UK government’s letter to Visa, Deloitte and Allianz prompts rebuke from Olympic chiefs Bach off! Olympic chiefs have issued a rebuke to the UK government over its lobbying of sponsors including Visa, Deloitte and Allianz for Russia to remain banned from sport. The UK has been among the most vocal and active opponents of the International Olympic Committee’s plan to lift the suspension of Russia and its ally Belarus. Culture [...]
Fintech overhaul: Jack Ma to relinquish control of Chinese giant Ant ANT Ant Group’s founder Jack Ma will give up control of the Chinese fintech giant in an overhaul that seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago. Ant’s $37bn IPO, which would have been the world’s largest, was cancelled at the last minute in November [...]
Retailers gear up to win battle for Christmas online shopping rush CHRISTMAS SHOPPING Retail giants are battling to entice cash-strapped consumers with a slew of online discounts and sales this year. Spending is expected to slip by up to half on Black Friday this year, against a backdrop of a cost of living crisis, Wunderman Thompson research has forecast. Online retailers are set to benefit from the crunch, [...]
Alibaba posts flat revenue growth after ‘relatively slow’ spring August 4, 2022 E-commerce group Alibaba has posted flat revenue growth for the first time. The Hong-Kong based firm said sales in Chinese commerce dropped one per cent compared to the past year while revenue from its cloud business saw revenue up 16 per cent. The group’s revenue hit 205.56bn yuan ($30bn) in the April to June period, [...]
Alibaba eyes Hong Kong primary listing as US audit row continues July 26, 2022 Alibaba is seeking a primary listing in Hong Kong as the e-commerce giant attempts to lure in more mainland Chinese investors.
Alibaba shares slide five per cent as earnings fall short of forecasts November 18, 2021 Alibaba shares tumbled five per cent after the company’s third quarter financials disappointed investors. In results released today, Chinese tech giant Alibaba revealed that revenue for the three months to October 2021 was $31.1bn (£23bn), up by 29 per cent compared to a year prior, but a far cry from analyst predictions of $32.1bn Net [...]
Mysterious Ma: Billionaire Alibaba founder spotted in Spain October 20, 2021 The billionaire co-founder of Alibaba, Jack Ma, has been spotted in Spain in reportedly his first trip abroad since he butt heads with hawkish Chinese regulators. The reports of Ma being alive and well, and seemingly not banned from leaving China, triggered Alibaba’s Hong Kong-listed shares to jump 6.7 per cent on Wednesday – their [...]
Alibaba founder Jack Ma mysteriously reappears in Hong Kong after a year October 13, 2021 Alibaba Group founder and Chinese billionaire Jack Ma, largely out of public view since a regulatory clampdown started on his business empire late last year, is currently in Hong Kong and has met business associates in recent days, two sources told Reuters. Watch the full report.
Case dropped against ex-Alibaba manager accused of sexual assault September 7, 2021 Prosecutors have dropped their case against a former Alibaba Group holding manager accused of sexual assault by a colleague. The manager, surnamed Wang, was investigated after a female subordinate published a viral account of being sexually assaulted and raped during a business trip. The female victim was ignored when she raised the assault with her [...]
Alibaba shares sink to record low as China regulations on tech continues August 19, 2021 Alibaba Group shares sank by 5.4 per cent to a record low in Hong Kong on Thursday, following the latest round of regulations on Chinese tech giants by Beijing. The shares fell after China reportedly said it was looking at separate and new regulatory proposals including heightening oversight of the live streaming industry and ensuring the [...]