the shein ipo has been rumored for a while. huge growth on both sides of the atlantic in america and europe. when you list on the stock market, you also get scrutiny in other areas. esg credentials and if there is labor issues. we have seen it with other companies in the sector. >> ultimately shein is a huge player in the retail world. whether or not they list in london remains to be seen. how much pressure is the performance of shein putting on other retailers in the likes of h& h&m? >> it is huge pressure. they are taking share away from the more established fashion players. h&m has had a tricky year. we have seen shein take share in europe and in the u.s. because the price point is more competitive. they've got more scale. that is reading to questions to provide the products at cheap prices leading to the abuses in china. >> what i want to understand is if they're after the same customer. it feels it is the younger parts of the population that are shopping more heavily at shein. in the likes of h&m and shein going after the

temu and shein have been pushing sellers to handle their own delivery costs.rehouses and distributing from there. right now it's the only way the platforms can make it, he says. and this all likely adds up to higher prices for the products on his platforms, kelly? >> eunice is this already going into effect? this feels like it will change fundamentally the attraction a lot of u.s. consumers have found with these platforms because if you do, let's just say prices double to $5 or $10 that probably could lead to a lot of demand destruction. >> yeah. so far we don't have a whole lot of detail on this exact rule that the biden administration is going put in force, however, it will have a ripple effect. the u.s. customs exemption has been a really big part of the company's success for both of them and without that exemption, it's likely going to have two effects and one is what we are already seeing which is that there will be a greater trend for suppliers to take on more responsibility for deliveries and in that way that's actually good for the platforms because it

there's a lot of competition at this stage, when you think about shein, prime market, h&m how much of a problem for inditex is the fact that we're seeing players such as shein getting more and more attention from consumers >> so shein clearly has been growing very, very strongly in markets like the u.s i do think, though, shein, while it offers very, very compelling fashion at cheap prices, it has a slightly different customer demog demographic to zara. zara has the older shopper shein is sort of more the teens type of offering i would say the customer demographic is quite different, and zara is more the upper end of the mass market so it's not as affected by some of the retailers, cheaper reta retailers such as bryn mawr. taking shares from weaker independents and also department stores. >> right it's definitely an interesting sector thank you for breaking down your results of the back of the results. >>> and coming up on the show, we'll discuss what to expect from today's key u.s. cpi print and what it means for next week's fed decision. (man) this whale is unaware it's being exploi

the british boss of superdry slams chinese fashion retailer shein over tax avoidance and the environmental impact of its shipping. and we'll hear from the boss of one of the world's biggest recycling companies about the global imperative to do more of it. live from london this is business today. we start today with a look at global it resilience. later today, a senior executive at tech security firm crowdstrike will face questions from us congress about their disastrous software update that caused the largest global it outage in history. onjuly 19th, a bug—infested update was sent to millions of computers running microsoft windows around the world 7 crashing the systems of organisations from banking, to healthca re, and airlines. according to one estimate the disaster cost top us firms more than $5 billion. microsoft has announced changes to how it interacts with third party security firms. our technology editor zoe kleinman looks at the effects of the outage. thousands of flights grounded. doctor's appointments cancelled. tv channels falling off air. the it outage felt around the world in

this is one of many in china, supplying to teemu and shein is a market.ith an exemption. but the biden administration is introducing a rule to shut it down. without the exception, the cost will be higher, he said, products might have to be priced for teemu closer to amazon. yin says he can sell a $3 bill box at five bucks because them offer to pay all of the logistics costs once the item arrives at a company warehouse in china. those sold on amazon, teemu or sine, the costs once it arrives to china. the product in those sites tell for 40% more on amazon. with amazon, i need to pay for logistics and operations and storage, he says. and teemu and shein have been shipping their products. and yin is distributing them from there. right now, it's the only way the platforms can make it. union eunice yoon. >>> the miami dolphins will be out their starting quarterback he's recovering, as you may know, from his third concussion in two years, leading to concerns about hinge long-term health. here's nbc news correspondent sam brock. >> reporter: on tuesday, the miami

duty-free and meant to help small businesses shein and temu took advantage.ina to consumers and most customers spend far less than $800 they've avoided paying import taxes in recent years the biden administration is looking to tight than threshold saying any imports subject to other tariffs will now no longer be eligible for this fast-track process. since 70% of textile and apparel exports from china already face tariffs this would go a long way towards forcing companies to pay up ecommerce stocks moving on it today. temu's parent company closed down about 2.5% and wayfair up almost 6% and etsy up 7.5% this comes during china week most bills including on evs unlikely to go anywhere. the biosecure act pushes companies to stop doing business with chinese biot ttechbiotechs that could have legs and we'll be watching. >> thanks. >>> and bringing in dewardric o'neal a partner and great havy with us a lot of bills not likely to go anywhere the signal is clear to china i wonder how you think what the chinese response will be ither in a harris or trump administration

