Connect with us


From splurge to ‘common prosperity’: Alibaba tones down Singles Day

By Josh Horwitz and Brenda Goh



From splurge to 'common prosperity': Alibaba tones down Singles Day
© Reuters. Advertisement to promote’s Singles’ Day shopping festival in Shanghai, China November 1, 2021. REUTERS/Aly Song


By Josh Horwitz and Brenda Goh

SHANGHAI (Reuters) – Alibaba (NYSE:) Group’s annual ‘Singles Day’ shopping spree is set for its most sober tone ever this year, as the retail giant preaches sustainability rather than hyping the usual sales boom amid calls by Beijing to promote “common prosperity”.

In 2020, Alibaba expanded what it calls the world’s biggest online shopping festival from a one-day November 11 event into a 11-day extravaganza, with celebrity performances and a sales metric ticking over live on a scoreboard that ended with the news that it had racked up $74 billion in orders, or ‘gross merchandise value’ (GMV), flashing big and bright.

This time around, the event comes at a time of much more stringent regulatory scrutiny for China’s biggest companies – including Alibaba – and the call to promote “common prosperity” and curb excess echoing around boardrooms. In 2021, Alibaba is formally promoting “sustainable development” and “inclusiveness”.

While livestreaming stars and deep discounts will still play a big role in this year’s festivities, the company said its priorities this year were encouraging “eco-friendly consumption” and “supporting vulnerable populations”.

“We have been shifting our focus from pure GMV growth to sustainable growth,” its Chief Marketing Officer Chris Tung told reporters last week. He did not directly answer when asked whether Alibaba planned to flash the final GMV figure this year.

The environment has changed dramatically for China’s big e-commerce platforms – especially Alibaba and its founder Jack Ma – as the Chinese government under President Xi Jinping targets what were seen as excesses and abuses in the country’s vast and free-wheeling “platform economy”.

Last week, Chinese regulators said they had told e-commerce sites to curb spam in the run-up to Singles’ Day. They also drafted a list of responsibilities it said it expected platform companies to uphold, the latest in a spate of regulatory admonitions.

Amid the new regulatory intensity, Alibaba has responded.

In September, it said it will invest 100 billion yuan ($16 billion) by 2025 in support of “common prosperity”, while in October it launched a version of its Taobao e-commerce platform tailored for senior citizens.

For this year’s Singles day, it also said it would be developing with partners new products with lower carbon footprints and pledged to make charitable donations alongside some purchases.

In response to Reuters questions for this article, it said “11.11 (Singles Day) is a powerful and influential platform that we will fully leverage to advocate and drive our ESG (environmental, social and governance) initiatives this year.”

The South China Morning Post newspaper, owned by Alibaba, last week cited unnamed company officials as saying Singles’ Day would not focus on the “typical showcase of sales, marketing and consumption” in a report on a European “study tour” by Jack Ma to pursue his “passion for technology in agriculture”.

Still, the event is expected to generate a sales bonanza for merchants as Chinese shoppers hunt for deals amid slowing economic growth. Alibaba said a record 290,000 brands would be participating and its Tmall marketplace would offer more than 14 million deals.

($1 = 6.4033 renminbi)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Oil Prices Fall amid Protests in China



Oil prices decline

Oil prices fell on Monday amid a general decline in investor appetite for risk amid information about the ongoing protests in China against vested restrictions.

The cost of January futures on Brent crude oil on London’s ICE Futures exchange was $81.31 per barrel on Monday, down $2.32 (2.77%) from the close of the previous session. At the close of trading on Friday, those contracts fell $1.71 per barrel to $83.63.

Oil prices decline – what’s going on in the market?

The price of WTI futures for January crude fell by $2.31 (3.03%) to $73.97 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX). By closing of previous trades, the cost of these contracts decreased by $1.66 (2.1%) to $76.28 per barrel. Brent and WTI gained 4.6% and 4.8%, respectively, last week.

According to Bloomberg, protests were held in cities across the country, including the capital Beijing, as well as Shanghai, Xinjiang, and Wuhan, which was originally the epicenter of the COVID-19 spread.

That contributes to a stronger U.S. dollar, which reduces the attractiveness of investments in crude, and also raises the possibility of even more significant tightening of restrictions by Chinese authorities, the agency said.

“The outlook for the oil market remains unfavorable and the events of this weekend in China do not add to the positive,” notes Warren Patterson, who is in charge of commodities strategy at ING Groep NV in Singapore.

According to the forecast of analytical company Kpler, oil demand in China in the fourth quarter will decrease to 15.11 million barrels per day (bpd) compared to 15.82 million bpd a year earlier.

Earlier we reported that Russia will ban the sale of its oil to countries that have imposed a price ceiling.

Continue Reading


Oil Russia ban news: Russia will ban the sale of its oil to countries that have imposed a price ceiling



oil Russia ban

Will Russia sell oil to Europe? The administration of President Vladimir Putin is preparing an order prohibiting Russian companies and any trader from buying Russian oil to sell raw materials to countries and companies that have imposed a price ceiling on Moscow. Bloomberg news agency wrote this, citing a report from sources.

“The Kremlin is preparing a presidential decree banning Russian companies and any traders buying national oil from selling it to anyone who participates in the price ceiling,” the publication wrote.

According to the newspaper’s interlocutors, this would prohibit any mention of the price ceiling in contracts for Russian crude, as well as transferring it to countries that have joined the price ceiling for the natural resource.

In the first half of September, the press service of the US Treasury Department said that the USA, together with its allies from G7 (Great Britain, Germany, Italy, Canada, France and Japan) and the European Union (EU) would impose a ban on marine transportation of Russian oil on December 5 and oil products – on February 5.

Earlier we reported that EU negotiations on limiting the prices of Russian oil reached a deadlock today.

Continue Reading


EU talks on restrictions on Russian crude oil prices today stalled



russian crude oil price today

Negotiations between the European Union countries about the “ceiling” of Russian crude oil prices today reached an impasse; Bloomberg reported, according to its sources.

Representatives of the bloc cannot reach an agreement on the ceiling price of Russian oil. According to the agency, the proposed European Commission limit of $65-70 per barrel, Poland and the Baltic countries believe “too generous,” while Greece and Malta, which is actively engaged in transporting fuel, do not want the limit to fall below $ 70. Recall that the Russian response to the oil price cap was negative. The Russian government has officially said that it will only sell oil at market prices.

“We are looking for ways to make this solution work and we are trying to find a common ground to implement it in a perfectly pragmatic and efficient way, while avoiding that it may cause excessive inconvenience to the European Union,” said German Chancellor Olaf Scholz.

Earlier, we reported that the SEC fined Goldman Sachs $4 million for non-compliance with ESG fund principles.

Continue Reading


©2021-2022 Letizo All Rights Reserved