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☆ These Asian firms in Buffett's Berkshire Hathaway portfolio have surged, with one soaring 30%
▼ + stars: | 2024-08-29 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Shares of the five trading firms in Warren Buffett-backed Berkshire Hathaway 's portfolio — Itochu Corp , Marubeni Corp , Mitsubishi Corp , Mitsui & Co , and Sumitomo Corp — have surged, with one rising as much 30% in 2024. These five names are also the biggest of Japan's so-called sogo-shosha, or general trading companies, in which Berkshire placed big bets in 2020 and subsequently increased stakes in later years. Japan's trading houses, which trade in a wide range of products and materials, played a big role in Japan's economic growth. Though it holds Japanese and Chinese equities, it mostly invests in American companies, with Apple, American Express, Bank of America Corp. and Coca-Cola Co forming the bulk of its portfolio. Here are the Asian companies which Berkshire has invested in:

Persons: Warren Buffett, Berkshire Hathaway, Buffett Organizations: Berkshire, Itochu, Marubeni Corp, Mitsubishi Corp, Mitsui & Co, Sumitomo Corp —, Apple, American Express, Bank of America Corp Locations: U.S, Omaha , Nebraska, Berkshire

☆ Canada to slap 100% import tariffs on Chinese electric vehicles over 'unfair' competition
▼ + stars: | 2024-08-27 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

Canada already imposes 6.1% tariff on EVs manufactured in China and imported into Canada, the government said on Monday. The country will also put a 25% tariff on China-made steel and aluminum imports, effective Oct. 15. China is the third-largest country for steel imports into Canada, according to the Canadian Steel Producers Association. Canada's EV, steel and aluminum industries face "unfair competition" and trade practices from China, the government's finance department said. The EU also hit China-made EVs with higher tariffs in July, though it slashed some of the planned tariffs on China-made Tesla EVs as well as other Chinese EV makers last week.

Persons: Justin Trudeau, Blair Gable, Tesla, Vincent Chan, CNBC's Organizations: Canada's, Rideau Hall, Reuters, European, Canadian Steel Producers Association, EU, Biden Administration, EV, Aletheia Locations: Ottawa , Ontario, Canada, Reuters Canada, China, European Union, U.S

☆ China slams U.S. for adding firms to export control list over alleged support for Russian military
▼ + stars: | 2024-08-26 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden and Chinese President Xi Jinping before a meeting during the Asia-Pacific Economic Cooperation leaders' week in Woodside, California, Nov. 15, 2023. China on Sunday said it "resolutely opposes" the U.S. decision to add multiple Chinese entities to its export control list in a bid to further curb Russia's access to advanced U.S. technology required for its weapons. The U.S. on Friday said it is tightening export controls to "further restrict the supply of both U.S.-origin and 'U.S. A total of 123 entities were added to the list, including 42 located in China, 63 from Russia and 14 in Türkiye, Iran, and Cyprus. Firms on the "Entity List" are subjected to export restrictions and licensing requirements for certain technologies and goods.

Persons: Joe Biden, Xi Jinping, Alan Estevez Organizations: Economic Cooperation, Xinhua, China's Ministry of Commerce, Firms, Commerce, Industry Locations: Asia, Woodside , California, China, Beijing, U.S, Russia, Belarus, Ukraine, Türkiye, Iran, Cyprus

☆ China's Huawei is reportedly set to release new AI chip to challenge Nvidia amid U.S. sanctions
▼ + stars: | 2024-08-14 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +3 min

Chinese technology giant Huawei is set to challenge Nvidia with a new artificial intelligence chip amid U.S. sanctions that had sought to curb the Chinese tech giant's technological progress, according to a Wall Street Journal report. U.S. regulators in 2022 had slapped restrictions on Nvidia to stop the firm from selling AI chips, including the H100, in China, citing national security concerns. Huawei has been at the center of U.S. sanctions aimed at securing U.S. networks and supply chains. Huawei was then placed on a U.S. trade blacklist in 2019, which banned U.S. firms from selling technology — including 5G chips — to the Chinese tech giant. In 2020, the U.S. tightened chip restrictions on Huawei, requiring foreign manufacturers using American chipmaking equipment to obtain a license to sell semiconductors to Huawei.

