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....A friend showed Ma the internet. He placed a toe on to the information superhighway with a one-word search – “beer” – and, two decades later, Ma is the richest man in Asia, head of an e-commerce and finance empire that includes Alibaba, one of the largest retailers in the world. ... [Read full article on Guardian ]
Sunday 30th of July 2017 06:30:12 AM
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.... In June its chief executive, Dave Lewis, said 1,200 head office jobs were on the line and that its Cardiff call centre would also close early next year, with a loss of 1,100 jobs. The supermarket chain is also selling off assets to shore up its finances and the latest plans for disposals include a remaining stake in Lazada, the fast-growing south-east Asian online retailer, to China’s Alibaba in a deal that could be worth up to £200m. ... [Read full article on Guardian ]
Sunday 6th of August 2017 01:10:10 PM
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Latest Finance News related to Alibaba

Staff at Tesco-owned One Stop demand better redundancy deal image
Source : Guardian [Read Article] Sunday 6th of August 2017 01:10:10 PM
.... In June its chief executive, Dave Lewis, said 1,200 head office jobs were on the line and that its Cardiff call centre would also close early next year, with a loss of 1,100 jobs. The supermarket chain is also selling off assets to shore up its finances and the latest plans for disposals include a remaining stake in Lazada, the fast-growing south-east Asian online retailer, to China’s Alibaba in a deal that could be worth up to £200m. ...
Can Jack Ma, Asia’s richest man, create 1m jobs in the US? image
Source : Guardian [Read Article] Sunday 30th of July 2017 06:30:12 AM
....A friend showed Ma the internet. He placed a toe on to the information superhighway with a one-word search – “beer” – and, two decades later, Ma is the richest man in Asia, head of an e-commerce and finance empire that includes Alibaba, one of the largest retailers in the world. ...
Net-a-Porter owner opens tech hub in London image
Source : Guardian [Read Article] Tuesday 27th of June 2017 11:25:53 AM
....With a turnover of nearly €2bn, about half from orders made via mobile phones, YNAP is the world’s biggest online luxury fashion retailer. Shares in the group jumped more than 8% on Monday amid rumours that Alibaba, the giant Chinese internet marketplace, was considering buying a stake. ...
Alphabet sells off 'BigDog' robot maker Boston Dynamics to Softbank image
.... Softbank’s shares rose 7. 4% in Tokyo on news of the acquisition, although some of that increase was down to an unrelated jump in the US shares of Chinese retailer Alibaba, in which Softbank holds a $105bn stake. ...
Softbank buys robot-maker Boston Dynamics from Alphabet image
Source : BBC [Read Article] Friday 9th of June 2017 04:08:23 AM
....Mr Son is known to have an eye for potentially transformative industries and trends. He was an early investor in Alibaba and saw the potential in e-commerce many others did. ...
Taming the giants image
Source : BBC [Read Article] Thursday 8th of June 2017 11:38:02 PM
....In the tech sector, consumers are free to head to new players from emerging markets. The Chinese tech giants - Baidu, Alibaba and Tencent - are resisting the US hegemony pretty well, non-interventionists argue. ...
Alibaba revenues jump 60% as Chinese growth continues image
Source : BBC [Read Article] Thursday 18th of May 2017 04:48:01 PM
. Revenue at e-commerce giant Alibaba jumped 60% in the first three months of the year, powered by a growing customer base in China. ...
Improbable sums? Cambridge graduates' tech firm raises $500m image
Source : Guardian [Read Article] Friday 12th of May 2017 08:24:58 AM
....Son, Japan’s richest man with a $21bn fortune, has built a Softbank investment portfolio that includes Vodafone’s Japanese business, Yahoo Japan and a humanoid robotics unit. A prescient move to take a $20m position in Jack Ma’s Alibaba paid off after it grew to be worth $65bn after the Chinese e-commerce’s site’s IPO in 2014. ...
China's Alipay takes on Apple in US expansion image
Source : BBC [Read Article] Tuesday 9th of May 2017 07:30:05 AM
. Alipay, the Chinese digital payment giant owned by ecommerce giant Alibaba, is expanding in the US. ...
'Eat to extinction image
Source : BBC [Read Article] Friday 5th of May 2017 11:10:19 AM
....In jest, Denmark's embassy in China turned to social media, inviting Chinese tourists to eat the shellfish. Following a ravenous response from netizens, companies like internet giant Alibaba offered to help out. ...
