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☆ Alibaba to break up empire into six units, seek IPOs
▼ + stars: | 2023-03-28 | by ( Josh Horwitz | ) www.reuters.com time to read: +3 min

The six units are Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group, it said in a statement. Daniel Zhang will continue to serve as chairman and CEO of Alibaba Group, which will follow a holding company management model, and concurrently serve as CEO of Cloud Intelligence Group. Each business group and other investments will retain the flexibility to raise outside capital and seek an initial public offering, it said, with the exception being Taobao Tmall Commerce Group that handles its China commerce businesses and will remain an Alibaba Group wholly owned unit. Each business group, he said, had to actively tackle the rapid changes in the market and each Alibaba employee had to "return to the mindset of an entrepreneur." The restructuring "does inject an element of flexibility and adaptability into the company, which currently is something of a behemoth," he added.

☆ Factbox: How Alibaba's six new business units stack up
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +4 min

The company's CEO Daniel Zhang said the business units will each be free to pursue funding and IPOs independently, which points to a possible carving out in the future. Below are the six divisions:TAOBAO TMALL COMMERCE GROUPThe Taobao Tmall Commerce Group will cover Alibaba's domestic-facing e-commerce marketplaces, which make up over two-thirds of Alibaba's total revenue. Despite the scale of Alibaba's e-commerce operations, growth in the business has slowed. Taobao Tmall Commerce Group will remain wholly owned by Alibaba Group after the restructuring, the company said, even as the other units will be free to seek fundraisings and listings. Daniel Zhang, current chairman and CEO of Alibaba Group, will serve as CEO of the Cloud Intelligence Group.

March 27 (Reuters) - Major cryptocurrency exchange Binance and executives, including CEO and founder Changpeng Zhao, have been sued by the U.S. Commodity Futures Trading Commission (CFTC) for regulatory violations, according to a court filing on Monday. Binance's compliance program has been "ineffective" and the firm, under the direction of Zhao, told employees and customers to go around compliance controls, the CFTC said. It also accused Binance's former Chief Compliance Officer Samuel Lim of aiding and abetting Binance's violations. "For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. Its core Binance.com exchange, the world's biggest, processed trades worth about $23 trillion last year, according to data provider CryptoCompare.

The CFTC sued Binance, Zhao and its former top compliance executive with "willful evasion" of U.S. law, "while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit." "Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint," Zhao said in a statement. Firms such as brokers that facilitate U.S. customers' trading of such products are required to register with the agency. 'PIRATE SHIP'Founded in Shanghai in 2017, Binance sits at the heart of the global crypto industry. With a holding company based in the Cayman Islands, Binance has never revealed the location of its core exchange.

☆ Japan, Germany agree to carefully monitor markets, coordinate as needed
▼ + stars: | 2023-03-18 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

TOKYO, March 18 (Reuters) - Japan and Germany agreed on Saturday to coordinate closely on financial jitters stemming from problems among Western banks while carefully monitoring global markets and economy, a Japanese finance ministry official told Reuters. The agreement came in a 45-minute meeting between Japanese Finance Minister Shunichi Suzuki and German Finance Minister Christian Lindner, visiting Tokyo for bilateral government consultations. We will carefully watch developments and coordinate with the central bank and overseas authorities," Suzuki told Lindner, according to the Japanese official. Both sides agreed on the need to closely monitor financial developments and coordinate as needed, the official said, without elaborating further. They agreed on the need to strengthen supply chains as an element of economic security.

☆ Top Wall Street analysts like these stocks for the long haul
▼ + stars: | 2023-02-12 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +6 min

Here are five stocks picked by Wall Street's top analysts, according to TipRanks, a service that ranks analysts based on their past performance. Costco recently reported better-than-anticipated net sales growth of 6.9% and comparable sales growth of 5.6% for the four weeks ended Jan. 29. Benedict's convictions can be trusted, given his 55th position out of more than 8,300 analysts in the TipRanks database. Amazon's first-quarter sales growth outlook of 4% to 8% reflects further deceleration compared with the 9% growth in the fourth quarter. Rakesh sees a "modest downside" to Wall Street's consensus expectation for the 2023 revenue growth for Amazon's retail business.

☆ Amazon is the latest threat to Facebook as ad targeting suffers
▼ + stars: | 2023-02-10 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +11 min

"So many people start their shopping on Amazon," Hassett said in an interview. People take selfies in front of the logo of Facebook parent company Meta on November 9, 2022 in Menlo Park, California. Liu Guanguan | China News Service | Getty ImagesFor Loftie, Amazon and Google provide better value because a shopper is showing intent by searching for a particular item. "In the near term, we expect Meta ad share to decline further in '23 given macro headwinds and the pivot to Reels," they wrote. Rachel Tipograph, CEO of marketing technology firm MikMak, said there are other unforeseen costs tied to Amazon advertising.

