Black Friday, one of the most eagerly anticipated shopping events of the year, has increasingly become a prime target for scammers.

With the proliferation of discounts and deals, especially during the crucial “golden quarter” of retail sales, the risks for unsuspecting consumers have multiplied.

A recent study by Bitdefender’s Antispam Lab revealed that 77% of Black Friday spam emails in 2024 are fraudulent.

This represented a 7% rise in the proportion of spam emails identified as scams compared to Black Friday 2023, and a 21% increase compared to 2022.

US received 38% of all Black Friday-themed spam while Europe accounts for 44% of global Black Friday-themed spam, highlighting the international nature of this growing problem.

Additionally, wellbeing charity Caba found that millennials and Gen Z are three times more likely than baby boomers to fall victim to online shopping scams.

Why Black Friday scams are on the rise?

According to a report by Euronews, one of the most significant factors driving the increase in Black Friday scams is the affordability and accessibility of scamming tools.

Cybersecurity expert Adrianus Warmenhoven from NordVPN notes that phishing kits, fake website layouts, and malware-as-a-service subscriptions are readily available on the dark web.

These tools, which include personal tutorials, cost as little as $50 for basic setups and up to $400 for advanced capabilities like bypassing one-time passwords (OTP) and two-factor authentication (2FA).

“Scammers impersonate major platforms such as PayPal, Amazon, and various banking websites to deceive consumers,” Warmenhoven told the publication.

These fake shop pages are often designed with meticulous attention to detail, featuring card verification prompts, anti-bot systems, and evasion techniques to bypass detection.

The result is a more sophisticated scam that can easily fool even cautious shoppers.

Tailored scams target specific consumer groups

Another alarming trend is the customization of scams to target specific demographics.

Fraudsters often create fake deals for luxury goods aimed at fashion enthusiasts, counterfeit gadget offers for tech lovers, or fraudulent surveys disguised as promotions from popular grocery chains like Tesco or Costco.

The rise of artificial intelligence (AI) has further enabled scammers to craft near-perfect replicas of legitimate websites and emails, complete with matching colors, fonts, and layouts.

These advances make it increasingly difficult for consumers to distinguish between genuine and fraudulent offers.

Sustainability-conscious shoppers have also become a target.

With more consumers prioritizing eco-friendly products, scammers are exploiting this trend by falsely claiming their goods are sustainably sourced.

These claims often go unverified, resulting in unsuspecting buyers falling for deceptive marketing tactics.

Bargain hunting increases vulnerability

Economic pressures, including rising living costs and higher interest rates, have made consumers more price-sensitive, Euronews further reports.

This has led to a surge in bargain-hunting behavior, which scammers are quick to exploit.

Many consumers, eager to snag a deal, fail to thoroughly vet the origin, reviews, or quality of products and sellers.

Websites like Temu and Shein have faced scrutiny for their role in fostering a culture of dubious discounts.

Temu is under investigation by the European Union for allegedly offering fake discounts and violating consumer protection laws.

In response, Temu stated that it is “aligning its practices with local norms and regulations.” Shein has yet to address similar concerns.

Steps to avoid Black Friday scams

While the risks are significant, there are several measures shoppers can take to protect themselves from fraud:

Scrutinize deals that seem too good to be true: Shoppers should approach suspiciously steep discounts with caution and cross-check sellers on trusted websites.

Verify URLs and website legitimacy: Always ensure the website’s URL matches the retailer’s official site. Domain checkers can help determine if a site is newly created or suspicious.

Avoid third-party links: Buy directly from retailers instead of clicking on links from social media ads or emails.

Beware of fake urgency: Scammers often create countdown timers or claim limited-time offers to rush consumers into making decisions.

Use secure payment methods: Credit cards offer additional layers of fraud protection compared to other payment methods.

Research celebrity endorsements: Verify whether endorsements are legitimate or part of a scam.

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France, Germany, and Sweden are urging the incoming European Commission to prioritize the development of a robust European battery industry.

In a joint paper released ahead of an EU competitiveness meeting on Thursday, the three member states emphasized the need to reduce reliance on China for batteries, particularly given the urgency of the green transition.

Leveling the playing field for European battery makers

The paper highlights the challenges faced by European battery companies in scaling up their operations, citing an uneven global playing field.