in the magnificent 7, we like microsoft as well. >> robert shein of blanke shein. you can go to cnbc.com for more insight. >>> now let's get a check on the top stories. silvana henao is here with those. good morning. >> sam altman plans to rally investors around building ai infrastructure, apparently moving closer to re. a bloomberg reporting altman is focusing on the u.s. leg of his efforts with a new price tag, totaling tens of billions of dollars. that report adding altman has suspect the first half of the year seeking the u.s. government's approval for a massive data center power plant and chip factory build-out. >>> meanwhile nippon steel is offering an olive branch to buy uss steal including vice president harris, rallying over the weekend saying uss steel should remain operating. we are seeing shares just fractionally lower in the premarket. >>> and goldman sachs is gaming out the impact of the november 7th election saying they would take a hit if trump takes the white house. should harris and the democrats sweep in november, new spending and kb banded middl

those shipments have skyrocketed since shein and temu took over in so many ways selling so much stuffperhaps flammable, perhaps not, to u.s. consumers i think i'm seeing here, 140 million to more than a billion of these shipments, and so the biden administration is now talking about putting a new rule in there to basically curb them as well. essentially, a tariff. >> well, david, you know that they were a gigantic advertiser on -- >> on facebook, on meta. >> that's why i think meta is now $5 because people say, wait a second, they're pulling their horns, and i think that's true but it's an opportunity to buy meta because actually, those of us who have seen the ads drop know that it's not been a great source -- >> in the last quarter, they actually said they needed to market more at temu, which actually had a beneficial impact but you're right i think they've anniversaried at meta, that quarter that was enormous where you saw that huge uptick because of the advertising you point to from both shein and temu as they competed here in the u.s. market shein is still waiting to go public may

two members of the consumer product safety commission are calling on the agency to investigate shein alleged sale of deadly baby products. recent media reports found both websites selling items that do not comply with u.s. safety standards. both companies say consumer safety is a top priority. >>> if you're in the market for a house or half a house, check out this listing. this home crushed by a tree near los angeles has now been listed for -- get this -- half a million dollars. it was a one bedroom-one bathroom bungalow, but this is what's left. missing walls, hanging wires, and no ceilings. the listing agent telling the los angeles it's an open-concept floor plan. >>> if you're a fan of this seasonal flavor, here's a job for you. personal finance site "finance buzz" is now hiring a pumpkin spice pundit. they're paying one person $1,000 to taste test 20 trader joe's pumpkin-flavored products. the site will then share the results as market research with the public. >>> that's your money watch report for this thursday morning. i'm shanelle kaul, cbs news, new york. >> i would be terri

safety regulators are calling for an investigation into the safety practices of shein and temu.aby and toddler products sold on the e-commerce sites. they say security is a top priority. temu says it requires all sellers to comply with laws and regulations related to product safety. >>> the dea has increased the production limit for adhd drug vyvanse. it will ensure patient demand will be met. >>> ford is recalling vehicles over faulty intake valves. impacted models include some 2021 and 2022 f-150s, broncos, explorers and edge vehicles. some lincoln aviators and nautilus models are also affected. >>> more than 2,000 pieces of "game of thrones" memorabilia are heading to action in dallas this october. some of those pieces include the iconic iron thrown and dragon eggs. we'll be right back. gon gon with claritin, relieving your allergies is a walk in the park. get fast, all-day relief of your worst allergy symptoms like nasal congestion. (♪♪) live claritin clear. that grimy film on your teeth? dr. g? ♪♪ it's actually the buildup of plaque bacteria which can cause cavities. most t

the british boss of superdry slams chinese fashion retailer shein over tax avoidance and the environmentalout the global imperative to do more of it. live from london this is business today. we start today with a look at global it resilience. later today, a senior executive at tech security firm crowdstrike will face questions from us congress about their disastrous software update that caused the largest global it outage in history. 0njuly 19th, a bug—infested update was sent to millions of computers running

