Alibaba revenue growth flatlines for first time as China’s lockdowns bite

Alibaba revenue growth flatlines for first time as China’s lockdowns bite

Aug 4 (Reuters) - Alibaba Group Holding Ltd on Thursday reported flat quarterly revenue growth for the first time in its history, showing how China's COVID lockdowns have hit its business. The slowdown adds to challenges facing China’s e-commerce giant, which has enjoyed double-digit revenue growth almost every quarter since it went public in 2014, as it navigates Beijing’s crackdown on tech companies as well as its scrutiny of founder Jack Ma. Still, Alibaba's performance was better than expected and its shares jumped 5% in pre-market trading. China locked down dozens of cities between April and May as the Omicron COVID variant swept…
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U.S. adds e-commerce sites operated by Tencent, Alibaba to ‘notorious markets’ list

U.S. adds e-commerce sites operated by Tencent, Alibaba to ‘notorious markets’ list

E-commerce sites operated by China's Tencent Holdings Ltd 0700.HK and Alibaba Group Holding Ltd 9988.HK were included on the U.S. government's latest "notorious markets" list, the U.S. Trade Representative's office said. The list identifies 42 online markets and 35 physical markets that are reported to engage in or facilitate substantial trademark counterfeiting or copyright piracy. "This includes identifying for the first time AliExpress and the WeChat e-commerce ecosystem, two significant China-based online markets that reportedly facilitate substantial trademark counterfeiting," the USTR office said in a statement. China-based online markets Baidu Wangpan, DHGate, Pinduoduo, and Taobao also continue to be part of the list, along…
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Alibaba overhauls e-commerce businesses, names new CFO

Alibaba overhauls e-commerce businesses, names new CFO

SHANGHAI, Dec 6 (Reuters) - Alibaba Group Holding Ltd said it will reorganise its international and domestic e-commerce businesses and replace its CFO - changes that come as the tech giant grapples with an onslaught of competition, a slowing economy and a regulatory crackdown. It will form two new units - international digital commerce and China digital commerce which it said was part of efforts to become more agile and accelerate growth. The international digital commerce unit will include AliExpress which sells to retail buyers particularly in Europe and South America, its Southeast Asian e-commerce business Lazada and Alibaba.com which…
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Alibaba slashes sales outlook as competition bites, demand slows

Alibaba slashes sales outlook as competition bites, demand slows

Nov 19 (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd slashed its forecast for annual revenue growth on increased competition and a regulatory crackdown, sending its stock tumbling 11%. Alibaba now expects revenue for the year ending in March to rise between 20% and 23%, the slowest pace since its 2014 stock market debut and down from a May forecast of 29.5% growth. The company also undershot expectations for earnings per share in the second quarter. Chinese shoppers have become more cautious about spending amid coronavirus outbreaks and that, combined with supply disruptions, contributed to slower growth for China's…
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Chinese state newspaper blasts ‘worship of turnover’ after Alibaba’s Singles Day

Chinese state newspaper blasts ‘worship of turnover’ after Alibaba’s Singles Day

SHANGHAI, Nov 12 (Reuters) - The focus of China's Singles' Day shopping festival should shift from a "traffic and sales war" to one of science and technology, a state-backed newspaper said on Friday, describing the "worship of turnover" as incompatible with China's new development path. The article in the Securities Daily comes a day after the annual shopping blitz spearheaded by Alibaba Group, which recorded 540.3 billion yuan in orders over the 11-day event. The newspaper said the event had achieved many years of record breaking sales, but had also given rise to practices such as spam text messaging of…
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Brands rake in millions as Alibaba’s toned-down Singles’ Day enters last stretch

Brands rake in millions as Alibaba’s toned-down Singles’ Day enters last stretch

SHANGHAI, Nov 11 (Reuters) - Alibaba said that nearly 400 brands, including Apple Inc and L'Oreal SA, have raked in more than $15 million in sales each during its Singles Day extravaganza, as the toned-down event headed into its final hours on Thursday. Alibaba Group turned China’s informal Singles’ Day into a shopping event in 2009 and built it into the world’s biggest online sales fest, dwarfing Cyber Monday in the United States. But the e-commerce giant this year has toned down the marketing hype amid stringent regulatory scrutiny, opting not to provide real-time sales data and saying its focus…
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Alibaba’s Ma in Europe on study tour

Alibaba’s Ma in Europe on study tour

Alibaba Group Holding Ltd founder Jack Ma is in Europe on a study tour, South China Morning Post reported, making it the Chinese billionaire’s first trip abroad in over a year. Ma, who has largely been out of public view since a speech last year in which he publicly criticized China’s regulatory system, is in Spain for a study tour on agriculture and technology related to environmental issues, the report said, citing a source familiar with Ma’s schedule. He was in Hong Kong spending “private time” with this family before flying to Europe, according to SCMP, which is owned by…
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Chinese state media lambaste Alibaba for handling of sexual assault case

Chinese state media lambaste Alibaba for handling of sexual assault case

Chinese e-commerce leader Alibaba Group Holding Ltd on Monday said it has fired a manager accused of sexual assault and promised policies to prevent sexual harassment - action blasted by state media as coming only after the accuser went public. On Saturday, a female employee posted an 11-page account on Alibaba's intranet saying her manager and a client sexually assaulted her, and that superiors and human resources had not taken the matter seriously in the five days since reporting it. The manager, at grocery delivery unit Neighbourhood Retail, said he was involved in "intimate acts" when the employee was inebriated…
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Rocked by sexual assault allegation, Alibaba launches investigation, suspends several staff

