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Alibaba cloud unit sets sights on Amazon in $1 billion global push

China’s Alibaba Group Holding Ltd said on Wednesday it would invest $1 billion into its Aliyun cloud computing arm to challenge Amazon.com Inc’s lucrative Web Services division, opening a global front in the battle between the two e-commerce giants. With the global cloud computing market estimated by analysts to be worth about $20 billion, Alibaba said in a statement the investment would go toward setting up new Aliyun data centres

GM to invest $1 billion in India to boost exports

General Motors Co said on Wednesday it will invest $1 billion over the next few years to turn India into a global export hub, even as it cuts production capacity in the country due to sluggish demand. The Detroit carmaker, which has the capacity to produce more than 280,000 cars a year in India, will reduce this to 220,000 a year by 2025 as it stops making cars at one