Xpeng Is Said to Consider Flying Car IPO in Hong Kong or US
Xpeng Inc. is considering an initial public offering for its flying car unit, Xpeng Aeroht, according to people familiar with the matter.
The Chinese electric-vehicle maker has invited banks to pitch for a role in an IPO that could take place in Hong Kong or the US, the people said, asking not to be identified because the information isn't public.
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CNN
10 minutes ago
- CNN
Hailey Bieber's beauty brand rhode just sold to e.l.f. for $1 billion
Hailey Bieber's beauty brand rhode sold to budget makeup powerhouse e.l.f. Beauty for $1 billion on Wednesday. It's e.l.f.'s largest acquisition to date, eclipsing its $355 million purchase of skin care brand Naturium in 2023. Founded in 2022, Bieber's brand racked up $212 million in net sales in its last fiscal year, which ended in March. And earlier this year, rhode announced that its products will be seen in-stores at Sephoras in North America and the United Kingdom. Bieber will serve as rhode's chief creative officer and head of innovation, the company said. She's the company's founder and current creative director. With a strong social media presence, in addition to Bieber's own digital footprint both before and after her marriage to singer Justin Bieber, rhode 'has a powerful engagement model,' e.l.f. said in its earnings call just after the announcement Wednesday. Fans will often wait hours in line for rhode pop-ups, and its products are frequently sold out on its website. 'One of the things we really like about rhode is just how tight the product assortment is. It's only 10 products across skincare, color cosmetics and accessories,' CEO Tarang Amin said in the same earnings call. E.l.f., meanwhile, dominates the skincare and makeup market for young consumers and is teens' top cosmetic brand, according to a survey from investment firm Piper Sandler. The company said it could help rhode expand into retail and increase its global footprint. The massive acquisition comes as e.l.f. is at a crossroads with President Donald Trump's chaotic tariff war with China. As of mid-May, about 75% of its global production came from China and is now subject to tariffs of 55%, including the tariffs put in place in 2019, the company said in its Wednesday earnings. In response to the tariffs, e.l.f. is increasing prices by $1 across its entire portfolio on August 1. The majority of its products are priced under $10. E.l.f. also did not issue guidance for this fiscal year because of uncertainty around tariffs. But it is still sticking by its production model. 'We believe our unique China-based supply chain is an area of competitive advantage we've been honing for the past 21 years… (We) are committed to our China team and suppliers,' the company said in its Wednesday earnings call. The rhode deal consists of $800 million in cash and stock, and potentially another $200 million based on how rhode performs over the next three years. It's expected to close later this year.
Bloomberg
42 minutes ago
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China's Steel Output Cuts Could Intensify Coking Coal's Plunge
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Associated Press
an hour ago
- Associated Press
South Korean presidential election roiled by coffee beans, Chanel bags and room salon
SEOUL, South Korea (AP) — South Korea's presidential race has devolved into personal attacks and petty disputes, drowning out meaningful policy debate after former conservative leader Yoon Suk Yeol's ouster over his martial law fiasco. The bitter mudslinging between liberal frontrunner Lee Jae-myung and conservative opponent Kim Moon Soo escalated during Tuesday night's final presidential debate, with Lee branding Kim 'Yoon Suk Yeol's avatar' and Kim denouncing Lee as a 'harbinger of monster politics and dictatorship.' Here is a look at the words and controversies that have roiled the presidential contest as two days of early voting begins Thursday ahead of the June 3 election: Lee roasted over coffee beans Consistently trailing Lee in opinion polls, Kim has focused on dredging up his legal troubles and casting the outspoken Democratic Party candidate as a dangerous, hardline populist whose economic promises are detached from reality. For days, Kim's camp has seized on what appeared to be a casual comment by Lee about the profitability of running coffee shops during a May 16 campaign rally in Gunsan city. Lee was touting his past policy as Gyeonggi Province governor in 2019, when he relocated unlicensed food vendors from the province's popular mountain streams to clean up and revitalize tourist areas. Lee said he offered to help vendors transition to legitimate businesses and suggested it would be far more profitable to sell coffee than their labor-intensive chicken porridge. Lee said he noted that a cup of coffee could sell for 8,000 to 10,000 won ($5.8 to $7.3), while the raw cost of beans was just 120 won (9 cents). The remarks quickly struck a nerve in a country where the rapid spread of small coffee shops has come to symbolize the struggles of the self-employed in a decaying job market. Kim's People Power Party accused Lee of 'driving a nail into the hearts of small business owners' by portraying coffee shops as profiteering and said he misunderstood the factors behind retail pricing. Lee accused the conservatives of distorting his remarks, saying he was simply explaining how he had helped vendors operate in a better environment. Kim sidesteps a Chanel bag scandal Kim's avoidance of direct criticism of Yoon over his martial law decree has been a major source of Lee's political offensive against him. When Yoon appeared May 21 to view a documentary film justifying his martial law decree and raising unfounded claims about how the liberals benefited from election fraud, some PPP members lamented he was practically campaigning for Lee. Kim, formerly Yoon's labor minister, only said he would do his best as president to eliminate suspicions of alleged election fraud. Kim also has not offered any notable reaction to various scandals surrounding Yoon's wife, Kim Keon Hee. Prosecutors in Seoul are investigating fresh allegations that the former first lady received luxury gifts, including two Chanel bags, from a Unification Church official seeking business favors after Yoon took office in 2022. She previously faced several other allegations including receiving a Dior bag from a Korean American pastor and involvement in a stock price manipulation scheme. During the presidential debate, Lee claimed Yoon would return as a 'shadow ruler' behind Kim, and Kim skirted Lee's question about whether he would pardon Yoon. Allegations from a 'room salon' The 'room salon' is a long-standing symbol of South Korea's male-oriented nightlife culture. The expensive, private karaoke bar where hostesses drink and sing with male customers abruptly emerged as a hot election issue. Lee's party alleged a judge handling Yoon's rebellion trial visited one of the bars in affluent southern Seoul last year with two unidentified people. It said his companions paid the bill and they were likely linked to his work as a judge, representing a conflict of interest. The judge, Jee Kui-youn, has been at the center of bipartisan wrangling since he approved Yoon's release from prison in March and allowed him to stand his trial without physical detention. 'We should strip him of his judge robe,' party spokesperson Noh Jongmyun said. 'Isn't it preposterous for him to serve as chief judge for the rebellion trial where the fate of Korea's democracy lies?' Jee denied the allegations, saying that like many ordinary people he enjoys 'samgyeopsal,' grilled pork bellies, and 'somaek,' shots mixing beer and the traditional Korean liquor soju. Conservative critics accuse the Democratic Party of trying to tame the judiciary branch as Lee faces five criminal trials over corruption and other allegations. Chaos over unifying candidacies South Korea does not hold a second round of runoff elections. Subsequently, when there is a clear frontrunner it is common for two remaining rivals to launch a unified campaign in which one withdraws and supports the other in exchange for a high-profile role in the government. With Lee maintaining a solid lead, this year's race saw a similar maneuver among conservatives, but the extremely chaotic, undemocratic manner failed and hurt Kim's campaign. Believing Han Duck-soo, Yoon's former prime minister, had a better chance of defeating Lee, PPP leaders consisting primarily of Yoon loyalists held late night, emergency meetings to cancel Kim's nomination and push a candidacy by Han, an independent. The attempt was rejected the next day in a vote by party members. Kim called the move 'an overnight political coup' and later made efforts to align with Lee Joon-seok, the candidate of the smaller conservative party. Lee has flatly rejected the overture.
