Joseph Tsai, the co-founder of Chinese e-commerce giant Alibaba, has made a deal to purchase full control of the NBA's Brooklyn Nets from Russian businessman Mikhail Prokhorov, the club announced Friday.

The Nets said Prokhorov has made an agreement with the Taiwanese-Canadian businessman to sell the Barclays Center arena and his 51 per cent controlling interest in the Nets.

Tsai bought 49 per cent of the Nets last year for $1 billion, with the chance to purchase more shares before the start of the 2021-22 campaign.

The deal, according to multiple reports, will cost Tsai $2.35 billion, the highest price ever paid for a US sports team.

Tilman Fertitta paid a record $2.2 billion for the NBA's Houston Rockets in 2017, the same price hedge fund owner David Tepper paid last year to buy the NFL's Carolina Panthers.

Tsai has an estimated net worth of $9.4 billion, according to Forbes magazine.

Prokhorov bought the Nets in 2010 and guided their move from New Jersey to Brooklyn.

"I've had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago," Tsai said.&nbsp;

"He hired a front office and coaching staff focused on player development, he supported the organisation with all his resources and he refused to tank.

"I will be the beneficiary of Mikhail's vision, which put the Nets in a great position to compete, and for which I am incredibly grateful.

"We are committed to maintaining Barclays Center's iconic status by bringing together culture, community, and entertainment for our fans and everyone in New York."

The Nets deal, expected to close by the end of September and thus ahead of the mid-October start of the 2019-20 NBA campaign, will make Tsai the arena board of directors chairman and the team owner, provided the NBA board of governors gives its approval as expected.

The current management will run the team and venue, with Nets chief executive Brett Yormark overseeing the ownership transition before departing.

"It has been an honour and a joy to open Barclays Center, bring the Nets to Brooklyn, and watch them grow strong roots in the community while cultivating global appeal," Prokhorov said.

"The team is in a better place today than ever before and I know that Joe will build on that success."

The Nets made two huge free agency signings in the early minutes of the transfer period, landing two-time NBA Finals Most Valuable Player Kevin Durant and star guard Kyrie Irving.

While Durant is likely to miss all of the 2019-20 campaigns with a torn Achilles tendon, the Nets are likely to improve on last season's 42-40 mark and could become a serious Eastern Conference contender upon his return to form.

Joseph Tsai, the co-founder of Chinese e-commerce giant Alibaba, has made a deal to purchase full control of the NBA's Brooklyn Nets from Russian businessman Mikhail Prokhorov, the club announced Friday.

Joseph Tsai, the co-founder of Chinese e-commerce giant Alibaba, has made a deal to purchase full control of the NBA's Brooklyn Nets from Russian businessman Mikhail Prokhorov, the club announced Friday. The Nets said Prokhorov has made an agreement with the Taiwanese-Canadian businessman to sell the Barclays Center arena and his 51 per cent controlling interest in the Nets. Tsai bought 49 per cent of the Nets last year for $1 billion, with the chance to purchase more shares before the start of the 2021-22 campaign. The deal, according to multiple reports, will cost Tsai $2.35 billion, the highest price ever paid for a US sports team. Tilman Fertitta paid a record $2.2 billion for the NBA's Houston Rockets in 2017, the same price hedge fund owner David Tepper paid last year to buy the NFL's Carolina Panthers. Tsai has an estimated net worth of $9.4 billion, according to Forbes magazine. Prokhorov bought the Nets in 2010 and guided their move from New Jersey to Brooklyn. "I've had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago," Tsai said. "He hired a front office and coaching staff focused on player development, he supported the organisation with all his resources and he refused to tank. "I will be the beneficiary of Mikhail's vision, which put the Nets in a great position to compete, and for which I am incredibly grateful. "We are committed to maintaining Barclays Center's iconic status by bringing together culture, community, and entertainment for our fans and everyone in New York." The Nets deal, expected to close by the end of September and thus ahead of the mid-October start of the 2019-20 NBA campaign, will make Tsai the arena board of directors chairman and the team owner, provided the NBA board of governors gives its approval as expected. The current management will run the team and venue, with Nets chief executive Brett Yormark overseeing the ownership transition before departing. "It has been an honour and a joy to open Barclays Center, bring the Nets to Brooklyn, and watch them grow strong roots in the community while cultivating global appeal," Prokhorov said. "The team is in a better place today than ever before and I know that Joe will build on that success." The Nets made two huge free agency signings in the early minutes of the transfer period, landing two-time NBA Finals Most Valuable Player Kevin Durant and star guard Kyrie Irving. While Durant is likely to miss all of the 2019-20 campaigns with a torn Achilles tendon, the Nets are likely to improve on last season's 42-40 mark and could become a serious Eastern Conference contender upon his return to form.

Alibaba co-founder Tsai will buy full control of NBA Nets

<a href="https://www.wionews.com/business-economy/alibaba-ceo-rules-out-layoffs-this-year-198882">China's Alibaba Group Holding Ltd</a> reported better-than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses.

US-listed shares in the company, which makes money primarily by selling advertising and promotional services to third-party merchants on its Taobao and Tmall sites, rose 3 per cent to $166.72 in trading before the bell.

Two of the world's biggest e-commerce sites, Taobao and Tmall are booming in tandem with internet adoption and mobile phone penetration in China.

Both Alibaba and smaller rival JD.com, however, are seeking to diversify amid slowing e-commerce revenue growth at home - due in part to markets in China's biggest cities saturating.

JD also reported better-than-expected second-quarter revenue on Tuesday, boosted by stronger sales in its online retail business.

Alibaba's revenue rose 42 per cent to 114.92 billion yuan ($16.32 billion) in its first quarter ended June 30 from 80.92 billion yuan, a year earlier.

Analysts had expected revenue of 111.73 billion yuan, according to IBES data from Refinitiv.

Revenue at its cloud computing business rose 66 per cent to 7.79 billion yuan, while revenue from its core commerce business rose 44 per cent to 99.54 billion yuan.

Net income attributable to ordinary shareholders was 21.25 billion yuan.

Excluding items, the company earned 12.55 yuan per American Depository Share. Analysts were expecting 10.25 yuan per ADS, according to IBES data from Refinitiv. 
&nbsp;

China's Alibaba Group Holding Ltd reported better-than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses.

China's Alibaba Group Holding Ltd reported better-than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses. US-listed shares in the company, which makes money primarily by selling advertising and promotional services to third-party merchants on its Taobao and Tmall sites, rose 3 per cent to $166.72 in trading before the bell. Two of the world's biggest e-commerce sites, Taobao and Tmall are booming in tandem with internet adoption and mobile phone penetration in China. Both Alibaba and smaller rival JD.com, however, are seeking to diversify amid slowing e-commerce revenue growth at home - due in part to markets in China's biggest cities saturating. JD also reported better-than-expected second-quarter revenue on Tuesday, boosted by stronger sales in its online retail business. Alibaba's revenue rose 42 per cent to 114.92 billion yuan ($16.32 billion) in its first quarter ended June 30 from 80.92 billion yuan, a year earlier. Analysts had expected revenue of 111.73 billion yuan, according to IBES data from Refinitiv. Revenue at its cloud computing business rose 66 per cent to 7.79 billion yuan, while revenue from its core commerce business rose 44 per cent to 99.54 billion yuan. Net income attributable to ordinary shareholders was 21.25 billion yuan. Excluding items, the company earned 12.55 yuan per American Depository Share. Analysts were expecting 10.25 yuan per ADS, according to IBES data from Refinitiv.

Alibaba results beat estimates on the cloud, E-commerce growth

Amazon.com Inc is in exploratory talks with Reliance Industries Ltd owned Reliance Retail for buying up to 26 per cent stake in India`s biggest brick-and-mortar retailer, the Economic Times (ET) reported on Thursday.

Talks began after <a href="https://www.wionews.com/business-economy/sensex-nifty-reverse-course-to-close-lower-reliance-industries-banks-drag-239500">Reliance's</a> negotiations with China`s Alibaba Group to sell a stake in the retail entity fell through due to differences overvaluation, the financial daily reported citing two senior industry executives.

However, there is no certainty the initial discussions will lead to a deal, according to the report.

Amazon has been engaged in a pitched battle for Indian market share against <a href="https://www.wionews.com/business-economy/walmart-told-us-government-indias-e-commerce-rules-regressive-warned-of-trade-impact-235131">Walmart</a> Inc's Flipkart, with both companies announcing various plans to attract more customers in what is viewed as one of their most important growth markets.

Reuters reported on Monday that the Seattle based eCommerce giant was planning a foray into the burgeoning online food delivery business in India this year.

Both Amazon and Reliance did not immediately respond to Reuters` requests for comments.

Amazon.com Inc is in exploratory talks with Reliance Industries Ltd owned Reliance Retail for buying up to 26 per cent stake in India`s biggest brick-and-mortar retailer, the Economic Times (ET) reported on Thursday.

Amazon.com Inc is in exploratory talks with Reliance Industries Ltd owned Reliance Retail for buying up to 26 per cent stake in India`s biggest brick-and-mortar retailer, the Economic Times (ET) reported on Thursday. Talks began after Reliance's negotiations with China`s Alibaba Group to sell a stake in the retail entity fell through due to differences overvaluation, the financial daily reported citing two senior industry executives. However, there is no certainty the initial discussions will lead to a deal, according to the report. Amazon has been engaged in a pitched battle for Indian market share against Walmart Inc's Flipkart, with both companies announcing various plans to attract more customers in what is viewed as one of their most important growth markets. Reuters reported on Monday that the Seattle based eCommerce giant was planning a foray into the burgeoning online food delivery business in India this year. Both Amazon and Reliance did not immediately respond to Reuters` requests for comments.

Amazon in talks to buy stake in Reliance Retail: Reports

Alibaba is considering raising as much as $20 billion through a listing in Hong Kong, people familiar with the matter told Reuters, lining up a second blockbuster deal following its 2014 record $25 billion floats in New York.

The deal, the biggest follow-on share sale in seven years globally, would give Alibaba a war chest to keep investing in technology - a priority for China as growth flags and as the world's second-largest economy faces a mounting trade spat with the United States.

The e-commerce giant is working with financial advisers on the offering and is aiming to file an application confidentially in Hong Kong as early as the second half of 2019, three people said on condition of anonymity as the plans are not public yet.

They cautioned that many details were not clear, including the final planned size. One person with direct knowledge said it was more likely to be between $10 billion and $15 billion.

At $20 billion, Alibaba's deal would be the sixth-biggest follow-on share sale ever, Refinitiv data shows, ranking behind NTT's 1987 $36.8 billion sale, crisis-era offerings of $24.4 billion and $22.5 billion from the Royal Bank of Scotland and Lloyds Banking Group, as well as the $20.7 billion raised by US&nbsp;insurer AIG in 2012.

A spokesman for Alibaba declined to comment. SoftBank Group, Alibaba's largest investor, did not immediately respond to a request for comment.

The Japanese tech investor has a 28.8% stake, worth $115.7 billion, in Alibaba after it sold a small part of its original holding via derivatives to fund its acquisition of chip designer ARM in a transaction that completes next month.

SoftBank founder and CEO Masayoshi Son is a close friend of <a href="https://www.wionews.com/world/jack-mas-669-advice-to-alibaba-employees-have-sex-six-times-in-six-days-218815">Alibaba founder Jack Ma.</a> Bloomberg was the first to report the plan for a Hong Kong listing.

ADDED LIQUIDITY

Since its US listing, Alibaba has nearly doubled in size to become the largest-listed Chinese company with a market value of more than $400 billion.

A Hong Kong listing would give mainland investors their first direct access to one of China's biggest success stories, via the stock connect trading link between Hong Kong, Shanghai and Shenzhen.

It would also give the company an extra pocket of liquidity and potentially a better valuation if the household name became a favourite among retail investors in Hong Kong.

A Hong Kong-based analyst said while Alibaba is not in need of cash, the listing could help it improve its access to loans from Asian banks. "It means closer access to Chinese investors, and maybe Chinese investors are more bullish than the global investors in Alibaba," the analyst added.

Rival Tencent, which is listed in Hong Kong, is trading at 26 times its expected earnings compared with Alibaba's 22 times in New York, according to Refinitiv data.

A Hong Kong listing for Alibaba would come as its 54-year-old founder prepares to step down as chairman in September, handing over the mantle to CEO Daniel Zhang.

The company is also expanding into new sectors including cloud computing division and Hema, its chain of brick-and-mortar supermarkets as growth in its core e-commerce business slows.

The listing would provide Alibaba with additional capital to fund its new and expensive initiatives, said James Hull, founder of Hull capital and co-host of the China Tech investor podcast.

"Alibaba has strong and growing free cash flow, but they're also pursuing cash-hungry new initiatives," he added.

HOMECOMING

An Alibaba float would be seen in Hong Kong as a victory after the city lost the tech giant's initial public offering to New York because it then rules precluded it accepting Alibaba's governance structure, where a self-selecting group of senior managers control the majority of board appointments.

Hong Kong amended its rules last year to make it easier for "innovative companies" listed in New York or London to carry out a secondary listing in Hong Kong, as part of a broader shakeup of the city's listing regime.

The new rules allow already-listed companies based in greater China, whose original float was before Dec. 15, 2017, to list in the city even if their current weighted voting rights structures contravene Hong Kong's rules for primary listings.

Such companies can also apply confidentially for a listing, as Alibaba is expected to do.

Early last year, when Hong Kong was preparing to allow dual-class share listings, Alibaba founder Jack Ma had said that the company would "seriously consider" a listing on its exchange.

So far, no company has used the new secondary listing rules to raise funds in Hong Kong.

A spokesman for HKEX declined to comment on news of Alibaba's listing plans in Hong Kong.&nbsp;

Alibaba is considering raising as much as $20 billion through a listing in Hong Kong, people familiar with the matter told Reuters, lining up a second blockbuster deal following its 2014 record $25 billion floats in New York.

