AFP

US seeks 15-year term for Theranos founder in fraud case

US federal prosecutors are seeking a 15-year jail term for Theranos founder Elizabeth Holmes and want her to pay more than $800 million to investors defrauded by her blood-testing startup, according to a court filing.

“The government recommends the Court sentence the defendant to 180 months in custody and order her to pay $803,840,309 in restitution,” said a court filing submitted Friday by US attorney Stephanie Hinds.

The toughly worded filing said Holmes had been “blinded by… ambition,” and that “her reality-distortion field put, and will continue to put, people in harm’s way.”

Holmes had vowed to revolutionize health diagnostics with self-service machines that could run an array of tests on just a few drops of blood, but the company collapsed following Wall Street Journal reporting in 2015 that revealed the machines did not work as promised.

Key investors in the startup included the Safeway grocery chain and the Walgreens chain of pharmacies, as well as former US Secretary of State George Shultz.

Holmes’ attorneys, in their own filing, insisted that no purpose would be served by her incarceration — saying she posed no danger, readily acknowledged her mistakes and had not materially benefited from the fraud — but that if the court decided on jail time it should not exceed 18 months.

The rival filings came just days after a federal judge rejected Holmes’s request for a new trial following her conviction in January for defrauding investors.

Holmes’ start-up drew high-profile backers and made her a billionaire on paper by the age of 30.

In 2015, Forbes magazine named Holmes the country’s richest self-made female billionaire, but a year later the magazine revised her estimated net worth to zero.

A California jury found Holmes guilty of four counts of tricking investors.

Sentencing is scheduled for November 18.

US seeks 15-year term for Theranos founder in fraud case

US federal prosecutors are seeking a 15-year jail term for Theranos founder Elizabeth Holmes and want her to pay more than $800 million to investors defrauded by her blood-testing startup, according to a court filing.

“The government recommends the Court sentence the defendant to 180 months in custody and order her to pay $803,840,309 in restitution,” said a court filing submitted Friday by US attorney Stephanie Hinds.

The toughly worded filing said Holmes had been “blinded by… ambition,” and that “her reality-distortion field put, and will continue to put, people in harm’s way.”

Holmes had vowed to revolutionize health diagnostics with self-service machines that could run an array of tests on just a few drops of blood, but the company collapsed following Wall Street Journal reporting in 2015 that revealed the machines did not work as promised.

Key investors in the startup included the Safeway grocery chain and the Walgreens chain of pharmacies, as well as former US Secretary of State George Shultz.

Holmes’ attorneys, in their own filing, insisted that no purpose would be served by her incarceration — saying she posed no danger, readily acknowledged her mistakes and had not materially benefited from the fraud — but that if the court decided on jail time it should not exceed 18 months.

The rival filings came just days after a federal judge rejected Holmes’s request for a new trial following her conviction in January for defrauding investors.

Holmes’ start-up drew high-profile backers and made her a billionaire on paper by the age of 30.

In 2015, Forbes magazine named Holmes the country’s richest self-made female billionaire, but a year later the magazine revised her estimated net worth to zero.

A California jury found Holmes guilty of four counts of tricking investors.

Sentencing is scheduled for November 18.

Iranian exile who got stuck for years in French airport dies

An Iranian who got stuck for 18 years in a Paris airport, inspiring a Steven Spielberg movie starring Tom Hanks died on Saturday at the terminal, an airport official said.

Mehran Karimi Nasseri died of natural causes just before midday on Saturday in terminal 2F at Charles de Gaulle airport outside the French capital, the official told AFP.

Caught originally in an immigration trap — unable to enter France and with nowhere to go — he became dependent on his unusual place of abode and increasingly a national and international cause celebre. 

He called himself “Sir Alfred”, and a small section of airport parquet and plastic bench became his domain.

Karimi Nasseri’s peculiar story came to the attention of Hollywood director Spielberg, inspiring 2004 film “The Terminal,” which starred Hanks and Catherine Zeta-Jones.

