Duty-Free Giants Hand Out Free Flight Tickets to Lure Customers
(Bloomberg) Last month, Hyun Jung-a boarded a flight from South Korea’s Incheon Airport. Around two hours later, she was back in the same airport and loading up on duty-free shopping, despite never landing in another country.
The Air Busan Co. flight, organized by Lotte Duty Free for its VIP customers, was Hyun’s first since the pandemic began and it didn’t cost her a cent. Because the route briefly departed Korean airspace and went over a Japanese island, the 130 passengers on board qualified to shop at duty-free stores in Seoul typically reserved for people who have traveled internationally.
Outside of China, TikTok is testing the sale of application products Business and Economic News
Efforts to duplicate foreign markets could be a threat to the success of China’s successful cousin Douyin for Facebook.
ByteDance Ltd.’s TikTok is working with brands such as Hype Streetwear brand to test app sales in Europe, which will increase competition with Facebook Inc. and blur the line between social media and online shopping.
It is hoped to replicate popular video applications abroad for the success of Chinese cousin Douyin, who earned $ 26 billion in e-commerce transactions in his first year. TikTok has started working with markets in the UK’s internal markets, in ways that the app can sell products directly to millions of users, according to people who know the subject.
Real estate shares fall on tax talks
BEIJING, May 12 (Reuters) - Hong Kong shares ended higher on Wednesday, with tech shares leading gains on bargain hunting following a sell-off in the previous session, while a settlement between Chinese smartphone maker Xiaomi Corp and the U.S. government also lifted sentiment. At the close of trade, the Hang Seng index was up 217.23 points, or 0.78% at 28,231.04. The Hang Seng China Enterprises index rose 1.2% to 10,556.57. The sub-index of the Hang Seng tracking the IT sector rose 3.5% and the energy sector rose 0.7%. The financial sector ended 0.49% lower, while the property sector dipped 0.75%. The top gainer on the Hang Seng was Xiaomi Corp, which gained 6.1%, after the company and the U.S. Defense Department agreed to resolve their litigation. The top gainers among H-shares were Xiaomi Corp up 6.1%, followed by Alibaba Group Holding Ltd, up 6.07%, and JD.Com Inc, which rose 5.22%. The biggest H-shares percentage declin
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Has the storm passed for Alibaba Group Holding Ltd.? That will be the question for executives and investors as the Chinese e-commerce giant reports earnings on Thursday in the wake of a government crackdown on co-founder Jack Ma’s empire. Profit and revenue for the quarter are sure to be less consequential than any concrete evidence about whether the regulatory issues are resolved. Alibaba has agreed to a record $2.8 billion penalty from Beijing and vowed to change certain practices deemed anti-competitive, including a requirement that merchant sell exclusively on its platforms or not at all. Executives also thanked regulators and pledged to support merchants all in a bid to put the regulator troubles behind it.