Table of Contents

• EU Customs Duties

• Threads

• Amazon

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Economy & Finance

EU Customs Duties

The European Union is planning to impose customs duties on low-value items, which could impact imports from online retailers like Shein and Temu. These Chinese-linked marketplaces currently benefit from a loophole that exempts low-cost goods from import taxes. The EU proposal aims to eliminate this exemption, requiring all packages to be subject to duty, regardless of value. This change, if implemented, could significantly affect Shein's business model, forcing the company to adjust prices or absorb the additional costs. This move comes amid growing concerns from traditional retailers in Europe, the UK, and the US about the competitive edge these platforms have due to the current tax break.

Technology

Threads 

Meta Platforms' new social media app Threads has reached over 175 million monthly active users ahead of its first anniversary, as revealed by CEO Mark Zuckerberg. Launched on July 5 last year, Threads was positioned as a competitor to X (formerly Twitter) during its turbulent acquisition by Elon Musk. The app gained rapid traction with 100 million users in less than a week, partly due to seamless integration with Instagram. However, it has struggled to maintain user engagement, with sessions and time spent per day significantly decreasing since its launch. Despite the challenges, Threads has expanded internationally and introduced new features, though it has yet to incorporate advertising and generate significant revenue for Meta.

Amazon

Jeff Bezos, founder and executive chair of Amazon, plans to sell nearly $5 billion worth of the company's shares, as revealed in a regulatory filing. This follows Amazon's stock reaching an all-time high of $200.43. Despite the sale of 25 million shares, Bezos will still hold approximately 912 million shares, representing 8.8% of the company. Earlier this year, he sold shares worth $8.5 billion after the stock surged by 80% in 2023. Bezos, also the founder of Blue Origin, is the second-richest person globally with a net worth of $214.4 billion. Amazon's recent strong performance is attributed to its success in leveraging artificial intelligence.

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