E-commerce giant Amazon could be facing penalties from the US Treasury, it has emerged, after it told both the Office of Foreign Assets Control and the Department of Commerce’s Bureau of Industry and Security that it had sold a variety of consumer products to individuals and unspecified groups controlled or owned by the Iranian government.
The goods ranged from apparel to software to pet products and cost $50 to about $2,400, according to the filing, and mean that Amazon has in all probability contravened the Iran Threat Reduction Action signed by former President Barack Obama in 2012 to strengthen trade restrictions on Iran and try to persuade it to stop its nuclear activities. In January 2016, the U.S. lifted some of the economic sanctions tied to the nuclear program.
The transactions appear to have came to light during an internal review which a spokesperson described as “ongoing” and which highlights the nervousness currently sweeping corporate America about the Trump administration taking an increasingly hard line towards companies doing business with Iran.
Fintech investment: As much as half of all today’s investment in financial technology ends up in China, a senior Alibaba executive told delegates at the World Economic Forum in Davos last week, days before the Chinese government announced that it was to pump a further $14.6bn into an investment fund designed to provide financial assistance to technology companies as it seeks to create a digital economy. This latest intervention (more…)Kommersant Read More»
Rural Chinese online sales: China’s rural residents spent almost $47bn on online retail sales in the first half of 2016 and posted a faster quarter-on-quarter growth rate than their urban counterparts for the first time in Q2, Ministry of Commerce (MOC) spokesperson Shen Danyang told a press conference this week. While rural purchases still (more…)xinhuanet Read More»
On the orders of President Putin, Russia’s Ministry of Economy has drafted plans for the development of a ‘Russian Alibaba‘ e-commerce aggregator site to boost domestic and cross-border online sales of Russian goods. The site would act as a one-stop shop for several existing Russian e-commerce sites including Yandex, Yulmart and Wikimart.
In a document (more…)
Alibaba Group, the world’s largest e-commerce services provider, has set its sights on further domestic and international expansion after recording a 110% year-on-year increase in profits as its number of active buyers hit 407 million over the course of last year. “Our proven ability (more…)scmp Read More»
The capital of China’s eastern Zheijang province Hangzhou last week unveiled plans to position itself as an international e-commerce hub offering information sharing, financial services, intelligent logistics, e-commerce credit, statistical monitoring, and risk control.
By the end of next year, the city also (more…)
China’s e-commerce giant JD.com is to begin selling Russian goods in China, its president Victor Xu said last week. Starting with Canoe hats, the goods on offer will initially include food products, furs and handicrafts, either promoted and supplied directly by Russian producers or through re-sell by JD.com itself. “We hope (more…)
Six weeks after being given the go-ahead to set up a JV with VTB Bank to create the country’s biggest retail bank, Russian Post is now thinking of launching an e-commerce platform to export Russian goods, its CEO Dmitry Strashnov told a press conference this week. The idea stems from government attempts to expedite the export of Russian goods to overseas customers.
“Russian Post (more…)
The value of China’s online healthcare market has grown by 56% this year, according to a report from iResearch published yesterday. With 80% of medical services concentrated in China’s bigger cities and hospital in Beijing, Shanghai and Guangzhou notoriously overcrowded as a consequence, (more…)xinhuanet Read More»
Chinese online retail sales are expected to hit $1.6 trn by 2020, with the penetration rate doubling from 11% in 2014 to 22%, according to a report published yesterday by Bain & Company and Alibaba, with the main drivers for growth being business to customer, mobile Internet commerce and trans-border Internet commerce. On-line commerce (more…)chinadaily Read More»
China’s largest community financial self-service terminal operator Lakala has signed an agreement with Britain’s Allpay bill payment service company that will see the two organisations establish a cross-border financial service platform and top work together to build community convenience services, smart wearable devices and cross-border e-commerce.
Lakala’s cross-border payment service covers over 20 mostly Asian currencies and the move is part of its strategy to expand into the European and North American market. “We are delighted to be working with Lakala Payment to advance the huge commercial opportunities that exist between China and the UK in the payments field,” said Allpay CEO Tony Killeen.
Swedish clothing brand H&M is to launch an online store in Russia this fall to capitalise on rising sales, it announced this week as recession and inflation push year-on-year sales of its competitively priced clothing ranges up 15%. H&M has also opened 15 new stores in Russia since the beginning of the year, taking its total to 86.The Moscow Times Read More»
The US billionaire George Soros has reduced his Soros Fund Management’s shareholding in the Alibaba Chinese e-commerce company from $370m to $4.9m, Bloomberg is reporting. sold most of the shares in the online retailer Alibaba; and with crude oil now down to $42 a barrel his firm has also sold off or reduced its stakes in several energy concerns.
Last year, Alibaba was subject of the largest IPO ever conducted in the US. Although the shares came to market at $68bn and initially enjoyed robust growth, it has fallen by 26% since the beginning of the year, compared to the S & P 500 which has grown rose by 1.2%.