China's Pop Mart, maker of the Labubu doll, says profit soars nearly 400% in first half
Chinese toymaker Pop Mart (9992.HK) posted a 396.5 percent surge in first-half net profit and more than doubled revenue, driven by soaring global demand for its Labubu dolls and stronger overseas sales, Reuters reported.
The “Monsters” line, led by Labubu, earned 4.81bn yuan ($670m), over a third of total revenue, while other popular IPs like “Molly” and “Crybaby” each topped 1bn yuan.
According to Reuters, shares have risen over 200 percent this year, lifting Pop Mart’s value above Mattel and Sanrio. The company now runs 571 stores and nearly 2,600 vending machines in 18 countries, with plans to increase supply as Labubu continues to sell out worldwide.
Venezuelan president decides to mobilize 4.5m militias over US threats
Venezuelan President Nicolas Maduro has ordered the mobilization of 4.5m civilian militias to counter what he called US threats of war. He said the groups will defend national sovereignty alongside police and armed forces, Xinhua reported.
The move follows Defense Minister Vladimir Padrino Lopez’s accusation that Washington is using anti-drug operations in the Caribbean to justify military action. The US has offered a $50m reward for Maduro’s arrest on drug trafficking charges, which he denies.
Turkey seizes 207 kg of methamphetamine in major drug bust
Turkish authorities have seized 207 kilograms of methamphetamine and arrested two suspects in one of the country’s largest recent drug hauls, Xinhua reported.
The operation, carried out in Istanbul’s Esenyurt district, also uncovered 98 kilograms of chemical substances used in drug production. Interior Minister Ali Yerlikaya shared video footage of the raid, which showed the substances stored in containers along with equipment commonly used in narcotics manufacturing.
Authorities have intensified efforts against organized drug trafficking in recent years, conducting coordinated raids across the country, according to Xinhua.
Taiwan urges self-reliance amid Trump-Xi comments
Taiwan’s Foreign Ministry said Tuesday the island must rely on its own efforts for security, after US President Donald Trump claimed Chinese President Xi Jinping assured him Beijing would not invade the island while Trump is in office, Firstpost reported.
Spokesperson Hsiao Kuang-wei emphasized Taiwan is boosting its defense capabilities and resilience. While the US is a key arms supplier, there is no formal defense treaty obligating intervention.
According to Firstpost, China claims Taiwan as its territory and has vowed “reunification” by force if needed. Taiwan recently held it’s longest-ever 10-day live-fire military exercises to prepare for rising tensions.
