China ecommerce site Temu hits rival Sheen with US antitrust suit
Online shopping site Temu has accused rival Sheen of “illegal exclusion tactics” in the US, intensifying a battle between China’s two biggest ecommerce groups for dominance of the American market.
Temu accused Sheen of violating US antitrust laws in the suit filed on Friday.
“Sheen’s increasing attacks have left us no choice but to take legal action to protect our rights,” the company said, adding that Shen had used fines and exclusive deals to prevent merchants from dealing with Temu.
Both companies have grown rapidly in the US market, capturing the attention of consumers with low-cost designs.
Shane did not respond to a request for comment.
Woodside’s revenue has fallen amid lower cooling oil prices and lower production
Woodside’s Karratha gas plant in Western Australia. The company reported quarterly revenue of $3.08bn, down 10% from a year earlier © Woodside Energy via Reuters
Australia’s largest oil and gas producer Woodside Energy on Wednesday reported worse-than-expected second-quarter earnings, citing weak prices and lower production due to facility maintenance in Western Australia.
The company reported quarterly revenue of $3.08bn, down 10 per cent from a year earlier and missing the UBS forecast of $3.33bn. Oil sales fell 4 percent to 48.4 million barrels from the prior three-month period. Production fell 5 percent to 44.5 million barrels.
Energy prices have cooled as panic over Russia’s invasion of Ukraine and subsequent sanctions eased. Slower growth in China is projected to further drag global fuel demand.
Rio Tinto offers an upbeat outlook despite being dragged down by a slower China
Mining giant Rio Tinto said China’s economic recovery slowed in the second quarter as weakness in exports and the property sector dragged down growth.
The Anglo-Australian company, a major exporter of minerals to China, said it expected its iron ore shipments to be 335 million tonnes, at the top end of the range, offsetting a worsening outlook for copper and bauxite.
Rio Tinto’s second-quarter production report showed stability at its iron ore operations in Western Australia’s Pilbara region and guided for increased copper production from its Oyu Tolgoi mine in Mongolia by the end of the decade.
What to see in Asia today
Shoppers walk past a clothing store in an Auckland retail mall. New Zealand released second-quarter inflation data on Wednesday © Brendan O’Hagan/Bloomberg
Events: It’s a busy day for the regional shipping industry with Intermodal Asia, the trade fair for transport and container specialists, opening in Shanghai, while the International Marine Contractors Association hosts its annual Asia-Pacific meeting in Singapore. Bank of Thailand Governor Sethaput Suthivartanaruput holds a media briefing on the economy and monetary policy.
Data: New Zealand releases second quarter inflation data. Indonesia releases second-quarter investment figures, Malaysia releases June trade figures and Macau highlights June tourist arrivals.
Companies: Adani Green Energy, Adani Power and Adani Transmission hold their first annual meeting after US-based short seller Hindenburg Research released a report critical of Adani group companies. India’s Tata Communications and Tata Coffee report first-quarter earnings, while Indonesian toll road operator Jasa Marga reports second-quarter earnings.
Markets: Indonesian and Malaysian stock exchanges are closed for Muharram, the Islamic New Year.
Kremlin appoints Chechen official to run Danone Russia
Russia has appointed a senior official from Chechnya to run Danone’s assets in the country after President Vladimir Putin nationalized them earlier this week.
Yakub Zakariev, the province’s agriculture minister and alleged nephew of its strongman Ramzan Kadyrov, was named chief executive of Danone Russia on Tuesday, according to corporate records.
Danone was days away from finalizing the sale of the assets to another potential buyer before Putin ordered its seizure, as well as the breweries owned by Denmark’s Carlsberg.
Analysts and insiders say the confiscations announced on Sunday are a prelude to the transfer of foreign assets to regime loyalists, who will not be able to buy directly because of sanctions.
Panama has convicted a former president of money laundering
Ricardo Martinelli, the former Panamanian president and supermarket tycoon, was convicted of laundering money from public contracts through a complex scheme to buy a media company © Eric Bautista/AP
Former Panamanian President Ricardo Martinelli was sentenced Tuesday to 10 years in prison for money laundering, throwing the populist politician’s bid for re-election next year into question.
The supermarket tycoon was found guilty of laundering money from public contracts through a complex scheme to buy a media company, and was also ordered to pay a $19.2mn fine.
Martinelli has said he believes the charges are politically motivated and his lawyers said Tuesday he would appeal the decision.
Read more about Panama here.
Johnson & Johnson sued the US government for controlling drug prices
Johnson & Johnson has sued the US government, challenging a law that gives federal authorities the power to negotiate prices for expensive drugs.
The pharmaceutical company said Tuesday it has filed a lawsuit against the US Department of Health and Human Services and the Centers for Medicare and Medicaid Services over what it calls an “innovation-harming” provision of the inflation-reduction law that allows Medicare-taxpayer-funded healthcare. Plans for retirees – Negotiating drug prices.
Johnson & Johnson joins Merck, Bristol Myers Squibb and the lobby group Pharmaceutical Research and Manufacturers of America in challenging the new law.
Gucci chief Marco Bizzarri will depart for a management overhaul
Celebrities such as Serena Williams and Awkwafina are fans of Gucci’s Marmont bags but the label has struggled to deliver growth at the pace of sector leader LVMH © Gucci.
French luxury group Kering has announced a management overhaul that will see it parachute in as a transitional leader to fix underperformance at its biggest brand, Gucci.
Francesca Bellattini, who has led expansion at Yves Saint Laurent since 2013, will become deputy chief executive to drive the “next phases of growth.”
Gucci chief Marco Bizzarri will step down in September and will be replaced by chief operating officer Jean-Francois Palus on an interim basis.
The move by Caring chair and chief executive Francois-Henri Pinault on Tuesday is aimed at giving new direction to the group, which is struggling to deliver growth at the pace of sector leader LVMH.
