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☆ Job growth surged in September
▼ + stars: | 2023-10-06 | by ( Madison Hoff | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The US added 336,000 jobs in September, greater than job growth in August. "It is a sign of stability, steady growth, and we are committed to making sure that all Americans share in the growth and prosperity." Leisure and hospitality saw robust job growth in September, with a gain of 96,000. Government employment soared by 73,000, with bigger gains in local and state government roles compared to the job growth for the federal government. After an increase in the unemployment rate in August as more people entered the labor force, the unemployment rate was 3.8% again in September.

Persons: —, Labor Julie Su, Nick Bunker, Julia Pollak, ZipRecruiter, Bunker, Daniel Zhao, Karin Kimbrough, Kimbrough, there's Organizations: Workers, Service, Bureau of Labor Statistics, of Labor, Labor, North America, Leisure

☆ US economy added 336,000 jobs last month, almost twice what was expected
▼ + stars: | 2023-10-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

The US economy added an estimated 336,000 jobs last month, blowing expectations out of the water, according to Bureau of Labor Statistics data released Friday. In September, leisure and hospitality helped drive job growth higher, with 96,000 jobs added. Today’s headline jobs number — that surprising 336,000 net job gain — is an initial estimate that will be revised twice more. The surprising September jobs report, however, didn’t continue that streak. August’s second look has job growth now at 227,000 for the month, an increase of 40,000.

Persons: ”, Sung, Soh, Joe Biden, “, it’s, ” Biden, Andrew Patterson, ” Patterson, they’ve, Jim McCoy, we’re, ” Daniel Zhao, Glassdoor’s, ” Julia Pollak, didn’t, ” Diane Swonk, — CNN’s Tami Luhby Organizations: Minneapolis CNN, of Labor Statistics, Loyola Marymount University, SS Economics, BLS, Federal Reserve, Dow, Nasdaq, Bureau of Labor Statistics, Vanguard, Fed, Administration, Children, Families, Nationwide, Century, CNN Locations: Minneapolis, United States

☆ The job market is strong, economists say — but workers don’t think so
▼ + stars: | 2023-10-03 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

The job market is stable but not 'gangbusters'Several metrics — including job openings, quits, layoffs and the unemployment rate — suggest the labor market is healthy, economists said. I think a lot of folks are comparing the labor market today to a year or two ago when things were hot. The problems with the 2021, 2022 job marketsIn fact, job openings rose significantly, by 690,000, to 9.6 million in August, the Labor Department reported Tuesday. And the broader trend is clear: Job openings, along with quits and hires, have cooled from their pandemic-era peaks, economists said. "I think a lot of folks are comparing the labor market today to a year or two ago when things were hot," Zhao said.

Persons: Daniel Zhao, Zhao, Pollak Organizations: Bank, Getty, Federal Reserve, U.S . Department of Labor, Labor Department

☆ Alibaba to list its logistics unit Cainiao as part of historic shakeup
▼ + stars: | 2023-09-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Alibaba plans to list its logistics unit Cainiao on the Hong Kong Stock Exchange, the Chinese e-commerce giant said in a regulatory filing on Tuesday. Alibaba said the Hong Kong Stock Exchange has confirmed that the Cainiao listing may go ahead. Founded in 2013, Cainiao is a logistics network that helps Alibaba fulfil deliveries placed on its e-commerce platforms both in China and abroad. Delivery speed is a point of competition among Chinese e-commerce firms. As well as Cainiao, Alibaba is also looking to list its cloud computing business, though it has not officially filed for a spinoff.

Persons: Alibaba, Cainiao, JD.com, Daniel Zhang, Eddie Wu, Zhang, Wu Organizations: Artificial Intelligence, Hong Kong Stock Exchange Locations: Shanghai, Cainiao, China

[1/2] People visit the booth of Alibaba's logistics unit Cainiao at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 3, 2021. REUTERS/Florence Lo Acquire Licensing RightsSept 26 (Reuters) - Alibaba Group (9988.HK) on Tuesday kicked off its restructuring with a plan to list its logistics arm Cainiao in Hong Kong that would make the unit the first to be separated since the Chinese e-commerce giant announced its break-up six months ago. U.S.-listed shares of Alibaba pared early premarket trading losses following Tuesday's announcement and were down 0.4% at $86.86 by 1037 GMT. Alibaba in late March announced its biggest restructuring in its 24-year history. In the months since, the company has approved a process to start external financing for its international commerce arm and was also looking to list its cloud unit.