Alibaba is considering raising as much as $20 billion through a listing in Hong Kong, people familiar with the matter told Reuters, lining up a second blockbuster deal following its 2014 record $25 billion floats in New York. The deal, the biggest follow-on share sale in seven years globally, would give Alibaba a war chest to keep investing in technology - a priority for China as growth flags and as the world's second-largest economy faces a mounting trade spat with the United States. The e-commerce giant is working with financial advisers on the offering and is aiming to file an application confidentially in Hong Kong as early as the second half of 2019, three people said on condition of anonymity as the plans are not public yet. They cautioned that many details were not clear, including the final planned size. One person with direct knowledge said it was more likely to be between $10 billion and $15 billion. At $20 billion, Alibaba's deal would be the sixth-biggest follow-on share sale ever, Refinitiv data shows, ranking behind NTT's 1987 $36.8 billion sale, crisis-era offerings of $24.4 billion and $22.5 billion from the Royal Bank of Scotland and Lloyds Banking Group, as well as the $20.7 billion raised by US insurer AIG in 2012. A spokesman for Alibaba declined to comment. SoftBank Group, Alibaba's largest investor, did not immediately respond to a request for comment. The Japanese tech investor has a 28.8% stake, worth $115.7 billion, in Alibaba after it sold a small part of its original holding via derivatives to fund its acquisition of chip designer ARM in a transaction that completes next month. SoftBank founder and CEO Masayoshi Son is a close friend of Alibaba founder Jack Ma. Bloomberg was the first to report the plan for a Hong Kong listing. ADDED LIQUIDITY Since its US listing, Alibaba has nearly doubled in size to become the largest-listed Chinese company with a market value of more than $400 billion. A Hong Kong listing would give mainland investors their first direct access to one of China's biggest success stories, via the stock connect trading link between Hong Kong, Shanghai and Shenzhen. It would also give the company an extra pocket of liquidity and potentially a better valuation if the household name became a favourite among retail investors in Hong Kong. A Hong Kong-based analyst said while Alibaba is not in need of cash, the listing could help it improve its access to loans from Asian banks. "It means closer access to Chinese investors, and maybe Chinese investors are more bullish than the global investors in Alibaba," the analyst added. Rival Tencent, which is listed in Hong Kong, is trading at 26 times its expected earnings compared with Alibaba's 22 times in New York, according to Refinitiv data. A Hong Kong listing for Alibaba would come as its 54-year-old founder prepares to step down as chairman in September, handing over the mantle to CEO Daniel Zhang. The company is also expanding into new sectors including cloud computing division and Hema, its chain of brick-and-mortar supermarkets as growth in its core e-commerce business slows. The listing would provide Alibaba with additional capital to fund its new and expensive initiatives, said James Hull, founder of Hull capital and co-host of the China Tech investor podcast. "Alibaba has strong and growing free cash flow, but they're also pursuing cash-hungry new initiatives," he added. HOMECOMING An Alibaba float would be seen in Hong Kong as a victory after the city lost the tech giant's initial public offering to New York because it then rules precluded it accepting Alibaba's governance structure, where a self-selecting group of senior managers control the majority of board appointments. Hong Kong amended its rules last year to make it easier for "innovative companies" listed in New York or London to carry out a secondary listing in Hong Kong, as part of a broader shakeup of the city's listing regime. The new rules allow already-listed companies based in greater China, whose original float was before Dec. 15, 2017, to list in the city even if their current weighted voting rights structures contravene Hong Kong's rules for primary listings. Such companies can also apply confidentially for a listing, as Alibaba is expected to do. Early last year, when Hong Kong was preparing to allow dual-class share listings, Alibaba founder Jack Ma had said that the company would "seriously consider" a listing on its exchange. So far, no company has used the new secondary listing rules to raise funds in Hong Kong. A spokesman for HKEX declined to comment on news of Alibaba's listing plans in Hong Kong.

Alibaba plans $20 billion in Hong Kong listing, biggest follow-on sale in seven years

While Huawei's founder brushes aside a US ban against his company, the telecom giant's employees have been less sanguine, confessing fears for their future in online chat rooms.

Huawei CEO Ren Zhengfei declared this week the company has a hoard of microchips and the ability to make its own in order to withstand a potentially crippling US ban on using American components and software in its products.

"If you really want to know what's going on with us, you can visit our Xinsheng Community," Ren told Chinese media, alluding to Huawei's internal forum partially open to viewers outside the company.

But a peek into Xinsheng shows his words have not reassured everyone within the Shenzhen-based company.

"During difficult times, what should we do as individuals?" posted an employee under the handle Xiao Feng on Thursday.&nbsp;

"At home reduce your debts and maintain enough cash," Xiao Feng wrote.

"Make a plan for your financial assets and don't be overly optimistic about your remuneration and income."

This week Google, whose Android operating system powers most of the world's smartphones, said it would cut ties with Huawei as a result of the ban.

Another critical partner, ARM Holdings -- a British designer of semiconductors owned by Japanese group Softbank -- said it was complying with the US restrictions.

"On its own Huawei can't resolve this problem, we need to seek support from government policy," one unnamed employee wrote last week, in a post that received dozens of likes and replies.

The employee outlined a plan for China to block off its smartphone market from all American components much in the same way Beijing fostered its internet tech giants behind a "Great Firewall" that keeps out Google, Facebook, Twitter and dozens of other foreign companies.

"Our domestic market is big enough, we can use this opportunity to build up domestic suppliers and our ecosystem," the employee wrote.

'Advance with our company'

For his part, Ren advocated the opposite response in his interview with Chinese media.

"We should not promote populism; populism is detrimental to the country," he said, noting that his family uses Apple products.

Other employees strategized ways to circumvent the US ban.

One advocated turning to Alibaba's e-commerce platform Taobao to buy the needed components. Another dangled the prospect of setting up dozens of new companies to make purchases from US suppliers.

Many denounced the US and proposed China ban McDonald's, Coca-Cola and all-American movies and TV shows.

"First time posting under my real name: we must do our jobs well, advance and retreat with our company," said an employee named Xu Jin.

The tech ban caps months of US effort to isolate Huawei, whose equipment Washington fears could be used as a Trojan horse by Chinese intelligence services.

Still, last week Trump indicated he was willing to include a fix for Huawei in a trade deal that the two economic giants have struggled to seal and US officials issued a 90-day reprieve on the ban.&nbsp;

In Xinsheng, an employee with the handle Youxin lamented: "I want to advance and retreat alongside the company, but then my boss told me to pack up and go", followed by two sad-face emoticons.

While Huawei's founder brushes aside a US ban against his company, the telecom giant's employees have been less sanguine, confessing fears for their future in online chat rooms.

While Huawei's founder brushes aside a US ban against his company, the telecom giant's employees have been less sanguine, confessing fears for their future in online chat rooms. Huawei CEO Ren Zhengfei declared this week the company has a hoard of microchips and the ability to make its own in order to withstand a potentially crippling US ban on using American components and software in its products. "If you really want to know what's going on with us, you can visit our Xinsheng Community," Ren told Chinese media, alluding to Huawei's internal forum partially open to viewers outside the company. But a peek into Xinsheng shows his words have not reassured everyone within the Shenzhen-based company. "During difficult times, what should we do as individuals?" posted an employee under the handle Xiao Feng on Thursday. "At home reduce your debts and maintain enough cash," Xiao Feng wrote. "Make a plan for your financial assets and don't be overly optimistic about your remuneration and income." This week Google, whose Android operating system powers most of the world's smartphones, said it would cut ties with Huawei as a result of the ban. Another critical partner, ARM Holdings -- a British designer of semiconductors owned by Japanese group Softbank -- said it was complying with the US restrictions. "On its own Huawei can't resolve this problem, we need to seek support from government policy," one unnamed employee wrote last week, in a post that received dozens of likes and replies. The employee outlined a plan for China to block off its smartphone market from all American components much in the same way Beijing fostered its internet tech giants behind a "Great Firewall" that keeps out Google, Facebook, Twitter and dozens of other foreign companies. "Our domestic market is big enough, we can use this opportunity to build up domestic suppliers and our ecosystem," the employee wrote. 'Advance with our company' For his part, Ren advocated the opposite response in his interview with Chinese media. "We should not promote populism; populism is detrimental to the country," he said, noting that his family uses Apple products. Other employees strategized ways to circumvent the US ban. One advocated turning to Alibaba's e-commerce platform Taobao to buy the needed components. Another dangled the prospect of setting up dozens of new companies to make purchases from US suppliers. Many denounced the US and proposed China ban McDonald's, Coca-Cola and all-American movies and TV shows. "First time posting under my real name: we must do our jobs well, advance and retreat with our company," said an employee named Xu Jin. The tech ban caps months of US effort to isolate Huawei, whose equipment Washington fears could be used as a Trojan horse by Chinese intelligence services. Still, last week Trump indicated he was willing to include a fix for Huawei in a trade deal that the two economic giants have struggled to seal and US officials issued a 90-day reprieve on the ban. In Xinsheng, an employee with the handle Youxin lamented: "I want to advance and retreat alongside the company, but then my boss told me to pack up and go", followed by two sad-face emoticons.

'Don't be too optimistic': Huawei employees fret at US ban

Despite government's efforts, Paypal, a US-based online payment giant, will not be launching its services in the Pakistan, local media reported on Friday.&nbsp;

Pakistan's Ministry of Information Technology Secretary Maroof Afzal informed the Senate committee today that Paypal's internal working is such that "they are not ready to introduce its services", local media reported.

"Paypal did not decline because it has issues operating in Pakistan. Their internal working is such that they are not ready to introduce services in Pakistan," Dawn quoted Maroof Afzal as saying.

Also read:<a href="https://www.wionews.com/south-asia/pakistans-currency-reaches-all-time-low-against-us-dollar-219221"> Post IMF bailout, Pakistan's currency reaches all-time low against US dollar</a>

Pakistan's Senate Standing Committee on Information and Technology has been pushing the IT ministry to ask Paypal to launch its services in the country.

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In February, Pakistan's finance minister Asad Umar had said that talks to bring PayPal in the country are underway while rubbishing reports that the federal government was impeding the company's entry into the Pakistani market. He had claimed that it is actually "chasing" the company.

In November 2015, the IT Ministry had announced that it was set to invite PayPal and Chinese e-commerce giant Alibaba to offer their services in Pakistan. The move followed a decision by the global Financial Action Task Force to remove Pakistan from its list of high-risk and non-cooperative jurisdictions linked to money laundering.

(With inputs from agencies)

Despite government's efforts, Paypal, a US-based online payment giant, will not be launching its services in the Pakistan, local media reported on Friday. Pakistan's Ministry of Information Technology Secretary Maroof Afzal informed the Senate committee today that Paypal's internal working is such that "they are not ready to introduce its services", local media reported.

Despite government's efforts, Paypal, a US-based online payment giant, will not be launching its services in the Pakistan, local media reported on Friday. Pakistan's Ministry of Information Technology Secretary Maroof Afzal informed the Senate committee today that Paypal's internal working is such that "they are not ready to introduce its services", local media reported. "Paypal did not decline because it has issues operating in Pakistan. Their internal working is such that they are not ready to introduce services in Pakistan," Dawn quoted Maroof Afzal as saying. Also read: Post IMF bailout, Pakistan's currency reaches all-time low against US dollar Pakistan's Senate Standing Committee on Information and Technology has been pushing the IT ministry to ask Paypal to launch its services in the country. × In February, Pakistan's finance minister Asad Umar had said that talks to bring PayPal in the country are underway while rubbishing reports that the federal government was impeding the company's entry into the Pakistani market. He had claimed that it is actually "chasing" the company. In November 2015, the IT Ministry had announced that it was set to invite PayPal and Chinese e-commerce giant Alibaba to offer their services in Pakistan. The move followed a decision by the global Financial Action Task Force to remove Pakistan from its list of high-risk and non-cooperative jurisdictions linked to money laundering. (With inputs from agencies)

Paypal not ready to introduce services in Pakistan: Secretary of Information Technology ministry

Alibaba founder Jack Ma who had recently said that overtime work culture in<a href="https://www.wionews.com/world/12-hours-a-day-6-days-a-week-work-schedule-blessing-for-youngsters-jack-ma-210791"> China was a "huge blessing"</a> surprised everyone when he declared on China's social media handle weibo that with "996 work culture" an employee should also follow the "669" mantra that is having sex six days a week.

Ma's latest comment created a social media storm in China. According to Ma's “669” rule employees should have sex for six days, sex six times, with emphasis on duration.

“At work, we emphasise the spirit of ‘996’. In life, we should follow ‘669,’“ Jack Ma said. "I personally think that being able to work 996 is a huge blessing," he had said.

"Many companies and many people don't have the opportunity to work 996," Ma said, adding, "If you don't work 996 when you are young, when can you ever work 996?"

Ma's latest comment on sex six times in six days was even posted on the company's official weibo account even as several Chinese social media users did not particularly like his latest mantra.

Ma, a former English teacher had co-founded Alibaba in 1999 which has now become a unicorn creating a new benchmark in e-commerce with only Amazon as its competitor. Alibaba was able to beat back Amazon in China making it an invincible giant at home.

"In this world, everyone wants success, wants a nice life, wants to be respected," Ma had said.

"Compared to them, up to this day, I still feel lucky, I don't regret (working 12 hour days), I would never change this part of me," he said.

Alibaba founder Jack Ma who had recently said that overtime work culture in China was a "huge blessing" surprised everyone when he declared on China's social media handle weibo that with "996 work culture" an employee should also follow the "669" mantra that is having sex six days a week.

Alibaba founder Jack Ma who had recently said that overtime work culture in China was a "huge blessing" surprised everyone when he declared on China's social media handle weibo that with "996 work culture" an employee should also follow the "669" mantra that is having sex six days a week. Ma's latest comment created a social media storm in China. According to Ma's “669” rule employees should have sex for six days, sex six times, with emphasis on duration. “At work, we emphasise the spirit of ‘996’. In life, we should follow ‘669,’“ Jack Ma said. "I personally think that being able to work 996 is a huge blessing," he had said. "Many companies and many people don't have the opportunity to work 996," Ma said, adding, "If you don't work 996 when you are young, when can you ever work 996?" Ma's latest comment on sex six times in six days was even posted on the company's official weibo account even as several Chinese social media users did not particularly like his latest mantra. Ma, a former English teacher had co-founded Alibaba in 1999 which has now become a unicorn creating a new benchmark in e-commerce with only Amazon as its competitor. Alibaba was able to beat back Amazon in China making it an invincible giant at home. "In this world, everyone wants success, wants a nice life, wants to be respected," Ma had said. "Compared to them, up to this day, I still feel lucky, I don't regret (working 12 hour days), I would never change this part of me," he said.

Jack Ma's '669' advice to Alibaba employees: Have sex six times in six days

Alibaba Group founder and billionaire Jack Ma has defended the gruelling overtime work culture at many of China's tech companies, calling it a "huge blessing" for young workers.

The e-commerce magnate weighed into a debate about work-life balance and the overtime hours demanded by some companies as the sector slows after years of breakneck growth.

In a speech to Alibaba employees, Ma defended the industry's '996' work schedule, which refers to the 9am to 9pm workday, six days a week.

"I personally think that being able to work 996 is a huge blessing," he said in remarks posted on the company's WeChat account.

"Many companies and many people don't have the opportunity to work 996," Ma said. "If you don't work 996 when you are young, when can you ever work 996?"

The issue has fuelled an online debate and protests on some coding platforms, where workers have swapped examples of excessive overtime demands at some companies.

Ma, a former English teacher who co-founded Alibaba in 1999 and has become one of China's richest people, said he and early employees regularly worked long hours.

"In this world, everyone wants success, wants a nice life, wants to be respected," Ma said.

