China's auto dealers urge automakers to pay cashbacks within 30 days
The China Auto Dealers Chamber of Commerce called for quicker payment after it conducted a survey that found it could take as long as 180 days for dealerships to receive the cashbacks.
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Reuters
11 minutes ago
- Reuters
Labubu-maker Pop Mart CEO says revenue could reach 30 billion yuan this year
HONG KONG/SHANGHAI, Aug 20 (Reuters) - Pop Mart ( opens new tab chief executive Wang Ning said on Wednesday his toy company was on track to meet its targeted revenue goal of 20 billion yuan ($2.78 billion) in 2025 and that "30 billion this year should also be quite easy." Wang was speaking with analysts after Pop Mart announced record half-year results on Tuesday, with the makers of the ugly-cute Labubu doll reporting net profit soared nearly 400% as demand for the toys surged, particularly in higher-margin overseas markets. Pop Mart executives also said on Wednesday that expansion in emerging markets in the Middle East, Central Europe and Central and South America was being explored. "I think for overseas markets we're still very positive, and we also believe there's still very broad space for growth," Wang said, adding that sales from North America and Asia Pacific this year would together equal China sales in 2024. In the United States, where Pop Mart currently has about 40 stores, Wang said the company will begin a phase of "relatively rapid store openings" over the next year or two, with 10 more U.S. shops expected to open by the end of this year. Pop Mart's primary business is producing and selling collectible toys, many of them developed with artists and sold in "blind boxes", packages consumers buy for around $10 to $20 without knowing exactly which iteration of the toy is inside. Labubu, a toothy-grinned member of "The Monsters" series of toys designed by Kasing Lung, has become a favourite of celebrities including Rihanna and David Beckham and has sold out around the world. Until now most popular as a charm for handbags, Pop Mart says it will this week launch a mini version of Labubu that can be attached to phones. The firm is also exploring options in content and entertainment, saying it is optimistic about opportunities for Pop Mart characters to star in animated films and theme park attractions, though these are not expected to contribute a large amount of direct revenue in the short term. ($1 = 7.1866 Chinese yuan renminbi)
Reuters
41 minutes ago
- Reuters
Rupee rally to hit speed bump on weak Asian cues, tepid equity flows
MUMBAI, Aug 20 (Reuters) - The Indian rupee's rally to a three-week high is at risk of stalling on Wednesday, pressured by a decline in Asian currencies and lacklustre equity flows. The 1-month non-deliverable forward indicated the rupee will open in the 87.10-87.14 range versus the U.S. dollar, compared with 86.95 on Tuesday, when it hit a three-week high of 86.92. Unwinding of long-dollar positions, Prime Minister Narendra Modi's planned tax cuts and cautious optimism on the Ukraine-Russia front drove the rupee to its best day in seven weeks on Tuesday. The "washout" of dollar longs has left positioning much lighter, and it won't be a driver for the rupee anymore, a trader at a Mumbai-based bank said. "And without a pickup in equity flows, it's hard to see the currency holding near 87." While Indian equities have rallied on hopes that Modi's planned tax cuts will bolster growth, foreign flows remain tepid. Overseas investors were net sellers of local shares on Tuesday after putting in just over $100 million the previous day. Asian currencies slipped between 0.1% and 0.5% on the day, while the dollar index inched up to 98.40. Regional equities were mostly lower, tracking the tech-led selloff on Wall Street. U.S. Treasury yields, meanwhile, fell on Tuesday after S&P affirmed the U.S. credit rating. Much of attention was on a meeting between U.S. President Donald Trump, Ukrainian President Volodymyr Zelenskiy and European allies over the Russia-Ukraine war. Focus now shifts to Federal Reserve Chair Jerome Powell's speech on Friday, with markets watching for any pushback against expectations of a September rate cut. Traders are largely confident a cut is coming, with futures pricing in a more than 80% chance. KEY INDICATORS: ** One-month non-deliverable rupee forward at 87.23; onshore one-month forward premium at 12 paise ** Dollar index up at 98.42 ** Brent crude futures up 0.1% at $65.9 per barrel ** Ten-year U.S. note yield at 4.31% ** As per NSDL data, foreign investors bought a net $116.2 million worth of Indian shares on Aug. 18 ** NSDL data shows foreign investors sold a net $12.7 million worth of Indian bonds on Aug. 18
Reuters
an hour ago
- Reuters
China's rare earth magnet exports hit six-month high in July
BEIJING, Aug 20 (Reuters) - China's exports of rare earth magnets hit a six-month high in July, marking a persistent recovery in the flow of critical minerals used in electric vehicles and wind turbines after a Sino-U.S. trade deal. Exports in July from the world's largest rare earth magnet supplier rose nearly 75% from June to 5,577 metric tons, rising for a second straight month and the highest for a single month since January, data from the General Administration of Customs showed on Wednesday. Top three export destinations last month were Germany, the United States and Vietnam, the data showed.
