Online and offline US retail sales saw an annual growth of 3.4 per cent, as consumers flocked to shop merchandise on Black Friday, a day after US Thanksgiving, as per preliminary estimates by payments processor Mastercard.
E-commerce retail sales in the country surged by 14.6 per cent year-over-year, while in-store sales saw a modest increase of 0.7 per cent, according to Mastercard SpendingPulse, a measure to track sales in US retail across the Mastercard payments network, supplemented by estimates for cash and check transactions.
Black Friday marked the start of the holiday shopping season, sparking fierce competition among retailers to attract shoppers hunting for discounts.
A 3.2 per cent rise, excluding automotive sales and inflation adjustments, is projected for the holiday spending season, which will span over November 1 through December 24, as per Mastercard SpendingPulse’s earlier estimates.
“Black Friday was a good indicator of how the holiday season is positively shaping up,” Michelle Meyer, chief economist at Mastercard Economics Institute was quoted as saying by news agency Reuters.
Sales for department store chains like Macy’s, Kohl’s, and big-box retailer Target may experience slower growth this season, which is shorter with only 26 days between Thanksgiving and Christmas.
According to data from the firm Facteus, which analyzes consumer credit and debit card swipes to track spending trends, Best Buy and Target experienced relatively flat annual sales on Friday.
American shoppers made more purchases online using mobile phones, laptops, desktops, and other devices, a trend that is expected to benefit e-commerce giants like Amazon and Walmart. Walmart, with 4,700 stores across the US, has made significant investments in store-to-home deliveries this holiday season to strengthen its e-commerce capabilities.
E-commerce retailers such as Shein, PDD’s Temu, and TikTok Shop, the shopping platform from Beijing-based ByteDance’s TikTok, also saw strong sales growth in the seven days leading up to Friday, compared to the previous year, according to Facteus.
Adobe Inc also reported that Americans made approximately $10.8 billion in online purchases on Friday, reflecting a 10.2 per cent increase compared to the previous year.
Its tally also shows that most sold online merchandise were makeup, skincare and haircare products and electronics such as bluetooth speakers, espresso machines. Adobe tracks devices that use its software to help power over 1 trillion visits to US retail websites.
In a separate report, Salesforce, a cloud-based software company that monitors various online spending categories, stated that US online sales increased by 7 per cent on Friday, reaching $17.5 billion, according to its updated tally on Saturday. Upon analysing the activity of more than 1.5 billion global shoppers, the company revealed that the consumers brought more home appliances and furniture.
Since the estimates are not adjusted for inflation, higher prices contribute to at least part of the spending growth.

New Delhi: Adani Group Chairman Gautam Adani made his first public appearance on Saturday after facing recent allegations and being indicted in the US. During his statement, he reaffirmed the conglomerate’s commitment to compliance, adding that “every attack makes us stronger.”

“Less than two weeks ago, we encountered a series of allegations from the US regarding our compliance practices. This isn’t the first time we’ve faced such challenges. What I can tell you is that every attack makes us stronger,” said Gautam Adani while addressing the 51st Gems and Jewellery Awards.

The Adani Group had previously issued a statement rejecting the allegations as baseless and confirmed that it would pursue legal action to defend itself. Speaking at Saturday’s event, Adani said that despite a lot of vested reporting, no one from Adani’s side has been charged with any violation of the FCPA (Foreign Corrupt Practices Act) of the US or any conspiracy to obstruct justice.

“The fact is that despite a lot of the vested reporting, no one from the Adani side has been charged with any violation of the FCPA or any conspiracy to obstruct justice. Yet, in today’s world, negativity spreads faster than facts,” he said, adding that the group was committed to regulatory compliances.

“As we work through the legal process, I want to re-confirm our absolute commitment to world class regulatory compliance,” he added. Adani Green Energy Ltd, the renewable energy arm of the port-to-energy conglomerate, on November 21 scrapped a USD 600-million bond issue.

The 20-year green bond was over-subscribed three times, hours before the US prosecutors charged Gautam Adani and associates with participating in a scheme to pay over USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.

Following the indictment, Adani group companies’ stocks also tanked in the Mumbai trade. Ten listed firms of the group lost about USD 26 billion (Rs 2.19 lakh crore) in market value — more than double of what the conglomerate had lost when US short-seller Hindenburg brought out a damning report in January 2023.