"Let me ask everyone, if you don't put out more time and energy than others, how can you achieve the success you want?"

Ma referred to the tech industry today where some people are without jobs, or working at companies in search of revenue or facing closure.

"Compared to them, up to this day, I still feel lucky, I don't regret (working 12 hour days), I would never change this part of me," he said.

This month activists on Microsoft's GitHub, the online code repository site, launched a project titled "996.ICU" where tech workers listed Alibaba among the companies ranked as having some of the worst working conditions.

On Thursday, an opinion piece published in a state newspaper argued that 996 violated China's Labour Law, which stipulates that average work hours cannot exceed 40 hours a week.

"Creating a corporate culture of 'encouraged overtime' will not only not help a business' core competitiveness, it might inhibit and damage a company's ability to innovate," the unnamed author wrote in the People's Daily.

Alibaba Group founder and billionaire Jack Ma has defended the gruelling overtime work culture at many of China's tech companies, calling it a "huge blessing" for young workers.

Alibaba Group founder and billionaire Jack Ma has defended the gruelling overtime work culture at many of China's tech companies, calling it a "huge blessing" for young workers. The e-commerce magnate weighed into a debate about work-life balance and the overtime hours demanded by some companies as the sector slows after years of breakneck growth. In a speech to Alibaba employees, Ma defended the industry's '996' work schedule, which refers to the 9am to 9pm workday, six days a week. "I personally think that being able to work 996 is a huge blessing," he said in remarks posted on the company's WeChat account. "Many companies and many people don't have the opportunity to work 996," Ma said. "If you don't work 996 when you are young, when can you ever work 996?" The issue has fuelled an online debate and protests on some coding platforms, where workers have swapped examples of excessive overtime demands at some companies. Ma, a former English teacher who co-founded Alibaba in 1999 and has become one of China's richest people, said he and early employees regularly worked long hours. "In this world, everyone wants success, wants a nice life, wants to be respected," Ma said. "Let me ask everyone, if you don't put out more time and energy than others, how can you achieve the success you want?" Ma referred to the tech industry today where some people are without jobs, or working at companies in search of revenue or facing closure. "Compared to them, up to this day, I still feel lucky, I don't regret (working 12 hour days), I would never change this part of me," he said. This month activists on Microsoft's GitHub, the online code repository site, launched a project titled "996.ICU" where tech workers listed Alibaba among the companies ranked as having some of the worst working conditions. On Thursday, an opinion piece published in a state newspaper argued that 996 violated China's Labour Law, which stipulates that average work hours cannot exceed 40 hours a week. "Creating a corporate culture of 'encouraged overtime' will not only not help a business' core competitiveness, it might inhibit and damage a company's ability to innovate," the unnamed author wrote in the People's Daily.

12-hours a day, 6 days a week work schedule blessing for youngsters: Jack Ma

Alibaba Group Holding Ltd expects to avoid layoffs this year despite China's economic slowdown, CEO Daniel Zhang said on Friday.

The comments contradict Chinese media reports and market speculation about job cuts and a pull-back for China's internet sector amid weakening domestic demand and an prolonged trade dispute with the United States.

"This year we not only won't layoff employees, we will continue to utilise the resources on our platforms to boost consumption, bringing in more manufacturing and services orders," Zhang said in a Weibo post.

"When the economy is bad, the biggest advantage for online platforms is to create jobs."

This week reports circulated in Chinese media that e-commerce site and Alibaba rival JD.com Inc would lay off 10 percent of its senior executives. The company declined to comment directly on the cuts.

Days earlier, the CEO of ride-hailing company Didi Chuxing said it would lay off 15 percent of its employees, though he added that it intended to add as many jobs in new roles.

Just before Chinese New Year, social media firm ByteDance advised staff they would receive lower-than-expected holiday bonuses.

In November, Alibaba cut its full-year revenue forecast to between 375 billion yuan and 383 billion yuan ($54.4 bln-$55.6 bln), marking a 4-6 percent decrease from its initial target.

The company announces its earnings for the fiscal year in May.

Alibaba Group Holding Ltd expects to avoid layoffs this year despite China's economic slowdown, CEO Daniel Zhang said on Friday. The comments contradict Chinese media reports and market speculation about job cuts and a pull-back for China's internet sector amid weakening domestic demand and an prolonged trade dispute with the United States.

Alibaba Group Holding Ltd expects to avoid layoffs this year despite China's economic slowdown, CEO Daniel Zhang said on Friday. The comments contradict Chinese media reports and market speculation about job cuts and a pull-back for China's internet sector amid weakening domestic demand and an prolonged trade dispute with the United States. "This year we not only won't layoff employees, we will continue to utilise the resources on our platforms to boost consumption, bringing in more manufacturing and services orders," Zhang said in a Weibo post. "When the economy is bad, the biggest advantage for online platforms is to create jobs." This week reports circulated in Chinese media that e-commerce site and Alibaba rival JD.com Inc would lay off 10 percent of its senior executives. The company declined to comment directly on the cuts. Days earlier, the CEO of ride-hailing company Didi Chuxing said it would lay off 15 percent of its employees, though he added that it intended to add as many jobs in new roles. Just before Chinese New Year, social media firm ByteDance advised staff they would receive lower-than-expected holiday bonuses. In November, Alibaba cut its full-year revenue forecast to between 375 billion yuan and 383 billion yuan ($54.4 bln-$55.6 bln), marking a 4-6 percent decrease from its initial target. The company announces its earnings for the fiscal year in May.

Alibaba CEO rules out layoffs this year

A Chinese government propaganda app that recently became a huge hit was developed by Alibaba, two people at the company told Reuters, at a time when the nation's tech firms are under global scrutiny over their ties to Beijing.

"Xuexi Qiangguo", which literally translates as 'Study to make China strong' and is a play on the government propaganda theme of applying President Xi Jinping's thoughts, overtook Tik Tok and WeChat to become the county's most popular app on Apple's China app store last week.

It was developed by a largely unknown special projects team at Alibaba known as the "Y Projects Business Unit", which takes on development projects outside the company, said the people.

New York-listed Alibaba declined to comment on whether the business unit had developed the app.

The app's development by Alibaba, whose Chairman Jack Ma is a member of the Communist Party, is the latest example of a Chinese tech company collaborating with the government.

The country's propaganda department has released the app ahead of next month's National People's Congress in Beijing, China's top annual parliamentary gathering.

Job opportunities

The app, which includes short videos, government news stories and quizzes, was created by an Alibaba team. A user of Alibaba's own messaging app DingTalk can use their login credentials to log into Xuexi Qiangguo. Alibaba said the app was built using DingTalk's software.

Staff at the Alibaba unit are responsible for developing and maintaining the app that includes news, videos, livestream and community comments, according to the sources and a job advertised for Xuexi Qiangguo on Alibaba's career website.

The unit does not have a website but is described in job ads on popular Chinese careers site Zhipin.com as a strategic level project that is in a creation stage and offers many job opportunities.

At least part of the app's runaway popularity can be attributed to directives issued by local governments and universities that require people in China's expansive party member network to download the app.

The app has been downloaded over 43.7 million times on Apple and Android devices since its launch in January, according to estimates by Beijing-based statistical consulting firm Qimai.

It was not immediately clear whether Alibaba makes money from the app, or who initiated its development.

Last month, Alibaba executive vice-chairman Joe Tsai slammed US&nbsp;treatment of fellow Chinese tech firm Huawei Technologies as "extremely unfair", and sharply criticised what he called an attempt by the US&nbsp;government to curb China's rise via the trade war.

Huawei, the world's biggest network equipment maker, has been largely barred from the United States and some other countries on suspicion that its products could be used as a conduit for spying. Huawei and China have denied the allegations.

Extensive collaboration

But major Chinese tech companies have cooperated extensively with governments in China on infrastructure, cloud computing and public security as part of the country's "Internet Plus" policy drive to improve traditional industries.

Collaboration with state media has also increased in recent years, amid tighter censorship laws that require companies to toe the party line.

Tik Tok creator Beijing ByteDance Technology Co and WeChat creator Tencent Holdings Ltd are among some who have collaborated with state media outlets using their social media platforms.

"The upside for these firms is that their track record of cooperation can put them in a better position to obtain key licenses or opportunities," said Mark Natkin, managing director at Beijing-based Marbridge Consulting, adding these collaborations were Beijing's way of maintaining control over private firms.

"The downside is they may get tapped to participate in projects which, on economic or PR considerations alone they might normally eschew, but which may be uncomfortable or unwise to refuse."

A Chinese government propaganda app that recently became a huge hit was developed by Alibaba, two people at the company told Reuters, at a time when the nation's tech firms are under global scrutiny over their ties to Beijing.

A Chinese government propaganda app that recently became a huge hit was developed by Alibaba, two people at the company told Reuters, at a time when the nation's tech firms are under global scrutiny over their ties to Beijing. "Xuexi Qiangguo", which literally translates as 'Study to make China strong' and is a play on the government propaganda theme of applying President Xi Jinping's thoughts, overtook Tik Tok and WeChat to become the county's most popular app on Apple's China app store last week. It was developed by a largely unknown special projects team at Alibaba known as the "Y Projects Business Unit", which takes on development projects outside the company, said the people. New York-listed Alibaba declined to comment on whether the business unit had developed the app. The app's development by Alibaba, whose Chairman Jack Ma is a member of the Communist Party, is the latest example of a Chinese tech company collaborating with the government. The country's propaganda department has released the app ahead of next month's National People's Congress in Beijing, China's top annual parliamentary gathering. Job opportunities The app, which includes short videos, government news stories and quizzes, was created by an Alibaba team. A user of Alibaba's own messaging app DingTalk can use their login credentials to log into Xuexi Qiangguo. Alibaba said the app was built using DingTalk's software. Staff at the Alibaba unit are responsible for developing and maintaining the app that includes news, videos, livestream and community comments, according to the sources and a job advertised for Xuexi Qiangguo on Alibaba's career website. The unit does not have a website but is described in job ads on popular Chinese careers site Zhipin.com as a strategic level project that is in a creation stage and offers many job opportunities. At least part of the app's runaway popularity can be attributed to directives issued by local governments and universities that require people in China's expansive party member network to download the app. The app has been downloaded over 43.7 million times on Apple and Android devices since its launch in January, according to estimates by Beijing-based statistical consulting firm Qimai. It was not immediately clear whether Alibaba makes money from the app, or who initiated its development. Last month, Alibaba executive vice-chairman Joe Tsai slammed US treatment of fellow Chinese tech firm Huawei Technologies as "extremely unfair", and sharply criticised what he called an attempt by the US government to curb China's rise via the trade war. Huawei, the world's biggest network equipment maker, has been largely barred from the United States and some other countries on suspicion that its products could be used as a conduit for spying. Huawei and China have denied the allegations. Extensive collaboration But major Chinese tech companies have cooperated extensively with governments in China on infrastructure, cloud computing and public security as part of the country's "Internet Plus" policy drive to improve traditional industries. Collaboration with state media has also increased in recent years, amid tighter censorship laws that require companies to toe the party line. Tik Tok creator Beijing ByteDance Technology Co and WeChat creator Tencent Holdings Ltd are among some who have collaborated with state media outlets using their social media platforms. "The upside for these firms is that their track record of cooperation can put them in a better position to obtain key licenses or opportunities," said Mark Natkin, managing director at Beijing-based Marbridge Consulting, adding these collaborations were Beijing's way of maintaining control over private firms. "The downside is they may get tapped to participate in projects which, on economic or PR considerations alone they might normally eschew, but which may be uncomfortable or unwise to refuse."

Alibaba is the force behind hit Chinese Communist Party app: Report

Watch: WION Gravitas, 27th November, 2018

WION Gravitas: Alibaba founder Jack Ma belongs to Communist party

Chinese e-commerce giant Alibaba Group Holding Ltd settled roughly 69 billion yuan ($9.92 billion) in the <a href="http://www.wionews.com/world/chinas-24-hour-online-shopping-binge-nears-16-billion-23970">first hour</a> of its annual Singles' Day on Sunday, up roughly 21 percent from last year's early haul of 57 billion yuan.

Singles' Day is the world's biggest online sales event and last year netted Alibaba 168 billion yuan ($24.15 billion) in total sales.

A disproportionately large number of sales are recorded in the first minutes of the 24-hour spending spree, when transactions are recorded for items that have been put on hold.

Alibaba kicks off the annual event with a gala, which this year featured U.S. singer Mariah Carey, a Japanese Beyonce impersonator and a shoe-shopping-themed Cirque du Soleil performance.

It's expected to be the company's final November sale event with founder and chairman Jack Ma at the helm. Current chief executive Daniel Zhang will take over as chairman next year, the company said in September.

While sales growth remains steady, Alibaba's stock has dropped 16 percent this year amid economic uncertainties linked to brewing trade tensions between China and the United States.

Earlier this month, Alibaba revised down its full-year revenue forecast, sending a chill through investors, as it said sales of big-ticket items would be impacted.

To compensate, the company will take in less income from its platforms in the near term in order to retain brands and new buyers, it said.

This year, Alibaba said there were around 180,000 brands participating in Singles' Day, and as of 10 a.m. on Sunday sales were close to $20 billion. ($1 = 6.9553 yuan)

Chinese e-commerce giant Alibaba Group Holding Ltd settled roughly 69 billion yuan ($9.92 billion) in the first hour of its annual Singles' Day on Sunday, up roughly 21 percent from last year's early haul of 57 billion yuan.

Chinese e-commerce giant Alibaba Group Holding Ltd settled roughly 69 billion yuan ($9.92 billion) in the first hour of its annual Singles' Day on Sunday, up roughly 21 percent from last year's early haul of 57 billion yuan. Singles' Day is the world's biggest online sales event and last year netted Alibaba 168 billion yuan ($24.15 billion) in total sales. A disproportionately large number of sales are recorded in the first minutes of the 24-hour spending spree, when transactions are recorded for items that have been put on hold. Alibaba kicks off the annual event with a gala, which this year featured U.S. singer Mariah Carey, a Japanese Beyonce impersonator and a shoe-shopping-themed Cirque du Soleil performance. It's expected to be the company's final November sale event with founder and chairman Jack Ma at the helm. Current chief executive Daniel Zhang will take over as chairman next year, the company said in September. While sales growth remains steady, Alibaba's stock has dropped 16 percent this year amid economic uncertainties linked to brewing trade tensions between China and the United States. Earlier this month, Alibaba revised down its full-year revenue forecast, sending a chill through investors, as it said sales of big-ticket items would be impacted. To compensate, the company will take in less income from its platforms in the near term in order to retain brands and new buyers, it said. This year, Alibaba said there were around 180,000 brands participating in Singles' Day, and as of 10 a.m. on Sunday sales were close to $20 billion. ($1 = 6.9553 yuan)

China: Singles' Day sales hit $10 billion in first hour

Chinese e-commerce giant Alibaba Group Holding Ltd smashed the 2017 record for its Singles' Day sales event on Sunday, surpassing 168 billion yuan (US $24.15 billion) sales in under sixteen hours.