Organizations: Huawei, IFA, Nvidia, Wall, Nvidia's, Baidu, China Mobile, Apple, U.S, Intel, Qualcomm Locations: BERLIN, GERMANY, U.S, China

☆ Samsung second-quarter operating profit soars 1,458% as AI demand remains strong; results top estimates
▼ + stars: | 2024-07-31 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +3 min

Revenue: 74.07 trillion Korean won (about $53.45 billion) vs. 73.74 trillion Korean won74.07 trillion Korean won (about $53.45 billion) vs. 73.74 trillion Korean won Operating profit: 10.44 trillion Korean won vs 9.53 trillion Korean won Samsung's revenue for the quarter ended June jumped 23.42% from a year earlier, while operating profit soared 1,458.2%. For the second half, Samsung said it expects the demand from server AI to stay strong across server products including HBM and SSD. The firm added that expanding capacity to meet demand for HBM and server DRAM could further constrain supply of conventional memory chips. Memory momentumHBM memory chips are crucial for AI chips – which have seen a huge demand enabled by the AI boom. The South Korean electronics giant saw record losses in 2023 as the industry reeled from a post-Covid slump in demand for memory chips and electronics.

Persons: Joan Cros, CLSA, SK Kim Organizations: Samsung, Mobile, Getty, Nurphoto, Samsung Electronics, Korean, SK Hynix, Nvidia, SK, Daiwa, Markets, Business Locations: Barcelona, Spain, LSEG, Korean

☆ Self-driving tech company WeRide accelerates global expansion as transportation industry adopts AI
▼ + stars: | 2024-07-30 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +4 min

(Photo by Jia Tianyong/China News Service/VCG via Getty Images) China News Service | China News Service | Getty ImagesSelf-driving technology firm WeRide is accelerating its global expansion as the artificial intelligence boom boosts adoption of machine learning in transportation. Things are moving relatively fast because of the development of AI right now," said Sebastian Yee, Singapore director of business development at WeRide. In June, the firm began safety testing for "Robosweepers" in Singapore, following similar rollouts in multiple cities in China. watch now"WeRide is the only company which has [driverless] permits from the U.S., China, UAE and Singapore. Some [companies] just have permits from one or two countries, but we have four countries," said Kerry Xu, Singapore general manager of WeRide.

Persons: WeRide, Jia Tianyong, Sebastian Yee, Kerry Xu, Xu, Yee Organizations: SAE, China News Service, Getty Images, Getty, Logistics, Renault, Nissan, Mitsubishi, GAC Group, Nasdaq, U.S, SEC, Changi Airport Locations: BEIJING, CHINA, Beijing, China, Singapore, WeRide, Silicon Valley, Guangzhou, U.S, UAE, Japan, Europe, Cayman Islands, Southeast Asia

☆ How Visa employed artificial intelligence to check $40 billion in fraud as scammers also take to AI
▼ + stars: | 2024-07-26 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

Payments giant Visa is using artificial intelligence and machine learning to counter fraud, James Mirfin, global head of risk and identity solutions at Visa, told CNBC. The company prevented $40 billion in fraudulent activity from October 2022 to September 2023, nearly double from a year ago. Fraudulent tactics that scammers employ include using AI to generate primary account numbers and test them consistently, said Mirfin of Visa. We do about 300 billion transactions a year," Mirfin told CNBC. It's looking at a range of different attributes and we're evaluating every single transaction," Mirfin said.

Persons: James Mirfin, Mirfin Organizations: Visa, CNBC, PAN

☆ Apple's no longer among top 5 smartphone vendors in China as domestic brands dominate market
▼ + stars: | 2024-07-26 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Apple was edged out of the top five smartphone vendors' list in China in the second quarter, as competition from domestic brands such as Huawei intensifies, according to a Canalys report. Apple's market share in China shrank to 14% in the second quarter, the report released Thursday showed, from 15% in the first quarter and 16% in the same period a year ago. The iPhone maker, which was the third-largest smartphone vendor in the second quarter last year, dropped to the sixth spot with about 9.7 million in shipments, according to CNBC calculations. "It is the first quarter in history that domestic vendors dominate all the top five positions," said Lucas Zhong, research analyst at Canalys. Apple's shipments have been declining since the first quarter when they dropped 25% year on year to 10 million units.

