China’s Covid lockdown guidelines ship costs larger

Freeman H. Shen, Founder, Chairman & CEO of WM Motor, speaks during Fireside Chat on Day 2 of CNBC East Tech West at LN Garden Hotel Nansha Guangzhou on November 28, 2018 in Nansha, Guangzhou, China.

Dave Zhong/Getty Images for CNBC International

BEIJING — Covid-related restrictions have increased production costs for Chinese electric car start-up WM Motor, even as existing chip and battery shortages are driving up costs, CEO Freeman Shen told CNBC.

“Adding all these things together, this industry is a fast-growing industry, but the cost part of the equation is also going to be a challenge,” Shen, also founder and chairman of WM Motor, said Wednesday.

Sales of new energy vehicles — which include battery-only and hybrid-powered cars — more than doubled last year in China, the world’s largest automobile market. The country has become a hotbed for electric car start-ups and a launch pad for many traditional auto giants making the shift to electric.

China quickly controlled the local spread of the coronavirus in 2020 by imposing swift lockdowns on cities and neighborhoods. But after the emergence of the highly transmissible omicron variant, some analysts started to question whether the costs of the zero-Covid policy now outweigh the benefits.

The impact is already being felt by factories. A Chinese ministry overseeing manufacturing said this month the lockdowns would be a drag on industrial production in the first quarter.

Shen laid out the impact of Covid-related restrictions on his start-up:

  • A chip manufacturer in Malaysia had production problems and stopped delivering to Bosch China, which then stopped delivering to WM Motor.
  • Within China, after Covid cases emerged in Nanjing, one of WM Motor’s battery cell suppliers stopped deliveries.
  • In the last few months, similar disruptions affected two of the company’s suppliers in the Shangyu district of Shaoxing city, near Hangzhou.
  • Covid-related restrictions on the Ningbo port area also stopped delivery from three suppliers there.

“So, all these things were killing us,” Shen told CNBC.

Automakers around the world have cut production due to a shortage of semiconductors. Geopolitical tensions and overwhelming demand for chips in the wake of the pandemic contributed to a shortfall in supply that has lasted for more than a year.

Shen said he expects the chip shortage to improve in the second half of this year, based on conversations with his start-up’s 11 chip suppliers.

Electric car battery shortage

However, he pointed to another looming problem that could get worse: Rising raw material costs for batteries.

Battery-grade lithium carbonate prices were up more than 500% year-on-year as of earlier this month, according to S&P Global Platts. The firm’s survey of industry insiders released this week found that 80% of respondents expect those lithium prices to remain high this year — about four times higher than the start of 2021.

The battery shortage will likely worsen as demand for electric cars in China picks up in the second quarter, Shen said. For 2022, he expects electric car sales in the country to nearly double from last year to about 5 million vehicles.

An electric WM Motor car is seen inside a shopping mall in downtown Shanghai, China, April 26, 2021.

Costphoto/Barcroft Media | Future Publishing | Getty Images

Read more about electric vehicles from CNBC Pro

Reassessing a Japanese manufacturing model

One of the reasons the pandemic disrupted the supply chain is that factories have historically used a longstanding Japanese model of “just-in-time” or lean manufacturing, in which factories only purchase parts as needed to reduce costs and increase efficiency, Shen pointed out .

But now, the strategy is changing.

“In order to make sure you can deliver your car, you probably will start thinking: We have to waste some of our money to keep some stock,” he said. “For a car company, the biggest loss would be losing the sales to your customer.”

Part of WM Motor’s sales strategy is to work with property developers to open test drive sites in more residential neighborhoods, while building up the cars’ autonomous driving capabilities such as in parking, Shen said.

He said the company will need to raise prices to cope with rising costs, as others in the industry already have.

For one, Tesla raised the price for its Model Y in China by 21,088 yuan ($3,300) in December to 301,840 yuan ($47,450), after subsidies. WM Motor’s cars are about half that price.

Travel restrictions affect business

Economists say China’s Covid-related travel restrictions affect consumer spending more than factories.

Cities frequently change Covid testing requirements for travel, while flights and train tickets can get canceled based on newly reported Covid cases.

These restrictions have also affected WM Motor, Shen said. The company has research and development, factory and other business-side operations in Shanghai, Chengdu, Zhejiang province and Hubei province, in addition to about 500 brick-and-mortar stores across the country.

