A federal board has ordered BNSF Railway to transport at least 4.2 million tons of coal from a Montana mine to a port in Canada this year

A union representing workers at General Motors, Ford Motor and Jeep-maker Stellantis has threatened strikes if a contract

By Steven Scheer JERUSALEM Bank Leumi, Israel's largest lender, reported a slight dip in third-quarter net profit as

CHICAGO--(BUSINESS WIRE)--Aug 25, 2023--

Just weeks after hugely disruptive protests and strikes over pension reforms in France finally died down, businesses in the country are grappling with the fallout from a week of rioting.

Policy uncertainty in South Africa eased in the third quarter after better-than-expected economic growth data and as inflation

Abrdn Plc appointed Aviva Plc veteran Jason Windsor as its new chief financial officer following the departure of

Daniel Zhang, the former CEO of Alibaba, has stepped down from his position in the tech giant’s cloud division, in a move that has shocked industry leaders. The 51-one-year-old had taken charge of the cloud division just months ago. Since the announcement by Alibaba, the component stock dropped 3 per cent on Monday in Hong Kong. “The board of our company expresses its deepest appreciation to Mr Zhang for his contributions to Alibaba Group over the past 16 years,” Alibaba said in a statement. Eddie Yongming Wu will succeed Mr Zhang as the acting chairman and CEO of its cloud unit, according to the statement. Nearly three months ago, Mr Zhang quit as company chief and said that he wanted to take care of the spin-off of its cloud business. Now, as Alibaba announced his exit from the cloud division amid the biggest-ever restructuring of the company, Mr Zhang’s exit has come as a surprise to analysts. “We were surprised by the announcement,” Citi analysts wrote on Monday. “Mr Zhang may have wanted to step back from the public spotlight, in our view,” they added, according to CNN. The cloud division is currently estimated to be worth $41bn - $60bn. However, analysts said the reams of data it oversees puts it at risk of facing regulatory scrutiny from both domestic and international regulators. Alibaba split into six business groups – including cloud, e-commerce, logistics, media and entertainment – in March in a major restructuring. “Daniel has expressed his wish to transition away from his role as chairman and CEO of Cloud Intelligence Group,” Alibaba said in the letter. “Following careful consideration, the Alibaba board respected and accepted Daniel’s decision and appointed Eddie as acting chairman and CEO of Cloud Intelligence Group, effectively immediately.” Citi analyst Alicia Yap was quoted as saying by CNBC on Monday that “investors may be concerned that the timing and process of AliCloud’s spin-off may be affected”. She added that Citi will continue to monitor developments and that they are awaiting any new announcements. CNN reported that in an internal letter to employees, Joseph C Tsai, chairman of Alibaba Group, said that he and Mr Wu are looking forward to embracing “the next phase” of Alibaba’s development. “This past March, we embarked on our most ambitious reorganisation in Alibaba’s 24-year history – “1+6+N” – in order to position the company for the future,” he wrote on Sunday, referring to the company’s organisational structure after the restructuring – 1 holding company, six business groups and various businesses. “Under Daniel’s and our team’s dedicated efforts, the reorganisation is making steady progress while our business continues to grow.” Read More Chinese e-commerce giant Alibaba announces new CEO and chairman in major management reshuffle Chinese e-commerce giant Alibaba says it will not sell shares in Ant's buyback program Chinese livestreamers set their sights on TikTok sales to shoppers in the US and Europe How Google reshaped the world – and is about to do it all over again Update your iPhone immediately The new iPhone could be the most expensive ever by far

The Swiss, feeling the impact of global warming on their rapidly melting glaciers, were voting on Sunday on a new climate bill aimed at steering...

Shares of Boeing rose on Monday after a report said China was considering ending its freeze on purchases

Donald Trump's legal problems may be a headache for the former president, but they are proving a boon to MSNBC

Israel and Hamas prepared for a third day of hostage releases from Gaza, after a last-minute dispute on