China’s Alibaba to battle Meituan in food delivery business
Justice Okamgba
August 8, 2018
Leading ecommerce giant, Alibaba Group said it plans to merge its food delivery units and raise funds for the combined business, a move that aimed at intensifying battle with Tencent-backed Meituan Dianping for dominance of China’s booming on-demand services market. Reuters reported that Alibaba units to be merged include food delivery platform Ele.me and food, […]
China warns of tariffs on imported US goods worth $60bn
Agency ReportAugust 6, 2018
China has revealed plans to impose retaliatory tariffs on US imports worth $60 billion (£46bn), firing the latest volley in the mounting trade dispute between the world’s two largest economies. Signaling the nation’s readiness to respond to the higher tariffs threatened by Donald Trump on $200bn of Chinese imports, officials in Beijing said countermeasures were […]
Japan, EU sign major trade deal to counter US-led protectionist drive
Businessam StaffJuly 17, 2018
Japan and the EU signed a sweeping free trade deal Tuesday, saying they were sending a “clear message” against protectionism, as Washington puts up barriers and threatens a trade war. According to AFP report, the deal signed in Tokyo is the largest ever negotiated by the EU and creates a massive free trade zone, eliminating […]
Trade concerns with China threatens America’s stock market
Adesola AfolabiJuly 17, 2018
Larry Fink, CEO of BlackRock Inc. the world’s largest asset management firm, has joined other high profile investors expressing caution on trade concerns with China that could potentially hurt America’s stock market. According to Fink, the trade wars pose a looming threat for Wall Street, despite a recent run up in US equity benchmarks. Fink […]
China hunts new grounds in Africa, South America for steel exports
Businessam StaffJune 6, 2018
Chinese steelmakers are hunting new export destinations in Africa and South America as shipments to their biggest overseas buyers in Southeast Asia fall by double digits, with new U.S. trade actions threatening to kill off some markets entirely. The world’s largest maker, consumer, and exporter of steel is finding it has fewer export options. The […]
Chinese e-commerce giant Alibaba created over 36.8m jobs in 2017
Businessam StaffApril 9, 2018
Chinese e-commerce giant Alibaba created over 36.8 million jobs in 2017 via its expansive retail ecosystem, a report showed. According to Xinhua news agency, quoting the Renmin University of China report, the company’s various e-commerce platforms like Tmall and Taobao, which cover over 500 million consumers, offered about 14.05 million jobs to online retailers in 2017. […]
China manufacturing activity accelerates in March on factories production increase
Businessam StaffMarch 31, 2018
Manufacturing activity in China accelerated in March, according to official data released Saturday, exceeding forecasts as factories increased production with the end of seasonal anti-pollution measures. The Purchasing Managers’ Index (PMI), which is published by the National Bureau of Statistics, rose to 51.5 in March compared with 50.3 in February and 51.3 in January. The […]
Global e-commerce giants to expand market share in Vietnam
Businessam StaffMarch 14, 2018
Vietnam’s blossoming e-commerce market has attracted global retailers such as Amazon, Alibaba and Shopee, but earning a profit in the country is another story. American e-commerce giant Amazon is set to join Vietnam’s fast-growing market this month by opening up its platforms to local small and medium enterprises. The company is expected to sign a […]
China’s private funds hit 1.85 trillion USD
Businessam StaffFebruary 19, 2018
China’s private investment funds amounted to 11.76 trillion yuan (about 1.85 trillion U.S. dollars) at the end of last month, up by 660 billion yuan in January, data from the Asset Management Association of China (AMAC) showed. The sector picked up speed from a 100-billion-yuan increase in the previous month. Funds for securities expanded to […]
IDB to finance Iraqi infrastructure with $500m – president
Businessam StaffFebruary 14, 2018
Ahmed Mohamed Ali al-Madani, the president of Islamic Development Bank (IDB), said the bank is ready to finance Iraq infrastructure with $500 million, The president said this in Kuwait on Wednesday, according to Reuters. Donors and investors have gathered in Kuwait to discuss efforts to rebuild Iraq’s economy and infrastructure as it emerges from a devastating conflict […]