Barbie out of fashion as Mattel slumps image
Source : BBC [Read Article] Thursday 20th of April 2017 10:30:59 PM
....The former president of Google's Americas division plans to develop more tech-enabled toys to go on sale in the next couple of years, as well as expanding in Asia. Mattel has been trying to increase sales in China by striking deals with the likes of online retail giant Alibaba. ...
Oath is new name for AOL-Yahoo combined company image
Source : BBC [Read Article] Tuesday 4th of April 2017 06:55:15 AM
.... The deal is expected to close in the current quarter. The remaining parts of Yahoo, which includes its 15% stake in Alibaba and Yahoo Japan, will be called Altaba. ...
GSK's Emma Walmsley steps into Andrew Witty's shoes image
Source : BBC [Read Article] Thursday 30th of March 2017 10:59:54 PM
....Ms Walmsley has described herself as having a "bias for action" and as highly competitive. She also said she had been inspired by other business leaders such as Alibaba founder, Jack Ma, and Facebook's chief operating officer, Sheryl Sandberg. ...
John Lewis staff bonus cut again image
Source : BBC [Read Article] Thursday 9th of March 2017 09:27:42 AM
....Waitrose is also looking to export more. A deal with China's Alibaba Group allows it to sell products in the country for the first time, and an agreement with the online retailer British Corner Shop, which sells in more than 100 countries, allows it to export elsewhere. ...
The Guardian view of Snap IPO: a shareholding monarchy | Editorial image
Source : Guardian [Read Article] Thursday 2nd of March 2017 07:35:19 PM
.... Silicon Valley is now dominated by companies with weak or passive public shareholders. Many investors have been silly enough to hand over cash for little say in the running of tech titans such as Google, Facebook and Alibaba. ...
Snapchat goes public at $29bn and makes co-founders tech billionaires image
Source : Guardian [Read Article] Thursday 2nd of March 2017 04:27:48 PM
.... Now each of them holds a paper fortune worth in excess of Zuckerberg’s offer. The sale of Snap, which Spiegel describes as a “camera company”, is the largest since Chinese e-commerce company Alibaba’s initial public offering in 2014. ...
Snapchat to make high-profile stock debut after revealing IPO plans image
Source : Guardian [Read Article] Thursday 2nd of February 2017 10:54:42 PM
.... The company that owns the disappearing picture message service revealed plans for an initial public offering (IPO) late Thursday, plans that are likely to value the loss-making five-year-old company at between $20bn and $25bn. The IPO of Snap Inc will be one of the highest-profile stock debuts in recent years and is likely to be the largest US-listed technology IPO since Chinese e-commerce company Alibaba made its debut at a $168bn valuation in 2014. ...
Luxury retailers hope Chinese new year tourists will leave them crowing image
Source : Guardian [Read Article] Saturday 28th of January 2017 08:00:49 AM
....Many shops are now catering to these high spenders. Selfridges and Harrods are among a number of retailers now offering Alipay, the Alibaba-spawned payment system which is the most common way to pay for goods in China. ...
Chinese company Alibaba signs deal to be major sponsor of Olympic Games image
Source : Guardian [Read Article] Thursday 19th of January 2017 01:41:33 PM
. When the Chinese businessman Jack Ma set up a fledgling e-commerce site in 1999 he called it Alibaba, drawing on the universal appeal of the One Thousand And One Nights character and his cry “Open Sesame”, which unlocked a cave containing vast treasures. ...
Army of staff descends on Davos to serve WEF super-rich image
Source : Guardian [Read Article] Friday 13th of January 2017 04:43:08 PM
....Downing Street refused to state which events or parties May plans to attend in her two-day Alpine sojourn. Last year, Cameron was photographed partying tie-less with Bono, Leonardo DiCaprio and Kevin Spacey, at a lavish party hosted by Jack Ma, the founder of internet group Alibaba and China’s richest man with a $34. ...
Xi Jinping to become the first Chinese president to attend WEF in Davos image
Source : Guardian [Read Article] Wednesday 11th of January 2017 05:05:51 PM
....Xi will be the first Chinese president to attend the World Economic Forum (WEF) and lead the country’s biggest-ever delegation to the celebration of capitalism in the Swiss Alps as a statement of intent that China wants to assume a global leadership role as other world powers struggle with domestic tumult. Xi’s entourage will include some of the country’s most powerful businessmen including Jack Ma, founder of internet group Alibaba; Wang Jianlin, chairman of property developer Dalian Wanda; and Zhang Yaqin, president of web services firm Baidu. ...
