- China offers $325 bn in fiscal stimulus for ailing economy
- Small Quebec company dominates one part of NHL hockey: jerseys
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Want to film in Paris? No sexism allowed
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Little progress at key meet ahead of COP29 climate summit
- 'Party atmosphere': Skygazers treated to another aurora show
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Thunberg leads pro-Palestinian, climate protest in Milan
- Stock markets diverge before China weekend briefing
- EU questions shopping app Temu over illegal products risk
- Han Kang's books sell out in South Korea after Nobel win
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
- Musk unveils robotaxi, pledges it 'before 2027'
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- On US coast, wind power foes embrace 'Save the Whales' argument
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Wall Street stocks retreat from records on US inflation data
- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
- 7-Eleven owner restructures to fight takeover
- Sri Lanka recovering faster than expected: World Bank
- Hong Kong, Shanghai rally as most markets track Wall St record
- Uniqlo owner reports record annual earnings
- Hong Kong, Shanghai rally as markets track Wall St record
- Indonesia biomass drive threatens key forests: report
Alibaba to split into 6 groups, separate IPOs expected
Alibaba announced Tuesday that it would split into six business groups in one of the most significant overhauls of a leading Chinese tech firm to date.
The Hangzhou-based firm is one of China's most prominent tech giants, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.
Daniel Zhang, the company's chairman and CEO, said in a statement that the restructuring would enable each separate business to pursue its own fundraising and public listing plans.
Alibaba claimed the moves were intended to "unlock shareholder value and foster market competitiveness".
Under the new arrangement, each of the six newly established units will be managed by its own CEO and board of directors.
A key exception to the restructuring is Taobao Tmall Commerce Group -- the operator of one of China's top online purchasing platforms -- which will remain wholly owned by Alibaba Group.
Zhang will remain in his post as CEO of the company, although day-to-day operations of the individual business units will be ceded to the new management bodies.
The company said the new structure would bring greater market visibility to the value of its diverse business operations.
These changes will not affect Alibaba shares currently listed in New York and Hong Kong, the firm said.
Aiming for a more "nimble structure", the reorganisation will also involve cuts to the firm's middle and back office functions.
Recent years have seen the internet giant face unprecedented headwinds as Beijing has imposed tighter restrictions on the domestic tech industry.
Combined revenue at China's internet companies shrank by just over one percent to 1.46 trillion yuan ($212 billion) in 2022, the first contraction in almost a decade, according to data from the Ministry of Industry and Information Technology.
Alibaba founder Jack Ma has kept a low profile since late 2020, when a speech he made attacking Chinese regulators was followed by Beijing pulling the plug on Alibaba affiliate Ant Group's planned IPO.
Having ballooned into a sprawling corporate behemoth since its founding in 1999, the company has been seeking new ways to drive growth and reinvigorate its development.
Referring to the plan as a "transformation", Zhang said in the statement that it would make Alibaba "more agile, enhance decision-making, and enable faster responses to market changes".
Ma has been spotted around the world over the past two years, but made a rare public appearance in China on Monday after his fall from grace.
The celebrity entrepreneur has recently emphasised the need for Alibaba to embrace artificial intelligence technology, as new tools such as ChatGPT appear poised to reshape the global industry.
C.Peyronnet--CPN