Persons: Florence Lo, Alibaba, Cainiao, Dealmakers, Jack Ma, Daniel Zhang, Brenda Goh, Ayushman, Varun, Barbara Lewis Organizations: Fair for Trade, Services, REUTERS, Alibaba, HK, Tuesday, Smart Logistics Network, Reuters, Intime, Thomson Locations: Beijing, China, Hong Kong, Cainiao, Hong Kong . U.S

LAS VEGAS (AP) — Alexa Grasso retained her flyweight title after coming away with a split draw against Valentina Shevchenko on Saturday night at UFC Fight Night 227. It marked the first time UFC held a main card on Mexican Independence Day, keeping in tradition for combat sports to hold big fights on Sept. 16. Grasso quickly moved in for the takedown and eventually was able to apply a rear naked choke to win the belt. It took a strong finish in the fifth round by Grasso to earn the split draw, as each fighter earned a 48-47 score, with a third judge scoring the bout 47-47. In a three-round featherweight bout to open the main card, Kyle Nelson (15-5-1) defeated Fernando Padilla (15-5) by unanimous decision with scores of 29-28, 29-28, 30-27.

Persons: — Alexa Grasso, Valentina Shevchenko, Grasso, Shevchenko, Jack Della Maddalena, Kevin Holland, ” Della Maddalena, Raul Rosas Jr, Terrence Mitchell, Mark Smith, Oyuki Rios, “, ”, Rosas, ” Daniel Zellhuber, Christos Giagos, Kyle Nelson, Fernando Padilla, Tracy Cortez, Jasmine Jasudavicius, I’ve, Cortez, Erin Blanchfield Organizations: LAS VEGAS, UFC, Independence, “

Alibaba Group sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song Acquire Licensing RightsSHANGHAI, Sept 13 (Reuters) - Alibaba said on Wednesday it would open its artificial intelligence model Tongyi Qianwen to the public, in a sign it has gained Chinese regulatory approval to mass-market the model. He was replaced by newly installed Alibaba Group CEO, Eddie Wu. In an internal letter to Alibaba staff on Tuesday, Wu said that AI would be at the centre of Alibaba Group's future strategy. Alibaba first unveiled Tongyi Qianwen in April, saying at the time that the AI large language model, which is similar to ChatGPT, would be integrated into all business applications.

Persons: Aly, Alibaba, Daniel Zhang, Eddie Wu, Wu, Tongyi Qianwen, Casey Hall, Tom Hogue Organizations: Artificial Intelligence, REUTERS, Rights, Cloud Intelligence Division, Zhejiang University, Thomson Locations: Shanghai, China, United States, DingTalk, Alibaba

A man walks past a logo of Alibaba Group at its office building in Beijing, China August 9, 2021. REUTERS/Tingshu Wang Acquire Licensing RightsSHANGHAI, Sept 12 (Reuters) - New Alibaba Group CEO Eddie Wu has told staff the tech giant's two main strategic focuses going forward will be "user first" and "AI-driven", according to an internal letter reviewed by Reuters. The new CEO, one of Alibaba Group's founders and long-time lieutenant of former chief Jack Ma, is laying out his strategic priorities at a key moment for Alibaba, which is undergoing the biggest organisational restructure of its 24-year history. Late on Sunday Alibaba also announced that Wu would concurrently serve as CEO of its cloud computing unit, replacing Daniel Zhang. The cloud unit is Alibaba's second-biggest revenue source after domestic e-commerce and houses the group's generative artificial intelligence model, Tongyi Qianwen.

Persons: Tingshu Wang, Eddie Wu, Wu, Alibaba, Jack Ma, Daniel Zhang, Zhang, ByteDance's Douyin, Casey Hall, Gerry Doyle, Stephen Coates Organizations: Alibaba Group, REUTERS, Rights, Alibaba, Reuters, Cloud Intelligence Group, PDD Holdings, Huawei Technologies, Tencent Holdings, HK, Baidu, Thomson Locations: Beijing, China

TOKYO (AP) — Asian shares were trading mixed Tuesday following a Big Tech rally on Wall Street, as investors awaited an update on U.S. consumer prices set for later in the week. The Federal Reserve is weighing whether to keep raising interest rates steady in its effort to get inflation back to 2%. Monday on Wall Street, the S&P 500 rose 0.7% to 4,487.46, coming off its first losing week in the last three. How Apple performs has great consequence for the market because it's the most valuable stock on Wall Street. In energy trading, benchmark U.S. crude gained 32 cents to $87.61 a barrel in electronic trading on the New York Mercantile Exchange.

