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The internet boom reached China late, but the country’s consumers have adapted to life online more rapidly and thoroughly than those anywhere else. E-commerce sales soared past $1 trillion last year, the highest anywhere in the world. Here groceries can be delivered to your home within the hour, and street vendors prefer mobile payment over cash.
China has fewer malls and stores than the U.S., but even these have seen sales slump as consumers prefer to venture outside for experiences, not shopping. In a sign of e-commerce’s dominance over brick-and-mortar retail, internet giant Alibaba Group Holding Ltd., which runs the biggest e-commerce platform in the world, last year paid about $6 billion to take control of China’s top supermarket chain and one of its biggest department-store franchises.
The ringgit slid more than 2 percent in the non-deliverable forward market and the cost to insure against a Malaysian debt default rose. “The surprise win by Mahathir’s coalition party is likely to see an increase in policy uncertainty at least in the short term with market volatility likely to be higher,” said Sian Fenner, lead Asian economist at Oxford Economics. “Malaysian markets are expected to eventually regain some calm as Mahathir’s win may not spell a dramatic policy departure from those under (incumbent prime minister) Najib,” said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo.
The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today (Tuesday) announced that the proposed new rules to broaden Hong Kong’s listing regime will take effect on 30 April 2018, from which date companies in emerging and innovative sectors seeking to list under the new regime may submit formal applications.
BEIJING (Reuters) – China has asked the United States to amend a seven-year ban on American companies selling components and software to Chinese telecom equipment firm ZTE Corp, two sources with knowledge of the matter said on Friday.