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Alibaba nets record $30 billion in Singles’ Day haul

SHANGHAI: Chinese e-commerce giant Alibaba Group Holding Ltd cashed a record 213.5 billion yuan ($30.7 billion) in sales on Sunday during its 24-hour online retail frenzy Singles’ Day, but the event’s annual growth dropped to its slowest rate. Shoppers in China and across the world snapped up hot items including iPhones, furniture and milk powder starting pre-dawn, with Alibaba recording roughly $10 billion in sales in the first hour after midnight. Singles’ Day, also called “Double 11”, is the world’s biggest online…

Daraz brings the world’s biggest sale day- Alibaba’s 11.11 Global Shopping Festival – to Pakistan

Daraz is set to join Alibaba's 11.11 Global Shopping Festival for the first time. The event, which was introduced by parent company and ecommerce giant Alibaba 10 years ago, is now the world’s biggest sale day and is set to drive Pakistan into a new era of online shopping. The GyaraGyara Sale will kick off on the midnight of November 11 and last 24 hours, featuring discounts of up to 91%. It will be a full day of hourly flash sales, mystery boxes, brand vouchers and unbelievable deals. With 3 million products from…

Alibaba’s Jack Ma to open institute for tech entrepreneurs in Indonesia

NUSA DUA, Indonesia: Jack Ma, executive chairman of China’s Alibaba Group Holding, said on Saturday he plans to open an institute to train thousands of tech entrepreneurs in Indonesia, where he is already an adviser to the government on e-commerce. Ma did not say when the Jack Ma Institute of Entrepreneurs would launch, but said the aim was to train 1,000 tech leaders a year over the next 10 years. “We’re giving a lot of opportunities for young Indonesian people to learn,” Ma told reporters after meeting Indonesian…

Alibaba’s Jack Ma to step down in one year, Zhang to become chairman

BEIJING: Jack Ma, the charismatic co-founder of China’s largest e-commerce firm Alibaba Group Holding Ltd, will step down as chairman in exactly one year on Sept. 10, 2019, the company said. Current Alibaba Chief Executive Daniel Zhang will replace him as chairman, while Ma will complete his current term on Alibaba’s board of directors following the company’s annual general meeting in 2020. Ma, who turned 54 on Monday, relinquished the role of chief executive in 2013. Zhang, 46, has been in the job since 2015 after…

Alibaba’s Jack Ma to unveil succession plan next week, remain chairman

BEIJING: Alibaba’s billionaire co-founder Jack Ma will announce a succession plan on Monday to hand the reins of his sprawling empire to a new generation of leaders but will remain executive chairman for the time being. Ma will announce the plan on his 54th birthday and the handover strategy will stretch over a significant period of time, the South China Morning Post (SCMP) newspaper reported citing a company spokesman. Alibaba declined to comment but pointed toward the SCMP story when asked about Ma’s plans. Ma,…

Chinese tech giant Alibaba enters Pakistan

KARACHI: China's biggest and well known Alibaba Group, has finally made its way into the Pakistani e-commerce Market, acquiring Daraz Group. In a press release, Daraz official said "With the acquisition, Daraz will be able to leverage Alibaba’s leadership and experience in technology, online commerce, mobile payment, and logistics to drive further growth in the five South Asian markets that have a combined population of over 460 million, 60% of which are under the age of 35." The press release also stated that Daraz…

Alibaba takes record $25 bn on ‘Singles Day’

SHANGHAI: 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 for its annual sales extravaganza known as "Double 11" representing November 11, came in at 168.3 billion ($25.3 billion), Alibaba said in a statement…

China opens its first ‘cyber court’

BEIJING: China's first "cyber court" was launched on Friday to settle online disputes, as the legal system attempts to keep up with the explosion of mobile payment and e-commerce. Residents of the eastern city of Hangzhou -- home to e-commerce giant Alibaba -- can now register their internet-related civil complaints online and wait to log onto to their trial via videochat. The cyber court will "offer regular people an efficient, low-cost solution to these new kinds of disputes that take place on the internet," Du Qian,…

China targets Alibaba’s Taobao, other e-commerce sites, in VPN crackdown

BEIJING: Chinese authorities have issued a warning to the country's top e-commerce platforms, including Alibaba Holding Group's Taobao.com, over the sale of illegal virtual private networks that allow users to skirt state censorship controls. Five websites have been asked to carry out immediate "self-examination and correction" to remove vendors that sell illegal virtual private networks (VPNs), according to a notice posted by the Zhejiang provincial branch of the Cyberspace Administration of China (CAC), China's top…

Alibaba Group President discusses e-commerce prospects with PM Sharif

ISLAMABAD: Prime Minister Nawaz Sharif on Wednesday received Mr. Michael Evens, President of the Chinese e-commerce giant Alibaba Group.   The Prime Minister recalled the fruitful discussions with founder and Executive Chairman of Alibaba Group, Jack Ma, on the sidelines of World Economic Forum at Davos earlier this year regarding opportunities to establish an e-platform in Pakistan. PM Sharif explicated that Pakistan had achieved economic stability over the last three years and was now among the fastest growing…