He said the company had to use more technologies like virtual reality and augmented reality to help employees and customers communicate despite travel restrictions.

“We have to use this kind of technology, because if not, the user experience is going to be terrible, and the efficiency is going to be very bad. And we sometimes cannot even get things done,” Shen said.

Asked if he had any IPO plans, Shen said there was no news to announce on the listing front, and cited the pressing delivery issues.

“Obviously people had a lot of expectation, our investor had a lot of expectation, but we are very busy these days to deliver our product,” he said. “Hopefully we can get something to announce in the near future.”

College students Give Duncanville Excessive College Soccer Crew A ‘D’ville-Fashion’ Ship Off – CBS Dallas / Fort Price

DUNCANVILLE, Texas (CBSDFW.COM) – The winter break has officially started, but before the students left Duncanville High School today, they lined the halls to give the soccer team a “D’ville-esque” dismissal for the UIL 6A State Championship.

DHS students say goodbye to their soccer team before the national championship on Saturday. (Photo credit: Duncanville High School)

CONTINUE READING: “She was a very sweet, helpful young lady”: Neighbors keep vigil for the killed Dallas teenager

This afternoon, the football team marched through the school halls behind cheerleaders, the drill team and the band’s drumline before heading out onto the field for the final practice session before the big game.

CONTINUE READING: Warrant issued against police officers in Dallas

For the third time in four years, the DHS soccer team is returning to the UIL 6A State Championship game with the aim of bringing home the state’s top title.

Kick-off is Saturday, December 18th at 3:00 p.m. at AT&T Stadium in Arlington. The Panthers will face North Shore High School in a rematch after meeting them in the 2018 and 2019 Championship Games.

MORE NEWS: Gary Kelly, CEO of Southwest Airlines, tests positive for Covid-19 after testifying before Congress

Inexperienced Bulldog Followers – Ship the group off in Model! DETAILS HERE:

Join the community and cheer for the Green High School Bulldogs as they head to Westerville, Ohio to play Cincinnati Winton Woods in the Ohio High School Athletic Association semifinals. Show your support:

Decorate your shop windows, mailboxes and vehicles in orange and black and the official It’s All About the G mark! Download the sign here.
Stop by Green High School Wednesday to collect your Go Bulldogs courtyard sign courtesy of the Green Auto Mile while supplies last.

Cheer on the team for the Bulldog Send-off Parade on Friday, November 26th at 1:30 p.m. Park in the Green High School parking lot. The team buses depart from the stadium and go up Bulldog Blvd. to High School / Boettler Road to Arlington Road.

Information on tickets and the game can be found at https://www.ohsaa.org/tickets.
The game will be streamed live at https://www.nfhsnetwork.com/associations/ohsaa.

Let’s go bulldogs! #AllAboutTheG #GoBulldogs

Hopkinton ship Grabmeier out in type with a Div. 2 state volleyball title – Boston Herald

TEWKSBURY – It took four sets, but Hopkinton’s perfect season for coach Margie Grabmeier ended at Tewksbury High on Saturday.

The third-seeded Hopkinton won the last three sets, 1-0 down, to prevail 3-1 against No. 1 Westborough and take his first state title in Division 2 since 2016.

“It didn’t catch on,” said Grabmeier about the unbeaten experience in her last season coaching after 20 seasons and 307 victories. “We didn’t play like that. We never thought we were unbeaten. We just said, ‘Let’s go out there and win the next one.’ It just worked like that. ”

With the teams tied 1-1 and none of the teams losing a third set all season, Hopkinton (25-0) bounced back from five setpoints, including a triple setpoint, and won the third set 28:26 at one of 11 Kills for Junior Annabelle Senseney.

The junior was one of three players to score double-digit kills for the Hillers. Senior Captain Kate Powers led the team at 14 and Senior Captain Melanie Gildea added 11.

“That is the special thing about this team, it is well rounded,” said Grabmeier. “You can look at the statistics and we get input from all of our offensives. It makes it a little harder to defend when everyone can put the ball down. ”

Gildea had five of them in the fourth set, including four over the last eight points as Hopkinton won the last set 26-24 on a block for senior Mikayla Grady.

