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TikTok drops e-commerce plans, Foxconn raises outlook, WNBA star Brittney Griner asks Biden for help

Notable business headlines include TikTok dropping its e-commerce plans, Taiwan’s Foxconn raising its outlook despite waining consumer demand, and WNBA star Brittney Griner pleading for President Biden’s help to return back to the U.S.

Video Transcript

- Welcome back. Here are some other stories we are watching for you on this Tuesday morning. TikTok is no longer expanding its e-commerce initiative in Europe and the US.

The social media platform's plan to get into QVC-style shopping was hit by internal problems and struggled to pick up traction with consumers. The venture called TikTok shop was launched in the UK last year and included live broadcasts from brands and influencers to sell products through the video app, but the project has been dropped after failing to meet targets. TikTok said it has no current plans to roll out any more shopping features according to "The Financial Times."

Taiwan's Foxconn raised its full year outlook, citing strong sales of smartphones despite waning consumer demand, the company saying in a statement that June sales jumped 31% from a year ago to a record high for the month thanks to a rising sales of consumer electronics. Like other manufacturers, Foxconn has been impacted by the global chip shortage, which hurt smartphone production. But, the company said, it managed supply chain problems correctly and is expecting, quote, significant growth in the third quarter.

Basketball star Brittany Griner wrote a letter to President Biden pleading for his help. Griner has been detained for over four months on what Russia says are drug charges. In the letter, she wrote about her fear that she might never return to US soil and ask the President to not, quote, forget about me and other American detainees. US authorities reiterated that they are working aggressively and using every available means to bring her home.