shein has 35%, we have 12% look the reason had world war ii not just great patriots, the beaches of normandiend the globe make sure we push back on china third thing to extend to dominate western hemisphere policies that get china pushback out south america mexico, central america, so we will have some next week i haven't looked at every bill the message i am telling my constituents. >> great conversation we so appreciate your work we will be watching it thanks very much. >> take care look forward to the job report -- a week or so after they put it out tomorrow. >> we've had all those you revisions, no doubt chip roy joining us we will be right back with lara trump. . maria: welcome back, kamala harris in pittsburgh will spend five days hunker does down preparing for abc news presidential debate tuesday next we can with former president donald trump here is what she said about her preparations yesterday. >> -- >> president trump meanwhile, sticking to prep before the debate against president biden he engaging in policy discussion with his closest confidants abc news announcing debate rules no

shein said he would come with an old friend. because svetlana ivanovna refused.arently, she still remembers the massacre of the infants. good evening, everyone. good evening. please, allow me to introduce you to margarita genrikhovna, who is on duty. please. hello. people's artist of russia, known as the main voice of the big. honored. artist, romochka, leave these epithets for my obituary, my secretary is a bit of a conference at heart, well , i know the chairman, and you are a trifle, agatha, i am very glad to meet you, i am yours fan, but probably everyone tells you about it, no one recognizes me anymore, i hardly recognize myself, especially... in the mornings, no, come on, your voice is impossible to forget, i still can't accept any violet except your vtravyat, you have good taste, romochka, ask to turn down the air conditioner, i 'm going crazy, one second, give it up, cat? yes, hi, i missed you, when will we see each other? well, actually, i was planning to steal you for the weekend. you spend the weekends with your family. i'll say i'm going on a business

thought it was a bathing suit. >> i want to get a little more specific there's chevron, exxon and shein. maybe me three things made well. >> three big chemical producers. i get it. >> i left out dow because dow is trying to be more responsible. >> to get it back to china it's not an unimportant part of the global economy and it certainly is not moving at a fast pace right now they still claim they're growing at 4%, 5% -- >> i don't believe that. >> a lot of people don't believe that they're dealing with deflation, except for food prices, but that was brought on by drought. >> china, a big loser in the presidential debate. >> and still dealing with the property issues which are enormous so many municipalities were able to meet their obligations by selling land. >> when i want to cause pain to u.s. companies, there's always an investigation like proctor what did proctor do. sell a razor too expensive proctor, that's the problem. come on. companies are fiercely trying to - >> they're also going to export deflation to a certain extent. the evs, and you and i have discussed the last few days

. >>> a pair of commissioners are calling on the agency to investigate shein and temu after deadly baby they want to investigate how the companies comply with u.s. rules and handle relationships with third party sellers. >>> shares of trump media are trading at the lowest level since the company went public in march. it's down almost 80% from its high on march 26th. the move coming just weeks before trump and other company insiders can cash in. kelly? >> pippa, thank you very much. >>> coming up, a view on the state of tech and ai from a company that was reportedly in biotalks with salesforce earlier this year. the ceo joins us next, after a break. nate jones... lines things up... checks his fidelity app... looks to outside analysts to get a second opinion. nate likes what he sees... and he places the trade... talk about easier investing. >>> welcome back to "the exchange." despite the ai hype, it's been a rough go lately for the software names like datadog, down 17%, snow make 21%, and intomatica down 20%, but the ceo says they're well positioned to benefit as customers experiment with

now new concerns over the safety of baby and toddler products from shein and temu.beth schulze has the story. >> reporter: federal regulators are calling for an investigation into those popular e-commerce sites in a new letter to leaders at the consumer product safety commission cite recent media reports that deadly baby and toddler products are easy to find on these platforms. the letter does not single out specific items, but one report found padded crib bumpers banned by congress in 2022 are still available on the site. in a statement to abc news, temu said it requires all sellers to comply with laws and regulations including those related to product safety and it will fully cooperate with any investigation. they have exploded in popularity in the u.s. offering super cheap prices on everything from clothes to home goods. regulators say the platforms can offer great deals, but it's critical that they comply with u.s. safety standards to avoid any risk of injury. rebecca? >> rebecca: buyer beware. thank you very much. we turn now to new research out of stanford uni

