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

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A Weakened Hurricane Florence Is Still Dangerous

The weather forecasters are predicting an additional 10 to 15 centimeters of rain to fall in hardest hit area in southeastern North Carolina

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Hurricane Florence
A member of the North Carolina Task Force urban search and rescue team wades through a flooded neighborhood looking for residents who stayed behind as Florence continues to dump heavy rain in Fayetteville, N.C. VOA

North Carolina Governor Roy Cooper says the risk to life is “rising with the angry waters” as what is left of Hurricane Florence dumps tons of rain across the state.

“Wherever you live in North Carolina, be alert for sudden flash floods. Pay attention to the weather warnings and be ready to head for safer ground if you’re asked to evacuate,” Cooper warned residents during Sunday news conference.

“Never drive through flooded roads. Just a few inches (centimeters) of water can wash your car away. And that is already happening out there.”

Florence is now a tropical depression, but continues to dump buckets of rain on parts of the southeastern United States as it slowly creeps toward the mid-Atlantic.

 

Hurricane Florence
Susan Hedgepeth is assisted along with her dog Cooper by members of the U.S. Coast Guard in Lumberton, N.C., Sept. 16, 2018, following flooding from Hurricane Florence. Hedgepeth was moved to higher ground. VOA

 

At least 16 people have been killed. Entire towns are completely cut off by floodwaters. Major highways are covered and more than 700,000 homes have no power. Many parts of North Carolina are under a tornado watch.

Top sustained winds are still a brisk 55 kilometers and one meteorologist says Florence is “still a catastrophic, life-threatening storm.”

 

Hurricane Florence
A pickup is submerged in floodwaters in Lumberton, N.C., Sept. 15, 2018, in the wake of Hurricane Florence. VOA

 

Federal Emergency Management Agency administrator Brock Long told Fox News Sunday “This is going to be a long, frustrating event” for those who have lost their homes or face substantial damage when they eventually are able to return.

It said the storm will continue to “produce heavy and excessive rainfall,” endangering towns and cities in its path.

 

Hurricane Florence
Members of a combined New Bern/Greenville swift water rescue team Brad Johnson, left, and Steve Williams rest after searching for people stranded by floodwaters caused by the tropical storm Florence in New Bern, N.C. VOA

 

One of the hardest hit cities in North Carolina was New Bern, a riverfront city not far from the coastline. Mayor Dana Outlaw said the city, hit by a three-meter storm surge at the height of the storm on Friday, has 4,200 damaged homes.

Across North Carolina, 26,000 people were being housed in 157 shelters after escaping their homes in advance of the flood waters.

 

Hurricane Florence
Floodwaters were rising near businesses in LaGrange, N.C., as Tropical Storm Florence pounded the area. VOA

 

The White House said President Donald Trump would visit the storm-ravaged region in the coming days, but only after it is determined his arrival would not disrupt continuing rescue and recovery efforts.

The hurricane agency said it expects Florence will dump up to another 25 centimeters of rain on central and western North Carolina, on top of the 38 to 50 centimeters that has already fallen on the region. It said the additional rain will “produce catastrophic flash flooding, prolonged significant river flooding, and an elevated risk for landslides in western North Carolina and far southwest Virginia.”

Hurricane Florence
A work truck drives on Hwy 24 as the wind from Hurricane Florence blows palm trees in Swansboro N.C. VOA

Further to the south, the weather forecasters are predicting an additional 10 to 15 centimeters of rain to fall in hardest hit area in southeastern North Carolina, where the storm dumped 75 to 100 centimeters of rain after crashing into the state’s coastline on Friday as a Category 1 hurricane.

Also Read: The Wrath Of Seas And Climate Change

Because the storm virtually stalled after hitting the shoreline, it has dumped record amounts of rain on the mid-Atlantic region, pulling warm water from the ocean. Storm surges, flash flooding and wind have left a path of destruction, with hundreds of thousands of people unable to return to their homes until floodwaters recede, which is expected to take days in many instances. (VOA)