Persons: Australia's, Hang Seng, ” Anderson Alves, ActivTrades, Tesla, Apple, RTX, Smucker, Daniel Zhang Organizations: TOKYO, Big Tech, Nikkei, Federal, Fed, Federal Reserve, CME Group, Dow Jones Industrial, Nasdaq, Amazon, Communications, Walt Disney Co, ESPN, Disney, Apple, Qualcomm, . Aerospace, Pratt & Whitney, Hostess Brands, New York Mercantile Exchange, Brent, U.S Locations: Hong, Shanghai, U.S, Folgers, Smucker’s, United States

☆ Eddie Wu: Alibaba's new CEO embraces AI and wants a younger management team
▼ + stars: | 2023-09-12 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Alibaba Group will embrace artificial intelligence (AI) and promote younger people to senior management, its new CEO says, as the e-commerce and cloud giant tackles its most ambitious restructuring in its history. “Times are changing, and so must Alibaba!” Eddie Wu, who stepped into the chief executive role on Sunday, said in a memo to staff seen by CNN. Wu replaced Daniel Zhang to become Alibaba (BABA)’s fourth CEO in its 24-year history. According to a plan announced in March, Alibaba will split into six separate units, including cloud, e-commerce, logistics, media and entertainment. Top tech firms around the globe have been shifting their focus to AI, including Google (GOOG), Amazon (AMZN) and Microsoft (MSFT), especially after ChatGPT took the world by storm late last year.

Persons: Eddie Wu, Wu, Daniel Zhang, ’, “, Alibaba, ChatGPT Organizations: Hong Kong CNN — Alibaba, “, CNN, Google, Microsoft Locations: China, Hong Kong

☆ Alibaba CEO warns of being ‘displaced’ if the Chinese tech giant doesn’t keep up in AI
▼ + stars: | 2023-09-12 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Signage at the Alibaba Group Holding Ltd. booth at the Smart China Expo in Chongqing, China, on Monday, Sept. 4, 2023. Alibaba needs to be "user first" and "AI-driven," new CEO Eddie Wu told employees on Tuesday, as he laid out the strategic priorities for the Chinese tech giant. As the world progresses, Alibaba needs to evolve even faster!," Wu said in a letter to employees that was seen by CNBC. However, in a surprise move, Zhang this week quit as CEO of the cloud business with Wu taking over in the interim. It comes months after Alibaba split its company into six different business groups, the biggest shakeup in its history.

Persons: Eddie Wu, Wu, Jack Ma's, Daniel Zhang, Zhang, Alibaba Organizations: Alibaba, Holding, Smart, CNBC Locations: Chongqing, China

☆ Alibaba’s Former Chairman Daniel Zhang Steps Down From Last Executive Role at Company
▼ + stars: | 2023-09-11 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, zhang

☆ Asia stock markets weaken amid ongoing retreat from Chinese property sector
▼ + stars: | 2023-09-11 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +5 min

A man walks past an electronic board showing Japan's Nikkei average and stock prices outside a brokerage, in Tokyo, Japan, March 17, 2023. Australian shares (.AXJO) reversed earlier losses to be up 0.12% and Japan's Nikkei stock index (.N225) slid 0.19%. The Hang Seng Property Index (.HSNP), a gauge of Hong Kong's top developers, shed almost 4% while the mainland property index (.HSMPI) was off 3.24%. "We need the property market to stabilize first in order for any meaningful kind of economic rebound to happen in China," said David Chao, Invesco's Asia Pacific market strategist. Those should put a floor under the property market some time soon."

Persons: Androniki, David Chao, Daniel Zhang, Brent, Scott Murdoch, Edwina Gibbs, Simon Cameron, Moore Organizations: Nikkei, REUTERS, Rights, Alibaba, HK, Index, Chevron, Thomson Locations: Tokyo, Japan, Asia, China, Pacific, Hong Kong, Asia Pacific, Beijing, Shanghai, Shenzhen, United States, Wells, Australia, Sydney

Alibaba Group sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. Zhang also handed over the role of group CEO to Wu on Sunday as scheduled. "Alibaba Cloud has lost some ground with government and state-owned enterprise clients, which were previously a stronghold for the company," Li said. "During his leadership tenure, Alibaba Cloud's business did not improve significantly despite his efforts. Zhang likely realised that the challenges facing Alibaba Cloud's lacklustre growth were beyond what he could influence or control as an individual executive."

