Alibaba's quarterly profit jumped 35 percent to 24.07 billion yuan (US$3.7 billion) as the company tapped booming e-commerce sales and other initiatives.


The e-commerce giant said today that it has also agreed to buy newly-issued equity from its financial affiliate Ant Financial to hold a 33 percent stake in the latter.


E-commerce income jumped 57 percent to US$11.3 billion in the three months ended December last year and total year-on-year revenue growth surged 56 percent to US$12.8 billion Custom Philadelphia Flyers Jersey , Alibaba said.


Gross merchandise volume of physical goods sold on the business-to-consumer site Tmall jumped 43 percent from a year ago, as major consumer goods Custom Ottawa Senators Jersey , electronics and luxury brands have established flagship stores on the site.


Alibaba is also increasing its 2018 fiscal year revenue guidance to 55-56 percent, up from its previous estimate of 53 percent annual increase.


“Our core business generated significant cash flow of US$7.1 billion during the quarter Custom New York Rangers Jersey , enabling us to invest in new retail, cloud computing Custom New York Islanders Jersey , digital entertainment and globalization,” said Chief Financial Officer Maggie Wu.


Alibaba has also been expanding to offline retail in a bid to synergize business to combat rival Tencent Corp. Alibaba and an affiliate invested in a 36 percent stake in Sun Art Group Ltd in November to accelerate expansion of its new retail initiative nationwide.


Income related to its new retail initiatives jumped over six times thanks to business synergy through various partners.


The number of monthly mobile active users of its consumer retail services grew by 31 million from three months ago to 580 million by the end of 2017.


Cloud computing revenue surged 104 percent from a year ago to US$553 million as it furthers artificial intelligence initiative to help enterprise clients raise operational efficiency and adopt data technologies.

PhotoSina

BEIJING Custom New Jersey Devils Jersey , Feb. 2 (Xinhua) -- China's central bank skipped open market operations Friday to maintain stable liquidity in the banking system.


Liquidity was at a "relatively high level," which can offset the influence from factors such as maturing reverse repos Custom Nashville Predators Jersey , the People's Bank of China (PBOC) said on its website.


On Friday, reverse repos worth 90 billion yuan (about 14.3 billion U.S. dollars) matured.


A reverse repo is a process by which the central bank purchases securities from commercial banks through bidding Custom Montreal Canadiens Jersey , with an agreement to sell them back in the future.


The central bank has increasingly relied on open market operations for liquidity management, rather than cuts to interest rates or reserve requirement ratios.


China will maintain a prudent and neutral monetary policy in 2018 as the world's second-largest economy strives to balance growth with risk prevention.






WELLINGTON， Dec. 2 (Xinhua) -- Ever more New Zealand households are spending more than a quarter of their household income on housing， the government statistics agency said Friday.


From the year ended June 2007 to June 2016， the proportion of households spending a quarter or more of their total household income on housing costs rose 5.5 percentage points， to 31.3 percent， according to Statistics New Zealand.


In the past three years， more of the household budget was taken up by housing and household utilities expenditure than previously， said a statement from the agency.


Between June 2013 and June 2016， average weekly household expenditure increased by 17.1 percent to 1，300 NZ dollars (923 U.S. dollars) a week， with spending on housing and household utilities contributing the most to the increase.


Housing and household utilities expenditure includes expenses such as mortgage principal payments， rent， maintenance and alterations， property rates and energy.


Over the same three years， household income increased 11.7 percent on average to an annual 95，898 NZ dollars (68，068 U.S. dollars) before tax.


The figures follow concerns raised by the Reserve Bank of New Zealand (RBNZ) on Wednesday that rising debt resulting from soaring home prices continues to pose a risk to New Zealand's financial system.


While house price inflation in the largest city of Auckland， home to a third of the population， had softened recently， house price to income ratios remained among the highest in the world， said an RBNZ Financial Stability Report.


Vulnerabilities in the housing market had increased in the past six months and house price pressures were spreading beyond Auckland to the rest of the country， said the report.


"Credit to the household sector is growing rapidly， and the household debt-to-disposable income ratio now stands at 165 percent， a record high，" said the report.


"Rising house prices continue to reflect low interest rates， steady income growth， and an imbalance between population growth and the rate of house building. There is a risk that a reversal of any of these factors could cause a significant market correction."


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