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The 2023 Earthshot Prize winners:This year’s winners were chosen from a shortlist of 15 finalists by Prince William and the Earthshot Prize Council, chaired by Christiana Figueres, a former UN climate chief, who played a key role in negotiating the Paris Climate Agreement in 2015. The Prince of Wales speaks with the winners of the 2023 Earthshot Prize following the awards ceremony on Tuesday night. Irwin added that the Earthshot Prize offers “hope,” which “is something we all need to hang on to.”The Singapore skyline was lit up in green to celebrate the Earthshot Prize on Monday. Mohd Rasfan/AFP/Getty ImagesFigueres, who is also an Earthshot Prize trustee, told CNN that it was “such a joy” to work with the Prince of Wales. The prince said he was “thrilled” to be in Singapore for the third Earthshot Prize ceremony and outlined his vision for supporting this year’s shortlist of finalists.

Persons: Wales, Prince William, “, ” William, Christiana Figueres, Rania Al Abdullah of Jordan, Ernest Gibson, Jack Ma, Prince, Chris Jackson, Nidhi Pant, Emily Owen, ’, Ted Lasso ”, Hannah Waddingham, Sterling K, Brown, Cate Blanchett, Nomzamo, Robert Irwin, OneRepublic, Irwin, ”, Hunter, Steve Irwin, Mohd Rasfan, Prince of Wales, William, we’ve, Tharman Shanmugaratnam, Lee Hsien Loong, Catherine, Princess, Prince George Organizations: CNN’s Royal, Singapore CNN, Earthshot, Theatre, MediaCorp, Royal Foundation, WildAid, Technologies, S4S Technologies, CNN, ”, Voices, Getty, Figueres, BBC, PBS, Singapore, Jewel, HSBC Locations: Singapore, India, UN, Paris, Peru, South America, Hong Kong, South African, ”, AFP, Gardens, Kallang

SINGAPORE (AP) — Britain’s Prince William cheered on 15 finalists of his third Earthshot Prize in Singapore Tuesday ahead of the awards ceremony where five of them will win 1 million pounds ($1.2 million) each to scale up groundbreaking innovations to fight climate change. William spoke to the finalists — all whom are attending the ceremony for the first time for networking opportunities — at Gardens by the Bay, an artistic horticulture attraction. The winners are grouped into five categories: nature protection, clean air, ocean revival, waste elimination and climate change. The finalists included a U.S. company that found a way to recycle polycotton fabrics, which makes up half of all textile waste. Apart from the prize money, all 15 finalists will receive a year of technical support and resources to help them accelerate their ideas.

Persons: — Britain’s Prince William, William, —, Rania al Abdullah, Jack Ma, Stella McCartney, David Attenborough, Ngozi Okonjo, Yao Ming, Kate, couldn't, George, Hannah Waddingham, Sterling K, Brown, Bebe Rexha, Oscar, Cate Blanchett, Donnie Yen, Lana Condor, Mbatha, Robert Irwin Organizations: SINGAPORE, World Trade Organization, NBA, William’s Royal Foundation, MediaCorp, Sterling Locations: Singapore, Gardens, U.S, Indian, Sierra Leone’s, Freetown, Poland, Europe, U.K, Asia, London, Boston, Republic

☆ Founder of discount e-shopping firm PDD races up China's rich list
▼ + stars: | 2023-10-24 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

Colin Huang, who founded PDD in 2015 and stepped down as CEO in 2020, was the fastest riser in this year's Hurun Rich List, leaping seven places to be ranked China's third richest man with a $37.2 billion fortune. Richard Liu, who founded e-commerce giant JD.com, also saw his wealth, and that of his wife Zhang Zetian, fall by $6.2 billion since last year to $8.26 billion, according to Hurun's list. JD.com's shares fell to a record low earlier this month after banks cut its price targets citing a weaker-than-expected recovery in consumer spending. Hui Ka Yan is currently being investigated over suspected "illegal crimes", Evergrande said last month. Reporting by Casey Hall; editing by Brenda Goh and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Colin Huang, Yin Liqin, Rich, Jack Ma, Alibaba, Richard Liu, Zhang Zetian, Rupert Hoogewerf, PDD's Temu, Zhong Shanshan, Pony Ma, Hurun, Wang Jianlin, Hui Ka Yan, Evergrande, Casey Hall, Brenda Goh Organizations: Nasdaq, REUTERS, Rights, PDD Holdings, PDD, HK, Hurun, Dalian Wanda Group, China Evergrande, Thomson Locations: New York, Shanghai, China

