Alibaba Group Holding, the Chinese ecommerce company has informed Turkish President Tayyip Erdogan of its intentions to invest USD 2 billion in Turkey. This announcement was made during a meeting between Erdogan and Michael Evans, President of Alibaba, according to the company’s Turkey Unit’s statement, however, the statement did not specify a timeline for the […]
Chinese conglomerate Alibaba has announced plans to make its artificial intelligence (AI) model, Tongyi Qianwen, widely available to the public. The Chinese regulatory has approved the plan, according to a news report published on its WeChat account. The report also mentioned that in the near future, an open source version of the large language model […]
Daniel Zhang, the former chief of Alibaba Group, has made the decision to step down from his role leading the company’s cloud division, introducing a new layer of uncertainty to China’s largest e-commerce company. This development comes just months after Zhang had agreed to take charge of the cloud division. The news of Zhang’s departure […]
Alibaba Group Holding Ltd said on Thursday it planned to hire 15,000 people this year, dismissing rumours circulating on Chinese social media in recent days that the company planned to cut 20 per cent of its workers. In a post on the firm’s official Weibo account, Alibaba said that among the 15,000, more than 3,000 people […]
Alibaba Group Holding Ltd’s, cloud unit has started a round of downsizing that will impact 7 per cent of the staff as it streamlines its business in preparation for an IPO, a source familiar with the matter said on Tuesday. The cloud unit has started to offer severance to employees, the source said. Alibaba did […]
Alibaba’s logistics arm aims to raise up to USD 2 billion via a listing in Hong Kong likely early next year, sources with knowledge of the matter said, bolstering hopes for a capital markets revival in the Asian financial hub. Cainiao Network Technology’s initial public offering (IPO) plan comes after Alibaba flagged in late March […]
Alibaba Group Holding announced higher-than-expected quarterly revenue on Thursday, as the Chinese e-commerce giant benefitted from the country’s relaxation of Covid-19 restrictions. The firm has withstood China’s sluggish economy, which just loosened its zero-COVID policy last December after three years. Sales increased 2 per cent to 247.76 billion yuan (USD 35.92 billion) in the fiscal […]
