The biggest hardware company in the world, Stanley Black & Decker closed factory in Shenzhen, China, thousands of people lost their jobs

(29 Oct) The biggest tools and hardware company in the world, Stanley Black & Decker, Inc. has suddenly noticed people about the close of their branch in Shenzhen, China on 26th October and dismissed all employees on the 28th, thousands of people lost their jobs in one blink. Besides the brand in Shenzhen, Stanley Black & Decker also dismissed their subsidiary, Black & Decker, in Shenzhen at the same time.

According to the media, Black & Decker is the subsidiary of Stanley Black & Decker, registered in China with 10 million USD in 2012, mainly manufacturing products like electric tools and vacuum cleaner, and had more than 1000 full-time employees. They were listed as the 228th in the top 500 American companies, also the biggest tools and hardware manufacturing company.

This act by Stanley Black & Decker has shaken up the industry, they explained the reason for dismissing Black & Decker in Shenzhen is “following the overall change of the market and the increasing competitors, the group has to reorganize resources and maintain market competitiveness based in strategies.”

However, there are different opinions outside. Some Chinese media thinks that Shenzhen has re-started working long ago, a big possibility is because of the trade war tariff issues between the US and China, that it has forced Stanley Black & Decker to move out of China.

The Radio Free China (RFA) thinks that since the outbreak of the trade war between the US and China, there were already a lot of foreign companies moving out from China to Southeast Asia, while it was difficult for Stanley Black & Decker as they are export-oriented, especially China could not stop infringement effectively, forcing Stanley Black & Decker to make the hard choice.

While the Epoch Times thinks that except in Shenzhen, Stanley Black & Decker has their manufacturing factories and research bases in other places like Suzhou and Shanghai, and have participated in strikes for many times in the past 10 years, with the biggest strike that gathered thousands of people.

The Epoch Times also reported that the Stanley Black & Decker group was once deceived by their subsidiary in Suzhou, China, that they violated the sanction against Iran and paid the fine of 1.869 million USD in 2019 for the close of file. Stanley Black & Decker’s Suzhou subsidiary was originally China Guoqiang Company, but after acquisition and merger by Stanley Black & Decker, they still export electric tools to Iran 23 times, costing 3.2 million USD, and used 6 other companies to make the fake bill of lading and statements in order to hide the fact that they are trading with Iran. The Suzhou subsidiary was then found out by the Stanley Black & Decker group and reported to the U.S. Department of the Treasury.

The future of the production line of Stanley Black & Decker remains unclear.

Source: The Liberty Times

Translated by: Hong Kong Echo

#China #Shenzhen #BlackAndDecker #Factory #Close #Iran #Trade

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#China #Econony
Rumors flies of Chinese city residents facing difficulties withdrawing money from banks

After banks in rural areas in Henan were suspected of financial improprieties, rumors had been spreading online of bank account holders in multiple prefectural cities and municipalities in China being faced with difficulties when withdrawing money from their bank accounts.

Some bank account holders were even only informed of the ¥1000 RMB daily withdrawal limit when they arrived at their bank.

Affected cities seemed to include #Shenzhen, #Shanghai, #Dandong and #Foshan, among others. Videos had emerged online of elderly people lining up outside the bank waiting to withdraw their money in Shanghai. However, as only 40 people could withdraw their money per day, some elderly people began lining up since two in the morning.

Lines were present outside many banks in affected cities such as Dandong, where customers lined up before the bank opened, and still could not withdraw their money by afternoon. Residents at Dandong claim that this situation had been going on for several weeks, with no signs of improving.

Source: i-CABLE

https://bit.ly/39OVhze

#ChineseEconony #ChineseBanks

#China #Econony
Rumors flies of Chinese city residents facing difficulties withdrawing money from banks

After banks in rural areas in Henan were suspected of financial improprieties, rumors had been spreading online of bank account holders in multiple prefectural cities and municipalities in China being faced with difficulties when withdrawing money from their bank accounts.

Some bank account holders were even only informed of the ¥1000 RMB daily withdrawal limit when they arrived at their bank.

Affected cities seemed to include #Shenzhen, #Shanghai, #Dandong and #Foshan, among others. Videos had emerged online of elderly people lining up outside the bank waiting to withdraw their money in Shanghai. However, as only 40 people could withdraw their money per day, some elderly people began lining up since two in the morning.

Lines were present outside many banks in affected cities such as Dandong, where customers lined up before the bank opened, and still could not withdraw their money by afternoon. Residents at Dandong claim that this situation had been going on for several weeks, with no signs of improving.

Source: i-CABLE

https://bit.ly/39OVhze

#ChineseEconony #ChineseBanks