☆ Exclusive: AFL-CIO wants bigger say in U.S. digital trade deals for workers
▼ + stars: | 2023-02-07 | by ( David Lawder | ) www.reuters.com time to read: +4 min

WASHINGTON, Feb 7 (Reuters) - The Biden administration has made digital trade the centerpiece of its trade negotiations, and the AFL-CIO wants a bigger say in how the U.S. Trade Representative's office sets goals in this area, arguing they are too often dictated by big technology companies. The USTR is expected to soon propose text on the digital chapter in negotiations for the Indo-Pacific Economic Framework, the Biden administration's signature economic agreement. U.S. Trade Representative Katherine Tai has pledged to create a "worker-centric" trade policy, but the AFL-CIO said digital trade negotiations too often make no mention of labor standards nor the workers who write software or support networks. "Corporations shouldn't dictate the rules of the global digital economy with no regard for working people," AFL-CIO President Liz Shuler said in a statement. Other AFL-CIO demands for digital trade negotiations include:- Requiring governments to enact strong policies to safeguard individuals' personal data as opposed to the current largely voluntary "self-regulation" model that has proven inadequate.

☆ From financial planning to dealmaking, here's how ChatGPT could impact jobs across Wall Street
▼ + stars: | 2023-02-03 | by ( Paige Hagy | Bianca Chan | ) www.businessinsider.com time to read: +3 min

Here's how the chatbot could impact six different areas of Wall Street. Experts have predicted ChatGPT's impact on a variety of industries, and it appears Wall Street will be no exception. ChatGPT has the capacity eventually to replace humans in certain roles, according to some, but the realization rests in the customers' hands. But while you mull on whether or not to pay attention to ChatGPT on Wall Street, some are already putting the tech to work. Insider spoke to five industry experts to get their take on how ChatGPT and its underlying tech could be applied to various sectors of financial services.

☆ Spotify joins media firms to urge EU action against Apple's 'unfair' practices
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Music streaming service Spotify Technology (SPOT.N), along with other media firms such as Deezer, urged the European Commission to take action against Apple Inc (AAPL.O) for anticompetitive and unfair practices, in a joint industry letter on Wednesday. The letter, addressed to the European Union antitrust regulator's Executive Vice-President Margrethe Vestager, demanded the Commission to act fast for the welfare of European consumers. Spotify has for years accused Apple of abusing its market position using its App Store rules to stifle competition. "We are writing to you to call for swift and decisive action by the European Commission against anticompetitive and unfair practices by certain global digital gatekeepers, and Apple in particular," read the letter, which was signed by chief executives of media firms Schibsted, Proton and Basecamp. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ BlackRock's mighty tech unit is a silver lining in an awful market. But competition and a recession could test its momentum.
▼ + stars: | 2023-01-09 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

In a tumultuous year for BlackRock, its powerful Aladdin business won record new mandates. "2022 was a good litmus test for the BlackRock model vis-a-vis Aladdin," said Cathy Seifert, a senior equity analyst at CFRA Research. Now Sudhir Nair, the longtime BlackRock executive who runs the Aladdin business globally, and his sprawling business face a test: Keeping that momentum. "To get new business, Aladdin may have to sharpen their pencils, despite the fact that I do think they still retain a best-in-class position," Seifert said. Influential rival money managers like Two Sigma, Pimco, State Street, and Amundi have been putting resources behind their own proprietary tech platforms.

Ulloa had been discussing ways to work with Latino Media Network's owners Stephanie Valencia and Jess Morales Rocketto, Castro said. Valencia and Morales Rocketto called Ulloa "a true trailblazer in Latino media." "He saw the value and promise of the Latino media industry before many others did. He's got that kind of money and he's very committed to the community,'" Castro said. “I am heartbroken by the sudden passing of my friend, Walter Ulloa, a trailblazer who has helped transform Spanish-language media,” Ruiz, the outgoing chairman of the Congressional Hispanic Caucus, said in a tweet Tuesday.

The firm's "years-long" fraud didn't just extend to playing with customer money, according to the SEC. Unlike those other market makers or power users, Alameda had a set of powerful tools at its disposal. The kind of high-frequency trading that FTX users engaged in made that invaluable. Alameda secured its loans from Voyager and BlockFi with FTT tokens, which FTX minted itself. Major Alameda lenders, like Voyager, declared bankruptcy.