biden administration is also working to close this popular loophole that lets te mixer -- temu and sheine-commerce sites, ship their products to the united states and escape tariffs on them. there's a loop hole that allows items worth less than $8000 to just sail through --ing 8000. a new proposal would hit the chinese e-commerce giants. ashley: lauren, thank you very much. cnn's data reporter or is worried about kamala harris' support among young voters. watch this. >> i think young voters, young voters, young voters. it's a group of voters that kamala harris is struggling versus what you might expect from a normal democratic candidate in a normal year. maybe taylor swift can deliver a new of those. -- few of those. ashley: that's the question, can taylor swift's endorsement help solve the democrats' young voting problem? and at 12 p.m. today, donald trump will hold a press conference in southern california before heading to las vegas for a campaign rally. trump is working hard to expand if his base in blue states. aishah hasnie has the very latest from southern california next. ♪ calif

plan to sell up to the 20 million shares, all a those issues are overshadowing any slivers of sun sheinstock. right now with shares at $19.96, okay, $19, they have gained 36% over the past year, but they are nowhere near the all-time high of $121 back in january of 2021. >>> and solar stocks are having their day in the sun. first solar rising to the top of the s&p 500, gaining 13.5% after last night's presidential debate. analysts are speculating that the move in solar comes after some polls indicated vice president kamala harris a appears to have come out on top during the can faceoff. of course, kamala harris and joe biden have pushed the green new deal. a lot of that is trying to transition to solar energy, so you've got sun run moving higher by 10 percent and sunova up 8.25%. falling treasury yields, so that is helping to boost the sector, and, by the way, it is the not just solar. many sectors are reacting at this hour to the trump-harris debate. now we're going to broaden it out with our power -- political power panel. was donald trump able to take the undecideds by storm? did har

so, it's an enormous opportunity for us >> they are not the only ones seeing opportunity amazon and sheinmexico, but he believes they can keep that moat, despite the new competition. mel? >> kate, thank you tim? >> it's always been an exciting story. it's always had a huge multiple. it's always been the amazon of latin america. in brazil, i think they are somewhere, you know, some of tt the -- if you look at the consumer middle class in these places, it's really exciting the margin is fantastic. as you extend it into credit and banking, new bank is a name that trades on the nasdaq, it's a name i'm long. it gives you that exposure to this growing kind of credit profile, but also the emerging middle class >> doubling the distribution centers from 10 to 21 basically by 2025. 42 times is expensiexpensive, bt ridiculously expensive when you look at the foothold they have if you look at the stock, say, $2,100, on price tag, it is, but valuation, not so much >> all right coming up, micron headlining earnings, still to come this week, and options traders are expecting a big move the setup, and ho

. >>> when we come back, temu and shein under investigation.n across the bod.ar bitcoin off by about 2.5% to 56,515. "squawk box" will be right back. >> i had 20 years of experience as an hr professional and i had reached a ceiling, so i enrolled in umgc. i would not be the person that i am today had it not been for the partnership with umgc. $20 refund for the loss of espn, abc and other channels owned by disney. subscribers lost access on sunday when an agreement expired. the signals were blacked out. directv says it pays disney $2 billion for channels. it has 11 million customers, making it one of the largest paid tv providers. a pair of commissioners at the consumers products safety commission are calling on the agency to investigate shein and temu. this after deadly baby and toddler products were sold on both websites. they want the agency to examine how the retailers comply with u.s. rules and handle relationships with third party sellers, both have come under scrutiny for the quality of the items they sell. >> there has been a saturday n

shein's answer for this report immediately. if any of you in the press get the opportunity to ask her a question, don't ask her how she's feeling, don't ask her what your day like, don't ask her about what it's like to be the first female -- potentially to be president of the united states. ask her about this report, ask her about her decision to withdraw in advance of 9/11, that's what you should be asking her about. so i want to thank chairman mccall for his efforts to uncover the truth, to get accountability for these families. and to make sure that this never happens again. to be clear, this is just the beginning, not the end. there will be a reckoning for this administration and everyone accountable for these decisions. [applause] >> next we have the father of jared smith and his stepmother. while -- wow, three years, three reports and we are now finally getting names. we are now getting a little bit closer to getting the answers that we have been fighting for. the most disheartening part of this besides obviously losing o

