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Alibaba’ Singles Day fest fetches $12bn in two hours

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Shanghai, Nov 11: Chinese e-commerce giant Alibaba on Saturday announced the sale of about $12 billion worth goods within two hours of launch of its 11.11 Global Shopping Festival.

“Nearly $11.9 billion worth of total Gross Merchandise Volume (GMV) (sales in dollar value of goods sold over a certain period) was generated within the first two hours of the shopping festival,” Alibaba Group Holdings Limited said in a statement here.

The ninth edition of the much-anticipated 24-hour annual shopping festival began at midnight here on a gala note. Held on China’s Singles’ Day, the event is one of the largest online shopping festivals in the world.

Nearly 325,000 orders were processed per second by Alibaba Cloud (the cloud computing arm of Alibaba) within the first hour of the shopping extravaganza, the company said.

“Nearly 256,000 payment transactions per second were processed by Alipay (Alibaba’s online payment platform) within the first hour,” it added.

More than 60 leading international brands like Apple, Nike, Samsung, Zara, Gap among others sold over $15 million worth goods each within the first hour of the fest.

The festival will have promotions and offers from over 140,000 brands and 15 million product listings this year.

Started in 2009, the festival grossed about $18 billion during the 24-hour period in 2016, making the festival about 2.5 times bigger than Black Friday and Cyber Monday (two of the biggest shopping festivals in the US) put together.

The event aims to raise awareness on the value of online shopping among merchants and consumers.

For this year’s festival, Alibaba has deployed a “new retail” strategy to bring together the online and offline shopping experiences.

The company has converted about 100,000 retail stores to “smart stores”, which will allow consumers to receive customised shopping experience with the use of facial recognition, “cloud shelf” and location-based store and discount recommendations.

Alibaba has also introduced Hema Stores, wherein consumers can walk in to the offline store and scan each of the products present in the store through their mobile phones to know more information about it.

Logistics network Cainiao is expected to employ over three million logistics personnel to deliver over one billion packages brought during the shopping fest.

Alibaba’s logistics partners would also launch chartered flight delivery services from over 10 countries in North America, Europe and Asia to expand the company’s global reach.

IANS

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Vodafone retrospective tax decision was erroneous: Jaitley

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The decision taken by the previous UPA government to tax British telecom multinational Vodafone Group retrospectively was an “erroneous” one, the likes of which the ruling NDA would be loath to repeat, Finance Minister Arun Jaitley said on Saturday.

He was responding to a question from the audience here on the issue at the ET Global Business Summit here.

“I always felt Vodafone tax decision was an erroneous decision. This government decided it will not be taking any retrospective decision,” Jaitley said.

It was precisely for this reason that the Long Term Capital Gains Tax reintroduced in the Budget earlier this month had been exempted for investments made up to January 31, 2018, he added.

The Budget 2018-19 has proposed to tax long-term capital gains on equities exceeding Rs 1 lakh at 10 per cent, which is expected to bring in revenue of Rs 20,000 crore.

However, capital gains made on shares until January 31, 2018, will be “grandfathered”, Jaitley said while presenting the budget, adding “we have protected all investments coming in before February 1”.

Vodafone is facing tax claims and interest totalling more than Rs 22,000 crore in India, which includes Rs 14,200 crore for acquiring Hutchison’s stake in 2007.

The UPA government had said that the Hutchison-Vodafone deal was liable for tax deduction at source (TDS) under the Income Tax (IT) Act. While the Supreme Court subsequently quashed the demand in January 2012, the government amended the IT Act retrospectively, putting the liability back on Vodafone Group.

The company last year said an international arbitration tribunal would begin trial on Vodafone’s challenge to India’s retrospective legislation to seek Rs 22,100 crore in taxes.

In this connection, the UK India Business Council (UKIBC) has said thatb predictability and clarity regarding retrospective taxation would help British companies to invest more in India.

“I think that if there was more clarity, certainty, predictability around retrospective taxation and (resolving) the Vodafone issue that would help the UK companies make their investment decisions in India,” UKIBC Managing Director Richard McCallum told IANS over a telephonic interaction on Friday.

