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Alibaba Earns $30.8 Billion in 24 Hours

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  • Alibaba Earns $30.8 Billion in 24 Hours

Alibaba set a new Singles Day sales record on Sunday, sold more than $30.8 billion in the 24-hour shopping event.

The e-commerce giant surpassed $25.3 billion recorded last year at about 5:34 p.m. SIN/HK (4:34 a.m. ET), according to the Gross Merchandise Value (GMV), that shows sales figure across Alibaba platforms.

On a yearly basis, sales were up by 27 percent but smaller than the 39 percent recorded a year ago.

This year, the Singles Day sales beat 2017 number faster in terms of yuan than it crossed the dollar record. That was because Chinese yuan is weaker against the US dollar than it was a year ago. Meaning, more sales were needed to get the same dollar amount.

The 10 edition of the annual Singles Day shopping, which is also called the Double 11 shopping because it falls on November 11 got off to a strong start with sales hitting $1 billion in one minute and 25 seconds.

In a little over an hour, sales crossed $10 billion, five minutes and 21 seconds faster than 2017.

The Singles Day sales exceeded total spending by consumers during any single U.S. shopping holiday.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Emirates Engaging FG on Flight Restriction from the Middle East

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Emirates Airline

Emirates Airlines is engaging the Federal Government on a flight ban extended to the Middle East carrier this week.

The carrier said it has opened lines of communication with the Ministry of Aviation towards resolving the impasse insisting that it will give updates on the progress of the talks between the two countries.

The Federal Government at the weekend withdrew approval given to a Emirates Airlines to fly into Nigeria from yesterday.

In a reaction, the carrier said it was still committed to serving its teeming customers on the two Nigerian routes, Lagos and Abuja, to meeting the growing demand for air travel in and out of the country.

“Emirates remains committed to serving its two Nigerian points, Abuja and Lagos, to connect our customers to and through Dubai to Emirates’ global network, and meet the growing demand for air travel in and out of the country. Emirates is working closely with the UAE and Nigerian authorities, and will communicate any updates to our customers. We look forward to continue serving our customers in Nigeria.”

The Federal Government withdraw the approval to the airline following the refusal of United Arab Emirates (UAE) government to lift visa ban on Nigerians.The decision by the government was in compliance with its threat to reciprocate any maltreatment of Nigerians or her carriers by any country or their airline.

Aviation Minister, Senator Hadi Sirika, who made this known, said, the decision to revoke the approval was arrived at after a meeting with the Presidential Task Force on COVID-19 to review the status of foreign carriers operating into Nigeria.

“The PTF Sub-committee met with EU Ambassadors to discuss Lufthansa, Air France/KLM ban.

The meeting progressed well. Emirates Airlines’s situation was reviewed and they are consequently included in the list of those not approved, with effect from Monday, September 21, 2020.”

Besides, Emirates Airlines, another carrier African World Airways (AWA) from Accra, Ghana, has also been denied approval to fly into Nigeria.

The Ghanaian carrier sources said was banned by government on account of recent developments in Ghana where Nigerian trader were maltreated.

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Angry South Africans Protest in Front of Nigerian Embassy, Demand Deportation of Illegal Immigrants

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South Africans Marched to the Nigerian Embassy, Demand Deportation of Illegal Immigrants

A group of South African protesters on Tuesday marched to the Nigerian embassy in Pretoria to demand an end to the influx of Nigerians into Africa’s most industrialised economy and the deportation of all illegal immigrants.

According to protesters, under the banner of #PutSouthAfricanFirst, the South African government has failed to put the country first, therefore, they are calling for the deportation of all illegal immigrants and revocation of grants and other state benefits.

The group, alongside other groups like South Africa First and Only One SA, have handed over a memorandum of demands at the Nigerian Embassy.

Action for change’s Nandi Gachwari said their demands were clear.

We demand an end to human trafficking in Pretoria and, broadly, South Africa; the deportation of all illegal immigrants; the exposure of corruption in flawed Home Affairs processes that grant citizenship to undeserving foreign nationals.

Nigerian High Commissioner to South Africa, Kabiru Bala, said he has accepted the memorandum but it was unfair that only Nigerians were being blamed for South Africa’s social and economic ills.

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Jumia Boss Juliet Anammah is Now Flour Mills Board of Director

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flour mills posts 184% increase in PAT

Juliet Anammah is Now Member of Flour Mills Board Directors

The Chair of Jumia Nigeria Board, Juliet Anammah, has been appointed by Flour Mills of Nigeria Plc to join its Board of Directors.

This was made known in a regulatory filing by Flour Mills to the Nigerian Stock Exchange.

According to the company, Anammah appointment is effective September 10, 2020.

Speaking on the new appointment, John Coumantaros, the Chairman of the Board of Flour Mills of Nigeria, said “I am truly excited to welcome Juliet to the Board of Directors. Her over 28 years of executive leadership experience in business consulting and e-commerce in Africa will be of tremendous value to FMN, as we continue to position the group to take advantage of the changing consumer landscape in the foods and agro-allied sectors.

“Her appointment represents our determination to ensure that we have a diverse mix of skills and viewpoints on the FMN Board and continue to fulfil our purpose of feeding the nation, every day.”

Anammah served as Non-Executive Director at Diamond Bank Plc between July 24, 2017, and October 24, 2018.

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