However, since Wednesday, stocks of all the group firms have recovered. Shares of nine of the 11 listed Adani Group firms ended higher on Friday, with Adani Green Energy surging almost 22 per cent and Adani Energy climbing nearly 16 per cent.

“Over the years, I have come to accept that the roadblocks we face are the price of pioneering. The bolder your dreams, the more the world will scrutinise you. But it is precisely in that scrutiny that you must find the courage to rise, to challenge the status quo, and to build a path where none exists,” he said.

Adani said that the group had successes but the challenges have been bigger. “However, these challenges have not broken us. Instead, they have defined us. They have made us tougher and give us the unshakeable belief that after every fall, we will rise again, stronger and more resilient than before,” he said.

Last year, the conglomerate had scrapped a Rs 20,000 crore Follow-on Public Offer (FPO) at its flagship firm Adani Enterprises Ltd after US short-seller Hindenburg Research’s report in January, which alleged the group of stock manipulation and accounting fraud.

Adani had rejected all allegations and threatened to sue Hindenburg for its “reckless” attempt to sabotage the mega share sale at Adani Enterprises. But the allegation led to a free-fall of the group firms’ stocks, which at the lowest point saw USD 150 billion in market value being eroded.

Talking about the Hindernburg report, he said, “This was not a typical financial strike, it was a double hit, targeting our financial stability and pulling us into a political controversy. All of this was further amplified by certain media with vested interests. But even in the face of such adversity, our commitment to our principles remained strong.”

Adani said that after successfully raising Rs 20,000 crore from India’s largest-ever FPO, the company made the extraordinary decision to return the proceeds.

“We then further demonstrated our resilience by raising capital from several international sources and proactively reducing our debt-to-EBITDA ratio to below 2.5 times, an unmatched metric in the global infrastructure space,” he said.

“Our all-time record financial results in the same year showcased our commitment to operational excellence. Not a single Indian or foreign credit rating agency downgraded us. Finally, the Supreme Court of India’s affirmation of our actions validated our approach,” he said.

He further said that in 2010, when the group was investing in a coal mine in Australia, its objective was to make India energy secure and replace every two tonnes of poor-quality Indian coal with one tonne of high-quality coal from Australia. However, he said, the resistance from NGOs was huge and lasted almost a decade.

“It was so intense that we ended up funding the entire project of 10 billion dollars with our own equity. While we now have a world class operating mine in Australia and it could be seen as a great sign of our resilience,” he said. Adani also shared his journey of becoming an entrepreneur and highlighted its dominance in various sectors.

He also advised businessmen to embrace technology and sustainability for progress, empower and uplift the skilled workforce and nurture the younger generation and equip them to balance tradition with transformation, culture with innovation and legacy with sustainability. (With PTI Inputs)

Mark Zuckerberg-led Meta, the parent firm of Facebook, Instagram and WhatsApp, is reportedly planning a subsea cable that would “encompass the world”.

Industry observer Roderick Beck has described it as the “most ambitious” subsea project in his blog.

Here’s all you need to know:

(1.) This would be Meta’s first fully-owned subsea cable. The social media giant is already involved in subsea cables such as 2Africa, Echo, Bifrost Havhingsten, Amite and Anjana.

(2.) According to subsea cable entrepreneur Sunil Tagare, who was the first to report Meta’s plans (in October), the project’s starting cost is $2 billion, which is expected to rise to over $10 billion as work progresses.

(3.) Two possible routes have been suggested, and India is on both. According to Beck, it would begin from the US East Coast, go down the West African Coast to South Africa, and then head straight to Mumbai, from where it would go to Australia and then end at the US West Coast.

(4.) On the other hand, Tagare said the cable would run from the east coast of the US to India with a stop in South Africa, and then from India to the west coast of the US with a stop in Australia.

(5.) Tagare has dubbed the cable “W” due to the shape of the suggested route.

(6.) In India, the cable is speculated to pass through facilities of Reliance Jio, owned by billionaire Mukesh Ambani.

(7.) Its total length is estimated to be 40,000 km and the estimated capacity is 320Tbps.

