Skip to main content

Featured Post

Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec

US Agency Puts Onus on Amazon for Sale of Hazardous Third-Party Products

 

Amazon.com is responsible for hazardous products sold by third-party sellers on its platform under federal safety law and bears legal responsibility for their recall, according to the US Consumer Product Safety Commission (CPSC) on Tuesday.

The CPSC issued an order requiring Amazon to propose plans to notify consumers about these products and to remove them from consumers' homes by encouraging returns or destruction. Amazon has not yet responded to Reuters' request for comment.

More than 400,000 products are affected by this order, including faulty carbon monoxide detectors, hairdryers lacking electrocution protection, and children's sleepwear that violates flammability standards.

The CPSC determined that Amazon is a "distributor" of these defective products, listed on its website, despite being sold by third-party sellers under the 'Fulfilled by Amazon' programme.

"Amazon failed to notify the public about these hazardous products and did not take adequate steps to encourage its customers to return or destroy them, thereby leaving consumers at substantial risk of injury," the CPSC stated.

In July 2021, the CPSC sued Amazon to force the recall of hundreds of thousands of hazardous products sold on its platform. Amazon had claimed to have removed the majority of those products and provided full refunds to customers at that time.

The CPSC also mentioned that Amazon argued before an administrative law judge that it was not acting as a distributor of the products within the meaning of the Consumer Product Safety Act and thus bore no responsibility for them.

The 'Fulfilled by Amazon' programme allows third-party sellers to list products on Amazon, which are then stored, packed, and dispatched by Amazon upon order.

Late last year, the CPSC warned consumers to stop using toy magnets from Chinese seller Doraemon, sold on Amazon.com, after seven deaths from ingestion.

Key Takeaways:

  • Responsibility: Amazon is held responsible for hazardous products sold by third-party sellers on its platform under federal safety law.
  • CPSC Order: The CPSC has ordered Amazon to propose plans for notifying consumers and removing the hazardous products from homes.
  • Affected Products: Over 400,000 products, including faulty carbon monoxide detectors, unsafe hairdryers, and non-compliant children's sleepwear, are affected.
  • Legal Dispute: Amazon argued it was not a distributor under the Consumer Product Safety Act, but the CPSC disagrees.
  • Fulfilled by Amazon: The programme involves third-party products stored, packed, and dispatched by Amazon.

The decision reinforces the CPSC's commitment to holding e-commerce platforms accountable for the safety of products sold on their sites.

Comments

Popular posts from this blog

INTC Share Watch and News

Stock Info Market Monitor Company Profile Intel Corporation designs, manufactures, and sells integrated circuits for computing and communications industries worldwide. It offers microprocessor products used in notebooks, netbooks, desktops, servers, workstations, storage products, embedded applications, communications products, consumer electronics devices, and handhelds. The company also offers system on chip products that integrate its core processing functionalities with other system components, such as graphics, audio, and video, onto a single chip. It also provides chipset products that send data between the microprocessor and input, display, and storage devices, such as keyboard, mouse, monitor, hard drive, and CD or DVD drives; motherboards that has connectors for attaching devices to the bus, and products designed for desktop, server, and workstation platforms; and wired and wireless connectivity products, including network adapters and embedded wireless cards used to translat

3M Raises Profit Forecast After Beating Quarterly Estimates on Electronics Demand

3M Co raised the lower end of its full-year adjusted profit forecast after strong demand for electronics and industrial products helped the company surpass quarterly profit expectations. Shares of 3M were up 4.2% at $140.5 in pre-market trading. An increase in demand for electronics used in vehicles and mobile phones boosted profits for the company, which had previously faced challenges as high inflation led consumers to delay major purchases. The industrial sector is also expected to benefit from the recent US Federal Reserve decision to cut borrowing costs in September, encouraging more consumer spending. 3M has implemented cost-cutting measures, including job reductions and spinning off its healthcare business, to counter the impact of a demand slowdown . Key highlights from the report: Sales in the transportation and electronics segment grew 1.8% year-on-year. Sales in the safety and industrial segment , which produces adhesives for industrial use, increased by 0.5% . 3M&

Key Corporate Updates from Malaysia

Ekovest Bhd : Major shareholder Tan Sri Lim Kang Hoo is considering selling his toll-road business, Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi), for up to RM5 billion. Ekovest owns 60% of Kesturi, with the remainder held by the Employees Provident Fund (EPF). Eco World Development Group Bhd : Through its subsidiary Mutiara Balau Sdn Bhd, EcoWorld is acquiring 847.25 acres in Semenyih, Selangor for RM742.41 million to develop Eco Forest 2, a project with an estimated RM4.6 billion in gross development value. Mah Sing Group Bhd : Mah Sing has purchased 5.24 acres on Old Klang Road for RM113 million to build M Aurora, a transit-oriented development with an estimated RM660 million gross development value, anticipated for launch in early 2025. Pentamaster Corp Bhd : The company’s third-quarter net profit dropped 49.9% to RM11.77 million, impacted by lower sales in its automated test equipment division and foreign exchange losses. Sentral REIT : The REIT saw a 25