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Sailun to reduce risk with currency hedging programme

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Sailun Group Co., Ltd. has authorised a foreign exchange hedging programme to mitigate risks from currency fluctuations affecting its operations, particularly those related to US dollar and euro denominated transactions. The programme, approved by the company’s Board of Directors on 13 December and confirmed by its Supervisory Board, allows for transactions up to RMB 6 billion (£653.1 million) or its equivalent in foreign currencies between 1 January and 31 December 2025.

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China’s tyre export growth slows in July

The growth trend seen in China’s tyre exports throughout 2023 continued in July, albeit at a slower rate of year-on-year growth than seen earlier in the year. China’s tyre makers exported 56.89 million tyres in July 2023, 4.7% more than a year earlier. The value of these exports increased 9.4% year-on-year, to RMB 14.02 billion (£1.5 billion).

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GRI remains steadfast despite Sri Lanka’s economic & political challenges

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With its currency the world’s worst-performing at present, Sri Lanka is facing an economic and political crisis. Despite these issues, GRI remains resilient and continues to supply its specialty tyres to global customers. The tyre maker has published a statement underlining its commitment to stand firm during the challenging times prevailing in the island nation.

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  1. GRI breaks ground on second tyre plant
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Even cheaper Chinese tyres?

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While ChemChina’s deal with Camfin to take over Pirelli officially got under way this month, not everyone connected to the economy in the People’s Republic was looking so positive. The stock market has been in freefall and industrial production looks to have taken a big hit. The Chinese state’s answer? To devalue the national currency (the yuan renminbi or RMB) three times in a week and make already cheap Chinese exports even cheaper.

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Related news:

  1. A tale of two markets…
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  3. Indian government moves to restrict tyre imports
  4. Re-globalisation of the international tyre market?
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A tale of two markets…

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Global markets and tyre markets interact with each other. With economics and indeed the tyre market being more “global” than ever, events in one market are bound to have a greater impact on other markets than ever. And with Europe having experienced its share of political and especially economic instability in the last decade, while […]

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Related news:

  1. Will Europe impose tyre import tariffs?
  2. US imposes Chinese tyre import tariffs
  3. Show review: Reifen China 2014
  4. Mesnac consolidates regional operations into global tooling division
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Currency devaluation pulls down Nokian Q1 results

Finland’s Nokian Tyres Group has reported a year-on-year decline in sales, operating profit and earnings during the first quarter of 2014. Despite a growth in sales volumes, currency devaluation – particularly in the Russian rouble – led to net sales between 1 January and 31 March declining 6.3 per cent to €311.9 million. Operating profit for the period was €68.4 million, 10.4 per cent below the same period a year earlier, and profit for the period amounted to €38.7 million, a year-on-year drop of 39.1 per cent. Earnings per share came to €0.29 as opposed to €0.48 a year earlier.

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