The European Commission has formally designated Temu as a Very Large Online Platform (VLOP) under the Digital Services Act (DSA). Temu is an online marketplace with an average of more than 45 million monthly users in the European Union. This user number, which Temu has communicated to the Commission, is above the DSA threshold for designation as a VLOP. Following the  designation as a VLOP, Temu will have to comply with the most stringent rules under the DSA within four months of its notification (i.e. by the end of September 2024), such as the obligation to duly assess and mitigate any systemic risks stemming from their services, including the listing and sale of counterfeit goods, unsafe or illegal products, and items that infringe intellectual property rights. Continue reading…

by Margrethe Vestager

The Commission has fined Mondelēz 337.5 million euros. We have done so because they have ben restricting the cross-border trade of chocolate, biscuits and coffee products in the European Union. We find that Mondelēz illegally restricted retailers from sourcing these products from Member States where prices are lower. This allowed Mondelēz to maintain higher prices. This harmed consumers, who ended up paying more for chocolate, biscuits and coffee. Mondelēz is one of the world’s largest producers of very well-known brands that many of us would buy on a daily basis. Just to name a few, Milka, Toblerone, Côte d’Or, Cadbury, Tuc, Lu, Ritz and Oreo are all Mondelēz brands. So this case is about the price of groceries. It is a key concern to European citizens, even more obvious in times of high inflation where many are living in cost-living crisis. It is also about the heart of the European project: the free movement of goods in the Single Market. Continue reading…

Since the genocide against the Tutsi and other massacres against moderate Hutu in Rwanda in 1994, judicial authorities in Europe, Rwanda and a UN tribunal have opened thousands of formal investigations and court cases against alleged perpetrators. In addition to the over 10 000 individuals tried by the Rwandan authorities, the International Criminal Tribunal for Rwanda has opened 93 cases and EU Member States judicial authorities have opened over 100 cases.
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Ahead of the anti-greenwashing rule coming into force on 31 May, the FCA is supporting industry with guidance to help them meet the standard. The new rule is designed to protect consumers by ensuring sustainable products and services they are sold are accurately described. Results from the latest Financial Lives survey shows significant consumer interest in sustainable finance as 81% of adults surveyed would like their investments to do some good as well as provide a financial return. This work supports the long-term growth and competitiveness of the sector by helping businesses meet this demand and ensuring consumers who invest in sustainability-related financial products can make informed decisions. Continue reading…

New research from regulatory compliance expert, Ideagen, reveals that almost half (48%) of food and beverage businesses now cite one or more ecological issues as a risk to their operations. This puts a combined group of planetary woes in fourth place among a ranking of all risks facing the sector. In analysis of the challenges businesses mention in their Risks and Uncertainties statements, weather is mentioned by 18%, climate change by 14%, environmental risk by 11% and sustainability by 5%. Added together, these become the single biggest risk other than financial worries for the first time. Continue reading…

by Fabio Accardi and Emiliano Di Carlo

The debate on corporate finalism, i.e. the purpose of existence of organisations, has always involved scholars, managers and, in general, a plurality of actors who are interested in economics and management issues. The reasons for this interest are deep and can be traced back to the crisis that the capitalist system is going through and which has made obsolete the theories focused on the sole ability of companies to create an economic surplus value in terms of margins between the resources used as raw materials/utilities, labor force and outputs in terms of products/services. The constant greater use and saturation of resources in environmental (raw materials/utilities) and social (workforce) terms and the progressive participation in consumption of larger segments of the population make the only parameter of the profitability of the individual production organisation unsustainable at the global community level. Continue reading…

The European Commission has designated Apple with respect to iPadOS, its operating system for tablets, as a gatekeeper under the Digital Markets Act (“DMA”). Apple now has six months to ensure full compliance of iPadOS with the DMA obligations. On 5 September 2023, the Commission designated Apple as a gatekeeper for its operating system iOS, its browser Safari and its App Store. On the same day, the Commission opened a market investigation to assess whether Apple’s iPadOS, despite not meeting the quantitative thresholds laid down in the DMA, constitutes an important gateway for business users to reach end users and therefore should be designated as a gatekeeper.
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by Giordano Di Veglia & Melania Franzese

Today the digital transformation acts as a driver of profitability of banking business models. The failure of strategic projects in most cases does not depend on strategic mistakes, but on difficulties in its implementation, which are often tragically underestimated. In other words, the analysis is correct, the solutions identified are right, but the bank has not adequately assessed its ability to implement the planned changes. Continue reading…

by Daniel Vaknine

In the complex landscape of modern business, the role of whistleblowers has evolved from isolated incidents within large corporations and government entities to a critical component of organisational integrity and risk management. Recognising the paramount importance of effective whistleblower programs, here follows 6 tips to enhance and optimise your whistleblowing function, ensuring they not only meet regulatory requirements but also foster a culture of transparency and ethical accountability. Continue reading…

by Inge van Dijk

On November second of last year the city of Amsterdam, came very close to disaster. It had been raining heavily for weeks, very unusual even by Dutch standards. Water levels in the waters north of Amsterdam had been rising. On top of that, storm Ciarán was about to reach the coast and drive up the water to even higher levels. Normally, under these circumstances, the sluices around the city drain excess water into the North Sea. But in this case the drainage system malfunctioned. At seven o’ clock that morning, people in some of the lower lying parts of the city saw the water sloshing against their basement windows. By that time the regional water authorities were in full crisis mode and the mayor had been warned. Finally, at half past seven the lock shafts at the sluices were repaired, and the water started to drop slowly. It was just in time: the water could have risen to up to one meter in parts of Amsterdam. Afterwards, the water authorities warned that, although there had been an exceptional combination of factors at play, we are likely to see these kind of water levels more often. Because of extreme weather conditions, caused by climate change. This is just one relative minor example from my home soil. I could have also mentioned the forest fires in Australia, droughts in Africa and central America and cyclones in South East Asia. Continue reading…