The three countries advocate for a multi-pronged approach to support the European battery sector.

This includes streamlining regulations, expediting approval processes, improving access to funding and markets for emerging companies, and increasing EU financial support for the industry.

Sweden’s minister underscores the urgency

“If we are to succeed with the green transition we need to get the European battery sector flying and taking a proper share of the market,” stated Swedish Industry Minister Ebba Busch, emphasizing the critical role of a thriving battery industry in achieving Europe’s climate goals.

The urgency of this call to action is underscored by the recent Chapter 11 bankruptcy filing of Northvolt, a Swedish battery maker seen as a potential European champion in the EV battery market.

While the Swedish government has ruled out direct investment to rescue Northvolt, Busch believes a strong signal from Brussels about the future of European battery production could help the company attract new capital from other sources.

Avoiding dependence on China: lessons from the Russian gas crisis

China currently dominates the EV battery market, controlling 85% of global battery cell production, according to the International Energy Agency.

Busch cautioned against repeating the mistakes of Europe’s past reliance on Russian gas, emphasizing the need to avoid over-dependence on another economic rival.

“The green transition might end up becoming a Chinese transition in Europe… Just look at solar cell or wind power sector, a lot of that has been taken over by third-country investment,” Busch warned.

A call for regulatory reform and diversification

The new European Commission, set to take office on December 1st, plans to outline a strategy for balancing economic competitiveness with climate targets within its first 100 days.

Busch outlined the three countries’ call for improved regulations to support new projects and enable companies to scale up effectively.

German State Secretary Bernhard Kluttig added that diversifying sources of key raw materials is also crucial.

“There are many options, Australia, Canada and even Europe, we have lithium projects, so it is also important that we focus on these alternative sources for battery materials,” Kluttig stated.

This highlights the importance of securing diverse and reliable sources for critical battery components.

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In a recent press conference, Emilio Romano, Bank of America’s director of Mexico operations, expressed optimism about the bank’s future in the country.

Despite recent uncertainty caused by President-elect Donald Trump’s threats to impose tariffs on Mexican goods, the bank remains hopeful about benefiting from the “nearshoring” trend.

As businesses look to Mexico to strengthen their supply chains, Bank of America anticipates considerable revenue and customer volume growth over the next five years.

The context of the tariff threats

The North American economic landscape is currently in disarray as a result of President Trump’s remarks earlier this week about prospective tariffs on Mexico and Canada.

This has increased market volatility and prompted concerns about the stability of multinational firms’ investments in the region.

The United States-Mexico-Canada Agreement (USMCA), which is the cornerstone of the three countries’ commercial relations, is set to be reviewed in 2026.

The intertwined economies of the United States and Mexico rely significantly on mutual imports and exports, so any big policy changes could have a significant impact.

The Nearshoring Trend.

Emilio Romano highlighted a crucial trend altering Mexico’s economic landscape: nearshoring, often known as friend sharing.

As pressure mounts to shorten supply chains and minimize dependency on other nations, many huge multinational corporations are shifting their operations closer to home.

Mexico, Latin America’s second-largest economy, stands to benefit significantly from this transition.

Romano stated, “We believe the nearshoring or friend-shoring tendency will not be reversed. Mexico will not break from the North American economic union; there is no going back.”

This foresight indicates a strategy shift as organizations seek more dependable and cost-effective solutions amid global upheavals.

Several corporations are recognizing that re-establishing operations in Mexico gives them access to trained labour and competitive manufacturing costs, allowing them to avoid supply chain disruption concerns.

Bank of America’s aspirations

With this positive outlook, Bank of America has set lofty targets for its business in Mexico. Romano stated that the bank expects to double its revenue and client volume during the next five years.

Such estimates demonstrate not only confidence in the Mexican market but also a strategic convergence with the growing trend of firms wanting closer proximity to their North American customers.

By building a more integrated presence in Mexico, Bank of America hopes to better service existing clients while also recruiting new ones lured to the benefits of nearshoring.

The bank’s investment in technology and dedication to economic development in Mexico may stimulate additional foreign direct investment (FDI) in the country, adding to its long-term economic stability.

Balance risks and opportunities

While the bank retains a constructive outlook, it is critical to acknowledge the possible dangers created by external uncertainty, particularly given the current political context.