Singles' Day, also called "Double 11" is the world's biggest online sales event, outstripping US&nbsp;shopping holiday Black Friday.

The Chinese event was originally a novelty student holiday to celebrate being single, countering Valentines Day, but has since grown into a month-long online shopping festival that peaks with a 24-hour sales frenzy on November 11.

A disproportionately large number of sales are recorded in the first minutes of the 24-hour spending spree, when transactions are recorded for items that have been put on hold.

The company settled roughly 69 billion yuan (US $9.92 billion) in the first hour of Singles' Day on Sunday, up roughly 21 per cent from last year's early haul of 57 billion yuan. Items selling well included smartphones and other electronics, but also staples such as milk powder and diapers.

While the company surpassed last year's sales just before 4pm, the rate is slower than last year when it broke the 2016 record around four hours earlier at midday.

Analysts say that despite continued strong growth, sales are likely to be hit by economic headwinds and new competition from competing sales events.

"With an increasing number of promotion events a year, consumers no longer feel that Double 11 is the only opportunity to get good bargains," said Pedro Yip, partner at consulting firm Oliver Wyman.

"Having said that, there are more consumers who still enjoy shopping at double 11 than those that don't," he said.

Alibaba kicked off this year's sales with a gala event that featured US&nbsp;singer Mariah Carey, a Japanese Beyonce impersonator and a shoe-shopping-themed Cirque du Soleil performance.

It's expected to be the company's final November sale event with founder and chairman Jack Ma at the helm. Current chief executive Daniel Zhang will take over as chairman next year, the company said in September.

While sales growth remains steady, Alibaba's stock has dropped 16 percent this year amid economic uncertainties linked to brewing trade tensions between China and the United States.

Earlier this month, Alibaba revised down its full-year revenue forecast, sending a chill through investors, as it said sales of big-ticket items would be impacted. To compensate, the company will take in less income from its platforms in the near term in order to retain brands and new buyers, it said.

This year, Alibaba said there were around 180,000 brands participating in Singles' Day, and as of 8:00 pm on Sunday sales were nearing $27 billion.

Chinese e-commerce giant Alibaba Group Holding Ltd smashed the 2017 record for its Singles' Day sales event on Sunday, surpassing 168 billion yuan (US $24.15 billion) sales in under sixteen hours.

Chinese e-commerce giant Alibaba Group Holding Ltd smashed the 2017 record for its Singles' Day sales event on Sunday, surpassing 168 billion yuan (US $24.15 billion) sales in under sixteen hours. Singles' Day, also called "Double 11" is the world's biggest online sales event, outstripping US shopping holiday Black Friday. The Chinese event was originally a novelty student holiday to celebrate being single, countering Valentines Day, but has since grown into a month-long online shopping festival that peaks with a 24-hour sales frenzy on November 11. A disproportionately large number of sales are recorded in the first minutes of the 24-hour spending spree, when transactions are recorded for items that have been put on hold. The company settled roughly 69 billion yuan (US $9.92 billion) in the first hour of Singles' Day on Sunday, up roughly 21 per cent from last year's early haul of 57 billion yuan. Items selling well included smartphones and other electronics, but also staples such as milk powder and diapers. While the company surpassed last year's sales just before 4pm, the rate is slower than last year when it broke the 2016 record around four hours earlier at midday. Analysts say that despite continued strong growth, sales are likely to be hit by economic headwinds and new competition from competing sales events. "With an increasing number of promotion events a year, consumers no longer feel that Double 11 is the only opportunity to get good bargains," said Pedro Yip, partner at consulting firm Oliver Wyman. "Having said that, there are more consumers who still enjoy shopping at double 11 than those that don't," he said. Alibaba kicked off this year's sales with a gala event that featured US singer Mariah Carey, a Japanese Beyonce impersonator and a shoe-shopping-themed Cirque du Soleil performance. It's expected to be the company's final November sale event with founder and chairman Jack Ma at the helm. Current chief executive Daniel Zhang will take over as chairman next year, the company said in September. While sales growth remains steady, Alibaba's stock has dropped 16 percent this year amid economic uncertainties linked to brewing trade tensions between China and the United States. Earlier this month, Alibaba revised down its full-year revenue forecast, sending a chill through investors, as it said sales of big-ticket items would be impacted. To compensate, the company will take in less income from its platforms in the near term in order to retain brands and new buyers, it said. This year, Alibaba said there were around 180,000 brands participating in Singles' Day, and as of 8:00 pm on Sunday sales were nearing $27 billion.

Alibaba Singles' Day smashes $25 billion sales record

Chinese e-commerce giant Alibaba Group Holding Ltd settled roughly 69 billion yuan (US $9.92 billion) in the first hour of its annual Singles' Day on Sunday, up roughly 21 percent from last year's early haul of 57 billion yuan.

Singles' Day is the world's biggest online sales event and last year netted Alibaba 168 billion yuan (US $24.15 billion) in total sales.

A disproportionately large number of sales are recorded in the first minutes of the 24-hour spending spree, when transactions are recorded for items that have been put on hold.

Alibaba kicks off the annual event with a gala, which this year featured US&nbsp;singer Mariah Carey, a Japanese Beyonce impersonator and a shoe-shopping-themed Cirque du Soleil performance.

It's expected to be the company's final November sale event with founder and chairman Jack Ma at the helm. Current chief executive Daniel Zhang will take over as chairman next year, the company said in September.

While sales growth remains steady, Alibaba's stock has dropped 16 percent this year amid economic uncertainties linked to brewing trade tensions between China and the United States.

Earlier this month, Alibaba revised down its full-year revenue forecast, sending a chill through investors, as it said sales of big-ticket items would be impacted.

To compensate, the company will take in less income from its platforms in the near term in order to retain brands and new buyers, it said.

This year, Alibaba said there were around 180,000 brands participating in Singles' Day, and as of 10 a.m. on Sunday sales were close to $20 billion.

Chinese e-commerce giant Alibaba Group Holding Ltd settled roughly 69 billion yuan (US $9.92 billion) in the first hour of its annual Singles' Day on Sunday, up roughly 21 percent from last year's early haul of 57 billion yuan.

Chinese e-commerce giant Alibaba Group Holding Ltd settled roughly 69 billion yuan (US $9.92 billion) in the first hour of its annual Singles' Day on Sunday, up roughly 21 percent from last year's early haul of 57 billion yuan. Singles' Day is the world's biggest online sales event and last year netted Alibaba 168 billion yuan (US $24.15 billion) in total sales. A disproportionately large number of sales are recorded in the first minutes of the 24-hour spending spree, when transactions are recorded for items that have been put on hold. Alibaba kicks off the annual event with a gala, which this year featured US singer Mariah Carey, a Japanese Beyonce impersonator and a shoe-shopping-themed Cirque du Soleil performance. It's expected to be the company's final November sale event with founder and chairman Jack Ma at the helm. Current chief executive Daniel Zhang will take over as chairman next year, the company said in September. While sales growth remains steady, Alibaba's stock has dropped 16 percent this year amid economic uncertainties linked to brewing trade tensions between China and the United States. Earlier this month, Alibaba revised down its full-year revenue forecast, sending a chill through investors, as it said sales of big-ticket items would be impacted. To compensate, the company will take in less income from its platforms in the near term in order to retain brands and new buyers, it said. This year, Alibaba said there were around 180,000 brands participating in Singles' Day, and as of 10 a.m. on Sunday sales were close to $20 billion.

Alibaba Singles' Day sales hit $10 billion in first hour

The US-China trade war is the "stupidest thing in the world," <a href="http://www.wionews.com/business-economy/full-blown-us-china-trade-war-will-slow-global-growth-by-less-than-1-imf-170313">Alibaba e-commerce tycoon Jack Ma declared </a>at an import fair that China opened Monday partly to counter foreign criticism of its trade policies.

Ma, who recently took back an earlier pledge to create a million jobs in the US - blaming the trade war launched by Donald Trump - made the comments in a panel discussion at the massive expo in Shanghai.

"(The) trade war is the most stupidest thing in this world," the Alibaba founder said, without mentioning Trump by name.

"Trade is to form ... peace. Trade is to communicate...nobody can stop free trade."

President Xi Jinping opened the China International Import Expo earlier Monday with a vague pledge to widen access to his country's economy, as Beijing faces growing impatience from trading partners.

But he also delivered a veiled rebuke to Trumpism, decrying "protectionism", "isolationism" and "the law of the jungle".

Ma, the billionaire owner of China's largest online shopping portal, made the headline-grabbing job-creation promise to Trump last year, when Beijing was still courting the then-newly elected president.&nbsp;

But Ma told official news agency Xinhua in September that the trade war had "destroyed the premise the promise was made on."&nbsp;

Anger over the trade surpluses that China enjoys has triggered growing foreign criticism and the worsening commercial conflict with Washington, which has seen both sides impose punitive tariffs on hundreds of billions of dollars worth of goods.

Beijing has touted the first annual import expo as a sign of its willingness to take in more imports and thereby reduce the surpluses.

Ma, who announced in September that he would step aside in a year's time to focus on philanthropy, said China's plans to remake itself as an importing nation would provoke resistance from vested interests.

"For my understanding, it's the greatest challenge for China. It’s a great opportunity for the world," he said.

The shift will "fundamentally change ... the whole infrastructure of business and (the) ecosystem. It’s going to be a huge pain to a lot of businesses, but it’s also going to be a good opportunity for a lot of consumers."

The US-China trade war is the "stupidest thing in the world," Alibaba e-commerce tycoon Jack Ma declared at an import fair that China opened Monday partly to counter foreign criticism of its trade policies.

The US-China trade war is the "stupidest thing in the world," Alibaba e-commerce tycoon Jack Ma declared at an import fair that China opened Monday partly to counter foreign criticism of its trade policies. Ma, who recently took back an earlier pledge to create a million jobs in the US - blaming the trade war launched by Donald Trump - made the comments in a panel discussion at the massive expo in Shanghai. "(The) trade war is the most stupidest thing in this world," the Alibaba founder said, without mentioning Trump by name. "Trade is to form ... peace. Trade is to communicate...nobody can stop free trade." President Xi Jinping opened the China International Import Expo earlier Monday with a vague pledge to widen access to his country's economy, as Beijing faces growing impatience from trading partners. But he also delivered a veiled rebuke to Trumpism, decrying "protectionism", "isolationism" and "the law of the jungle". Ma, the billionaire owner of China's largest online shopping portal, made the headline-grabbing job-creation promise to Trump last year, when Beijing was still courting the then-newly elected president. But Ma told official news agency Xinhua in September that the trade war had "destroyed the premise the promise was made on." Anger over the trade surpluses that China enjoys has triggered growing foreign criticism and the worsening commercial conflict with Washington, which has seen both sides impose punitive tariffs on hundreds of billions of dollars worth of goods. Beijing has touted the first annual import expo as a sign of its willingness to take in more imports and thereby reduce the surpluses. Ma, who announced in September that he would step aside in a year's time to focus on philanthropy, said China's plans to remake itself as an importing nation would provoke resistance from vested interests. "For my understanding, it's the greatest challenge for China. It’s a great opportunity for the world," he said. The shift will "fundamentally change ... the whole infrastructure of business and (the) ecosystem. It’s going to be a huge pain to a lot of businesses, but it’s also going to be a good opportunity for a lot of consumers."

Trade war stupidest thing in the world: Alibaba founder Jack Ma

Chinese e-commerce giant Alibaba said Wednesday it had purchased leading Pakistani online retailer Daraz, continuing its overseas expansion by gaining a foothold in the growing South Asian consumer market.

The move came after Alibaba announced in March a doubling of its investment in Southeast Asian e-commerce firm Lazada.

China is seeking closer economic ties with Asian neighbours including Pakistan through its Belt and Road initiative, a strategy to increase trade links that is led primarily by infrastructure projects.

Daraz, founded in 2012, was purchased from Rocket Internet, a Berlin-based incubator of online startups.

Its key markets are Pakistan, Bangladesh, Sri Lanka, Myanmar and Nepal, claiming 30,000 sellers and 500 brands on its platform, according to a statement by Alibaba.

Products available on Daraz include consumer electronics, household goods, beauty, fashion, sports equipment and groceries, it said.

Daraz said the acquisition would help further growth in its main markets, adding that they were home to 460 million people, 60 percent of whom were under the age of 35.

Alibaba CEO Jack Ma has also been investing in research into advanced technologies such as driverless cars and artificial intelligence.

The New York-listed firm added 98 million active consumers over the year ended March 31, to a total of 552 million using its e-commerce marketplaces.

China is seeking closer economic ties with Asian neighbours including Pakistan through its Belt and Road initiative.

Chinese e-commerce giant Alibaba said Wednesday it had purchased leading Pakistani online retailer Daraz, continuing its overseas expansion by gaining a foothold in the growing South Asian consumer market. The move came after Alibaba announced in March a doubling of its investment in Southeast Asian e-commerce firm Lazada. China is seeking closer economic ties with Asian neighbours including Pakistan through its Belt and Road initiative, a strategy to increase trade links that is led primarily by infrastructure projects. Daraz, founded in 2012, was purchased from Rocket Internet, a Berlin-based incubator of online startups. Its key markets are Pakistan, Bangladesh, Sri Lanka, Myanmar and Nepal, claiming 30,000 sellers and 500 brands on its platform, according to a statement by Alibaba. Products available on Daraz include consumer electronics, household goods, beauty, fashion, sports equipment and groceries, it said. Daraz said the acquisition would help further growth in its main markets, adding that they were home to 460 million people, 60 percent of whom were under the age of 35. Alibaba CEO Jack Ma has also been investing in research into advanced technologies such as driverless cars and artificial intelligence. The New York-listed firm added 98 million active consumers over the year ended March 31, to a total of 552 million using its e-commerce marketplaces.

Now, Alibaba buys Pak online retailer Daraz

China's e-commerce giant Alibaba announced Friday that its annual revenue rose 58 per cent year-on-year to 250.3 billion yuan (approx. 39.3 billion US&nbspdollars) for the fiscal year ending March 2018, a record high since its IPO in New York in 2014.

The increase was mainly driven by the rapid growth of its commerce retail business, cloud computing business as well as consolidation of newly acquired businesses.

Alibaba also announced its fourth-quarter results. Its revenue rose 61 per cent to 61.9 billion yuan (9.73 billion US&nbspdollars) in the quarter ending March, an increase of 61 per cent year-on-year. The core e-commerce business contributed 51.29 billion yuan (approx. 8.18 billion US&nbspdollars) to the revenue, which increased 62 per cent.

