Japan says China will resume Japanese seafood imports it halted over Fukushima water discharge
TOKYO (AP) — Japan said Friday that China will resume imports of Japanese seafood that it banned in August 2023 over the discharge of wastewater from the damaged Fukushima Daiichi nuclear power plant into the sea.
Agriculture Minister Shinjiro Koizumi said the two sides reached an agreement after Japanese and Chinese officials met in Beijing and the imports will resume once the necessary paperwork is done.
China did not immediately comment.
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41 minutes ago
- Yahoo
Down 17% in a week and on a P/E of 10! Should I buy this dirt cheap value stock?
Chinese stocks are normally valued at a discount to their US peers, even if they're in hyper-growth mode. Take PDD Holdings (NASDAQ: PDD), which is a Chinese e-commerce company that trades at the sort of valuation you'd expect to see from a FTSE 100 value stock. The Temu owner grew its revenue and earnings by 59% and 78%, respectively, last year. Yet the stock has tumbled 17% in a week and now trades at a price-to-sales (P/S) ratio of 2.6 and a price-to-earnings (P/E) multiple of just 10.5. At first glance, this looks unjustifiably cheap. So, should I add this value stock to my portfolio? Let's find out. Firstly, it's worth pointing out why US-listed Chinese stocks trade at such a wide discount to American peers. It all boils down to regulatory risk, as China's tech companies can quickly fall foul of regulators and have them breathing down their necks for all sorts of reasons. For example, as well as its international Temu shopping platform, PDD operates Pinduoduo in China. It focuses on value-for-money merchandise and has a strong emphasis on agricultural products, directly connecting farmers with consumers. It has had great success taking market share from larger e-commerce rivals like Alibaba in recent years. However, President Xi Jinping wants more 'high-quality development' in the Chinese economy, with fewer counterfeit goods. In response to these concerns, Pinduoduo has initiated efforts to enhance product quality. Last year, PDD said it was 'prepared to accept short-term sacrifices' to 'vigorously support high-quality merchants'. I read this as a clear signal that the firm's profits were going to come down significantly. To be fair, management was honest about this, saying: 'In the long run, the decline in our profitability is inevitable'. Essentially, Chinese companies have to align themselves with what the government wants. And this often doesn't involve the maximisation of shareholder profits, which puts off a lot of investors. Hence why most Chinese stocks trade at cheap multiples. And geopolitical risk associated with US-China tensions only adds to the downwards pressure. But it's not all domestic issues, including weak Chinese consumer spending, for PDD. Temu's explosive growth has relied on shipping low-cost goods to US consumers directly from Chinese merchants. However, President Trump has abolished the de minimis tax exemption that encouraged this, as well as slapping sky-high tariffs on Chinese imports. In Q1, PDD's revenue grew just 10% to $13.2bn, a significant deceleration. Meanwhile, profits fell nearly 50% to $2bn! The risk here is that Temu users face paying far higher costs, which could undermine the platform's raison d'être (dirt cheap bargains). Instead of being able to 'shop like a billionaire', as Temu puts it, consumers might have to settle for shopping like a humble millionaire. Or not at all on the app. Given the significant challenges the company faces, I don't think the earnings figures can be relied upon. In other words, the P/E ratio of 10 might be misleading if growth decelerates and margins take a hit. If a US-China trade deal is struck, perhaps PDD's strong international growth might resume. But given the murky outlook, I'm going to focus on other growth stocks for my portfolio. The post Down 17% in a week and on a P/E of 10! Should I buy this dirt cheap value stock? appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Ben McPoland has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 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
Fox News
2 hours ago
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Marine restrains man allegedly trying to open plane's emergency exit during flight
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2 hours ago
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Hegseth warns Asia allies that China threat is ‘imminent'
Defense Secretary Pete Hegseth delivered a stark warning to Asian allies on Saturday, portraying the threat China poses to the region as 'real, and it could be imminent.' In his first speech to the annual Shangri-La Dialogue in Singapore, Hegseth was blunt about Washington's view of the Chinese military buildup in the region and the threat it poses to Taiwan, calling on allies to spend more on defense while pledging continued American partnership and support. "There's no reason to sugarcoat it. The threat China poses is real, and it could be imminent," Hegseth said. Any Chinese military move on Taiwan "would result in devastating consequences for the Indo-Pacific and the world,' he added. The secretary's comments were delivered in front of a packed room of Asian diplomats, military officials and business leaders, who heard the most fulsome comments on the threat of China delivered by any member of the Trump administration to date. It comes after President Donald Trump delivered a speech in Saudi Arabia this month outlining his vision of a reduced American military footprint around the world, while pushing allies to invest more heavily in their own security. Vice President JD Vance followed that up with a speech emphasizing the vision of a United States that will no longer attempt to impose democracy and democratic values on other countries, but seek economic and military partnerships that offer value to both sides. While Hegseth pledged American support for allies in the region, he built upon that theme by telling allies they weren't spending enough on their own defense at a time when the U.S. is increasingly looking inward, moving troops and equipment to its southern border with Mexico instead of new deployments overseas. 'Credible deterrence starts at home. It starts at our borders,' he said. 'We have put troops on the Southwest border and are driving towards 100 percent operational control there.' The stop in Singapore marked the secretary's second trip to the region since his January swearing-in. It followed a trip to NATO headquarters in Europe where he admonished allies for not spending enough on defense, a criticism he imported to Singapore. "It's hard to believe, a little bit, after some trips to Europe, that I'm saying this, but thanks to President Trump, Asian allies should look to countries in Europe as a new found example," Hegseth said. The NATO goal of spending at least 2 percent of GDP on defense has been updated by the Trump team to a whopping 5 percent, a goal that will be extremely difficult for most allies to achieve, including the United States, which spends about 3.5 percent on defense. Hegseth brought that message of more spending with him to Asia, telling the audience that 'we ask, and indeed we insist, that our allies and partners do their part on defense. Sometimes that means having uncomfortable and tough conversations.' On the spending issue, Hegseth remained frank. "It doesn't make sense for countries in Europe to do that while key allies in Asia spend less on defense in the face of an even more formidable threat, not to mention North Korea,' he said. That message will rankle some allies in the region, as Australia is spending billions on a partnership with the U.S. and U.K. to build a new fleet of nuclear-powered submarines, and Japan and South Korea have invested heavily in their own militaries in recent years. South Korea has emerged as a defense-industrial powerhouse, selling artillery and air defense systems across Europe. Hegseth also suggested that European nations should focus their efforts on securing European territory, allowing the U.S. to focus more on the Indo-Pacific. "We're pushing our allies in Europe to own more of their security — to invest in their own defense ... Thanks to President Trump, they are stepping up," Hegseth said.
