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REUTERS/Dado Ruvic/Illustration/File PhotoAug 10 (Reuters) - China's Alibaba Group Holding (9988.HK) reported its strongest quarterly revenue growth in almost two years on Thursday, boosted by a mid-year shopping festival that attracted bargain hunting consumers amid a sober economic environment. The Chinese e-commerce giant posted first-quarter revenue of 234.16 billion yuan ($32.29 billion), up 14% from the prior-year quarter which was hit by strict pandemic lockdowns. The figurebeat analysts' estimates of 224.92 billion yuan, according to Refinitiv data. Regulatory concern has eased for China's tech giants, including Alibaba, this year, with Chinese authorities keen to boost private sector confidence. (1 Chinese yuan renminbi = $0.1387)Reporting by Yuvraj Malik in Bengaluru; Editing by Shounak Dasgupta and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Daniel Zhang, Eddie Yongming Wu, Alibaba's, Joseph Tsai, Yuvraj Malik, Shounak Dasgupta, Sharon Singleton Organizations: REUTERS, HK, Cloud Intelligence Group, Tmall, PDD Holdings, Thomson Locations: U.S, China, Alibaba, Bengaluru

☆ Job growth slowed in July after a red-hot labor market in the first half of the year
▼ + stars: | 2023-08-04 | by ( Madison Hoff | Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Private education and health services saw a one-month job gain of 100,000, with healthcare and social assistance seeing a gain of 87,100. Leisure and hospitality, construction, and financial activities are some of the other industries that saw job growth. Julia Pollak, chief economist at ZipRecruiter, told Insider Friday's report from BLS showed a slowing labor market but one that's "still very solid." Different data points before Friday's jobs report suggest that the labor market is still a strong jobs market for workers and job seekers. Pollak described the labor market as sustainable, and Bunker described it as robust. So this is still a strong, resilient, robust labor market."

Persons: payrolls, Daniel Zhao, Julia Pollak, Pollak, it's, Nick Bunker, Tuesday's, Bunker, Labor Julie Su, we're Organizations: payrolls, Service, of Labor Statistics, BLS, Friday's BLS, North America, Bureau of Labor Statistics, Labor Locations: Wall, Silicon, Friday's

☆ Oil prices are up 20% and energy stocks are rebounding
▼ + stars: | 2023-08-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —Energy stocks are making a comeback after being left for dead earlier this year. Energy stocks faltered in the beginning of the year, defying investors’ expectations for last year’s boom to accelerate on a lack of global supply. That drop in energy stocks came despite OPEC+ producers, the cartel of oil producing countries plus Russia, announcing several output cuts in a bid to bump up crude prices. US WTI crude oil prices have gained 22% since June 11, while global benchmark Brent is up by 19%. Jobs report will likely be strongMarkets and economists are expecting another solid jobs report on Friday, reports my colleague Alicia Wallace.

Persons: That’s, what’s, ”, Rebecca Babin, Chevron, Derek Amey, Jobs, Alicia Wallace, Daniel Zhao, Refinitiv, Read, Here’s what’s, Danielle Wiener, Bronner, We’ve, ” Read Organizations: CNN Business, Bell, New York CNN — Energy, Energy, OPEC, Brent, Federal Reserve, CIBC Private Wealth, titans, Shell, Reuters, Glassdoor, USA Rice Federation Locations: New York, Russia, Saudi Arabia, China

Federal Reserve Board Chairman Jerome Powell speaks during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., July 26, 2023. Other parts of the Labor Department report were less encouraging for Fed policymakers counting on a labor market softening to put more downward pressure on inflation. Traders of contracts tied to the Fed's policy rate now see less than a 30% chance of another rate hike by the end of this year, down from about a 35% chance before Friday's jobs report. "I think overall this still does point to a labor market that is slowly but steadily heading toward a soft landing," said Daniel Zhao, lead economist at Glassdoor. There are several more key data releases that will shape Fed policymakers' views before the next policy meeting in September.