“I did it for Margie and I did it for my teammates,” said Gildea of ​​the promotion in the fourth set. “I see them giving everything, so I want to give 110 percent for them. Everything I do is for my team and my coach. I think the mentality is that we play for each other and we fight for each other and I think we did that in this game. ”

Westboro (21-1) won the first set 25:19 after advancing early.

The Hillers followed the loss of the first set with an inspiring second set win as they rose 9-3 early and held on with a 25:23 second set win with a 1-1 draw.

Non-profit elevating cash to ship 5-year-old Visalia lady battling most cancers to Disneyland

TULARE COUNTY, CALIFORNIA. (KSEE) – The past year has been full of doctor visits and treatments for a family in Visalia as their 5 year old battles cancer.

A year ago, 5-year-old Kenzie was diagnosed with high-risk stage 4 metastatic neuroblastoma.

“Due to COVID, all hospitals had restrictions on the presence of both caregivers, so we were separated for most of a year,” said Emily White, Kenzie’s mother.

Now the non-profit “Campaign One at a Time” is raising money to send Kenzie and her family to Disneyland so that they can make memories outside of the hospital and Kenzie can meet all of her favorite princesses.

“To have the opportunity to go somewhere together and have an experience that isn’t about cancer, just having a family together and making memories … It would be a pretty incredible thing,” White said.

Kenzie’s Disneyland fundraiser has hit about half of its $ 5,000 goal so far.

Any money that goes beyond that goes to the nonprofit’s dream bank to help more kids like Kenzie.

Her mom hopes sharing Kenzie’s story will also help raise awareness about childhood cancer and more support for research.

“Most importantly, only 4% of cancer research funding goes to children. They deserve so much more than that, they all deserve so much more, ”said White.

Kenzie’s fundraiser will run until August 28th.

You can a. make Donate by visiting the Campaign One at a Time website.

Revolut launches US-Mexico remittance hall, enabling expats to simply ship a refund dwelling

NEW YORK, July 29, 2021 / PRNewswire / – Revolut, the financial super app with 16 million customers worldwide, today announced its simplification of cross-border payments between the USA and the. famous Mexico with the introduction of the US-Mexico remittance corridor. With this introduction, Revolut customers in the US and Mexico can now transfer money to one another without any hidden fees and at the real exchange rate.

Revol

In May 2021, Transfer flows between Mexico and the US has increased a whopping 31%to reach over $ 4.5 billion As migrants continue to send money to loved ones to help alleviate the effects of the pandemic. The timely introduction of this remittance corridor by Revolut will enable customers to easily make cross-border payments between the US and Mexico at a time when peer-to-peer cross-border payments are peaking.

With Revolut, customers worldwide can spend and transfer money as well as exchange 28 currencies in the app, so that users can change money abroad without paying the exorbitant fees – which can reach up to 11% – Collected by most of the major money transfer providers.

Revolut has designed its money transfer features with ease of use and transparency in mind to give its customers full visibility into where and when their money is going. Customers can sign up for an account in minutes and make money transfers shortly afterwards. With Revolut’s bank transfer tracker, customers can conveniently check the status of their transfers directly in the app.

About improving cross-border payments between the US and Mexico, Revolut is considering entering new markets in Latin America, special Mexico and Brazil. Although the company is still in the early stages of its expansion, the company has a Head of Operations in Brazil, and continues to evaluate new talent to help expand its team and offer across the region.

Ron Oliveira, CEO of Revolut USAsaid:

“At Revolut, we believe that sending peer-to-peer payments across borders should be easy. In today’s environment, more than ever, people need to rely on each other for support in an easy way to send money to loved ones and communities, no matter where in the world they are. We know what matters most to our customers, how we can ensure that most of their hard-earned money is sent home.This remittance corridor is a major milestone for Revolut – one that we are confident will have the financial life of the company Customers in the US and in Mexico. “

The story goes on

ABOUT REVOLUT – one app, everything about money
Revolut is building the world’s first truly global finance super app to help people get more with their money. In 2015, Revolut started offering money transfers and exchanges in the UK. Today, more than 16 million customers around the world use dozens of Revolut’s innovative products to conduct more than 150 million transactions per month. Across our personal and business accounts, we help our customers improve their financial health, give them more control, and seamlessly connect people around the world.

www.revolut.com

Banking services are provided by the Metropolitan Commercial Bank, a member of the FDIC.