Meanwhile, its net profit decreased 29 per cent year-on-year to 7.6 billion yuan (approx. 1.2 billion US&nbspdollars) in the quarter, primarily due to non-recurring disposal gains from sales of certain investments in the same quarter of 2017.

The annual active users in its China retail marketplaces had reached 552 million by March, and the number of new annual active consumers in the quarter was the highest since its IPO.

In addition, the financial report showed, that together with its global partners, Alipay had been providing services to around 870 million active users around the world by March 31. It is the first time Alipay has published the number of active users worldwide.

Based on the predictability of full-year growth in fiscal 2019, along with the potential for investment in technology as well as new retail sectors over the past year, Alibaba expects an overall revenue growth of over 60 per cent in next fiscal year.

Its revenue rose 61% to 61.9 billion yuan (9.73 billion US dollars) in the quarter ending March

China's e-commerce giant Alibaba announced Friday that its annual revenue rose 58 per cent year-on-year to 250.3 billion yuan (approx. 39.3 billion US&nbspdollars) for the fiscal year ending March 2018, a record high since its IPO in New York in 2014. The increase was mainly driven by the rapid growth of its commerce retail business, cloud computing business as well as consolidation of newly acquired businesses. Alibaba also announced its fourth-quarter results. Its revenue rose 61 per cent to 61.9 billion yuan (9.73 billion US&nbspdollars) in the quarter ending March, an increase of 61 per cent year-on-year. The core e-commerce business contributed 51.29 billion yuan (approx. 8.18 billion US&nbspdollars) to the revenue, which increased 62 per cent. Meanwhile, its net profit decreased 29 per cent year-on-year to 7.6 billion yuan (approx. 1.2 billion US&nbspdollars) in the quarter, primarily due to non-recurring disposal gains from sales of certain investments in the same quarter of 2017. The annual active users in its China retail marketplaces had reached 552 million by March, and the number of new annual active consumers in the quarter was the highest since its IPO. In addition, the financial report showed, that together with its global partners, Alipay had been providing services to around 870 million active users around the world by March 31. It is the first time Alipay has published the number of active users worldwide. Based on the predictability of full-year growth in fiscal 2019, along with the potential for investment in technology as well as new retail sectors over the past year, Alibaba expects an overall revenue growth of over 60 per cent in next fiscal year.

Alibaba records 58% increase in revenue last fiscal

Some of the most prominent Chinese tech firms and government authorities have come under fire after a report said that discriminatory hiring practices based on gender are widespread in China and are linked to a shrinking proportion of women in the labor force.

The report called "Only Men Need Apply," was published on Monday by Human Rights Watch says that discrimination in hiring by Chinese government authorities and private companies is contributing to a widening gender gap in the world's second-largest economy.

The group said it analyzed more than 36,000 jobs ads. Besides Alibaba (BABA), the report highlights sexist ads from other top Chinese tech firms, including Baidu (BIDU), Huawei and Tencent (TCEHY).

Job ads posted by Alibaba Group Holding Ltd, Baidu Inc and Tencent Holdings Ltd were among those that deterred female applicants or objectified women, said Human Rights Watch in a report released on Monday.

In many of the adverts, prospective employers boasted of “beautiful girls” at their workplace as a selling point for new employees, while others included specific height, appearance and temperament requirements for women that were unrelated to the roles.

“We have investigated these incidents and are making immediate changes. We are sorry they occurred and we will take swift action to ensure they do not happen again,” Tencent said in a statement.

An Alibaba spokeswoman said the company “will conduct stricter reviews of the recruiting advertisements to ensure compliance with our policy.”

A Baidu spokeswoman said the postings were “isolated instances”. They include a video posted on an official Baidu social media account in September 2016 in which a male company employee said that one of the reasons that he was "so happy every day" was because he could "go to work with beautiful girls."

Human Rights Watch also called attention to posts by Tencent, which runs China's biggest messaging app.

It cited an October 2016 social media post by Tencent promoting the company's recruitment fairs in the United States in which an employee was quoted as saying, "The reason I joined Tencent originated from a primal impulse. It was mainly because the ladies at human resources and that interviewed me were very pretty."

Human Rights Watch said that so far in 2018, 19 per cent of the Chinese civil service job adverts it reviewed were “men only” or at least said men were preferred. Only one job posting this year listed a preference for a female candidate, it said.

The Human Rights Watch report received a muted response on Chinese social media on Tuesday, with almost no posts commenting on the issue on popular microblog platforms such as Alibaba-backed Weibo or Tencent’s mobile chat app WeChat.

The report called 'Only Men Need Apply,' was published on Monday by Human Rights Watch says that discrimination in hiring by Chinese government authorities and private companies is contributing to a widening gender gap in the world's second largest economy

Some of the most prominent Chinese tech firms and government authorities have come under fire after a report said that discriminatory hiring practices based on gender are widespread in China and are linked to a shrinking proportion of women in the labor force. The report called "Only Men Need Apply," was published on Monday by Human Rights Watch says that discrimination in hiring by Chinese government authorities and private companies is contributing to a widening gender gap in the world's second-largest economy. The group said it analyzed more than 36,000 jobs ads. Besides Alibaba (BABA), the report highlights sexist ads from other top Chinese tech firms, including Baidu (BIDU), Huawei and Tencent (TCEHY). Job ads posted by Alibaba Group Holding Ltd, Baidu Inc and Tencent Holdings Ltd were among those that deterred female applicants or objectified women, said Human Rights Watch in a report released on Monday. In many of the adverts, prospective employers boasted of “beautiful girls” at their workplace as a selling point for new employees, while others included specific height, appearance and temperament requirements for women that were unrelated to the roles. “We have investigated these incidents and are making immediate changes. We are sorry they occurred and we will take swift action to ensure they do not happen again,” Tencent said in a statement. An Alibaba spokeswoman said the company “will conduct stricter reviews of the recruiting advertisements to ensure compliance with our policy.” A Baidu spokeswoman said the postings were “isolated instances”. They include a video posted on an official Baidu social media account in September 2016 in which a male company employee said that one of the reasons that he was "so happy every day" was because he could "go to work with beautiful girls." Human Rights Watch also called attention to posts by Tencent, which runs China's biggest messaging app. It cited an October 2016 social media post by Tencent promoting the company's recruitment fairs in the United States in which an employee was quoted as saying, "The reason I joined Tencent originated from a primal impulse. It was mainly because the ladies at human resources and that interviewed me were very pretty." Human Rights Watch said that so far in 2018, 19 per cent of the Chinese civil service job adverts it reviewed were “men only” or at least said men were preferred. Only one job posting this year listed a preference for a female candidate, it said. The Human Rights Watch report received a muted response on Chinese social media on Tuesday, with almost no posts commenting on the issue on popular microblog platforms such as Alibaba-backed Weibo or Tencent’s mobile chat app WeChat.

Chinese tech giants, government departments under fire for gender-based job ads

Japan's Softbank group and Chinese e-commerce giant are now investing Rs 3,000 crore in Paytm Mall, as per documents filed with the Ministry of Corporate Affairs (MCA).&nbsp;

India’s Paytm E-Commerce Pvt. Ltd. in this funding round will value the online retailer at roughly Rs 12,300 crore or US$1.9 billion.&nbsp;

SoftBank Group is investing US$400 million and Alibaba, an existing investor in Paytm E-Commerce, is also putting in US$45 million in the round, the filing showed.

The funding is expected to come in four tranches, as per the MCA filings. Currently, Alibaba along with Alipay holds 57% stake in Paytm Mall. However, after the fourth tranche of financing concludes, SoftBank Vision Fund will hold 21% and Alibaba (with Alipay) will hold around 46% stake in the e-commerce company.&nbsp;

SoftBank, which is among major investors in India’s fast-growing e-commerce sector and already owns a stake in Paytm’s parent, confirmed investing in Paytm Mall, the brand name under which Paytm E-Commerce operates an online market place.

“We believe Paytm Mall’s offline-to-online operating model, combined with the strength of the Paytm ecosystem, is uniquely positioned to enable India’s 15 million offline retail shops to participate in India’s e-commerce boom,” SoftBank said in a statement on Monday.

In a separate statement, Amit Sinha, chief operating officer of Paytm Mall said the company would deploy the latest investment from SoftBank and Alibaba to beef up its technology and build superior logistics among other things.

SoftBank’s new interest in e-commerce space comes after the Japanese multinational conglomerate led a funding round in India’s largest e-commerce player Flipkart in 2017.&nbsp;

However, SoftBank is expected to dilute its shareholding in Flipkart with talks of Walmart making an investment in the online retailer, making the Paytm Mall investment a way to diversify its bets and compete against Amazon India.&nbsp; 
&nbsp;

India’s Paytm E-Commerce Pvt. Ltd. in this funding round will value the online retailer at roughly Rs 12,300 crore or $1.9 billion

Japan's Softbank group and Chinese e-commerce giant are now investing Rs 3,000 crore in Paytm Mall, as per documents filed with the Ministry of Corporate Affairs (MCA). India’s Paytm E-Commerce Pvt. Ltd. in this funding round will value the online retailer at roughly Rs 12,300 crore or US$1.9 billion. SoftBank Group is investing US$400 million and Alibaba, an existing investor in Paytm E-Commerce, is also putting in US$45 million in the round, the filing showed. The funding is expected to come in four tranches, as per the MCA filings. Currently, Alibaba along with Alipay holds 57% stake in Paytm Mall. However, after the fourth tranche of financing concludes, SoftBank Vision Fund will hold 21% and Alibaba (with Alipay) will hold around 46% stake in the e-commerce company. SoftBank, which is among major investors in India’s fast-growing e-commerce sector and already owns a stake in Paytm’s parent, confirmed investing in Paytm Mall, the brand name under which Paytm E-Commerce operates an online market place. “We believe Paytm Mall’s offline-to-online operating model, combined with the strength of the Paytm ecosystem, is uniquely positioned to enable India’s 15 million offline retail shops to participate in India’s e-commerce boom,” SoftBank said in a statement on Monday. In a separate statement, Amit Sinha, chief operating officer of Paytm Mall said the company would deploy the latest investment from SoftBank and Alibaba to beef up its technology and build superior logistics among other things. SoftBank’s new interest in e-commerce space comes after the Japanese multinational conglomerate led a funding round in India’s largest e-commerce player Flipkart in 2017. However, SoftBank is expected to dilute its shareholding in Flipkart with talks of Walmart making an investment in the online retailer, making the Paytm Mall investment a way to diversify its bets and compete against Amazon India.

SoftBank, Alibaba to invest $445 million in Paytm

With e-commerce growing, Chinese giant Alibaba&#39;s chief Jack Ma on Wednesday predicted the future will be about &#39;made on the internet&#39; and not labels like &#39;made in China&#39; or &#39;made in America&#39;.

Speaking at a session at the World Economic Forum (WEF) on &#39;Enabling e-commerce: Small enterprises, global players&#39;, Ma said in the future, every young person and small business will be able to buy, sell, pay and travel globally.

&quot;This is the trend - no one can stop it,&quot; he said.

The session discussed how e-commerce could give small businesses access to global markets that were once reserved for multinationals, yet just 7 per cent of global e-commerce trade takes place across borders.

It explored how new digital policies could break down barriers to international e-commerce and support the next generation of entrepreneurs to rise.

Jack Ma said that even without a perfect logistics system, payments system or blockchain, e-commerce has grown remarkably.

Alibaba would be the 21st largest economy in the world if it were a country, he said. Imagine what will happen when those challenges are solved, he added.

In the same session, WTO Director-General Roberto Azevedo said governments still have rules and regulations that apply to 20th century trade.

&quot;That&#39;s going to disappear,&quot; he averred.

Jack Ma predicted that in the future there will be no &#39;made in China&#39;, &#39;made in America&#39;, or &#39;made in Peru&#39;.

&quot;It&#39;s going to be &#39;made on the internet&#39;,&quot; he said.

The Alibaba founder was speaking at a session at the World Economic Forum on 'Enabling e-commerce: Small enterprises, global players'.

With e-commerce growing, Chinese giant Alibaba's chief Jack Ma on Wednesday predicted the future will be about 'made on the internet' and not labels like 'made in China' or 'made in America'. Speaking at a session at the World Economic Forum (WEF) on 'Enabling e-commerce: Small enterprises, global players', Ma said in the future, every young person and small business will be able to buy, sell, pay and travel globally. "This is the trend - no one can stop it," he said. The session discussed how e-commerce could give small businesses access to global markets that were once reserved for multinationals, yet just 7 per cent of global e-commerce trade takes place across borders. It explored how new digital policies could break down barriers to international e-commerce and support the next generation of entrepreneurs to rise. Jack Ma said that even without a perfect logistics system, payments system or blockchain, e-commerce has grown remarkably. Alibaba would be the 21st largest economy in the world if it were a country, he said. Imagine what will happen when those challenges are solved, he added. In the same session, WTO Director-General Roberto Azevedo said governments still have rules and regulations that apply to 20th century trade. "That's going to disappear," he averred. Jack Ma predicted that in the future there will be no 'made in China', 'made in America', or 'made in Peru'. "It's going to be 'made on the internet'," he said.

Forget 'made in China', future will be about 'made on Internet': Jack Ma in Davos

China&#39;s state-run<a href="http://www.wionews.com/india-news/china-can-play-constructive-role-in-resolving-kashmir-issue-says-state-run-global-times-21306"> Global Times today accused India of </a>distorting the &quot;China story&quot; and advised India to refrain from duplicating China&#39;s success.

The right-leaning daily <a href="http://www.wionews.com/india-news/india-japan-intimacy-poses-no-real-threat-to-china-says-chinas-state-run-daily-global-times-20211">said the fruits of China&#39;s reform could not be</a> possible without Chinese technology companies and products such as messaging app WeChat, Alipay, microblogging site Sina Weibo and ride-hailing app Didi Chuxing which is similar to Uber.

&quot;It&#39;s hard to imagine that these achievements could have been made if the nation had adopted a protectionist doctrine,&quot; the newspaper said, arguing that &quot;this is especially the case with China&#39;s growing prominence in the arena of artificial intelligence (AI).&quot;

China recently decided to open an AI park in Beijing in the next five years to leap ahead in the sphere. The high-profile project is expected to cost 2.1billion.

The daily said its success was &quot;underpinned by the country&#39;s integration into the world of rapid technology changes&quot;, adding that &quot;China&#39;s rise as a technology power can be largely attributed to cooperation between Chinese technology companies and their global counterparts, those from the US in particular, which has overshadowed the competition.&quot;

&quot;As for China&#39;s tougher oversight of its domestic market, a trend that has some foreign businesses complaining about tougher conditions, these complaints mostly indicate that foreign businesses are losing their edge to local peers in China,&quot; the newspaper said.

The newspaper concluded its Op-ed page article saying, &quot;it is suggested that India should seek more cooperation with China in the digital economy to turn its technology ambitions into reality.&quot;

China recently decided to open an AI park in Beijing in the next five years to leap ahead in the sphere. The high-profile project is expected to cost 2.1billion.

