HONG KONG (Reuters) -Chinese e-retailer Temu said on Wednesday it has been the target of rival Shein’s “unlawful exclusionary tactics” since Temu’s U.S. launch in 2022, ramping up a feud between the fast-fashion competitors days after a lawsuit was filed. Temu, owned by PDD Holdings, filed a lawsuit accusing Shein of violating U.S. antitrust laws…
(Reuters) -Australia’s securities regulator said on Wednesday it had cancelled the license of the local arm of collapsed U.S. cryptocurrency exchange FTX, effective from July 14. Bahamas-headquartered FTX, once a star of the crypto industry with a $32 billion valuation in January 2023, filed for U.S. bankruptcy protection last November, saying it was unable to…
BEIJING (Reuters) – China will formulate plans to stabilise growth in 10 sectors, including auto and steel, Zhao Zhiguo, spokesperson for the Ministry of Industry and Information Technology, told a press conference in Beijing on Wednesday. China’s industrial sectors face difficulties and challenges such as insufficient demand and declining revenues, according to the ministry. (Reporting…
By Idrees Ali and Phil Stewart WASHINGTON (Reuters) -Ukraine’s counter-offensive against Russia is far from a failure, but the fight ahead will be long and bloody, the top U.S. general said on Tuesday, even as casualties on both sides mount and the front lines have moved only incrementally. The United States and other allies have…
MANILA (Reuters) – Developing Asia is on track to grow faster in 2023 from a year earlier as strong consumption and investment offset the impact of weak global demand, the Asian Development Bank (ADB) said on Wednesday. In an update to its regional economic outlook, the ADB kept its 2023 growth forecast for developing Asia…
By Melanie Burton and Navya Mittal MELBOURNE (Reuters) – Rio Tinto flagged concerns about a global economic slowdown on Wednesday as it logged a raft of production issues across its operations but said its iron ore production should be at the upper end of its expectations for the year. Prices of iron ore, from which…
By Brendan Pierson (Reuters) -Johnson & Johnson’s must pay $18.8 million to a California man who said he developed cancer from exposure to its baby powder, a jury decided on Tuesday, a setback for the company as it seeks to settle thousands of similar cases over its talc-based products in U.S. bankruptcy court. The jury…
By Rachel Nostrant (Reuters) – Nevada police have searched a house outside of Las Vegas in connection with the 1996 killing of hip-hop star Tupac Shakur, who was shot to death in the city nearly three decades ago, the Las Vegas Metropolitan Police Department said on Tuesday. No additional information regarding who owned the house…
By Joseph Ax (Reuters) – Illinois’ top court on Tuesday upheld a 2021 state law that eliminated cash bail and ordered that it take effect in September, clearing the way for the state to implement one of the most sweeping bail reforms in the nation. The law, passed by the Democratic-controlled legislature and signed by…
By Safiyah Riddle (Reuters) – Applications to start new U.S. businesses surged to the highest level in two years in June, despite high interest rates and uncertain economic outlook, according to a Commerce Department report released on Monday. Business applications increased 6.2% in June compared with May with a seasonally adjusted 465,906 new applications. Filings…
