Carrefour sale shifts the balance of power in China's new retail battle

Hot on the heels of Amazon's decision to shutter its local marketplace, Carrefour -- another global commerce giant -- is switching up its approach to China, and shifting the balance of power between the country's tech giants. Carrefour, which is Europe's largest retailer, sold a majority 80% stake in its China-based business to Chinese retailer Suning, according to an announcement made this weekend. Suning has had close links to Alibaba.