Manchester United could get new ownership + No end in sight to China’s zero-covid crackdown
Man U could be up for sale: The Glazer family, which owns Manchester United, are mulling selling the club, its board said in a statement. The board is looking into ways to “enhance future growth” at Man U and will “consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the company.” The move comes after years of protests at the club’s ownership from fans, who say the Glazers see the club as nothing more than a moneymaker, the BBC reports. The statement also comes the day after icon Christiano Ronaldo announced his departure from Man U with immediate effect, following a bare-all interview last week.
Almost three years into the pandemic, China still lives in fear: Looser covid measures announced by Beiijing earlier this month had raised hopes among investors of a return to normality — but a return to lockdowns this week suggest China’s strict covid prevention methods aren’t going anywhere anytime soon. The city of Shijiazhuang reopened for just nine days before shutting down once again this week, after authorities grew fearful following a spike in covid cases, the Financial Times writes. Areas accounting for some 20% of China’s GDP are under some form of lockdown, according to Reuters.
The tensions is ramping up at iPhone factories after months of disruptions: Employees at Foxconn’s largest iPhone factory in China clashed with police during protests over the 200k-worker plant’s handling of a covid outbreak, the FT reports. Employees reportedly told the FT that protest broke out after promised bonuses did not materialize, after months of complaints from workers at the Foxconn facility about poor conditions as the company tries to maintain production amid a prolonged covid outbreak. Apple can ill afford to shut down its Chinese factories, especially ahead of the holiday rush — and investors in the tech giant are spooked. China produces over 95% of the world’s iPhones.
Brace for worse to come: “The next few weeks could be the worst in China since the early weeks of the pandemic both for the economy and the healthcare system,” Reuters reports, quoting Capital Economics analysts.