Persons: Jerome Powell, Elizabeth Frantz, Raphael Bostic, Austan Goolsbee, Daniel Zhao, Kathy Bostjancic, Ann Saphir, Tim Ahmann, Lucia Mutikani, Jason Neely, Kevin Liffey, Paul Simao Organizations: Federal, Committee, REUTERS, Federal Reserve, Atlanta Fed, Bloomberg Television, Labor Department, Chicago Fed, Nationwide, Thomson Locations: Washington , U.S, U.S

☆ What to expect from the jobs report: Steady, but cooler growth
▼ + stars: | 2023-08-04 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

But markets and economists are expecting another solid jobs report Friday morning. And while economic data isn’t typically the sexiest of topics, the government’s jobs report has in recent months delivered plenty of excitement and its fair share of surprises. Last July, for example, the US economy added 568,000 jobs — more than double the 250,000 that economists had expected. Come Friday, the government’s jobs report for this July might not end up being quite so shocking. In fact, it could be relatively humdrum: A slight cooling in job growth, and unemployment holding steady.

Persons: Minneapolis CNN — Fitch, ”, Daniel Zhao, Refinitiv, Chris Rupkey, That’s, Michael Gapen, Janet Yellen, Glassdoor’s Zhao, ” Zhao, there’s, ” Andy Challenger, Challenger, ” Gus Faucher, they’re, Becky Frankiewicz, “ Organizations: Minneapolis CNN, Glassdoor, Bank of America, ” Bank of America, Business, Conference Board, Fitch, Challenger, “ Companies, Labor Department, “, PNC Financial Services Group, CNN, Labor Statistics, BLS, “ Employers, ManpowerGroup Locations: Minneapolis, United States

☆ What to expect from the July jobs report: Steady, but cooler growth
▼ + stars: | 2023-08-03 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —Despite Tuesday’s credit rating downgrade amid concerns about the challenges facing the United States, markets and economists are expecting another solid jobs report on Friday. And while economic data isn’t typically the sexiest of topics, the monthly jobs report has in recent months delivered plenty of excitement and its fair share of surprises. Come Friday, the government’s jobs report for this July might not end up being quite so shocking. In fact, it could be relatively humdrum: A slight cooling in job growth, and unemployment holding steady. The broader economic scorecard for the United States makes the downgrade all the more “bizarre” and puzzling, noted top economists, including Treasury Secretary Janet Yellen.

Persons: ”, Daniel Zhao, Refinitiv, Chris Rupkey, That’s, Michael Gapen, Janet Yellen, Glassdoor’s Zhao, ” Zhao, there’s, ” Andy Challenger, Challenger, Gus Faucher, they’re, Becky Frankiewicz, “ Organizations: Minneapolis CNN, Glassdoor, Bank of America, ” Bank of America, Fitch, Challenger, “ Companies, PNC Financial Services Group, CNN, Labor Statistics, BLS, “ Employers, ManpowerGroup Locations: Minneapolis, United States

☆ Job market is undergoing an 'immaculate cooling,' says economist — but there are pockets of heat
▼ + stars: | 2023-08-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The job market is cooling. "That's a different response than might have been given in 2021 or 2022, when the market seemed to be hot all over the place," Zhao said. Americans, buoyed by their job prospects, also quit their jobs at a record pace, a trend that came to be known as the "great resignation." Wage growth surged at the fastest rate in decades amid stiff competition for labor; layoffs dropped to historic lows. Job openings fell slightly in June to about 9.6 million — still well above historical norms but down from the peak of more than 12 million in March 2022, according to the monthly Job Openings and Labor Turnover Survey issued Tuesday.

Persons: Daniel Zhao, Zhao Organizations: Finance, Big, Workers, Labor Locations: U.S

☆ China's tech crackdown cost over $1 trillion. But the economy is in such deep trouble that the country's cozying up to its tech firms again.
▼ + stars: | 2023-07-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China's tech crackdown wiped $1.1 trillion off the valuation of its Big Tech firms. China's economy is struggling to recover after three years of on-off COVID-19 lockdowns. China cracked down on the country's tech sector in 2020, taking down its Big Tech, whose market value has been wiped by $1.1 trillion. But now, authorities are laying out the red carpet for the same firms because the economy is in deep trouble. Local governments in China are wooing tech giants with at least five recent deals to build on the so-called "platform economy," the South China Morning Post reported on Sunday.