China's state-run Global Times today accused India of distorting the "China story" and advised India to refrain from duplicating China's success. The right-leaning daily said the fruits of China's reform could not be possible without Chinese technology companies and products such as messaging app WeChat, Alipay, microblogging site Sina Weibo and ride-hailing app Didi Chuxing which is similar to Uber. "It's hard to imagine that these achievements could have been made if the nation had adopted a protectionist doctrine," the newspaper said, arguing that "this is especially the case with China's growing prominence in the arena of artificial intelligence (AI)." China recently decided to open an AI park in Beijing in the next five years to leap ahead in the sphere. The high-profile project is expected to cost 2.1billion. The daily said its success was "underpinned by the country's integration into the world of rapid technology changes", adding that "China's rise as a technology power can be largely attributed to cooperation between Chinese technology companies and their global counterparts, those from the US in particular, which has overshadowed the competition." "As for China's tougher oversight of its domestic market, a trend that has some foreign businesses complaining about tougher conditions, these complaints mostly indicate that foreign businesses are losing their edge to local peers in China," the newspaper said. The newspaper concluded its Op-ed page article saying, "it is suggested that India should seek more cooperation with China in the digital economy to turn its technology ambitions into reality."

Neighbour pushing for Digital India duplicating success model: China daily

Alibaba, the Chinese e-commerce giant, said on Saturday its Singles&#39;&nbsp;Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world&rsquo;s biggest shopping event.

Once a celebration for China&rsquo;s lonely hearts, Singles&#39;&nbsp;Day has become an annual 24-hour buying frenzy that exceeds the combined sales for Black Friday and Cyber Monday in the United States, and acts as a barometer for China&rsquo;s consumers.

As tills shut midnight on Saturday, Alibaba&rsquo;s live sales ticker registered 168.3 billion yuan, up 39 percent from 120.7 billion yuan last year. The dollar figure was up more steeply due to the strength of the yuan against the greenback this year.

The event began soon after a star-studded event in Shanghai late on Friday. As midnight hit, a deluge of pre-orders helped drive a <a href="http://www.wionews.com/world/chinas-24-hour-online-shopping-binge-nears-16-billion-23970">billion dollars of sales on Alibaba&rsquo;s platforms in the first two minutes and $10 billion in just over an hour</a>.

&ldquo;In terms of scale it just dwarfs any other event out there,&rdquo; said Ben Cavender, Shanghai-based principal at China Market Research Group.

At just past the halfway mark, the headline gross merchandise volume swept past last year&rsquo;s dollar total just shy of $18 billion. Shortly afterwards, sales surpassed the 2016 total in the local currency.

The event gets shoppers around China scouting for bargains and loading up their online shopping carts, while delivery men - and robots - brace for an estimated 1.5 billion parcels expected over the next six days.

&ldquo;This is a big event for China, for the Chinese economy,&rdquo; Joseph Tsai, Alibaba&rsquo;s co-founder and vice chairman, said. &ldquo;On Singles&rsquo; Day, shopping is a sport, it&rsquo;s entertainment.&rdquo;

Tsai said rising disposable incomes of China&rsquo;s &ldquo;over 300 million middle-class consumers&rdquo; was helping drive the company&rsquo;s online sales - and would continue. &ldquo;This powerful group is propelling the consumption of China,&rdquo; he said.

The final total - more than the GDP of Iceland or Cameroon - leaves other shopping days in the shade. Cyber Monday in the United States saw $3.45 billion in online sales last year.

Investors closely watch the headline number, though some analysts say the way it is calculated is too opaque. The U.S. Securities and Exchange Commission launched a probe into Alibaba&rsquo;s accounting practices in 2016, including into its Singles&rsquo; Day data. That investigation is as yet unresolved.

Last year, the sales number rose by nearly a third at the eighth iteration of the event - though that was slower than the 60 percent increase logged in 2015.

Slower growth

At Alibaba&rsquo;s Friday night gala, the company&rsquo;s co-founder and chairman, Jack Ma, hosted guests including the actress Nicole Kidman, singer Pharrell Williams and Chinese musicians and film stars such as Zhang Ziyi and Fan Bingbing.

The excitement around the shopping blitz, however, masks the challenges facing China&rsquo;s online retailers such as Alibaba and JD.com Inc, which are having to spend more to compete for shoppers in a broader economy where growth is slowing.

&ldquo;A lot of the lower hanging fruit has been picked and there&rsquo;s increased competition for a share of consumer spending,&rdquo; said Matthew Crabbe, Asia Pacific research director at Mintel. The sale did though beat his forecast of 20 percent growth.

Online retailers were being forced to push offline as well as overseas to attract new shoppers, and the overall online retail market was close to &ldquo;saturation&rdquo;, raising questions about whether current rapid growth could be sustained.

&ldquo;They&rsquo;re having to spill over out of the purely online realm into the wider consumer market,&rdquo; Crabbe said.

This has sparked deals to buy bricks-and-mortar stores in China, and overseas tie-ups, especially in Southeast Asia. Technology, too, has been key, with virtual reality dressing rooms and live fashion shows to attract shoppers.

Alibaba also said it had turned 100,000 physical shops around China into &ldquo;smart stores&rdquo; for this year&rsquo;s event. Goods perused by people at the stores, but then bought and paid for on Alibaba&rsquo;s platforms, were added towards the sales total.

China Market Research Group&rsquo;s Cavender said brands were also increasingly making smaller price cuts to avoid &ldquo;margins getting killed&rdquo;, and were often asking for deposits in advance. In previous years, prices were often halved.

Fu Wenyue, a 23-year-old dresser in Shanghai, said offers this year were smaller but more &ldquo;personalized&rdquo; as brands used big data to hone their targets. Fu spent 4,000 yuan on clothes, cosmetics and kitchen utensils in pre-event sales, and kept shopping on the day.

&ldquo;In actual fact, I think I spent even more than I did last year,&rdquo; she said.

Alibaba, the Chinese e-commerce giant, said on Saturday its Singles'?Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world?s biggest shopping event

Alibaba, the Chinese e-commerce giant, said on Saturday its Singles' Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world’s biggest shopping event. Once a celebration for China’s lonely hearts, Singles' Day has become an annual 24-hour buying frenzy that exceeds the combined sales for Black Friday and Cyber Monday in the United States, and acts as a barometer for China’s consumers. As tills shut midnight on Saturday, Alibaba’s live sales ticker registered 168.3 billion yuan, up 39 percent from 120.7 billion yuan last year. The dollar figure was up more steeply due to the strength of the yuan against the greenback this year. The event began soon after a star-studded event in Shanghai late on Friday. As midnight hit, a deluge of pre-orders helped drive a billion dollars of sales on Alibaba’s platforms in the first two minutes and $10 billion in just over an hour. “In terms of scale it just dwarfs any other event out there,” said Ben Cavender, Shanghai-based principal at China Market Research Group. At just past the halfway mark, the headline gross merchandise volume swept past last year’s dollar total just shy of $18 billion. Shortly afterwards, sales surpassed the 2016 total in the local currency. The event gets shoppers around China scouting for bargains and loading up their online shopping carts, while delivery men - and robots - brace for an estimated 1.5 billion parcels expected over the next six days. “This is a big event for China, for the Chinese economy,” Joseph Tsai, Alibaba’s co-founder and vice chairman, said. “On Singles’ Day, shopping is a sport, it’s entertainment.” Tsai said rising disposable incomes of China’s “over 300 million middle-class consumers” was helping drive the company’s online sales - and would continue. “This powerful group is propelling the consumption of China,” he said. The final total - more than the GDP of Iceland or Cameroon - leaves other shopping days in the shade. Cyber Monday in the United States saw $3.45 billion in online sales last year. Investors closely watch the headline number, though some analysts say the way it is calculated is too opaque. The U.S. Securities and Exchange Commission launched a probe into Alibaba’s accounting practices in 2016, including into its Singles’ Day data. That investigation is as yet unresolved. Last year, the sales number rose by nearly a third at the eighth iteration of the event - though that was slower than the 60 percent increase logged in 2015. Slower growth At Alibaba’s Friday night gala, the company’s co-founder and chairman, Jack Ma, hosted guests including the actress Nicole Kidman, singer Pharrell Williams and Chinese musicians and film stars such as Zhang Ziyi and Fan Bingbing. The excitement around the shopping blitz, however, masks the challenges facing China’s online retailers such as Alibaba and JD.com Inc, which are having to spend more to compete for shoppers in a broader economy where growth is slowing. “A lot of the lower hanging fruit has been picked and there’s increased competition for a share of consumer spending,” said Matthew Crabbe, Asia Pacific research director at Mintel. The sale did though beat his forecast of 20 percent growth. Online retailers were being forced to push offline as well as overseas to attract new shoppers, and the overall online retail market was close to “saturation”, raising questions about whether current rapid growth could be sustained. “They’re having to spill over out of the purely online realm into the wider consumer market,” Crabbe said. This has sparked deals to buy bricks-and-mortar stores in China, and overseas tie-ups, especially in Southeast Asia. Technology, too, has been key, with virtual reality dressing rooms and live fashion shows to attract shoppers. Alibaba also said it had turned 100,000 physical shops around China into “smart stores” for this year’s event. Goods perused by people at the stores, but then bought and paid for on Alibaba’s platforms, were added towards the sales total. China Market Research Group’s Cavender said brands were also increasingly making smaller price cuts to avoid “margins getting killed”, and were often asking for deposits in advance. In previous years, prices were often halved. Fu Wenyue, a 23-year-old dresser in Shanghai, said offers this year were smaller but more “personalized” as brands used big data to hone their targets. Fu spent 4,000 yuan on clothes, cosmetics and kitchen utensils in pre-event sales, and kept shopping on the day. “In actual fact, I think I spent even more than I did last year,” she said.

China shopping festival smashes record with $25 billion haul

Chinese e-commerce giant Alibaba saw its Singles&rsquo; Day sales hit $16 billion by mid-morning on Saturday after racing to a billion dollars in just two minutes after the world&rsquo;s biggest shopping spree opened at midnight.

Once a celebration for China&rsquo;s lonely hearts, Singles&rsquo; Day has become an annual 24-hour extravaganza that exceeds the combined sales for Black Friday and Cyber Monday in the United States, and acts as a barometer for China&rsquo;s consumers.

After a star-studded event in Shanghai late Friday to ring in the event, the volume of goods sold on Alibaba&rsquo;s platforms hit $10 billion in just over an hour, and was already heading towards last year&rsquo;s total of $17.7 billion.

The event gets shoppers around China scouting for bargains and loading up their online shopping carts, while delivery men - and robots - are braced for an estimated 1.5 billion parcels expected over the next six days.

&ldquo;This is a big event for China, for the Chinese economy,&rdquo; Joseph Tsai, Ali Baba&rsquo;s co-founder and vice chairman, said ahead of the sales bonanza. &ldquo;On Singles&rsquo; Day, shopping is a sport, it&rsquo;s entertainment.&rdquo;

Tsai said rising disposable incomes of China&rsquo;s &ldquo;over 300 million middle-class consumers&rdquo; was helping drive the company&rsquo;s online sales - and would continue. &ldquo;This powerful group is propelling the consumption of China,&rdquo; he said.

Analysts and investors will closely watch the headline sales number, which looks likely to fly past last year&rsquo;s total. Spending rose by nearly a third at 2016&rsquo;s sale - the eighth iteration of the event - but that was slower than the 60 percent increase logged in 2015.

At Alibaba&rsquo;s Friday night gala, the company&rsquo;s co-founder and chairman, Jack Ma, hosted guests including the actress Nicole Kidman, singer Pharrell Williams and Chinese musicians and film stars such as Zhang Ziyi and Fan Bingbing.

Slower growth

The excitement around the shopping blitz, however, masks the challenges facing China&rsquo;s online retailers such as Alibaba and JD.com Inc, which are having to spend more to compete for shoppers in a broader economy where growth is slowing.

&ldquo;A lot of the lower hanging fruit has been picked and there&rsquo;s increased competition for a share of consumer spending,&rdquo; said Matthew Crabbe, Asia Pacific research director at Mintel.

He estimated Alibaba&rsquo;s Singles&rsquo; Day sales growth would likely slow to around 20 percent. Online retailers were being forced to push offline as well as overseas to attract new shoppers, and the overall online retail market was close to &ldquo;saturation&rdquo;.

&ldquo;They&rsquo;re having to spill over out of the purely online realm into the wider consumer market,&rdquo; Crabbe said.

This has sparked deals to buy bricks-and-mortar stores in China, and overseas tie-ups, especially in Southeast Asia. Technology, too, has been key, with virtual reality dressing rooms and live fashion shows to attract shoppers to haute couture.

Ben Cavender, the Shanghai-based principal at China Market Research Group, noted that brands were being more careful with the deals they have on offer this year to avoid &ldquo;margins getting killed&rdquo;, and were often asking for deposits in advance.

In previous years, most prices were often halved.

&ldquo;I think prices seem high and I&lsquo;m totally lost as to the rules&rdquo; about discounts, said Gao Wantong, 21, a student in Beijing.

Fu Wenyue, a 23-year-old dresser in Shanghai, said she had spent around 4,000 yuan ($600) on clothes, cosmetics and kitchen utensils in pre-event sales, transactions ahead of the day which officially only go through once midnight strikes.

&ldquo;I&rsquo;ve bought some stuff already, but I haven&rsquo;t finished shopping yet,&rdquo; she said.

