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Alibaba Registers $38.4 Billion During Its Singles’ Day Sales

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Alibaba Registers $38.4 Billion During Its Singles' Day Sales
Photo: GettyImages

A record-breaker As It Nets $1 Billion In Just 68 Seconds.

Alibaba, the number one Chinese online market registered a whopping sum of $38.4 Billion during its ‘Singles’ Day’ sales today. An amount equivalent to ¥268.4 billion in the native Renminbi currency of China. And displacing its previous record of $30.7 billion haul from last year, which was the highest sales to be recorded on any e-commerce platform prior to now. Hitting a $1 billion mark a little after the first minute. It went on to report over $12 billion in sales within the hour, which surmounted to $22 billion by the next 8 hours.

Tagged ‘Double 11’ due to its November 11th (11/11) date, this event turns out to be the world’s biggest online shopping event in recent times. The ‘Singles’ Day’ kickstarted with a 24-hour shopping blitz headlined by renowned pop-star – Taylor Swift on Sunday night at Shanghai stadium. This year’s countdown also featured a Livestream on Tmall by Kim Kardashian for her fragrance line as well as local celebrities such as Jackson Yee. Aside from the obvious, the fortuity of the ceremony also indicates continuous progress for Alibaba as it marks the first Singles’ Day without its former boss and Founder – Jack Ma.

Earlier today, the online shopping retail store reported tremendous patronage like never seen before. Enjoying more than half a billion visitors from all over the world with well over 200,000 participating brands. Although introduced by Alibaba in 2009, the event also included other Chinese e-commerce companies. Alibaba, therefore, established an online trading consortium that jointly agrees to offer a tremendous discount to the Chinese crowd over the 24-hour period. Subsequently gaining more traction outside of China, including Singles Day discounts by Alibaba’s subsidiary – Lazada in Singapore, Malaysia, Indonesia, Thailand, and Vietnam. And even in the far west, such as NIKE and Brooks Brothers in the US.

Photo: Forbes

Although a similar event has been hosted in the US, such as the five-day span ‘Black Friday’, ‘Cyber Monday’ and ‘Prime Day’. The Single’s Day festival is far more lauded than its American counterparts, hence the involvement of a handful of American brands in the event. Yet, following a survey by AlixPartners, 80% of the Chinese shoppers precluded plans to boycott the 400 US retailers looking to run promotions for Singles Day. Regarded as the Chinese’s informal shopping holiday. And according to Forbes, the outcome of the one-day event last year, eclipses that of the US celebrated Thanksgiving, Black Friday, Cyber Monday and Amazon’s Prime Day – combined.

Another data analytics platform – Adobe Analytics, forecasts a colossal increase in the US shopping events this year aggregating $143.7 billion. Further proposing that Cyber Monday might amount to $9.4 billion in total sales while Thanksgiving could generate an estimated $29 billion this year.

Bitcoin

Central African Republic Becomes First African Country To Adopt Bitcoin As Legal Tender 

The new bill provides a framework for use of cryptocurrencies in smart contracts, payments systems, online trade, and all electronic transactions alongside the CFA franc currency. 

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Central African Republic Becomes First African Country To Adopt Bitcoin As Legal Tender

Bitcoin continued to garner attention globally as a national legal tender with Central African Republic becoming the latest suitor. President Faustin-Archange Touadéra signed the bill into law on Wednesday and his chief of staff Obed Namsio hailed the move as one that could forever change the economic fabric of a country that has been embroiled in rebel violence for many years now.

Namsio said the bill was supported by the president because it would improve the citizens’ status. He added it would open up new economic opportunities for the landlocked country. The new bill provides a framework for use of cryptocurrencies in smart contracts, payments systems, online trade, and all electronic transactions alongside the CFA franc currency. 

“This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” he said. 