Persons: NetEase, Yin Li, Kuaishou, Yin Yong, Daniel Zhang, Lei Jun, Alibaba, Jack Ma Organizations: Big Tech, Morning, China Morning Post, Sunday, Communist Party Locations: China, Beijing, Hangzhou, Tianjin, Shenzhen

☆ US paychecks aren’t growing as quickly. That’s good for the Fed — but not for workers
▼ + stars: | 2023-07-28 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Wages and benefits paid to US workers rose 1% in the second quarter from the prior one, a slightly weaker pace than the 1.2% gain in the first three months of the year. The Employment Cost Index, a comprehensive measure of employers’ compensation costs, advanced 4.5% in the second quarter from a year earlier, a slower pace than the 4.8% rise earlier in the year. Monitoring the tight labor marketThe Fed is closely watching the state of the labor market because of the role that higher labor costs play in pushing up consumer prices. But the job market has cooled in the past several months as job openings declined while the share of people employed or seeking work increased, so some of those dynamics have been slowly unwinding. It remains to be seen whether inflation can drift all the way to 2% without a substantial weakening in the labor market.

Persons: paychecks, Friday’s, ”, Daniel Zhao Organizations: DC CNN, Bureau of Labor Statistics, Federal Reserve, Fed, University of Michigan’s Locations: Washington

☆ 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

☆ 10 Things in Tech: Low morale at Microsoft
▼ + stars: | 2023-06-21 | by ( Hallam Bullock | ) www.businessinsider.com time to read: +5 min

Morale appears to be low at Microsoft. According to internal messages, those changes were another blow to morale, after Microsoft announced it was laying off 10,000 staff in January. In other news:The AGI House is the Bay Area's hottest AI hacker house, hosting dinners, hackathons, and fireside chats on a weekly basis. Founders and VCs are clamoring to get into a $68 million AI hacker house. AGI House, an 18,000 square foot Hillsborough mansion, serves as a hacker house and community hub for the Bay's exploding AI scene.

Persons: Hallam Bullock, Satya Nadella, Kathleen Hogan, Stephanie Palazzolo, ElevenLabs, Andreessen Horowitz, Wharton, Eddie Wu, Daniel Zhang, Wu, Meta, Ashley Flowers, Jordan Pettitt, Shona Ghosh Organizations: CBS, US Coast Guard, Microsoft, Workers, Tmall, Getty Locations: London

☆ Wall Street ends lower, pausing rally as Powell testimony looms
▼ + stars: | 2023-06-20 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three major U.S. equity indexes ended the session in the red but off session lows, with oil super-majors Exxon Mobil Corp weighing on the S&P 500 and the Dow. Including Tuesday's loss, the benchmark S&P 500 has advanced 14.3% so far this year. Of the 11 major sectors of the S&P 500 all but consumer discretionary stocks (.SPLRCD) ended in negative territory. The S&P 500 posted 14 new 52-week highs and no new lows; the Nasdaq Composite recorded 68 new highs and 87 new lows. Volume on U.S. exchanges was 11.15 billion shares, compared with the 11.36 billion average for the full session over the last 20 trading days.

Persons: Jerome, Robert Pavlik, Pavlik, We've, Rivian, Morgan Stanley, Daniel Zhang, Eli Lilly, Stephen Culp, Shristi Achar, Shubham Batra, Johann M, Aurora Ellis Organizations: Fedex, Dow, Nasdaq, Federal, Exxon Mobil Corp, Dakota Wealth, U.S . House Financial, Dow Jones, Energy, Rivian Automotive Inc, Tesla Inc, PayPal Holdings, KKR & Co, Nike, Alibaba Group, Adobe Inc, Dice Therapeutics, Fedex Corp, NYSE, Thomson Locations: Fairfield , Connecticut, China, Europe, Bengaluru

☆ S&P 500 ends lower, pausing rally with Powell testimony in view
▼ + stars: | 2023-06-20 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Federal Reserve Chairman Jerome Powell's congressional testimony Wednesday looms as a potential market mover. All three major U.S. equity indexes ended the session in the red but off session lows, with oil super-majors Exxon Mobil Corp weighing on the S&P 500 and the Dow. The broad sell-off comes on the heels of the Nasdaq's longest weekly winning streak since March 2019, and the S&P 500's longest since November 2021. As of Friday's close, the benchmark S&P 500 had advanced 20% in the last twelve months, and over 14% so far this year. According to preliminary data, the S&P 500 (.SPX) lost 20.79 points, or 0.47%, to end at 4,388.80 points, while the Nasdaq Composite (.IXIC) lost 22.28 points, or 0.16%, to 13,667.29.

