China Exempts Major EU Brandy Makers From Anti-Dumping Duty
The duties of as much as 34.9% will be imposed on European brandy shipments from July 5, according to a statement from the Ministry of Commerce. Exemptions apply to those that meet the price commitment made by some industry associations and companies from the bloc, the ministry said.
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Yahoo
an hour ago
- Yahoo
Is a Chinese chain's blood orange cold brew the future of coffee in America?
Chinese chain Luckin Coffee opened its first two U.S. locations this week, betting that mobile-only ordering and creative flavors can lure customers away from Starbucks. Both new Luckin stores are based in Manhattan, and at the midtown location on Wednesday, Sam Liu took a sip of her jasmine cold brew. 'I've never tried anything like it,' she said. Liu said she'd hoped for more seating — the small shop has only three tables — and was initially confused by Luckin's in-app ordering system, which means customers can't order directly from a barista. 'I thought I just order at the counter, but I realized everyone was standing around looking at their phone,' Liu said. Luckin is China's largest coffee chain, with more than twice as many locations as Starbucks there. Its two New York City stores are its first foray outside Asia, where it has over 24,000 locations across the region. By comparison, there are over 17,000 Starbucks in the United States. Its CEO, Guo Jinyi, called the U.S. 'a strategically important market' for the company's expansion in a press release heralding the two new locations Wednesday. 'We are excited to introduce a diverse and unique coffee experience to American consumers.' The company, which didn't respond to a request for comment, has touted its ambitions to expand globally but hasn't publicly detailed its next moves in the U.S. or other markets. The chain has gained success overseas through creative drinks like alcohol-infused coffees and fruit lattes, along with its smartphone-centric ordering model. The app-based approach makes it easier to track inventory, send personalized appeals to consumers and serve drinks quickly, said John Zolidis, an analyst who tracks Luckin and Starbucks at the brokerage firm he founded, Quo Vadis Capital. 'Luckin was able to develop an incredible muscle with regard to product innovation, and they have been very creative in China,' he said. Zolidis said how Luckin fares on Starbucks' home turf will depend on its ability to differentiate its menu from other major U.S. coffee chains and smaller, independent cafes. Its American lineup already includes distinctive drinks like blood orange cold brew and coconut lattes. 'These orange drinks, or one of their most successful, a coconut cloud latte — that's how you get trial [customers] from the U.S.,' Zolidis said. Luckin faced financial troubles during the pandemic. It was delisted from Nasdaq in 2020 after its stock plunged following an internal investigation that found an executive had falsified revenue reports. The company filed for bankruptcy in the U.S. the following year but emerged from proceedings in 2022 and its sales have soared since, reaching $4.7 billion worldwide in fiscal year 2024, a 38.4% increase from 2023. Starbucks, by contrast, is struggling in both the U.S. and China. Its same-store sales in the U.S. declined 2% and its sales in China 8% in fiscal year 2024, and it reported in April that its quarterly profit was half of what it pulled in for the same period last year. The Seattle-based chain is reportedly looking to partially sell its business in China while revamping its U.S. strategy to focus on customer experience and human connection, in contrast with Luckin's model. 'We veered away from, I think, owning the idea of the 'third place,' the coffeehouse experience, making sure that the customer was front and center,' Starbucks CEO Brian Niccol told NBC News in June. A Starbucks spokesperson declined to comment. Zolidis said that whereas Starbucks aims in both the U.S. and China to appeal to customers looking for higher-end coffee served in an inviting setting, Luckin has successfully positioned itself as the 'everyman's coffee' in China, with low prices and small, grab-and-go storefronts. After taking the train in from Hoboken, New Jersey, to check out the new one in midtown, Samantha Coy said the trip was worth it. She had enjoyed Luckin in China previously and was eager to order one of its fruit drinks. 'I'm surprised Starbucks hasn't tried to bring that over to the U.S.,' Coy said. 'I hope they stay open.' Zolidis said he thinks Luckin is well-positioned to gain a foothold in America. 'They've been able to operate and grow incredibly quickly in the Chinese market, much faster than I would have thought possible, and they've been able to sustain it and develop a strong financial model so they can fund their expansion in the U.S.,' Zolidis said. 'They wouldn't be coming here to try it if they didn't think they had a shot of owning part of the market.' This article was originally published on
Yahoo
3 hours ago
- Yahoo
Here's How Much a Meal at McDonald's Costs in the US Compared to Asia
