Saturday, May 4

Tag: alibaba

Jack Ma Appointed as a Adviser of United Nations Trade & Business Group
21Sep By PriyankaNo Comments
CHINA

Jack Ma Appointed as a Adviser of United Nations Trade & Business Group

Jack Ma, founder and executive chairman of e-commerce giant Alibaba, has been named Special Adviser to the United Nations Conference on Trade and Development (UNCTAD) for Youth Entrepreneurship and Small Business. In his new role as UNCTAD Special Adviser, Ma, 52, will champion initiatives to make it easier for young entrepreneurs and small businesses, particularly in developing countries, to participate in global trade, as well as raise awareness about the 2030 Agenda for Sustainable Development. "Ma is an influential and respected pioneer of the internet era, innovator, entrepreneur, and philanthropist," UNCTAD Secretary-General Mukhisa Kituyi said. "He brings a visionary approach to entrepreneurship, a thirst for learning, and a belief in a better world that make him a perfect ...
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Alibaba Collaborate With Australian Govt To Exapnd Operation in Australian Market
10Sep By NitishNo Comments
CHINA

Alibaba Collaborate With Australian Govt To Exapnd Operation in Australian Market

Successful Aussie brands with a local following have the greatest potential on China's e-commerce platforms as businesses leverage the Asian consumer market, a business breakfast heard as the two countries further trade links. Australia on Tuesday signed a strategic collaboration agreement with e-commerce giant Alibaba to expand the variety of fresh products available for purchase while leveraging digital content to build "brand Australia." The partnership is designed to allow more small- and medium- sized businesses to leverage the convergence of e-commerce and social media that have so far enabled Chinese consumers to spend almost 500 billion Australian dollars (381.98 billion U.S. dollars) per annum through online shopping. "Australia is a key market for Alibaba Group and w...
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One97 Communication Which Runs Paytm Raises 400 Crore From Mediatek, Valuation Upto $5 Billion
31Aug By AnkitaNo Comments
FUNDING

One97 Communication Which Runs Paytm Raises 400 Crore From Mediatek, Valuation Upto $5 Billion

Taiwanese chip designer MediaTekis investing USD 60 million (about Rs 400 crore) in One97 Communications, which runs Paytm. The transaction values the digital payment services and e-commerce firm at about USD 5 billion. When contacted, a Paytm spokesperson confirmed the development. The funds will be used for expanding payments and commerce businesses and for building and launching the payments bank, she added. Paytm founder Vijay Shekhar Sharma has earlier said its payments bank will become operational later this year. Interestingly, Mediatek is also an investor in Paytm's rival, Mobikwik in India. In May this year, Mediatek had participated in an estimated USD 50 million fund raising by Mobikwik. Alibaba-backed Paytm is looking at raising about USD 300 million (over Rs 2...
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Alibaba Recorded Revenue Growth of 59% Amounting To $4.85 Billion
12Aug By AdityaNo Comments
CHINA

Alibaba Recorded Revenue Growth of 59% Amounting To $4.85 Billion

Chinas e-commerce giant Alibaba has recorded a revenue growth of 59 per cent amounting to USD 4.85 billion in the first fiscal quarter ending June, the fastest since its Initial Public Offerings. The revenue of 32.15 billion yuan (USD 4.85 billion) topped market estimates, pushing Alibabas share price up by 5 per cent to about USD 92 in New York. Gross Merchandise Volume (GMV) transacted in Alibabas China retail marketplace was 837 billion yuan (USD 125 billion), up by 24 per cent year on year, state-run Xinhua news agency reported. The number of annual active buyers on China retail marketplace rose to 434 million by the end of the first fiscal quarter. The mobile revenue of China retail marketplace was 17.5 billion yuan (USD 2.6 billion) , representing 75 per cent of total Chi...
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Marisaa Mayer Letter To Yahoo Employees After Verizon Deal
25Jul By NitishNo Comments
Story

Marisaa Mayer Letter To Yahoo Employees After Verizon Deal

As Verizon Communications Inc announced that it would buy Yahoo Inc's core internet properties for $4.83 billion in cash to expand its digital advertising and media business, in a deal that ends a lengthy sale process for the fading Web pioneer. CEO and Head of Yahoo, Marisaa Mayer wrote an emotional letter to all search based employees. She mentioned in the blog - Today is a big day for Yahoo! This is the email that I sent to Yahoos around the world today. Given the interest around our journey to this point, I wanted to share more about today’s announcement. –Marissa.    Dear Yahoos, Moments ago, we announced an agreement with Verizon to acquire Yahoo’s operating business. This culminates a rigorous, thorough process over many months, and yields a great outcome for the c...
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Alibaba Launched First Internet Connected Car
6Jul By reutersNo Comments
CHINA