Persons: Lucas Zhong, Zhong, Canalys Organizations: Apple Smart Products, Apple, Huawei, CNBC, Canalys, Apple Intelligence Locations: Nanjing, Shanghai, China

☆ Nvidia supplier SK Hynix posts highest quarterly profit in 6 years on AI chip leadership
▼ + stars: | 2024-07-25 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +3 min

A man walks past a logo of SK Hynix at the lobby of the company's Bundang office in Seongnam on January 29, 2021. SK Hynix, one of the world's largest memory chipmakers, on Thursday said second-quarter profit hit its highest level in 6 years as it maintains its leadership in advanced memory chips critical for artificial intelligence computing. Here are SK Hynix's second-quarter results compared with LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate:Revenue: 16.42 trillion Korean won (about $11.86 billion), vs. 16.4 trillion Korean won16.42 trillion Korean won (about $11.86 billion), vs. 16.4 trillion Korean won Operating profit: 5.47 trillion Korean won, vs. 5.4 trillion Korean wonOperating profit in the June quarter hit its highest level since the second quarter of 2018, rebounding from a loss of 2.88 trillion won in the same period a year ago. The South Korean giant supplies high-bandwidth memory chips catering to AI chipsets for companies like Nvidia. High-bandwidth memory chip supplies have been stretched thanks to explosive AI adoption fueled by large language models such as ChatGPT.

Persons: LSEG, SK Kim, Kim Organizations: SK Hynix, SK Hynix's, Nvidia, SK, Daiwa, Micron, Samsung Locations: Seongnam

☆ Chinese EV stocks drop after Tesla's earnings miss, General Motors delays EV plans
▼ + stars: | 2024-07-24 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

(Photo by Costfoto/NurPhoto via Getty Images)Shares of major Chinese electric vehicle companies dropped Wednesday after U.S. giant Tesla 's earnings fell short of analysts' estimates and General Motors delayed its EV plans. EV hype has been dwindling, as automakers from Tesla to General Motors scale back or delay their EV plans. Tesla shares closed 2.04% lower. Separately, General Motors on Tuesday said it was delaying further a second U.S. electric truck plant and the Buick brand's first EV. Investors were spooked by the pullbacks in growth businesses and General Motors' shares closed 6.42% lower on Tuesday despite solid financial results.

Persons: Tesla, Xpeng, Nio, Li Auto, Elon Musk, Musk Organizations: 21st Changchun International Automobile, Getty, U.S, General Motors, EV, Zhejiang Leapmotor, SAIC, Motors, Buick, Investors Locations: Changchun, Jilin province, China, Hong Kong, BYD, Zhejiang, U.S, Xpeng

☆ TSMC second-quarter profit beats expectations as AI chip boom continues
▼ + stars: | 2024-07-18 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

Taiwan Semiconductor Manufacturing Company on Thursday beat revenue and profit expectations in the second quarter, as demand for advanced chips used in AI applications continue to surge. The firm guided second-quarter revenue to be between $19.6 billion and $20.4 billion. Today, the demand is so high I had to work very hard to meet customer demand," Wei told analysts. TSMC projects third-quarter revenue between $22.4 billion and $23.2 billion. This compares to $17.3 billion in revenue posted in the same period a year ago.

