Alibaba expects $5B boon from China's "Singles Day"
Alibaba expects to sell 30B renminbi ($5B) worth of goods today in celebration of "Singles Day" in China, which the online giant has managed to turn into by far the world's largest e-commerce discount event, even surpassing Cyber Monday in the U.S.
Major foreign multinationals have also been participating in the celebration - or lamentation - of "singlehood" by offering notable online bargains, including Nike (NKE), Adidas (ADDDF), Procter & Gamble (PG), Unilever (UL) and Samsung (SSNLF, SSNGY).
And why is it called singles day? Because November 11, or 11/11, has four 1s, or singles.
A day after Nike unveiled its FuelBand SE smart bracelet, Adidas (ADDYY.PK -0.6%) unveils a smartwatch of its own. Priced at a loftier-than-rivals $399, the device will offer built-in GPS tracking, Bluetooth connectivity, and pulse-based heart rate tracking.
Unlike its competitors, Adidas' offering is a standalone device with its own flash storage for music and will lack smartphone integration, reports The Verge.
Amidst ever-clearer signs its economy is rolling over, China is seeing a sharp rise in labor unrest, as something new - factory closures and salary cuts - combines with poor working conditions. Despite reports of labor shortages, one watcher says firms do not hesitate to pass on the effects of slowing orders to their workers.