Business News

Alibaba Singles' Day sales hit $10 billion in first hour

SHANGHAI (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd settled roughly 69 billion yuan ($9.92 billion) in the first hour of its annual Singles’ Day on Sunday, up roughly 21 percent from last year’s early haul of 57 billion yuan. Singles’ Day is the world’s biggest online sales event and last year netted Alibaba 168 billion yuan ($24.15 billion) in total sales. A disproportionately lar...

11 Nov 4:45 AM 0 Read More...

China’s import expo logs $57.8 billion of deals: China Daily

SHANGHAI (Reuters) – Around $57.83 billion worth of deals were agreed for the year ahead at the China International Import Expo (CIIE), the official China Daily said on Saturday. The Nov. 5-10 CIIE, which brings thousands of foreign companies together with Chinese buyers in a bid to demonstrate the importing potential of the world’s second-biggest economy, closed on Saturday. Deals for intelligence and h...

10 Nov 3:28 PM 0 Read More...

China's import expo logs $57.8 billion of deals: China Daily

SHANGHAI (Reuters) - Around $57.83 billion worth of deals were agreed for the year ahead at the China International Import Expo (CIIE), the official China Daily said on Saturday. The Nov. 5-10 CIIE, which brings thousands of foreign companies together with Chinese buyers in a bid to demonstrate the importing potential of the world’s second-biggest economy, closed on Saturday. Deals for intelligence and high-end eq...

10 Nov 1:34 PM 0 Read More...

Netflix CEO Hastings says no plans for cheaper India offerings

SINGAPORE (Reuters) - Netflix (NFLX.O) chief executive Reed Hastings said that the streaming video company had no plans for cheaper prices in the hotly competitive India market and that an executive’s comments suggesting otherwise had been “misunderstood.” In an interview with Reuters on Friday, Hastings noted that Netflix had three price tiers in India: 500 rupees ($6.90) for a basic plan, 650 ($9.00) for a st...

10 Nov 8:34 AM 0 Read More...

Investors focus on retailers as wages rise

NEW YORK (Reuters) - U.S. companies are warning about rising wages eating into profit margins, increasing investor worries that next year’s expected drop in profit growth may be sharper than feared. Amidst overall strong quarterly results, climbing labor costs are a growing concern, with more than a dozen companies in the S&P 500 .SPX mentioning them in conference calls so far this earnings season. That is up f...

10 Nov 3:29 AM 0 Read More...

Oil slide, China worries send Wall Street tumbling

NEW YORK (Reuters) - Wall Street’s three major stock indexes lost ground on Friday, after a week of recovery from the October sell-off, as oil prices fell further and more evidence of a slowing Chinese economy was reported. Oil prices fell nearly 1.0 percent on Friday, and have now seen the longest stretch of daily declines since 1984, on rising global supply and evidence of a slowing world economy. The United St...

09 Nov 10:24 PM 0 Read More...

Amazon strikes deal with Apple to sell iPhones, iPads

(Reuters) - Amazon.com Inc (AMZN.O) on Friday said it would carry more Apple Inc (AAPL.O) products globally in time for the holiday shopping season, as the technology rivals put aside past differences to boost sales. In coming weeks, the world’s biggest online retailer will sell the latest editions of Apple’s iPhone, iPad and other devices in the United States, Europe, Japan and India. Amazon sold a limited assor...

09 Nov 10:24 PM 0 Read More...

Oil falls 1 percent, U.S. crude on longest losing streak since 1984

NEW YORK (Reuters) - Oil prices fell nearly 1 percent on Friday as global supply increased and investors worried demand growth could slow, pressuring U.S. crude to its longest stretch of daily declines since 1984. Crude futures benchmarks have slid about 20 percent or more since peaking in early October. “What a difference a month makes,” said Michael Tran, commodity strategist at RBC Capital Markets. “Market s...

09 Nov 10:24 PM 0 Read More...

Campbell Soup offers to add two Third Point nominees to board

(Reuters) - Campbell Soup Co (CPB.N), which is in the midst of a proxy battle with Third Point LLC, said on Friday it had offered to add two of the hedge fund’s nominees to its board after the investment firm lowered the number of nominees to five from 12. The soup maker had proposed adding Kurt Schmidt and Sarah Hofstetter from the hedge fund’s slate to the board following its annual meeting. However, Third Poin...

09 Nov 10:24 PM 0 Read More...

Slump in oil prices and China data weighs on stocks

NEW YORK (Reuters) - Stocks around the globe suffered their biggest drop in two weeks on Friday as weak Chinese economic data sapped demand for equities while oil prices weakened again on Friday. U.S. stocks were broadly lower, with energy shares .SPNY falling more than 1.0 percent as benchmark Brent crude oil saw a six-month low and U.S. crude fell below $60 for the first time since March. Data from China added ...

09 Nov 10:24 PM 0 Read More...