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YS Learn: How focusing on strengths, hiring the right talent helped Alibaba defeat eBay in China

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When Jack Ma co-founded Alibaba over two decades ago, he enlisted over 17 of his friends to work towards becoming the biggest Chinese ecommerce marketplace and expand globally. In its early years, the company focussed on promoting B2B transactions between Chinese manufacturers and international buyers. The idea was to help SMBs in China to get access to global markets. However, this made Alibaba a direct competitor with ecommerce behemoth, eBay. What Jack Ma did was focus on his strengths. He didn’t launch a massive company-wide effort to develop a website, but he selected six people to work on a project – to develop an internet auction site that met the needs and preferences of the Chinese consumers. In the book Extreme Teams: Why Pixar, Netflix, AirBnB, and Other Cutting-Edge Companies Succeed Where Most Fail, author Robert Bruce says, they were then ‘quarantined,’ working, and often living in the apartment in Hangzhou, where Alibaba was started just a few years earlier. Jack Ma liked the idea of his small team going to battle it out with eBay — framing it as David versus Goliath. Jack Ma, co-founder and former executive chairman of Alibaba GroupAfter investing $250 million in China operations, eBay finally …

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Amazon CEO Jeff Bezos and his unprecedented rise to the top

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Today, Forbes pinned Amazon CEO Jeff Bezos’ net worth at a cool $192.3 billion, making him far and away the globe’s richest individual. He briefly surpassed $200 billion in August, the first person ever to do so.On a good day, he might earn several billion dollars, and analysts project that if his fortune continues to grow at its current pace, Bezos could become a trillionaire by 2026.  It’s difficult to fathom just how affluent Amazon’s front man is, and it can be illustrated in some truly bewildering ways. For instance, he is worth 1.2 million times the average American household and could fund all of Washington state’s public schools for over a decade, per Business Insider. Within just a few short weeks, these will likely have become vast understatements. 

Okay, he’s crazy rich. So what? Well, Democratic presidential nominee Joseph Biden recently claimed ninety-one of the Fortune 500 companies, including Amazon, paid absolutely nothing in taxes in 2018. The New York Times rated this claim true.Let’s look at history. In 2012, Amazon interestingly paid $530 million of federal income tax despite a net annual loss of $39 million. From 2013-16, $2.2 billion tax was paid on $7.73 billion income, an effective 28.46% rate. However, …

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Elon Musk Says Tesla Cybertruck Will Get ‘Lots of Improvements’ as GMC Hummer EV Attracts Great Reviews

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Elon Musk gave some updates on the Tesla’s electric Cybertruck specs and release date during the company’s Q3 2020 conference call.
Unlike other automakers which stay true with their concept, Musk said Tesla aims to improve the vehicles from the concept design towards its production. The electric car company has apparently been making changes to the truck’s design since its unveiling in November 2019.


(Photo : Tesla)Elon Musk Says Tesla Cybertruck Will Get More Improvements Before 2021 Delivery


Tesla Cybertruck Specs
Musk said he recently reviewed the design of the Cybertruck with Tesla’s Design Chief Franz von Holzhausen and the design team to supervise some improvements on the Cybertruck.
“There are a lot of small improvements compared to what was unveiled. I think it’s going to be better than what we showed,” CEO said as reported by Electrek. This includes the improvement on the truck’s adaptive air suspension while other design enhancements can be expected before the its delivery.

(Photo : Tesla)Elon Musk Says Tesla Cybertruck Will Get More Improvements Before 2021 Delivery

There will be three Tesla Cybertruck versions, but all will be made with an exoskeleton exterior. The base model is a single motor RWD that will offer 250 miles of driving range. …

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Jack Ma’s Ant Receives China Approval for IPO in Shanghai

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Jack Ma’s Ant Group Co. is asking buyers of what could be the world’s biggest-ever initial public offering to commit to the deal just days before the U.S. presidential election. The Chinese fintech giant will price the Shanghai portion of its dual listing on Oct. 27 and allow subscriptions on Oct. 29, it said in a prospectus published on Wednesday. The deadline for payments will be Nov. 2. Ant hasn’t yet spelled out dates for the Hong Kong leg of the IPO, but they’re expected to be similar.

While the company’s share sale is among the most hotly anticipated deals in years, the timeline will leave investors in a potentially precarious position: locked in during pivotal week for global markets.  Shares will almost certainly start trading only after US Presidential elections on November 3rd, an event that could have big ramifications for both Ant’s overseas expansion plans and investor risk-appetite generally.

Ant…

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Report: China’s super rich got US$1.5t richer during pandemic | Malay Mail

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Jack Ma once again topped the list after his wealth surged a whopping 45 per cent to US$58.8 billion. — Reuters pic

BEIJING, Oct 22 — China’s super wealthy have earned a record US$1.5 trillion (RM6.2 trillion) in 2020, more than the past five years combined, as e-commerce and gaming boomed during pandemic lockdowns, an annual rich list said Tuesday.

An extra 257 people also joined the billionaires club in the world’s number-two economy by August, following two years of shrinking membership, according to the closely watched Hurun Report.