Persons: Jerome, Robert Pavlik, Pavlik, We've, Morgan Stanley, Daniel Zhang, Eli Lilly, Stephen Culp, Shristi Achar, Shubham Batra, Johann M, Aurora Ellis Organizations: Federal, Exxon Mobil Corp, Dow, Dakota Wealth, U.S . House Financial, Nasdaq, Dow Jones, Rivian Automotive Inc, Tesla Inc, Rivian, PayPal Holdings, KKR & Co, Nike, Alibaba, Adobe Inc, Dice Therapeutics, Fedex Corp, Thomson Locations: Fairfield , Connecticut, China, Europe, Bengaluru

Fed Governor Christopher Waller warned on Friday "core inflation is not coming down like I thought it would." Richmond Fed President Thomas Barkin said he was "comfortable" with further rate increases given that inflation was still not on the path back to 2%. Markets now await comments from more Fed officials including Fed Vice Chair Michael Barr later in the day, and Fed Chair Jerome Powell's semiannual monetary policy testimony to the U.S. House Financial Affairs Committee on Wednesday. Adding to the dour mood, China cut its benchmark lending rates by a smaller-than-expected 10 basis points. U.S.-listed shares of Chinese companies including Alibaba Group , JD.com and PDD Holdings (PDD.O) fell between 1% and 6% in premarket trading.

Persons: Eli Lilly, Christopher Waller, Thomas Barkin, CMEGroup's, Waller, Barkin, Michael Barr, Jerome Powell's, Powell, Hogan, Daniel Zhang, Shristi Achar, Shubham Batra, Johann M, Vinay Dwivedi Organizations: Therapeutics, Dow, Nasdaq, Federal Reserve, Richmond Fed, Traders, Microsoft, U.S . House Financial, Housing, Capitol, Riley, Fed, Alibaba, PDD Holdings, Dow e, Adobe Inc, Ford, General Motors, Tesla Inc, Dice Therapeutics, Thomson Locations: China, U.S, Bengaluru

The CEO role will be handed over to Eddie Yongming Wu, chairman of Alibaba's Taobao and Tmall Group, while Executive Vice Chairman Joseph Tsai will take over Zhang as chairman. "The idea or expectation that one person could manage the business' crown jewel Cloud and at the same time manage the entire Alibaba Group is an unreasonable expectation." "It would be inappropriate for me to continue serving as chairman and CEO of both companies at the same time during the spin-off process." Alibaba thanked Zhang for his "extraordinary leadership in navigating unprecedented uncertainties affecting the company's business over the past few years." Wu, who co-founded Alibaba alongside Ma and Tsai over two decades ago, will continue to concurrently serve as chairman of Taobao and Tmall Group, Alibaba said.

Persons: Zhang, Joseph Tsai, Alibaba, Daniel Zhang, Eddie Yongming Wu, Alibaba's, Daniel, Brian Wong, Jack Ma, Joe, Eddie, Eric Chen, Wu, Ma, Tsai, Alipay, Jacob Cooke, Cooke, China's, J, Michael Evans, Abinaya, Brenda Goh, Scott Murdoch, Anne Marie Roantree, Josh Ye, Muralikumar Anantharaman, Christopher Cushing Organizations: Alibaba, HK, Tmall, Reuters, Cloud Intelligence Group, Analysts, Alibaba Health, Technologies, Thomson Locations: SHANGHAI, China, Hong Kong, Shanghai, Beijing, Japan, Spain, Australia, Thailand, Tokyo, Taobao, Bengaluru, Sydney

☆ Alibaba Is Replacing Chairman and CEO Daniel Zhang
▼ + stars: | 2023-06-20 | by ( Raffaele Huang | Yoko Kubota | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/alibaba-says-joseph-tsai-to-take-over-as-chairman-succeeding-daniel-zhang-3bdf7a9

Persons: Dow Jones, joseph, tsai, daniel, zhang

☆ CNBC Daily Open: The Chinese dragon's still dozing
▼ + stars: | 2023-06-20 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Blinken unexpectedly meets XiU.S. Secretary of State Antony Blinken ended his China visit by meeting with Xi Jinping, the country's president. Nonetheless, they signal to markets that Chinese officials are ready to step in and support economic growth. CNBC Pro combed through FactSet data and found six stocks that are on the verge of forming the golden cross.

