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Alibaba

US report raps Alibaba's Taobao, others for pirated goods

Washington - Al Maghrib Today

Alibaba's Taobao website and numerous public markets around the world were cited Friday as purveyors of hundreds of thousands of dollars in pirated goods in the US government's annual "notorious markets" review. The report by the US Trade Representative spotlighted online venues that sell pirated goods, but also faulted physical markets in South and North America, Europe and Asia asRead more

China's Tencent draws $41 bn orders for $5 bn bond sale

Beijing - Al Maghrib Today

Chinese gaming and social media titan Tencent has raised $5 billion in a bond issue which attracted orders totalling more than $41 billion for its biggest dollar-denominated sale so far, Bloomberg reported Friday. The group, known for its wildly popular "Honour of Kings" video game and ubiquitous WeChat social media platform, Thursday offered four tranches with maturities ranging from fiveRead more

China's Ant Financial drops MoneyGram deal

Beijing - Al Maghrib Today

Ant Financial, an affiliate of Chinese internet titan Alibaba, has been forced to abandon a $1.2 billion deal to buy US remittances firm MoneyGram after failing to get approval from regulators in Washington. The decision by the Committee on Foreign Investment (CFIUS) will deal a blow to Alibaba boss Jack Ma's push into the world's biggest financial market and followsRead more

Chinese court auctions skyscraper for $84 million

Beijing - Al Maghrib Today

A Chinese court is auctioning a skyscraper on the country’s largest e-commerce website — with a sky-high starting price of 553 million yuan ($84.2 million). The 39-floor building in Taiyuan, northern Shanxi province, along with the land on which it sits, goes on the block January 2 on Taobao, Alibaba’s e-commerce platform. Construction on the skyscraper began in 2006. StandingRead more

China targets booming online lending

Beijing - Al Maghrib Today

When Jia Xinru needed to borrow money to buy new clothes, order food and buy a projector to screen Breaking Bad on her wall, she had instant access to China's growing number of lenders via her mobile phone. The 24-year-old secretary is among millions of Chinese who have turned to proliferating online companies that dish out quick loans -- and are worrying theRead more

Alibaba betting on long-term gain

Barcelona - Al Maghrib Today

The booming eSports industry may not yet attract the sponsors and television rights of real life sports, but Chinese e-commerce conglomerate Alibaba believes it is only a matter of time before its bet on competitive video gaming comes up big. Alibaba's sports arm Alisports was opened in 2015 with the aim of cashing in on the rapidly growing world of electronic sports,Read more

China's tech giants reach global elite

New York - Al Maghrib Today

Powered by Chinese smartphone users splurging billions on mobile games and online shopping, China's tech giants Tencent (HKSE: 0700-OL.HK - news) and Alibaba (Berlin: AHLA.BE - news) are racing up the elite league of the world's most valuable companies. Hong Kong-listed Tencent, famous for its games and WeChat messaging service, became the first Asian firm to break into the $500Read more

Alibaba takes record $25 bn on 'Singles Day'

Beijing - Al Maghirb Today

Chinese online shoppers spent a record $25 billion on this year's "Singles Day" promotion run by e-commerce giant Alibaba, up nearly 40 percent from last year, figures showed on Sunday. At the peak, 256,000 payments were being processed per second on Saturday, the firm said, more than 90 percent of them placed via mobile. The company's gross merchandise volume forRead more

Uber gives green light for sale of stake

New York - Al Maghrib Today

Scandal hit ride-sharing company Uber on Sunday announced a deal to sell a stake to Japan's SoftBank, as the firm looks to turn a new page ahead of its planned IPO by 2019. The move was unveiled shortly after reports emerged that its former CEO Travis Kalanick and an influential investor had buried the hatchet in a long feud thatRead more