Alibaba hits US$1.44 billion in sales within minutes on Single's Day
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The AFR reported on that China's e-commerce giant Alibaba Group says it logged 10 billion yuan (US$1.44 billion) of sales within opening minutes of its annual "Singles' Day" online shopping sale yesterday. Australian firms, which ranked third globally behind the United States and Japan amongst the most-sold brands last year, are also hoping to cash in on the 24-hour online annual shopping frenzy. Alibaba is under pressure to beat last year's numbers when the company reported 39% growth and 168 million yuan in transactions during the festival.