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Foxconn expects coronavirus-hit China factory to return to full production in late December – early January – Source via Reuters

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© Reuters. FILE PHOTO: A picture of the Foxconn logo atop a corporate building in Taipei, Taiwan on October 31, 2022. REUTERS/Carlos Garcia Rollins/File Photo

TAIPEI (Reuters) – Apple supplier Foxconn expects its coronavirus-hit factory in Zhengzhou, China, to resume full production in late December and early January after worker unrest disrupted the country’s largest iPhone factory, a Foxconn source said on Monday. the scientist.

The Zhengzhou factory is grappling with severe novel coronavirus (COVID-19) restrictions that have workers unhappy about conditions at the factory. Apple (NASDAQ:) device production was disrupted ahead of Christmas and the Lunar New Year holidays in January, with many workers either forced to isolate to combat the spread of the virus or flee the factory.

“The capacity is now gradually resuming,” said the person with first-hand knowledge of the matter, as new staff start to be hired. The person declined to be named because the information was private.

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“If the hiring process goes smoothly, it may take about three to four weeks to fully resume production,” the person said, referring to a period from late December to early January.

Foxconn and the local government are working hard on the recruitment campaign but there are still many uncertainties, according to the source. The person referred to “concerns” some workers might have about working for the company after the factory was hit by protests last month that sometimes turned violent.

“We are firing on all cylinders in the recruiting process,” said the person.

Foxconn declined to comment.

Foxconn shares were up 0.5% Monday morning, in line with the 0.6% gain in the broader market.

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MicroStrategy is at its lowest level since 2020 after the sales were revealed

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(Bloomberg) — Shares of MicroStrategy touched their lowest level since August 2020 after the enterprise software company, which in recent years has been known as the largest buyer of bitcoin, revealed its first sale of the token.

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The stock fell 1.1 percent to $136.63 on Thursday, down 75 percent this year. Bitcoin rose less than 1% to around $16,590 and is believed to have fallen 64% since the start of the year.

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In a filing on Wednesday, MicroStrategy said it acquired approximately 2,395 Bitcoin between the beginning of November and December 21 through its subsidiary MacroStrategy, and paid out approximately $42.8 million in cash. It then sold 704 of the tokens on Dec. 22 for a total of about $11.8 million, citing tax purposes, before buying another 810 of them two days later.

Matt Malley, chief market strategist for Miller Tabak + Co. Step down as CEO. This news means they don’t seem to want to do that anytime soon.”

Overall, MicroStrategy held about 132,500 bitcoins worth over $4 billion USD as of December 27th. The company paid an average purchase price of $30,397 per bitcoin.

“Given MicroStrategy’s $2.4 billion in leverage, we believe the company may have a lot of leverage over Bitcoin, and may face some liquidity risk,” Jefferies analyst Brent Thiel wrote in a note on Wednesday. Thill has an “underperform” rating on the stock and a price target of $110.

Over the years of the pandemic, MicroStrategy has become well known for its Bitcoin takeovers, largely led by Saylor. Earlier this year, Saylor stepped down from that role and now serves as CEO at the company and continues to lead its bitcoin strategy.

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MicroStrategy was trading around $120 before Saylor first announced the company’s Bitcoin purchases in 2020. The stock reached an all-time high of $1,315 in February 2021.

(Updates to include the stock’s closing price in the second paragraph.)

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Bankman-Fried May File Petition in New York Federal Court Next Week Before Judge Louis Kaplan By Cointelegraph

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Former FTX CEO Sam Bankman-Fried is set to appear in court on the afternoon of January 3 to enter a lawsuit over two counts of wire fraud and six counts of conspiracy against him related to the collapse of cryptocurrency exchange FTX, according to Reuters. mentioned on December 28, citing court records. Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan.

Judge Kaplan was appointed to hear the case on December 27 after the original judge in the case, Ronnie Abrams, Resigned herself because of connections between FTX and the law firm Davis Polk & Wardwell, where her husband is a partner. The company provided advisory services to FTX in 2021.