Weekly News Wrap: Alibaba’s shares fall amid China’s slowdown; India’s antitrust body to rule in two weeks on Amazon-Future dispute
And Singapore’s fashion platform Zilingo recovers to pre-pandemic levels.
From CNBC:
Alibaba on Thursday missed revenue and earnings expectations for the September quarter, as slowing economic growth in China weighed on results, adding to regulatory headwinds. The company also slashed its revenue guidance for its current fiscal year.
Alibaba’s U.S.-listed shares fell 11.1% on Thursday.
China’s economy slowed down in the third quarter of the year, which has also hit consumption. Alibaba has also been on the receiving end of China’s crackdown on its domestic technology industry which has seen a slew of new regulation brought in from antitrust to data protection.
Read more here.
https://www.cnbc.com/2021/11/18/alibaba-earnings-fiscal-q2-revenue-misses-earnings-plunge.html
From Reuters:
An Indian court ruled that the country's antitrust body has two weeks to decide whether Amazon misled authorities while seeking approval for a 2019 deal with India's Future Group, a group of Indian retailers said.
The Confederation of All India Traders (CAIT) said in a statement it had filed the case to the Delhi High Court on 22 November and the ruling was made on 16 November.
Amazon and Future have been locked in a legal battle since last year. The e-commerce giant successfully blocked Future's bid to sell its retail assets to rival Reliance for $3.4b, accusing its partner of breaching some pre-existing agreements.
Future, which denies any wrongdoing and fears liquidation if it fails to sell assets, has been arguing before the Competition Commission of India (CCI) that approval for the Amazon deal should be revoked as the US firm had made misleading representations whilst seeking approval.
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From Bloomberg:
Zilingo, a Singapore-based marketplace for wholesale buyers and sellers in the fashion industry, said business has recovered to pre-Covid levels as more people embraced digital tools during the pandemic.
“We are about 40-45% higher because of the momentum and digitization,” in terms of gross merchandise value in the September quarter relative to the end of 2019, Chief Executive Officer Ankiti Bose said in an interview.
The company, backed by state investor Temasek and Sequoia Capital India, is weighing its options as it charts a path to becoming a publicly listed company. The startup has also hired about 50 people in 2021, Bose said.
“We’re very excited about how the markets are, looking at opportunities coming from Asia and how they’re being perceived globally,” she said.
Read more here.
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