Marissa Mayer not on new Yahoo holding group board image
Source : BBC [Read Article] Tuesday 10th of January 2017 01:10:51 AM
....What is left after that sale will be owned by a holding company to be named Altaba. Its main assets will be a 15% stake in Chinese e-commerce firm Alibaba and a 35. ...
Donald Trump has 'great meeting' with Alibaba boss Jack Ma image
Source : BBC [Read Article] Monday 9th of January 2017 10:07:43 PM
. US President-elect Donald Trump has held what he said was a "great meeting" in New York with Jack Ma, chairman of the e-commerce site Alibaba. ...
Snapchat accused of lying about user numbers to inflate value of IPO image
Source : Guardian [Read Article] Thursday 5th of January 2017 09:01:08 PM
....”. According to the lawsuit, Snapchat executive Imran Khan and others “repeatedly” made false claims about the company’s numbers to investors, such as the Chinese retailer Alibaba. ...
Alibaba cracks down on counterfeiters on their platform image
Source : BBC [Read Article] Thursday 5th of January 2017 01:16:26 AM
. Chinese e-commerce giant Alibaba has sued two vendors for selling counterfeit goods, weeks after being blacklisted by a US industry watchdog. ...
Changing direction image
Source : BBC [Read Article] Thursday 29th of December 2016 11:32:46 PM
.... . And China's biggest carmaker, Shanghai Automotive, launched what it claimed is the first internet-connected car, the Roewe RX5, fitted with the YunOS operating system (used in mobile phones) owned by Alibaba, better known as the company behind a huge online marketplace. ...
China's Alibaba back on US counterfeits blacklist image
Source : BBC [Read Article] Thursday 22nd of December 2016 01:16:33 AM
. Chinese e-commerce giant Alibaba is back on the US's "notorious markets" list over counterfeit goods sales. ...
Trump appoints China critic Peter Navarro to trade post image
Source : BBC [Read Article] Thursday 22nd of December 2016 01:06:24 AM
....He has also criticised China on Twitter, recently accusing it of deliberately devaluing its currency, among other claims. The latest move came as Chinese online retailer Alibaba was placed back on the US list of "notorious markets" over counterfeit goods sales. ...
Softbank invests $1bn in space satellite startup OneWeb image
Source : BBC [Read Article] Tuesday 20th of December 2016 04:44:20 AM
....Mr Son is known to have an eye for potentially transformative industries and trends. He was an early investor in Alibaba and saw the potential in e-commerce before anyone else did. ...
Trump: Softbank to invest $50bn in US businesses image
Source : BBC [Read Article] Wednesday 7th of December 2016 01:06:57 AM
....Mr Son is known to have an eye for potentially transformative industries and trends. He was an early investor in Alibaba and saw the potential in e-commerce before anyone else did. ...
All about the money image
Source : BBC [Read Article] Friday 25th of November 2016 12:06:30 AM
....It currently has 85,000 merchants on its platform but the company has now set a bold target of signing up another five million by March 2017. The company is backed by Chinese e-commerce giant Alibaba. ...
How we're shopping image
Source : BBC [Read Article] Thursday 24th of November 2016 12:04:24 AM
.... Originally the day was a celebration for China's young singletons, but since 2009 it has morphed into a shopping bonanza. Chinese shoppers spent a record $18bn (£14bn) online this year, according to the e-commerce giant Alibaba. ...
India mobile payments surge after shock banknote move image
Source : BBC [Read Article] Monday 21st of November 2016 10:30:13 AM
....The country's largest digital wallet firm, Paytm, logged a record of over seven million transactions on Saturday. The loss-making firm is valued at about $5bn (£4bn) and backed by Chinese e-commerce giant Alibaba. ...
Snapchat 'files for stock market float' image
Source : BBC [Read Article] Wednesday 16th of November 2016 12:29:17 AM
....Based on investments so far, the California-based firm would be worth between $20bn and $25bn (£16bn-£20bn). That would make it the largest US flotation since Chinese e-commerce giant Alibaba listed two years ago. ...
Growing pains image
Source : BBC [Read Article] Tuesday 15th of November 2016 01:04:42 AM
.... . A huge deal was signed recently with Alisports in China, the sports division of e-commerce giants Alibaba, and the next World Cup, in Japan, should open further doors in the region. ...
