Laopu's 1,600% Rally Illustrates Hong Kong's Frenzy Over IPOs
If there was any doubt IPO fever has returned to Hong Kong, look no further than Laopu Gold Co. 's rally of more than 1,600% since its listing less than a year ago.
Its shares surged as much as 15% in Hong Kong trading on Wednesday before closing 3% higher. Now at $15 billion, the Beijing-based jeweler boasts a larger market value than Chow Tai Fook Jewellery Group Ltd. or Pandora A/S. That's despite the Chinese company, which specializes in making gold jewelry inspired by Buddhist themes, generating only a fraction of the revenue and profits that Chow Tai Fook or Pandora earn.
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Miami Herald
an hour ago
- Miami Herald
Will skipping ‘Made in China' beat tariff price hikes?
For most shoppers, "Made in China" has been a way of life for consumers. The mark is on seemingly everything. That has consumers concerned about how tariffs and trade battles between the United States and China might hit home, literally. If tariffs ultimately act as a tax on consumers – most economists say they do – how can Americans avoid paying higher prices? Stop buying things that were made in China. That's easier said than Trump recently took to Truth Social to say that the United States and China have a deal that's done, pending final approval of leaders from both countries. He said that U.S. tariffs would be set at 55% on Chinese goods, while China's tariffs remain at 10%. Officially, tariff plans with China and other countries are on hold until July 9, but U.S. Commerce Secretary Howard Lutnick has said several times that the 55% tariff "definitely" will not change. Related: Major housing expert predicts huge change to mortgage rates in 2026 While many of the harshest tariff hikes face legal challenges, current U.S. tariff rates are at their highest levels in nearly a century; estimates from the Yale Budget Lab say that's costing the average U.S. consumer an extra $2,500 a year. A recent study by covering consumer sentiment about tariffs shows that nearly two-thirds of Americans believe tariffs will have a negative impact on their personal finances. Just over 40% of respondents said tariffs would "greatly worsen" their personal finances. But even if consumers decide to tackle the China tariff problem by eliminating spending on goods from the country, it doesn't mean they will save money. They also will find the task daunting, if not impossible. That's according to journalist Sara Bongiorni, who tried to live without goods from China for a year back in the early 2000s; the trials and tribulations of her effort became the basis for her book, "A Year Without Made in China." Bongiorni, now an adjunct professor at Louisiana State University, woke up on Christmas morning in 2005 to a house full of stuff, and as she rummaged through it, she realized almost everything was made in China. "I said to my husband, 'Do you think it would be possible to live for a while without things made in China? You want to try that?' He was not very enthusiastic about that idea, but we gave it a whirl." Related: Forget tariffs, Fed interest rate cuts may hinge on another problem Bongiorni didn't set out to make a political statement or to write a book. She was simply hoping "to understand at a personal level, as best we could, how much we relied on things from China in our everyday, ordinary consumer life." In a recent interview on "Money Life with Chuck Jaffe," Bongiorni recounted how her rule was to avoid the words "Made in China," which are only seen on the end consumer product sold to shoppers. That's a low bar, given that countless products are assembled in the United States or in other countries using parts from China. Those goods-like the ones with the Made in China label-will incur increased costs due to tariffs. Bongiorni noted that in certain product categories – notably toys, household gadgets, many types of electronics, coffeemakers, sneakers and footwear, and children's clothing – it was nearly impossible to find items that weren't made in China. Even when she did find rare exceptions, Bongiorni noted that the options often pushed her to higher-end goods, which meant paying more for the purchase, in some cases, more than she would expect to pay now on goods from China with tariffs attached. "I think there were so many things we didn't buy that year because you couldn't find a viable option that wasn't made in China," Bongiorni said. She also noted that, ironically, it's nearly impossible to celebrate a wholly American holiday like July 4th without goods from China, as the small flags, fireworks, parade toys, festive paper goods, and more were made there. Truly trying to avoid all goods from China – including component parts – would be nearly impossible, Bongiorni said, noting that consumers would find themselves with no easy alternatives. "The share of things, ordinary consumer items from China, account for at least 65% of things you find in a typical household," Bongiorni said. "If you push up [prices with tariffs up to 55%], that is a huge impact, especially when we've got inflation and other things going on in the economy. It's a huge thing for most families to have to shoulder that burden." More Tariffs: Aldi plans huge price cut despite tariffs driving costs higherCar buyers should shop these brands for the best tariff dealGeneral Motors makes $4 billion tariff move Bongiorni does think the United States can bring some manufacturing back onshore, but that will have a limited impact because of the breadth and volume of goods