1.Alibaba generated $5 billion (£3.3 billion) in sales in the first 90 minutes of Singles’ Day, China’s biggest online shopping day of the year:
That’s how much Americans spent online last year on Black Friday and Cyber Monday combined.
2. Charges Announced in J.P. Morgan Hacking Case:
In one of the biggest cybercrimes in history, federal prosecutors say, three men stole data on more than 100 million people from a dozen companies’ computers and used a vast global network of accomplices to turn it into hundreds of millions of dollars in illegal profits.
3. Carlsberg to Cut 2,000 Jobs as Brewer Seeks to Reduce Costs:
Carlsberg A/S plans to cut about 2,000 jobs as the world’s fourth-largest brewer seeks to reverse a profit decline caused largely by the weakness of Russia’s beer market.
The move will reduce annual costs by as much as 2 billion Danish kroner ($288 million) by 2018 and will cut staff by 15 percent, the Copenhagen-based maker of Kronenbourg said Wednesday. Carlsberg also further reduced its profit outlook for the year.
4. McDonald’s creates 11 500 SA jobs in 20 years:
Global fast food giant McDonald’s is celebrating its 20th anniversary in South Africa today (Wednesday, November 11).On average about 20 new McDonald’s restaurants have opened in SA each year and there are currently 234 in the country.
5.The International Monetary Fund’s new chief economist Maurice Obstfeld says he worries about a “nightmare scenario” in which various pressures conspire to weaken the economic bonds of Europe:
In an interview with AFP, Obstfeld says: “There is a lot of political pressure coming from the extremes, which could undo a lot of the economic integration that has occurred.”
6.Emerging market credit crunch could haunt 2016:
As the Federal Reserve prepares to jack up interest rates next month and the dollar climbs again, anxiety over an alarming accumulation of corporate and household debt in emerging economies from China to Malaysia, Russia to Turkey, Mexico and Brazil has been building for the past five years.
7.Hong Kong Exchanges’ Profit Jumps on Trading, Property Sale:
Hong Kong Exchanges & Clearing Ltd. said third-quarter profit soared on higher trading turnover and a one-time gain from a property sale.
Net income jumped 81 percent to HK$2.33 billion ($301 million) in the three months to Sept. 30, up from HK$1.29 billion a year earlier, the exchange said in a statement on Wednesday. It booked a gain of HK$445 million during the quarter from the property sale.
8.Losses for firms such as Apple and Microsoft weigh on stock indexes:
Apple declined $3.80, or 3.2%, to $116.77, shaving about 25 points off the Dow. Credit Suisse lowered its forecast for the company’s earnings for 2016 by 6% to $9.81 a share and said supply-chain orders have dropped. Apple’s shares are up 5.8% so far this year.“The cuts seem to be driven by weak demand for the new iPhone 6s,” Credit Suisse said in a report, adding that its team in Asia says Apple has “lowered its component orders by as much as 10%.”
Microsoft shares fell 65 cents, or 1.2%, to 53.51.The S&P 500’s information-technology index fell 0.7%.
9.Banks spend $4b quarterly to stem ATM scam:
Banks spent $4 billion quarterly to settle their foreign counterparts before the Central Bank of Nigeria (CBN) pegged withdrawals with naira-denominated Automated Teller Machine (ATM) cards abroad, it has been learnt.
10.Arik Air airlifts 17.3m passengers in 9 yrs:
Arik Air disclosed that it airlifted at least 17, 304, 741 passengers since it commenced flight operations on October 30, 2006.This is even as the airline said plans were underway to increase its three weekly flights to New York from Lagos to daily by 2016.