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It faces an uncertain future as its parent company loses $50 billion

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Ago, the Chinese retailer that has enjoyed huge success over the past few years is now within the face of an uncertain future after its parent company lost $50 billion virtually overnight. It faces increased regulatory scrutiny from several governments, as well as competition from other Chinese fast-fashion retailers.

According to , PPD Holdings fell 30% on August 26 after a worrying report indicated its rapid growth could soon come to an end.

“Looking ahead, revenue growth will inevitably come under pressure due to intensifying competition and external challenges,” Jun Liu, CFO of PDD Holdings, said in a press release. “Profitability will likely…also be affected as we continue to invest resolutely.”

The stiffer competition Liu mentioned will are available the shape of Tik-Tok Shop and its competitor Shien, as well as the planned Amazon budget store. In terms of external challenges, Temu has faced scrutiny for exploiting import trade loopholes, questions on the standard and origin of its products, its adherence to product safety rules, and questions on whether it sells products made by forced labor from several governments.

To that end, bipartisan laws has been passed to shut the “de minimis” trade loophole. proposed earlier in Augustbecause of which Temu avoids customs checks and import taxes, as shipments to customers are often cheaper and value lower than $800.

According to , although representatives for Shien and Temu didn’t reply to a request for comment on the laws, Donald Tang, executive chairman of Shien, called for “de minimis” reforms via a 2023 letter to the American Apparel and Footwear Association.

“Shein believes the de minimis framework should be reformed to create a more level, transparent playing field—one in which all retailers play by the same rules, and those rules are applied evenly and uniformly, regardless of where a company is headquartered or ships from,” Tang wrote.

In February, Sen. Sherrod Brown (D-OH) and Sen. Rick Scott (R-FL) called on President Joe Biden to make use of his executive authority to shut this particular trade loophole within the name of helping American manufacturers.

According to the press release Brown’s office, the senators wrote: “The Chinese Communist Party (CCP) — one of the worst violators of human rights and trade — directly benefits from duty-free access to the U.S. market for shipments under $800. This generous gift is not tied to any requirements for rules of origin, reciprocal market access, or labor or environmental standards. Simply put, the CCP and other organizations exploiting the de minimis are able to enrich themselves while avoiding accountability for a range of trade violations that undermine American manufacturing, harm American workers, and accelerate the flow of fentanyl and other harmful goods into our communities.”

The senators continued: “The existence of this loophole in U.S. policy unfairly benefits foreign companies and foreign e-commerce platforms like Temu, SHEIN, and AliExpress by allowing them to avoid tariffs, duties, taxes, and other U.S. customs laws and regulations that U.S. businesses and brick-and-mortar stores must comply with. There are no consequences for these actions because they are currently legal under the outdated and convoluted ‘de minimis’ loophole.”

However, similar to panic amongst lawmakers in China and Tik-Tok When it involves data use, a few of these concerns overlook the incontrovertible fact that American firms are also exploiting this loophole for their very own purposes, just as American firms like Google often carelessly use consumer data to their very own advantage.

As Jason Goldberger, chief business strategy officer at Publicis Groupe, said, “There are no white hats or black hats in all of this. It’s all shades of gray.”


This article was originally published on : www.blackenterprise.com
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The US dollar fell as voters headed to the polls

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The US dollar dropped in value on November 5 as crowds of American voters went to the polls to forged their ballots.

The dollar even fell in betting markets like PredictIt and Polymarket indicated The probabilities of Trump winning the presidential election are increasing, Reuters reports. With Donald Trump returning to the White House with a Republican-led House and Senate, extreme currency movements ought to be expected.

Trump’s immigration and tariff policies are expected to fuel inflation, while tax cuts for the wealthy and deregulation could spur growth by pushing up longer-dated Treasury yields and pushing up the value of the dollar.

By contrast, a Democratic victory was expected to weaken the dollar as bets on Trump were withdrawn, and investors were concerned about the economic impact of upper taxes on the wealthy and stricter business regulations.

“We may be seeing some leveling off… my impression is that people are being cautious,” said Steve Englander, head of worldwide G10 FX research and macroeconomic strategy for North America at Standard Chartered Bank’s New York branch.

“Right now, the mood seems to be in favor of Trump,” Englander said. “On the other hand, for most of October and early November, Trump’s trading was characterized by a stronger dollar and higher yields.”

