Pinduoduo in China, Shopee in Southeast Asia, and Meesho in India operate in markets that could hardly be more different -- an upper-middle-income industrial state, a stitched-together archipelago of under-banked economies, and a country where three-quarters of retail is unorganized and e-commerce penetration sits at about 7% -- yet all three have landed on the same business model. These platforms run asset-light marketplaces specializing in cheap goods and slow delivery, monetizing through logistics mark-ups, advertising, and installment credit rather than retail margins. Temu and Shein are further variations now expanding in the U.S. and Europe. The economics are thin for all. Pinduoduo's EBITDA margins on GMV (gross merchandise value) sit in a 0-4% band; Meesho's group-wide EBITDA hovers around break-even. Neither charges commissions on most sales; both earn through logistics mark-ups and advertising. Sponsored listings account for 1-3% of GMV at Indian marketplaces and 4-5% at Alibaba and Pinduoduo. Credit is the more consequential side business. In India, cash on delivery functions as unofficial credit. Meesho CEO Vidit Aatrey said the customers prefer CoD for its "built-in delay," which effectively makes it "a five-day loan." Geography, income, and regulation were supposed to produce different answers. They produced one: a 3% endgame where e-commerce clips a few points of GMV and relies on attention and credit for profits.

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The Pokemon Trading Card Game has quietly transformed into something its creators never intended: a speculative asset class dominated by adults hunting for profit while children struggle to find a single pack on store shelves. The resale market has climbed so high that the latest set, Phantasmal Flames, had a rare Charizard illustration valued at more than $800 before anyone had even pulled one from a pack -- a pack that retails for about $5.3. Ben Thyer, owner of BathTCG in Bath, has watched his shop become a flashpoint. His staff have received threats from customers, and he's heard reports of attacks and robberies at other stores. He stopped selling whole boxes of booster packs and now limits individual pack purchases. On Amazon, customers can only enter raffles for the chance to buy cards at all.The Pokemon Company printed 10.2 billion cards in the year ending March 2025 and still cannot meet demand. The company shared a seven-month-old statement saying it is printing "at maximum capacity." Thyer sees signs of a correction -- prices on singles and sealed products are falling -- but expects renewed frenzy around Pokemon's 30th anniversary in early 2026.

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India's dominant airline IndiGo has cancelled roughly 3,000 flights since last week after new pilot fatigue regulations collided with technical issues and the seasonal schedule shift, stranding more than half a million passengers and forcing aviation authorities to reverse course on the safety rules they had just implemented. InterGlobe Aviation, IndiGo's parent company, told regulators that stricter requirements for night flying and weekly rest periods created an acute crew shortage. The Airline Pilots Association of India called the regulatory rollback a "dangerous precedent," noting that management had known about the requirements since early last year. IndiGo controls 65.6% of India's domestic aviation market as of October 2025 and briefly became the world's most valuable airline in April. The crisis arrives as India's second-largest carrier, Air India, remains under investigation following a June crash that killed 241 passengers and crew. Authorities have imposed temporary price caps to prevent gouging.

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IBM is buying Confluent for $11 billion in a major push to own real-time data streaming infrastructure essential for enterprise AI workloads. It marks Big Blue's biggest acquisition since Red Hat in 2019. Bloomberg reports: The AI boom has touched off billions of dollars in deals for businesses that build, train or leverage the technology, propelling the value of an entire ecosystem of data center developers, software makers, generative AI tool developers and data management firms. Mountain View, California-based Confluent sits in the data corner of that world, providing a platform for companies to gather -- or "stream" -- and analyze data in real time as opposed to shipping data in clunkier batches. Manufacturers such as Michelin, for example, have used Confluent's platform to optimize their inventories of raw and semi-finished materials live. Instacart adopted Confluent to develop real-time fraud detection systems and gain more visibility into the availability of products sold on its grocery delivery platform. Businesses are increasingly tapping AI systems that manage tasks like this in real-time and require live flows of data to do so. IBM, which pioneered mainframe computers, has been trying to reposition its business around AI over the past few years. Under Chief Executive Officer Arvind Krishna, it's been buying software companies and selling generative AI-related services to enterprise clients. Software now makes up almost half its total revenue and continues to grow at a steady rate.

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