Hanks played a man who becomes trapped at New York’s JFK airport when his home country collapses into revolution.

After spending most of the money he received for the film, Karimi Nasseri returned to the airport a few weeks ago, the official said.

Several thousand euros (dollars) were found on him.

Born in 1945 in Masjed Soleiman, in the Iranian province of Khuzestan, Karimi Nasseri, took up residence in the airport in November 1988 after flying from Iran to London, Berlin and Amsterdam in an effort to locate his mother.

He had been expelled from every other country he landed in because he was unable to produce the correct paperwork.

At Roissy-Charles de Gaulle airport an informal support network grew up around him, providing food and medical help along with books and a radio.

In 1999 he was granted refugee status and the right to remain in France.

“I’m not quite sure what I want to do, stay at Roissy or leave,” he said after being handed the right to live in France. “I have papers, I can stay here, I think I should carefully study all the options before making a decision.”

He didn’t leave then.

“He no longer wants to leave the airport,” his lawyer Christian Bourguet said at the time. “He’s scared of going.”

US Democrats close in on Senate majority

Joe Biden’s Democrats were just one seat away Saturday from securing a remarkable midterm election result by retaining control of the US Senate.

Midterms traditionally deliver a rejection of the party in power and with inflation surging and Biden’s popularity in the doldrums, Republicans had been expecting to ride a mighty “red wave” and capture both houses of Congress.

But the wave never got much beyond a ripple and on Friday Democrat Mark Kelly was projected to win a tight Senate race in Arizona, putting the two parties neck-and-neck at 49 seats each.

With two races, in Nevada and Georgia, left to decide, Democrats only need to win one, as Vice President Kamala Harris can cast the tie-breaking vote if the upper chamber is evenly split 50-50.

The result in the House of Representatives is also hanging in the balance and while Republicans are slightly favored to take control, it would be with a far smaller majority than they had envisaged going into Tuesday’s election.

In Arizona, Kelly beat out a challenger backed by Donald Trump. The former president was omnipresent on the campaign trail and the Republicans’ poor national performance was a damaging political blow.

Trump’s response to the Arizona result was to double down on unfounded claims of ballot rigging, posting on his Truth Social platform that the Democrat victory was a “scam” and the result of “voter fraud.”

Trump is set to declare his 2024 White House bid on Tuesday — an announcement he had planned as a triumphant follow-on to a crushing election victory by the party he still dominates.

The underwhelming outcome has prompted a bout of internal finger-pointing with targets including Trump, the party leaders, and the campaign messaging.

US media on Saturday cited a letter circulated by three Republican senators calling for the postponement of party leadership elections currently scheduled for the middle of next week.

“We are all disappointed that a Red Wave failed to materialize, and there are multiple reasons it did not,” the letter said.

“We need to have serious discussions within our conference as to why and what we can do to improve our chances in 2024,” it added.

Trump’s candidacy would be his third shot at the presidency, including his loss to Biden in 2020.

Some suggest his early entry into the race is designed to fend off possible criminal charges arising from multiple investigations into the final weeks of his presidency as well as his business affairs.

On Friday, Trump’s lawyers challenged a subpoena from the Congressional committee investigating the January 6 attack on the US Capitol by his supporters.

The subpoena sought to have Trump questioned under oath next week but the lawyers filed a lawsuit arguing he enjoyed  “absolute immunity” as a former president from being compelled to testify before Congress.

The subpoena is “invalid, unlawful, and unenforceable,” the lawsuit said.

After the Arizona result, the fate of the Senate depends on the two remaining undecided races in Nevada and Georgia.

Counting of mail-in ballots for the extremely tight Nevada contest is expected to take several more days.

If the Democrat candidate prevails, the party will retain its majority. Otherwise, everything will depend on the outcome in Georgia, where a run-off ballot will take place on December 6.

