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CTV News
19 hours ago
- CTV News
India faces tough choices under U.S. tariff pressure
A student of Gurukul school of Art completes artwork of U.S. President Donald Trump and Prime Minister of India Narendra Modi, in Mumbai, India, Friday, Aug. 1, 2025. (AP Photo/Rajanish Kakade) India faces an ultimatum from the United States with major political and economic ramifications both at home and abroad: end purchases of Russian oil or face painful tariffs. Indian Prime Minister Narendra Modi, leader of the world's most populous nation and its fifth-biggest economy, must make some difficult decisions. U.S. President Donald Trump has given longstanding ally India, one of the world's largest crude oil importers, three weeks to find alternative suppliers. Levies of 25 per cent already in place will double to 50 per cent if India doesn't strike a deal. For Trump, the August 27 deadline is a bid to strip Moscow of a key source of revenue for its military offensive in Ukraine. 'It is a geopolitical ambush with a 21-day fuse,' said Syed Akbaruddin, a former Indian diplomat to the United Nations, writing in the Times of India newspaper. How has India responded? New Delhi called Washington's move 'unfair, unjustified and unreasonable'. Modi has appeared defiant. He has not spoken directly about Trump but said on Thursday 'India will never compromise' on the interests of its farmers. Agriculture employs vast numbers of people in India and has been a key sticking point in trade negotiations. It all seems a far cry from India's early hopes for special tariff treatment after Trump said in February he had found a 'special bond' with Modi. 'The resilience of U.S.-India relations... is now being tested more than at any other time over the last 20 years,' said Michael Kugelman, from the Asia Pacific Foundation of Canada. What is the impact on India? Russia accounted for nearly 36 per cent of India's total crude oil imports in 2024, snapping up approximately 1.8 million barrels of cut-price Russian crude per day. Buying Russian oil saved India billions of dollars on import costs, keeping domestic fuel prices relatively stable. Switching suppliers will likely threaten price rises, but not doing so will hit India's exports. The Federation of Indian Export Organisations warned that the cost of additional U.S. tariffs risked making many businesses 'not viable'. Urjit Patel, a former central bank governor, said Trump's threats were India's 'worst fears'. Without a deal, 'a needless trade war' would likely ensue and 'welfare loss is certain', he said in a post on social media. What has Modi done? Modi has sought to bolster ties with other allies. That includes calling Brazilian President Luiz Inacio Lula da Silva on Thursday, who said they had agreed on the need 'to defend multilateralism'. Ashok Malik, of business consultancy The Asia Group, told AFP: 'There is a signal there, no question.' India's national security adviser Ajit Doval met with Vladimir Putin in Moscow, saying the dates of a visit to India by the Russian president were 'almost finalized'. Modi, according to Indian media, might also visit China in late August. It would be Modi's first visit since 2018, although it has not been confirmed officially. Beijing's foreign ministry spokesman Guo Jiakun said in response to an AFP question on Friday that 'China welcomes Prime Minister Modi' for the Shanghai Cooperation Organization summit. India and neighbouring China have long competed for strategic influence across South Asia. Successive U.S. administrations have seen India as a key partner with like-minded interests when it comes to China. 'All those investments, all that painstaking work done by many U.S. presidents and Indian prime ministers, is being put at risk,' Malik said. 'I have not seen the relationship so troubled since the early 1990s, to be honest. I'm not saying it's all over, not in the least, but it is at risk.' Can Modi change policy? Modi faces a potential domestic backlash if he is seen to bow to Washington. 'India must stand firm, put its national interest first,' the Indian Express newspaper wrote in an editorial. Opposition politicians are watching keenly. Mallikarjun Kharge, president of the key opposition Congress party, warned the government was 'disastrously dithering'. He also pointed to India's longstanding policy of 'non-alignment'. 'Any nation that arbitrarily penalizes India for our time-tested policy of strategic autonomy... doesn't understand the steel frame India is made of,' Kharge said in a statement. However, retired diplomat Akbaruddin said there is still hope. New Delhi can be 'smartly flexible', Akbaruddin said, suggesting that could mean 'buying more U.S. oil if it's priced competitively, or engaging Russia on the ceasefire issue.'
