Alibaba said it will invest in 10 projects for job creation, “care for vulnerable groups” and technology innovation. Its 100 billion yuan ($15.5 billion) pledge includes 20 billion yuan ($12.5 billion) for a fund to “cut income inequality” in the company’s home province of Zhejiang, south of Shanghai.
Alibaba and other Chinese tech giants including games and social media service Tencent Holdings Ltd have announced plans to invest in social welfare, technology development and other ruling party priorities in response to pressure to align with Beijing’s political and economic plans.
Continue reading your story on the app
Continue reading your story in the magazine
The most powerful Pro lineup ever created
NIPPON STEEL SUES JAPAN BUSINESS PARTNER TOYOTA OVER PATENT
Nippon Steel Corp. is suing Toyota Motor Corp. over a patent for a technology used in electric motors in a rare case of legal wrangling between Japan’s top steelmaker and top automaker over intellectual property.
CHINA CRACKDOWN ON APPLE STORE HITS HOLY BOOK APPS, AUDIBLE
Amazon’s audiobook service Audible and phone apps for reading the holy books of Islam and Christianity have disappeared from the Apple store in mainland China, the latest examples of the impact of the country’s tightened rules for internet firms.
THE BEST TRAVEL PLAN THIS HOLIDAY SEASON: A BACKUP PLAN
It’s not even the busiest time of year for travel yet, and 2021 has already been chaotic — even for the most seasoned travelers.
CHINA CALLS MISSILE LAUNCH ‘ROUTINE TEST' OF NEW TECHNOLOGY
China said its launch of a new spacecraft was merely a test to see whether the vehicle could be reused.
AS BITCOIN GOES MAINSTREAM, WALL STREET LOOKS TO CASH IN
Love cryptocurrencies or hate the very idea of them, they’re becoming more mainstream by the day.
CARBON DIOXIDE UNDERGROUND STORAGE PROJECT ADVANCES
Plans for North Dakota’s first carbon dioxide storage project are moving forward.
DENIS VILLENEUVE'S DREAMS OF ‘DUNE' REACH THE BIG SCREEN
It was the eyes that drew Denis Villeneuve to “Dune.”
RIGHT ON CUE: NBA FINDS HIGHTECH OPTION FOR VIRUS TESTING
If so inclined, an NBA player could now test himself for the coronavirus and get results on his phone in no more than 20 minutes.
WALGREENS BEGINS TESTING DRONE DELIVERY IN TEXAS
Walgreens will begin flying packages by drone to residents in a pair of Texas cities in partnership with Google’s drone-making affiliate, Wing.
China's Boozy Work Culture Fuels a #MeToo Reckoning
Companies are updating employee guidelines to tackle excessive drinking and sexual harassment
Beijing's Tech Crackdown
After spending years emulating Silicon Valley, China is charting its own course
ALIBABA RECORDS FIRST QUARTERLY OPERATING LOSS SINCE IPO
Alibaba had its first quarterly operating loss since it went public in 2014 after Beijing slapped a record $2.8 billion fine on the nation’s largest e-commerce company for abusing its market position.
CHINA SUMMONS TECHNOLOGY FIRMS OVER VOICE SOFTWARE SECURITY
Chinese authorities summoned 11 companies including Alibaba and Tencent for talks regarding the security of voice software, as Beijing steps up scrutiny over the internet sector.
China's Big Chill
Following its crackdown on star capitalist Jack Ma, entrepreneurs grow cautious
COUPANG, THE AMAZON OF SOUTH KOREA, DEBUTS ON NYSE
The biggest IPO in years is rolling out Thursday on the New York Stock Exchange where Coupang, the South Korean equivalent of Amazon in the U.S., or Alibaba in China, will begin trading under the ticker “CPNG.”
China Comes For Its Tech Giants
The Chinese government’s crackdown on the country’s largest technology companies has raised fears that the industry could be paralyzed or cast into disarray as the economy enters a delicate moment. But one contingent within the tech sector is privately cheering on a broad set of anti-monopoly edicts: startups and their investors.
Where Is Jack Ma, China's E-commerce Pioneer?
China’s best-known entrepreneur, e-commerce billionaire Jack Ma, made his fortune by taking big risks.
The Very Public Humbling of Jack Ma
He was set to raise $35 billion from Ant’s IPO. Then China showed him who’s boss
MARKET DEBUT OF CHINESE E-FINANCE GIANT ANT GROUP POSTPONED
The planned stock market debut of the world’s biggest online finance company, Ant Group, was suspended in Shanghai and Hong Kong, disrupting a record-setting $34.5 billion initial public offering that highlighted China’s recovery from the coronavirus pandemic.