." ♪ >> ♪ old flames run out of miss me old chrome runs out of shein old bottles run out of whiskey antime an old promises break easy and old memories hit you hard but if you just let 'em in your heart good ol'dogs in god, will never let you down. listen when you're talking, just happy you are around i don't know why they love us but they do no matter what there's two things you can count on good ol' dogs in god they know all your secrets but they won't ever tell they've seen you at your weakest and help you get through hell but when you're in need of saving and feeling too far gone there are always waiting there for you to come on home good ol' dogs in god won't ever let you down they listen when you're talking just happy you're around i don't know why they love us but they do no matter what there's two things you can count on good ol' dogs in god ♪ [guitar solo] ♪ >> ♪ talking bout a best friend amen good ol' dogs in god won't ever let you down they listen when you're talking just happy you're around i don't know why they love us but they do no matter what there's two things you can

they're hoping that shein and temu get a comeuppance by amazon. that's another thing.ampioning china out here. no one. >> let's get the opening bell here. at the big board, it's the susan g. komen marking national breast cancer awareness month, beginning october 1. at the nasdaq, it's ss&c technologies, a provider of financial services and health care software. jim, speaking of financial services, we mentioned dimon, didn't get to this wire piece yesterday on jpmorgan talking to apple about the credit card. >> yeah, look, what the hell? why wasn't that a much bigger story in first of all, we can't find necessarily what apple wants to do. but second, i mean, this has been a giant, just, hole in goldman's complete roster of products, and you just haven't been able to see it, but oh, amen, did they ever want to get rid of this thing. and jamie, of course, can just integrate it, and by the way, they spent a lot of time with jensen huang. jpmorgan really advised a lot by nvidia. maybe this is one of those things where you can get the card and not have to have as many people

this whole temu i/shein. they're dollar tree and dollar general for china.f you put these tariffs on, whoa, bye-bye. i mean, nio is the only stock that has had anything positive and i don't want to buy nio. >> would the application of tariffs be like putting your heel boot -- the heel of your boot on the throat of china? >> i love that analogy. i hadn't thought about that. that's a better analogy than what i was -- totally. >> yeah. >> look, i think that china -- i don't want -- none of us want a desperate china, okay? and the fte specializes in how much business nvidia is doing in china, and the answer is, enough. enough. china is not the juggernaut of anything. i mean, i think that india, we're trying to figure out why that economy is not growing faster. i look up the different countries that make up apple, the new iphone coming out, and they're talking about the philippines and indonesia. you google these countries because when you went to school, they had much lower populations, and now we're starting to realize, no, apple is not related nearly as much t

whether it's temu, shein or pinduoduo and/or ten cent in their own market.fferent competitors in different areas for the company. but did want to point that out, guys, because i know we all remember it well. >> kind of takes us to some macro news on china, guys. i don't know if you saw china did not cut lending rates as expected last night. youth unemployment, david, i know you have been watching that number. 18.8% for people between the ages of 18 and 24. that's going to be the highs of the year. >> i thought they stopped reporting it for quite some time. listen, you know, we talk about it every so often, jim, the chinese economy is in no way strong. it is still the second largest in the world. the exports of the country are, though, really an issue, in part because that's where they are focused, and that's where the leadership seems focused. whether it's solar panels or evs or any number of other things, they are an export powerhouse. of course, as we know, and that's where they really are seemingly putting the pedal to the metal, as opposed to, perhaps, t

far, the protesters insist they will continue to protest calls to investigate e-commerce websites sheine available are known to lead to the deaths of children. >> now, in a joint statement, two consumer product safety commissioners are calling on the investigation. the commissioner cited an article in the information last month that found padded crib bumpers were being sold online. the product was banned by congress two years ago. additionally, the commissioners are asking for an examination of asian factories and vendors selling low value direct to consumer shipments. >> our time now. 548 a trend on tiktok that went viral over the weekend is now being investigated as a fraud. some users of tiktok are going to chase bank atm machines to deposit fake checks and then taking out the cash. the trend went viral, but chase bank says that trend is actually check fraud. a criminal offense. chase says it's reviewing the people involved and they face possible criminal charges. >> thousands of props and costumes from the world of game of thrones are headed to auction. hbo is putting more than 2000

also noted asian players like shein moving into lat-am. >> this company being around since 1999, that'sve had, a long existence, long history. is it wall street just kind of figuring out what's happening there? is it the development of their markets? what held them back initially? was it the market was a lot tougher to develop because of those reasons that he just laid out, some of the problems there? it took a lot longer. so one of the opportunities for a lot of these tech companies is there's not a lot of existing infrastructure. if you look at new bank, another example, the bank that operates in brazil, they were able to sort of leapfrog some of the existing infrastructure. mercado libre did the same thing starting in argentina. gal prin told me, it took a lot longer to build the infrastructure in the same way that amazon was able to spin up quickly. took longer, but they've seen pretty consistent growth since founding in 1999. one thing that is holding them back would be some of the skepticism, some of the volatility in latin america, that is sort of baked into the stock price. >> o