Globe and Mail
a day ago
- Globe and Mail
Lexin Reports Q2 2025 Financial Results: Revenue Hits RMB 3.59B with 15.6% QoQ Growth; Profit Rises for 5 Straight Quarters as Scenario-Based Transactions Surge to Spur Consumption
On August 7, 2025, Beijing time, Lexin (NASDAQ: LX), China's leading new-consumption digital technology service provider, today announced its unaudited financial results for the second quarter of 2025: revenue reached RMB 3.59 billion , up 15.6% quarter-over-quarter (QoQ); profit (Non-GAAP EBIT) was RMB 670 million , up 15.2% QoQ and 116.4% year-over-year (YoY). Q2 profit was the highest in 14 quarters, marking the fifth straight quarter of sequential growth, while multiple core business indicators continued to improve. In terms of scale, the company's transaction volume in the second quarter was RMB 52.86 billion ; the total loans under management was RMB 105.78 billion ; and the number of users reached 236 million. In terms of asset quality, risk indicators have continued to improve for 4 consecutive quarters: the FPD7(First-payment default) of newly added assets in Q2 decreased by approximately 5% QoQ; the delinquency rate of all assets dropped by about 2% QoQ; and the 90+ day non-performing loan ratio of all assets fell by around 6% QoQ, with asset quality improving quarter by quarter. In terms of financial indicators, the company's profit margin (annualized net profit / loan balance) in the second quarter increased by 34 basis points compared to the first quarter, with consecutive quarterly growth of more than 20 basis points for multiple quarters. Lexin has always placed great emphasis on shareholder returns. With the approval of the Board of Directors, the ex-dividend and ex-rights date for the first half of the year is set for August 26. A cash dividend of US$0.194 per ADS will be distributed on September 15, representing approximately 25% of the first-half net profit. This payout is roughly 76% higher than the US$0.11 per ADS dividend for the second half of 2024. Starting in the second half of this year, the dividend payout ratio will be raised from 25% to 30% of net profit. In July, Lexin also launched a US$60 million share-repurchase program. Together, these measures are expected to further increase shareholder returns, underscoring the company's commitment to shareholder value and its confidence in long-term growth. Xiao Wenjie, CEO of Lexin, stated: "The company has adhered to a strategic transformation driven by risk and data to achieve refined operations, delivering another quarter of high-quality growth. Facing an uncertain macro environment, the company has adhered to a prudent business strategy, with steady growth in ecological businesses, continuous improvement in asset quality, and a sustained recovery in profitability, leading to more stable development. Looking ahead to the third quarter, we will continue to operate steadily, actively leverage the synergistic advantages of ecological businesses, enhance the company's operational resilience, maintain a continuous decline in risks, and achieve continued profit growth. Therefore, we maintain our full-year net profit guidance of significant YoY growth." Ecological Business Gains Momentum as Unique Advantages Unlock New Growth Since the beginning of this year, policies such as the 'Action Plan for Boosting Consumption' and the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption" have been rolled out, emphasizing 'expanding financial supply in consumption,''increasing personal consumer loan issuance,' and 'deepening integration of financial services with consumption scenarios.'Lexin actively aligns with these policies by enriching its product suite and optimizing user experience, bridging consumer intent with action in a more convenient and affordable way and continuously contributing to consumption growth. In Q2, Fenqile Mall comprehensively upgraded its supply chain, onboarded numerous well-known brand merchants, and strengthened enhanced offerings such as "Zhenpin Hui" and "Factory Store" to meet users' diversified needs. High-quality consumption scenarios combined with major promotion activities drove the GMV of Fenqile Mall to rise continuously. Especially during the "6·18" period, GMV increased by 139% YoY, effectively boosting consumption. Small and micro enterprises are crucial to economic and social development and people's livelihoods. Inclusive finance plays an important role in solving the funding difficulties of small and micro enterprises and enhancing their resilience. In May 2025, the State Financial Regulatory Administration issued a document requiring inclusive finance to "deepen the financing coordination mechanism" and "accurately match financing needs". During the quarter, Fenqile Inclusive, a subsidiary of Lexin, upgraded its products and services using big data and AI large models, continuously optimized user experience, improved the accuracy of credit matching, and effectively avoided misrejection issues caused by seasonal and cyclical business fluctuations. It supported the development of small, micro, and even smaller enterprises with low-interest and high-limit financial products. The "Believe in Small Dreams" program of Fenqile Inclusive has been implemented in more than 330 counties and cities across 30 provinces, autonomous regions, and municipalities,facilitating RMB 4.69 billion in loan disbursements. In terms of digital technology business, Lexin has profound experience and an expert team in quantitative risk control, with cross-institution and cross-platform risk control capabilities. Through localized deployment of delivery and services, it has significantly improved partners' customer acquisition efficiency and retention rate. During the quarter, the number of loan users increased significantly, and transaction volume rose by 171.3% QoQ. In overseas business, Lexin has continuously optimized customer acquisition channels and customer quality, strengthened risk operations, localized management, and integrated marketing strategies achieving continuous optimization of asset structure and growth in scale and revenue for multiple consecutive quarters. Lexin keeps deepening innovation across its ecosystem. All businesses are growing steadily, reinforcing a virtuous cycle of complementary synergy