ONJUKU, Japan (AP) — Scientists from the U.N. nuclear agency watched Friday as Japanese lab workers prepared samples of fish collected at a seafood market near the Fukushima nuclear plant to test the safety of treated radioactive wastewater released from the damaged plant into the sea. On Friday, a team from the International Atomic Energy Agency watched as fish samples were prepared at the Marine Ecology Research Institute in the coastal town of Onjuku near Tokyo. During Friday's lab visit, technicians prepared samples for the measurement of tritium, which cannot be removed from the wastewater by the treatment equipment at the Fukushima plant. Other lab workers packed processed fish samples for measuring Cesium, which experts say is important to monitor because it tends to stay in fish muscles. The Oct. 16-23 sampling work will be followed by a separate IAEA task force that will review the safety of the water discharge.

Persons: ”, Iolanda Osvath, searobin, Paul McGinnity Organizations: —, Tokyo Electric Power Company Holdings, International Atomic Energy Agency, Marine Ecology Research, IAEA, TEPCO Locations: ONJUKU, Japan, China, Russia, Onjuku, Tokyo, South Korea, Canada

☆ Vanguard sells stake in joint venture with Ant - Bloomberg News
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

A logo of Ant Group is pictured at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo Acquire Licensing RightsOct 17 (Reuters) - U.S. asset management giant Vanguard Group has sold its 49% stake in a joint venture with Jack Ma-backed Ant Group Co, Bloomberg News reported on Tuesday, citing people familiar with the matter. An increase in geopolitical tensions recently, however, has prompted some investing giants to split off their China arms. Vanguard did not immediately respond to a Reuters request for comment. Ant did not respond to a request for comment outside business hours.

Persons: Aly, Jack Ma, Ant, Niket, Anil D'Silva Organizations: Ant Group, REUTERS, Vanguard, Ant, Bloomberg, BlackRock, Fidelity, Thomson Locations: Alibaba, Hangzhou, Zhejiang province, China, U.S, Bengaluru

☆ A recession may still be in the forecast, experts say. Here's how to make sure you're prepared
▼ + stars: | 2023-10-11 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Jamie Kelter Davis | Bloomberg | Getty ImagesA recession has been in the forecast for much of 2023. "A recession is obviously going to happen at some point," said Jack Manley, global market strategist at JPMorgan Asset Management. Those factors may prompt the Federal Reserve to keep interest rates higher for longer, Aleman said. Experts say the key is to automate your savings so you do not even see the money in your paycheck. Another advantage to saving now: Rising interest rates mean the potential returns on that money are the highest they have been in 15 years.

Persons: Jamie Kelter Davis, Jack Manley, —, Eugenio Aleman, Raymond James, Aleman, Manley, Barry Glassman, CNBC.com, Glassman, Mark Hamrick, Matt Schulz, Schulz Organizations: Bloomberg, Getty, Asset Management, National Association for Business Economics, Finance, Federal Reserve, Wealth Services, CNBC's, Bankrate Locations: Chicago

[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

☆ Opinion: It doesn’t take an Agatha Christie detective to work out something’s up in Xi’s China
▼ + stars: | 2023-09-22 | by ( Sheena Mckenzie | Opinion Frida Ghitis | ) edition.cnn.com time to read: +7 min

She is a weekly opinion contributor to CNN, a contributing columnist to The Washington Post and a columnist for World Politics Review. The latest to vanish from view is China’s Defense Minister Li Shangfu. But anti-corruption campaigns are an ideal vehicle for political crackdowns, and in the opaque world of China’s regime, with no official explanation, there’s much that doesn’t meet the eye. (Rahm Emanuel, dripping with sarcasm, joked that the unemployment rate among Xi’s ministers might exceed that of China’s young people.) But China, of course, still promotes its system as a superior alternative to western-style democracy; tries to pretend that it’s not a dictatorship.

