US judge extends topping period in Citgo parent's auction until June 2
HOUSTON (Reuters) -A U.S. federal judge has extended to at least June 2 a period for bidders to submit rival bids in a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to filing released by the Delaware court on Tuesday.
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25 minutes ago
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Exclusive-Shein and Reliance aim to sell India-made clothes abroad within a year, sources say
By Dhwani Pandya and Helen Reid MUMBAI/LONDON (Reuters) -Fashion retailer Shein and partner Reliance Retail plan to rapidly expand their Indian supplier base and start overseas sales of India-made Shein-branded clothes within six to 12 months, said two people with knowledge of the matter. The China-founded, Singapore-headquartered e-commerce firm has been discussing plans with the Indian retailer since before the U.S. imposed tariffs on Chinese imports that intensified the need to diversify sourcing, the people said. The aim is to raise Indian suppliers to 1,000 from 150 within a year, they said. In a statement to Reuters, Shein said it licensed its brand for use in India. Reliance did not respond to queries. Shein sells low-priced apparel such as $5 dresses and $10 jeans shipped directly from 7,000 suppliers in China to customers in around 150 countries. Its biggest market is the U.S. where it is adjusting to tariffs on low-value e-commerce packages from China which were previously imported duty free. The retailer launched in India in 2018 but its app was banned in 2020 as part of government action against China-linked firms amid border tension with its northeastern neighbour. It returned in February under a licensing deal with the Reliance Industries unit which launched selling Shein-branded clothes produced in local factories. In contrast, Shein's other websites mainly list goods from China. Reliance, controlled by Asia's richest person, Mukesh Ambani, has contracted 150 garment manufacturers and is in discussion with 400 more, said the two people, declining to be identified due to confidentiality concerns. The goal is 1,000 Indian factories making Shein-branded clothes within a year for both the Indian market and to service some of Shein's global websites, the people said. Shein initially wants to list India-made clothes on its U.S. and British websites, one of the people said. Discussions have been ongoing for months and the launch time of six to 12 months could change depending on supplier numbers, the person said. The scale of supplier expansion and export time frame is reported here for the first time. Shein has licensed its brand for domestic use to Reliance which "is responsible for manufacturing, supply chain, sales and operations in the Indian market," Shein said in a statement. In December, Minister of Commerce and Industry Piyush Goyal told parliament that the Shein-Reliance partnership aimed to create a network of Indian suppliers of Shein-branded clothes for sale "domestically and globally". ON-DEMAND MANUFACTURING Shein is a fast-fashion behemoth earning annual revenue of over $30 billion through low prices and aggressive marketing. Most of its products are from China with some made in countries such as Turkey and Brazil. Its expansion in India mirrors interest in the country from the likes of Walmart and others throughout the global fashion and retail industries, particularly those looking for suppliers outside China due to the Sino-U.S. trade war. The Shein India app has been downloaded 2.7 million times across Apple and Google Play stores, averaging 120% on-month growth, showed data from market intelligence firm Sensor Tower. Offerings during its first four months have reached 12,000 designs, a fraction of the 600,000 products on its U.S. site. In the women's dresses category, its cheapest item is priced 349 Indian rupees ($4) versus $3.39 on the U.S. site as of June 9. Shein's Indian partner Reliance, which operates the app, is working with suppliers to assess whether they can replicate Shein's global best-sellers at lower cost, the two people said. Reliance aims to emulate Shein's on-demand manufacturing model, asking suppliers to make as few as 100 pieces per design before increasing production of those that sell well, they said. Executives from Reliance recently visited China to understand Shein's "innovative" supply chain operations, "data driven" design processes and "disruptive" digital marketing, Manish Aziz, assistant vice president Shein India at Reliance Retail, said in a LinkedIn post in which he called Shein's scale and speed "truly incredible". The partnership is one of dozens Reliance has with fashion brands, such as Brooks Brothers and Marks and Spencer. The firm also runs e-commerce site Ajio and its retail network competes with Amazon and Walmart's Flipkart as well as value retailers such as Tata's Zudio. Reliance plans to work with new suppliers to source fabric - especially fabric made using synthetic fibres where India lacks expertise - and import required machinery, the people said. The firm will invest in suppliers and help them grow which in turn will help the Shein-Reliance partnership go global, they said. Sign in to access your portfolio
Yahoo
27 minutes ago
