Shanghai lockdown sees quarter of US firms cut investment plans: poll

Shanghai's lengthy Covid lockdown battered businesses and snarled supply chainsSHANGHAI - Shanghai's lengthy Covid-19 lockdown pushed a quarter of US firms in the city to cut investment plans and nearly all to drop revenue forecasts, a business group said Wednesday.

But such measures left its biggest city Shanghai sealed off for around two months, with a shortage of truckers leaving goods piled up at its port and business closures battering firms. The survey of 133 companies also found a quarter were expecting revenues to be more than 20 percent lower than projected.The commercial hub of 25 million people was closed in sections from late March, when the Omicron variant fuelled China's worst Covid outbreak in two years.

Although authorities drew up a"white list" of companies that could continue production, this was generally with limitations to minimise virus spread and many smaller firms continued to grapple with restrictions.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

This US company will pay you R34k to house 100 roaches for 30 daysThis US company will pay you R34k to house 100 roaches for 30 days Is R34k enough compensation to keep 100 cockroaches in your home for an entire month? Many South Africans say it isn't. What do you think?
Source: TheSAnews - 🏆 25. / 59 Read more »

Business Maverick: Asia’s energy crunch turns from bad to worse on US export fireA new timeline presented on Tuesday to restart a key US liquefied natural gas export plant was much longer than traders had anticipated, while lower deliveries from Indonesia to Russia tightened global supply. Asian LNG futures for winter delivery surged to the highest level in over two months.
Source: dailymaverick - 🏆 3. / 84 Read more »