Alibaba Singles' Day sales race past $ 10 bn in first hour

It’s almost time for the world’s largest online shopping day

It’s almost time for the world’s largest online shopping day

"The run-up to this year's 11.11 looks solid, with 140,000 brands participating, of which 60,000 are global (there were ~11,000 global brands on Tmall at last year's event)", Youssef Squali, an analyst at SunTrust Robinson Humphrey said in a note to clients. The television gala is equivalent to the Super Bowl half-time show.

Alibaba has championed the shopping holiday and, this year, pulled in $12 billion in just the first two hours.

Jiangxiaobai Liquor Company, based in the southwestern city of Chongqing, first started offering the product on November 11 past year.

Alibaba hit $5 billion in transactions in less than 15 minutes on Singles Day this year as compare to the cyber shopping event back in 2015, where it took the Chinese e-commerce company a full hour to reach $5 billion in transactions.

JC Penney Company Inc (JCP) How Do the Technical Vary?
Penney from a buy rating to a strong-buy rating and set a $10.35 price objective on the stock in a report on Monday, October 3rd. Penney Company Inc (NYSE: JCP)'s shares owned by insiders are 1.9%, whereas shares owned by institutional owners are 73.5%.

We all know about Black Friday and Cyber Monday as they are the biggest shopping days in the USA, but China has an even bigger shopping day that was designed by Alibaba Group Holding Ltd (NYSE:BABA).

Mei Chen, head of global business development at Alibaba, said: 'There is huge demand from Chinese consumers for foreign goods, especially United Kingdom brands, which are associated with high quality, heritage and are at the forefront of fashion'.

Feeling down on "Singles Day" this weekend?

It's also banking on Zatchels, an accessories firm that sells British-made satchels, to be extremely popular.

River and Mercantile Group PLC (LON:RIV) PT Raised to GBX 385
Since January 1, 0001, it had 0 buys, and 3 sales for $8.07 million activity. 55 funds opened positions while 120 raised stakes. Wellington Shields Mngmt Ltd Liability accumulated 28,200 shares or 0.43% of the stock. 3,506 were reported by Citigroup.

However, there is some doubt about the scale of the Singles' Day sales.

Alibaba began using the day for product discounts in 2009.

The nature of the probe isn't clear, but critics have claimed that merchants selling on Singles' Day have inflated their sales figures.

Income Tax Officials Raid In Jaya TV Office In Chennai
Meanwhile, in all the premises where searches were conducted, Tamil Nadu police provided security to I-T department officials. A group of 30 I-T officials conducted raids at 11 places in Thanjavur and Tiruchirappalli districts from 7 am.

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