Persons: Frida Ghitis, Li Shangfu, “ I’m, Nobody, Rahm Emanuel, ”, Xi’s, Agatha Christie’s, Li, China’s, Qin Gang, Qin, Xi Jinping, Wang Yi, Qi, Xi, Mao Zedong, didn’t, Joe Biden, “, Hu Jintao, Hu, chastened, Jack Ma, Jeff Bezos Organizations: CNN, Washington Post, Politics, Frida Ghitis CNN, China’s Defense, People’s Liberation Army, PLA, Twitter, Qin, Street Journal, PLA’s, Force, United Nations General Assembly, Communist Party Congress Locations: China, Japan, Denmark, Vietnam, Beijing, Washington, Russia, Ukraine, Germany

☆ Xi's economic policies are leaving many China watchers perplexed and confused
▼ + stars: | 2023-09-20 | by ( Michelle Caruso-Cabrera | ) www.cnbc.com time to read: +8 min

Why is a nation with ambitions to become the dominant economic power in the world doing so many things to blunt that potential? Xi vs. the CCPMost, though not all, China watchers point to Xi himself as the instigator of those recent changes. "China's private sector, previously the growth engine of the Chinese economy, is paying the consequences," he told CNBC. In addition, he said "in recent months, China's National Development and Reform Commission has set up a bureau especially for private sector development." They cite external factors for weakness in the Chinese economy, including U.S. tariffs, trade restrictions, sanctions, and the sluggish post-pandemic global economy.

Persons: Xi Jinping, Lintao Zhang, Orville Schell, Schell, Jinping, Yasheng Huang, Xi, Ryan Hass, Kevin Rudd, Rudd, Anne Stevenson, Yang, Stevenson, Jack Ma, Mikhail Gorbachev, Liu Pengu, Yang Fan, Zhang Xinyu, Liza Tobin, Eric Schmidt Organizations: Political, CPC Central Committee, of People, Getty, Center, U.S, China Relations, The Asia Society, CNBC, Chinese Communist Party, Communist, MIT Sloan School, CCP, China Center, Brookings, Foreign Policy, Oxford University, J Capital Research, Communist Party, Party, U.S ., Soviet Union, National, Reform, Marxist Locations: Beijing, China, New York, U.S, Australia, United States, U.S . Congress, USSR, Soviet Union

☆ Facebook cofounder Eduardo Saverin says the best companies come out of downturns, because they forge entrepreneurs behind firms like Apple and Alibaba
▼ + stars: | 2023-09-15 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Facebook cofounder Eduardo Saverin says the best companies come out of times of economic downturn. Saverin pointed to examples like Apple, Microsoft, Alibaba, Facebook, Uber, and Airbnb. He cited the examples of Apple, Microsoft, Alibaba, Facebook, Uber, and Airbnb, and said the best companies emerge from "not great" periods in the market. Zuckerberg diluting Saverin's Facebook shares and booting him from the company in 2005 formed the central plot of the 2012 film, "The Social Network." Since his departure from Facebook, Saverin cofounded B Capital Group in 2020.