Ukraine says West on way to 'joint victory' after Russia retreat

Kyiv said on Saturday that the West was on its way to “joint victory” over Moscow after Ukraine said it had wrested back Kherson, the first major urban hub to fall after Russia’s invasion on February 24. 

London meanwhile said Russia’s “strategic failure” in the strategic Black Sea port city would sow doubt among the Russian public about the point of the war in Ukraine.

“There were very few who believed that Ukraine would survive,” Ukrainian Foreign Minister Dmytro Kuleba said as he met US Secretary of State Antony Blinken on the sidelines of a Southeast Asian summit in Cambodia.

“This is coming, and our victory will be our joint victory — a victory of all peace-loving nations across the world.”

Blinken hailed the “remarkable courage” of Ukraine’s military and people and vowed that US support “will continue for as long as it takes” to defeat Russia.

The humiliating Russian retreat was a huge boost to Ukrainians after months of suffering.

The secretary of Ukraine’s National Security and Defence Council, Oleksiy Danilov, said the liberation of all annexed territories was just a matter of time. 

“We are not going to put anything on ice,” he said. “We are not a freezer.”

The Ukrainian national anthem rang out in Kherson’s central square as a small crowd sang along while huddled around a bonfire, a video published by Ukraine’s parliament on social media showed. 

“Special units are already in the city,” President Volodymyr Zelensky wrote on Telegram, posting footage in which Ukrainian troops appeared to gather with residents.

– ‘Extraordinary victory’ –

About 50 kilometres (30 miles) from Kherson, Andriy Zholob, a commander of a medical unit, said they had been greeted by smiling faces and given “embroidered towels which we display on our vehicles”. 

“We see children running to meet us and greeting us,” Zholob told AFP.

In the nearby region of Mykolaiv, which Russian forces have failed to capture despite months of attacks, governor Vitaliy Kim said the entire region apart from the Kinburn Spit in the south had been returned to Ukrainian control.

The US hailed Ukraine’s “extraordinary victory” in recapturing Kherson from the Russians on Saturday. 

“It’s a big moment and it’s due to the incredible tenacity and skill of the Ukrainians, backed by the relentless and united support of the United States and our allies,” US National Security Advisor Jake Sullivan said.

British Defence Secretary Ben Wallace said Saturday that Kherson could prompt ordinary Russians to question the war. 

“In February, Russia failed to take any of its major objectives except Kherson,” Wallace said in a statement.

“Now with that also being surrendered, ordinary people of Russia must surely ask themselves: ‘What was it all for?'”

Kuleba however warned that Kyiv still sees “Russia mobilising more conscripts and bringing more weapons to Ukraine” and called for the Western world’s continued support. 

– Ukrainian television back on  –

In Kherson, Kyiv’s forces reconnected the local television network to Ukrainian broadcasters after local media reported that retreating Russian forces blew up the television tower and energy facilities, leaving the city without power.

Russia’s defence ministry said “more than 30,000 Russian servicemen, about 5,000 pieces of hardware and military equipment and materiel have been withdrawn”.

Kherson’s full recapture by Kyiv would be a political and symbolic blow to Putin and open a gateway for Ukraine’s forces to the entire Kherson region, with access to both the Black Sea in the west and Sea of Azov in the east.

– ‘In tears’ –

In Ukraine’s capital, the news was met with joy.

Wrapped in flags, popping champagne corks and belting out the Ukrainian national anthem, residents of Kherson living in Kyiv gathered in the city’s central Maidan square to celebrate.

“I didn’t believe it at first, I thought it was going to take weeks and months, a few hundred metres at a time, and now we see them arrive in Kherson in one day, it’s the best surprise,” said Artem Lukiv, 41, a Kherson resident living in Kyiv.

The Kremlin meanwhile insisted that Kherson was still part of Russia.

