
UN nuclear chief is visiting Japan to give a final report on release of treated radioactive water
The head of the U.N. nuclear agency is in Japan to meet with government leaders and see final preparations for the release of treated radioactive wastewater into the sea from the damaged Fukushima nuclear plant
2023-07-04 10:19

Former Alibaba chair Daniel Zhang steps down as head of cloud division in surprise move
Daniel Zhang, the former CEO of Alibaba, has stepped down from his position in the tech giant’s cloud division, in a move that has shocked industry leaders. The 51-one-year-old had taken charge of the cloud division just months ago. Since the announcement by Alibaba, the component stock dropped 3 per cent on Monday in Hong Kong. “The board of our company expresses its deepest appreciation to Mr Zhang for his contributions to Alibaba Group over the past 16 years,” Alibaba said in a statement. Eddie Yongming Wu will succeed Mr Zhang as the acting chairman and CEO of its cloud unit, according to the statement. Nearly three months ago, Mr Zhang quit as company chief and said that he wanted to take care of the spin-off of its cloud business. Now, as Alibaba announced his exit from the cloud division amid the biggest-ever restructuring of the company, Mr Zhang’s exit has come as a surprise to analysts. “We were surprised by the announcement,” Citi analysts wrote on Monday. “Mr Zhang may have wanted to step back from the public spotlight, in our view,” they added, according to CNN. The cloud division is currently estimated to be worth $41bn - $60bn. However, analysts said the reams of data it oversees puts it at risk of facing regulatory scrutiny from both domestic and international regulators. Alibaba split into six business groups – including cloud, e-commerce, logistics, media and entertainment – in March in a major restructuring. “Daniel has expressed his wish to transition away from his role as chairman and CEO of Cloud Intelligence Group,” Alibaba said in the letter. “Following careful consideration, the Alibaba board respected and accepted Daniel’s decision and appointed Eddie as acting chairman and CEO of Cloud Intelligence Group, effectively immediately.” Citi analyst Alicia Yap was quoted as saying by CNBC on Monday that “investors may be concerned that the timing and process of AliCloud’s spin-off may be affected”. She added that Citi will continue to monitor developments and that they are awaiting any new announcements. CNN reported that in an internal letter to employees, Joseph C Tsai, chairman of Alibaba Group, said that he and Mr Wu are looking forward to embracing “the next phase” of Alibaba’s development. “This past March, we embarked on our most ambitious reorganisation in Alibaba’s 24-year history – “1+6+N” – in order to position the company for the future,” he wrote on Sunday, referring to the company’s organisational structure after the restructuring – 1 holding company, six business groups and various businesses. “Under Daniel’s and our team’s dedicated efforts, the reorganisation is making steady progress while our business continues to grow.” Read More Chinese e-commerce giant Alibaba announces new CEO and chairman in major management reshuffle Chinese e-commerce giant Alibaba says it will not sell shares in Ant's buyback program Chinese livestreamers set their sights on TikTok sales to shoppers in the US and Europe How Google reshaped the world – and is about to do it all over again Update your iPhone immediately The new iPhone could be the most expensive ever by far
2023-09-11 19:27

G7 finance ministers tackle global economic challenges as Yellen seeks to reassure on debt standoff
The financial leaders of the Group of Seven wealthy nations are meeting in Japan as a standoff over the U.S. debt ceiling looms as one of the biggest potential threats to the global economy
2023-05-11 11:15

Winklevoss twins' exchange seek dismissal of SEC lawsuit over Gemini Earn
By Jonathan Stempel An exchange run by the twins Tyler and Cameron Winklevoss on Friday asked a U.S.
2023-05-27 05:59

Subway enthusiasts stew over launch of first ever 3-inch sandwich
Fans of Subway’s sandwiches are up in arms after stores in Pakistan launched its first ever 3-inch mini sub as a budget-friendly option. The bite-size sandwich, which recently appeared on Pakistani menus and in social media posts, provides “value” to customers, a spokesperson for Subway told Bloomberg News last week. The new size is half the length of the company’s previous smallest sandwich, which is six inches. Its largest size, otherwise known as the “footlong” sub, is 12 inches. But the newer, cheaper, size is said to be a more bite-sized option to fulfil a “snack craving”. Announcing the launch, a post shared by Subway Pakistan’s Instagram account read: “Say hello to our NEW Mini Sub! The perfect treat for your snack cravings! Get ready to fall in love with its incredible flavors!” A second post added, “Our New Mini Sub is the cutest explosion of taste you’ll ever experience!”, followed by the slogan: “Unleash the mini magic”. The reduced size comes as Pakistan contends with Asia’s fastest rates of inflation, which has seen double-digit percentage increases in the price of fuel amid a cost of living crisis. The August data from Pakistan’s statistics bureau showed that food inflation was elevated at 38.5 per cent. Confronting rising prices, many restaurants have reportedly increased prices on their menus or reduced portion sizes. Pakistan was saved from debt default after securing a further $3bn bailout disbursement from the International Monetary Fund (IMF) in July. However, the deal has come with specific measures attached, including an increase in fuel and energy prices. These rising energy costs have sparked protests among citizens across the country. Meanwhile, Subway fans have been expressing their disappointment about the “tiny” size of the new sandwich. “No one is walking outta the shop after eating this and feeling full,” wrote one Twitter/X user. “That’s like 2-3 bites!” wrote one social media user, as another added: “This would barely feed a toddler.” While it seems that the mini sub has only been rolled out in Pakistan so far, it is unconfirmed whether the menu item will be available at other global stores. The Independent has contacted Subway for comment. Read More Tea enthusiasts stew over 60-second PG Tips teabag: ‘It’s a massive step backwards’ Dunkin’ fans appalled by amount of sugar in Ice Spice’s Munchkins Drink: ‘This should be illegal’ Millennial woman reveals everything Gen Z coworker has taught her: ‘Class was in session’ Three recipes from Michel Roux’s new fuss-free French cookbook How to cook to keep your gut healthy The symbolic foods that are eaten on the Jewish New Year
2023-09-19 17:48

These Are World’s Most Expensive Cities For High-Class Living
Singapore surged to top the rankings as the most expensive city in the world for luxury living for
2023-06-20 10:50

What is Billy Walters doing now? Sports bettor blames Phil Mickelson for insider trading conviction as he refused to testify at his trial
Billy Walters said Phil Mickelson could have potentially aided him in evading incarceration if he had chosen to testify during his trial in 2017
2023-08-29 20:27

Gas Is Here to Stay for Decades, Say Fossil Fuel Heavyweights
The biggest fossil fuel players are making the message clear: the transition to a green future will require
2023-06-24 09:20

IAEA chief will visit Japan's tsunami-wrecked nuclear plant before radioactive water is released
The U.N. nuclear chief is to visit Japan’s tsunami-wrecked nuclear power plant Wednesday after the agency affirmed the safety of a contentious plan to release treated radioactive water into the sea
2023-07-05 09:26

Yuan Weakens Past Psychological Level Amid Disappointing Data
Disappointing Chinese economic data this week is feeding through to the currency market, sending the yuan sinking beyond
2023-05-17 09:59

US to escalate claim that Mexico corn policy violates trade pact -Bloomberg News
The United States is preparing to escalate its complaint that Mexico's ban on genetically modified corn violates the
2023-08-17 14:54

Rakuten shares jump as mobile losses narrow
By Anton Bridge TOKYO Rakuten Group shares surged on Monday morning after the e-commerce giant reported narrowing losses
2023-08-14 10:25
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