Amazon has unveiled a new budget-friendly outlet called Haul, aiming to capture the market share of low-cost retailers such as Temu and Shein. Announced on Wednesday, Haul is a mobile-only shopping experience within Amazon’s Shopping app, exclusively available to US customers.

The standout feature of Haul is its price cap, with all products available for $20 (approximately £15.79) or less. The platform promises “crazy low prices” for goods that may take up to two weeks for delivery—a strategy mirroring the business models that have driven the rapid growth of its Chinese rivals.

Temu and Shein have seen explosive growth in recent years by offering inexpensive items with extended shipping times. However, they have also faced scrutiny for their environmental impact and alleged exploitation of import loopholes. “Temu and Shein have faced backlash both for taking advantage of import loopholes and for being wasteful and environmentally irresponsible,” said Sucharita Kodali, a retail analyst at Forrester. Kodali noted that Amazon Haul could face similar challenges.

Despite these potential pitfalls, Amazon is focusing on low-cost offerings with products priced significantly below the $20 cap. The company cited examples such as a three-piece razor set and a necklace, bracelet, and earring set, each priced at under $3. To further attract shoppers, Amazon is offering free shipping on orders over $25, with expected delivery times between one and two weeks.

“Finding great products at very low prices is important to customers, and we continue to explore ways that we can work with our selling partners so they can offer products at ultra-low prices,” said Dharmesh Mehta, Amazon’s vice president of worldwide selling partner services. Mehta emphasized that the Haul shopping experience is still in its “beta” phase, with plans to refine and expand the platform based on user feedback.

Haul also promises that all listed products will be backed by Amazon’s product guarantees, ensuring consumer confidence in product safety. The move comes as global regulators increasingly monitor platforms that push mass-produced goods at exceptionally low prices. For instance, the European Commission initiated action against Temu in October over concerns about illegal product sales.

“It’s still early days,” Mehta stated, adding that Amazon will assess customer feedback to adapt and improve the service in the coming months.

With Haul, Amazon is making its most significant foray yet into the competitive market for ultra-affordable, slower-shipping products—a market that has upended conventional retail practices and attracted millions of budget-conscious shoppers worldwide.

Seven French families are suing TikTok, accusing the popular social media platform of exposing their children to harmful content that contributed to severe consequences, including two teenagers taking their own lives. The case, filed in the Créteil judicial court, claims TikTok’s algorithm promoted content related to self-harm, eating disorders, and suicide, according to Laure Boutron-Marmion, the families’ lawyer.

Boutron-Marmion described the lawsuit as the first of its kind in Europe and stated that the families aim to hold TikTok legally accountable for the content their platform failed to moderate. “This is a commercial company offering a product to consumers who are, in addition, minors. They must, therefore, answer for the product’s shortcomings,” she explained to French media.

One of the tragic cases involves Marie, a 15-year-old who took her own life in 2021. Her mother has argued that TikTok’s exposure to dangerous video content was a significant factor leading to Marie’s death. The ongoing criminal complaint filed last year by Marie’s parents remains separate from the current group lawsuit.

Another teenager involved in the case also died by suicide. Four of the remaining five young women reportedly attempted suicide, with at least one developing an eating disorder after engaging with content on the platform.

TikTok has responded, stating that it has not received any notifications of legal proceedings related to these allegations. The company emphasized its community guidelines, which prohibit content promoting self-harm or suicide, and highlighted its use of technology and human moderators to enforce these standards.

Despite TikTok’s claims of rigorous safety measures, the social media giant has faced increasing scrutiny for its content moderation practices, echoing concerns raised about the impact of social networks on vulnerable youth.

Bitcoin crossed the $70,000 mark for the first time since June, as investor optimism grows ahead of MicroStrategy’s earnings release and the upcoming U.S. presidential election. The leading cryptocurrency climbed 2% to $71,048.36, while Ether, the second-largest cryptocurrency, jumped 5%.

Stocks tied to cryptocurrencies followed the upward trend, with Coinbase, a major crypto exchange, advancing 3%, and MicroStrategy, a company known for its significant bitcoin holdings, rising 5% in premarket trading. The last time Bitcoin approached this level was earlier this year in June, after hitting its all-time high of $73,797.68 in March. Although previous rallies above $70,000 were short-lived, current momentum is building as markets prepare for key financial and political events.

With the U.S. presidential election just days away, Bitcoin has traded within a narrow range between $55,000 and $70,000. However, the approaching Election Day on November 5 and the Federal Reserve’s upcoming rate policy decision on November 7 could serve as catalysts for a potential breakout. Republican nominee and former president Donald Trump has embraced the crypto industry, positioning himself as a pro-crypto candidate, while Democratic nominee Kamala Harris has been more reserved on the issue, leaving the sector divided on how her presidency might impact the industry.

Investors are also closely monitoring earnings from Coinbase and MicroStrategy, both scheduled for Wednesday. MicroStrategy, often viewed as a proxy for bitcoin due to its large holdings, has seen its longest winning streak since 2010, with Monday’s closing price being its highest since March 15, 2000.

Bitcoin has surged 5% over the past week, putting it on track to close October with a 12% gain. The rise has been fueled by significant inflows into bitcoin ETFs, contributing to the cryptocurrency’s positive momentum as the month draws to a close.