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☆ China's JD.com brings back veteran to lead new grocery business as rival Alibaba plans spinoffs
▼ + stars: | 2023-06-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

JD.com set up an "Innovative Retail" division that houses its grocery business 7Fresh. The "Innovative Retail" unit will house JD's grocery store business 7Fresh and group buying unit Pinpin, a spokesperson confirmed to CNBC. Yan Xiaobing, who retired from JD in 2021 after leading the company's international business, will return to head up the Innovative Retail group, the spokesperson said. Alibaba , JD's biggest e-commerce rival in China, split its company into six separate business units this year, the biggest restructuring in its history. One of the business units Alibaba separated out in its restructure is a "local services" group, which covers its food delivery and grocery businesses.

Persons: JD.com, Yan Xiaobing, Yu Rui, Hu Wei, JD's, Daniel Zhang, Alibaba, Eddie Wu, Joe Tsai, Sandy Ran Xu, Xu Lei, Xu Organizations: CNBC, JD, Innovative Retail, JD Logistics Locations: China

☆ Vietnamese EV maker VinFast remains optimistic despite challenging entry to U.S. auto market
▼ + stars: | 2023-03-08 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Yu Ruidong | China News Service | Getty Imageswatch nowShe added that VinFast is entering the market "with clear approaches" such as offering premium quality and accessibility for the mass market without cutting corners in cybersecurity and functional safety. Software problems delayed deliveries of VinFast's first batch of cars to U.S. buyers from December 2022 until March 2023. VinFast cars are also currently ineligible for the $7,500 tax credit in the U.S. because they are not made in the U.S., but are made in Vietnam — which will impact their U.S. sales. While the company filed for an initial public offering in December, it has not yet launched its roadshow. "For us, it's not about raising monies but it's a lot about making the company more international and other corporate purposes and the market has been challenging as you know," said Le.

☆ ExodusPoint's 2022 struggles is a lesson for all of Wall Street: Play the hits
▼ + stars: | 2023-02-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

I shudder to compare some of the greatest artists of our generation to a hedge fund, but I can't help but notice some similarities between their disdain for their biggest hits and ExodusPoint's difficult 2022. The hedge fund, which still holds the industry's largest launch in history, ended the year with fewer assets, employees, and PMs than it started with. The world's biggest hedge fund has a new co-CIO. Ken Griffin, the billionaire owner of hedge fund Citadel, is causing quite the stir over his suggestion that a historic home on a property he owns in Miami be relocated. The firm continues to cut back on the size of a venture-capital fund its raising, The Wall Street Journal reports, with a new goal of $5 billion.

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