Persons: C.C, Wei Organizations: Taiwan Semiconductor Manufacturing Company, Samsung, Intel, Apple, Nvidia, TSMC Locations: Taiwan, TSMC

☆ Money launderers are increasingly turning to crypto to conceal flow of funds, Chainalysis says
▼ + stars: | 2024-07-16 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Money launderers are increasingly using cryptocurrencies to conceal the origins and movement of illegally-obtained funds, according to a report by Chainalysis. In 2024, money laundering in crypto encompasses all crime — not just that which is inherently tied to the crypto ecosystem," the blockchain analytics firm said in a July report. Money launderers use various methods such as crypto mixers, cross-chain bridges and "hops" between wallets to conceal the flow of funds. Crypto mixers, or tumblers, involve mixing crypto from various sources to make the detection of their origin and ownership difficult. Bad actors also leverage on crypto bridges to hide the origins of funds by moving them between different blockchain networks.

Persons: — Locations: Paris, France

☆ Apple expands Vision Pro to more countries outside the U.S.
▼ + stars: | 2024-07-12 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

The Apple Vision Pro headset is displayed at the Fifth Avenue Apple store on Feb. 2, 2024 in New York City. Apple's mixed reality headset, the Vision Pro, will become available in more countries outside of the U.S. on Friday. The Vision Pro will also hit the shelves in Canada, France, Germany and the U.K. when stores open. At one of Apple's largest stores in London on Regent Street, customers booked slots for demos with the Vision Pro. But the Vision Pro demos offer Apple a chance to convince people why they should drop $3,499 for its headset — far pricier than other mass-market headsets.

Persons: Bryan Ma Organizations: Apple, Fifth, Vision, Singapore –, Regent, International Data Corporation Locations: New York City, Australia, Canada, France, Germany, China, Hong Kong, Japan, Singapore, London

☆ JPMorgan is bullish on this Southeast Asian country, cites opportunities in data centers
▼ + stars: | 2024-07-11 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

NEW YORK, NEW YORK - MAY 26: The JPMorgan Chase logo is seen at their headquarters building on May 26, 2023 in New York City. Data centers have been widely talked about and Malaysia is emerging as an attractive investment opportunity offering different sectors and ideas to play, according to JPMorgan. "It's a multi-theme story going on," Rajiv Batra, head of Asia-Pacific (ex-Japan/China) equity strategy at JPMorgan, told CNBC's "Squawk Box Asia" Wednesday. Penang has proven themselves as a tech hub overall," said Batra, adding that Malaysia offers "multiple sectors and ideas to play." "Besides that, we are seeing they are going into the electric vehicles, they are going into the green energy overall.

Persons: Rajiv Batra, CNBC's, Batra Organizations: NEW, JPMorgan Chase, New York City ., JPMorgan, Malaysia Locations: New York City, Malaysia, Asia, Pacific, Japan, China, Penang, Kuala Lumpur, Southeast Asia

☆ 'Don't get tired': Samsung Electronics workers extend strike indefinitely, say chip production disrupted
▼ + stars: | 2024-07-10 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

Workers at South Korean tech giant Samsung Electronics will extend an unprecedented strike over pay and benefits "indefinitely," its labor union said in a statement on Wednesday. This is the first strike by the labor union in Samsung Electronics' entire 55-year history, according to local media. "The company remains committed to engaging in good faith negotiations with the union," Samsung said. The NSEU, which extended the strike saying Samsung management was not keen on holding discussions, asserted the strike had disrupted chip production. Samsung Electronics is the world's largest maker of memory chips, commonly found in consumer devices such as smartphones and laptops.

Persons: Samsung, Yonhap, – CNBC's Lim Hui Jie Organizations: National Samsung Electronics Union, Workers, South, Samsung Electronics, Samsung, Hyundai Motor, Korean Locations: Hwaseong, South Korean

☆ Stolen crypto doubled to $1.38 billion in the first half of 2024, research firm says
▼ + stars: | 2024-07-09 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Hackers more than doubled their cryptocurrency spoils in the first half of 2024 compared with a year ago, a report from blockchain research firm TRM Labs showed. The report said $1.38 billion worth of crypto was looted between Jan. 1 and June 24, more than twice as much as the $657 million stolen in the same period a year ago. The largest heist so far this year swiped more than $300 million worth of bitcoin from Japanese crypto exchange DMM Bitcoin. TRM Labs said there have not been fundamental changes in the crypto ecosystem's security that could have contributed to the increase in amount stolen. But the firm noted that crypto prices have been higher on average in the first half of this year, which could have contributed to the higher value of stolen crypto.

