Subscribe free to our newsletters via your
. Earth Science News .




TRADE WARS
Amazon sets up shop in China on Alibaba platform
by Staff Writers
Shanghai (AFP) March 6, 2015


China giant Fosun takes 5% stake in Thomas Cook
Hong Kong (AFP) March 6, 2015 - Chinese conglomerate Fosun International announced Friday it had bought a five percent stake in UK-based tour operator Thomas Cook in its latest foray into the travel market.

The move comes less than a month after it snapped up 92.8 percent of French holiday resorts group Club Med.

A statement to the Hong Kong stock exchange, where Fosun is listed, said the company had bought the stake, worth 91.8 million pounds ($140 million), at 125.59 pence per share.

"The Group intends to purchase further Thomas Cook shares on the open market at the appropriate time," the statement said, adding that the company was seeking to take its stake to around 10 percent.

Thomas Cook shares rose sharply on the London Stock Exchange Friday, up 14.5 percent to 138 pence after 10 minutes of trading.

Fosun shares closed slightly up at HK$12.78 ($1.65), a rise of 0.18 percent.

Privately-owned Fosun, which is based in Shanghai and controlled by Chinese billionaire Guo Guangchang, is a diversified conglomerate with interests ranging from media to pharmaceuticals and mining.

The statement from the company said that the move would "capitalise on the increasing demand for international leisure travel".

"The investment in Thomas Cook complements other recent investments of the Group in the sector, providing opportunities for further value creation," it said.

Thomas Cook said the partnership with Fosun would see further development of some hotels and broaden access to the Chinese tourism market in the medium term, according to Bloomberg News.

US online retail giant Amazon has set up shop on the business-to-consumer platform of Alibaba as it seeks a greater presence in the massive Chinese market.

The Seattle-based firm is offering food, women's footwear, toys and kitchenware through its store on Tmall.com which was "quietly" launched on Thursday, Chinese media reported. Amazon's storefront carries the message: "It's Day 1."

Amazon and Alibaba are considered competitors in some areas but unlike the US firm the Chinese company has no product stocks of its own, simply providing a trading platform.

"We welcome Amazon to the Alibaba ecosystem and their presence will further broaden the selection of products and elevate the shopping experience for Chinese consumers on Tmall," an Alibaba spokeswoman said in a statement provided to AFP Friday.

Tmall is estimated to hold more than half the market in China for business-to-consumer transactions.

Amazon is not new to China. It opened an official store on Tmall for its Kindle e-book reader last year.

The firm made its first foray into China in August 2004 through the acquisition of Joyo.com, an online retailer of books, music and videos. The website was re-branded as Amazon.cn in 2011.

"China's e-commerce industry is fast-growing and nobody wants to miss it," Yang Xiao of e-commerce services provider HC International told AFP. "Amazon wants to add an additional distribution channel in China."

He said the move could be aimed more at China's JD.com, which has a similar business model to Amazon and also competes with Alibaba.

"It's simple game logic -- an enemy's enemy is a friend," Yang said. "Amazon is more likely targeting JD.com and it's a win-win situation for Tmall."

Amazon is initially selling nearly 500 items, with more expected to be made available later.

As of Friday morning, the top sellers on the Amazon store included a 220-yuan ($36) German drinks container, and canned almonds imported from the US with a price tag of 44 yuan ($7).


Thanks for being here;
We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor
$5 Billed Once


credit card or paypal
SpaceMediaNetwork Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TRADE WARS
Standard Chartered bosses give up bank bonuses
Hong Kong, China (AFP) March 4, 2015
Bosses at Standard Chartered have given up their bonuses after profits at the Asia-focused bank fell by more than a third last year. Standard Chartered, which last week said chief executive Peter Sands would step down in June followed by chairman John Peace next year amid various troubles at the bank, saw net profit slide 37 percent in 2014, the second consecutive year of decline. The Br ... read more


TRADE WARS
Flooding, wildfires shake Argentina

Shipping containers but no MH370 debris in underwater hunt: Australia

Twenty people killed as bus falls off cliff in China: Xinhua

US Nuclear Facility Miscalculated Workers' Radiation Exposure

TRADE WARS
Taiwan snubs Alibaba funding pledge

New paint makes tough self-cleaning surfaces

Biomolecular force generation based on the principle of a gas spring

New material detects neutrons emitted by radioactive materials

TRADE WARS
New algal species helps corals survive in the hottest reefs on the planet

China media pooh-pooh Japan's luxury lavatories

Climate-warmed leaves change lake ecosystems

Japan developing 12,000-meter-depth submersible to search seafloor

TRADE WARS
The past might tell what the future holds for Greenland meltdown

NASA measures frigid cloud top temps of the Arctic air outbreak

Iceland rises as its glaciers melt from climate change

Arctic sea ice loss expected to be bumpy in the short term

TRADE WARS
Aggressive plant fungus threatens wheat production

Heavy toll as Australian farmers struggle through drought

Regulating genome-edited crops that aren't GMOs

Australia to tighten food labelling laws after China scare

TRADE WARS
Thousands evacuated as Chile volcano erupts

New volcano island getting big in Japan

Flooding in Madagascar capital kills at least 14: rescuers

Gaza floods: dispelling the myth about Israeli 'dams'

TRADE WARS
Mali government signs peace deal, Tuareg rebels delay

Zambia's ex-mines minister jailed for graft over Chinese licence

Nigerian army chief visits Baga, vows 'war is almost ended'

WHO seeks $1 bn more for four conflict-hit countries

TRADE WARS
Mystery of the reverse-wired eyeball solved

How does the human brain tackle problems it did not evolve to solve?

Nanotech and genetic interference may tackle untreatable brain tumors

Brain makes decisions with same method used to break WW2 Enigma code




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.