Rocked by sexual assault allegation, Alibaba launches investigation, suspends several staff

Chinese e-commerce giant Alibaba Group Holding Ltd said on Sunday it has suspended several staff following an employee's allegations on the company's intranet that she was sexually assaulted by her boss and a client. The woman's account, published via an eleven-page PDF that went on to circulate widely online, prompted a social media storm on China's Twitter-like microblogging website Weibo. Police in the city of Jinan said on Sunday morning that they were investigating the incident. "Alibaba Group has a zero-tolerance policy against sexual misconduct, and ensuring a safe workplace for all our employees is Alibaba's top priority," a spokesperson…
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Alibaba to develop self-driving trucks with logistics unit Cainiao

Alibaba to develop self-driving trucks with logistics unit Cainiao

Chinese e-commerce leader Alibaba Group Holding Ltd plans to develop self-driving trucks with logistics subsidiary Cainiao, Chief Technology Officer Cheng Li said on Thursday. Cheng also said Cainiao aims to introduce 1,000 autonomous delivery robots in China over the next year. The announcement comes as dozens of startups, automakers and large technology firms, such as internet search leader Baidu Inc , accelerate work on self-driving vehicle systems, which are widely expected to bring a sea change to the transportation industry. Other self-driving truck makers include U.S. firm TuSimple Holdings Inc, which listed shares in April. Photo: (FILE) - Alibaba's headquarters…
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China fines Alibaba record $2.75 billion

China fines Alibaba record $2.75 billion

Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest ever antitrust fine to be imposed in the country. The penalty, equivalent to around 4% of Alibaba's 2019 revenues, comes amid an unprecedented regulatory crackdown on home-grown technology conglomerates in the past few months that have weighed on company shares. Alibaba's billionaire founder Jack Ma's business empire has been particularly put under intense scrutiny after his stinging criticism of China's regulatory system in late October. In late December, China's State Administration for Market Regulation…
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China launches antitrust probe into tech giant Alibaba

China launches antitrust probe into tech giant Alibaba

China has launched an antitrust investigation into Alibaba Group and will summon the tech giant's Ant Group affiliate to meet in coming days, regulators said on Thursday, in the latest blow for Jack Ma's e-commerce and fintech empire. The probe is part of an accelerating crackdown on monopolistic behaviour in China's booming internet space, and the latest setback for Ma, the 56-year-old former school teacher who founded Alibaba and became China's most famous entrepreneur. It follows China's dramatic suspension last month of Ant's planned $37 billion initial public offering, which had been on track to be the world's largest, just…
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Alibaba to invest $1.4 bln in AI system

Alibaba to invest $1.4 bln in AI system

Alibaba Group Holding Ltd will invest 10 billion yuan ($1.41 billion) into an AI (artificial intelligence) and IoT (Internet of Things) system centered around its Tmall Genie smart speaker, the company announced on Wednesday. The announcement comes as the e-commerce giant continues its push into new technologies and business sectors beyond online shopping. The money will be used to add more content to Tmall Genie, as well as develop proprietary technology, Alibaba said. It launched the first model of Tmall Genie in 2017. Like the Amazon Echo, which is not for sale in China, the smart speaker can interact with…
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Alibaba founder Jack Ma sends aid to Africa

Alibaba founder Jack Ma sends aid to Africa

  Jack Ma, the man who co-founded e-commerce site Alibaba, has sent medical supplies to Africa. Supplies were sent to Ethiopia and Rwanda. Ethiopia Prime Minister Abiy Ahmed, who will oversee the distribution of the medical supplies to other African countries said he had received the test kits in a tweet on Sunday. He added that the kits will distributed throughout Africa starting Monday. Experts have warned that Africa's struggling health infrastructure would not be able to cope if the virus becomes established there. The region has reported about 1,100 cases spread across 43 countries, with 39 deaths. https://twitter.com/JackMa/status/1241910129785593857?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1241910129785593857&ref_url=https%3A%2F%2Fwww.bbc.co.uk%2Fnews%2Flive%2Fworld-52000039 Ma…
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Six European consumers association want  AliExpress investigated

Six European consumers association want  AliExpress investigated

  Six European consumer associations have called on regulators to take action against AliExpress. The groups accuse the Chinese online retail subsidiary of Alibaba of violating European rules with the site’s terms and conditions. Specifically, they take issue with the platform’s mandate that consumers who escalate problems with a supplier must resolve the issues in a private arbitration hearing in Hong Kong. But according to European legislation, consumers have the right to go to court in their own country. The appeal was made by were made by Belgium’s Test Aankoop, France’s UFC-Que Choisir, the Altroconsumo group of Italy, Portugal’s DECO,…
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Jack Ma is stepping down as executive chairman of Alibaba

Jack Ma is stepping down as executive chairman of Alibaba

Jack Ma is stepping down as executive chairman of Alibaba, the ecommerce group he founded nearly 20 years ago that is now China’s most valuable company, with an equity value of about $420bn. Alibaba, together with rival Tencent, has changed the way people work, play and pay in China — and in the process created some of the world’s richest men and women. Mr Ma has a net worth of more than $40bn according to Bloomberg Billionaires Index. Alibaba, like its global tech peers, has humble beginnings and vast aspirations. It launched the world’s then biggest initial public offering in…
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