Iran says it has enough reserves as currency crisis deepens
Iran’s central bank governor has sought to reassure the country’s financial markets, saying Tehran has enough foreign currency reserves...
Online fast-fashion platform Shein lost a London copyright lawsuit against rival Temu on Thursday over photographs used to promote some products.
The ruling comes as Shein seeks a valuation of between $30 billion and $40 billion through a Hong Kong initial public offering and marks the first round of the companies’ legal battle in London.
Thursday’s ruling dismissed Shein’s copyright infringement claims and upheld Temu’s counterclaim for damages arising from the removal of listings after Shein secured an injunction.
A Shein spokesperson said the company was surprised by the decision: "We do not believe that is the right outcome for brands and rights holders seeking to protect their copyright online."
Temu did not immediately respond to a request for comment.
At the start of the trial in May, Shein accused Temu of infringing its copyright "on an industrial scale", alleging that the rival platform used its photographs to advertise copies of Shein’s own-brand clothing and to "piggy-back" on a more established competitor.
Temu, owned by PDD Holdings, denied the allegations and argued that Shein was using litigation to stifle competition.
Temu’s separate counterclaim, which alleges that Shein broke competition law by tying fast-fashion suppliers to exclusive agreements, is due to go to trial next year.
Shein and Temu, which have rapidly expanded across international markets by selling low-cost clothing, accessories and gadgets, have also sued each other in the U.S.
Leaders of the Shanghai Cooperation Organisation (SCO) have gathered in Bishkek for a summit focused on trade, investment and transport as the group marks 25 years since its creation.
U.S. forces struck two Iranian rocket launchers on Larak Island on Sunday, with Tehran responding by launching ballistic missiles at two U.S. bases in Jordan in the first direct U.S.-Iran military escalation in weeks.
The U.S. has launched a fresh wave of strikes on Iran, targeting Islamic Revolutionary Guard Corps (IRGC) sites as Tehran retaliated against U.S. positions across the region, while Iranian officials said at least five people were killed and dozens wounded at a wedding near Sirik.
Apple is entering a new era as Tim Cook steps down as chief executive after 15 years at the helm, handing the technology giant's leadership to longtime executive John Ternus.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 1st September, covering the latest developments.
Chinese Premier Li Qiang has called on American companies to expand their presence in China and pledged that Beijing would address their "reasonable concerns," as China looks to stabilise trade ties with Washington ahead of President Xi Jinping's planned visit to the U.S. later this month
Volkswagen is heading towards a decisive showdown with labour representatives as Germany's largest carmaker weighs sweeping restructuring measures that could lead to factory closures and tens of thousands of job losses.
Online fast-fashion retailer Shein is seeking to raise up to $1.77 billion in a Hong Kong IPO after its valuation fell around 70 per cent from its private-market peak four years ago.
Kazakhstan has received a fresh vote of confidence in its economy after S&P Global Ratings upgraded the country’s credit rating, citing stronger public finances, solid reserves and steady economic growth.
AnewZ Business Europe, a new weekday programme, takes viewers inside companies driving growth and innovation across the continent, with Brickken CEO Edwin Mata joining the programme for its first episode with host Chief Global Editor Guy Shone. The show airs every Friday.
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