A businessman who spun his wealth from bottled water and vaccines has usurped tech tycoon Jack Ma as China's richest man, the Bloomberg Billionaires Index showed this week.
Jack Ma, the head of e-commerce giant Alibaba Group Holding Ltd and China's best-known capitalist, is a Communist Party member, the official Party newspaper said on Monday, debunking a public assumption the billionaire was politically unattached.
Brazilian food company Minerva SA has signed memorandums of understanding with China's Alibaba and another five clients in the world's most populous nation to supply frozen beef for a period of five years.
Shares of Japanese technology firm Softbank have soared to their highest level in more than one year in Tokyo trade, jumping 5% at the open. That is on news Chief Executive Masayoshi Son said he will invest US$50bn in US businesses. But details are lacking on where the money will go and how it will benefit American businesses.
FIFA has signed its first sponsorship deal since the corruption scandal engulfed world football's governing body. The eight-year agreement with Chinese company Alibaba Group, the world’s largest online and mobile commerce company, is for the Club World Cup spanning 2015 through 2022.
Internet firms Alibaba and Tencent have been shortlisted as pioneers of a pilot scheme to set up private banks in China, as the country takes steps to open up its financial sector. A total of ten companies have been selected to set up private banks.