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Equities recoup on value buying after 3 weeks of losses

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Mumbai, Feb 24: After three weeks of consecutive losses, the key Indian equity indices bounced back from their lows to close this week with humble gains on value buying by investors.

Market observers said futures and options (F&O) expiry infused volatility in the domestic markets, amid global cues and a slew of domestic developments like the $1.8 billion fraud reported by the Punjab National Bank (PNB) and a weakening rupee due to the continuous outflow of foreign funds.

However, losses were trimmed as bargain-hunting by investors on the last trading day of the week lifted the benchmark indices.

On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) edged higher by 131.39 points or 0.39 per cent to close at 34,142.15 points.

The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,491.05 points — up 38.75 points or 0.37 per cent from its previous week’s close.

“The week gone by saw the Nifty bouncing back from a low of 10,302 to finally end with a modest gain. This week’s gains came after three weeks of losses,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

According to D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, markets across the globe fluctuated wildly — highlighting the market’s fragility — as investors continued to assess the quickening pace of economic growth and the prospects of the US Federal Reserve’s tightening efforts.

“Back home, the sentiment of market participants have been dented by factors such as surging US bond yields, a multi-crore fraud in India’s second-largest public sector lender PNB and the return of long-term capital gains (LTCG) tax on equities, which put a break on the record-setting market rally,” he added.

During the eight trading sessions following the detection of a $1.8 billion fraud in one of the branches of the PNB, the bank’s shares on the BSE have plunged almost 30 per cent to Rs 113.40 per share.

Gitanjali Gems, the other listed entity involved in the fraud case, also witnessed an eight-day fall in its shares, nosediving 60.54 per cent to Rs 24.80 per share.

“The consolidation in the domestic market continued due to the NPA (non-performing assets) issue in public-sector banks, trade deficit, conflict between NSE and SGX, rise in bond yield and depreciation in rupee due to selling by FIIs (foreign institutional investors),” said Vinod Nair, Head of Research, Geojit Financial Services.

On the currency front, the rupee weakened by 51-52 paise to close at 64.73 against the US dollar from last week’s close of 64.21-22.

Provisional figures from the stock exchanges showed that FIIs sold-off scrips worth Rs 5,781.98 crore, while domestic institutional investors (DIIs) purchased scrips worth Rs 5,972.69 crore during the week.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors off-loaded equities worth Rs 3,054.94 crore, or $468.06 million, during February 20-23.

Sectorwise, Jasani said: “The top sectoral gainers were IT, metal and Bank Nifty indices. The top losers were auto, realty and pharma indices.”

The top weekly Sensex gainers were: Tata Consultancy Services (up 4.76 per cent at Rs 3,076.90); Yes Bank (up 3.75 per cent at Rs 323.60); Infosys (up 2.74 per cent at Rs 1,155.65); Kotak Bank (up 2.67 per cent at Rs 1,079.85); and Coal India (up 2.49 per cent at Rs 310.55).

The losers were: Bajaj Auto (down 3.70 per cent at Rs 2,988); Asian Paints (down 3.65 per cent at Rs 1,101.90); Mahindra and Mahindra (down 3.29 per cent at Rs 719.30); Tata Motors (down 2.73 per cent at Rs 360.45); and Tata Motors (DVR) (down 2.32 per cent at Rs 203.85).

IANS

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In the Indian system politicians are accountable but regulators are not: FM Jaitely on Banking frauds

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Finance Minister Arun Jaitely at Global Business Summit (Photo-ANI)

Finance Minister Arun Jaitley on Saturday told that cases of periodical willful default are much more dangerous than business failure and bank frauds.

Speaking at Global Business Summit the leader pointed out that these kinds of incidents not only harm the economic atmosphere like the ease of doing business but also scars the economy.

The finance minister Jaitley also said, “If a fraud is taking place in multiple branches of banking system & no one raised the red flag, doesn’t that become worrisome for a country. Similarly, top management who were indifferent, multiple layers of auditing system which chose to look another way, it creates a worrisome situation.”

The leader also referred that Regulators plays important roles and decide the rules of the game and they have to have a third eye which perpetually is open.

“Unfortunately, in the Indian system we politicians are accountable but regulators are not,” he added.

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