Alibaba CEO Jack Ma manages to keep the spotlight on him with a new 12-year, three-part digital partnership with the International Olympic Committee, which is announced at the World Economic Forum in Davos, Switzerland. He also criticizes the biggest U.S. companies for globalization backlash. Jack Ma proves to be a Sentifi financial crowd’s favorite, with more than 2,000 voices discussing him and everything he has said at the forum. Stay right here on Sentifi to keep up with all the latest insights into Jack Ma.
Jack Ma: The star of the World Economic Forum
Aside announcing from the partnership where Alibaba’s cloud services will be used to help the IOC operated more efficiently and more secured, Jack Ma also called out IBM, Microsoft, Google, Amazon and eBay for failing to create more jobs and a better ecosystem, which invited backlash for globalization. He claimed Alibaba had a better business model and a better ecosystem than Amazon where he makes sure his company can hire more people. He also blamed successive administrations in big U.S. corporations for withdrawing from manufacturing and merely focusing on high-value sectors.
China Oceanwide: Acquires International Data Group
Chinese investment conglomerate China Oceanwide, along with the investment management firm IDG Capital, has acquired International Data Group for an undisclosed amount. International Data Group is the owner of PCWorld magazine and market researcher IDG. The acquisition is the latest technology and media asset to be sold to Chinese investors. The deal appears to have been cleared by the U.S. Committee on Foreign Investment.
Western Union: Settles a fine with the U.S. federal government
The financial services and communications company is paying $586 million to the Fed on claims of lax anti-fraud controls. The fine is to reimburse the consumers who were victimized by fraud due to the company’s allegedly lax supervision of agents and anti-fraud and money-laundering controls. The fine came after the Fed finished a string of investigations on payments involving the smuggling of illegal Chinese immigrants, marketing scam, and drug trafficking on the U.S.-Mexico border. The bank then admitted to criminal violations, including willfully failing to maintain an effect anti-money-laundering program and aiding and abetting wire fraud.
Zodiac Aerospace SA: Acquired by Safran SA
French aircraft-engine Safran SA has agreed to buy French plane-seat supplier Zodiac Aerospace SA for $10.5 billion. Being two of France’s biggest aerospace groups, the deal will help the companies instill some concerns into their big competitor Airbus while building a new national aerospace conglomerate that will have better profit and share price. Safran CEO Philippe Petitcolin said the the combined company will be the world’s third-largest aerospace supplier behind GE and United Technologies Corp.
Avaya: Files for Chapter 11 bankruptcy protection
Communications company Avaya Inc. filed for Chapter 11 after it suffered from a decadelong string of annual losses. The company now is looking to restructuring its balance sheet in order to position itself better for the future. It is also consiering selling its call center business after receiving and reviewing potential offers.
Deliveroo: Expands into a new city
The U.K. food delivery service Deliveroo is expanding into Newport and creating at least 20 jobs. The company will roll out its online food delivery service to around 20 restaurants in the city. And to accomplish that, it is looking to hire riders to deliver food either on bike, scooter, or motorbike.
Panasonic Corp.: Proposes a new partnership with Tesla
Panasonic is hoping to expand its good relationship with Tesla in the realm of electric vehicle with a proposal of collaborating on sensor development. The company expressed great interest in Tesla’s self-driving system. Panasonic currently is supplying Tesla with batteries for its vehicles exclusively. It is also a co-investor in Tesla’ Gigafactory, investing $1.6 billion in the $5 billion facility. Sensors are a key part of self-driving car because the more accurate the sensors are in a range of settings, the better the car will function.
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