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It's Time for Alibaba to Slay the Monster Jack Ma Created

(Bloomberg Opinion) — Alibaba Group Holding Ltd. should put its Singles’ Day shopping extravaganza out to pasture.The Nov. 11 annual event, which has been going for a decade, started as a marketing gimmick for an upstart e-commerce company looking to draw a crowd. And it did. The 24-hour shopping period, during which Alibaba and its vendors offer big discounts while celebrities (Taylor Swift this year) jet in to entertain crowds, is focused on one number: gross merchandise value, a fancy word for turnover, or the amount of money that sloshes through the cyber cash registers of the company’s e-commerce platforms.GMV …read more […]

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Trump and Powell Put Trade, Fed Center Stage

(Bloomberg) — Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.The two biggest players in the U.S. economy will take the stage this week, as President Donald Trump and Federal Reserve Chairman Jerome Powell speak amid signs the nation’s trade war with China may be thawing.Trump will deliver a speech at the Economic Club of New York on Tuesday, with investors hoping he sheds light on a planned initial deal with China. Any comments on trade from the president could prove key to Powell’s outlook when he …read more […]

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UPDATE 1-With discounts galore and Taylor Swift, Alibaba eyes another record Singles' Day

Alibaba Group will kick off its annual 24-hour shopping extravaganza on Monday with deals and deep discounts galore, and a performance by American popstar Taylor Swift to top it all, as it pushes to rake in another record Singles’ Day sales. This year’s Nov. 11 bash comes as the $486 billion Chinese retail juggernaut navigates through a major turning point, the resignation in September of its flamboyant co-founder Jack Ma as chairman, and looks to raise up to $15 billion via a share sale in Hong Kong as early as this month. Akin to Black Friday and Cyber …read more […]

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Woody Allen, Amazon end legal dispute over movie deal

Woody Allen has ended his $68 million lawsuit against Amazon.com Inc for backing out of a four-picture production and distribution agreement and refusing to distribute a film he had finished. Allen and Amazon notified the federal court in Manhattan late on Friday night that the lawsuit was being voluntarily dismissed. Lawyers for Allen and Amazon did not immediately respond on Saturday to requests for comment. …read more […]