Persons: Eduardo Saverin, Saverin —, —, Airbnb, Uber, Jack Ma, Saverin, Mark Zuckerberg, Dustin Moskovitz, Chris Hughes, Andrew McCollum, Zuckerberg Organizations: Microsoft, Facebook, Service, B Capital, Milken Institute Asia Summit, Apple, Federal Reserve, Social, B Capital Group, Bloomberg Locations: Wall, Silicon, Singapore

☆ Former Starbucks CEO Howard Schultz steps down from board of directors
▼ + stars: | 2023-09-13 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Starbucks announced Wednesday that Howard Schultz is stepping down from its board of directors – but the former chairman’s name will be sticking around. Though Schultz is retiring, Starbucks is giving him the title of “lifelong Chairman Emeritus.”Schultz is stepping down as part of a planned transition, Starbucks said in a statement. He previously stepped down as CEO in March, as employees at stores across the nation moved to unionize. That was Schultz’s third time serving in the CEO role. Then, in April 2022, Johnson stepped down and Schultz took over the coffee giant as interim CEO.

Persons: Howard Schultz, –, Schultz, ” Schultz, Sheri, Wei Zhang, Zhang, Ralph Lauren Corporation, Jack Ma, ”, Laxman Narasimhan, “, Kevin Johnson, Johnson, Narasimhan Organizations: New, New York CNN, Starbucks, Alibaba, Alibaba Pictures, Los Angeles Sports & Entertainment Commission, Amblin Partners, Jack Ma Foundation, Starbucks Workers Locations: New York, China, Oleato

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

☆ China’s ‘Lipstick King’ tearfully apologizes after online spat highlighting country’s economic woes
▼ + stars: | 2023-09-12 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Li Jiaqi, who has 76 million followers on Taobao’s livestreaming platform, is one of the country’s biggest internet celebrities. Li Jiaqi attends a livestreaming ceremony in the Chinese city of Hangzhou on September 23, 2021. It’s easy for them celebrities to make money!” one user commented on Weibo, China’s version of X. His followers on Weibo, China’s version of X, has fallen by 1.1 million to 29.3 million since he made the comment on Sunday. Many online users questioned whether Li, a sales superstar for many years, was particularly harsh because he was simply tired and stressed out.

Persons: Li Jiaqi, Jack Ma, ”, Li, VCG, “, Li hasn’t, shouldn’t, ” “, Hu Xijin Organizations: Hong Kong CNN, Alibaba, Global Times Locations: China, Hong Kong, Hangzhou, Weibo, ”

☆ 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

☆ China's Ant Group unveils finance AI model as race heats up
▼ + stars: | 2023-09-08 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

[1/2] Ant Group sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Sept 8 (Reuters) - Ant Group unveiled a finance-specific artificial intelligence (AI) model on Friday and started testing consumer and professional apps for the product, joining a crowded race to deploy AI in heavily regulated China. The foray by Ant into financial AI is notable as the company founded by billionaire Jack Ma is China's biggest fintech firm, with more than 1 billion users worldwide for its Alipay payment app. Ant follows AI announcements by tech giants Tencent (0700.HK) and Xiaomi (1810.HK) on Thursday and Ant's affiliate Alibaba (9988.HK) in April. The Zhixiaobao 2.0 app, designed to give consumers financial tips, can match the average financial professional in market analysis and reasoning capability, Ant said.

Persons: Aly, Ant, Jack Ma, OpenAI's, Josh Ye, William Mallard Organizations: Artificial Intelligence, REUTERS, Ant Group, HK, Thomson Locations: Shanghai, China, HONG KONG

☆ Never mind deflation and the property crisis - a brain drain could be the next big threat to China's economy
▼ + stars: | 2023-09-04 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

It's been a rough 2023 for China, with Beijing failing to stop deflation or contain an ever-worsening property crisis. A brain drain could present the next big threat for the world's second-largest economy. Brain drains are almost always bad news for a country, robbing its economy of a key engine for growth. AdvertisementAdvertisementBrain drains are "horrible for the economy – you need leaders to drive your economy forward," Nuzum said. "If one entrepreneur leaves, whatever – but if tens or hundreds of thousands move across the border, that's a big problem."

