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South China Morning Post
28 minutes ago
- South China Morning Post
Pop Mart sues 7-Eleven store owners in US, alleging Labubu trademark infringements
Chinese toymaker Pop Mart International is suing several 7-Eleven store operators in California for selling alleged counterfeits of its signature Labubu merchandise and infringing on its trademarks. Advertisement The group's Beijing, Singapore and US-based units, which hold the trademarks and copyrights, are seeking injunctions to stop 7-Eleven Inc and seven convenience store owners or franchisees from continuing to commit the offence, according to the July 18 complaint in a California district court. It is also seeking to disgorge their profits, punitive damages and costs of the lawsuit. Pop Mart confirmed the lawsuit on Thursday, without providing details on the timeline for the proceedings. 'Despite its rights and ability to control and exercise approval over franchisees, 7-Eleven has failed to utilise this control to prevent and stop the counterfeiting and infringement of Pop Mart's trademarks, trade dress and copyrights,' according to the complaint. 02:08 Labubu creator Kasing Lung shares the vision behind his unique plush toys Labubu creator Kasing Lung shares the vision behind his unique plush toys Pop Mart's Labubu dolls – mischievous, elfin figures with serrated teeth – have become a global sensation, helped by publicity generated by celebrity fans including David Beckham . Its success was also built on 'blind boxes' aimed at creating a sense of mystery, helping propel sales to more than US$1.8 billion globally in 2024.
South China Morning Post
an hour ago
- South China Morning Post
South Korea faces US pressure on defence, China amid tariff deadline
As a crucial August 1 deadline looms, South Korea and the United States are racing to finalise a sprawling package deal encompassing tariffs and security. The high-stakes negotiations are intensifying scrutiny on how Washington's far-reaching demands concerning defence and regional stability will ultimately shape the agreement. The negotiations may include pressure on Seoul to increase its defence spending and take on a larger role in countering China , both of which align with US President Donald Trump' s explicit demands of American allies in Asia. Since President Lee Jae-myung took office on June 4, US officials have repeatedly emphasised the need to modernise the bilateral alliance on defence and security cooperation. The term was notably used by Secretary of State Marco Rubio in a congratulatory message on Lee's inauguration, when he said, 'We are also modernising the alliance to meet the demands of today's strategic environment and address new economic challenges.' The idea was highlighted again during a visit to Seoul by Kevin Kim, US Deputy Assistant Secretary of State for China, Japan , South Korea, and Mongolia , on July 10. 01:42 Trump imposes 25% unilateral tariffs on Japan, South Korea amid slow negotiation progress Trump imposes 25% unilateral tariffs on Japan, South Korea amid slow negotiation progress Alliance modernisation was a key item on the agenda in his meeting with his counterpart, Hong Ji-pyo, director general for North American affairs at Korea's Ministry of Foreign Affairs. When asked to clarify what the term specifically entails, a foreign ministry official said the government would 'continue to consult and cooperate closely with the US to develop the alliance into a future-oriented, comprehensive strategic partnership capable of responding to the evolving economic and security environment,' but declined to offer further details.
South China Morning Post
an hour ago
- South China Morning Post
How mainland capital flight is reviving Hong Kong market's mojo
Since US President Donald Trump launched his assault on the global trading system in early April , one theme has dominated the financial market landscape. Contrary to the expectations of many investors, shifts in capital flows emerged as a more important determinant of sentiment than the economic impact of higher tariffs. Nowhere is this more apparent than in Asia, the region most at risk from the onslaught of protectionism because of its greater dependence on trade . The unexpected surge in Asian currencies in response to Trump's tariff blitz drew attention to many Asian economies' huge balance of payments surpluses, part of which were recycled into foreign assets, especially US Treasury bonds. Doubts over the willingness of Asian investors to continue to help fund the large US current account and fiscal deficits amid concerns about the safety of US assets fuelled speculation about 'de-dollarisation'. An alarming report by Eurizon SLJ Capital on May 6 predicted the US dollar – which suffered its worst start to the year since 1973 – faced an 'avalanche risk' as Asian investors began to unwind their huge stockpile of dollar holdings. However, while there is some evidence of a foreign buyers' strike, the US has yet to suffer capital outflows. In China, by contrast, layers of snow have been tumbling down for some time, particularly when it comes to foreign direct investment. Last year, net FDI plunged by US$168 billion, the biggest capital flight since 1990, according to data from the State Administration of Foreign Exchange (Safe). While inbound investment fell to just US$4.5 billion, outbound investment reached US$173 billion as Chinese companies continued to expand abroad The wave of outbound FDI attests to the economic and geopolitical forces pushing Chinese firms to shift part of their operations abroad in a trend reminiscent of Japanese companies' overseas investment spree in the 1980s. Yet while the previous surge in Chinese outbound investment in 2014-2016 was dominated by mergers and acquisitions, the current crop of foreign transactions is focused on greenfield projects – assets that are built as opposed to acquired – in emerging markets, especially Southeast Asia. According to a report by Rhodium Group last September, 'growing trade barriers abroad, pressure to diversify supply chains and the growing competitiveness of Chinese firms in advanced industries' have given rise to a 'new generation of China's overseas investment [with] very different objectives and destinations than in the previous decade'.
