African e-commerce platform Jumia announced the suspension of its e-commerce business in Cameroon; Japan has introduced a new policy that allows merchants to provide consumers with up to 5% cash back; India has increased the tariff rebate rate for gold and silver jewelry exports... more highlights, Cross the border in one day.
Jumia announced the suspension of its e-commerce business in Cameroon
Yien.com learned that the African e-commerce platform Jumia issued a statement yesterday announcing that it will suspend its e-commerce platform activities in Cameroon.
It is reported that Cameroon is the seventh site launched by Jumia in Africa and officially opened in March this year. Regarding the suspension of e-commerce business in the region, Jumia said that it is because the transaction portal it currently operates is not suitable for Cameroon’s current e-commerce environment. But Jumia said it will continue to use its advertising classified site Jumia Deals to provide support to buyers and sellers in Cameroon.
New Japanese policy: allow merchants to provide 5% "cashback" to consumers
It is reported that Japan recently introduced a new policy that allows merchants to provide consumers with up to 5% of "cashback (in the form of tax rebates)", which aims to stimulate the use of cashless payments by citizens.
According to a survey conducted by a research institute affiliated with the central bank in Tokyo, Japan, 84% of people in Japan still use banknotes and coins for small transactions. In order to change this situation, Japanese Prime Minister Shinzo Abe is working hard to encourage more Japanese people to start using cashless payment, which not only facilitates the automatic settlement of stores, but also helps banks reduce the high operating costs of ATMs.
Shopee's parent company Sea Group releases Q3 earnings
Yien.com learned that Sea Group, the parent company of Southeast Asian e-commerce platform Shopee, released its third-quarter financial report.
According to the data, Sea Group’s adjusted total revenue in the third quarter was US$763.3 million, an increase of 214.3% from the US$242.8 million in the third quarter of 2018; the net loss was 206.1 million yuan, a decrease of 5.5% compared to the same period last year; Sales and marketing expenses in the third quarter increased from US$180.3 million in the third quarter of 2018 to US$251.8 million, a year-on-year increase of 39.6%.
The US-Mexico-Canada trilateral agreement may be approved
The Speaker of the U.S. House of Representatives, Nancy Pelosi, recently stated that the deadlocked United States-Mexico-Canada Trilateral Agreement (USMCA) is expected to be approved by the U.S. House of Representatives this year.
It is reported that the USMCA is the first US trade agreement that prohibits other countries from requiring retailers and other companies that collect citizen data to store the data in their respective countries. It was officially signed on November 30, 2018. If the agreement is approved, cross-border orders will be easier to transport, and American logistics companies will also benefit by reducing costs and improving efficiency.
After the USMCA agreement is approved, some cross-border orders will not have to pay tariffs.
India raises tariff rebate rate for gold, silver and jewellery exports
According to foreign media reports, in order to increase export competitiveness, the Indian government has increased the tariff rebate rate for gold and silver jewelry, and the tax refundable for exporters will increase.
According to the Indian Ministry of Finance, the defective tax rate for gold jewelry has been increased from 272 rupees per gram to 372.9 rupees per gram, and the price of silver jewelry has increased from 3,254 rupees per kilogram to 4,332.2 rupees per kilogram. This change will take effect from November 16, 2019.