Persons: It's, Xi Jinping, Jack Ma, Rich Nuzum, Nuzum Organizations: Service, Wall Street, Henley & Partners, Big Tech Locations: China, Beijing, Wall, Silicon, North America, Europe, that's

Like his predecessors, Xi wields power through his control of the Communist Party, the military and the government. One-Man Party Xi overturned term limits, erased factions and installed loyalists to establish sweeping control of the Communist Party. When Xi first took power in 2012, few in the Politburo Standing Committee, the most powerful group in China, had close ties with him. Party leaders often set broad policy, and government ministries and agencies refined and implemented their goals, sending feedback to the leaders. You Are Being Watched The world’s biggest and most pervasive surveillance system ensures that nobody can easily challenge the power Xi has amassed.

Persons: Xi, Mao, Deng, –, Deng Xiaoping, Alibaba, Jack Ma Organizations: Communist Party, Man, Companies Locations: China

The one unanimous conclusion they came to was that Beijing wants a greater state presence in these sectors. Kroeber says the crackdowns are about "defining what the state does, what the private sector does, and creating a more limited sandbox for the private sector to play in." That has left investors now picking the state over the private sector. The CCP's July Politburo meeting reinforced the message, with the top policymaking body pledging to put a floor under the property sector, help indebted local governments heal and boost consumer demand. Huang Yan, general manager of private fund manager Shanghai QiuYang Capital Co, said Beijing will crack down on any sector seen as increasing people's economic burden.

Persons: Aly, Jack, Arthur Kroeber, Kroeber, Zhang Kexing, Xi Jinping, Mao Zedong's, Thomas Masi, Masi, Xi, Nuno Fernandes, Fernandes, Huang Yan, Huang, Kumar Pandit, Pandit, Jason Xue, Ankur Banerjee, Vidya Ranganathan, Sam Holmes Organizations: REUTERS, Rights, Ant Group, CSI Medical Services, Beijing Tongrentang, HK, Poly, Beijing Gelei Asset Management, Communist Party's, Investors, Mao Zedong's Marxist, Boston, K Investment Management, Shanghai QiuYang, Somerset Capital, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONGKONG, Beijing, New York, London, Singapore

☆ Chinese online retailer Pinduoduo has a 'hyper-aggressive' culture with hours surpassing a '996' schedule, analysts write
▼ + stars: | 2023-08-11 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Temu's sister company Pinduoduo may have a "9127" culture, Bernstein analysts wrote. This is a play on "996" work culture, which encourages work from 9 a.m. to 9 p.m., six days a week. Temu sister company Pinduoduo is known for having an exceptionally intense workplace culture, Bernstein analysts wrote in a note published this week. "996" is a reference to a work culture that encourages tech employees to work from 9 a.m. to 9 p.m., six days a week. While Shein remains ahead of Temu in terms of buyer awareness, Temu sees high buyer retention rates, the Bernstein analysts noted.

Persons: Temu's, Bernstein, Temu, Jack Ma, Richard Liu Qiangdong, Robin Zhu, Pinduoduo, Shein Organizations: Morning, PDD Holdings, Pinduoduo, Representatives, Local Locations: China, Shanghai

☆ Morgan Stanley still likes these Chinese stocks despite a country downgrade
▼ + stars: | 2023-08-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Morgan Stanley has decided to take a break, downgrading MSCI China to equal weight while recommending a few consumer and industrial names. The Politburo meeting signaled policy easing, but outstanding issues — of debt, property, jobs and geopolitics — need significant improvement for sustainable inflows, the Morgan Stanley analysts said. Morgan Stanley has so far only changed it once this year: a cut in July to 5%. And despite their downgrade of Chinese stocks, the analysts added two mainland-traded A shares to their focus list. In its latest report, Morgan Stanley analysts also turned overweight on India.