Unpredictability in trade policy and tariffs remains a problem, potentially affecting market confidence and investment decisions.

Despite these obstacles, Romano emphasized that “it will be very difficult for uncertainties, either internal or external effects, to alter or modify the opportunities that we see in Mexico.”

This firm posture indicates the bank’s determination to navigate the economic situation with resiliency.

Despite the ongoing changes and challenges in the North American trade climate, Bank of America remains positive about its prospects in Mexico.

Regardless of the possible impact of tariffs and political uncertainties, the nearshoring trend offers numerous growth prospects.

With plans to double income and client volume, the bank exemplifies adaptability and strategic insight in capitalizing on Mexico’s economic integration into the larger North American scene.

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Thanksgiving is a beloved holiday in the United States, celebrated with family gatherings, elaborate feasts, and a feeling of thankfulness.

Every year, the American Farm Bureau Federation (AFBF) conducts a price poll to establish the average cost of a traditional Thanksgiving meal.

In 2024, the study reveals fascinating developments in the cost of a Thanksgiving feast, illustrating regional differences and changes in food costs since the pandemic.

Average costs for 2024

This year, the average cost of a Thanksgiving dinner is $54.33, which is a decrease from 2023.

However, this price reflects a $8.64 rise over the average pre-pandemic expenditures.

Despite a minor decrease in total price, certain commodities, such as turkey, have experienced considerable price increases.

The turkey is, without question, the centrepiece of any Thanksgiving meal. In 2024, the average cost of a turkey is predicted to be $25.67, up $4.87 over pre-pandemic costs.

This significant increase reflects persistent inflationary pressures on food prices, which have impacted not only poultry but also other products present on holiday tables around the country.

Analyzing Thanksgiving dinner costs in 2024

Thanksgiving dinner, with its cornucopia of traditional dishes, is a cultural institution in America.

This year, the costs involved with the holiday feast show varied tendencies, with certain goods seeing price drops and others seeing price hikes.

A prominent highlight of this year’s American Farm Bureau Federation (AFBF) poll is the varying pricing of turkey and other crucial ingredients, as well as the different variables that influence these variations.

“The turkey is traditionally the main attraction on the Thanksgiving table and is typically the most expensive part of the meal,” said AFBF Economist Bernt Nelson.

Despite being the centrepiece, the price of turkey has shown signs of decline, influenced by a smaller American turkey flock, which is “the smallest it’s been since 1985 due of avian influenza.”

Interestingly, lesser overall demand has led to lower grocery store costs, offering some respite for families planning this year’s holiday meal.

The Farm Bureau’s informal survey included a detailed shopping list of basic Thanksgiving ingredients: turkey, stuffing, sweet potatoes, rolls, peas, cranberries, a veggie tray, and pumpkin pie with whipped cream, all in quantities suitable to serve a group of ten.

The majority of these goods, notably fresh vegetables, saw price drops, reflecting the year’s overall price volatility in crops.

Furthermore, the cost of whole milk fell by more than 14%, owing to excellent meteorological conditions benefiting dairy farms.

However, it is important to note that milk prices vary significantly across the United States.

While many ingredients have become more affordable, certain basic mainstays are experiencing cost increases.

For example, dinner rolls and cubed stuffing increased by 8% due to rising labour costs and associated food processing charges.

Furthermore, cranberry prices rose nearly 12% year on year, despite a large decline of 18% in 2023, implying that this year’s surge is bringing prices closer to historical norms.

Excluding last year’s aberration, this year’s cranberry prices are the lowest since 2015, demonstrating the intricate interplay between supply networks and consumer demand as families prepare to gather around the holiday table.

Historical context: From pandemic prices to present

The average price of Thanksgiving dinner will fall for the second time in a row in 2024, but this decrease will not cancel out the significant price rises recorded during the epidemic years.

Between 2020 and 2022, the average cost of a Thanksgiving lunch increased from $46.90 to $64.05, owing primarily to inflation and growing farm costs.

These historical data highlight the ongoing volatility of food prices and the pandemic’s long-term influence on consumer costs.

Regional price variations

One fascinating finding of the AFBF poll is the regional variation in the average cost of Thanksgiving dinner across the United States.

