Alibaba Smashes Singles' Day Sales Record
It only took Jack Ma half the time Wednesday to sell the same amount of stuff as he did a year ago with his online channels. Transactions through Alibaba Group Holding Ltd. during the annual Singles’ Day shopping event passed 57.1 billion yuan ($9 billion) before midday, eclipsing last year’s record with another 12 hours still to go. By 4:30 p.m. Beijing time, they totalled almost 70 billion yuan. The event coincided with a beat in retail sales, underscoring a shift in the economy toward greater reliance on consumer spending as old growth engines falter.
Most Recent Videos
JD.com 2Q Loss Widened to $74M
42:41 - Online shopping mall JD.com posted a wider quarterly loss after raising spending to drive sales. The shortfall of $74M was almost twice that of a year ago despite a 44% jump in sales. Bloomberg's Edwin Chan reports on "Bloomberg Daybreak: Asia." (Source: Bloomberg)