Traders will also be capable of paying taxes with crypto and the finance minister Gourna Zacko who introduced the bill, believes it will ease cross-border transfers that have become increasingly difficult to do. These transfers will now become very cheap. Citizens will also be capable of undertaking legal financial transactions in the mainstream financial realms using crypto, and without necessarily going through middlemen banks. Cryptocurrency exchanges will not be taxed.   

The bill has clauses that prescribe up to 20 years of imprisonment and a fine of between 100 million to 1 billion CFA francs for anyone who breaks the crypto law. 

With a per capita income of only 750 USD per year, the country is one of the poorest in the region and world as a result of years of conflicts and war. This is despite having a vast amount of gold and diamond reserves. 

The country would, however, have to pursue an aggressive Internet coverage agenda to make this plan effective. It currently has an Internet penetration rate of just 7.1 percent and 355,000 Internet users out of a total population of 4.97 million people.   

It is not clear if and how the new move would help alleviate the country’s ailing inflation or GDP. Inflation has increased from 2.7 percent in 2019 to 3.3 in 2021. The country’s GDP also flipped to the negative last year at -0.6 from a 3.1 in 2019. Despite relying heavily on agriculture and mining, illegal gold and diamond exports undermine government revenue. The country is also embroiled in bad political and economic decisions, conflicts, and insecurity.  

The bill that governs use of cryptocurrency as legal tender in the country was unanimously adopted by the parliament last week. However, the move was not approved by the Bank of Central African States (BEAC) which governs the Central African CFA franc regional currency used by the country and about 14 others. The franc is tied to the Euro and largely controlled by the West. Two ministers said the move to adopt Bitcoin as a national currency was a serious offense. 

The move was also criticized by former Prime Minister Martin Ziguele who said it was not a priority for the country, and that it was undermining the CFA franc. The decision could also be challenged in court by some legislators.      

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Cryptocurrency

Cardano’s Charles Hoskinson wants to work with Elon Musk to develop a decentralized social media platform

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Cardano's Charles Hoskinson wants to work with Elon Musk to develop a Decentralized social media platform

The Founder of Cardano (ADA) has invited Tesla owner and billionaire, Elon Musk, to work with him in developing the first decentralized social media platform. Charles Hoskinson, who also doubles up as the CEO of Input-Output Global is offering to help Elon Musk achieve his goal of free speech on social media.

The news follows Elon Musk’s acquisition of a stake in Twitter last week. The Billionaire bought 9.2% of Twitter, estimated at $2.89 Billion, and was even offered a seat on the micro-blogging site’s board. However, after deliberations, Elon passed on the offer since it would bar him from owning beyond a certain threshold of Twitter’s shares.

Free speech advocate

Elon Musk is on record for being a passionate supporter of free speech and open internet policies. He has in the past openly accused Twitter of muzzling free speech and open internet use. He recently held a poll that indicated that most users would prefer an edit button on Twitter and said that if he is not allowed to acquire the platform, he would have to reconsider his position as a major shareholder of Twitter.

To actualize this cause, he has offered to acquire the platform for a reported fee of $43 Billion in cash. This intended acquisition has left his critics and supporters talking and would go a long way in helping him bring much-needed changes to Twitter. His intention has however come under fire with his critics, including Dogecoin co-founder, Jackson Palmer saying that Elon Musk is planning a hostile takeover of Twitter. 

Hoskinson’s offer to Elon Musk

Upon seeing the opposition against Elon Musk’s plan, Hoskinson wooed Elon to join him in creating a decentralized social media platform. He tweeted:

“@Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one.”

This offer follows Elon Musk’s Twitter poll where he sought the opinion of his 80 million followers about a decentralized social media platform. He posited that were he to be barred from acquiring Twitter, he would establish his decentralized platform that would be founded on free speech and open internet.

Elon Musk’s campaign for free speech and open internet has not been welcomed by all. Some of his critics have argued that coating his move with good intentions, his true intention is to get revenge against the SEC for muzzling his Twitter activities.

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