financetom
Business
financetom
/
Business
/
European Commission to launch investigation into Temu, Bloomberg reports
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
European Commission to launch investigation into Temu, Bloomberg reports
Nov 3, 2024 3:05 PM

LONDON (Reuters) - The European Commission is set to launch an investigation into Chinese online retail platform Temu over whether it is in breach of rules meant to prevent the sale of illegal products online, Bloomberg News reported on Wednesday, citing unnamed sources.

The report follows the Commission's Oct. 11 request for information from Temu under the Digital Services Act, asking what steps it is taking to stop illegal products being sold on its platform.

Temu, a unit of PDD Holdings ( PDD ), had to provide the information by Oct. 21. The Commission at the time said it would "determine the next steps" after assessing Temu's responses.

Under the European Union's Digital Services Act, companies with more than 45 million users are designated "very large online platforms" (VLOPs) and are required to do more to fight illegal content as well as counterfeit products on their platforms.

The Commission designated Temu a VLOP in May.

The European Commission declined to comment on the Bloomberg report. A Temu spokesperson did not immediately reply to a request for comment.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Novartis to cut 680 jobs in product development
Novartis to cut 680 jobs in product development
Apr 9, 2024
ZURICH (Reuters) - Novartis is to cut up to 680 jobs in its development organisation, which helps bring its drugs to market, the Swiss pharmaceuticals company said on Tuesday. Around 440 jobs will go in Switzerland and up to 240 in the United States over the next two to three years, the Basel-based company said. The job eliminations are separate...
Why Is Small-Cap Cancer Focused Vincerx Pharma Stock Plummeting On Tuesday?
Why Is Small-Cap Cancer Focused Vincerx Pharma Stock Plummeting On Tuesday?
Apr 9, 2024
On Monday, Vincerx Pharma Inc ( VINC ) presented preliminary Phase 1 data for VIP236 and updates on pipeline progress at the American Association for Cancer Research Annual Meeting 2024. VNC-236-101 is a Phase 1 dose-escalation study with monotherapy VIP236 for metastatic tumor patients who have exhausted all standard therapy options.  Fifteen patients have been dosed to date on the once-every-three-weeks (Q3W) schedule:...
Banxa Holdings Up More Than 2% After Reporting
Banxa Holdings Up More Than 2% After Reporting "Positive" Operating Cashflow In February, and Flagging Improvement in March, April
Apr 9, 2024
10:23 AM EDT, 04/09/2024 (MT Newswires) -- Banxa Holdings ( BNXAF ) was up more than 2% at last look on Tuesday after saying that it achieved sustainable positive operating cash flow in February and sees that improving in the coming months. It's encouraging to see that March and April are looking even better, said Banxa ( BNXAF ) Chairman...
Xencor Names Bart Cornelissen as Chief Financial Officer
Xencor Names Bart Cornelissen as Chief Financial Officer
Apr 9, 2024
10:27 AM EDT, 04/09/2024 (MT Newswires) -- Xencor ( XNCR ) said Tuesday it has appointed Bart Cornelissen as chief financial officer. Cornelissen most recently served as vice president of corporate finance at Seagen. Xencor ( XNCR ) shares were up 2.7% in recent trading. Price: 22.08, Change: +0.58, Percent Change: +2.67 ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved