Connect with us

Economy

Alibaba revenue soar but US crackdown could be looming

Published

on

China Hong Kong Ant group Alibaba IPO Pham lkl intl hnk vpx_00005104
Alibaba (BABA) posted sturdy profits and earnings progress Thursday morning that topped Wall Street’s forecasts. Overall revenue was up just about 35% from a calendar year in the past and the enterprise also posted sound will increase in whole and cell people.

The inventory fell about 2% all through early buying and selling Thursday but it is continue to up a lot more than 20% so much in 2020.

“Though the global neighborhood continues to wrestle with uncertainties bordering the pandemic, we have viewed encouraging signs of restoration in China because of to helpful administration of the outbreak in wide the greater part of the country,” said Alibaba chairman and CEO Daniel Zhang during a get in touch with with analysts.

Zhang acknowledged all through the convention connect with with analysts that Alibaba faces “uncertainties from not only the global pandemic, but also growing tensions amongst US and China.”

“We are carefully monitoring the newest shift in US governing administration insurance policies toward Chinese providers, which is a quite fluid scenario,” Zhang additional. “We are examining the situation and any probable impression meticulously and completely and will just take essential actions to comply with any new laws.

Alibaba does not have a key retail existence in the United States. But a increasing range of little firms in America use Alibaba’s cloud hosting services to established up their possess electronic commerce operations.

Alibaba competes with the likes of Amazon (AMZN), Microsoft (MSFT) and Google operator Alphabet (GOOGL) in the worthwhile cloud industry. Alibaba claimed its cloud revenue rose nearly 60% from a calendar year back.

Zhang touted its cloud prowess — and how that aids American organizations — for the duration of the meeting get in touch with.

See also  TAP may repay 1.2 billion loans to the state by the end of the year

“As the world’s largest e-commerce system, Alibaba’s principal industrial concentrate in the US is to guidance American manufacturers, suppliers, modest businesses and farmers to market to people and trade companions in China as nicely as the other critical markets about the earth,” Zhang reported.

“We imagine world-wide trade will continue on, and Alibaba’s lively pursuit of our mission to make it uncomplicated to do organization anywhere are completely aligned with the fascination of each China and the United States,” he added.

Continue to, US Secretary of Point out Mike Pompeo claimed earlier this thirty day period that American firms ought to be wary of “untrusted” Chinese engineering. He claimed it was dangerous to have as well significantly details about intellectual assets stored on cloud networks run by Alibaba and other Chinese firms.

Zhang pointed out even though that Alibaba has a large possibility in the Chinese cloud sector, which is continue to in its early levels and has the likely to grow far more speedily than cloud computing in the United States.

Alibaba rival JD.com (JD) reported a greater-than-anticipated jump in quarterly profits of 35% from a calendar year back before this 7 days. Another Chinese e-commerce web-site, group offers system Pinduoduo (PDD), will report its hottest benefits Friday morning.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

European Stock Markets Fall, Interest Rates Rise, Oil Rebounds – Markets in a Minute

Published

on

Europe is turning green.  Oil and gold down.  Percentage Increases - Markets Per Minute

Euribor climbs three and six months to new highs in almost 14 years

Euribor rates rose today to new highs since early 2009 at three and six months and fell at 12 months.

The six-month Euribor rate, most used in Portugal for home loans and entering positive territory on June 6, rose today to 2.374%, plus 0.006 points, the highest since January 2009.

The six-month average Euribor rose from 1.596% in September to 1.997% in October.

The six-month Euribor has been negative for six years and seven months (from November 6, 2015 to June 3, 2022).

The three-month Euribor, which entered positive territory for the first time since April 2015 on July 14, also rose today, setting a new high since February 2009 at 1.922% plus 0.014 points.

The three-month Euribor was negative between 21 April 2015 and 13 July last year (seven years and two months).

The three-month average Euribor rose from 1.011% in September to 1.428% in October.

On the other hand, over a 12-month period, Euribor fell today, settling at 2.860%, down 0.019 points from Thursday, after rising to a new high since January 2009 of 2.879% on Thursday.

After rising to 0.005% on April 12, positive for the first time since February 5, 2016, the 12-month Euribor has been in positive territory since April 21.

The average Euribor rate for 12 months increased from 2.233% in September to 2.629% in October.

Euribor began to rise more significantly from February 4, after the European Central Bank (ECB) admitted that it could raise key interest rates this year due to rising inflation in the eurozone, and the trend accelerated with the start of the Invasion of Ukraine on February 24.