Persons: Aly, Daniel Zhang, Alibaba, Eddie Wu, Zhang, Wu, Canalys, Li Chengdong, Li, Sern Ling, Union Bancaire Privee, Donny Kowk, Josh Ye, Yelin, Anne Marie Roantree, Brenda Goh, Muralikumar Anantharaman, Christopher Cushing Organizations: Artificial Intelligence, REUTERS, China's, Reuters, DAMO Academy, Huawei Technologies, Union Bancaire, HK, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong, HK, Alibaba, Beijing, Yelin Mo

☆ Former Alibaba CEO Daniel Zhang quits cloud in surprise move amid landmark restructuring
▼ + stars: | 2023-09-11 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Daniel Zhang, the outgoing chairman and CEO of Alibaba, has stepped down from his position running the company’s cloud division in a surprise move announced just months after he assumed the pivotal role. Daniel Zhang, the then CEO of Alibaba, speaks at a conference in Shanghai in November 2022. Han Haidan/China News Service/Getty ImagesEddie Yongming Wu will succeed Zhang as acting chairman and CEO of its cloud unit, Alibaba said Monday. Significant restructuringIn March, Alibaba announced it would split into six separate units, including cloud, e-commerce, logistics, media and entertainment. Analysts said Zhang’s departure from the cloud business came as a surprise, but should not affect a potential IPO of the unit.

Persons: Hong Kong CNN — Daniel Zhang, Zhang, “, “ Mr Zhang, Daniel Zhang, Han Haidan, Eddie Yongming Wu, Alibaba, Joseph C Tsai, Wu, Joe Tsai, Steven Ferdman, Tsai, —, ”, ” Tsai, Jacob Cooke Organizations: Hong Kong CNN, ” Citi, Alibaba, China News Service, Cloud Intelligence Group, Paley International, Paley Museum, CNN, Brooklyn Nets, New York Liberty, South China Morning, Alibaba Group, Analysts Locations: China, Hong Kong, Shanghai, New York, Alibaba

☆ Stocks making the biggest moves midday: Tesla, Qualcomm, Meta, Moderna and more
▼ + stars: | 2023-09-11 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

Tesla — Shares of the electric vehicle maker jumped 6% after Morgan Stanley upgraded the stock to overweight from equal weight. Kenvue — Shares of the Band-Aid maker gained 3% after being upgraded by Deutsche Bank to buy from hold on Sunday. The Wall Street firm called Kenvue a high-quality company and believes the stock's slide has created an attractive entry point. Nubank – The U.S.-traded shares of the Brazilian financial firm rose nearly 6% after JPMorgan upgraded Nubank to overweight from neutral. Discovery and Paramount also traded higher on the news, rising 2.2% and 1.9%, respectively,AstraZeneca — The pharmaceutical company's shares lost nearly 3% midday Monday.

Persons: Morgan Stanley, Adam Jones, — Smucker, Alibaba, Daniel Zhang, Zhang, Nubank, Warner, Pascal Soriot, Immatics, — CNBC's Alexander Harring, Samantha Subin, Yun Li, Jesse Pound, Michelle Fox, Tanaya Macheel Organizations: Artificial Intelligence, Hostess Brands, Tenable Holdings, JPMorgan, Deutsche Bank, Alibaba Group, Wall Street, Meta, Qualcomm, Apple, Media, Disney, Charter Communications, Warner Bros . Discovery, Paramount, AstraZeneca, Reuters, Mail, Moderna —, Moderna Locations: Shanghai, U.S, Brazil

☆ Morning Bid: Japan jolt as inflation forks
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +5 min

A man walks past the headquarters of Bank of Japan in Tokyo, Japan, January 17, 2023. "If we judge that Japan can achieve its inflation target even after ending negative rates, we'll do so," Ueda said. The yen surged 1% against the dollar, knocking the U.S. currency back more generally (.DXY) on the foreign exchange markets. If Japan's does tighten further by yearend, it comes as the Federal Reserve and European Central Bank rate hike campaigns are coming to halt. News of an expected return of headline Chinese consumer price inflation to positive territory last month and above-forecast August lending data helped mainland shares (.CSI300) higher, with the yuan bouncing back from 16-year lows.