($1 = 6.6386 Chinese yuan renminbi)

Sales hit $10 billion in just over an hour

Chinese e-commerce giant Alibaba saw its Singles’ Day sales hit $16 billion by mid-morning on Saturday after racing to a billion dollars in just two minutes after the world’s biggest shopping spree opened at midnight. Once a celebration for China’s lonely hearts, Singles’ Day has become an annual 24-hour extravaganza that exceeds the combined sales for Black Friday and Cyber Monday in the United States, and acts as a barometer for China’s consumers. After a star-studded event in Shanghai late Friday to ring in the event, the volume of goods sold on Alibaba’s platforms hit $10 billion in just over an hour, and was already heading towards last year’s total of $17.7 billion. The event gets shoppers around China scouting for bargains and loading up their online shopping carts, while delivery men - and robots - are braced for an estimated 1.5 billion parcels expected over the next six days. “This is a big event for China, for the Chinese economy,” Joseph Tsai, Ali Baba’s co-founder and vice chairman, said ahead of the sales bonanza. “On Singles’ Day, shopping is a sport, it’s entertainment.” Tsai said rising disposable incomes of China’s “over 300 million middle-class consumers” was helping drive the company’s online sales - and would continue. “This powerful group is propelling the consumption of China,” he said. Analysts and investors will closely watch the headline sales number, which looks likely to fly past last year’s total. Spending rose by nearly a third at 2016’s sale - the eighth iteration of the event - but that was slower than the 60 percent increase logged in 2015. At Alibaba’s Friday night gala, the company’s co-founder and chairman, Jack Ma, hosted guests including the actress Nicole Kidman, singer Pharrell Williams and Chinese musicians and film stars such as Zhang Ziyi and Fan Bingbing. Slower growth The excitement around the shopping blitz, however, masks the challenges facing China’s online retailers such as Alibaba and JD.com Inc, which are having to spend more to compete for shoppers in a broader economy where growth is slowing. “A lot of the lower hanging fruit has been picked and there’s increased competition for a share of consumer spending,” said Matthew Crabbe, Asia Pacific research director at Mintel. He estimated Alibaba’s Singles’ Day sales growth would likely slow to around 20 percent. Online retailers were being forced to push offline as well as overseas to attract new shoppers, and the overall online retail market was close to “saturation”. “They’re having to spill over out of the purely online realm into the wider consumer market,” Crabbe said. This has sparked deals to buy bricks-and-mortar stores in China, and overseas tie-ups, especially in Southeast Asia. Technology, too, has been key, with virtual reality dressing rooms and live fashion shows to attract shoppers to haute couture. Ben Cavender, the Shanghai-based principal at China Market Research Group, noted that brands were being more careful with the deals they have on offer this year to avoid “margins getting killed”, and were often asking for deposits in advance. In previous years, most prices were often halved. “I think prices seem high and I‘m totally lost as to the rules” about discounts, said Gao Wantong, 21, a student in Beijing. Fu Wenyue, a 23-year-old dresser in Shanghai, said she had spent around 4,000 yuan ($600) on clothes, cosmetics and kitchen utensils in pre-event sales, transactions ahead of the day which officially only go through once midnight strikes. “I’ve bought some stuff already, but I haven’t finished shopping yet,” she said. ($1 = 6.6386 Chinese yuan renminbi)

China Single's Day 24-hour online shopping binge nears $16 billion

China&#39;s top e-commerce firm,&nbsp;Alibaba&nbsp;Group Holding Ltd, is launching a $15billion&nbsp;drive&nbsp;to build&nbsp;overseas&nbsp;research hubs as the deep-pocketed firm looks to compete with global leaders in e-commerce, logistics and cloud technology.

The&nbsp;Alibaba&nbsp;&#39;Damo&#39; academy would launch eight research bases in China, Israel, the United States, Russia and Singapore and was hiring 100 researchers to work on artificial intelligence (AI), quantum computing and fintech, the company said in a statement on Wednesday.

&quot;The&nbsp;Alibaba&nbsp;DAMO Academy will be at the forefront of developing next-generation technology that will spur the growth of&nbsp;Alibaba&nbsp;and our partners&quot;, Chief Technology Officer Jeff Zhang said.

The Chinese giant and its affiliates have undergone a rapid expansion in the past year, bringing it into direct competition with US&nbsp;e-retailer Amazon.com Inc, as well as global payments, cloud and logistics firms.

Since last year&nbsp;Alibaba&nbsp;has invested roughly $2&nbsp;billion&nbsp;to acquire a majority stake in Singapore-based retailer Lazada.com, creating a network of e-commerce hubs across Southeast Asia in partnership with payment affiliate Ant Financial.

It has also pursued a 1.2&nbsp;billion&nbsp;bid for US&nbsp;money transfer service MoneyGram, in a pending deal that has come under scrutiny from critics who say it poses a national security threat.

Along with an existing data science research lab in California,&nbsp;Alibaba&nbsp;has opened new data centres in Europe, the United States, the Middle East, Australia, Japan, India and Indonesia since 2016, in a bid to boost its cloud business.

The investment also comes as Beijing prioritises state funding in quantum computing, AI and big data, urging provincial governments, universities, the military and private firms to play a bigger role in developing advanced technology in areas where China trails developed countries.

Alibaba&nbsp;currently has 25,000 engineers on staff, it says, and says the new research infrastructure will help them meet a goal of two&nbsp;billion&nbsp;customers within two decades.

Alibaba: The?Alibaba?'Damo' academy would launch eight research bases in China, Israel, the United States, Russia and Singapore and was hiring 100 researchers to work on artificial intelligence (AI), quantum computing and fintech.

China's top e-commerce firm, Alibaba Group Holding Ltd, is launching a $15billion drive to build overseas research hubs as the deep-pocketed firm looks to compete with global leaders in e-commerce, logistics and cloud technology. The Alibaba 'Damo' academy would launch eight research bases in China, Israel, the United States, Russia and Singapore and was hiring 100 researchers to work on artificial intelligence (AI), quantum computing and fintech, the company said in a statement on Wednesday. "The Alibaba DAMO Academy will be at the forefront of developing next-generation technology that will spur the growth of Alibaba and our partners", Chief Technology Officer Jeff Zhang said. The Chinese giant and its affiliates have undergone a rapid expansion in the past year, bringing it into direct competition with US e-retailer Amazon.com Inc, as well as global payments, cloud and logistics firms. Since last year Alibaba has invested roughly $2 billion to acquire a majority stake in Singapore-based retailer Lazada.com, creating a network of e-commerce hubs across Southeast Asia in partnership with payment affiliate Ant Financial. It has also pursued a 1.2 billion bid for US money transfer service MoneyGram, in a pending deal that has come under scrutiny from critics who say it poses a national security threat. Along with an existing data science research lab in California, Alibaba has opened new data centres in Europe, the United States, the Middle East, Australia, Japan, India and Indonesia since 2016, in a bid to boost its cloud business. The investment also comes as Beijing prioritises state funding in quantum computing, AI and big data, urging provincial governments, universities, the military and private firms to play a bigger role in developing advanced technology in areas where China trails developed countries. Alibaba currently has 25,000 engineers on staff, it says, and says the new research infrastructure will help them meet a goal of two billion customers within two decades.

Alibaba launches $15 billion overseas R&D drive

Chinese&nbsp;logistics&nbsp;firm&nbsp;Best&nbsp;Inc, backed by Alibaba Group Holding Ltd, cut the size of a&nbsp;proposed&nbsp;US&nbsp;initial public offering (IPO) after receiving tepid investor response to its preliminary valuation, IFR reported on Tuesday citing people close to the deal.

The Hangzhou-based company now plans to raise up to $495 million with the sale of 45 million new American Depositary Shares (ADS) priced in an indicative range of $10 to $11 each, reported IFR, a Thomson Reuters publication.

The IPO previously consisted of 53.56 million new shares and 8.54 million existing shares offered for $13 to $15 each.

Best&nbsp;declined to comment on the new IPO terms.

The company is set to price the IPO on September&nbsp;19, with its market debut set for the following day.

The initial terms valued&nbsp;Best&nbsp;at a 2019 forecast price-to-earnings (P/E) ratio of 17.7 to 20.4 times, higher than New York-listed Chinese peer ZTO Express Inc, which raised $1.4 billion in October and trades 13.7 times its 2019 earnings.

Best, led by Johnny Chou, a former Greater China president for Alphabet Inc&#39;s Google, was counting on optimism over China&#39;s booming&nbsp;logistics&nbsp;market and the&nbsp;firm&#39;s tech-focused approach to delivery services in seeking a high valuation for its shares.

But concerns over competition from rivals flush with cash after going public in recent months, as well as rising fuel and labour costs, plus&nbsp;a slump in ZTO&#39;s share price prompted some investors to balk at&nbsp;Best&#39;s initial pricing, one of the people said.

ZTO&#39;s stock has traded below its IPO price since debuting and is down 24 per cent from the listing price.

The Hangzhou-based company now plans to raise up to $495 million with the sale of 45 million new American Depositary Shares (ADS) priced in an indicative range of $10 to $11 each, reported IFR, a Thomson Reuters publication.

Chinese logistics firm Best Inc, backed by Alibaba Group Holding Ltd, cut the size of a proposed US initial public offering (IPO) after receiving tepid investor response to its preliminary valuation, IFR reported on Tuesday citing people close to the deal. The Hangzhou-based company now plans to raise up to $495 million with the sale of 45 million new American Depositary Shares (ADS) priced in an indicative range of $10 to $11 each, reported IFR, a Thomson Reuters publication. The IPO previously consisted of 53.56 million new shares and 8.54 million existing shares offered for $13 to $15 each. Best declined to comment on the new IPO terms. The company is set to price the IPO on September 19, with its market debut set for the following day. The initial terms valued Best at a 2019 forecast price-to-earnings (P/E) ratio of 17.7 to 20.4 times, higher than New York-listed Chinese peer ZTO Express Inc, which raised $1.4 billion in October and trades 13.7 times its 2019 earnings. Best, led by Johnny Chou, a former Greater China president for Alphabet Inc's Google, was counting on optimism over China's booming logistics market and the firm's tech-focused approach to delivery services in seeking a high valuation for its shares. But concerns over competition from rivals flush with cash after going public in recent months, as well as rising fuel and labour costs, plus a slump in ZTO's share price prompted some investors to balk at Best's initial pricing, one of the people said. ZTO's stock has traded below its IPO price since debuting and is down 24 per cent from the listing price.

Alibaba-backed logistics firm Best slashes proposed US IPO: Report

China&rsquo;s Internet market is growing at a phenomenal rate with more than 731 million users at present. The market is so enormous that there are around 200 different app stores in the country at present. Gaining abundant success in the domestic market, China&rsquo;s tech giants simultaneously pushed their boundaries, creating waves in rest of the world, despite stiff competition.

China is the second largest economy in the world - worth of $11 trillion as per World Bank&rsquo;s 2017 figures with the US bagging the first rank $18 trillion. Despite this, China&#39;s market has often been characterised by skeptics as an act of mere &quot;replication&quot; of products made elsewhere in the world. But having said that, it is undeniable that Chinese Internet giants are vying with early starters of the western world.

In the year 2011, China blocked Google Play, since its authority wanted Google to store Chinese users&#39; data on China&#39;s servers. In addition, the authority needed Google to filter its search results, which Google refused. Instead of being dispirited, country&rsquo;s tech giants came up with its own alternative for the search engine. Soon, the market was taken over by Baidu, a popular Chinese search engine that became China&rsquo;s Google. Today, Baidu happens to be the sixth largest Internet company in the world.

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<h5>According to Mary Meeker&rsquo;s attest Internet Trends report, another Chinese production, the UC browser made it to the list of the top ten-most downloaded apps in India.</h5>
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According to Mary Meeker&rsquo;s Internet Trends report, another Chinese production, the UC browser made it to the list of the top ten-most downloaded apps in India, ranking at the sixth position with WhatsApp at the first, followed by Facebook Messenger. This Chinese search engine reached the Indian Internet market in 2008. During those years, only two search engines were operational--UC Browser and Opera Mini. Therefore, it was easier back then to develop credibility and win the trust of people. It was a preferred over Opera mini in smartphones and desktops.

&quot;UC Inside, World in Hand&quot;, the browser&#39;s slogan said it all. Over the years, UC Browser&rsquo;s Indian market share has risen to 41.76 per cent, beating Google Chrome which is at 38.99 per cent, according to the reports of StatCounter. Late last year&#39;s data shows that more than 100 million active users access UC browser on their mobile phones.

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<h5>The consistent rise in Indian internet users&rsquo; graph estimates around 465 million users in 2017, as per the report of Internet and Mobile Association of India.</h5>
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<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=The consistent rise in Indian internet users? graph estimates around 465 million users in 2017, as per the report of Internet and Mobile Association of India." target="_blank">&nbsp;</a></div>
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Since India&#39;s Internet sector is burgeoning at a rapid pace with rising number of social media websites, growing Internet penetration, and increasing sophistication and diversification of small businesses, it is predicted that its Internet market will grow by 2.5 times by 2020. Other international tech giants, such as Amazon and Uber are inspired enough to invest billion dollars into the country. Besides, as per the report of Internet and Mobile Association of India, there are around 465 million Internet users in 2017.

China&rsquo;s Internet sector giants were left with two choices&mdash;either to target West or East. Their decision to capture eastern countries like India with potential users turned out to be sensible. A Chinese beautifying app, &ldquo;Beauty Plus&rdquo;, is a rage in India because of the selfie-obsessed youth. The parent company - Meitu, that developed the app, did a thorough research before stepping into the Indian market. Since a majority of Indian girls seek fair and blemish free looks, this app introduced makeup filters for flawless-looking skin. Earlier, as the country was struggling with slow Internet speed, the company launched a lighter version of the app called &ldquo;Beauty Plus Me&rdquo;. One of the believed approaches of these Chinese firms is that they are not easily swayed by what is cool and in trend; instead, they go for what is the requirement of the target market.

Mobo Market app, which is China&rsquo;s version of Google Play Store, is proved to be more advanced and diversified than the latter one itself. The company is promoting its applications in full swing in India and adding features specific to the country--it now has Beta support for multiple Indian languages including Bengali, Urdu, Marathi, and Tamil. On the other hand, China&#39;s &ldquo;ShareIt&rdquo;, the fastest file transfer tool - 200 times the Bluetooth speed&mdash;bagged the third position in the Top 10-most downloaded apps on Google Play in 2017. Furthermore, recently China&#39;s Wechat, an instant messaging app by Tencent, has invested in India&rsquo;s WhatsApp rival Hike messenger.

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<h5>China&rsquo;s e-commerce giant, Alibaba Company turned around the picture of its domestic, small and middle scale businesses and of the firms around the world via web portals.</h5>
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<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=China?s e-commerce giant, Alibaba Company turned around the picture of its domestic, small and middle scale businesses and of the firms around the world via web portals." target="_blank">&nbsp;</a></div>
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China&rsquo;s e-commerce giant, Alibaba Company turned around the picture of its domestic, small and middle scale businesses and of the firms around the world via web portals. Jack Ma, the founder of Alibaba group, who is officially the richest man in China did not use the magic mantra of &ldquo;Open Sesame&rdquo; which worked for the original Alibaba of the Arabian Nights - opening the mouth of the cave in which forty thieves have hidden a treasure. Instead, it was Ma&rsquo;s struggle and determination that helped Alibaba to scale such heights. Currently, Alibaba group has handsomely invested in some of India&rsquo;s major e-commerce businesses, most famous among these being Paytm. Besides, Baidu is also expected to invest in Indian e-commerce startups including, Zomato, BookMyShow, and Bigbasket.

China&#39;s tech titans, Baidu (search), Alibaba(e-commerce) and Tencent (instant messaging and gaming)-(BAT), called as the &quot;Kings of Chinese Internet industries&quot; although being distinct from each other, but are doing core businesses in the country. It is, therefore, definitely a major breakthrough for India as well. Furthermore, let&rsquo;s see if this companionship works in strengthening India-China relations when there is already a peril going on in between both the countries over Doklam border standoff.

China's decision to capture eastern countries like India which has 465 million Internet users has turned out to be the best decision for Chinese tech companies.

