Alibaba invented Singles Day as a shopping celebration for the unattached as opposed to the romanticism of Valentines Day. It is now the world’s biggest online sales event, exceeding the combined totals of Black Friday and Cyber Monday. Yesterday saw sales hit a record $1bn in 85 seconds and the total spend for the day came in at $30.8bn, a 27% rise on last year. UK High streets were probably closed for the day unable to think of anything to celebrate and Primark no doubt steadfastly maintaining that online sales damaged its business.
PS; I remember when Archie Norman became boss of ASDA, he introduced a singles night, so that the unattached could exchange erotic glances with each over the frozen peas. It was in the nineties on a Thursday night and was very well attended. Oh for the sound of trolleys gently bumping into each other.
Diageo DGE has agreed to sell nineteen brands to Sazerac for $550 million. The net proceeds of approximately £340 million, after tax and transaction costs, will be returned to shareholders through a share repurchase. Completion is expected early in 2019.
Babcock International Group BAB confirms that it strongly refutes the contents of a report issued by Boatman Capital which so far has ensured that it remain anonymous and untraceable. The report included many false and malicious statements and the Group is continuing to seek to discover the identities of those behind Boatman Capital. Babcock is currently delivering 128 contracts for the UK Government. Underlying earnings are in line with expectations and the outlook is confirmed for the financial year ending 31 March 2019.
Amur Minerals AMC admits that the completion of the Pre Feasibility Study has taken longer than initially expected and that the delay has caused concern. The release of the PFS is now scheduled for Q1 2019. AMC believes that the additional time taken to address points which are of interest to a number of potential partners has greatly enhanced the quality of the content of the Pre Feasibility Study and allowed for the creation a document that more readily meets their expectations.
Sirius Minerals SXX announces a significant milestone for it in the completion of its major construction procurement programme to support its stage 2 senior debt financing process. Final lender commitment letters are expected to be received in December and January and the Company is targeting quarter 1 2019 for the financial close of stage 2 financing.