Year: 2020

The e-commerce giant is hoping to further leverage its digital presence to support Sun Art’s 481 hypermarkets and three mid-size supermarkets in China. The move comes as Alibaba steadily expands its presence in China’s offline retail sector, as growth in traditional e-commerce slows. Alibaba, which already owned 21% of Sun Art through a unit, will raise its stake to around 72% through the acquisition of a similar stake in A-RT Retail Holdings, who owns 51% of Sun Art. …read more […]

(Bloomberg) — Alibaba Group Holding Ltd. will invest about $3.6 billion to double its stake in Sun Art Retail Group Ltd., taking control of one of China’s largest hypermarts to try and fend off rivals like JD.com Inc. in e-commerce’s hottest growth arena.Alibaba will raise its direct and indirect stake in the grocery chain to about 72% by acquiring equity from Auchan Retail International SA, then make a general offer to shareholders to buy out the rest of Sun Art. The latter’s Hong Kong-listed stock leapt as much as 30% Monday, its biggest intraday gain since 2011.The deal signals the …read more […]

Oct.18 — House Speaker Nancy Pelosi is now saying that Tuesday is now the deadline for an agreement on stimulus before the election. Over the weekend, President Donald Trump said he can convince Republicans to back a so-called “good” deal. Bloomberg’s Enda Curran reports on “Bloomberg Markets: China Open.” …read more […]

Oct.18 — House Speaker Nancy Pelosi is now saying that Tuesday is now the deadline for an agreement on stimulus before the election. Over the weekend, President Donald Trump said he can convince Republicans to back a so-called “good” deal. Bloomberg’s Enda Curran reports on “Bloomberg Markets: China Open.” …read more […]

Oct.18 — Ant Group has reportedly won approval from the Chinese Securities Regulatory Commission for its Hong Kong listing. The payments giant is said to be seeking HKEX’s approval today. Bloomberg’s Lulu Chen reports on “Bloomberg Markets: China Open.” …read more […]

Alibaba, which already owned 21% of Sun Art through a unit, will raise its stake to around 72% through the acquisition of a similar stake in A-RT Retail Holdings, who owns 51% of Sun Art. “As the COVID-19 pandemic is accelerating the digitalisation of consumer lifestyles and enterprise operations, this commitment to Sun Art serves to strengthen our New Retail vision and serve more consumers with a fully integrated experience,” Alibaba Chairman and Chief Executive Officer Daniel Zhang said in a statement. Alibaba added that Peter Huang would be appointed chairman of Sun Art on top of his …read more […]

(Bloomberg) — Alibaba Group Holding Ltd. will invest about $3.6 billion to double its stake in Sun Art Retail Group Ltd., taking control of one of China’s largest hypermarts to try and fend off rivals like JD.com Inc. in e-commerce’s hottest growth arena.Alibaba will raise its direct and indirect stake in the grocery chain to about 72% by acquiring equity from Auchan Retail International SA, then make a general offer to shareholders to buy out the rest of Sun Art. The latter Hong Kong-listed company leapt 11% early Monday.Alibaba Chief Executive Officer Daniel Zhang has made the expansion into physical …read more […]

Oct.18 — U.K. business is being urged to ramp up preparations for a “no deal” Brexit as trade talks with the EU face collapse. The government has told EU officials not to bother coming to London this week to continue negotiations, but also says the door remains ajar. Bloomberg’s Jodi Schneider reports on “Bloomberg Daybreak: Asia.” …read more […]

(Bloomberg) — Hedge funds have pulled back from one of the biggest short positions in U.S. tech stocks in over a decade, in a near-record buying spree of Nasdaq futures last week.Net speculative positions in Nasdaq 100 mini contracts surged by the most in more than 13 years in the week through Oct. 13, according to the latest Commodity Futures Trading Commission data. The increase was the second biggest on record in data going back to 1999 and left speculators net long the futures for the first time since the beginning of last month.The buying frenzy comes after fast-money accounts …read more […]

…read more […]

Oct.18 — Michael Barnett, chief executive officer of the Auckland Chamber of Commerce, discusses what Prime Minister Jacinda Ardern’s landslide victory in New Zealand’s general election means for local businesses and the economy. He speaks with Haidi Stroud-Watts and Kathleen Hays on “Bloomberg Daybreak: Australia.” …read more […]

Oct.18 — China passed a new law to restrict sensitive exports to protect national security, helping Beijing gain reciprocity against U.S. as tech tensions mount. Tom Mackenzie reports on “Bloomberg Daybreak: Australia.” …read more […]

(Bloomberg) — The Federal Reserve and other central banks will eventually discover that breaking up isn’t easy after partnering with their governments and the financial markets to avert a pandemic-driven depression.Investors and lawmakers enamored with cheap money may well balk when monetary authorities try to throttle back their quantitative easing and other stimulus measures.“They are increasingly on what I call a no-exit paradigm,” Allianz SE chief economic adviser and Bloomberg Opinion columnist Mohamed El-Erian said on a panel discussion last week.The problem isn’t pressing — – and in fact is probably one central bankers would be glad to have if …read more […]

…read more […]

(Bloomberg) — U.S. futures opened higher Monday amid optimism about some progress on stimulus talks. Asian stocks looked set for gains.S&P 500 Index futures gained after the gauge closed higher for a third week on Friday. Contracts in Japan, Australia and Hong Kong also rose. U.S. Speaker of the House Nancy Pelosi set a Tuesday deadline for more progress with the White House after lengthy discussions at the weekend with Treasury Secretary Steven Mnuchin. The pound held its ground after a report officials were prepared to water down controversial Brexit legislation in a move that could revive failing talks with …read more […]