coming from China, and the convenience of having those items and getting them cheaply. "I have a hard time thinking that we can lure ourselves off of our connection to China as consumers as a long-term affair," she said, "but also I can see a huge public outcry because this is going to affect people's bottom line every month." While Bongiorni recalls her efforts fondly nearly two decades later, she says she would not want to permanently do without Made in China, even if tariffs raise costs. Avoiding goods from China and finding alternatives was "incredibly time-consuming." And when there were no viable product options, she was willing to go without certain items for a year, but would not want to sacrifice them for a lifetime. "I do think it's interesting to have an awareness of where things come from, and to get a sense to the extent you can to which you are connected to the international economy on that consumer level," said Bongiorni. "I found that enjoyable and interesting, but the idea of weaning ourselves from Chinese goods, after doing this, just seems very unrealistic.…I can't imagine living like that long-term." Related: Fed official sends shocking message on interest rate cuts The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Newsweek
2 hours ago
- Newsweek
Kroger To Close 60 Stores Across US: What To Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Kroger announced plans to close 60 of its supermarkets across the United States over the next 18 months, representing about 5 percent of the Cincinnati-based company's 1,239 Kroger-branded grocery stores across 16 states. The popular grocery retailer revealed the closure plans while reporting first-quarter earnings on Friday but has not specified which store locations will be affected or released a list of impacted stores. Newsweek reached out to Kroger on Saturday via email for comment. Why It Matters Companies close store locations for various reasons. While shifts in consumer shopping behavior and lower demand can cause stores to close, corporations often choose to shutter underperforming locations. Sales dropped slightly to $45.1 billion compared to $45.3 billion for the same period a year earlier according to Kroger earnings data. The move comes as grocery retailers nationwide face mounting pressures from changing consumer habits, inflation, and increased competition from discount chains and online retailers. More than 2,500 store closures are planned across the U.S. this year, according to The Mirror. What To Know Kroger expects the 60 store closures to provide a modest financial benefit to the company, according to a regulatory filing. In the first quarter, Kroger recognized an impairment charge of $100 million related to the planned closings. The company indicated that resulting savings will be reinvested into customer experience initiatives across remaining locations. The closures affect Kroger's extensive footprint spanning 16 states, though the company has remained tight-lipped about specific locations. The grocery retailer told CBS MoneyWatch that it will not be releasing a list of the affected stores. This lack of transparency has left employees and customers uncertain about which communities will lose their local Kroger. However, Kroger says it is committed to supporting displaced workers. All employees at affected stores will be offered roles at other Kroger store locations, though details about relocation assistance or wage protection remain unclear. The timing coincides with broader challenges facing traditional grocery retailers. Many chains are grappling with rising operational costs, changing shopping patterns accelerated by the pandemic, and fierce competition from warehouse clubs, dollar stores, and e-commerce platforms. FILE - This June 17, 2014, file photo, shows a Kroger store in Houston. Kroger Co. FILE - This June 17, 2014, file photo, shows a Kroger store in Houston. Kroger Co. AP Photo/David J. Phillip What People Are Saying Kroger company statement: "As a result of these store closures, Kroger expects a modest financial benefit. Kroger is committed to reinvesting these savings back into the customer experience, and as a result, this will not impact full-year guidance." Director of Media Relations/Corporate Communications Erin Rolfes told Newsweek in an email response: "In the first quarter, Kroger recognized an impairment charge of $100 million related to the planned closing of approximately 60 stores over the next 18 months." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, previously told Newsweek: "For some major retailers, 2025 is becoming a year of consolidation. Retail locations that have struggled in recent years to remain profitable due to rising costs and less demand are being shuttered, as companies focus their efforts on more successful stores. The hope is these closures will ultimately produce more fiscal and operational efficiency, but it will come at the cost of customers who favored these locations having fewer options." Michael Ryan, a finance expert and the founder of previously told Newsweek: "These aren't random casualties; they're strategic amputations of unprofitable limbs to save the corporate $15+ minimum wages to supply chain inflation, all crushing their razor-thin margins. Combine this with the march of e-commerce and changing consumer habits post-pandemic, physical retail becomes a luxury many companies can no longer afford." What Happens Next The 18-month closure timeline suggests Kroger will implement the plan gradually, though specific dates and locations remain undisclosed.
