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Alibaba to step up cloud computing expansion amid growing global demand

Alibaba Group Holding, China’s biggest e-commerce company, plans to ratchet up the expansion of its cloud computing ecosystem with more strategic partnerships and services, intensifying its global competition with Amazon Web Services (AWS) and Microsoft.Chief technology officer Jeff Zhang Jianfeng, who serves as president of subsidiary Alibaba Cloud, said the new initiative will make the 10-year-old business unit “a more technologically inclusive platform” at the company’s cloud summit in… Source link

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Xiaomi rebounds with 13.5 billion yuan annual profit, targets greater international expansion

Chinese smartphone giant Xiaomi Corp on Tuesday reported a net profit of 13.5 billion yuan (US$2 billion) last year, rebounding from its 43.9 billion yuan loss in 2017.The Beijing-based company’s total revenue grew 52.6 per cent to 174.9 billion yuan, up from 114.6 billion yuan a year ago, but slightly missed the 176 billion yuan market average estimate from analysts’ forecasts compiled by Bloomberg.That was driven by a 41.3 per cent increase in global smartphone sales to 113.8 billion yuan… Source link

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China’s No 2 pork producer eyes expansion amid deadly outbreak of African swine fever

China’s second-largest pork producer says it will increase production this year despite a serious outbreak of swine fever, betting on reduced supply and surging prices to boost profits.A total of 112 cases have been reported in 28 of China’s 34 provinces since August, resulting in the cull of over 950,000 pigs. The virus has also been detected in Mongolia and Vietnam, according to the Food and Agriculture Organisation (FAO) of the United Nations.The disease is fatal to hogs but does not affect… Source link

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Vietnam 

Banks speed recruitment to meet expansion plans – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Many banks have recently announced they will recruit a large number of personnel to meet their business expansion plans in 2019. Sài Gòn Thương Tín Joint Stock Commercial Bank (Sacombank) announced its plan to recruit 800 new staff for transaction offices and branches nationwide. The positions to be filled are for individual and corporate customer relationship managers, consultants and tellers, including 100 employees for four branches in the provinces of Thái Bình, Ninh Bình, Nam Định and Lào Cai. Leaders of…

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Vietnam 

Deputy PM hails Gazprom’s investment expansion plans in Việt Nam – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI – Deputy Prime Minister Trịnh Đình Dũng has called on Russian gas group Gazprom to continue its close co-ordination with Vietnamese ministries, agencies and partners in scientific and technological applications and administrative reforms in order to reduce costs and improve investment efficiency. While hosting a reception in Hà Nội on Thursday for Vitaly Markelov, deputy chairman of the Gazprom Management Committee, Dũng hailed the group’s investment projects in Việt Nam.  He highlighted the fruitful development of the traditional relations, friendship and strategic partnership…

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Ecommerce 

Alibaba bets on Frenchman at Lazada to lead high-stakes Southeast Asia expansion

In December, Alibaba Group Holding put Pierre Poignant in charge of Lazada, the subsidiary spearheading the Chinese e-commerce giant’s high-stakes Southeast Asia expansion.The choice was out of character for several reasons. Poignant is a professional manager – a type Alibaba supremo Jack Ma has long disdained. He was part of Lazada’s founding team, also typically disqualifying. Finally, as a Frenchman, he is one of a very few Westerners to have cracked Alibaba’s upper echelons.New York-listed… Source link

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Sun Hung Kai speeds up Greater Bay Area expansion, buys site in Guangzhou’s Nansha district for US$178m

Sun Hung Kai Properties, Hong Kong’s most valuable builder, said that it has bought a commercial plot near the high-speed railway station in Nansha – the geographic heart of the Greater Bay Area in Guangzhou – for 1.19 billion yuan (US$178 million).The site, close to Qingsheng station on the Guangzhou-Shenzhen-Hong Kong Express Rail Link, will yield a gross floor area of 262,619 square metres, according to Guangzhou Public Resources Trading Center, a department of Guangdong province that… Source link

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IMAX posts first drop in annual profit since 2016 as investments in expansion outpaced growth in box-office receipts

IMAX China Holding, a unit of the Canadian company that patented wide-format film, posted its first decline in annual earnings since 2016, as its investments for expanding its theatre network outpaced the growth in box-office receipts from screening its movies.Net profit fell 2 per cent to US$42.76 million last year, missing the US$48.61 million estimate in Bloomberg’s survey. Sales declined by 7 per cent to US$117.5 million, below the US$126.75 million expected by analysts.The company’s… Source link

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Vietnam 

CAAV asks for transport ministry’s approval for Phú Quốc and Pleiku expansion plans – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Phú Quốc International Airport is determined to increase its capacity to four million visitors per year by 2020 and ten million visitors in 2030. — Photo phuquocnews.com Viet Nam News HÀ NỘI — The Civil Aviation Authority of Vietnam (CAAV) has recently asked the Ministry of Transport to approve its detail planning adjustments for Phú Quốc International Airport in the southern province of Kiên Giang and Pleiku Airport in the Central Highlands province of Gia Lai. The proposal was made according to Decision No 236/QĐ-TTg of the Prime…

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Ant Financial acquires UK payments firm WorldFirst to advance its global expansion

Ant Financial Services, an affiliate of Alibaba Group Holding, has agreed to buy UK-based payments company WorldFirst to bolster its global expansion, marking the Chinese start-up’s biggest deal since a major US acquisition fell through last year. “Alipay and WorldFirst’s capabilities and international footprints are highly complementary, and together, we will be able to better serve small businesses and promote financial inclusion around the world,” said an Ant Financial spokeswoman in a statement on Thursday. Terms of the acquisition were not disclosed. Ant Financial-backed mobile payment firm Mynt seeks Philippine…

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