Worldcrunch
Discreet about its strategy, the Chinese company Temu is proving a fierce competitor to incumbent e-commerce brands, notably Amazon, by operating at a major loss. Some are worried whether its aim is to collect something more valuable: data on the habits of Westerners.
DETROIT — Outside Detroit, plans have been in the works for two years to transform the outdated Lakeside Mall into an open-air center with green space and a waterway. With the property in foreclosure and its ownership in limbo, the blueprints will have to be flexible. The mall’s troubles have spiraled since landlord GGP Inc. stopped paying the mortgage last year and then failed to find a buyer for the property amid turmoil in the retail industry. The center’s value, already less than the $135 million loan, was slashed another $25 million in February. Officials for the city of Sterling […]
HONG KONG — Couples planning to walk down the aisle in Hong Kong better have some deep pockets. Even as consumer prices generally have dropped on the Chinese island, the average cost for a wedding is up to 314,000 Hong Kong dollars (about $40,000), according to the China Daily News. Retail sales in Hong Kong […]
BEIJING — China’s Internet heavyweights all seem to be joining a kind of film industry gold rush. Sohu, one of China’s largest Internet portal operators, has acquired a 6.4% stake in KeyEast, a South Korean entertainment company, and Sohu CEO Charles Zhang has announced that it will consider producing films once the company’s downloading platform […]