FOR FURTHER INFORMATION PLEASE CONTACT
Jane Nho
Communication manager, Revolut
jane.nho@revolut.com

Cision

Cision

View the original content to download multimedia:https://www.prnewswire.com/news-releases/revolut-launches-us-mexico-remittance-corridor-enabling-expats-to-easily-send-money-back-home-301343972.html

SOURCE Revolut

Myanmar migrant staff work overseas to feed their households. Now they cannot ship the cash dwelling

“I left him with my mother,” said the 26-year-old migrant worker from Myanmar, who lives in Thailand.

Every morning long lines of people wait for hours in front of banks and ATMs across Myanmar. Withdrawal limits were limited to around 200,000 kyat ($ 120 USD) per customer per day and some even run out of cash as people stop depositing money for security reasons.

“If I send money home, my family can usually withdraw the money the next day,” said Su. “But lately the internet has been down and it’s difficult to get the money out, and we don’t think we can trust the bank either.”

Su and Zaw, migrant workers in Bangkok, Thailand in May 2021.Su and her husband are among the 1.7 million Myanmar citizens who work in neighboring Thailand, according to the Migrant Workers Group, are part of an important network of foreign workers who support relatives at home. The International Labor Organization (ILO) Estimates About $ 1.4 billion was sent to Myanmar by foreign workers in 2015.

The current situation is gone Thousands of migrants live with it constant concern not only for the financial well-being of loved ones, but also for their safety. More than 860 people have been killed by security forces since the coup and more than 6,000 have been arrested, according to the AAPP.

Su’s mother tells her not to worry as the fighting in her village is not intense. “But you have to be careful,” said Su. “They no longer sleep soundly and hardly ever go out.”

But without money to stock up on food or medicine, it will not be easy to fall by the wayside in the long term.

“I want to work in Myanmar again because we have so many difficulties working in other countries and I want to live at home with my family too,” she said.

But she is afraid of what could happen if she and her husband Zaw, 30, who also works in a factory in Bangkok, return. “If we try to go back, they will arrest us even if we are not involved in politics,” she said.

Zaw speaks of the agony of watching his country rise from a distance while the Myanmar military, the Tatmadaw, continue their brutal crackdown on opponents of the coup. “I can’t go back and fight,” he said. “Even if I don’t mind risking my life for the next generation, I want real democracy in my country.”

Rising poverty in Myanmar

Prior to the coup, Christina’s older brother typically sent home up to $ 240 a month, which his family of 10 depended on for food and medicine. All of that stopped after the coup when the banks closed.

Christina, who uses a pseudonym for security reasons, said the family had to leave their home in Mindat city, southern Chin state, Myanmar. when the fighting started there. Now, it is not just the food they need.

“Because we’re in a place where there are no doctors and nurses, even with a headache, we have trouble buying medication because it’s been a few months,” she said.

Nor can they return home to grow new plants that they have relied on for food and for sale, so will the next few years was difficult, she said. You are currently living in a camp for internally displaced persons.

As bombs fall on Myanmar's hotbeds of rural resistance, tens of thousands flee into the jungle without food or water

Wai, who also uses a pseudonym for security reasons, said his brother works in Thailand and sent home $ 150-180 a month to his elderly mother, who lives alone in her village. She used it as medicine when he said her health was deteriorating. Wai said his mother saved some of the remittances, but in a month her reserves would be used up.

“Since I have family, I cannot support them either. My brother can’t send money. So mom uses her savings to support herself and has to borrow from other family members in the village, ”said Wai.

“I sell groceries in the factories and we were fine before the coup. But after the coup most of the factories are closed and I couldn’t sell any more. So we fight. So I asked my brother to send me some money. He said he would do that. But since we could not receive from here, our family is also in trouble. “

A Report published The United Nations estimated in late April that by early 2022, up to half of Myanmar’s population could be living in poverty due to “aggravating negative shocks”. The report found that 83% of Myanmar households own theirs The incomes had almost halved on average because of the Covid pandemic.

This situation has worsened since the coup.

Fear for family safety

Ma Oo has lived in Thailand for 20 years, helping migrant workers obtain documents for legal work and advocating for their rights. Their children studied in Thailand and are now working in the countryside. But she is worried about the rest of her family who stayed in Shan State in Myanmar.

