China Singles' Day sale: Alibaba takes $16 billion in half a day

Chinese e-commerce giant Alibaba saw its Singles' Day sales hit $16 billion by mid-morning on Saturday after racing to a billion dollars in just two minutes after the world's biggest shopping spree opened at midnight.

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.....

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