Crypto Stocks Surge Amid Market Boom

Crypto stocks are on fire as Bitcoin hits all-time highs. One under-the-radar company is leading the charge, managing $2.1 billion in client assets and seeing record trading volumes. With crypto adoption skyrocketing, this could be a game-changing opportunity.

Chinese online retailer Temu faces European Union investigation into rogue traders and illegal goods

KELVIN CHAN
October 31, 2024

LONDON (AP) -- Chinese online retailer Temu is facing a European Union investigation over suspicions it's failing to prevent the sale of illegal products, the 27-nation bloc's executive arm said on Thursday.

The European Commission opened its investigation five months after adding Temu to the list of "very large online platforms" needing the strictest level of scrutiny under the bloc's Digital Services Act. It's a wide-ranging rulebook designed to clean up online platforms and keep internet users safe, with the threat of hefty fines.

Temu started entering Western markets only in the past two years and has grown in popularity by offering cheap goods - from clothing to home products -- that are shipped from sellers in China. The company, owned by Pinduoduo Inc., a popular e-commerce site in China, now has 92 million users in the EU.

Temu said it "takes its obligations under the DSA seriously, continuously investing to strengthen our compliance system and safeguard consumer interests on our platform."

"We will cooperate fully with regulators to support our shared goal of a safe, trusted marketplace for consumers," the company said in a statement.

European Commission Executive Vice-President Margrethe Vestager said in a press release that Brussels wants to make sure products sold on Temu's platform "meet EU standards and do not harm consumers."

EU enforcement will "guarantee a level playing field and that every platform, including Temu, fully respects the laws that keep our European market safe and fair for all," she said.

The commission's investigation will look into whether Temu's systems are doing enough to crack down on "rogue traders" selling "non-compliant goods" amid concerns that they are able to swiftly reappear after being suspended. The commission didn't single out specific illegal products that were being sold on the platform.

Regulators are also examining the risks from Temu's "addictive design," including "game-like" reward programs, and what the company is doing to mitigate those risks.

Also under investigation is Temu's compliance with two other DSA requirements: giving researchers access to data and transparency on recommender systems. Companies must be detail how they recommend content and products, and give users at least one option to see recommendations that are not based on their personal profile and preferences.

Temu now has the chance to respond to the commission, which can decide to impose a fine or drop the case if the company makes changes or can prove that the suspicions aren't valid.

Brussels has been cracking down on tech companies since the DSA took effect last year. It has also opened an investigation into another e-commerce platform, AliExpress, as well as social media sites like X and Tiktok, which bowed to pressure after the commission demanded answers about a new rewards feature.

Temu has also faced scrutiny in the United States, where a Congressional report last year accused the company of failing to prevent goods made by forced labor from being sold on its platform.

Continue Reading...

Popular

Stocks Slip On Hot Inflation Data, Adobe Tumbles, Natural Gas Hits 1-Year High: What's Driving Markets Thursday?

Risk sentiment soured on Thursday following hotter-than-expected producer inflation data, which dampened optimism for aggressive interest rate cuts in 2025.

Warner Bros. Discovery Stock Spikes As Board OKs Restructuring Plan

Warner Bros. Discovery, Inc (WBD) stock climbed after the Board approved new corporate structure to enhance strategic flexibility. Stock surged 33% in last 30 days.

The REAL "Wealth Wave" in AI is Starting Now! - Ad

If you missed out over the past 12 months... If you are NOT one of the 500,000 new millionaires from AI in the past two years... Are you going to miss your second chance?

Companies tighten security after a health care CEO's killing leads to a surge of threats

“Wanted” posters with the names and faces of health care executives have been popping up on the streets of New York. Hit lists with images of bullets are circulating online with warnings that industry leaders should be afraid.

Louise Trotter is named creative director of Bottega Veneta, as Matthieu Blazy moves on

MILAN (AP) — Kering announced Thursday that Louise Trotter has been named creative director of the fashion house, taking over from Matthieu Blazy.

Is This Defi Coin Your Next "10-Bagger" Investment? - Ad

Our #1 pick in decentralized finance is largely overlooked by mainstream investors (for now). This governance token could skyrocket as DeFi adoption surges with the smart money and institutions.

