Black Friday E-Commerce Boom

Adobe Analytics' report reveals that Black Friday's online shopping in the U.S. experienced a significant boost, with e-commerce spending escalating by 7.5% from the previous year, reaching a record $9.8 billion. This growth is attributed to cost-conscious consumers who are actively searching for the best deals, primarily on online platforms.

The rise in Black Friday spending suggests a greater willingness among consumers to spend compared to the situation in 2022, which was characterized by high prices for gas and food. Despite this, price sensitivity and the need to manage tighter budgets due to the previous year's high inflation and interest rates continue to influence consumer behavior. The Adobe survey noted a considerable increase in the use of the 'Buy Now, Pay Later' payment option, which saw $79 million in sales and a 47% increase from the prior year, reflecting a method for consumers to maximize their spending power.

Adobe's analysis also pointed out that electronics, including smartwatches and televisions, as well as toys and gaming products, were among the most purchased items on Black Friday. In a contrasting trend, items like home-repair tools did not attract as much consumer interest.

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TikTok: Ends Gaming

Since 2019, TikTok's parent company ByteDance has invested heavily in the video game sector, establishing its own gaming division and acquiring several prominent game developers. However, the company is now scaling back these initiatives, marking another retreat from experimental ventures that also included education, real estate brokerage, and virtual reality. This shift comes as ByteDance faces both regulatory challenges and economic obstacles globally.

ByteDance has instructed top executives at its gaming arm, Nuverse, to halt ongoing game development projects by December. This move is accompanied by significant layoffs within the division, impacting hundreds of employees, as reported by sources familiar with the situation.

These layoffs represent a major portion of Nuverse’s workforce and follow ByteDance's recent downsizing at its VR headset division, Pico. These changes are part of ByteDance's broader strategy to consolidate its operations, prioritize its core businesses, and enhance profitability in a challenging business environment.

CHINA: Profit Growth Slows

In October, the growth rate of profits for China's industrial companies significantly slowed down compared to the previous month, reflecting persistent deflationary pressures and a fragile economic recovery as 2023 nears its end.

Data from the National Bureau of Statistics, released on Monday, showed a year-on-year profit increase of 2.7% in China's industrial sector. This growth is a sharp decrease from the 11.9% rise seen in September and the 17.2% surge in August.

Over the first ten months of 2023, these companies experienced a 7.8% decline in profits compared to the same period in the previous year. This represents a slight improvement from the 9% decrease recorded in the first nine months of the year.

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Origins of Monopoly: The Untold Story

Monopoly, known to millions as the game where fortunes are won and lost on the roll of a dice, has its origins during the Great Depression. It was in 1935 that Charles Darrow brought Monopoly to life, claiming it as his own invention. The game was an immediate hit, a beacon of hope and escapism during one of America's darkest economic times. Darrow's adaptation of the game led to a deal with Parker Brothers, catapulting him to millionaire status and making him a legend as the first millionaire game designer in history.

However, the roots of Monopoly stretch back further, to a woman named Elizabeth Magie. In 1903, Magie created 'The Landlord's Game', a board game with a striking resemblance to Monopoly. Her intention was to illustrate the economic consequences of land monopolism. Unfortunately, Magie's contribution to what would become Monopoly was largely overshadowed by Darrow's commercial success.

The twist in Monopoly's tale came when Parker Brothers, having learned of Magie's original patent for The Landlord's Game, purchased the rights from her. The price? A mere $500, and no royalties – a stark contrast to the game's massive earnings and Darrow's fortune. The tale of Monopoly, rooted in a game designed to demonstrate economic disparity, ironically mirrored its own creation story.

Despite its controversial past, Monopoly grew beyond a mere board game to become a cultural phenomenon. It has taught generations the basics of finance, negotiation, and strategy, all wrapped up in the guise of family entertainment. Its global reach and numerous editions have made it a staple in households worldwide.

In closing, the story of Monopoly is not just about a board game that became a household name. It's a saga of creativity, missed credit, and the complexities of intellectual property rights.

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📊 US Bankruptcies Continue and Upward Trend

Rising interest rates and consumer and government debt are some major factors contributing to increasing US bankruptcies since 2020.

The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.