Tag: alibaba group

Alibaba promises Trump a million new jobs

Donald-Trump-funnyAlibaba Boss Jack Ma met US President-elect Donald (Prince of Orange) Trump to talk about putting a million small US  businesses onto his platform to sell to Chinese consumers over the next five years.

Alibaba thinks it can create a million US jobs as each company adds a position. Alibaba has previously campaigned to bring more small US businesses onto the company’s sites, but this is the first time Ma has discussed specific targets.

Trump and Ma emerged from their meeting at Trump Tower in New York together. The president-elect told reporters they had a “great meeting” and would do great things together. Ma called Trump “smart” and “open-minded”.

Ma said small businesses, especially in the Midwest, such as farmers and small clothing makers, who could tap the Chinese market directly through Alibaba, whose Tmall online shopping platform offers virtual store fronts and payment portals to merchants.  Apparently foreign brands do well selling their stuff to China’s vast and growing middle class by offering to smoothen out Chinese sales, payment and shipping processes.

Ma gets on rather well with the Chinese authorities which is more than can be said for Trump.  During the election he  often targeted China and blaimed it for US job losses and vowing to impose 45 percent tariffs on Chinese imports.

About 7,000 U.S. brands including wholesaler Costco Wholesale and apparel seller Levi’s currently sit on Alibaba’s Tmall, an Alibaba spokeswoman said. They made $15 billion in sales to Chinese consumers last year.

There is also the small matter of an ongoing US Securities and Exchange Commission investigation into Alibaba’s accounting practices. However Trump’s top choice for the incoming head of the commission is Wall Street lawyer Jay Clayton who happened to work on Alibaba’s initial public offering so we guess that means it will go through now.

 

Yahoo branded reckless over China crisis stance

Siding with Google over the Chinese government’s censorship plans has left Yahoo’s number one business partner behind the bamboo curtain with a red face.

Last week Yahoo said it was “aligned” with Google’s position that the violation of internet privacy was deeply disturbing and something that had to be opposed.
But a spokesman for Yahoo’s business partner in China,  the Alibaba Group, said over the weekend that it did not think this was a good idea.

Beijing has tried to play down Google’s threat to pull out of China because of attacks by hackers and censorship.

Yahoo pulled out of China several years ago when it sold much of its business there to the Alibaba Group, in which owns 39 per cent. Alibaba runs Taobao, China’s largest online retailer, as well as the country’s largest e-commerce site, Alibaba.com.

John Spelich, Alibaba Group said Yahoo was reckless when it made such statements and “communicated to Yahoo that Yahoo’s statement that it is ‘aligned’ with the position Google took last week was reckless given the lack of facts in evidence”.

Yahoo has not said if it is considering flogging its Alibaba shares.