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US$3.6bil deal will see group doubling stake in Sun Art Retail
HANGZHOU, Oct. 19 (Xinhua) -- Chinese e-commerce giant Alibaba Group on Monday announced that it will invest approximately 3.6 billion U.S. dollars to acquire control of Sun Art Retail Group Ltd., a leading hypermarket and supermarket operator in China.
Covid-19 has driven a projected 10 million more Russian consumers online, accelerating the race to become the country’s answer to Amazon.com Inc.
by Xinhua writers Zhao Jiasong, Chen Yushan
Alibaba’s move to take control of hypermarket operator Sun Art is expected to push forward its ‘new retail’ strategy in China. The stakes are high for Alibaba amid predictions that China will soon edge out the United States as the world’s largest retail market.
Social media platforms with e-commerce functions should be held to the same regulations as e-commerce platforms, according to a new draft regulation. Livestreaming e-commerce is the fastest-growing area of China’s internet amid the pandemic, but its popularity is also attracting more regulatory scrutiny.
Patreon Inc is known as a place where podcasters and other Internet creators go to make money through subscriptions. But on Oct 22, it became the latest social media company to address the growing presence of the conspiracy group QAnon.
Google and Temasek Holdings Pte have agreed to invest about US$350mil (RM1.45bil) in PT Tokopedia, people familiar with the matter said, a major cash infusion that will bankroll the Indonesian online mall’s post-Covid-19 expansion.