☆ Coinbase CEO slams Sam Bankman-Fried: 'This guy just committed a $10 billion fraud, and why is he getting treated with kid gloves?'
▼ + stars: | 2022-12-08 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +4 min

The CEO of Coinbase said that it's "bizarre" Sam Bankman-Fried is "getting treated with kid gloves." "I mean, this guy just committed a $10 billion fraud, and why is he getting treated with kid gloves?" "We appreciate that you've been candid in your discussions about what happened at #FTX," Waters tweeted. Criminal Activity!," Waters tweeted. He's not the only crypto CEO who's criticized the former FTX CEO recently.

☆ Cyber scams target millions of online shoppers, but you can stay safe with the help of new technology
▼ + stars: | 2022-12-06 | by ( Sponsor Post | Created Mastercard With Insider Studios | ) www.businessinsider.com time to read: +4 min

But at the same time, they need to continue to offer frictionless services. We're constantly advancing our behavioral technology solutions to assess data, such as how you hold your phone and how fast you type or swipe. Advancements in technology have the potential to change life as we know it, so we can tap into our ground-breaking technology solutions to seamlessly enable how we want to live, work, and play. Our new Enhanced Contactless (Ecos) technology, an industry first, has security that is 3 million times harder to break. Find out more about how Mastercard is keeping customers safe from fraudThis post was created by Mastercard with Insider Studios

☆ How a work management platform can help your organization embrace digital transformation
▼ + stars: | 2022-12-05 | by ( Sponsor Post | Created Asana With Insider Studios | ) www.businessinsider.com time to read: +6 min

For many, this will mean moving on from a legacy ecosystem and investing in a new era of digital transformation. Ricoh's team was also primarily operating in manual workflows, which resulted in uncoordinated project launches and lack of transparency across the organization. A leading work management platform that helps organizations of all sizes orchestrate their work, Asana was a foundational step in working cohesively. Nine months in, and Ricoh's marketing team is using Asana as its day-to-day workplace management platform. Learn more about how Asana can help your team embrace a digital transformation.

☆ Stablecoins fall few cents short of respectability
▼ + stars: | 2022-11-23 | by ( John Foley | ) www.reuters.com time to read: +8 min

That will reignite the debate over how to regulate digital assets – especially when it comes to stablecoins, the most money-like part of the cryptoverse. Stablecoins are digital assets designed to have a steady value, usually by being pegged to a real-world currency like the U.S. dollar. For each dollar of stablecoin a user holds, there’s supposed to be a dollar, or something like a dollar, sitting in a metaphorical vault. And in the case of some so-called algorithmic stablecoins, what backs the stablecoin might be another digital token with no fundamental value. The total sum of major U.S. dollar stablecoins outstanding is just under $145 billion, according to CoinGecko.

☆ IPO funds raised by Southeast Asian companies fall amid economic headwinds
▼ + stars: | 2022-11-16 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Photographer: Dimas Ardian/Bloomberg via Getty ImagesThe funds raised by public listings in Southeast Asia fell by 52% this year compared to a year ago, data from Deloitte showed. Initial public offering (IPO) funds raised by companies in the region reached $6.3 billion from the January to Nov. 11 period, the management consulting company said. The findings also revealed that only eight large and medium-sized companies listed in 2022, less than half of the 19 large- and medium-sized companies that were listed in 2021. IPO activity in Southeast Asia was lower this year, with only two blockbuster IPOs — Indonesia's GoTo which raised $1.1 billion and Thai Life Insurance with $1 billion raised. This could mean that the bigger companies are holding out and postponing their listings in anticipation of better market conditions, Deloitte said.

☆ E-commerce firm Blibli up nearly 5% in Indonesia stock debut
▼ + stars: | 2022-11-08 | by ( Sheila Chiang | ) www.cnbc.com time to read: 1 min

Shares of Indonesian e-commerce company Blibli rose 4.9% in its Indonesian stock market debut Tuesday, in what was the country's second-largest initial public offering this year. Shares of PT Global Digital Niaga Tbk, which owns Blibli, climbed as high as 472 rupiah in early trading, up from its IPO price of 450 rupiah per share. In early afternoon trade, the stock was trading at about 452 rupiah. Blibli is the latest tech company to list in Southeast Asia since Indonesian unicorns Bukalapak's $1.5 billion share sale in August 2021 and GoTo's $1.1 billion IPO in April. Blibli, an online marketplace selling a range of household and lifestyle goods, was founded in 2011 and is owned by the Indonesian e-commerce group PT Global Digital Niaga which also runs an online travel business and supermarket chains.