Persons: Blinken, Antony Blinken, Xi Jinping, Blinken's, Joe Biden, Xi, Eddie Wu, Alibaba's, Daniel Zhang, Joe Tsai, Zhang Organizations: CNBC, Xi U.S, U.S, Markets, Juneteenth, China's, Bank of, Tmall, Alibaba's Cloud Intelligence Group, Analysts Locations: Dongguan, Guangdong Province of China, China, frayed U.S, America, Asia, Pacific, China's Shanghai, Bank of China

☆ Alibaba appoints Joseph Tsai, Eddie Wu to succeed Daniel Zhang as chairman and CEO
▼ + stars: | 2023-06-20 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Joseph Tsai, executive vice chairman and cofounder of Alibaba Group, will succeed Daniel Zhang as chairman, according to an announcement by the Chinese tech giant on Tuesday. Eddie Wu, chairman of Alibaba’s e-commerce platform Taobao and Tmall Group, will succeed Zhang as chief executive officer and replace him on the company’s board of directors. Following the transition, Zhang will continue to serve as the chairman and CEO of Alibaba’s cloud unit. “I am grateful for the trust of the Alibaba Group board of directors and am honored to succeed Daniel as Alibaba’s CEO,” he said. Zhang was appointed by Alibaba as CEO in May 2015, eight years after he joined the company.

Persons: Hong Kong CNN — Joseph Tsai, Daniel Zhang, Jack Ma, Eddie Wu, Zhang, ” Zhang, Wu, “, Daniel, ”, Alibaba, Ma, Masa Son Organizations: Hong Kong CNN, Alibaba, Alibaba’s, Tmall, Alibaba Cloud Intelligence Group, Ant Group, Alibaba Group, University of Hong Kong, University of Tokyo Locations: Hong Kong, Beijing, Japan, China

June 21 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The one-year loan prime rate (LPR) was cut to 3.55% and the five-year LPR was cut to 4.20%. The yuan has been trading through 7.00 per dollar every day since May 18, and is now approaching 7.20/dollar. On the Chinese corporate front, investors are digesting the news of changes at the top of e-commerce giant Alibaba Group (9988.HK). The main global event for markets on Wednesday is likely to be Fed Chair Powell's semi-annual testimony to the House Financial Affairs Committee.

Persons: Jamie McGeever, Jerome Powell, Kazuo Ueda, weren't, Daniel Zhang, Eddie Yongming Wu, Joseph Tsai, Deepa Babington Organizations: Federal, Bank of, The Bank of Japan, People's Bank of China, Investors, Alibaba, HK, House Financial, Committee, Thomson, Reuters Locations: Asia, Japan

☆ Stocks making the biggest moves midday: Goldman Sachs, Avis, Rivian, Nike and more
▼ + stars: | 2023-06-20 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading. Goldman Sachs — Shares declined 2.2% in midday trading. Avis — The car rental company surged more than 6%. Chevron , ExxonMobil — Energy giants Chevron and ExxonMobil slipped more than 2% each in midday trading. Dice Therapeutics — Shares surged 37% after Eli Lilly said it was acquiring the biopharmaceutical company for $2.4 billion.

Persons: Goldman Sachs, Avis —, Morgan Stanley, Avis, Jay Sole, Rivian, Eli Lilly, Alibaba, Daniel Zhang, Wells, Biden, —, Jesse Pound, Alex Harring, Michelle Fox Theobald Organizations: UBS, Bank of America, Chevron, ExxonMobil — Energy, ExxonMobil, U.S . West Texas, Nike —, Rivian, Ford, GM, Intel, Bloomberg, Wall, JPMorgan Chase Locations: China, Brent, U.S, Germany, Wells Fargo, New York City

☆ Who is Alibaba's new CEO Eddie Wu and chairman Joe Tsai?
▼ + stars: | 2023-06-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Eddie Yongming Wu will step in as CEO, while Joe Tsai will take over as chairman on Sept. 10. Eddie Wu, incoming CEOEddie Wu is one of the co-founders of Alibaba, who first served it as a technology director back in 1999. Joe Tsai, incoming chairmanAnother co-founder of Alibaba, Joe Tsai was appointed as the company chief financial officer until 2013 and currently serves as executive vice chairman. He is also the chairman of Alibaba's logistics unit Cainiao, as well as a member of the Taobao and Tmall division. Joe Tsai will take up the role of chairman at Alibaba after current chairman and CEO Daniel Zhang steps down.

