Analysts think the e-commerce giant's growth could pick up through 2022. The investment consists of financial and non-financial incentives, such as funding, rebates and go-to-market initiatives.
Amazon, google, Alibaba and Microsoft’s own cloud services will be excluded from the deals. The move comes after smaller european union competitors took their grievances about its cloud service practices to antitrust regulators.
Amended licensing deals and other changes making it easier for cloud service providers to compete will take effect on October 1. The revised licensing deals mean customers can use their licenses on any European cloud provider delivering services to their own data centers. Amazon.'S Google, Alibaba and Microsoft's own cloud services will be excluded from the deals.
China's economy grew just 0.4% in the second quarter. Retail sales decreased year-over year in April and May due to resurgence of Covid-19 in Shanghai and other major cities. Alibaba's logistics networks in China were also affected, and it said some of its cloud computing projects were delayed.
Tech giant Tencent is set to record its first quarterly revenue decline since the 2008 financial crisis. Analysts predict sales will drop by 1.2% in 2022 to $188 billion, and Sony lowered its profit forecast.
China's top internet watchdog published a list of 30 algorithms used in some of the country's most popular apps. Rules are part of a broad regulatory crackdown by Beijing against its once free-wheeling technology sector. State media had accused internet platforms of using algorithms to invade user privacy and influencing their choices.
Chinese tech giants Alibaba, Tencent and ByteDance submit details of algorithms used in some of their products. China's internet watchdog on Friday published a list of 30 algorithms that companies use to gather information on users and promote content or services. In March, China rolled out regulations obliging firms to disclose these tools as concerns grow about data misuse.
China's internet regulator published a list of details about 30 tech companies' proprietary algorithms. The list includes algorithms belonging to companies including TikTok parent Bytedance, Alibaba, and Tencent. The document is part of a recent Chinese crackdown on tech companies, which have historically been reluctant to give out information about their algorithms.
Alibaba's shares have fallen by more than two thirds to value the company at $250 billion. The conglomerate is also the top shareholder in AI firm SenseTime.
The investment behemoth will reduce its stake in Alibaba to 14.6 percent, from 23.7 percent, by settling prepaid forward contracts. SoftBank booked a $50 billion loss at itsinvestment arm in the first half of the year as its tech bets soured.
Alibaba Group Holding Ltd. Reported flat quarterly revenue growth for the first time in its history. Company's performance was better than expected, and its shares were 4.3 percent higher in early US trading. CEO said the company saw signs of a business recovery in July, but emphasized that the following months would be a period of cost-cutting and efficiency.
E-commerce giant's shares were down 11 percent at $89.37 at the closing bell, ending the month 21.4 percent lower. It is among more than 270 Chinese companies listed in new york identified as being at risk of delisting under the Holding Foreign Companies Accountable Act.
