Alibaba's Jack Ma says can't meet promise to create 1 million US jobs

Alibaba's Jack Ma says can't meet promise to create 1 million US jobs

By: 
Reuters
20/09/18, 08:02 am

SAN FRANCISCO (Sept 20): Alibaba Chairman Jack Ma said the company can no longer meet its promise to create one million jobs in the United States due to US-China trade tensions, Chinese news agency Xinhua reported on Wednesday.

Ma had met US President Donald Trump two years ago and laid out the Chinese e-commerce giant's plan to bring one million small US businesses onto its platform to sell to Chinese consumers over the next five years.

"This commitment is based on friendly China-US cooperation and the rational and objective premise of bilateral trade," Ma told Xinhua. "The current situation has already destroyed the original premise. There is no way to deliver the promise."

Ma said on Tuesday that trade tensions between the United States and China could last for two decades and would be "a mess" for all parties involved.

He had also said trade tensions would likely impact Chinese and foreign companies immediately and negatively, while predicting that Chinese businesses may move production to other countries in the medium-term to get around tariffs.

Trump on Monday imposed 10 per cent tariffs on about US$200 billion ($274 billion) worth of imports from China, and threatened duties on about US$267 billion more if China retaliated against the US action.

China responded a day later with tariffs on about US$60 billion worth of US goods as previously planned, but reduced the level of tariffs that it will collect on the products.

Ma, the charismatic co-founder of Alibaba, announced last week that he would step down in one year to concentrate on philanthropy and education, passing on the reins to trusted lieutenant Daniel Zhang.

Right timing: Temporary pause as STI consolidates gains

SINGAPORE (Feb 22): The recovery by the Straits Times Index that started towards mid-January is likely to continue despite short term hiccups. Quarterly momentum is in rising mode, the 50- and 100-day moving averages are positively placed, and the index remains above its 200-day moving average. ADX is rising and the DIs are positively placed. Interestingly annual momentum has stabilised and could attempt to recover. Prices could ease as short term stochastics approaches the top end of its range and turns down. This may cause a temporary retreat. Support is at the breakout level of 3,19....
Read More >>

UOB is RHB's top pick when it comes to local banks

SINGAPORE (Feb 22): United Overseas Bank is the top pick for Singapore banks, says RHB Research which believes the share price weakness after the results release offers a good entry point. UOB has also declared a final dividend of 50 cents per share and special dividend of 20 cents per share. FY2018 total dividend of $1.20 gives an attractive yield of 4.6%. Rising 18% y-o-y, UOB’s FY2018 earnings of $4.01 billion came in line with RHB’s forecast of $4.16 billion and consensus’ forecast of $4.05 billion. For FY2019, management has guided for net interest margin (NIM) to be flatti....
Read More >>

Pioneer, Merdeka... Next, a Majulah Generation package?

SINGAPORE (Feb 22): Hot on the heels of a $9 billion Pioneer Generation package announced in Budget 2014, the $8 billion Merdeka Generation package is setting up expectations of similar packages for every generation of ageing Singaporeans. Notably, both are geared towards healthcare and broadly available to an entire generation of Singaporeans. Already, analysts are expecting at least one more package to follow. “I suppose when there is only one dot, one can’t extrapolate, but with two dots you can,” says Tan Ern Ser, a sociologist at the National University of Singapore (NUS). ....
Read More >>