Alibaba's Singles' Day sales hit $30 billion, on track for record

Alibaba's Singles' Day sales hit $30 billion, on track for record

Chinese retailer Alibaba Group Holding Ltd said on Monday that sales for its annual Singles' Day shopping blitz crossed the $30 billion mark at 4:31 p.m. (0831 GMT), putting the event on track to set a record in its 11th year.

On Singles' Day, green groups warn of China's surge in packaging waste

Accumulated waste from China's e-commerce and express delivery sectors stands to more than quadruple by 2025 unless action is taken to rein it in, green groups said on Monday, as an online shopping spree known as Singles' Day broke new sales records.

Factbox: China's love of e-commerce powers Alibaba's Singles' Day

China's dominant e-commerce firm Alibaba Group Holding raked in $23 billion worth of sales in the first nine hours of its annual Singles' Day shopping extravaganza on Monday, setting records as the event celebrates its 11th year.

China's Jingye Group in talks to rescue British Steel

China's Jingye Group is in talks to buy British Steel, it said on Monday, in a deal estimated to be worth up to 70 million pounds that could protect thousands of British jobs and end prolonged uncertainty over the future of the troubled steelmaker.

China, Greece agree to push ahead with COSCO's Piraeus Port investment

China and Greece agreed on Monday to push ahead with a 600 million euros investment by COSCO Shipping into Greece's largest port, Piraeus, as part of efforts to boost its role as a hub in rapidly growing trade between Asia and Europe.

Global stocks drop as Hong Kong violence rattles investors

Shares around the globe fell on Monday, buffeted by escalating violence in Hong Kong that pushed Asian stocks to their worst day since August and stoked demand for the safe-haven yen and gold.

UK building sector hit by surge in insurance costs after Grenfell fire

Two years after a fire killed 71 people at London's Grenfell Tower, insurance premiums for building contractors, architects and surveyors have surged by as much as several hundred percent, risking future projects, industry sources say. Combustible materials used to refurbish Grenfell were central to the chain of events in June 2017 that turned an ordinary kitchen fire into an inferno, an official inquiry said last month.

Amazon's $1.5 million political gambit backfires in Seattle City Council election

Seattle voters, in a rebuke to heavy corporate campaign spending by, have kept progressives firmly in control of their city council, reviving chances for a tax on big businesses that the tech giant helped fend off last year.

Uber's Latin American stronghold pursued by SoftBank-funded rivals

Latin America, long a safe haven for Uber, was the biggest weak spot in the money-losing company's latest financial results, registering just 2% growth, the worst of any region.

Airbnb, Chobani among companies to oppose U.S. asylum work permit slowdown

Airbnb, Chobani, Western Union and a dozen other companies are urging the withdrawal of a Trump administration proposal to slow down the work permit approval process for asylum seekers.

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