What Is China’s Singles’ Day and How Is It Celebrated? 

A courier sorts packages for delivery on Singles Day or '11.11' Global Shopping Festival, in Beijing, China, 11 November 2025. (EPA)
A courier sorts packages for delivery on Singles Day or '11.11' Global Shopping Festival, in Beijing, China, 11 November 2025. (EPA)
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What Is China’s Singles’ Day and How Is It Celebrated? 

A courier sorts packages for delivery on Singles Day or '11.11' Global Shopping Festival, in Beijing, China, 11 November 2025. (EPA)
A courier sorts packages for delivery on Singles Day or '11.11' Global Shopping Festival, in Beijing, China, 11 November 2025. (EPA)

Black Friday? No. Cyber Monday? Nope. Prime Day? Absolutely not. The world's biggest shopping event happens in China each year - and is called Singles' Day.

Originally a holiday to celebrate being single, as a counter to Valentine's Day, the event has grown into a weeks-long online shopping festival that this year began on October 9 and runs through November 11 - making it the longest Singles' Day sales period ever.

WHEN DID THE IDEA OF SINGLES' DAY ORIGINATE?

The idea for Singles' Day originated at China's Nanjing University back in 1993 and was originally called "Bachelor's Day." On the day, single people treat themselves with gifts and presents, while also organizing social gatherings and parties.

HOW MUCH DO CONSUMERS SPEND?

Last year, the total value of goods sold during the shopping bonanza - also known as "Double 11" - totaled 1.44 trillion yuan ($202 billion), according to data provider Syntun.

That is almost five times the $41.1 billion US shoppers spent last year during Cyber Week, the period from Black Friday to Cyber Monday, per data from Adobe Analytics.

Cyber Monday immediately follows Black Friday, which falls on the day after the US Thanksgiving Day holiday, the busiest shopping day of the year in the United States.

But growth has been harder to come by for major e-commerce players in China, which have extended their Singles' Day sales period and leaned heavily on subsidies and coupons to entice spending. Last year's sales growth rate of 27% was largely attributed to a longer overall festival period.

This year Alibaba Group pledged 50 billion yuan in subsidies for its 88VIP members over the Singles' Day period. The event has, in recent years, lost some of its novelty with the rise of other shopping festivals in China, including the midyear "618" sales which is the country's second-largest, and has also lengthened to a weeks-long event.

WHAT MAJOR BRANDS AND PRODUCTS ARE SHOPPERS BUYING?

While Alibaba started "Double 11" in 2009 to win over online shoppers with discounts and promotions, China's major e-commerce platforms now all take part in it. JD.com joined in 2012 and PDD Holdings-owned Pinduoduo has also become a significant player, offering low-cost products in competition with Alibaba-owned Tmall and Taobao platforms.

Last year, categories covered by a national 150 billion yuan household-appliance-subsidy scheme outperformed. With a higher comparison base this year, those categories are expected to decline.

Nomura analysts forecast in October that home appliance sales will fall 20% in the fourth quarter in China. Instant retail - one-hour delivery of online orders - is also a focus this year.

Alibaba and JD.com have poured billions into subsidies throughout 2025 to attract shoppers to rapid-delivery channels, which have been growing faster than e-commerce overall.

WHICH OTHER COMPANIES HOPE TO BENEFIT?

Many global companies, from apparel maker Nike to cosmetics firm Estee Lauder and consumer goods giant Procter & Gamble, have a big presence on Chinese e-commerce platforms such as Tmall and JD.com.

Aggressive discounting has been a hallmark of Chinese shopping festivals since pandemic restrictions ended in China in late 2022, though consumption overall has remained sluggish as people save more in the face of macroeconomic challenges and a prolonged property crisis.

According to Alibaba, 35 brands, including Nike, L'Oreal and local firms Anta and Proya, sold more than 100 million yuan of merchandise in the first hour of the sale this year.

At a press conference a few days into its Singles' Day sales period, JD.com said it would list over 100,000 "hit" products at its lowest prices of the year and sell 50,000 pairs of thermal Long Johns at 2 yuan each, shipping included.

Phone sales are expected to be strong this year, given recent launches of Apple's iPhone 17 series and Xiaomi's 17 series in September.

Within the first two hours, sales of iPhone on Apple's Tmall store exceeded the full-day total for the same period last year, according to Alibaba, which did not disclose specific figures.



Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
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Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty

Iraq is studying alternative measures to export crude oil after disruptions to the process amid the US-Israeli war against Iran. At the same time, the country intends to continue producing crude oil at a level of 1.4 million barrels per day.

Iraqi Oil Minister Hayyan Abdul Ghani told the official television channel Al-Iraqiya News that oil exports account for 90 percent of Iraq’s revenues, and that the ministry has decided to continue producing crude oil at 1.4 million barrels per day.