Persons: Issei Kato, Mike Dolan, Kazuo Ueda, Ueda, Alibaba, Daniel Zhang, Bank of England policymaker Catherine Mann, Christina Fincher Organizations: Bank of Japan, REUTERS, U.S, Tokyo Stock, Nikkei, Global, Treasury, yearend, Federal Reserve, European Central Bank, ECB, Fed, CPI, OpenAI, Wall Street, SoftBank Group, underwriters, Bank of England, Oracle, Graphics, Graphics Reuters, Thomson, Reuters Locations: Tokyo, Japan, U.S, Hong Kong, Ottawa

☆ Shares of Alibaba tumble over 3% after outgoing CEO unexpectedly quits cloud business
▼ + stars: | 2023-09-11 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The move comes months after Alibaba said in June that Zhang was departing as chairman and CEO of Alibaba Group to focus on the cloud intelligence unit. Stock Chart Icon Stock chart iconIn a surprise leadership reshuffle in June, Alibaba announced that Zhang was bowing out as both CEO and chairman on Sept. 10 to focus on the cloud intelligence business. Zhang was Alibaba Group CEO since 2015 and the group chairman since 2019. He has also been chairman and CEO of the Alibaba Cloud Intelligence Group since 2022. "The board of our Company expresses its deepest appreciation to Mr. Zhang for his contributions to Alibaba Group over the past 16 years," Alibaba said in the Sunday statement.

Persons: Daniel Zhang Yong, Daniel Zhang, Alibaba, Zhang, Eddie Wu, Wu, Joseph Tsai Organizations: Alibaba, Fund, Visual China, Getty, Alibaba Group, Cloud Intelligence Group, Company Locations: Lanzhou, Gansu Province, China, Hong Kong

☆ Opinion | The Straitjacket of Minority Rule
▼ + stars: | 2023-09-11 | by ( Michelle Goldberg | ) www.nytimes.com time to read: +2 min

One of the most influential books of the Trump years was “How Democracies Die” by the Harvard government professors Steven Levitsky and Daniel Ziblatt. Because that volume was prescient about how Donald Trump would try to rule, I was surprised to learn, in Levitsky and Ziblatt’s new book, “Tyranny of the Minority,” that they were shocked by Jan. 6. But at the time, he said, “we didn’t consider or call the Republican Party an authoritarian party. “Societal diversity, cultural backlash and extreme-right parties are ubiquitous across established Western democracies,” they write. And only in America is the coup leader likely to once again be the nominee of a major party.

Persons: Trump, Steven Levitsky, Daniel Ziblatt, ”, Donald Trump, Jan, they’ve, Levitsky, “, Ziblatt Organizations: Harvard, Republican Party Locations: United States, Levitsky, America

☆ Stocks making the biggest moves premarket: Qualcomm, Tesla, Hostess and more
▼ + stars: | 2023-09-11 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Alibaba — Shares lost 1% after outgoing CEO Daniel Zhang unexpectedly quit its cloud business. In June, the company had said Zhang was leaving as chairman and CEO of Alibaba Group to focus on the cloud intelligence unit. Qualcomm — The semiconductor stock jumped 7.4% premarket after saying Monday it will supply Apple with 5G modems for smartphones through 2026. The Wall Street firm said the slide in the Band-Aid maker has created an attractive entry point. The Wall Street firm called software and services revenue the "biggest value driver" for Tesla.

Persons: Alibaba —, Daniel Zhang, Zhang, Tesla, Morgan Stanley, —, Smucker, Alex Harring, Hakyung Kim, Michelle Fox Theobald, Samantha Subin, Sarah Min, Kif Leswing Organizations: Tenable Holdings, JPMorgan, Alibaba Group, Qualcomm, Apple, Deutsche Bank, Oracle, Hostess Brands, Meta, Wall Street

SHANGHAI, Sept 10 (Reuters) - China's Alibaba Group (9988.HK) said on Sunday that Daniel Zhang will step down from its cloud business, in a surprise move just two months after the company announced he would leave his roles as group CEO and chairman to focus on the cloud unit. Zhang had previously been concurrently serving in three roles, heading the group as well as its cloud unit. As scheduled, he handed over the role of group CEO to Eddie Wu on Sunday, who will also take charge of the cloud business after Zhang's departure, the company said in a statement. "Following careful consideration, the Alibaba board respected and accepted Daniel's decision and appointed Eddie as acting chairman and CEO of Cloud Intelligence Group, effectively immediately." Zhang will continue to contribute to Alibaba by "channeling his expertise differently," the letter added, saying that Alibaba will invest $1 billion in a technology fund that Zhang would establish.

