Two retail giants with Chinese roots are duking it out in U.S. court.
Temu filed a new lawsuit in a U.S. District of Columbia court on Dec. 13 against its rival Shein. It’s accusing the brand of using “Mafia-style intimidation” to coerce suppliers to drop Temu.
Tactics allegedly include detaining vendors in Shein’s offices for hours, confiscating their electronic devices, and threatening them with penalties for doing business with Temu.
Temu is based in China, and Shein was founded in China.
Most of both companies’ suppliers are based in China.
Shein has denied the accusations against it.
TikTok Hits $10 Billion User Spending Mark
TikTok, the Chinese video-sharing platform generated $10 billion in global consumer spending.
It’s the first app that isn’t a mobile game to hit the milestone, but the platform comes with controversy.
TikTok has come under fire over concerns about its connections to China.
That’s led governments worldwide to ban the app on official devices.
The app is also accused of addicting teen users and causing other mental health harms.
TikTok denies those accusations.
German Subsidies for TSMC, Intel Chip Plants Secured
Germany is working to cut its dependence on Chinese supply chains.
It’s secured billions of subsidies for microchip plants in the European country.
The money will go to Taiwanese chipmaker TSMC, and U.S. tech companies Intel and Wolfspeed.
Parliamentary State Secretary at the German Ministry of Economics, Michael Kellner, confirmed the news.
Germany has promised $22 billion to chipmakers. Unused funds from the pandemic were slated to pay for the incentives. However, the move was delayed after the German Constitutional Court ruled the use of that money unconstitutional.
Mumbai Leads Asia in New Stock Market Listings
Asia has a new leader for stock market listings this year. More companies chose the Indian city of Mumbai to launch their IPOs than any financial center in China. The number of new listings in Mumbai is expected to rise 45 percent year on year. New listings in Hong Kong and Shanghai are expected to fall by about 20 to 30 percent.