“This is a subject of the Russian Federation. There are no changes in this and there cannot be changes,” spokesman Dmitry Peskov told reporters.

A full Ukrainian recapture of the Kherson region would disrupt a vital land bridge for Russia between its mainland and the Crimean peninsula, which Moscow annexed from Ukraine in 2014.

Kherson was one of four regions in Ukraine that Putin claimed to have annexed in September.

You say Cambodia, Biden says Colombia 

Southeast Asian regional bloc ASEAN gained a surprise new member from the other side of the world Saturday — at least for an instant, courtesy of a verbal slip by US President Joe Biden.

“I want to thank the prime minister for Colombia’s leadership as ASEAN chair,” Biden said as he opened talks with regional leaders in Phnom Penh chaired by Cambodian Prime Minister Hun Sen.

South America’s Colombia seems to be on the US president’s mind, because he made the same mistake as he set out from the White House for his long trip to Asia.

He told reporters he was “heading over to Colombia”, before quickly correcting himself to say “I mean Cambodia”.

Biden, who turns 80 this month, has been known as a gaffe machine for much of his storied career in Washington.

His latest glitch, while geographically challenged, was still perhaps less glaring than Vice President Kamala Harris’s statement during a September visit to the demilitarised zone separating North and South Korea.

On that occasion Harris said that the US has “an alliance with the Republic of North Korea.  And it is an alliance that is strong and enduring.”

US Senate race neck-and-neck, as Trump readies presidential bid

President Joe Biden’s Democrats edged closer to retaining control of the US Senate on Friday, as Donald Trump prepared to declare his bid for the White House in 2024.

Democratic Senator Mark Kelly won re-election in Arizona, three television networks projected. His victory will give Democrats 49 Senate seats, one short of securing a majority, with Nevada still counting votes and Georgia’s contest headed to a December 6 runoff.

Blake Masters, Kelly’s Republican opponent in Arizona, did not immediately concede defeat, and late on Friday Trump claimed the result was “a scam and voter fraud”.

President Joe Biden phoned Kelly to congratulate him on his win, the White House said.

Trump will announce next week that he is taking another shot at the presidency in 2024, his longtime advisor Jason Miller said Friday.

The divisive former president, who will be 78 when the next election is held, has been hinting at another presidential run while campaigning for Republican candidates ahead of this week’s midterm elections, and said he will make a “very big announcement” on Tuesday.

“President Trump is going to announce on Tuesday that he is running for president,” Miller told former Trump aide Steve Bannon on his popular “War Room” podcast.

Trump’s candidacy would be his third shot at the presidency, including his loss to Biden in 2020. After that defeat, he promoted baseless claims of fraud, including those that led to an unprecedented riot at the US Capitol in Washington.

– Seats flipped –

Trump’s big announcement in Florida will come after a disappointing run for several candidates he backed in the midterms, although more than 100 Republican candidates who challenged the 2020 presidential results still won their respective races.

Some of his hand-picked favorites, however, lost key Republican-held seats to Democrats.

In Pennsylvania, Democrats flipped a US Senate seat with constant attacks on Trump-endorsed celebrity doctor Mehmet Oz, who had never held public office and lives mostly in New Jersey.

Trump had hoped to ride a Republican “red wave” that would prime him for another presidential run but the party looks headed for a much smaller victory than had been predicted.

With 211 seats so far, Republicans appear poised to secure a slim majority in the 435-seat House of Representatives. Control of the Senate, however, may come down to a December 6 runoff in the southeastern state of Georgia.

With both parties tied at 49 Senate seats, Democrats now need only one more win to retain control of that chamber, because Vice President Kamala Harris will cast any tie-breaking votes in the upper house.

– January 6 investigation –

Also on Friday, Trump’s lawyers challenged a subpoena from the Congressional committee investigating the January 6 attack on the US Capitol by his supporters.

They claimed he had “absolute immunity” and would not testify next week.