Persons: BABA BABA, Daniel Zhang, Eddie Yongming Wu, Joe Tsai, Jack Ma, Eddie Wu, Alibaba, Wu, Eddie Wu's, shouldn't, Jacob Cooke, Cooke, Jp Yim, Tsai, Lazada, Michael Evans Organizations: Alibaba, Ant Group, CNBC, Getty, Brooklyn Nets Locations: China, U.S, Lazada, Europe, Singapore, Asia

☆ Alibaba Says Its Chairman, Daniel Zhang, Will Step Down in September
▼ + stars: | 2023-06-20 | by ( Chang Che | ) www.nytimes.com time to read: +1 min

In a major overhaul at the top of the company, Alibaba Group, China’s leading e-commerce giant, announced on Tuesday that Daniel Zhang would relinquish his role as chairman and chief executive of the company. Mr. Zhang said he would continue to serve as chief executive of Alibaba’s cloud computing division. Joseph Tsai, an Alibaba veteran who is the company’s executive vice chairman, will succeed Mr. Zhang as chairman and as a member of Alibaba’s board of directors. The leader of Alibaba’s e-commerce division, Eddie Yongming Wu, will succeed Mr. Zhang as chief executive, the company added. He will continue to lead both of those platforms as Alibaba’s chief executive.

Persons: Daniel Zhang, Zhang, Joseph Tsai, Alibaba’s, Eddie Yongming Wu, Wu, Alibaba Organizations: Alibaba, Tmall, Alibaba’s

The logo of the Alibaba office building is seen in downtown Huangpu District in Shanghai, China, June 16, 2023. Alibaba Group said in a surprise announcement Tuesday Eddie Wu will succeed Daniel Zhang as its chief executive, a move that will free Zhang to focus on the company's cloud intelligence business. "As everyone is well aware, the development of core technologies such as cloud computing, big data and AI will lead to a tremendous transformation of our society and is of utmost strategic significance," Zhang said in an internal memo to Alibaba staff. "Cloud Intelligence Group is now full speed ahead on its spin-off plans and we are approaching a crucial stage of the process, so it is the right time for me to dedicate my full attention and time to the business," he added. Alibaba shares pared losses after the announcement and were trading down 1% in Hong Kong on Tuesday afternoon.

Persons: Eddie Wu, Daniel Zhang, Zhang Organizations: Alibaba, Cloud Intelligence Group Locations: Huangpu District, Shanghai, China, Beijing, Hong Kong

☆ 'When we meet again, may we all be carefree': Read the outgoing Alibaba CEO's memo to staff
▼ + stars: | 2023-06-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Read the full memo Zhang sent to Alibaba employees:My fellow Aliren,Since becoming CEO of Alibaba Group in May 2015, it has become my custom to send several letters to everyone every year. In turn, the Alibaba board of directors has appointed Joseph C. Tsai to succeed me as Chairman and Eddie Yongming Wu to succeed me as Chief Executive Officer. Time flies, and this year marks my 16th year at Alibaba Group. My appointment as CEO and Chairman of Alibaba Group was beyond my imagination. Daniel ZhangAlibaba Group Chairman and CEOAlibaba Cloud Intelligence Group Chairman and CEO2023.6.20

Persons: Zhang, Alibaba, Joseph C, Tsai, Eddie Yongming Wu, Joe, Eddie, hopefuly, Daniel Zhang Alibaba, 2023.6.20 Organizations: CNBC, Alibaba Group, Cloud Intelligence, Cainiao Smart Logistics, Cloud Intelligence Group, Alibaba Locations: Alibaba

☆ Stocks making the biggest premarket moves: Alibaba, Dice Therapeutics, Avis and more
▼ + stars: | 2023-06-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Atmus Filtration Technologies — Shares of the air filtration company rose more than 2% after a slew of analysts initiated coverage with bullish ratings, including JPMorgan. The bank said Atmus trades at a "deep discounted valuation vs. peers, despite >80% of aftermarket mix, while its planned expansion into industrial filtration should bridge the valuation gap vs. direct filtration peers over time." Avis Budget — Shares added 3.5% in light volume following an upgrade by Morgan Stanley to overweight from equal weight. Philip Morris International — Shares of the tobacco company rose 1.5% in premarket trading after Citi upgraded Philip Morris to buy from neutral. Carnival — Shares moved 1.5% higher in the premarket, building on gains made last week when it was the S&P 500's best performer.

Persons: Daniel Zhang, Eddie Wu, Alibaba's, Eli Lilly, Morgan Stanley, Adam Jonas, Jonas, Avis, Philip Morris, —, Jesse Pound Organizations: Alibaba, Holding, JPMorgan, Avis Budget, Citi, Warner Bros Discovery Locations: Beijing, China, —

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