Organizations: TRM Labs, Labs

☆ Southeast Asia's IPO market fell drastically in the first half, but AI listings could revive it
▼ + stars: | 2024-07-08 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Southeast Asia's IPO market declined significantly in the first six months of 2024, with market capitalization plunging 71% to $5.8 billion, a report from Deloitte showed. There were no blockbuster IPOs from January to June, with only one large IPO with market capitalization of more than $1 billion and raising more than $200 million, Deloitte said. In the same period a year ago, there were three large IPOs which raised more than $600 million each. The downward trend signals "subdued IPO market sentiments where investors and IPO candidates continue to navigate macroeconomic factors," Deloitte said. Still, the report pointed out that historically, the latter half of the year "has always been the better performing half between 2020 to 2022."

Persons: Deloitte Organizations: Deloitte

☆ Samsung shares hit over 3-year high after better-than-expected guidance on strong AI demand
▼ + stars: | 2024-07-05 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

The stock climbed as much as 2.24% on Friday morning, trading at a high of 86,500 Korean won ($62.73), according to LSEG data. The expected operating profit beat a LSEG estimate of 8.51 trillion won. The firm also said it expects revenue for the second quarter to be between 73 trillion to 75 trillion won, from 60.01 trillion won a year ago. This is in line with the 73.7 trillion won estimated by LSEG analysts. The South Korean electronics giant saw record losses in 2023 as the industry reeled from a post-Covid slump in demand for memory chips and electronics.

Persons: Joan Cros Organizations: Samsung, Mobile, Getty, Samsung Electronics, South, LSEG, Business Locations: Barcelona, Spain, Korean

☆ China leads the patents race for generative AI, with Tencent and Baidu topping the list
▼ + stars: | 2024-07-04 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

TIANJIN, CHINA - JUNE 20: A humanoid robot Xiao Qi is on display during the 2024 World Intelligence Expo at the National Convention and Exhibition Center (Tianjin) on June 20, 2024 in Tianjin, China. (Photo by VCG/VCG via Getty Images)China dominates the global race in generative artificial intelligence patents, filing more than 38,000 patents from 2014 to 2023, a new United Nations report on Thursday showed. Generative AI is a type of artificial intelligence that allows users to generate content such as text, images, music, audio, and videos. Geographically, China leads with 38,210 inventions, far surpassing the U.S. (6,276), Republic of Korea (4,155), Japan (3,409) and India (1,350). Generative AI patents currently make up 6% of total AI patents in the world, according to the report.

Persons: Xiao Qi Organizations: National Convention, Exhibition Center, Getty Images, United Nations, U.S, UN, Intellectual, Organization Locations: TIANJIN, CHINA, Tianjin, China, Republic of Korea, Japan, India

☆ China's BYD is set to take Tesla's crown as the world's No. 1 producer of battery electric vehicles
▼ + stars: | 2024-07-03 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Chinese electric vehicle maker BYD is on track to overtake Tesla in battery electric vehicle sales this year, with its BEV market share expected to surge, according to a Counterpoint Research report. "This shift underscores the dynamic nature of the global EV market," Counterpoint analysts said in the report released Tuesday. BYD's second-quarter battery EV sales jumped nearly 21% year on year to 426,039 units, according to CNBC's calculations. Counterpoint said China "remains a dominant force in the BEV market" with BYD leading the way. China's BEV sales are estimated to be four times that of North America's in 2024, the research firm said.

Persons: BEV, BYD's, BYD, Tesla, China's BEV Organizations: Research, U.S, EV Locations: Munich, Germany, China, North America's

☆ Google invests in BlackRock-backed Taiwanese solar developer to boost energy capacity amid AI boom
▼ + stars: | 2024-07-01 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

The aerial view reveals the mutual benefits of combining solar energy production and agricultural land use. Farmers can lease their land to solar energy developers, diversifying their income streams while maintaining agricultural activities on the remaining areas. Google will partner with BlackRock to develop a 1 gigawatt pipeline of new solar capacity in Taiwan, the U.S. tech giant announced Monday as it seeks to boost energy capacity and cut carbon emissions amid the artificial intelligence boom. The new solar capacity will help power Google's data centers and cloud region in Taiwan, the press release said. Some of the clean energy capacity will also be offered to Google's chip suppliers and manufacturers in the region, it said.

