Stolen Goods End Up On Amazon, Ebay And Facebook Marketplace
Aa
Share
The Internet offers many possibilities. Also, people who want to run illegal activities have an ideal place to do so.
In this article:
- Warren Buffett and his annual letter
- Ease of selling stolen items
- Latin America
Warren Buffett and his annual letter
In his annual letter to Berkshire shareholders, the 92-year-old Buffett urged investors to focus on the big picture over the long term, rather than higher inflation and other factors.
Billionaire investor Warren Buffett signaled on Saturday that he has not lost lasting confidence in the US economy and his company Berkshire Hathaway Inc.
Buffett called 2022 a "good year" for Berkshire, with many of its strongest companies holding up to the pressures of heightened inflation, rising interest rates and supply chain disruptions.
Billionaire investor Warren Buffett in his annual letter to shareholders urged investors to focus on the big picture over the long term, and pushed back on critics of stock buybacks. Read more https://t.co/SdVLJpK7wY pic.twitter.com/iAllyjuGFD
— Reuters Business (@ReutersBiz) February 26, 2023
Ease of selling stolen items
Over the past year, large-scale robberies have occurred at stores such as Louis Vuitton in San Francisco's Union Square and at nearby Nordstrom, which was robbed by 80 people.
Law enforcement and retailers are warning the public that this is not traditional shoplifting. What they see is rather theft organized by criminal networks.
Retailers say $68.9 billion worth of products were stolen in 2019. In 2020, three-quarters reported an increase in organized crime, and more than half reported cargo theft. Some major chains blame organized theft for recent store closures or their decisions to reduce opening hours.
Amazon, eBay and Facebook are where these stolen goods are sold, with critics saying they are not doing enough to put an end to the business. The companies disagree.
For example, Amazon says it has spent over $900 million and hired over 12,000 people in 2021 to prevent fraud and abuse. The company also says it requests "proofs of origin" when it has concerns about how products are sourced and works with authorities to eliminate illegal activity.
Getting started selling on Facebook Marketplace is relatively simple. Although it is against its policy to sell stolen goods, Meta typically does not require proof of identity other than a basic name and a verifiable email address or phone number needed to open a Facebook account.
How do stolen goods end up on Amazon, eBay and Facebook Marketplace? Watch the video to learn more and what the online marketplaces are doing to stop the sale of stolen products. https://t.co/oKgoSe6UJ4 pic.twitter.com/sC975Kpsdf
— CNBC (@CNBC) February 26, 2023
Latin America
Latin American economies performed well last year despite the upheavals caused by Russia's invasion of Ukraine and global interest rate hikes. In 2022, the region's economy grew by nearly 4%.
Despite this encouraging news on economic growth and inflation, 2023 is likely to be a challenging year for the region. Growth this year is expected to slow to just 2 percent, with higher interest rates and falling commodity prices.
Latin America's economy expanded by nearly 4% in 2022, employment recovered strongly, and the service sector rebounded from the damage caused by the pandemic. More on #IMFBlog: https://t.co/iFCzzU0810 pic.twitter.com/OWf2T8Qvh7
— IMF (@IMFNews) February 26, 2023