While American diners may be a bit miffed at the recent price hikes common to ordering a meal at McDonald's compared to times past, inflation appears to be taking a bite out of fast-food budgets worldwide, Asia included. Read Next: Find Out: According to The Washington Post, McDonald's menu prices ticked upward by about 40%, on average, during the five-year period spanning 2019 through 2024. But what about nations such as Japan, China and South Korea? A brief comparison of some menu item prices, notably the staple Big Mac combo, follows. If you're keen to visit the golden arches in the land of the rising sun, you're going to spend a whole let less than you might if you were to do so stateside. A Big Mac meal in Japan will set you back 750 yen, or about $5.20, while it's priced at $10.19 in the United States. Meanwhile, the price differential is about the same when comparing two close cousins — the Spicy Crispy Chicken meal (770 yen, or $5.34) from Japan set against the Deluxe Spicy McCrispy meal, which comes in at $10.29. If breakfast is more your bag, an Egg McMuffin combo costs $7.69 stateside, versus $2.77 in Japan. If you're visiting or residing in China, it's sometimes more difficult to draw direct comparisons given the difference in regional menus between U.S. restaurants and their Chinese counterparts. Nonethless, the staple Big Mac sandwich will set you back $3.47 in China (as of 2024, per an infographic distributed by The Economist), versus $5.89 in the United States. One reddit user posting in July 2024 claimed that a double cheeseburger, fries, soft drink and corn cup set them back $4 USD — while a combo containing two cheeseburgers, fries and soft drink will cost you more dearly at $9.19 in the U.S. As The Korea Herald reported, McDonald's recently introduced further price increases on 20 menu items in March of this year, less than a year after price increases hit most menu items in that country in May 2024. As a result, the Big Mac meal increased by 200 won to a total of 7,400 won — or $5.47. That's still only a little more than half the price it would cost you in America. While menu prices are scarce otherwise, Shuttle Delivery services indicate a premium of 28% when delivering McDonald's food to hungry customers. A rough extrapolation suggests that a McCrispy meal in South Korea would set one back about 7,000 won (or $5.17 USD, versus $10.19 domestically) or a Quarter-Pounder with Cheese meal about 7,100 won (or $5.25, against $10.19 in the U.S.). More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 25 Places To Buy a Home If You Want It To Gain Value 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on Here's How Much a Meal at McDonald's Costs in the US Compared to Asia
Yahoo
3 hours ago
- Yahoo
BRICS nations voice 'serious concerns' over Trump tariffs
BRICS leaders meeting in Rio de Janeiro from Sunday are expected to decry US President Donald Trump's "indiscriminate" trade tariffs, saying they are illegal and risk hurting the global economy. Emerging nations, which represent about half the world's population and 40 percent of global economic output, are set to unite over "serious concerns" about US import tariffs, according to a draft summit statement obtained by AFP. Since coming to office in January, Trump has threatened allies and rivals alike with a slew of punitive duties. His latest salvo comes in the form of letters informing trading partners of new tariff rates that will soon enter into force. The draft summit declaration does not mention the United States or its president by name. But it is a clear political shot directed at Washington from 11 emerging nations, including Brazil, Russia, India, China and South Africa. "We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO (World Trade Organization) rules," the draft text says. It warns that such measures "threaten to further reduce global trade" and are "affecting the prospects for global economic development." - Xi no show - Conceived two decades ago as a forum for fast-growing economies, the BRICS have come to be seen as a Chinese-driven counterbalance to Western power. But the two-day summit's political punch will be depleted by the absence of China's Xi Jinping, who is skipping the annual meeting for the first time in his 12 years as president. "I expect there will be speculation about the reasons for Xi's absence," said Ryan Hass, a former China director at the US National Security Council who is now with the Brookings Institution think tank. "The simplest explanation may hold the most explanatory power. Xi recently hosted Lula in Beijing," said Hass. The Chinese leader will not be the only notable absentee. War crime-indicted Russian President Vladimir Putin is also opting to stay away, but will participate via video link, according to the Kremlin. Hass said Putin's non-attendance and the fact that Indian Prime Minister Narendra Modi will be a guest of honor in Brazil could also be factors in Xi's absence. "Xi does not want to appear upstaged by Modi," who will receive a state lunch, he said. "I expect Xi's decision to delegate attendance to Premier Li (Qiang) rests amidst these factors." Still, the Xi no-show is a blow to host President Luiz Inacio Lula da Silva, who wants Brazil to play a bigger role on the world stage. In the year to November 2025, Brazil will have hosted a G20 summit, a BRICS summit, and COP30 international climate talks, all before heading into fiercely contested presidential elections next year, in which he is expected to run. Iran's President Masoud Pezeshkian, whose nation is still reeling from a 12-day conflict with Israel, is also skipping the meeting. A source familiar with the negotiations said the BRICS countries were divided over how to respond to the wars in Gaza and between Iran and Israel. Iranian negotiators were pushing for a tougher collective stance that goes beyond referencing the need for the creation of a Palestinian state and for disputes to be resolved peacefully. But one diplomatic source said the text would give the "same message" that BRICS delivered in June when Iran was being bombed by Israel and the United States, expressing "concern." Artificial intelligence and health will also be on the agenda at the summit. Original members of the bloc Brazil, Russia, India, and China have been joined by South Africa and, more recently, by Saudi Arabia, Iran, the United Arab Emirates, Egypt, Ethiopia and Indonesia. ffb/arb/sst 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