Persons: Amanda Peterson Corio Organizations: BlackRock, Google, New Green Power, Taiwan Renewable Energy Locations: Taiwan, U.S, BlackRock

☆ Gen Z's shopping decisions are heavily driven by TikTok and influencers, report finds
▼ + stars: | 2024-07-01 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Young Asian woman unboxing new purchase clothings from cardboard box that received from her online shopping retail delivery at home. Online shopping, trustworthy parcel delivery serviceGeneration Z in Asia-Pacific is taking fashion cues from idols and influencers, heavily driven by TikTok, a new KPMG report showed. Gen Z ranked social commerce (63%) and livestreaming commerce (57%) as important to their shopping experience, the survey revealed. Social commerce was the most popular form of retail tech among Gen Z – especially in China, Vietnam, Indonesia and the Philippines. Gen Z is known as the first generation to grow up with the internet and digital devices as a part of daily life.

Persons: Gen, Z, Irwan Djaja Organizations: KPMG Locations: Asia, Pacific, China, Singapore, Indonesia, Vietnam, Philippines, KPMG Indonesia

Employees work at the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Jan. 4, 2024. Asia-Pacific markets opened lower on Thursday, as the Japanese yen weakened to a near 38-year low late Wednesday, hitting 160.82 against the U.S. dollar, according to FactSet data. The yen last breached the 160 level against the dollar two months ago, prompting the Japanese government to prop it up in the country's first currency intervention since 2022. Japan's year-on-year retail sales growth for May came in at 3%, higher than the market forecast of 2%, according to a Reuters poll of economists. Investors in Asia will also look toward China's May industrial profit numbers which will be released on Thursday.

Organizations: Tokyo Stock Exchange, Japan Exchange Group Inc, U.S ., Investors Locations: Tokyo, Japan, Asia, Pacific, Japan's

Sydney Harbour taking in the Harbour Bridge, Opera House and ferries at sunrise during the COVID-19 pandemic on April 20, 2020 in Sydney, Australia. Asia-Pacific markets mostly opened lower Wednesday as investors anticipate Australia's inflation numbers for May and Singapore's May manufacturing output data. Australia's weighted inflation rate is expected to come in at 3.8% in May, according to a Reuters poll of economists. The reading comes after Reserve Bank of Australia Governor Michelle Bullock recently revealed the central bank discussed hiking rates at its last meeting. The RBA has two inflation readings to consider — June 26 and July 31— before its next meeting on Aug. 6.

Persons: Michelle Bullock, Singapore's Organizations: Sydney Harbour, Opera House, Singapore's, Reserve Bank of Australia Locations: Sydney, Australia, Asia, Pacific, Japan

☆ E-commerce firm Shopee agreed to adjust its practices in Indonesia after watchdog says it violated competition law
▼ + stars: | 2024-06-26 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

(Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)Shopee and its courier service Shopee Express agreed to adjust its current practices after admitting to breaching a competition rule in Indonesia, the country's watchdog said on Wednesday. "Shopee and Shopee Express admitted that they had violated Law no. KPPU said Shopee proposed adjustments to its current practices on June 20 which were approved by the commission council. "Shopee Indonesia attended a meeting with KPPU on 25 June to discuss points of the integrity pact that was shared by KPPU last week. Last month, KPPU revealed its preliminary investigation found that Shopee allegedly prioritized Shopee Express in every package delivery to consumers.

Persons: Rafael Henrique, Shopee, Persaingan Usaha, KPPU Organizations: Getty, Shopee, Shopee Express, KPPU, CNBC, Express Locations: BRAZIL, Indonesia, Shopee Indonesia, Republic of Indonesia

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