Alibaba's Singles' Day sales hit record $38 billion; growth slows

Chinese retailer Alibaba Group Holding Ltd’s sales for its 24-hour Singles’ Day shopping blitz hit a record $38.4 billion, more than Amazon.com Inc’s haul last quarter from online sales. But sales growth for the festival eased to 26%, the weakest since 2009, held back by a slowing e-commerce industry in China as the country’s economic expansion heads toward a historic low.

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