Singles’ Day: Chinese to splurge $20bn in world's biggest shopping event image
Source : Guardian [Read Article] Friday 11th of November 2016 06:22:12 AM
....Chinese consumers were expected to spend $20bn in the Singles’ Day shopping splurge that claims to be the world’s biggest shopping event. In less than seven minutes after midnight on Friday, Chinese e-commerce giant Alibaba said 10bn yuan (US$1. ...
Singles Day: Alibaba breaks record sales total image
Source : BBC [Read Article] Friday 11th of November 2016 01:29:54 AM
Amazon to spread Black Friday sales over two weeks image
Source : Guardian [Read Article] Friday 11th of November 2016 12:01:04 AM
....Although Black Friday is the biggest shopping day in Britain and the US, Singles’ Day in China is the biggest day for shopping worldwide. This day, a Friday, has been promoted as a shopping event by Alibaba, the Chinese online retailer. ...
Great drive forward image
Source : BBC [Read Article] Tuesday 8th of November 2016 12:12:57 AM
.... . Alisports is the sports division of e-commerce giant Alibaba, and the money will be used to establish the first professional leagues for men and women, and national rugby sevens programmes. ...
Alibaba sets its sights on Singles Day image
Source : BBC [Read Article] Wednesday 2nd of November 2016 02:30:01 PM
. Alibaba, China's biggest online retailer, said a US investigation would not affect next week's Singles Day - its biggest shopping day of the year. ...
China's Alibaba in 'flying pig' controversy image
Source : BBC [Read Article] Tuesday 1st of November 2016 09:09:39 AM
. A Chinese Muslim's call for e-commerce giant Alibaba to rename one of its services because it uses the word "pig" has sparked a backlash in China. ...
Slow delivery from AliExpress means there’s no China crisis for Amazon image
Source : Guardian [Read Article] Saturday 15th of October 2016 06:00:07 AM
....37. Welcome to AliExpress, the English language version of Alibaba, the Chinese internet giant which is challenging Amazon for global dominance. ...
China tops US in numbers of billionaires image
Source : BBC [Read Article] Thursday 13th of October 2016 07:13:28 AM
Spielberg and Alibaba in global movie tie-up image
Source : BBC [Read Article] Monday 10th of October 2016 06:59:33 AM
. China's Alibaba Pictures has teamed up with Steven Spielberg's Amblin Partners to co-operate on the production and distribution of films across China and the US. ...
Fast food giant Yum Brands suffers ahead of China spin-off image
Source : BBC [Read Article] Thursday 6th of October 2016 12:35:41 AM
....Yum had come under mounting pressure from investors to split the units, after it had suffered a number of setbacks and food safety scandals. In September, Yum announced Chinese firms Primavera Capital and Ant Financial, an affiliate of Alibaba, as major investors in its new China unit. ...
Postal Savings Bank shares make flat debut image
Source : BBC [Read Article] Wednesday 28th of September 2016 07:30:19 AM
....4bn (£5. 7bn) share sale is the world's biggest initial public offering (IPO) since Chinese internet giant Alibaba floated in New York in 2014. ...
China's PSBC launches biggest share sale of the year image
Source : BBC [Read Article] Tuesday 13th of September 2016 06:31:35 AM
.... . It is the largest stock market listing since Chinese online retailer Alibaba raised $25bn in New York in 2014. ...
Yum to sell a stake in its Chinese holdings image
Source : BBC [Read Article] Friday 2nd of September 2016 06:22:13 PM
....Yum Brands is selling a stake in its Chinese division to Primavera Capital and Ant Financial as the company prepares to separate the Chinese unit from the main business. Primavera Capital, will pay $410m (£308m) and Ant Financial, an affiliate of Alibaba, will invest $50m. ...
Tencent overtakes Alibaba as China's biggest tech company image
Source : BBC [Read Article] Thursday 18th of August 2016 09:56:44 AM
. Tencent has overtaken its rival Alibaba to become China's most valuable tech firm after strong results. ...
WeChat owner Tencent sees profits surge image
Source : BBC [Read Article] Wednesday 17th of August 2016 12:15:07 PM
.... . Tencent has not attracted the same global attention as its rivals: Alibaba, with charismatic millionaire entrepreneur Jack Ma at the helm, and Baidu, the local equivalent of Google. ...
Dow, S&P and Nasdaq all hit new record highs image
Source : BBC [Read Article] Thursday 11th of August 2016 08:39:23 PM
.... . Chinese e-commerce giant Alibaba rose 5% after reporting a 50% increase in quarterly revenues. ...