☆ Indonesia e-commerce group Blibli sets IPO price at 450 rupiah per share
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: 1 min

JAKARTA, Nov 2 (Reuters) - Indonesian e-commerce group Blibli has set its initial public offering price at 450 rupiah ($0.0288) per share, according to its prospectus released on Wednesday. Blibli's operator PT Global Digital Niaga plans to raise as much as 7.99 trillion rupiah in its IPO this month. The share sale offering is set for Nov. 2-4, according to the group. ($1 = 15,650.0000 rupiah)Reporting by Stefanno SulaimanOur Standards: The Thomson Reuters Trust Principles.

☆ COSCO Shipping says to buy $2.7 bln port assets from parent, in $2.9 bln ship building deal
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - COSCO Shipping Holdings Co Ltd said on Monday it has agreed to buy port assets from its parent for an aggregate 19.7 billion yuan ($2.7 billion) as it aims to build a global digital supply chain for its customers. The Chinese shipping group said it would buy 14.9% of Shanghai International Port (Group) (600018.SS) from its indirect controlling parent China COSCO Shipping Corp Ltd for 18.9 billion yuan, and a 3.2% stake in Guangzhou Port (601228.SS) for 778.7 million yuan. COSCO Shipping Holdings (601919.SS) also said it had entered into shipping contracts with China COSCO Shipping's Dalian COSCO KHI Ship Engineering to build five vessels for a total of $1.2 billion. Its unit Orient Overseas (International) Ltd (0316.HK) has entered into ship building contracts with Nantong COSCO KHI Ship Engineering to build seven vessels for a total $1.7 billion. read more($1 = 7.2499 Chinese yuan renminbi)Reporting by Donny Kwok; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ How the mounting popularity of Formula 1 relies on continuous innovation in the live broadcast experience
▼ + stars: | 2022-10-26 | by ( Sponsor Post | Created Insider Studios With Tata Communications | ) www.businessinsider.com time to read: +8 min

The delivery and quality of the live broadcast experience are now more vital than ever. Broadcast connectivity partner Tata Communications leveraged its substantial expertise to rise to the challenge. "The brilliance of the F1 broadcast is that the viewer never has to think about the technology. Aside from F1, Tata Communications also partners with numerous other sports and entertainment franchises. Tata Communications' new broadcast model has delivered around a 34% reduction in the organization's travelling freight, which has lessened the environmental impact.

☆ Indonesia e-commerce group Blibli plans up to $528 mln IPO next month
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Oct 17 (Reuters) - Indonesian e-commerce group Blibli, backed by of one of the country's biggest conglomerates Djarum Group, plans to launch an initial public offering next month to raise as much as 8.17 trillion rupiah ($528.29 million), the company said. Blibli's operator PT Global Digital Niaga plans to sell as many as 17.77 billion shares, 15% of total capital, at a price range of 410 rupiah to 460 rupiah a piece in a share sale offering set for Nov. 1-3, it said in a prospectus. The listing plan follows the $1.1 billion IPO of GoTo Group, Indonesia's biggest tech firm, earlier this year and the 2021 $1.5 billion IPO of competitor BukaLapak. Blibli will use 5.5 trillion rupiah of the proceeds to pay back bank loans, with the rest to be used as working capital to develop its platform. ($1 = 15,465.0000 rupiah)Register now for FREE unlimited access to Reuters.com RegisterReporting by Gayatri Suroyo and Fransiska Nangoy Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

☆ Xi wanted China to be at the tech frontier. 5 years on, tensions with the U.S. have dented that goal
▼ + stars: | 2022-10-14 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +10 min

Major Chinese technology firms have been put on export blacklists since then. Looking ahead, the latest package of U.S. controls will make a huge dent in China's technology ambitions. Paul Triolo technology policy lead, Albright StonebridgeThings did not look as "bleak" for China's semiconductors in 2017 as they do now, Triolo said. China's tech crackdownA major hallmark of Xi's last five years is how he has transformed China into one of the strictest regulatory regimes globally for technology. China's technology giants are also posting their slowest growth in history, partly due to tighter regulations.

☆ Cathie Wood says most investors will be missing out on 'unbelievable opportunities.' She explains why disruptive innovation will scale from less than 10% of the stock market to more than 60% by 2030,
▼ + stars: | 2022-10-13 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Cathie Wood says innovation will scale from $7 trillion in market cap to $210 trillion by 2030. Wood believes algorithms that are focused on variables such as cash burn and cash cushion, are dominating the stock market. Wood estimated that the autonomous mobility industry will scale to $9 trillion - $10 trillion in revenue by 2030. However, most investors and portfolio managers are truly short on innovation stocks unless they're highly involved with the private markets, she added. "And so if you're short innovation, you're going to be missing some of these unbelievable opportunities."

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