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China’s e-commerce giant, Alibaba Group, has been fined 800,000 yuan ($129,000) by the price bureau in eastern Zhejiang province for violations by third-party sellers during promotions on its e-commerce platforms. Since Alibaba turned “Singles’ Day”, a November 11 Chinese response to Valentine’s Day, into an online shopping festival in 2009, the event has grown to similar proportions as Cyber Monday and Black Friday in the United States. “The company has
By Joseph Menn SAN FRANCISCO (Reuters) – A widely reported Russian cyber-spying campaign against diplomatic targets in the United States and elsewhere has been using two previously unknown flaws in software to penetrate target machines, a security company investigating the matter said on Saturday. FireEye Inc , a prominent U.S. security company, said the espionage effort took advantage of holes in Adobe Systems Inc’s Flash software for viewing active content
Financial technology company SunGard Data Systems Inc is preparing to appoint financial advisers to explore a sale that could value it at as much as $10 billion, including debt, people familiar with the matter said on Friday. SunGard has asked investment banks vying for advisory mandates to prepare for interviews as early as next week, the people said. The company plans to simultaneously explore an outright sale as well as
Japan and the United States reported progress in top-level trade talks on Sunday that could pave the way for a broader trans-Pacific trade deal, although Tokyo cautioned that a bilateral accord was unlikely in time for a summit next week. Japan’s Economy Minister Akira Amari and U.S. Trade Representative Michael Froman both said they had made good progress in the first of two days of cabinet-level discussions. “We exchanged opinions
Shanghai GM, a joint venture between General Motors and Chinese automaker SAIC Motor Corp , plans to spend 100 billion yuan over the next five years to develop new vehicles, Shanghai GM President Wang …
In January 2014, veteran short-seller Bill Fleckenstein said he was readying a new fund to bet on falling stock prices. Despite lackluster U.S. economic data, a world grappling with slow growth, concern that Greece and Ukraine could default on their debts, the U.S. stock market has been more than resilient. It has been impossible,” Seattle-based Fleckenstein told Reuters. “It all comes down to free money and that old saw –
China’s central bank on Sunday cut the amount of cash that banks must hold as reserves, the second industry-wide cut in two months, adding more liquidity to the world’s second-biggest economy to help spur bank lending and combat slowing growth. The People’s Bank of China (PBOC) lowered the reserve requirement ratio (RRR) for all banks by 100 basis points to 18.5 percent, effective from April 20, the central bank said
The threat posed by Greece beyond its borders may have diminished but efforts to agree an economic reform program to free up bailout funds and avert default will capture world attention this week. Euro zone finance ministers meet in the Latvian capital Riga on Friday with both sides saying time is running short to keep Greece afloat. Germany said last week it was unrealistic to expect euro zone countries to
Euro zone deputy finance ministers will meet midweek ahead of a Eurogroup finance ministers’ gathering two days later, a Greek government official told Reuters, as Athens and its creditors continue to seek a deal on reforms to unlock aid. “The two sides agreed that there will be a Euro Working Group meeting on Wednesday,” the official close to the talks said, declining to be named. Deputy ministers of the so-called
Toyota Motor Corp , the world’s largest automaker by sales volume, plans to launch two hybrid cars in China this year as part of efforts to launch vehicles that will help to reduce pollution in the country. The gasoline-electric hybrid cars, called Levin Hev and Corolla, will be launched in China in the second half of the year, the Japanese company said on Sunday on the eve of the Shanghai