Alibaba shows strong global growth image
Source : BBC [Read Article] Thursday 11th of August 2016 03:53:41 PM
. China's Alibaba has seen a sharp increase in international sales, a sign that it is finally making strides outside its home turf. ...
Uber sells Chinese business to Didi Chuxing image
Source : BBC [Read Article] Monday 1st of August 2016 07:13:07 AM
....5% in the combined company. Didi Chuxing is backed by Chinese internet giants Tencent and Alibaba, and has also invested in Uber's rival US taxi-booking service Lyft. ...
Flipkart's Myntra to buy online shopping rival Jabong image
Source : BBC [Read Article] Tuesday 26th of July 2016 06:23:54 AM
....So as these businesses try to make the numbers work, expect more takeovers and not just at the lower end of the food chain. China's Alibaba is sniffing around looking for an opportunity. ...
Yahoo sold to US telecoms giant Verizon image
Source : BBC [Read Article] Sunday 24th of July 2016 07:02:19 PM
....Yahoo will be combined with AOL, another faded internet star, which Verizon bought last year. The deal does not include Yahoo's valuable stake in Chinese firm Alibaba. ...
Yahoo: Still no buyer as losses widen to $440m image
Source : BBC [Read Article] Monday 18th of July 2016 10:01:06 PM
....8bn. Much of that sum is due to Yahoo's stake in Chinese ecommerce giant Alibaba. ...
Are grey goods the real deal? image
Source : Guardian [Read Article] Saturday 9th of July 2016 06:00:08 AM
....99 (£139); while Amazon has third-party resellers trading in grey goods such as the aforementioned Samsung Galaxy S7 Edge, which is currently being sold by companies such as Fusion Electronics, located in California. According to Brian Buchwald, chief executive of US consumer intelligence company Bomoda, two popular Chinese marketplace web platforms where all manner of grey market sellers and products can be found are Alibaba’s Taobao and rival JD. ...
China and Japan help ranks of the super-rich swell to more than 15m image
Source : Guardian [Read Article] Thursday 23rd of June 2016 04:43:08 PM
.... The increase was down to sustained economic growth and rising property prices. China’s super-wealthy include Jack Ma, founder of e-commerce business Alibaba, and its richest man, the property tycoon Wang Jianlin. ...
World's wealthiest people just got 5.2% wealthier image
Source : Guardian [Read Article] Tuesday 7th of June 2016 04:01:37 PM
....07m. Sustained economic growth has created a new class of wealthy individuals in the world’s second largest economy, including Jack Ma, founder of e-commerce business Alibaba, and the country’s richest man, the property tycoon Wang Jianlin. ...
Alibaba membership of anti-counterfeit group suspended amid conflict claims image
. An anti-counterfeiting group said on Friday it was suspending Alibaba’s membership following an uproar by some companies that view the Chinese e-commerce giant as the world’s largest marketplace for fakes. ...
The price of failure: Yahoo's Marissa Mayer could get $59m buyout image
Source : Guardian [Read Article] Tuesday 19th of April 2016 11:00:22 AM
....Despite the company’s fundamental problems – it has lost the ad wars to Google and Facebook and bet billions on new businesses that have failed to take off – Yahoo’s share price is still in better shape than it was when she started. The rally in the stock price is entirely due to its holding in Alibaba, China’s largest e-commerce company. ...
City news: Tesco, Co-op, Asos and Costa coffee image
Source : Daily Express [Read Article] Wednesday 13th of April 2016 12:01:00 AM
....2billion. Alibaba will have the option to buy out remaining investors, including Tesco’s 8. ...
Tesco to sell half its stake in online retailer Lazada for £90m image
Source : Guardian [Read Article] Tuesday 12th of April 2016 12:01:08 PM
. Tesco has agreed to sell half its stake in Lazada, a south-east Asian online retailer, to China’s Alibaba for about £90m as the UK supermarket group concentrates on its home business. ...
Tesco starts sell-off ahead of results image
Source : BBC [Read Article] Tuesday 12th of April 2016 07:15:16 AM
....The supermarket giant said its overseas division had sold 8. 6% of its Lazada stake to Chinese internet giant Alibaba for $129m (£90. ...
