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This Is the World's Busiest Day for Online Shopping

'Singles Day' is huge in China

(Newser) - China's online shoppers are engaging in a rare bright spot for its cooling economy—a quirky holiday dubbed "Singles Day" that has grown into the world's busiest day for e-commerce. The country's biggest e-commerce brand, Alibaba Group, said Friday sales by the thousands of retailers on... More »

Walmart Is No Longer World's Largest Retailer

The new king: Alibaba

(Newser) - Walmart is no longer king of the retail castle. Alibaba says it surpassed Walmart's $482.1 billion in annual gross merchandise volume during its last fiscal year. Alibaba has yet to reveal its figures but says it reached about $476 billion 10 days before its fiscal year ended on... More »

Alibaba Nearly Triples Price After IPO

Chinese B2B site is largest e-commerce offering since Google

(Newser) - Chinese business-to-business platform Alibaba held its IPO on the Hong Kong stock market today, nearly tripling in share price in first-day trading. The company raised $1.5 billion (US) by selling just 17% of its shares. "I think Alibaba's share price is way ahead of its fundamentals; I think... More »

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