Tag "3"

Alibaba shares hit record low after earnings miss

By Paul Carsten BEIJING (Reuters) – Alibaba’s shares skidded to a record low in New York on Wednesday after China’s biggest e-commerce company posted its slowest revenue growth in over three years. As well as missing revenue forecasts, Alibaba announced a $4 billion share repurchase program over two years, which it said was primarily aimed at offsetting the impact of the company’s share-based compensation programs and other factors that could

IS claims to have beheaded Croatian hostage in Egypt  

The Islamic State group claimed Wednesday to have beheaded a Croatian hostage abducted in Egypt, posting a purported picture of the victim’s body on IS-affiliated Twitter accounts. Tomislav Salopek, was abducted last month west of the capital Cairo. The jihadists had issued a 48-hour deadline that ended last Friday threatening to kill him if Muslim women prisoners were not released from Egyptian jails.

Retailer-backed mobile wallet to rival Apple Pay set for test

By Nandita Bose CHICAGO (Reuters) – A retailer-backed rival to Apple Inc’s Apple Pay mobile wallet will be tested with customers in a handful of stores in the next few weeks, ratcheting up competition in an increasingly cluttered market. CurrentC was developed by a consortium of retailers under the Merchant Customer Exchange, which includes Wal-Mart Stores Inc, Target Corp and Best Buy Co Inc. The mobile wallet will appear in

What does the Chinese currency devaluation mean for the luxury industry?

Chinese consumers may spend less on luxury with the devaluation of the yuan China’s devaluation of its renminbi is intended to boost the country’s slouching trade, but the impact of the altered exchange rate will likely extend to the luxury industry. Following the announcement of the steepest decline in the yuan in the past decade, hard luxury goods companies and automakers such as BMW, Swatch Group and LVMH saw their