Nike, Adidas Output Snarled as Covid Shuts Asian Factories
Bloomberg 11 hrs ago Michelle Jamrisko
(Bloomberg) Some of the world’s biggest footwear and garment companies are seeing production pinched as factories in Southeast Asia struggle to keep the lights on amid one of the world’s deadliest Covid-19 resurgences.
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A number of firms that churn out products for global giants like Nike Inc. and Adidas AG have reported plant suspensions in Vietnam over the past few weeks as authorities impose restrictions to stop the virus. Other industries, such as Toyota Motor Corp. factories in Thailand, also are scaling back as multiple countries in the region see record high cases and deaths.
Nike, Adidas output snarled as Covid-19 wave shuts Asian factories
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Nike, Adidas Output Snarled as Covid Wave Shuts Asian Factories
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Singapore s economic rebound slows amid renewed virus limits
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Singapore, the Asian city-state that has been among the world’s best at containing the Covid-19 pandemic, is back on the defensive, reimposing local restrictions and tightening its borders amid a pop in cases.
With infections in the community sometimes reaching double digits among a population of 5.7 million, the government last week started limiting social gatherings, curbed entry for most foreign workers and ordered mass testing across industries and areas where new cases have arisen.
The setback risks slowing Singapore’s economic recovery and complicates plans to host high-profile global gatherings, including the Davos-based World Economic Forum in August and the Shangri-La Dialogue next month, which it had hoped would showcase its control of the virus. It also has stalled a rally in the one of Asia’s best-performing stock markets, with Singapore’s benchmark index slipping 1% so far this month.