China locks down area around iPhone factory, DuPont cancels Rogers deal, Ohio sues Dollar General
Yahoo Finance's Julie Hyman breaks down top business headlines on China lockdowns, DuPont's merger with Rogers, and an Ohio lawsuit filed against Dollar General.
- Here's a check on some of the other headlines that we are watching. Starting overseas, China locking down the area around the world's largest iPhone factory for seven days due to a COVID outbreak. This move likely to cause further disruptions and operations for Apple supplier, Foxconn. And then, potentially spelling bad news for Apple ahead of the holiday season.
Foxconn said in a statement, the plant will continue operating within a quote, "closed loop or self-contained bubble that limits contact with the outside world." There were reports, remember, over the weekend about workers fleeing the factory because of concerns that they would be then stuck there.
Chemical maker DuPont terminating its $5.2 billion buyout of Rogers Corporation as a result of the company's being unable to obtain timely clearance from all required regulators DuPont said all parties had received regulatory approvals for the merger except from that of China's state administrator for market regulation.
Shares of engineering materials maker, Rogers, are plunging as this deal is going away. DuPont, though, is trading higher. Analysts were positive after this deal got canceled. In a statement, Rogers said, it is evaluating all options in response to Dupont's notice.
And Dollar General hit with a lawsuit as Ohio sues the US discount retailer due to several complaints regarding overcharges. These complaints come as testing last month found $20 general stores with significant pricing errors. The lawsuit seeks civil fines of $25,000 per violation, payment of actual damages to consumers, and a permanent injunction against further violations.