The subpoena is “invalid, unlawful, and unenforceable,” the lawyers said in the lawsuit, because Trump “has absolute immunity from being compelled to testify before Congress… regarding his actions as head of a co-equal branch of government.”

Trump’s early entry into the race may be designed in part to fend off possible criminal charges over taking top secret documents from the White House; his efforts to overturn the 2020 election; and the US Capitol attack.

It may also be intended to undercut his chief potential rival for the Republican presidential nomination, Florida Governor Ron DeSantis, who secured a comfortable re-election and emerged as one of the biggest winners in Tuesday’s midterms.

Zelensky proclaims strategic Kherson 'ours', as US hails Ukraine's victory

Ukrainian President Volodymyr Zelensky declared Kherson “ours” after Russia withdrew troops from the city, which the US hailed Saturday as an “extraordinary victory”.

“We are winning battles on the ground. But the war continues,” foreign minister Dmytro Kuleba said after Ukraine’s triumphant recovery of Kherson — the only regional capital Moscow had captured in the nine months since Russia’s invasion. 

In the port city located on the Black Sea, the Ukrainian national anthem rang out in the central Kherson square as a small crowd sang along while huddled around a bonfire, a video published by Ukraine’s parliament on social media showed. 

“Special units are already in the city,” Zelensky wrote on Telegram, posting footage in which Ukrainian troops appeared to gather with residents.

About 50 kilometres (30 miles) from Kherson, Andriy Zholob, a commander of a medical unit, said they had greeted by smiling faces and given “embroidered towels which we display on our vehicles”. 

“We see children running to meet us and greeting us,” Zholob told AFP.

In nearby Mykolaiv province, which Russian forces have failed to capture despite months of attacks, governor Vitaliy Kim said the entire region, save for the Kinburn cape in the south, had been returned to Ukrainian control.

“Now it’s official: the entire Mykolaiv region (except Kinburn) has been liberated,” Kim wrote on Telegram.

The US hailed Ukraine’s “extraordinary victory” in recapturing Kherson from the Russians on Saturday. 

“It’s a big moment and it’s due to the incredible tenacity and skill of the Ukrainians, backed by the relentless and united support of the United States and our allies,” US National Security Advisor Jake Sullivan said while travelling to Cambodia with President Joe Biden for a regional summit.

But Kuleba — attending the same summit — warned that Kyiv still sees “Russia mobilising more conscripts and bringing more weapons to Ukraine”. 

“I understand that everyone wants this war to end as soon as possible,” he said during a meeting with Australian Prime Minister Anthony Albanese in which he called for the Western world’s continued support. 

“We are definitely the ones who want that more than anyone else.”

– Ukrainian television back on  –

In Kherson, Kyiv’s forces reconnected the local television network to Ukrainian broadcasters after local media reported that retreating Russian forces blew up the television tower and energy facilities, leaving the city without power.

Kyiv’s defence ministry said earlier Friday that Kherson “is returning to Ukrainian control and units of the Armed Forces of Ukraine are entering the city”.

Ukrainian artillery teams had clear views of Russia’s routes of retreat and warned: “Any attempts to oppose the Armed Forces of Ukraine will be stopped.”

Russia’s defence ministry said “more than 30,000 Russian servicemen, about 5,000 pieces of hardware and military equipment and materiel have been withdrawn”.

Kherson was the first major urban hub to fall after President Vladimir Putin ordered Russian troops into Ukraine on February 24. 

Its full recapture by Kyiv would be a political and symbolic blow to Putin and open a gateway for Ukraine’s forces to the entire Kherson region, with access to both the Black Sea in the west and Sea of Azov in the east.

“Ukraine is gaining another important victory right now and proves that whatever Russia says or does, Ukraine will win,” Kuleba wrote on social media.

He posted an amateur video showing Ukrainians removing a billboard near Kherson that proclaimed: “Russia is here forever”.