See also  Why Royal Caribbean, Carnival, and Norwegian Cruise Line Stocks Roared Back to Lifestyle This Morning

On October 27, to curb inflation, the ECB raised three key interest rates by 75 basis points, the third consecutive increase this year, after raising three interest rates by 50 basis points on July 21. growth after 11 years, and on September 8 by 75 basis points.

Changes in Euribor interest rates are closely linked to increases or decreases in ECB key interest rates.

Three-, six- and 12-month Euribor rates hit record lows respectively: -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.

Euribor is set on the basis of the average rate at which a group of 57 Eurozone banks are willing to lend money to each other in the interbank market.

Portuguese

Continue Reading

Economy

Will there be a Black Friday discount? Diesel and petrol prices fall again in a week

Published

on

Será desconto de Black Friday? Preços dos combustíveis voltam a baixar para a semana

After successive increases, fuel prices begin to fall, which ultimately reduces consumer spending significantly, especially for those who travel by car every day. Indirectly, this fall in prices will also affect the prices of the products we find in supermarkets (among many other sectors), which in a period of high consumption will be a welcome relief.

For the third week in a row, diesel and gasoline prices have fallen again.

Fuel prices continue to fall

Today's news shows that diesel and gasoline prices are expected to fall next Monday by 0.05 and 0.045 euros respectively.

According to the General Directorate of Energy and Geology (DGEG), next week's average prices should be 1.641 euros per liter of regular diesel fuel and 1.644 euros per liter of 95 petrol, not forgetting that prices can vary from gas station to post office.

Until the end of the year, consumers will continue to benefit from lower ISPs and the suspension of the carbon tax. Despite this decline, prices remain above pre-war levels.

See also  Why Royal Caribbean, Carnival, and Norwegian Cruise Line Stocks Roared Back to Lifestyle This Morning
Continue Reading

Economy

discover the 10 foods that have grown the most in the past week

Published

on

discover the 10 foods that have grown the most in the past week

A basket of essential products now costs 212.76 euros, which is 29.13 euros (15.87%) more than it cost on February 23, on the eve of the outbreak of the armed conflict in Ukraine. Over the past nine months, dairy and meat products are the categories with the largest increases of 20.79% and 19.41% respectively.

According to the organization, “however, growth is being felt across all food categories. In the analyzed period, frozen food, fruits and vegetables, fish and grocery stores also rose in price by 17.96%, 14.45%, 14.38% and 13.34% respectively” compared to February.

Between October 16 and 23, the top ten products with the highest price increase were horse mackerel (24%), quick-frozen peas (18%), ground roasted coffee (13%), sea bass (11%), cereal flakes. (9%), sea bream and extra virgin olive oil (8%), port wine and hake medallions (6%) and finally dried garlic (4%).

From February 23 to November 2: fresh hake (50%), white sugar (49%), tomato pulp (48%), oranges (41%), UHT semi-skimmed milk (37%), turkey steak (33%). , cookies “Maria” and eggs (32%), carrots and a whole chicken (31%).

The Consumer Advocacy Association monitors weekly prices for a basket of 63 staples that includes turkey, chicken, hake, horse mackerel, onions, potatoes, carrots, bananas, apples, oranges, rice, spaghetti, sugar, ham, milk, cheese and butter.

The association explains that this increase is due to the fact that Portugal is “heavily dependent on external markets to guarantee the supply of cereals needed for domestic consumption”, which “currently represent only 3.5% of national agricultural production: mainly corn (56 %). , wheat (19%) and rice (16%).

See also  Why Royal Caribbean, Carnival, and Norwegian Cruise Line Stocks Roared Back to Lifestyle This Morning

“And if in the early 1990s self-sufficiency in grain was about 50%, now the value does not exceed 19.4%, which is one of the lowest rates in the world and obliges the country to import about 80% of grain. ” adds Deku.

The organization explains that “the Russian invasion of Ukraine, where most of the grains consumed in the European Union and Portugal come from, has put even more pressure on the sector, which is struggling with the consequences of the pandemic and drought. with a strong influence on production and stockpiling.”

“Limiting the supply of raw materials and increasing the cost of production, namely the energy needed for agri-food production, can thus be reflected in higher prices in international markets and, consequently, in prices at the consumer,” he emphasizes.

Continue Reading

Trending