Time Business News
2 hours ago
- Time Business News
Shaping the Future of Leadership: The Strategic Role of C-Suite Executive Recruiters in NYC's Innovation Economy
New York City is more than just a business hub—it's a breeding ground for innovation. From fintech startups in Flatiron to global media empires headquartered in Midtown, the city pulses with disruption, reinvention, and opportunity. But behind every transformative business model is a leadership team equipped to execute with clarity and conviction. That's why C-suite executive recruiters in NYC have become indispensable partners to organizations looking to build forward-thinking, high-impact leadership teams. As NYC continues to position itself as a global leader in technology, sustainability, life sciences, and AI-driven enterprise, the profile of its executive leaders is shifting. Today's CEOs, CFOs, CMOs, and CTOs must not only bring proven management expertise—they must also possess the vision to navigate uncharted terrain. Traditional leadership search models aren't always equipped to address these evolving demands. That's where niche C-suite executive recruiters in NYC come in. These firms specialize in identifying talent who are not just functional leaders but are also fluent in innovation, adaptable to change, and capable of aligning with both investor expectations and market disruptions. NYC companies operate at breakneck speed. Whether in finance, media, health tech, or retail, market shifts happen rapidly—and leadership decisions must keep pace. But that doesn't mean companies can afford to cut corners when hiring for the C-suite. Every executive hire affects company culture, investor confidence, and long-term strategy. Executive recruiters mitigate this risk by offering both speed and precision. They leverage deep networks, proprietary search methodologies, and psychological assessments to vet candidates not only for technical fit, but also for values alignment and long-term leadership potential. In a city where the wrong hire can make headlines—and the right one can shape an industry—this level of rigor matters. One of the most valuable assets C-suite executive recruiters in NYC bring to the table is access to passive talent—executives who are not actively job-hunting but are open to compelling, strategically aligned opportunities. These individuals rarely respond to job postings or recruiter cold calls. Instead, they rely on trusted relationships and discreet introductions. Recruiters with long-standing reputations in NYC's leadership circles know how to initiate these conversations, build trust, and guide top candidates through complex, high-stakes transitions. Another area where modern C-suite recruiters are having a tangible impact is in advancing leadership diversity. In an increasingly global and socially conscious market, companies are under pressure to build executive teams that reflect the diverse perspectives of their customer base, employees, and investors. The best NYC-based recruiters proactively cultivate diverse candidate pipelines and advise companies on how to remove bias from their hiring processes. This not only strengthens brand reputation but also enhances business outcomes. Studies consistently show that diverse leadership teams drive better innovation and financial performance—a critical advantage in NYC's competitive sectors. As a leading name among C-suite executive recruiters in NYC, BCL Search brings a modern, strategic approach to leadership hiring. By combining deep market insight, long-standing industry relationships, and a highly personalized search process, they help companies build leadership teams that are not just ready for today—but equipped for the future. Whether you're seeking a transformational CEO or a digitally savvy CMO, BCL Search delivers the strategic partnership needed to secure world-class executive talent. TIME BUSINESS NEWS
