The United Kingdom and Ukraine have announced a significant extension of their tariff-free trade agreement in a bid to support Ukrainian businesses impacted by the ongoing Russia-Ukraine conflict. This move, hailed as the most generous tariff break offered by any country, aims to provide much-needed economic support and certainty to Ukraine’s economy in the face … Read more
Chinese e-commerce giant Alibaba Group Holding reported lower-than-expected financial results in the December quarter, as the Hangzhou-based company grappled with challenging economic conditions and growing competition from new entrants in the online shopping sector. Net profit fell 77 per cent to 10.7 billion yuan (US$1.5 billion) in the three months ended December 31, the company … Read more
The 52-year-old Ma, who kept a low profile during China’s 32-month crackdown on Big Tech firms, delivered that positive message in a speech before Tencent’s annual staff meeting on Monday at a stadium in Shenzhen, the company’s home city in southern Guangdong province. Founded in November 1998, Tencent must find new lifelines in its video … Read more
This week, TikTok announced that it would be cutting back its spending on the TikTok Shop service. TikTok informed its TikTok Shop sellers in the US, that the company will be increasing its commission by more than five per cent and raising its charges for each transaction. The higher commission rates and consumer charges come … Read more
Chinese e-commerce giant JD.com has inked a partnership deal with the 2024 Spring Festival Gala, aired by state broadcaster China Central Television (CCTV), to give away gifts and “ digital red packets”, as domestic tech companies continue to leverage the show’s popularity to attract users. JD.com will be the “exclusive interactive partner” of this year’s … Read more
Chinese consumers offered double-priced Apple Vision Pro mixed reality headsets in grey market ahead of official launch A grey market for Apple’s Vision Pro mixed reality headset is emerging in China, with resellers doubling the official price to lure enthusiasts ahead of its official release next month. Dozens of merchants are offering to ship supplies … Read more
Jack Ma, co-founder of Alibaba Group Holding, has praised the mentality of rural teachers in China and their “belief in the future”, in a message of public support from the increasingly reclusive Chinese billionaire. In a videotaped speech issued by the Jack Ma Foundation on Thursday, Ma – a former teacher himself – is seen … Read more
“In the future, internet companies need to be more open-minded and inclusive to promote truly win-win cooperation in the industry,” the Securities Times article said. Increased collaboration between China’s major internet companies are expected to not only benefit consumers, but help further expand the industry, according to state media. Photo: Shutterstock While China’s gross domestic … Read more
Bolt, a leading checkout technology company, recently released its “2024 E-commerce Priorities and Predictions” report looking at the retail landscape for 2024. The company surveyed more than 100 decision-makers at U.S.-based e-commerce brands with revenues exceeding $100 million. Looking back at the 2023 holiday season, the report’s authors found that Cyber Monday broke single-day sales records of … Read more
Apple’s atypical discount drive on the mainland shows the US tech giant’s focus to gain ground in the world’s second-biggest economy amid sluggish global iPhone sales, which has seen the company hit by two ratings downgrades in the first week of this year. Huawei Technologies’ Mate 60 Pro smartphones are seen on display at its … Read more