Persons: Morgan Stanley, Laura Wang, Fran Chen, Wood, Warren Buffett, behemoth BlackRock, Biden, Liqian Ren, Ren, Hang Seng, Jack Ma's Alibaba, Morgan Stanley's, Morgan, WisdomTree's Ren doesn't, Ren doesn't, Michael Bloom Organizations: U.S, Chinese Communist Party, China ETF, WisdomTree Trust, Owned Enterprises ETF, Wall, JPMorgan, Baidu, State, Owned Enterprise Fund, Ping An Insurance Locations: China, . U.S, WisdomTree, WisdomTree Trust China, Morgan, Morgan Stanley's China, Hong Kong, India

☆ Jack Ma started off as a school teacher and built China's Amazon. But 3 years after Beijing cracked down on his tech businesses, Ma's now turned to farming.
▼ + stars: | 2023-08-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Alibaba cofounder Jack Ma has invested in a new agrotech company in China. Ma largely vanished from public view since angering Beijing with a critical speech in October 2020. During his disappearance, Ma traveled the world and studied agrotech. Alibaba cofounder Jack Ma is leading an active retirement. Ma, a teacher turned tech titan, retired from Alibaba in 2019 but still sits on the board of the Jack Ma Foundation.

Persons: Jack Ma, Ma Organizations: Morning, South China Morning, Marine Technology, Culture Co, Tokyo College, Alibaba, Jack Ma Foundation Locations: China, Beijing, Hong Kong, Tokyo, Tianyancha, Zhejiang, Hangzhou, Spain, Netherlands, Japan, Thailand

☆ 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

☆ Listing of Ant Group is unlikely in the short term, state media report
▼ + stars: | 2023-07-29 | by ( ) www.reuters.com time to read: 1 min

BEIJING, July 29 (Reuters) - A listing of Jack Ma-backed Ant Group (688688.SS) is unlikely in the short term, state media reported on Saturday, citing people close to regulation. Earlier this month, Ant Group announced a surprise share buyback that valued the fintech giant at $78.54 billion, well below the $315 billion touted in the suspended IPO. Reporting by Beijing newsroom Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Jack Ma, Mark Potter Organizations: Ant, Ant Group, Beijing, Thomson Locations: BEIJING

☆ Ant Group plans restructuring, paving way for Hong Kong IPO - Bloomberg News
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Jack Ma-backed Ant Group (688688.SS) is planning a restructuring that will break off some non-core operations of its China financial-related business, Bloomberg News reported on Tuesday, citing people familiar with the matter. Once the restructuring is complete and Ant secures the license, it can prepare for a public listing in Hong Kong instead of reviving the dual Shanghai-Hong Kong listing plan that was suspended by Chinese authorities in 2020, Bloomberg said. Ant Group declined to comment on the report, while Alibaba did not immediately respond to a Reuters request for comment. Earlier this month, Ant Group announced a surprise share buyback that valued the fintech giant at $78.54 billion, well below the $315 billion touted in the suspended IPO. Alibaba said it would not participate in the buyback but would maintain its shareholding in Ant.

Persons: Jack Ma, Ant, Alibaba, Jyoti Narayan, Savio D'Souza Organizations: Ant, Bloomberg, Alibaba, HK, Ant Group, Thomson Locations: China, Hong Kong, Shanghai, Bengaluru

Finance Minister Bruno Le Maire said on June 9 he had secured a pledge from 75 food companies to cut prices. French shoppers have paid more than 20% more for Nestle products each month since January versus last year, the data showed, and price increases peaked at 36.6% in May. Nestle, whose brands include Maggi stock cubes and Kit Kat chocolate bars, declined to comment. Similarly, stores sold products made by Activia yogurt owner Danone for between 11.2% and 16.7% more than last year in the first six months of the year. The NielsenIQ data shows the final prices retailers charge shoppers, and does not necessarily only reflect the prices food companies ask for from stores.

Persons: Arnd, Bruno Le Maire, Bernstein, Kat, Le Maire's, Jack Martin, Janus Henderson, Gaurav Gooptu, Richa Naidu, Sybille de La, Matt Scuffham, Sharon Singleton Organizations: Swiss, Nestle, REUTERS, Danone, Finance, Reuters, Reuters Graphics Reuters, Oberon Investments, U.S, Consumers, BNP, Thomson Locations: Bern, Konolfingen, Switzerland, France

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