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India central bank's large rate cut squeezes forward premiums, leaves rupee vulnerable, analysts say
By Nimesh Vora and Jaspreet Kalra MUMBAI (Reuters) -The Reserve Bank of India's surprise outsized rate cut last week will leave the rupee vulnerable to further depreciation by pressuring already depressed foreign exchange forward premiums, several analysts said on Monday. The rupee has underperformed its Asian peers in 2025 amid weak capital flows. A narrowing interest rate differential — with the U.S. Federal Reserve moving slower than the RBI in cutting rates — suggests the Indian currency may continue to lag. MARKET REACTION The 1-month U.S. dollar/rupee forward premium — typically more sensitive to liquidity conditions — fell to 7.5 paisa, its lowest level since November. Meanwhile, the 1-year premium, which is more responsive to rate differential between the U.S. and India, declined to 1.5250 rupees, marking its lowest level in nearly a year. GRAPHIC: WHY IT'S IMPORTANT A drop in dollar/rupee forward premiums makes the rupee less attractive for carry trades, and diminishes the incentive for exporters to hedge future receivables. At the same time, it raises the likelihood that importers—who typically hedge near-term payment obligations—will step up their hedging activity. The decline in premiums - a less favourable rate differential between the U.S. and India - could leave the rupee open to sharper depreciation. CONTEXT Against the backdrop of benign inflation and the need to support growth, the Reserve Bank of India last Friday delivered a larger-than-expected 50 basis point rate (bps) cut, exceeding the 25 bps anticipated by economists. In a further easing move, the central bank slashed the cash reserve ratio for banks. KEY QUOTES "One thing the rupee had going for it is that it offered attractive carry ... with the 50-bps rate cut from the RBI, carry attraction has been reduced," Mitul Kotecha, head of FX and EM macro strategy Asia at Barclays, adding that in an environment where investors are again focussed on carry, the rupee's appeal has been diminished. Falling premiums can be a "mild added headwind" for the rupee amid globally elevated yields, Dhiraj Nim, FX strategist at ANZ Research, said, and pointed out that if India growth data weaken, there could be scope for one more rate cut. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
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China's May lending seen tripling on monetary measures, trade truce: Reuters poll
By Liz Lee BEIJING (Reuters) - China's new yuan loans more than tripled in May compared with a month ago, matching the borrowing appetite in the same period last year, as a temporary trade truce between China and the United States and new government measures helped boost credit demand. Chinese banks are estimated to have issued 850 billion yuan ($118.27 billion) in net new yuan loans last month, according to 18 economists polled by Reuters. April saw 280 billion yuan loans distributed. In mid-May, China and the United States struck a 90-day truce in their bruising tariff war and rolled back most of the triple-digit levies they heaped on each other's goods in early April. Adding to the positive sentiment was Beijing's raft of monetary easing measures last month including interest rate cuts and a major liquidity injection, though Citi Research analysts said the steps may not make an immediate impact on credit demand. "Bills discount rate stayed low in May, and we expect new RMB loans at RMB900 billion, largely in line with last May's level," Citi Research said in a note last week. New yuan loans in May are typically higher than in April as banks begin work to reach their quarterly loan targets. Factory activity at the world's largest manufacturing hub contracted for a second month in May, as trade tensions with the United States remain high and speculation mounts Beijing would roll out further stimulus measures to underpin economic growth. Adding to the external headwinds, frail domestic demand remains a major drag on the world's second-largest economy as households grapple with income pressure and keep a tight leash on spending. A phone call between U.S. President Donald Trump and Chinese leader Xi Jinping on Thursday kept the lid on tensions but left key trade issues such as Beijing's control on rare earth exports and Washington's curbs on chip-related exports to further talks set to take place in London later on Monday. Broad M2 money supply, which measures cash in circulation, and a set of deposits including time deposits to corporates plus household savings, is expected to have increased 8.1% last month, up from the 8.0% in April. Outstanding yuan loans in May were seen matching the pace of growth in April at 7.2% from a year earlier, according to the poll. A broad measure of credit and liquidity that is Total Social Financing (TSF) likely grew to 2.3 trillion yuan in May from 1.16 trillion yuan in April, the poll showed. Any acceleration in government bond issuance could help boost growth in TSF. The measure includes off-balance-sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales. ($1 = 7.1871 Chinese yuan renminbi) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
