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BA   207.69 (+0.52%)
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MSFT   323.52 (+0.11%)
FB   315.85 (+1.16%)
GOOGL   2,917.85 (-0.22%)
TSLA   1,071.46 (+3.24%)
AMZN   3,476.18 (+2.47%)
NVDA   247.71 (+1.31%)
BABA   169.97 (+0.44%)
NIO   40.46 (+2.93%)
CGC   13.01 (+1.80%)
GE   104.28 (+0.41%)
AMD   121.09 (-0.97%)
MU   69.45 (+1.77%)
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FB   315.85 (+1.16%)
GOOGL   2,917.85 (-0.22%)
TSLA   1,071.46 (+3.24%)
AMZN   3,476.18 (+2.47%)
NVDA   247.71 (+1.31%)
BABA   169.97 (+0.44%)
NIO   40.46 (+2.93%)
CGC   13.01 (+1.80%)
GE   104.28 (+0.41%)
AMD   121.09 (-0.97%)
MU   69.45 (+1.77%)
T   25.62 (+2.23%)
F   16.86 (+8.70%)
ACB   6.93 (+1.32%)
DIS   170.24 (+0.41%)
PFE   43.15 (+0.42%)
BA   207.69 (+0.52%)
AMC   35.00 (+0.69%)

China's factories, households grapple with power cuts

Monday, September 27, 2021 | Joe Mcdonald And Zen Soo, AP Business Writers


In this Nov. 28, 2019, file photo, smoke and steam rise from a coal processing plant in Hejin in central China's Shanxi Province. Global shoppers face possible shortages of smartphones and other goods ahead of Christmas after power cuts to meet government energy use targets forced Chinese factories to shut down and left some households in the dark. (AP Photo/Olivia Zhang, File)

BEIJING (AP) — Global shoppers face possible shortages of smartphones and other goods ahead of Christmas after power cuts to meet government energy use targets forced Chinese factories to shut down and left some households in the dark.

In the northeastern city of Liaoyang, 23 people were hospitalized with gas poisoning after ventilation in a metal casting factory was shut off following a power outage, according to state broadcaster CCTV. No deaths were reported.

A components supplier for Apple Inc.'s iPhones said it suspended production at a factory west of Shanghai under orders from local authorities.

The disruption to China's vast manufacturing industries during one of their busiest seasons reflects the ruling Communist Party's struggle to balance economic growth with efforts to rein in pollution and emissions of climate-changing gases.

“Beijing’s unprecedented resolve in enforcing energy consumption limits could result in long-term benefits, but the short-term economic costs are substantial,” Nomura economists Ting Lu, Lisheng Wang and Jing Wang said in a report Monday.

They cut their economic growth forecast for China to 4.7% from 5.1% over a year earlier in the current quarter. They cut their outlook for annual growth to 7.7% from 8.2%.

Global financial markets already were on edge about the possible collapse of one of China’s biggest real estate developers, Evergrande Group, which is struggling to avoid a default on billions of dollars of debt.

Manufacturers already are facing shortages of processor chips, disruptions in shipping and other lingering effects of the global shutdown of travel and trade to fight the coronavirus pandemic.

Residents of China’s northeast, where autumn temperatures are falling, report power cuts and have appealed on social media for the government to restore supplies.

The crunch comes as global leaders prepare to attend a U.N. environmental conference by video link on Oct. 12-13 in the southwestern city of Kunming. That increases pressure on President Xi Jinping's government to stick to emissions and energy efficiency targets.

The ruling party also is preparing for the Winter Olympics in the Chinese capital, Beijing, and the nearby city of Shijiazhuang in February, a period when it will want clear blue skies.

Scores of companies have announced power rationing could force them to delay filling orders and might hurt them financially.

Apple components supplier Eson Precision Engineering Co. Ltd. said Sunday it would halt production at its factory in Kunshan, west of Shanghai, through Thursday “in line with the local government’s power restriction policy.”

Eson said the suspension shouldn’t have a “significant impact” on operations.

Apple didn't immediately respond to a question about the possible impact on iPhone supplies.

China's energy consumption and industrial emissions have surged as manufacturers rush to fill foreign demand at a time when competitors elsewhere still are hampered by anti-coronavirus controls.

China’s economy is “more driven by exports than any time in the past decade,” but official energy use targets fail to take that into account, economists Larry Hu and Xinyu Ji of Macquarie Group said in a report.

Some provinces used up most of their official quotas for energy consumption in the first half of the year and are cutting back to stay under their limits, according to Li Shuo, a climate policy expert at Greenpeace in Beijing.

Utility companies, meanwhile, are being squeezed by soaring coal and gas prices. That discourages them from increasing output because the government constrains their ability to pass on costs to customers, said Li.

Prices have risen “past the range of what China’s electricity industry can bear,” Li said.

China has launched repeated campaigns to make its energy-hungry economy more efficient and clean up smog-choked cities.

City skies are visibly clearer, but the abrupt way the campaigns are carried out disrupts supplies of power, coal and gas, leaving families shivering in unheated homes and forcing factories to shut down.

Shopping malls in the northeastern city of Harbin have announced they will close stores earlier than usual to save power.

In Guangdong province in the south, the government told the public to set thermostats on air conditioners higher even as temperatures rose above 34 degrees C (93 degrees F).

State Grid Corp., the world's biggest power distributor, issued a pledge to ensure adequate supplies.

Meanwhile, state media say local governments have signed long-term coal contracts to ensure adequate suppliers.

___

Soo reported from Singapore. AP Writer Huizhong Wu in Taipei, Taiwan, contributed.


7 Stocks That Can Help You Profit From Summer Shortages

One of the lingering impacts of the Covid-19 pandemic is the supply chain disruptions that continue to bedevil many sectors. By now, every investor is aware of the global chip shortage that is disrupting many sectors that were projected to have strong growth in 2021.

But there are many more sectors that are being affected by supply chain disruptions. And this affects everything from big-ticket items like cars to everyday items like pet food and even bacon.

The focus of this special presentation is seven companies that stand to benefit from the current disruption in the supply chain. All of these companies delivered strong gains in 2020. Some of them have weakened in 2021, but that was before the full extent of the supply chain weakness was discovered.

As the economy reopens, the shortage of items is likely to continue and become much more notable. When they do, many of these stocks may get overpriced. That’s why now is the time to get in on these stocks that can help you work the supply chain in your favor.

View the "7 Stocks That Can Help You Profit From Summer Shortages".


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