Maersk CEO: US-China Deal Needed to Reduce Uncertainty
What is really important for us right now is to see where this is landing with China. This is something that has yet to get fleshed out. And and once we have this in place, then I think we will see uncertainty ebb and we will start to see customers actually understanding what they need to do now to adjust their supply chain to what is a structurally different trading environment, given the tariff levels and the different deals that have been put in place.
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Yahoo
7 minutes ago
- Yahoo
Trump hopes China will quickly quadruple its US soybean orders
By Ella Cao, Lewis Jackson and Chandni Shah (Reuters) -U.S. President Donald Trump said on Sunday that he hoped China would quadruple its soybean orders from the U.S, adding that it was also "a way of substantially reducing" Beijing's trade deficit with Washington. "China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China's Trade Deficit with the USA. Rapid service will be provided. Thank you President XI," Trump said on Truth Social. A tariff truce between Beijing and Washington is set to expire on August 12, but the Trump administration has hinted that the deadline may be extended. China, which takes more than 60% of soybeans shipped worldwide, buys the oilseed mainly from Brazil and the United States. The most active soybean contract on the Chicago Board of Trade (CBOT) was up 2.13% at $10.08 a bushel at 0446 GMT, having been little changed before Trump's post. China imported roughly 105 million metric tons of soybeans last year, just under a quarter coming from the U.S. and the remainder from Brazil. Quadrupling shipments would require China to import the bulk of its soybeans from the U.S. "It's highly unlikely that China would ever buy four times its usual volume of soybeans from the U.S.," Johnny Xiang, founder of Beijing-based AgRadar Consulting, said. It is unclear if securing China's agreement to buy more U.S. soybeans is a condition for extending the trade truce. China's Ministry of Commerce did not immediately respond to a Reuters request for comment. The country has steadily reduced its reliance on U.S. soybeans in recent years, shifting more purchases to South America. Under the Phase One trade deal signed during Trump's first term, China agreed to boost purchases of U.S. agricultural products, including soybeans. However, Beijing ultimately fell far short of meeting those targets. This year, amid Washington–Beijing trade tensions, it has yet to buy any fourth quarter U.S. beans, fuelling concerns as the U.S. harvest export season approaches. "On Beijing's side, there have been quite a few signals that China is prepared to forego U.S. soybeans altogether this year, including booking those test cargoes of soymeal from Argentina," said Even Rogers Pay, an agricultural analyst at Trivium China. Reuters previously reported that Chinese feedmakers have purchased three Argentine soymeal cargoes as they aim to secure cheaper South American supplies amid concerns about a possible soybean supply disruption in the fourth quarter. U.S. soybean industry has been seeking alternative buyers, but no other country matches China's scale. Last year, China imported 22.13 million tons of soybeans from the U.S., and 74.65 million tons from Brazil. 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
Skift
9 minutes ago
- Skift
How Gen Z and Millennials Are Forcing a $19 Billion Timeshare Market to Reinvent Itself
As younger generations continue to shape how and why we travel, vacation ownership is no longer about locking into one resort anymore. It's about choice, access, and ease, things modern travelers care about most. The global market for vacation ownership, or timeshare, is expected to cross $19 billion this year and projected to reach over $26 billion in 2029. Travel and Leisure (earlier known as Wyndham Destinations), said membership in its Club Wyndham Asia program has more than doubled since mid-2023, and 60% of these members are Gen Z or millennials. 'Earlier, we'd probably be saving and buying our house. Today (millennials and Gen Z) would rather focus on experiences,' Barry Robinson, president and MD international operations at Travel and Leisure, told Skift. This change in priorities is also driving a growing interest in fractional ownership, where people can enjoy luxury items — like holiday homes, yachts, or even private jets — without having to own them outright. Travel and Leisure is seeing this shift play out most clearly in Asia. As the region's middle class grows, so does demand for smart, flexible ways to travel without the responsibilities or high costs of traditional ownership. Barry Robinson, president and MD international operations at Travel and Leisure. Flexible Travel for a New Generation The modern model of vacation ownership is typically points-based and has moved far beyond fixed weeks at a single resort. According to Robinson, it's a more fluid, practical way to 'own' a holiday. That adaptability is proving popular, especially with younger travelers, who may not necessarily want the biggest room, but would want the experience. At Skift Global Forum last year, Jason Gamel, president and CEO of ARDA, spoke about how the vacation ownership industry is evolving to align with modern traveler preferences. Talking about how Travel and Leisure has been faring in connecting with this group, Robinson calls it a 'work in progress.' 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The domestic focus also makes the business more resilient, when international travel becomes costly, as has happened recently with rising airfare and hotel prices, he said. The Big Prize: India and China India and China represent enormous growth opportunities for the company and while Travel and Leisure has already entered China and is seeing progress, India remains a complex landscape. 'India is a gold mine for us. We just haven't figured out how to mine it,' Robinson admitted. But he is confident about entering the market, 'India is definitely on our radar. It's definitely a market that we will enter.' And while he did mention the barriers to entering are both financial and legal, still, Robinson believes it's only a matter of time before India becomes a viable market. Accor Vacation Club: A Test Case in Expansion Travel and Leisure acquired Accor's vacation rental business – Accor Vacation Club – last year for $48.4 million. 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As more people work remotely, Travel and Leisure is also updating its facilities to include workspaces. The goal is to stay relevant to a younger generation that blurs the lines between work and travel, Robinson said.
Bloomberg
10 minutes ago
- Bloomberg
Philippine Billionaire's Company Says ‘Rigorous Audit' Underway Amid Probe
The Philippines' most valuable company said its financial statement is currently undergoing 'rigorous audit' by external auditors after Manila's securities regulator said it would look into the property developer's valuation and deals. The audit includes a 'comprehensive review of appraisal reports covering high-value properties,' Golden MV Holdings Inc, a cemetery-to-business hub developer owned by Philippine billionaire Manuel Villar, said in a statement sent on Monday.