Persons: Daniel Zhang, Zhang, Eddie Wu, Alibaba, Daniel, Joseph Tsai, Eddie, Brenda Goh, Hugh Lawson, Sharon Singleton Organizations: HK, Sunday, Cloud Intelligence Group, Reuters, Thomson Locations: SHANGHAI

☆ Alibaba says Daniel Zhang steps down from cloud business
▼ + stars: | 2023-09-10 | by ( ) www.cnbc.com time to read: 1 min

Daniel Zhang, chairman and chief executive officer Alibaba Group, said the company's financial year from April 2021 to March 2022 was impacted by the uncertainties around Covid, "new expectations" on China's internet sector and the "high frequency" of international geopolitical conflicts. Alibaba Group said on Sunday that Daniel Zhang will step down as chairman and chiefexecutive officer of its cloud business. Zhang had previously been concurrently serving in three roles, heading the group as well as its cloud unit. He handed over the role of the group's CEO to Eddie Wu on Sunday, who willalso take charge of the cloud unit after Zhang's departure.

Persons: Daniel Zhang, Zhang, Eddie Wu Organizations: Alibaba

☆ Alibaba’s Boss Steps Aside
▼ + stars: | 2023-09-10 | by ( John Koblin | More About John Koblin | ) www.nytimes.com time to read: +1 min

Daniel Zhang, the departing chief executive and chairman of the Chinese tech giant Alibaba, has stepped down as head of the tech company’s cloud division, a position he held for mere months. The company announced in June that Mr. Zhang would give up the chairman role this month to Joseph Tsai, a co-founder of Alibaba, and that Eddie Yongming Wu, another founder, would became the chief executive. But Mr. Zhang had been widely expected to continue to lead Alibaba’s cloud computing division, a position he assumed in March as part of a broad restructuring that he unveiled for the company that month. The news that Mr. Zhang would also step down from the company’s cloud division was earlier reported by both Bloomberg and Reuters. Mr. Zhang’s standing at Alibaba became uncertain after the company announcement in June that he would be replaced by two key members of the tech giant’s old guard.

Persons: Daniel Zhang, Zhang, Joseph Tsai, Eddie Yongming Wu, Zhang’s Organizations: Bloomberg, Reuters Locations: Alibaba

☆ One part of China’s consumer market is holding up against a broad decline
▼ + stars: | 2023-08-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Customers enjoy food at a new Costco store in Shanghai on the first day of its trial operation on March 10. China News Service | China News Service | Getty ImagesBEIJING — If retail sales slowed this summer, it hasn't felt that way in parts of China. In the weeks around early July, New York residents David and Susan Schwartz visited three Costco stores, known as warehouses, on the outskirts of Shanghai and the neighboring city of Suzhou. China's retail sales slowed to a 2.5% year-on-year increase in July, adding to growing uncertainty about the country's future growth. Chris Reitermann CEO, Ogilvy Asia Pacific and Greater ChinaThe massive property market, where the majority of household wealth is stored, accelerated its decline in July.

Persons: hasn't, Susan Schwartz, David Schwartz, David, Susan, Malin, Goetz, Kate Spade, they're, Chris Reitermann, Ogilvy's Reitermann, Daniel Zipser Organizations: Costco, China News Service, Getty, BEIJING, U.S, Ogilvy Asia Pacific, CNBC, McKinsey Global Institute, Media, McKinsey Locations: Shanghai, China, New York, Suzhou, U.S, Hangzhou, Ningbo, York, Greater China

☆ The U.S. Open Is King of New York. Could It Do More for Queens?
▼ + stars: | 2023-08-26 | by ( David Waldstein | Gabriela Bhaskar | ) www.nytimes.com time to read: +1 min

More than 888,000 spectators attended the U.S. Open last year, and at least that many are expected this year at an event that is in some ways an annual contrast of culture and class. Many fans will drive there on the crowded parkways and highways adjacent to the stadium. Some will ride the commuter rails from Manhattan, Long Island and New Jersey, and others will squeeze onto the No. “We never lose sight of the fact that we are in a public park,” said Daniel Zausner, the National Tennis Center’s chief operating officer. “We want to be a bigger player in the community, always.”

Persons: “, ”, Daniel Zausner Organizations: U.S, Grand Central, Tennis Center’s Locations: Manhattan, Long, and New Jersey, Corona, Flushing, Jackson

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