What do we know about the mysterious drones reported flying over New Jersey?

A large number of have been reported flying over parts of New Jersey in recent weeks, sparking speculation and concern over who sent them and why.

Suspect in UnitedHealthcare CEO killing charged with murder in New York, court records show

ALTOONA, Pa. (AP) — After on a New York sidewalk, police searched for the masked gunman with dogs, drones and scuba divers. Officers used the city's . Investigators analyzed DNA samples, fingerprints and internet addresses. Police went door-to-door looking for witnesses.

There's Only ONE AI Company That Matters - Ad

It's not Nvidia, AMD, IBM, or any new startup. It's not even an artificial intelligence company... yet it holds the key to the entire AI market. Get all the details of the critical technology that the entire AI sector needs to survive.

A Southwest jet and a small plane wound up on the same runway after being cleared to land

WASHINGTON (AP) — A Southwest Airlines jet wound up on the same runway with a small private plane that had stopped after an air traffic controller cleared both planes to land on the same California runway in October, according to federal investigators.

Truck drivers in Mexico block major highways to protest the government's failure to pay bills

MEXICO CITY (AP) — Truck drivers blocked some major highways in central Mexico on Tuesday to protest that the government hasn’t paid them for work they did on a tourist train line.

Why Is This Bull Run Scaring JP Morgan, Goldman Sachs, and Warren Buffett? - Ad

Billionaires Warren Buffett, Stanley Druckenmiller, and David Tepper have all sold off massive U.S. stock positions. Billionaire Ray Dalio, who runs one of the world's most successful hedge funds, says, "Things are going to get worse for our economy." What are these billionaires so worried about?

Dogecoin Drops 14%, Shiba Inu Sinks 17%: What's Behind The Decline?

Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) have seen sharp declines, with traders debating whether these drops signal a buying opportunity or a

China bans exports to US of gallium, germanium, antimony in response to chip sanctions

BANGKOK (AP) — China announced Tuesday it is banning exports to the United States of gallium, germanium, antimony and other key high-tech materials with potential military applications.

Is NVDA a Sell? Buy This Stock Instead Before Dec. 31 - Ad

After soaring over 150% in 2024 alone... is it actually time to buy Nvidia? A 50-year Wall Street veteran gives his answer to Nvidia, right here... Including the name and ticker of one under-the-radar AI stock to buy instead of Nvidia... before Tuesday, December 31st.

French Government Collapses After Vote Of No Confidence

The French government collapsed on Wednesday following a successful no-confidence vote, throwing France, the eurozone's second-largest economy, into political turmoil.

Trump says he can't guarantee tariffs won't raise US prices and promises swift immigration action

WASHINGTON (AP) — said he can't guarantee that his on key U.S. foreign trade partners won't for American consumers and he suggested once more that some who pursued legal cases against him should be imprisoned.

Did You See Trump's Bombshell Exec. Order 001? - Ad

Biden broke it... Now Trump is going to fix it. Starting with "Exec. Order 001." It's a bombshell law that Trump could sign within minutes of stepping into the Oval Office... And it will instantly set off the most sweeping government technology project in 80 years... The most lucrative, too...

Data cable running across Sweden-Finland border suffers damage

BERLIN (AP) — A data cable running across the land border between Sweden and Finland has been damaged, a company providing digital infrastructure and data communication in Northern Europe said Tuesday.

Hunt for the gunman who killed UnitedHealthcare's CEO heads into third day as new clues emerge

NEW YORK (AP) — As the investigation into a masked gunman who the head of one of the largest U.S. health insurers moved into its third day Friday, possible leads emerged about his travel before the shooting and a message scrawled on ammunition found at the crime scene.

My TOP Altcoin for Right Now Is... - Ad

Searching for the top investment opportunity in crypto? Look no further. Our $3 report gives you the full scoop. You'll get this exciting token's name, our recommended investment strategy, and growth projections. Time is of the essence with this one...

Here's How Ray Dalio Thinks Trump's Second Term Could Reshape the US and the World

Donald Trump's second term as president is expected to bring about a significant shift in the global and domestic order, with Trump's selections for key posts set to aid in this transformation.