(8.) The following routes would be avoided as these have been “problematic” in recent years: Red Sea, South China Sea and Egypt.

(9.) TechCrunch has reported that Meta is expected to officially announce the project in early 2025.

(10.) However, it would be “years” before the cable is fully operational.

India has signed a $98 million loan agreement with the Asian Development Bank (ADB) to improve horticulture crop productivity, the ministry of finance announced on Friday.
“The Government of India and the Asian Development Bank (ADB) today signed a $98 million loan to improve horticulture crop farmers’ access to certified disease-free planting materials, which will boost their crops’ yield, quality, and resilience to climate impacts,” ministry of finance said in a statement.
The loan agreement, part of the “Building India’s Clean Plant Programme,” was signed by Juhi Mukherjee, joint secretary, department of economic affairs, ministry of finance, and Kai Wei Yeo, officer-in-charge of ADB’s India Resident Mission.
“ADB funding will promote plant health that is vital for improving productivity of farmers,” Mukherjee said after signing the agreement.
ADB representative Yeo highlighted that the project falls in line with the government’s Atmanirbhar Clean Plant Programme (CPP), which focuses on improving plant health management.
“It will help develop regulatory framework and institutional systems to effectively implement the CPP for horticulture in India. The project will involve close consultation with private nurseries, researchers, state governments, and growers’ associations to ensure its success and sustainability,” he said.
According to the finance ministry, the project aims to set up clean plant centers equipped with state-of-the-art laboratories for disease diagnostics, staffed with trained experts.
These centres will maintain disease-free foundation materials and roll out a clean plant certification scheme. Accredited private nurseries will be tested and certified to ensure farmers have access to high-quality planting materials.
These centers will be set up using disease-free foundation materials and roll out a clean plant certification scheme. Additionally, accredited private nurseries will be tested and certified to ensure farmers have access to high-quality planting materials.
The project aims to boost crop productivity and help farmers tackle climate change challenges by providing disease-free materials that enhance long-term resilience, as rising temperatures impact pest and disease behavior.
“The plant health management promoted through the project will also help farmers adapt to climate change, as rising temperatures not only cause extreme weather events but also affect pest and disease behavior” the ministry said.
The project will be implemented by ministry of agriculture and farmers welfare, along with the National Horticulture Board and the Indian Council of Agricultural Research.

Mumbai: After heavy selling, it now appears that foreign institutional investors (FIIs) are likely to turn out consistent buyers when the market corrects further and valuations become attractive, market watchers said on Saturday.  

A perplexing feature of the recent FII activity is their highly erratic nature. For instance, in the three days from November 23-25, FIIs were buyers. But in the next two days, they again turned sellers, having sold equity for Rs 16,139 crore in the Indian market.

“FII selling in November is lower than that of October. In October, the total FII selling through stock exchanges was Rs 113,858 crore. In November, this had come down to Rs 39,315 crore,” an expert said.

This can be partly attributed to the reduced valuations caused by the correction in the market. Earlier this week, FIIs made a substantial comeback, injecting Rs 11,100 crore into Indian equities over three sessions.

This could signal renewed confidence in India’s growth story amid global headwinds, providing hope for market stability in the near term, said Vikram Kasat, Head-Advisory, PL Capital-Prabhudas Lilladher.

The trend of FII buying through the primary market continues. In November, FIIs bought stocks for Rs 17,704 crores through the primary market.

According to experts, if we take the period up to November 29, the total FII selling for the year stands at Rs 118,620 crore. On Friday, the Indian stock market closed in green, as both the equity benchmark indices Sensex and Nifty witnessed a strong rally.

Sensex closed at 79,802.79 after a gain of 759.05 points or 0.96 per cent. Nifty closed at 24,131.10 after a gain of 216.95 points or 0.91 per cent. The domestic stock market increased due to better investor sentiment and stock-specific activities.

According to experts, “a large-cap-driven, broad-based rally ensued in the domestic market. Discretionary sectors performed well, benefiting from the festive season”. Technically, the market remains in a consolidation phase, with little change in chart structure.

“Traders are advised to avoid aggressive bets and be selective. It’s also crucial to monitor global factors closely, as they could influence market direction ahead of the weekly expiry,” said Rajesh Bhosale, equity technical analyst, Angel One.