2020-02-18 09:02:00Z
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Watch: Pilot lands 394-ton A380 sideways as Storm Dennis rages - Euronews

An Airbus A380, the world’s largest passenger plane, was forced to make a spectacular “crab” landing at the weekend amid fiercely strong winds at London’s Heathrow Airport.

The name is derived from the manner in which crabs move sideways across the beach. In similar fashion, the Etihad Airways jet approached the runway at an angle to cope with strong crosswinds.

Having struggled to make contact with the ground, the aircraft then veered slowly off the tarmac before coming to rest.

The plane, which had flown from Abu Dhabi, landed at London’s main airport on Saturday when dozens of flights were grounded due to winds of up to 68 kph.

The footage shows the plane appearing to hang in the air as it comes in. Immediately prior to touching down, its tail swings round as it hovers over the runway. The aircraft touches down pointing to the left before continuing its sideways manoeuvre.

The two Etihad pilots have been praised on social media for their handling of the plane, which has a maximum landing weight of 394 tons.

Watch the plane landing in the video player above.

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2020-02-17 13:07:32Z
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