Alibaba’s sales grew by 40 per cent

Alibaba’s sales grew by 40 per cent with profits more than tripling as China’s legions of shoppers kept spending at the online retailer despite a broader economic slowdown. During the three-month period ended September 30, Jack Ma, founder and chairman stepped down from his formal roles at the company, leaving chief executive Daniel Zhang to…

Nintendo profits leap by 7 per cent

Nintendo stocks rose by 7 per cent yesterday, showing the group’s operating profits soared to Y67bn ( $614m) in July-September 2019 and smashed consensus estimates as the group’s bet on a cheaper version of its Switch console appeared to have paid off. Most analyst were forecasting about Y50m and several were surprised that Nintendo opted…

Fitbit snapped up by Google for $2.1bn

Google snaps up Fitbit for $2.1bn ( £1.6bn) “ Google is an ideal partner to advance our mission. With Google’s resources and global platform, Fitbit will be able to accelerate innovation in the wearables, scale faster and make health even more accessible to everyone” James Park co-founder and CEO who founded Fitbit 12 years ago.…

Fosun to acquire the Thomas Cook name for £11m

Fosun the Chinese conglomerate, is acquiring Thomas Cook’s brand  and intellectual property assets, for £11m, which could allow the business to be revived  ad an online travel agent months after it collapsed into administration. Fosun was part of the group of lenders and bondholders that sought to put together a £900m rescue package that could have…