TAOYUAN, Taiwan (Reuters) - Taiwanese smartphone maker HTC Corp has halted at least one of its four main manufacturing lines, accounting for at least a fifth of total capacity, and is outsourcing production as a sales slump puts pressure on its cash flow, according to sources with direct knowledge of the situation.
Remember how China, armed with a "manipulated currency" and massive government subsidies, was allegedly taking all of America's manufacturing jobs? Well, it looks like the Chinese are in a giving mood all of a sudden.
(BEIJING) — China‘s government has ordered companies to close factories in 19 industries where overproduction has led to price-cutting wars, affirming its determination to push ahead with a painful economic restructuring despite slowing growth. The industry ministry issued orders late Thursday to more than 1,400 companies to cut excess capacity that has led to financial trouble for manufacturers. It also applies to producers of copper and glass and requires some companies to close outright. Communist leaders are trying to reduce reliance on investment and trade.