Globally, a Trump victory may lead to a weakening of the euro, Mexican peso and Chinese yuan, as these regions could face recent tariffs under his administration. Bitcoin rose 2.76% to $68,928, with Trump’s views seen as more favorable towards cryptocurrencies. Traders are closely watching the Federal Reserve’s two-day meeting that ends on Thursday, expecting the U.S. central bank to cut rates of interest by 25 basis points.

Elsewhere on Tuesday, the U.S. services sector rose to its highest level in greater than two years in October, with employment rebounding strongly. This suggests that the near halt in job growth last month was an aberration.


This article was originally published on : www.blackenterprise.com
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First Black-owned gift wrapping brand sold at Lowe’s, Hallmark

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Ardean Miller, pioneering entrepreneur Mah Melaninis breaking barriers because the founding father of the primary Black-owned gift wrapping brand, partnering with Hallmark and Lowe’s across the country. With a concentrate on cultural representation, she founded Mah Melanin to fill a niche available in the market for products that commemorate the wonder and variety of black culture.

“When I started Mah Melanin, I wanted to create something more than just beautiful gift packaging. I wanted to start a movement — a place where our stories are told, our beauty is celebrated, and our community is uplifted,” she says. “Partnering with these iconic retailers is a testament to the growing demand for products that reflect our experiences and heritage.”

Breaking down barriers and empowering communities

The partnership with Hallmark and Lowe’s represents a big step toward greater diversity and inclusion within the retail space, reflecting a broader cultural shift. This groundbreaking achievement highlights the growing recognition of the importance of culturally authentic products that encourage and empower.

Under her leadership, Mah Melanin has developed from a small start-up right into a nationally recognized brand. The company has gained endorsements from industry icons comparable to Teddy Riley, Master P and Denise Boutte, and has been noticed by major organizations including an NBA feature and a finalist on QVC’s “The Big Find.” These awards confirm the brand’s commitment to quality, creativity and resilience.

Inspiring the subsequent generation of Black entrepreneurs

He is devoted to not only the success of his brand, but in addition supporting the expansion of other Black entrepreneurs by offering mentorship, sharing resources and creating opportunities for collaboration. Through his efforts, he wants to construct a legacy that can encourage future generations to interrupt barriers and achieve greatness,” he adds.

Mah Melanin’s journey reflects a commitment to celebrating Black culture and amplifying Black and Brown voices through its products, making a profound impact available in the market and beyond.

Discover their products at MahMelanin.com and remember to follow the brand Facebook AND Instagram

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This article was originally published on : www.blackenterprise.com
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Jayson Tatum wants to invest in a potential WNBA team in St. Louis

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Jayson Tatum, Boston Celtics, $1M, homeownership


The WNBA plans to add an expansion team to its current roster, and NBA champion Jayson Tatum of the Boston Celtics plans to grow to be an investor in bringing the team to his hometown of St. Louis.

According to , Tatum is connecting two billionaires who want to bring the league’s sixteenth team to Missouri City. The ownership group is headed by billionaires Richard Chaifetz and David Hoffman. Chaifetz’s previous investments include the Alpine F1 team, Major League Pickleball and the Drone Racing League. Hoffman is a developer and owner of the Florida Everblades, a minor league affiliate of the St. Louis Blues.

But despite interest in having a WNBA team in her city, WNBA commissioner Cathy Engelbert says at the least 10 other teams will pose stiff competition.

“The good news is that we have a lot of demand from many cities,” Engelbert said before the WNBA Finals. “I might say about 10 or possibly even plus at this point because I believe the more people watch the WNBA and see what we’re developing here and see these players and the product on the court, the more persons are interested in having it in their cities “.

Tatum has informally agreed to invest in a potential WNBA team. He wants to present the group’s offer to other potential investors and the league itself behind the scenes.

The presentation shown to other potential investors outlines town’s basketball history, dating back to the times of the St. Louis Hawks, which won the NBA championship in 1958. The team can have a home at Chaifetz Arena, where the University of St. Louis is home. The 10,600-seat arena was named in honor of Chaifetz, who donated $12 million to his alma mater in 2007 just over 15 years ago in 2007.


This article was originally published on : www.blackenterprise.com
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