The country now has a total of 878 billionaires. The US had 626 people in the top bracket at the start of the year, according to Hurun in its February global list.
The report found that there were around 2,000 individuals with a net worth of more than 2 billion yuan (RM1.24 billion) in August, giving them a combined net worth of US$4 trillion.

Jack Ma, founder of e-commerce titan Alibaba, once again topped the list after his wealth surged a whopping 45 per cent to US$58.8 billion as online shopping firms saw a surge in business owing to people being shut indoors for months during strict lockdowns to contain the virus.

He was followed by Pony Ma (US$57.4 billion), …

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Alibaba will buy a fifth of shares in Ant Group’s $48 billion IPO,

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HONG KONG (BLOOMBERG) – Alibaba Group Holding has agreed to subscribe to more than a fifth of Ant Group’s imminent initial public offering, propping up its part-owned fintech giant’s potentially US$35 billion (S$48 billion) debut.
Asia’s largest corporation will buy 730 million of about 1.67 billion Shanghai-listed A shares as part of a placement to strategic investors, the e-commerce giant said in a stock exchange filing on Thursday (Oct 22). Including the Hong Kong tranche of its IPO, Ant intends to sell a total of 3.3 billion shares. In addition, the financial services giant plans to issue about 1.16 billion Hong Kong-listed or H shares to Alibaba, part of a distribution of about 3.26 billion shares to existing backers.
Alibaba co-founder Jack Ma’s Ant Group is racing towards what could be the world’s largest ever coming-out party, slated for sometime over the coming weeks. The IPO is said to have drawn strategic investors including Singapore’s sovereign wealth fund GIC, Temasek Holdings and China’s US$318 billion National Council for Social Security Fund.

That strong demand means the Alipay operator could fetch a valuation of at least US$280 billion, despite concern that people within the Trump administration are exploring restrictions on the Chinese fintech giant, according to people …

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What’s behind Alibaba’s ‘New Retail’ strategy? – Tech Wire Asia

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Source: ShutterstockAlibaba announced that it had doubled its stake in Chinese retailer Sun Art, taking control of one of China’s largest big-box chainsThe Sun Art network extends to 486 outlets, and Alibaba’s move is being seen as an extension of its “New Retail” strategyIn a 2017 letter to shareholders, Alibaba Group Holdings then-executive chairman Jack Ma announced the Chinese e-commerce giant’s ‘New Retail’ vision, outlining the company’s next disruptive step in retail.Three years and dozens of corporate exercises later, the e-commerce juggernaut — which has long ruled the world’s biggest online shopping market in China — will now also control the country’s largest hypermarket network.Alibaba announced plans to acquire a controlling stake in Sun Art Retail Group for approximately US$3.6 billion, building on a US$2.88 billion investment it made in the store operator in 2017. Once the transaction is complete, Alibaba will own 72% of Sun Art.  “As the COVID-19 pandemic is accelerating the digitization of consumer lifestyles and enterprise operations, this commitment to Sun Art serves to strengthen our New Retail vision and serve more consumers with a fully integrated experience,” Alibaba chairman and chief executive officer Daniel Zhang said. In essence, Alibaba is striving to disrupt …

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Fort Bragg says its Twitter account was hacked, after it posted lewd messages

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(CNN) — The US Army said Wednesday that the official Twitter account of its Fort Bragg base had been hacked, after the account posted several lewd messages.
“This afternoon the Fort Bragg Twitter account was hacked and a string of inappropriate tweets were posted to the account,” one of the Army units housed at Fort Bragg tweeted. Fort Bragg, North Carolina, is one of the Army’s largest bases, housing more than 50,000 military personnel.
“When made aware, the Fort Bragg social media team deleted the tweets & temporarily moved the account offline,” the tweet continued. “The matter is under investigation.”
The now-removed replies were responses to a lewd message and naked picture posted by another Twitter account featuring pornographic content.
CNN has reached out to Twitter for comment about the alleged hack.
The incident would mark the most recent high-profile hack on the site. According to an investigative report last week by New York regulators, the hackers who took over several high-profile Twitter accounts in July — including those of Joe Biden, Elon Musk and Apple — had gained entry into Twitter’s internal systems simply by posing as company IT officials making a support call.
The Twitter accounts, along with those of Barack …

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Youth baseball: Shoreline Surfers close regular season with doubleheader sweep

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CUMBERLAND — The Shoreline Surfers 11U AAU baseball team swept a doubleheader against the Stone Crabs on Sunday by scores of 13-9 and 15-4.In the opener, Tyler Falcone, Liam Jacobson, Logan Cronin, Grady Auth and Sean O’Leary all had multiple hits as the team finished with 13 hits. Matteo Hackett picked up the win in relief, pitching three innings and striking out five.In the second game Auth had multiple hits, scored two runs and drove in a pair. Falcone, Hackett, Jack Parker and Jacobson all had multiple hits. Falcone pitched four innings, allowed one earned run and struck out three to earn the win.

The Surfers finished the regular season 7-3 and have the No. 4 seed heading into the state playoffs this weekend.The Surfers will host the Phillies Elite team at Cimalore Field on Saturday at 1 p.m. in the first round of the single-elimination tournament.— Keith Kimberlin



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