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BUSINESSFriday 27 November 2015
Source: Alibaba in talks to buy Hong Kong’s SCMP newspaper
KELVIN CHAN ity because the talks were party” for a possible pur- company’s media busi- Alibaba has been buying
AP Business Writer ongoing, said Alibaba is chase of its media assets. nesses, which also include stakes in media compa-
HONG KONG (AP) — Chi- interested in acquiring the The company said the magazines, advertising nies in order to tap Chi-
nese e-commerce giant newspaper and its relat- discussions are at a “very and custom publishing. nese consumers’ growing
Alibaba is in talks to buy ed businesses. early stage” and terms of a However, the person with demand for online content
Hong Kong’s leading Eng- The Post’s publisher, SCMP deal are subject to “regu- knowledge of the talks as it diversifies outside of its
lish language newspaper, Group, said in a stock ex- latory review.” said it was Alibaba Group mainstay business of on-
the South China Morning change filing late Wednes- In a front-page story, the Holdings Ltd., not Ma, who line shopping. In October
Post, a person with knowl- day that it was considering newspaper noted the “in- would be the buyer. The it bought the remaining
edge of the potential deal an offer, but did not name tense speculation” that Al- acquisition would fit into shares in video stream-
said Thursday. the possible buyer. It said ibaba’s billionaire founder the company’s strategy of ing site Youku Tudou it
The person, who spoke it has received a “prelimi- and chairman, Jack Ma, expanding its media inter- didn’t already own for $3.6
on condition of anonym- nary approach from a third was in talks to buy the ests, the person said. billion.q
With US off, global stocks buoyed by Europe stimulus hopes
PAN PYLAS People stand by an electronic stock board of a securities firm in Tokyo, Japan. With Wall Razaqzada said there’s
Associated Press Street closed for the Thanksgiving holiday, European stock markets were buoyed Thursday by potential for stock mar-
LONDON (AP) — With Wall expectations that the ECB will back further stimulus for the ailing eurozone next week. kets, particularly in Europe,
Street closed for the Thanks- to post further strong gains
giving holiday and ten- (AP Photo/Koji Sasahara) over coming days before
sions between Russia and possibly retreating a little
Turkey fading, European government bonds across DAX rose 1.4 percent to ket wants then one would sometime after the ECB
stock markets were buoyed Europe. 11,320.77. The CAC-40 in expect to see a big drop in meeting on Thursday.
Thursday by expectations In Europe, the FTSE 100 in- France ended 1.1 percent stock prices — an unlikely Earlier in Asia, Japan’s Nik-
that the European Central dex of leading British shares higher at 4,946.02. event, in our view,” said kei 225 rose 0.5 percent
Bank will back further stimu- closed up 0.9 percent at “In the event that the ECB Fawad Razaqzada, techni- to 19,944.41 and South
lus for the ailing 19-country 6,393.13 while Germany’s fails to deliver what Mr. Mar- cal analyst at Forex.com. Korea’s Kospi gained 1.1
eurozone economy next percent to 2,030.68. Hong
week. Kong’s Hang Seng erased
There’s increasing specula- earlier gains, finishing flat at
tion that ECB President Ma- 22,488.94. Australia’s S&P/
rio Draghi will announce a ASX 200 advanced 0.3 per-
bold package of measures cent to 5,210.70.
as the bank tries to shore Wall Street is set to reopen
up the economic recov- Friday for an abbreviated
ery across the region and session and much of the
get inflation back towards interest will likely center on
its target of just below 2 Black Friday, when millions
percent on an annual ba- of Americans venture to
sis. Currently, inflation is shops the day after Thanks-
standing at 0.1 percent. giving in search of bargains.
That prospect is keeping In the energy markets, Brent
the euro currency at rela- crude, a benchmark for in-
tive lows at $1.06 as well ternational oils, lost 75 cents
as depressing the interest to trade at $45.42 a barrel
rates payable on a series of in London.q
Middle class optimism buoys US consumer sentiment
C. S. RUGABER wages and salaries are been tempered by recent Recession has had in mak- els,” Joshua Shapiro, chief
AP Economics Writer slowly lifting Americans’ swings in the stock market. ing consumers more cau- economist at MFR Inc., said
WASHINGTON (AP) — confidence in the econo- The report included some tious spenders.” in a note to clients. Still, job
Americans were more opti- my, though it remains mut- cautionary signs for retail- The University of Michi- growth has been healthy
mistic about their incomes ed by historical standards. ers as the winter holiday gan survey conflicts with and there are signs wages
and personal finances this The modest increase sug- shopping season gets un- data from the Conference have begun to pick up.
month, particularly among gests consumers could der way. Consumers at Board, released Tuesday, Employers added 271,000
lower and middle-class spend more over the com- all income levels appear that showed a sharp drop in jobs in October, the most
households, lifting consum- ing holiday shopping pe- intensely focused on dis- confidence in November. this year, and the unem-
ers’ outlook. riod. counts and bargains. The Conference Board’s ployment rate fell to 5 per-
The University of Michigan’s Among lower and middle- “The insistence of consum- consumer confidence in- cent from 5.1 percent.
consumer sentiment index, income households, 38 per- ers on discounts in prices dex dropped to 90.4, from Consumer spending has in-
released earlier this week, cent expect their personal has rarely been greater in 99.1, its lowest level since creased at a healthy pace
rose to 91.3 in November finances to improve in the the more than half-century September 2014. “Con- of 3 percent or above
from 90 in the previous coming year, compared history of the surveys,” Rich- sumer sentiment and con- in the past two quarters,
month. That is close to the with just 29 percent of ard Curtin, chief economist fidence indices have been though it slowed in Oc-
average for the past six higher-income households. of the survey, said. The erratic in recent months, tober, according to gov-
months of 91.6. The outlook for wealthier data “indicate the indel- but they remain at com- ernment data released
Steady hiring and rising families appears to have ible impact that the Great paratively healthy lev- Wednesday.q