Alibaba Launched First Internet Connected Car

Chinese tech firm Alibaba's internet-connected car will set the Chinese e-commerce giant up to quickly introduce driverless vehicle technology, Chief Technology Officer Wang Jian told Reuters on Wednesday. Alibaba and the country's largest automaker SAIC Motor Corp demonstrated their jointly developed car equipped with the YunOS operating system, which can link up with smart phones, at an event in eastern China's Hangzhou on Wednesday. The car is slated to go on sale later this year. "You'll quickly see driverless car technology resulting from this platform," Wang said on the sidelines of the event. Among major tech companies, Alibaba is relatively late to offer a platform that can link a smart phone to a car, trailing platforms already launched by Alphabet's Google, Apple and Baidu. ...
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Alipay Could Acquire Stakes in German Banking Software Wirecard
27Jun By PriyankaNo Comments
CHINA

Alipay Could Acquire Stakes in German Banking Software Wirecard

Wirecard AG is negotiating with representatives of Alipay, a unit of Chinese e-commerce giant Alibaba, about it taking a stake of up to 25 percent in the German banking software company, a newspaper reported on Sunday. Without citing its sources, the Bild am Sonntag weekly said Wirecard was in confidential talks with Alipay about it taking a stake of up to 25 percent, and possibly more later. A Wirecard spokeswoman declined to comment on the specifics of the report but confirmed that the company was in strategic talks with various partners, without elaborating. A source familiar with the matter said Ant Financial, which operates the Alipay platform, was not talking to Wirecard about an investment. In December, the two companies agreed to a deal to provide mobile phone payment servi...
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Alibaba Expects $900 Billion Transaction Volumes By 2020
14Jun By AdityaNo Comments
CHINA

Alibaba Expects $900 Billion Transaction Volumes By 2020

Chinese e-commerce giant Alibaba Group Holding Ltd said on Tuesday it expects to nearly double its transaction volumes by 2020, signalling it still expects rampant growth as Executive Chairman Jack Ma pledged to intensify a crackdown on fake goods. At an investor conference at its headquarters in Hangzhou, Zhejiang province, Alibaba said it expects to record 6 trillion yuan ($912 billion) in gross merchandise volume (GMV) in fiscal 2020, nearly double 3.09 trillion yuan in fiscal 2016. Echoing that growth, Ma said Alibaba expects to have 2 billion consumers on its books by 2036, up from 423 million active buyers in 2016. Addressing concerns about the company's efforts to remove counterfeit products from its online platforms, Ma said Alibaba will do "anything to stop the fake produ...
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Alibaba Group Will Purchase Its Own Share From SoftBank Group
2Jun By AnkitaNo Comments
News

Alibaba Group Will Purchase Its Own Share From SoftBank Group

Alibaba Group Holding Limited (NYSE: BABA) today announced the terms of its previously announced purchase of Alibaba Group ordinary shares from SoftBank Group. Alibaba Group has agreed to purchase 27,027,027 Alibaba ordinary shares from SoftBank Group at US$74.00 per share for an aggregate of US$2 billion. Members of the Alibaba Partnership, acting collectively, have also agreed to purchase 5,405,405 Alibaba ordinary shares from SoftBank Group at the same price per share for an aggregate of US$400 million. Alibaba Group has agreed to purchase 27,027,027 Alibaba ordinary shares from SoftBank Group at US$74.00 per share for an aggregate of US$2 billion. Members of the Alibaba Partnership, acting collectively, have also agreed to purchase 5,405,405 Alibaba ordinary shares from SoftBank ...
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Softbank Sold $8 Billion Shares of Alibaba To Repay The Debt
2Jun By AdityaNo Comments
News

Softbank Sold $8 Billion Shares of Alibaba To Repay The Debt

SoftBank Group said on Tuesday it would sell at least $7.9 billion of shares in Alibaba to cut the Japanese company's debt. It said it would remain Alibaba's largest shareholder after the sale. Singapore state funds bought $1 billion of shares in Chinese e-commerce company Alibaba Group Holding Ltd as part of an $8.9 billion sale by Japan's SoftBank Group Corp, Alibaba's biggest shareholder, the company said on Wednesday. Singapore sovereign wealth fund GIC Pte Ltd, and state investor Temasek Holdings each purchased $500 million of Alibaba shares at $74.00 apiece through subsidiaries, Alibaba said, offering details of the SoftBank sale announced on Tuesday. GIC and Temasek confirmed the transactions but declined to provide further comment. Temasek is an existing investor in Alibab...
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US Regulators Investigating Alibaba’s Financial Model
26May By NitishNo Comments
CHINA

US Regulators Investigating Alibaba’s Financial Model

U.S. regulators are investigating Alibaba Group Holding Ltd's accounting practices to determine whether they violated federal laws, the Chinese e-commerce giant said, sending its shares tumbling nearly 7 percent on Wednesday. Alibaba said the Securities and Exchange Commission launched the investigation earlier this year. Questions about its growth rate and its relations with affiliated companies have dogged the firm for years. It was not immediately clear what prompted the SEC investigation. Alibaba said that it was cooperating with the authorities and that the SEC advised it the investigation should not be seen as an indication the company had violated federal securities laws. The SEC focused on the accounting for logistics firm Cainiao Network, which is around 47 percent-owned ...
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