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CEO Zhang, Alibaba Succeeds Jack Ma as Chairman

The firm made a whopping $25 billion worth sales in a 24-hour period across its e-commerce platforms, last year.

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Alibaba Cloud
The logo is displayed at the New York Stock Exchange, in New York. VOA

Chinese e-tailer Alibaba Group’s Chief Executive Daniel Zhang will be the new chairman, succeeding its co-founder Jack Ma from September 10, 2019, the global firm announced on Monday.

“Ma will continue as the executive chairman of the company over the next 12 months to ensure a smooth transition to Zhang,” a statement quoting the Chinese behemoth said here.

The Hangzhou-based company’s 20th anniversary on September 10, 2019, Zhang will take charge as the new chairman.

Zhang, who was earlier the Chief Executive Officer (CEO) of Taobao, an online shopping portal owned by the Alibaba Group, was appointed the CEO of the Alibaba Group in 2015. He has been with the company since 2007.

Alibaba
Ma is revered by many Chinese, some of whom have put his portrait in their homes to worship in the same way that they worship the God of Wealth. Flickr

The co-founder of the company, Ma, will however, remain as a board member of the Alibaba Group until the annual shareholder meet in 2020, which marks the 21st anniversary of the e-commerce and tech conglomerate.

“While remaining as executive chairman in the next 12 months, I will work closely with Daniel (Zhang) to ensure smooth transition,” Ma said in a letter to the shareholders and employees on the occasion of the company’s 19th anniversary on Monday.

The transition demonstrates that the firm has stepped up from a company that relies on individuals, to one built on a culture of talent development, Ma’s letter addressed to the company’s 86,000 employees said.

Ma will remain a lifetime partner in the Alibaba Partnership and is a member of its partnership committee, the statement added.

Alibaba
Founded in 1999 by Chinese teacher-turned-entrepreneur Ma as a platform to connect Chinese manufacturers with the world. VOA

The Alibaba Partnership has 36 partners, who are the senior management of Alibaba Group or its affiliates, including movie-making firm Alibaba Pictures, cloud computing firm Alibaba Cloud, financial services firm Ant Financial among others.

Founded in 1999 by Chinese teacher-turned-entrepreneur Ma as a platform to connect Chinese manufacturers with the world, It stands among one of the largest companies in the world.

Ma, who turned 54 on Monday, said while continuing as a member of Alibaba Partnership, he wants to return to education.

“I want to return to education, which excites me with so much blessing because this is what I love to do. The world is big, and I am still young, so I want to try new things,” the Chinese business icon’s letter added.

The group’s e-tail portals Alibaba.com, Taobao, Tmall and AliExpress together clock billions of dollars of sales each year.

Alibaba
Cloud computing refers to a virtual space where one can grow their presence

As per its statement, the company’s revenue was $39.9 billion for fiscal 2017-18.

Also Read: Researchers In China Discover a Potential Antibiotic

During the company’s annual global shopping festival held on November 11 last year, the firm made a whopping $25 billion worth sales in a 24-hour period across its e-commerce platforms.

Apart from its online shopping portals, The company also offers electronic payment services and cloud computing services. (IANS)

Next Story

E-Commerce Policy: Centre To Regulate Cross-Border Flow Of Data

Restrictions on cross-border flows of data would not apply to data which is not collected in India, business-to-business (B2B) data sent to India as part of a commercial contract between a business entity located outside India and an Indian business entity.

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E-commerce
"India's data should be used for the country's development. Indian citizens and companies should get the economic benefits from the monetisation of data," said the draft policy released by the Commerce Ministry's Department for Promotion of Industry and Internal Trade (DPIIT). Pixabay

The Centre on Saturday released the draft e-commerce policy which proposes the regulation of cross-border flow of data collected by the sector players in India.

The draft policy is now in the public domain for comments and feedback from the stakeholders.

“India’s data should be used for the country’s development. Indian citizens and companies should get the economic benefits from the monetisation of data,” said the draft policy released by the Commerce Ministry’s Department for Promotion of Industry and Internal Trade (DPIIT).

All the data collected by the e-tailers in India and stored abroad should not be made available to other business entities outside the country, for any purpose, even with the customer consent, it said.

E-commerce
The data stored abroad “shall not be made available to a third party, for any purpose, even if the customer consents to it; all such data stored abroad shall not be made available to a foreign government, without the prior permission of Indian authorities,” as per the policy. Pixabay

The data stored abroad “shall not be made available to a third party, for any purpose, even if the customer consents to it; all such data stored abroad shall not be made available to a foreign government, without the prior permission of Indian authorities,” as per the policy.

However, the draft policy provides the government the right to access the data of Indian consumers stored abroad.

“A request from Indian authorities to have access to all such data stored abroad, shall be complied with immediately.”

The government will also prescribe penal consequences if an online retailer violates the rules.

Restrictions on cross-border flows of data would not apply to data which is not collected in India, business-to-business (B2B) data sent to India as part of a commercial contract between a business entity located outside India and an Indian business entity.

Software and cloud computing services involving technology-related data flows, which have no personal or community implications; and multi-national companies moving data across borders, which is largely internal to the company and its ecosystem would not have to follow the regulations.

As per the policy, domestic industrial standards need to be formulated and facilitated for smart devices and IoT (Internet of Things) devices to meet the goals of the country including, consumer protection, secured transactions, enhanced interoperability and ease-of-user interface.

E-commerce
Restrictions on cross-border flows of data would not apply to data which is not collected in India, business-to-business (B2B) data sent to India as part of a commercial contract between a business entity located outside India and an Indian business entity. Pixabay

National standard-setting organisations will be involved in this exercise along with other stakeholders, it said.

Regarding the taxation part, it said that the current practice of not imposing custom duties on electronic transmissions must be reviewed in the light of the changing digital economy and the increased role that additive manufacturing is expected to take.

The FDI policy in e-commerce has been developed in order to ensure that the marketplace provides a level playing field to all participants, it said.

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“A situation of capital dumping is to be strongly discouraged.”

The new FDI norms, which prohibit the e-tailers from selling products of companies in which they have stakes, came into effect on February 1 despite both Amazon and Walmart seeking a six-month delay in their implementation. (IANS)