Afternoon Coffee: US Services Sector Experiences Weak Growth in May, SEC Investigates Alibaba

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The U.S. services sector expanded at a slow rate in May due to less than ideal economic conditions and weak client demand, according to Markit’s Flash Services PMI Business Activity Index. The index registered at 51.2 for the month, down from 52.8 in April.

The U.S. Securities and Exchange Commission is reportedly investigating Alibaba and has requested information on a logistics firm that works with the e-commerce company. The SEC is looking into Alibaba’s accounting practices and how it reports data relating to its Singles’ Day sales.

The railroad industry is expected to have a challenging 2016, according to Kansas City Southern. Demand for rail transportation may fluctuate throughout the year due to changes in oil shipments as refiners seek out the cheapest source of oil, which can be both domestic and foreign.

Hyundai hopes to develop and mass produce an electric car capable of driving 200 or more miles by 2018. The carmaker also plans to deliver its 110-mile Ioniq electric car by the end of this year.

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