Her father, she said, worked as a public relations organizer for the National League for Democracy (NLD), the democratically elected party that was overthrown by the military coup. Ma Oo suspects her father was arrested, but even now, four months later, she is unsure.

“The military has arrested everyone involved with the NLD. I lost touch with my father when I heard about the coup. I worry about my entire family as we are all involved in the party. Mine Father was arrested twice in the 1990s for being involved with NLD and now we assume he was arrested again because we lost touch with him. “

Not knowing the whereabouts or well-being of family members affected by the crackdown on the military junta is traumatizing for those unable to return home.

Ma Oo, migrant rights lawyer in Bangkok, Thailand in May 2021

Kyokyani, 35, works in a bakery in Bangkok. His wife works in a textile factory, but his 85-year-old mother is too frail to take part from her village in Myanmar’s Mandalay region.

Kyokyani, who also wants to be identified by name for security reasons, said his older brother was recently arrested by security forces and held for three days. “The military is putting our village under pressure because of the protests and wanted to arrest the leaders of the protests. But they couldn’t find her, so they arrested my brother, ”he said.

“I’m very sad and worried about my family,” he said, adding that most of the villagers are day laborers and struggle to make ends meet. “I can’t go back and help them and that worries me even more.”

Kyokyani said the business collapsed after Covid and he couldn’t send as much money home as he usually did. The coup made things worse and he’s been unable to send money since the military took power.

Sustaining yourself is a challenge.

“There are fewer jobs here in Thailand and I still have to spend on my accommodation and food, so I can’t make as much as I did before,” he said.

Myat, a migrant worker in Bangkok, Thailand in May 2021. The migrant worker colleague Myat fears for the safety of his family. His relative worked at a gold mine in the southeastern state of Kayah, which employed 11 workers allegedly killed during a military air raid in late March.

He said his relative wasn’t working that day but asks why the miners were targeted in the first place. “I can’t stand it. They are innocent people from the forest. I don’t think they even have an internet, so they wouldn’t have known what was happening,” he said.

He stared at a photo of one of the victims on his cell phone and said, “I’m not just concerned about my family, but the whole country. I worry about everyone because they kill teenagers. The youth are Myanmar’s future, but they value them less than animals. “

For Su and Zaw, whose 7-year-old is still with his grandparents in Myanmar, it is almost too much to think about his future without sending money to an upside-down country.

“I am very worried about my child as a mother. We have heard that the military is putting people in our village, especially the boys and men, into slave labor so that they cannot sleep soundly at night,” said Su.

“I miss my child. I cannot go back to him because of the dire situation. I am sad.”

CNN’s Salai TZ and Kocha Olarn contributed to the coverage.

An ‘Honor Journey’ to assist elevate cash to ship veterans to Washington D.C.

SIOUX FALLS, SD (KELO) – After a pause due to the pandemic, Honor flight in the Midwest September the flight operations are to be resumed. On Sunday, a ride on the ground helps the flight veterans to the capital of our country.

“We really didn’t know how this would turn out, but the Sioux Falls community and surrounding communities here in the Midwest really caught on today,” said Aaron Van Beek, president and director of Midwest Honor Flight. “Well over 100 motorcycles and vehicles that registered today and came out and ultimately honored our veterans, and we do that on flights, and that is what we did here today.”

The event began at the South Dakota Military Heritage Alliance, with the bikers then pulling past VA Hospital and heading to the new South Dakota Veterans Cemetery.

Local businesses are helping veterans escape

All proceeds from today’s event will be used to send veterans to Washington DC

“We can’t explain how excited we are to be in the air again this year. Our veterans have to fly. They need this closure, so we’re very, very excited, ”said Gold Star mother Elaine Leusink.

“You have to be able to go there and for some it’s likely a closure or a welcome home that they never got, especially the Vietnam veterans when they got back. See your friends on the wall. I know that there are a lot of emotions going on that day, ”said Vietnam veteran Kevin Muilenburg.

The event on Sunday also had an announcement.

“Midwest Honor Flight will partner with Wreaths Across America, a national not-for-profit organization that will place a Christmas wreath on each veteran’s grave at each participating location,” said Van Beek.

