COMPANY NEWS IN BRIEF

Foxconn, Unimicron cut output
Apple suppliers Foxconn and Unimicron Technology Corp said on Monday they have suspended operations in the Chinese city of Shenzhen, after the tech hub imposed strict measures to stem a Covid-19 outbreak.
Shenzhen, known as China's Silicon Valley, is carrying out mass testing after dozens of new local cases were recorded in the southern city. Officials have suspended public transport and urged people to work at home this week as much as possible.
Foxconn, formally known as Hon Hai Precision Industry Co Ltd, said its Shenzen operations would be suspended until further notice, adding it would deploy backup plants to reduce the disruption to production.
Two sources familiar with the matter told Reuters that Foxconn and its subsidiaries' operations in Shenzhen would be suspended for the first half of the week.
One of the people said the government was allowing companies to operate if they could create a "closed management" system where employees would live and work in a bubble, cut off from the wider public. Such a system was in place during the Beijing Winter Olympics. -Reuters