He emphasized that the production and supply of petroleum products to meet domestic demand have not stopped.

He added that refineries are operating at full design capacity to cover local needs, and that sufficient quantities of liquefied gas are available to fully meet domestic needs.

Regarding exports, he explained that the export process has stopped in the south, prompting the government to search for possible alternatives to export crude oil. He revealed that an agreement is close to being signed to export oil through the Turkish Ceyhan pipeline.

Abdul Ghani added that the ministry has prepared a comprehensive plan to manage the current phase, particularly after the new circumstances in the Strait of Hormuz, noting that a plan has been activated to transport 200,000 barrels per day by tanker trucks through Türkiye, Syria, and Jordan.

In a separate context, the oil minister denied that tankers targeted in Iraqi waters belonged to Iraq, explaining that they were not Iraqi vessels and were carrying naphtha.

Iraq recently lost its entire oil export capacity of 3.35 million barrels per day after Iran closed the Strait of Hormuz following escalating conflict in the region.

Iraq relies on crude oil sales for about 95 percent of its revenues to meet the needs of the country’s annual federal budget. This means that the country would face a critical situation if the conflict in the Gulf region and the Strait of Hormuz continues.


Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
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Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo

Gold prices were on track for a second consecutive weekly drop, despite edging up on Friday, as surging energy prices due to the Middle East war dimmed prospects for near-term US interest rate cuts.

Spot gold was up 0.3% at $5,095.55 per ounce, as of 0633 GMT on Friday. US gold futures for April delivery fell 0.1% to $5,100.20.

The US 10-year Treasury yields eased, increasing the appeal of the non-yielding bullion. Bullion, however, has ‌lost more ‌than 1% so far this week. Since the war ‌started ⁠on February 28, ⁠it has dropped over 3% so far.

Fears of inflation and questions about the Federal Reserve's ability to cut interest rates if high oil prices persist are somewhat counteracting gold's appeal, said Tim Waterer, KCM Trade chief market analyst.

"Given the ongoing uncertainty about the duration and scope of the conflict in the Middle East, I expect gold to remain on the ⁠radar for investors as a safety play." Heightening geopolitical ‌tensions, Iran's Supreme Leader Mojtaba Khamenei said ‌on Thursday that Tehran will keep the strategic Strait of Hormuz closed as ‌leverage against the US and Israel, which has stoked concerns about ‌global energy supply and risk assets.

Oil prices rose above $100 a barrel, as attacks on oil tankers in the Gulf and warnings from Iran shattered prospects of quick de-escalation in the Middle East conflict. As oil prices surged, US President Donald ‌Trump again demanded Fed Chair Jerome Powell cut interest rates.

Traders, however, expect the Fed to keep rates ⁠steady in the current ⁠3.5%-3.75% range at the end of its two-day meeting on March 18, according to CME Group's FedWatch tool. While recent inflation data suggest price growth is under control, the war and the resulting spike in crude prices have yet to filter through the data.

Investors are awaiting the release of the delayed January Personal Consumption Expenditures Index, expected on Friday. Gold discounts in India widened this week to their deepest point in nearly a decade as demand stayed subdued and some traders steered clear of paying import duties, while the escalating Middle East war boosted safe-haven demand in China.

Spot silver was down 1% at $82.91 per ounce. Spot platinum lost 1% to $2,111.45 and palladium fell 1% to $1,603.


Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
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Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)

Panama Canal Administrator Ricaurte Vásquez said Thursday that the conflict in the Middle East and rising fuel costs could ultimately benefit the interoceanic waterway as global shippers adjust routes.

In an interview with The Associated Press, Vásquez said that higher energy, fuel and navigation costs could make the Panama Canal a more attractive option for commercial traffic.

“When costs increase, in general when the price of marine fuel rises, the Panama Canal becomes a more attractive route,” Vásquez said.

Oil prices have risen amid the war in the Middle East, which has led to the temporary closure of the Strait of Hormuz by Iran in response to US and Israeli attacks. About one-fifth of the world’s oil passes through the waterway at the mouth of the Gulf.

If higher energy costs persist, routing cargo through Panama can cut voyages by between three and 15 days, depending on the route, while reducing fuel consumption, he said.

Vásquez said higher fuel costs are expected to affect container ships, bulk carriers and tankers transporting liquefied natural gas. If Middle Eastern supplies are disrupted, shipments may be replaced by other sources, including the United States, which could redirect some LNG cargo from Europe to Asia via Panama.

Gerardo Bósquez, an executive with the Panama Maritime Chamber, said a prolonged conflict could reshape global trade routes, with gas transport among the segments likely to benefit.

Vásquez cautioned that any changes will not be immediate and will depend on how long cargo operators expect the conflict and instability in the Gulf last.