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China shopping festival smashes record at halfway mark

Reuters  |  SHANGHAI 

By Adam JourdanSHANGHAI (Reuters) - Alibaba, the Chinese e-commerce giant, said its Singles' Day sales surged past last year's total just after midday Saturday, hitting a record $18 billion, pointing to a likely giant haul for the world's biggest shopping event.Once a celebration for China's lonely hearts, Singles' Day has become an annual 24-hour extravaganza that exceeds the combined sales for Black Friday and Cyber Monday in the United States, and acts as a barometer for China's consumers.After a star-studded event in Shanghai late Friday to ring in the event, which is held each year on ...

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First Published: Sat, November 11 2017. 11:03 IST