– ‘In tears’ –

In Ukraine’s capital, the news was met with joy.

Wrapped in flags, popping champagne corks and belting out the Ukrainian national anthem, residents of Kherson living in Kyiv gathered in the city’s Maidan square to celebrate.

“I didn’t believe it at first, I thought it was going to take weeks and months, a few hundred metres at a time, and now we see them arrive in Kherson in one day, it’s the best surprise,” said Artem Lukiv, 41, a Kherson resident living in Kyiv.

While it would appear a major Russian setback, the Kremlin insisted that Kherson was still part of Russia and that it did not regret annexing the entire Kherson region at a lavish ceremony in late September.

“This is a subject of the Russian Federation. There are no changes in this and there cannot be changes,” Kremlin spokesman Dmitry Peskov told reporters.

A full Ukrainian recapture of the Kherson region would disrupt a vital land bridge for Russia between its mainland and the Crimean peninsula, which Moscow annexed from Ukraine in 2014.

– ‘Cynical’ attack –

Ukrainian officials were initially wary after Moscow announced this week that it would pull forces to defensive positions on the east bank of the river in the city.

Kherson was one of four regions in Ukraine that Putin claimed to have annexed during the September ceremony, vowing at the time to use all available methods to defend it.

Asked by reporters whether Russia regretted annexing Kherson, Peskov said the Kremlin had “no regrets” about the move.

Earlier on Friday, a Russian strike on a residential building in Mykolaiv killed seven people, regional governor Vitaliy Kim said on social media.

An AFP journalist at the scene saw a gaping hole gouged out of a Soviet-style residential building with emergency workers in yellow helmets on site clearing rubble.

Zelensky branded the strike a “cynical response to our successes at the front”.

As Biden returns to table with Xi, US views darken on Chinese leader

Sitting next to Xi Jinping during one of their marathon sessions in 2011, Joe Biden saluted the direction of US-China ties.

“The trajectory of the relationship is nothing but positive,” Biden told businesspeople who came to see the two vice presidents at a Beijing hotel, voicing “great optimism about the next 30 years”.

As the two leaders, now presidents, prepare to meet again little more than a decade into that timeframe, the trajectory of relations is anything but positive — and virtually no US policymaker is optimistic about Xi, China’s most powerful leader in decades who just secured a historic third term.

Biden and Xi will hold talks Monday on the sidelines of a Group of 20 summit in Bali at a time of rising US alarm. Xi’s China, in the words of Secretary of State Antony Blinken, has become “more repressive at home” and “more aggressive abroad” — with the threat of China invading Taiwan, once largely theoretical, increasingly seen as real.

It will be the first in-person meeting between the US and Chinese presidents since Donald Trump spoke in 2019 with Xi, who only recently resumed international travel following the pandemic.

But Biden and Xi know each other unusually well for two world leaders. They have talked by phone or videoconference five times since the Democrat entered the White House in 2021.

And the relationship goes much deeper.

When Xi was leader in waiting, Biden flew to China in 2011 and later invited him to tour the United States including rural Iowa, where a young Xi had gone on an exchange.

Biden said that as vice president he spent 67 hours in person with Xi, part of an effort by the then administration of Barack Obama at least to understand, if not court, the rising Chinese leader.

– Cold calculations –

US officials and experts have since come to believe that the 69-year-old Xi has no desire for moderation, with the new Central Committee of the Chinese Communist Party stacked with hardliners and lacking any obvious heir apparent.

“We all knew that Xi Jinping was going to prevail. But I think people are still surprised that Xi Jinping could not even find the grace to save some accommodation for his political opponents,” said Yun Sun, a senior fellow at the Stimson Center in Washington.

With the Party Congress over, Xi now has greater space and flexibility to focus on his international push for a stronger China, she said.

“We are not looking at a Xi Jinping who is going to be less emboldened,” she said.