China’s Internet market is growing at a phenomenal rate with more than 731 million users at present. The market is so enormous that there are around 200 different app stores in the country at present. Gaining abundant success in the domestic market, China’s tech giants simultaneously pushed their boundaries, creating waves in rest of the world, despite stiff competition. China is the second largest economy in the world - worth of $11 trillion as per World Bank’s 2017 figures with the US bagging the first rank $18 trillion. Despite this, China's market has often been characterised by skeptics as an act of mere "replication" of products made elsewhere in the world. But having said that, it is undeniable that Chinese Internet giants are vying with early starters of the western world. In the year 2011, China blocked Google Play, since its authority wanted Google to store Chinese users' data on China's servers. In addition, the authority needed Google to filter its search results, which Google refused. Instead of being dispirited, country’s tech giants came up with its own alternative for the search engine. Soon, the market was taken over by Baidu, a popular Chinese search engine that became China’s Google. Today, Baidu happens to be the sixth largest Internet company in the world. According to Mary Meeker’s attest Internet Trends report, another Chinese production, the UC browser made it to the list of the top ten-most downloaded apps in India. × According to Mary Meeker’s Internet Trends report, another Chinese production, the UC browser made it to the list of the top ten-most downloaded apps in India, ranking at the sixth position with WhatsApp at the first, followed by Facebook Messenger. This Chinese search engine reached the Indian Internet market in 2008. During those years, only two search engines were operational--UC Browser and Opera Mini. Therefore, it was easier back then to develop credibility and win the trust of people. It was a preferred over Opera mini in smartphones and desktops. "UC Inside, World in Hand", the browser's slogan said it all. Over the years, UC Browser’s Indian market share has risen to 41.76 per cent, beating Google Chrome which is at 38.99 per cent, according to the reports of StatCounter. Late last year's data shows that more than 100 million active users access UC browser on their mobile phones. The consistent rise in Indian internet users’ graph estimates around 465 million users in 2017, as per the report of Internet and Mobile Association of India. × Since India's Internet sector is burgeoning at a rapid pace with rising number of social media websites, growing Internet penetration, and increasing sophistication and diversification of small businesses, it is predicted that its Internet market will grow by 2.5 times by 2020. Other international tech giants, such as Amazon and Uber are inspired enough to invest billion dollars into the country. Besides, as per the report of Internet and Mobile Association of India, there are around 465 million Internet users in 2017. China’s Internet sector giants were left with two choices—either to target West or East. Their decision to capture eastern countries like India with potential users turned out to be sensible. A Chinese beautifying app, “Beauty Plus”, is a rage in India because of the selfie-obsessed youth. The parent company - Meitu, that developed the app, did a thorough research before stepping into the Indian market. Since a majority of Indian girls seek fair and blemish free looks, this app introduced makeup filters for flawless-looking skin. Earlier, as the country was struggling with slow Internet speed, the company launched a lighter version of the app called “Beauty Plus Me”. One of the believed approaches of these Chinese firms is that they are not easily swayed by what is cool and in trend; instead, they go for what is the requirement of the target market. Mobo Market app, which is China’s version of Google Play Store, is proved to be more advanced and diversified than the latter one itself. The company is promoting its applications in full swing in India and adding features specific to the country--it now has Beta support for multiple Indian languages including Bengali, Urdu, Marathi, and Tamil. On the other hand, China's “ShareIt”, the fastest file transfer tool - 200 times the Bluetooth speed—bagged the third position in the Top 10-most downloaded apps on Google Play in 2017. Furthermore, recently China's Wechat, an instant messaging app by Tencent, has invested in India’s WhatsApp rival Hike messenger. China’s e-commerce giant, Alibaba Company turned around the picture of its domestic, small and middle scale businesses and of the firms around the world via web portals. × China’s e-commerce giant, Alibaba Company turned around the picture of its domestic, small and middle scale businesses and of the firms around the world via web portals. Jack Ma, the founder of Alibaba group, who is officially the richest man in China did not use the magic mantra of “Open Sesame” which worked for the original Alibaba of the Arabian Nights - opening the mouth of the cave in which forty thieves have hidden a treasure. Instead, it was Ma’s struggle and determination that helped Alibaba to scale such heights. Currently, Alibaba group has handsomely invested in some of India’s major e-commerce businesses, most famous among these being Paytm. Besides, Baidu is also expected to invest in Indian e-commerce startups including, Zomato, BookMyShow, and Bigbasket. China's tech titans, Baidu (search), Alibaba(e-commerce) and Tencent (instant messaging and gaming)-(BAT), called as the "Kings of Chinese Internet industries" although being distinct from each other, but are doing core businesses in the country. It is, therefore, definitely a major breakthrough for India as well. Furthermore, let’s see if this companionship works in strengthening India-China relations when there is already a peril going on in between both the countries over Doklam border standoff.

China?s Internet giants are taking over the Indian market

Chinese e-commerce company Alibaba Group Holding would launch a product mimicking Amazon&#39;s &nbsp;&quot;Echo&quot; next week.

&quot;Amazon Echo&quot;, launched in 2014, is a speaker which one can leave on all day and give voice commands to, similar to Siri on an Apple iPhone.

Alibaba&#39;s new product would be made available only in China and speak only Mandarin.

Apple and Google, a unit of Alphabet, have unveiled products similar to Echo with the HomePod and Google Home.

The Information, a technology website, was the first to report the news on Thursday. 
Alibaba did not immediately respond to a request for comment, outside business hours.

Alibaba's new product would be made available only in China and speak only Mandarin

Chinese e-commerce company Alibaba Group Holding would launch a product mimicking Amazon's "Echo" next week. "Amazon Echo", launched in 2014, is a speaker which one can leave on all day and give voice commands to, similar to Siri on an Apple iPhone. Alibaba's new product would be made available only in China and speak only Mandarin. Apple and Google, a unit of Alphabet, have unveiled products similar to Echo with the HomePod and Google Home. The Information, a technology website, was the first to report the news on Thursday. Alibaba did not immediately respond to a request for comment, outside business hours.

Alibaba to launch product similar to Amazon Echo

Chinese e-commerce company Alibaba has become a major sponsor of the Olympics after signing a deal with the International Olympic Committee (IOC) that runs until 2028, the two parties said on Thursday (January 19).

Alibaba, which becomes the official e-commerce and cloud services partner, joins 12 other companies - including Coca-Cola and McDonald&#39;s as top Olympic sponsors.

No financial details were disclosed. IOC sources have previously told Reuters that major sponsors pay about $100 million per four-year cycle, which includes one summer and one winter games.

The Alibaba deal comes as Asia prepares to host three consecutive Games with South Korea&#39;s Pyeongchang staging the 2018 winter Games, Tokyo the 2020 summer Olympics and Beijing the 2022 winter Games.

&quot;We are indeed very happy today here to announce a historic strategic partnership in the digital world which will transform the global Olympic movement. According to our roadmap for the future of the Olympic games, and the Olympic movement , the Olympic agenda 2020,&quot; said IOC President Thomas Bach. 
 
(Reuters)

The e-commerce company has signed a pact with International Olympic Committee to become its worldwide partner until 2028

Chinese e-commerce company Alibaba has become a major sponsor of the Olympics after signing a deal with the International Olympic Committee (IOC) that runs until 2028, the two parties said on Thursday (January 19). Alibaba, which becomes the official e-commerce and cloud services partner, joins 12 other companies - including Coca-Cola and McDonald's as top Olympic sponsors. No financial details were disclosed. IOC sources have previously told Reuters that major sponsors pay about $100 million per four-year cycle, which includes one summer and one winter games. The Alibaba deal comes as Asia prepares to host three consecutive Games with South Korea's Pyeongchang staging the 2018 winter Games, Tokyo the 2020 summer Olympics and Beijing the 2022 winter Games. "We are indeed very happy today here to announce a historic strategic partnership in the digital world which will transform the global Olympic movement. According to our roadmap for the future of the Olympic games, and the Olympic movement , the Olympic agenda 2020," said IOC President Thomas Bach. (Reuters)

China's Alibaba becomes major Olympics sponsor



Chinese shoppers spent more than $1 billion in the first five minutes of Singles Day on Friday, e-commerce giant Alibaba said in the world&#39;s biggest online shopping promotion.

Reuters reported sales raced past $5 billion in the first hour.&nbsp;

Singles&#39; Day -- named for the repeated digit 1 in the date November 11 -- was created by Alibaba in 2009.

Now in just 24 hours it surpasses the main US online spending spree, the five days from Thanksgiving to Cyber Monday.

Total gross merchandise volume, Alibaba&#39;s key measure of online sales, had surpassed the 2014 total of 57.1 billion yuan (now $8.4 billion) by 6.54am, the company said, putting it more than half way to reaching last year&#39;s figure.

In the US, desktop sales for the five days from Thanksgiving through Cyber Monday last year stood at $7.2 billion, according to Internet analytics firm comScore.

Alibaba&#39;s New York-listed stock has been buoyant this year in spite of worries over slowing growth in China, as consumer spending has expanded while the old industrial economy struggles due to overcapacity and sluggish demand.&nbsp;

China&#39;s economy expanded at its slowest in a quarter of a century last year and has eased further this year, as Beijing tries to shift growth drivers from investment and exports to domestic consumption.&nbsp;

Alibaba kicked off this year&rsquo;s event with a gala in the southern city of Shenzhen on Thursday night, inviting international and domestic stars from basketball player Kobe Bryant to pop rock band OneRepublic.

Singer Katy Perry was also originally scheduled to perform but cancelled at the last minute due to a family emergency, she said on a verified account on China&#39;s Twitter-like weibo.

Analysts said the event, which has gained more and more traction in the past few years, is key to Alibaba.

The day&#39;s turnover was only &quot;a very small fraction of its total annual sales&quot;, independent ecommerce analyst Li Chengdong said, but was &quot;a confidence index for the firm&quot;.&nbsp;

&quot;If they do well in this, it is a boost to investors&#39; confidence,&rdquo; he told AFP.

But sales growth may not match last year&#39;s 60 percent rise, he warned, in the face of economic worries and stricter regulation.

China&rsquo;s commerce watchdog SAIC summoned Alibaba and 14 other ecommerce companies earlier this week, banning them from making up fake orders and lifting prices before giving out discounts.

Alibaba itself has sought to downplay the importance of the turnover statistic.

&quot;I don&#39;t have any requirement for the sales figure,&quot; Alibaba quoted Chairman Jack Ma as saying in a statement on its verified weibo, adding the day was all about &ldquo;happiness and joy&rdquo;.

Online shopping is a bright spot in Beijing&#39;s efforts to transform the economy, growing 26.1 percent in the January to September period according to the National Bureau of Statistics.

That outstripped both overall retail growth of 10.4 percent in the period, and official GDP expansion of 6.7 percent in each of the first three quarters.

(AFP)

The day's sales surpass the main US online spending spree, the five days from Thanksgiving to Cyber Monday

 Chinese shoppers spent more than $1 billion in the first five minutes of Singles Day on Friday, e-commerce giant Alibaba said in the world's biggest online shopping promotion. Reuters reported sales raced past $5 billion in the first hour. Singles' Day -- named for the repeated digit 1 in the date November 11 -- was created by Alibaba in 2009. Now in just 24 hours it surpasses the main US online spending spree, the five days from Thanksgiving to Cyber Monday. Total gross merchandise volume, Alibaba's key measure of online sales, had surpassed the 2014 total of 57.1 billion yuan (now $8.4 billion) by 6.54am, the company said, putting it more than half way to reaching last year's figure. In the US, desktop sales for the five days from Thanksgiving through Cyber Monday last year stood at $7.2 billion, according to Internet analytics firm comScore. Alibaba's New York-listed stock has been buoyant this year in spite of worries over slowing growth in China, as consumer spending has expanded while the old industrial economy struggles due to overcapacity and sluggish demand. China's economy expanded at its slowest in a quarter of a century last year and has eased further this year, as Beijing tries to shift growth drivers from investment and exports to domestic consumption. Alibaba kicked off this year’s event with a gala in the southern city of Shenzhen on Thursday night, inviting international and domestic stars from basketball player Kobe Bryant to pop rock band OneRepublic. Singer Katy Perry was also originally scheduled to perform but cancelled at the last minute due to a family emergency, she said on a verified account on China's Twitter-like weibo. Analysts said the event, which has gained more and more traction in the past few years, is key to Alibaba. The day's turnover was only "a very small fraction of its total annual sales", independent ecommerce analyst Li Chengdong said, but was "a confidence index for the firm". "If they do well in this, it is a boost to investors' confidence,” he told AFP. But sales growth may not match last year's 60 percent rise, he warned, in the face of economic worries and stricter regulation. China’s commerce watchdog SAIC summoned Alibaba and 14 other ecommerce companies earlier this week, banning them from making up fake orders and lifting prices before giving out discounts. Alibaba itself has sought to downplay the importance of the turnover statistic. "I don't have any requirement for the sales figure," Alibaba quoted Chairman Jack Ma as saying in a statement on its verified weibo, adding the day was all about “happiness and joy”. Online shopping is a bright spot in Beijing's efforts to transform the economy, growing 26.1 percent in the January to September period according to the National Bureau of Statistics. That outstripped both overall retail growth of 10.4 percent in the period, and official GDP expansion of 6.7 percent in each of the first three quarters. (AFP)

China shoppers spend over $1bn in first 5 mins of Singles' Day sales

Chinese e-commerce firm Alibaba Group Holding Ltd on Wednesday reported a 55 per cent rise in second-quarter revenue, beating analyst estimates, on the back of core online sales and strong media and entertainment growth.

Revenue reached 34.3 billion Yuan ($5.07 billion) in the three months to September 30, compared with the 33.9 billion Yuan average of 24 analyst estimates surveyed by Thomson Reuters.

Net income attributable to shareholders fell to 2.97 Yuan per share, or 0.45 cents, a 67 per cent drop from 8.87 Yuan per share in the year-earlier quarter.

($1 = 6.7600 Chinese yuan renminbi)

(Reuters)

Revenue reached 34.3 billion Yuan ($5.07 billion) in the three months to September 30

Chinese e-commerce firm Alibaba Group Holding Ltd on Wednesday reported a 55 per cent rise in second-quarter revenue, beating analyst estimates, on the back of core online sales and strong media and entertainment growth. Revenue reached 34.3 billion Yuan ($5.07 billion) in the three months to September 30, compared with the 33.9 billion Yuan average of 24 analyst estimates surveyed by Thomson Reuters. Net income attributable to shareholders fell to 2.97 Yuan per share, or 0.45 cents, a 67 per cent drop from 8.87 Yuan per share in the year-earlier quarter. ($1 = 6.7600 Chinese yuan renminbi) (Reuters)

Alibaba reports 55 per cent rise in second-quarter revenue, beats expectations

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