7:58:55 PM PST - Monday, November 11th, 2019

Alibaba Singles’ Day Set to Top $31 Billion Record Within Hours  

By Editor - Sun Nov 10, 11:51 am

(Bloomberg) — Alibaba Group Holding Ltd.’s Singles’ Day shopping bonanza got off to a scorching start, logging more than 114 billion yuan ($16.3 billion) of purchases in less than 90 minutes, the equivalent of more than half of last year’s record haul for the 24-hour event. An estimated half-billion shoppers from China to Russia and Argentina are expected to swarm the e-commerce giant’s sites to scoop up everything from iPhones and refrigerators to cashew nuts. The company again hosted a televised entertainment revue in Shanghai to run alongside the bargain-hunting, this time enlisting Taylor Swift and Asian pop icon G.E.M. to try and pump up sales.The world’s largest shopping event has become an annual ritual for Asia’s largest company, a 24-hour marathon that’s part showcase of commercialism and part publicity blitz. Also referred to as “Double 11” because it falls on Nov. 11, it will be closely watched by investors keen to gauge how willing Chinese consumers are to spend as economic growth threatens to slip below 6%.Tensions between Washington and Beijing continue to fuel uncertainty and roil business. Among China’s largest corporations, Alibaba is expected to better ride out the storm, thanks to booming online consumption in the world’s No

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Alibaba Singles’ Day Set to Top $31 Billion Record Within Hours

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