Van Beek said the event raised enough money to send eight veterans on a flight this fall.

“Our veterans get this healing, this honor, and this closure by seeing their monuments, and that’s what we’re about,” said Van Beek.

The organization will announce dates for two flights on Monday.

Fintech agency Smart service permits customers in India to ship cash overseas

In this photo illustration, the TransferWise logo is displayed on an Android mobile phone.

Omar Marques | SOPA Pictures | LightRakete | Getty Images

Financial technology company Wise said Tuesday that users in India can now send money overseas to 44 countries around the world.

This includes places like Singapore, Great Britain, the United States, the United Arab Emirates, as well as countries in the euro zone.

India’s overseas remittances for the 2019-2020 fiscal year were approximately $ 18.75 billion, of which more than 60% were categorized under Travel and Study Abroad Payments. according to the Reserve Bank of India. Under a liberalized remittance system, the central bank allows residents to freely transfer up to $ 250,000 per fiscal year abroad to fund personal expenses or education – which begins in April and ends in March of the following year.

Typically, the overseas remittance market is comparatively larger, as many Indians who work overseas send money back to their families in the country. World Bank data for 2019 shows personal transfers in India over $ 83 billion.

Kristo Kaarmann, CEO and co-founder of Wise, previously called TransferWise, told CNBC that the ability to send money from India was one of the most requested services the company was getting from users.

“India in particular is very exciting,” said Kaarmann. “In the last, almost ten years, the establishment of a local payment infrastructure and UPI has been very interesting to watch.”

Unified Payments Interface or UPI is one of the dominant methods for digital payments in India. What sets the framework apart from mobile wallets is its interoperability – this means that people can use different platforms based on UPI to send money and conduct financial transactions.

London-based Wise specializes in cross-currency money transfers that can be done entirely online. It claims its service is faster and cheaper than other fintech players as well as traditional banks, which are prone to big cuts and offer unfavorable exchange rates.

Banks are the dominant platform for international money transfers in India.

Wise partnered with Google Pay last month so that users in the US can send money to India.

Wise also announced the opening of a local office in Mumbai on Tuesday. Kaarmann declined to give details of possible partnerships in the plants in India.

Learn how to ship cash internationally with Google Pay

The world seems to have gotten smaller in the last few decades thanks to technology, but we are far from adopting a universal currency. Sending money across borders – for example from the US to India – is still not as seamless as we’d like it to be. Google Pay wants to change that.

Google recently announced its partnership with Wise (formerly known as TransferWise) and Western Union, which allow US users to send money to India and Singapore within the application. Yes, one less application / website to edit.

Before we get into how it works, it is important to note that the recipient must be registered with Google Pay and their bank account must be linked through UPI in India and PayNow in Singapore. In addition, payments can only be made person-to-person at the moment – companies cannot send or receive money yet. When these things are done, you can proceed with the following steps …

1. If the recipient is already in your contact list, you can do so Enter their name in the search bar. If not, you can use either the number or email id to initiate payment.

2. Once you tap the recipient’s name, you will Open the payment window. You should see a disclaimer above that says you must use a Google Pay affiliate to send money internationally.

3. In the box below Enter the amount You want to send and tap Pay.

4. A card will then appear prompting you to do so Choose between Wise and Western Union, the two partners that Google Pay currently supports. The best part is that you can see the actual amount reaching the recipient before proceeding.

5. If you continue Western Unionthe recipient has the opportunity to do so take the money in person or directly in your bank account. You can pay with your debit / credit card, bank account, or Google Pay balance. There is a limit of $ 50,000 per transaction.

6. If you choose wiseyou can only pay with your credit or debit card. The amount you send will be deposited directly into the recipient’s bank account. There is a limit of $ 2,000 per transaction.

7. Once the payments have been initiated, You can track the status of which in the chat of the contact himself.

Western Union is offering unlimited free transfers through June 16. If you’re a new Wise customer, you can send your first payment (under $ 500) for free. So if you are looking to send some money to someone in India or Singapore, now may be a good time to do it.

Google Pay is already working on expanding support to over 200 countries with Western Union and 80 with Wise before the end of this year.

Google Pay: A Safe and Helpful Way to Manage Money

Google Pay: A Safe and Helpful Way to Manage Money