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Posts published in “Business”

Chinese Government forces Jack Ma’s Ant Group to restructure

Chinese government has forced a sweeping restructure on the Ant Group so the financial technology firm acts more like a bank.

Ant Group’s mega $37bn (£27bn) share market launch was derailed by regulators in November over concerns about its finance model.

The latest move is part of a wider crackdown by China to reign in the country’s fast-growing tech platforms.

Kim Kardashian’s Skims Brand valued at $1.6 billion in Latest Funding

Reality star and businesswoman Kim Kardashian’s Skims raised $154 million in its latest funding round led by venture firm Thrive Capital to reach a $1.6 billion valuation, the shapewear label said on Friday.

The round also included funding from two existing investors, Imaginary Ventures and Alliance Consumer Growth.

Alibaba fined $2.75B by Chinese Regulators for Anti-monopoly Violations

China slapped a record 18 billion yuan ($2.75 billion) fine on Alibaba Group Holding Ltd on Saturday, after an anti-monopoly probe found the e-commerce giant had abused its dominant market position for several years.

Alibaba fined $2.75B by Chinese regulators
01:13Alibaba
The fine, about 4% of Alibaba’s 2019 domestic revenues, comes amid a crackdown on technology conglomerates and indicates China’s antitrust enforcement on internet platforms has entered a new era after years of laissez-faire approach.

Amazon Tenders Apology for Wrongly Denying Drivers Need to Urinate in Bottles

United states ecommerce giant Amazon who initially denied that workers had to urinate in bottles at times, but evidence of the practice later emerged and Amazon has finally apologised to a United States politician for falsely denying that drivers are, at times, forced to urinate in plastic bottles.

Mark Pocan, a Democrat from Wisconsin, referenced Amazon making “workers urinate in water bottles” in a tweet.

Firm plans 1,000 jobs, loans for dropouts in Rivers State

An investment company, Globetrot property, has promised to employ over 1,000 youths and provide loans for indigent undergraduates and dropouts in Rivers State to enable them to complete their education.

The company said its focus, for now, was mainly agriculture and real estate, saying its application portal called ‘Vestpay’ offers savings, loans, and investment options, pointing out that its offerings and services were not a scam.

Master’s in International Business Management Scholarship at Newcastle University, UK – Apply Now

Newcastle University is encouraging highly motivated and outstanding students to apply for the Masters in International Business Management degree Scholarships. This programme is open for the academic session 2021-2022.

The purpose of this programme is to help and support international students who want to commence the master’s degree programme at Newcastle University.

Nigerian Brands Running Adverts On CNN, Others To Pay ₦100,000 Fine – Minister

The Nigeria minister of Information and Culture, Lai Mohammed, says Nigerian brands like Guinness which run adverts during foreign matches must compulsorily advertise during Nigerian Premier Football League games.

The minister further stated that brands that create their adverts abroad but broadcast them on CNN and other international stations broadcasting in Nigeria will pay a fine of N100,000 each time such adverts are run.

German steelworkers reach pay deal with union

Germany’s largest trade union, IG Metall, agreed a wage deal on Saturday for the roughly 70,000 workers in the iron and steel industry in north-west Germany.

Under the agreement, which runs for 15 months and was struck after seven hours of talks, workers will receive lump-sum payments of 250 euros ($295) each on December 28 this year and February 28, 2022, according to IG Metall.