The South has the most affordable costs, with an average dinner costing $56.81, while the West has the highest expenses at $67.05.

These variations can be related to local agriculture, transportation costs, and market factors that affect prices in different geographic areas.

As families approach the Thanksgiving holiday in 2024, understanding the financial dynamics of the celebratory dinner might help them make budgeting and shopping decisions.

While the average price has decreased from the previous year, the consequences of the pandemic and inflation are still visible in the prices of major components, particularly turkey.

Thanksgiving is still a time of gratitude, but as this data shows, it is also important for families to be aware of their spending while they gather to enjoy this treasured holiday.

Finally, speculation about future pricing trends for Thanksgiving dinner will continue as consumers and farmers navigate the changing landscape of food costs in the aftermath of economic shifts and challenges.

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Chinese electric vehicle (EV) manufacturers are facing mounting challenges in Europe with their market share in the region continuing to decline in October for the fourth consecutive month.

According to researcher Dataforce, Chinese brands like SAIC Motor Corp.’s MG and BYD Co. accounted for just 8.2% of European EV registrations last month, down from 8.5% in September.

The drop coincides with the European Union’s implementation of new tariffs on Chinese-made EVs, which began provisionally in July and were finalized on October 30.

These duties, which raise import fees to as high as 45%, have slowed the once-rapid expansion of Chinese brands in this critical overseas market.

Julian Litzinger, an analyst at Dataforce, remarked that Chinese manufacturers seemed to avoid significant shipment volumes in October.

“It will be very interesting to see what happens in November,” he said in a report by Bloomberg, suggesting that manufacturers may adjust their strategies in response to the tariffs.

BYD emerges as a key player despite challenges

Among Chinese brands, BYD has continued to expand its presence in Europe despite these headwinds.

According to Jato Dynamics, BYD outsold MG for the second time in three months, with sales more than doubling year-over-year to 4,630 vehicles in October.

This growth comes as the company ramps up its European operations, including a major sponsorship deal and strategic hires from competitors like Stellantis NV.

Executive Vice President Stella Li has also been instrumental in BYD’s European push, spending significant time in the region to oversee expansion efforts.

However, despite BYD’s progress, MG remains ahead in overall sales for the year, with 63,895 vehicles registered through October—nearly twice BYD’s total.

Yet MG’s October sales tell a different story, with deliveries plummeting 56% to 3,846 vehicles.

Tariffs and trade tensions reshape the automotive industry

The introduction of new EU tariffs has not only affected Chinese EV manufacturers but also disrupted the broader automotive industry.

These duties apply to all Chinese-made EVs, including those imported by Western brands like Volkswagen and BMW.

The increased costs have led to delays in projects, such as Chery Automobile Co.’s plans to begin EV production at a refurbished factory in Barcelona.

With trade tensions growing, the global automotive industry faces heightened uncertainty.

This trend could accelerate with US President-elect Donald Trump’s expected push for additional tariffs.

To mitigate these challenges, some Chinese manufacturers are investing in local factories and supply networks in Europe, a move designed to ease concerns about their impact on domestic industries.

However, the long-term effectiveness of this strategy remains to be seen.

European EV market struggles amid declining subsidies

The challenges faced by Chinese manufacturers are part of a broader slowdown in the European EV market.

Major countries like Germany have reduced subsidies that once fuelled demand, contributing to a 1.7% year-to-date decline in battery-electric vehicle registrations.

While October saw a modest 6.9% growth in registrations, the overall market remains subdued.

This slowdown has had ripple effects across the industry.

Volkswagen is reportedly considering factory shutdowns in Germany, while Stellantis has scaled back production of Fiat 500 EVs in Italy, citing weak European sales.

Chinese dominance in EV technology persists

Despite their struggles in Europe, Chinese manufacturers continue to lead in EV technology.

This dominance was underscored by the recent bankruptcy of Swedish battery maker Northvolt AB, once hailed as a potential rival to Chinese battery producers.

Northvolt’s largest shareholder, Volkswagen AG, had viewed the company as a way to counterbalance China’s influence in the battery market.

Meanwhile, the Chinese government has encouraged domestic manufacturers to retain critical EV technologies within the country.

This policy aims to solidify China’s competitive advantage as it navigates growing global trade tensions.

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