Both Biden and Trump have identified China as the preeminent global competitor to the United States. But while Trump by late in his term was railing against China on everything from trade to Covid-19, Biden has supported talks on narrow areas of cooperation.

Biden told reporters Wednesday he would speak to Xi about each country’s “red lines” in hopes of avoiding conflict.

Chief among red lines for China is Taiwan, the self-governing democracy Beijing claims as its own, with Beijing carrying out exercises seen as a trial run for an invasion to protest against House Speaker Nancy Pelosi’s visit in August.

Biden has said three times that the United States would defend Taiwan militarily if China attacks, although the White House has walked back the apparent shift from longstanding US ambiguity.

Privately some US allies have cheered on the more forceful approach towards Beijing including on the South China Sea, where Washington has moved from neutrality to championing Southeast Asian nations’ myriad claims.

“There is a widespread feeling that the United States has finally understood the nature of the threat,” said a senior Washington-based diplomat from an Asian country friendly with the United States.

– Inching away –

The United States has also made initial moves with allies on a once unthinkable idea — easing two decades of economic reliance on China, which is racing ahead under Xi to dominate next-generation technology and where Covid lockdowns have exposed the fragility of supply chains.

“Seeing what the US is doing to sort of de facto decouple or separate, at least in the technology space, that may be changing calculations” of other Asian countries, said Matt Goodman, senior vice president for economics at the Center for Strategic and International Studies.

Biden has voiced hope for working with China, the largest carbon emitter, on climate change, and officials said Saturday that Biden would press Xi on North Korea, a Chinese ally that has launched a volley of missiles in recent weeks.

Yun doubted China would oblige, saying that Xi views cooperation as transactional.

“With competition the main theme of the US’s China policy, why would China cooperate?” she said.

“Their calculation is that they are not going to do anything from the goodness of their hearts. They want to see the US give something.”

Alibaba keeps Singles Day sales tally under wraps for first time

Chinese e-commerce giant Alibaba has not released full sales figures for its annual Singles Day event for the first time ever, as a cooling economy dampened demand.

Launched in 2009, Singles Day is the world’s largest shopping festival, dwarfing similar US events such as Black Friday and Cyber Monday in terms of sales. 

Alibaba’s sales last year hit 540.3 billion yuan ($76.1 billion), and many were watching to see if the company and other retailers taking part could combine for a record one trillion yuan in sales.

In a statement Saturday, Alibaba said results for this year’s event were “in line with last year’s… despite macro challenges and Covid-related impact,” without offering details.

Some 290,000 brands participated in 2022, it added, with merchants offering varying levels of discounts starting as early as late October.

Research firm Syntun a day earlier estimated that platforms including Alibaba and JD.com had reached a combined 262 billion yuan between 8:00 pm Thursday and 2:00 pm (0600 GMT) Friday.

Once a festival of frenzied consumption led by Alibaba’s effervescent founder Jack Ma, Singles Day has been more muted in recent years amid a Beijing crackdown on online platforms and waning state media coverage.

In April, regulators fined Alibaba $2.8 billion for anti-competitive practices, and Ma’s public presence has been noticeably diminished over the past two years.

“In terms of communications from the platform companies around the festival, there’s been a shift away from celebrating excessive consumption and emphasizing gross merchandise value (GMV),” Jacob Cooke, CEO of e-commerce consultancy WPIC Marketing + Technologies said. 

“The shift has been going on for a few years now, and that’s related to common prosperity, the anti-monopoly drive,” he added, referring to President Xi Jinping’s ongoing drive to curb the influence of big tech. 

Consumers are also tightening their belts as Beijing persists with a zero-Covid strategy that has led to widespread pay cuts and disrupted supply chains.

Conceived by Alibaba, the event’s title riffs on a tongue-in-cheek celebration of singlehood inspired by the four ones — “11/11” — that denote its date of November 11.

Alibaba is scheduled to report its earnings to stakeholders next week. 

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