and circular enhancement that builds unique competitive moats while generating significant social value. Risk Control System Upgrade and AI Agent Implementation: Dual-Drive to Consolidate Underlying Capabilities Financial reports show that Lexin's R&D investment in the second quarter was RMB 160 million, up 10% YoY, remaining industry-leading. Long-term technological investment has consolidated underlying capabilities, and the risk and data dual-drive strategy has enhanced the company's operational resilience in responding to industry challenges. (Chart: Ten Technical Systems Driving the Digital and Intelligent Development of Lexin's Business) In Q2, Lexin focused on the special identification and disposal of customer groups vulnerable to industry risk fluctuations, and promoted the growth of high-quality customer scale through interactive re-offer. At the same time, the company upgraded its risk control system using AI large models, increased the construction and application of intelligent risk control tools, improved the efficiency of risk decision-making and the accuracy of quota and price strategies, promoted the upgrading of risk management from quantification to intelligence, and built a leading advantage in risk management capabilities. The localized AI large models are also applied to multiple important business scenarios. For example, in the post-loan management field, the intelligent data auxiliary platform realizes full-process AI empowerment from case allocation, collection operations to user management and withholding strategies, driving a significant improvement in post-loan repayment efficiency. AI large models and intelligent agents are reshaping Lexin's business processes, becoming the core engine for improving operational efficiency and user experience. The self-developed AI Agent made significant progress during the quarter, with 50 "AI Agent positions" launched, driving improvements in management and operational efficiency. Within this year, Lexin's AI Agent positions will be expanded to more than 100, covering scenarios such as auxiliary strategy optimization, collection quality inspection, and decision-making efficiency improvement, promoting the upgrading of risk management accuracy and laying a safety cushion for long-term development. By virtue of its innovative exploration and application in AI large models and intelligent agents, Lexin won the "Best AI Technology for China's Fintech Companies" award from The Asian Banker in Q2. This is also the company's seventh consecutive year of winning honors from The Asian Banker. Lexin focuses on the top-level design and long-term mechanism construction of consumer protection governance, promotes the integration of consumer protection into the entire business chain, and builds a "predictive" rights protection system driven by user needs and product experience, promoting the high-quality development of consumer protection work. In Q2, the company increased technological investment in consumer protection work, improved more than 50 digital, intelligent, and model-based tools, and enhanced service response rate and user satisfaction. Media Contact Company Name: LexinFintech Holdings Ltd Contact Person: Chuanda Xu Email: Send Email City: Shenzhen Country: China Website:
Globe and Mail
a day ago
- Globe and Mail
Can China Momentum Balance Starbucks' U.S. Comps Challenges?
Starbucks Corporation SBUX is leaning on the fastest-growing international market as it navigates softer results in the United States. With consumer behavior shifting and competitive pressures rising, the question is whether China's growth can offset domestic headwinds in the quarters ahead. In the third quarter of fiscal 2025, U.S. comparable store sales fell 2% year over year, with transactions down nearly 4%. The decline was largely due to lapping heavy discounting and promotional activity from the prior year, which temporarily boosted traffic. Softer demand in certain dayparts added pressure, although the company noted that these trends reflect a more challenging comparison base rather than a sudden drop in customer engagement. In contrast, China delivered solid and broad-based momentum. Comparable store sales in the market grew 2%, driven by a 6% increase in transactions. Growth was fueled by a strong pipeline of beverage innovation, refined pricing strategies that resonated with local consumers, and a surge in delivery sales as convenience becomes a bigger part of purchasing behavior. Starbucks' continued investments in localized offerings and operational improvements are deepening brand relevance, drawing in more frequent visits and expanding its customer base in a competitive landscape. While U.S. comps remain under strain, China's ability to combine product innovation, pricing power and delivery strength offers a meaningful counterbalance. As Starbucks works to stabilize domestic performance, its execution in China will be a critical driver in shaping overall comparable sales trends heading into 2025. SBUX's Price Performance, Valuation & Estimates Shares of Starbucks have gained 21.7% in the past year compared with the industry 's rise of 7.7%. Other renowned firms that share the market space with SBUX include Dutch Bros Inc. BROS and Chipotle Mexican Grill, Inc. CMG. In the past year, shares of Dutch Bros have gained 127.2%, while Chipotle has declined 21.8%, respectively. From a valuation standpoint, Starbucks trades at a forward price-to-sales ratio of 2.66, below the industry's average of 3.83. Notably, Dutch Bros and Chipotle are currently trading at a forward 12-month P/S ratio of 6.4 and 4.38, respectively. Image Source: Zacks Investment Research The Zacks Consensus Estimate for SBUX's fiscal 2025 EPS implies a decline of 30.5% year over year and the same for 2026 EPS indicates a rise of 18.2%. The EPS estimates for fiscal 2025 and 2026 have declined in the past 30 days. Starbucks currently carries a Zacks Rank #4 (Sell). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. See our %%CTA_TEXT%% report – free today! 7 Best Stocks for the Next 30 Days Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Starbucks Corporation (SBUX): Free Stock Analysis Report Chipotle Mexican Grill, Inc. (CMG): Free Stock Analysis Report Dutch Bros Inc. (BROS): Free Stock Analysis Report
