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Added on the 19/05/2015 12:54:33 - Copyright : Reuters EN
Alibaba's Jack Ma calls a lawsuit by Gucci and other luxury brands "regrettable." Katie Sargent reports.
Shares of Chinese shopping website Alibaba fell as much as 3% on Monday. The prolonged absence from the public view of its founder Jack Ma has raised eyebrows. According to Markets Insider, Ma has not been seen in public in more than two months. When he unexpectedly failed to show up, he was abruptly replaced as a judge on an African entrepreneurship TV show late last year. His companies Alibaba and Ant Group face increased regulatory pressure from the Chinese government. The crackdown coincides with Ma's remarks at a conference that Chinese financial regulators were an 'old people's club,' unable to keep up with technology.
Founder of the Alibaba Group, Jack Ma, gave their encouragement to the participants at the 2017 Jumpstarter Grand Finale in Hong Kong, Tuesday. Jumpstarter Grand Finale is a pitching event for start-up companies in Hong Kong, which offers the best teams an opportunity to kick start their business with an investment of up to US $3 million.
A group of luxury brands like Gucci is suing China’s Alibaba in the U.S. with claims that the e-commerce giant is knowingly allowing counterfeit goods to be sold online. Jane Lanhee Lee reports.
The US Department of Justice sues Apple for illegally maintaining a monopoly for its iPhone by stifling competition and imposing exorbitant costs on consumers. "Apple has maintained monopoly power in the smartphone market not simply by staying ahead of the competition on the merits, but by violating federal antitrust law," US Attorney General Merrick Garland tells reporters. SOUNDBITE
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