Tesco chief leads firm back to black after 2014/15 slump image
Source : Daily Express [Read Article] Sunday 10th of April 2016 12:05:00 AM
....7 per cent to £637million. Launched three years ago, the firm’s Chinese language website failed to make a profit and compete effectively with Alibaba, the country’s largest e-commerce company. ...
Exit from Chinese online store costs Asos £10m image
Source : Guardian [Read Article] Thursday 7th of April 2016 01:57:20 PM
....The company has faced difficulties with the Chinese postal service and with local preferences for other brands over its own label. Asos has also faced tough competition from the Chinese company Alibaba, which dominates the online fashion market in China. ...
Business News: Irn Bru, Yahoo, stamp duty image
Source : Daily Express [Read Article] Wednesday 30th of March 2016 12:01:00 AM
.... . The struggling internet giant put its core business up for sale in February after shelving plans to spin off its lucrative $33billion (£23billion) stake in Chinese ecommerce group Alibaba, which could have landed it with a tax bill of more than $10billion (£7billion). ...
Maserati recalls 21,000 cars in China image
Source : BBC [Read Article] Tuesday 29th of March 2016 05:33:34 AM
.... China is the world's biggest e-commerce market with nearly 700 million internet users. Maserati launched its flagship store on Alibaba's online shopping site Tmall last week, listing 100 of its new SUV Levantes for advance sale. ...
Samsung Pay launches in China image
Source : BBC [Read Article] Tuesday 29th of March 2016 05:13:44 AM
....China's smartphone market, the largest in the world, presents a huge business opportunity for mobile-payment systems. Samsung Pay and Apple Pay will now compete with Alibaba's Alipay, which currently dominates China's electronic payments market. ...
Yahoo shareholder says board should be fired over 'atrocious' financial handling image
....Once one of the kings of the tech scene, Yahoo has struggled to find its niche in an evolving digital world and under current chief executive Marissa Mayer, its attempts to find inroads in sectors including online media have failed. Following a string of losses in new business units including news and video – the latter resulting in a $42m writedown last year – Yahoo is attempting to sell off its core business and retain only its main moneymaking proposition: a stake in Chinese e-commerce business Alibaba. ...
Activist investor wants new Yahoo board image
Source : BBC [Read Article] Thursday 24th of March 2016 02:58:20 PM
....". In December, the company announced it was reversing a plan to sell its stake in the Chinese e-commerce site Alibaba, and would instead look to spin off its core internet business. ...
E-commerce service helps small businesses break into Chinese market image
Source : Guardian [Read Article] Thursday 3rd of March 2016 10:10:06 AM
....Liu’s business offers its clients a “360-degree” service with research, marketing, logistics and after-sales support to businesses selling in China. It also guides them to online marketplaces, such as Alibaba. ...
Paramount stake up for sale by Viacom image
Source : BBC [Read Article] Wednesday 24th of February 2016 01:30:26 AM
....The company did not say what percentage of Paramount it might sell. China's Alibaba and Amazon have been suggested as potential partners by Viacom shareholders. ...
Mastercard rolls out selfie ID checks image
Source : BBC [Read Article] Monday 22nd of February 2016 02:36:56 PM
....Mastercard is far from the only firm experimenting with facial scans as authentication tools. China's e-commerce giant Alibaba recently demoed a pay-with-your-face system of its own. ...
Yahoo looks to separate its Alibaba stake image
Source : BBC [Read Article] Friday 19th of February 2016 01:53:48 PM
. The US internet firm Yahoo has confirmed it is looking at "strategic alternatives" for its business - including splitting off its stake in Chinese online retailer Alibaba. ...
Uber 'losing $1bn in China every year' image
Source : BBC [Read Article] Friday 19th of February 2016 03:47:03 AM
....Mr Kalanick has previously said the firm had gone from a tiny 1% share of China's market at the beginning of 2015 to about 30% to 35%. Didi Kuaidi, which is backed by Chinese tech giants Tencent and Alibaba, has now also partnered with Uber's rival US ride-sharing service Lyft. ...
Uber CEO says company is losing $1bn a year as it tries to compete in China image
Source : Guardian [Read Article] Thursday 18th of February 2016 06:27:27 PM
....The $1bn figure was confirmed by Uber officials in China in an email to Reuters on Thursday. Uber and China’s Didi Kuaidi, backed by Chinese technology giants Tencent Holdings and Alibaba Group Holding, have both spent heavily to subsidize fares to gain market share, betting on China’s internet-linked transport market becoming the world’s biggest. ...

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