Amazon

Amazon's U.S. business liability insurance plan policy will be updated

Amazon's US station issued an announcement saying that starting June 27, 2022, Amazon will update Amazon's US business liability insurance plan policy. The following is the content of the announcement:

Effective June 27, 2022, Amazon's U.S. business liability insurance plan policy will be updated with the following changes:

A policy may include a deductible if (i) the seller had more than $1 million in sales in the past 12 months and (ii) the deductible is listed on the certificate of insurance;

For a sole proprietorship, the name of the insured may match its own legal entity name or a name publicly used to identify its business ("Trade Name", "Business" or "DBA").

Go to the Business Insurance Frequently Asked Questions section for further guidance on how to obtain business liability insurance.

Amazon Announces New Global Amazon Store CEO

On the morning of the 21st local time, Amazon CEO Andy Jassy (Andy Jassy) announced that long-time Amazon executive Doug Herrington will become the global Amazon Stores business (ie Worldwide Amazon Stores, formerly known as "Consumer (Consumer)." )”) as the new CEO.

According to reports, Doug Herrington has worked at Amazon for 17 years. He joined the company in 2005 to expand Amazon's consumer products business and launched AmazonFresh in 2007. Beginning in 2011, Doug and Andy Jassie collaborated on S-team. Lead Amazon's North American consumer business since 2015.

Doug Herrington (Source: Amazon's official website)

Shopee

Shopee Announces New Process for Returns and Refunds for Store Sellers

On the 21st, Shopee officially announced that it is expected that starting from the return and refund application generated on June 23, 2022, the reason for the return/refund application received by the mall seller is not only "not receiving the goods", other returns/refunds. Payment applications are subject to the following thresholds, which are consistent with the return/refund application thresholds for non-marketplace sellers. If the order amount ≥ the following threshold, the buyer can apply for return/refund; if the order amount < the following threshold, the buyer can only apply for a refund.

AliExpress

AliExpress launches summer sale, French and Spanish consumers can enjoy 10% cash back

According to foreign media reports, a few days ago, Alibaba's AliExpress announced the launch of a 2022 summer promotion with the theme "Express yourself with AliExpress". The promotion starts on June 27, 2022, and the early bird promotion starts on June 22, 2022.

Domestic news

Ministry of Commerce Responds to U.S. Implementing Comprehensive Ban on Xinjiang-related Products

On June 21, Eastern Time, the U.S. Customs and Border Protection, in accordance with the so-called Xinjiang-related Act of the U.S. Congress, presumed all products produced in China’s Xinjiang region as so-called “forced labor” products, and prohibited the import of any products related to Xinjiang. In the name of "human rights", the U.S. practices unilateralism, protectionism and bullying, seriously undermining market principles and violating WTO rules. What the U.S. does is a typical act of economic coercion, which seriously damages the vital interests of Chinese and U.S. companies and consumers, is not conducive to the stability of the global industrial chain and supply chain, eases global inflation, and is not conducive to the recovery of the world economy. China firmly opposes this. (Ministry of Commerce website)

In the first five months, my country's imports and exports with other BRICS countries increased by 12.1% year-on-year

Data show that in the first five months of this year, bilateral trade between my country and the four BRICS countries, Russia, Brazil, India and South Africa, continued to grow, with a total import and export value of 1.31 trillion yuan, a year-on-year increase of 12.1%, higher than the overall growth rate of my country's foreign trade in the same period. 3.8 percentage points. Specifically, in the first five months, my country's exports to other BRICS countries were 656 billion yuan, an increase of 18.1%; imports were 651.71 billion yuan, an increase of 6.6%. (Xinhua News Agency)

global

South Korea's trade balance may turn into deficit this year after 14 years

The Korea International Trade and Industry Research Institute predicted in a report released on the 21st that South Korea's trade balance this year will turn from a surplus to a deficit after 14 years, and the deficit will hit a new high since 1996.

The report pointed out that despite the strong export momentum of South Korea this year, the export scale is expected to increase by 9.2% year-on-year to US$703.9 billion, breaking the US$700 billion for the first time in history. But imports are also expected to surge 16.8 percent to $718.5 billion over the same period. The resulting trade deficit was $14.7 billion.

logistics

The throughput of Chinese ports from January to May was 116.5 million TEU

A few days ago, the Ministry of Transport released the national port cargo throughput and container throughput data in May 2022. From January to May 2022, the throughput of Chinese ports reached 116.5 million TEU, a year-on-year increase of 2.3%. In addition, the cargo volume of Chinese ports in the first five months of this year was 625.1 million tons, down 0.5% year-on-year. In terms of container freight rates, the average value of the Ningbo Container Freight Index (NCFI) in June was 3,467.2 points, up 1.2% from the previous month.

The first train of China-Europe freight train Chengyu (Mianyang) opens

The first train of the China-Europe Railway Express Chengyu (Mianyang) was loaded with 50 containers of "Made in Mianyang" products, and departed from the Zaojiaopu Railway Logistics Base in Mianyang, Sichuan, to Europe. It is reported that this is the first international logistics train line opened in Mianyang, marking that Mianyang has officially opened up an international channel connecting Europe and Asia.

Investment and Financing

Cross-border supply chain technology company "Yima Technology" completed tens of millions of yuan in Pre-A+ round of financing

On the 21st, Yima Technology, a cross-border supply chain technology company, announced the completion of tens of millions of yuan in Pre-A+ round financing. The financing will be used for the optimization and construction of technology upgrading, marketing and other aspects. According to Tianyancha information, Yima Technology has successively completed the angel round of financing and the Pre-A round of financing in 2021. The shareholders include Matrix Partners, China Merchants Venture Capital, Juvenile Capital and other institutions. According to the data, Surpath has formed an industry-leading team of "strong technology genes + deep cultivation of supply chain + global vision", and announced its full entry into the globalization track.

Tech startup Huspy raises $37 million in latest funding round

Prop tech startup Huspy just raised $37 million in its latest funding round. This is a Series A investment and one of the largest ever made at this funding stage. This round of financing was mainly led by Sequoia Capital. American venture capital firm Founders Fund also participated in this round of investment, which is their first investment in the Middle East.