AI Has Already Minted 500,000 New Millionaires in 2 Years... - Ad

If you missed out on the riches from AI the past 12 months, listen up: A brand new AI "wealth wave" is already hitting the markets... and could pay out even more than what we've already seen. There's still time to get into AI as an investor in this "Bot Com Revolution" and avoid getting left behind.

Bank of America signs again with FIFA for US-hosted Club World Cup that still has no TV deals

GENEVA (AP) — World Cup sponsor Bank of America teamed with FIFA for a second time Tuesday, signing for the Club World Cup that still has no broadcast deals just over six months before games start.

Trump Has Selected Just Three People of Color for Top Jobs

Trump's Cabinet picks reflect limited racial diversity, with only three people of color selected for top roles.

Do Not Read This If You're an Elon Musk Hater - Ad

Elon Musk believes his new AI product will be worth an incredible $9 trillion. But the mainstream media is not buying it. Fortune called it "all smoke and mirrors" The Economist said that Elon's promises are "long on bombast and short on reality." And MarketWatch called it "a pipe dream."

French government faces no-confidence vote over Barnier's austerity budget

PARIS (AP) — is bracing for a no-confidence vote this week, a political reckoning almost certain to topple his fragile government and send shockwaves across the eurozone.

What's Going On in This Strange Facility Near Mar-A-Lago? - Ad

Most people have no clue this unassuming facility exists. Yet the minute Donald Trump takes office... This could be the most important building in America. More important than the Capital, the Pentagon... even the White House. Because this may well be the epicenter of Trump's New Manhattan Project.

Oil delivery to the Czech Republic from Russia through the Druhzba pipeline is interrupted

PRAGUE (AP) — Oil delivery to the Czech Republic from Russia through the Druhzba pipeline has been interrupted, Czech officials said Wednesday.

Newmont Lays Off Senior Employees Pursuing More Cost Controls

Newmont Corp. lays off senior employees, sells assets, and streamlines business units in order to increase cash flow and focus on top-tier operations.

Why December 18th Will Impact Stocks More Than The Election - Ad

A man from a completely different government branch is going to stand up, say a few words... and make history in the stock market. This event comes along only every 25 years... And experts are already positioning themselves to profit from it.

Aurora's Self-Driving Trucks Poised for Growth, Analyst Forecasts Considerable Upside

Aurora is rated Overweight by Cantor Fitzgerald with a $10 price target. They are developing self-driving trucking technology with a clear path to commercialization and favorable regulation.

Melinda French Gates plans to match $1M in GivingTuesday gifts to groups that support women

NEW YORK (AP) — Melinda French Gates is offering to match up to $1 million in gifts to two nonprofit organizations to help spur , which has become a for nonprofits.

Exposed: 3 Cent Crypto to Explode December 16th? - Ad

Chris Rowe, the man who spotted 44 different coins that have returned over 100%, is now making the biggest crypto call of his ENTIRE career.... Because a powerful crypto event will trigger on December 16th... Sending hundreds of tiny cryptos soaring 5X, 50X, even 100X -- in just days.

UPS to pay $45M to US settle charges that it improperly valued its freight division

UPS will pay $45 million to settle charges that it improperly valued its freight division, the Securities and Exchange Commission announced Friday.

Google's Willow Quantum Computing Chip Sparks Stellar Conversation Between Elon Musk And Sundar Pichai: 'Most Obvious Path Is Staring At Our Eyes'

Google CEO Sundar Pichai and Elon Musk discussed ambitious technological possibilities, from leveraging quantum computing advancements like Google's Willow chip to envisioning solar-powered quantum clusters in space, highlighting their shared focus on transformative innovation.

Caught On Camera (Shocking New AI Tech) - Ad

AI has already made 500,000 new millionaires over the past two years... The new AI tech you'll see in this video footage will change your life for the better, sooner than you might expect. It will have a bigger impact than the invention of the automobile, personal computer and iPhone, combined...

UPS driver who crashed while drinking beers is not entitled to workers compensation for his injuries

DOVER, Del. (AP) — A UPS driver who crashed his truck after downing several beers while driving is not entitled to workers’ compensation for his injuries, a Delaware judge has ruled.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright finstrategist.com
Privacy Policy | Terms of Service