Alibaba founder Jack Ma to step down in 2019

Agencies
September 10, 2018

Beijing, Sept 10: Alibaba founder and billionaire Jack Ma announced on Monday he would step down as the Chinese e-commerce giant's executive chairman next year and named the company CEO as his successor.

Ma, 54, will hand over the keys of his company to 46-year-old Daniel Zhang in an unprecedented succession plan that will slowly take the focus off one of China's most recognisable corporate names over the next 12 months, Hong Kong-based South China Morning Post, which is owned by Alibaba, reported.

Zhang will be promoted to the executive chairman on September 10, 2019, while Ma remains a director on Alibaba's board and a permanent member of the Alibaba Partnership, according to a letter written by Ma to all staff including to the Post.

Ma said he will remain Alibaba's executive chairman during the year-long period to ensure a "smooth and successful" transition, and stay on as an Alibaba director until a shareholder' meeting in 2020.

"This transition demonstrates that Alibaba has stepped into the next level of corporate governance from a company that relies on individuals, to one built on systems of organisational excellence and a culture of consistent talent development," Ma said in his letter.

The succession plan being announced on his birthday on Monday came after confusing reports about Ma's retirement.

The New York Times, which interviewed him, reported on Saturday that Ma planned to use his 54h birthday to announce his retirement to devote his time to philanthropy focused on education.

The report of his retirement came as a surprise, especially in the Chinese government circles as the Post report said Ma was relinquishing as China's business environment had soured, with the government and state-owned enterprises increasingly playing more interventionist roles with companies.

The Post report was quickly denied by Alibaba whose spokesman told the Post on Saturday that Ma remains the company's executive chairman and will provide transition plans over a significant period of time.

"The Times story was taken out of context and factually wrong," the daily quoted the spokesman as saying.

Ma, who grew from an English teacher to China's top billionaires making Alibaba into USD 420 billion company, always took care to not ruffle feathers of the ruling Communist Party of China (CPC).

He took care not to project himself bigger than the CPC leadership though he has emerged as modern China's most revered corporate icon.

"Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba," Ma said in the letter.

The plan, announced on Ma's 54th birthday, took 10 years to put together. It owed its inception to Alibaba's formative years, long before the online marketplace forayed into cloud computing, cashless payments, artificial intelligence and Hollywood movies, the Post report said.

"This is merely the beginning of a succession strategy of creating a step ladder to groom the next generation of managers," Joseph P H Fan, co-director of the Institute of Economics and Finance at the Chinese University of Hong Kong said.

"Jack Ma's halo is too bright, and outshines whoever's under him, so he needs to fade out. But for a company of Alibaba's size, it's a process that will take 10 years to complete," he said.

Zhang was known to Alibaba employees as "Xiaoyaozi" (free and unfettered one), the name of a character from a Louis Cha wuxia novel, the Post report said.

Since Zhang, known as Zhang Yong in mainland China, was named chief executive in May 2015, "Alibaba has seen consistent and sustainable growth for 13 consecutive quarters.

"His analytical mind is unparalleled, he holds dear "our mission and vision, he embraces responsibility with passion, and he has the guts to innovate and test creative business models," Ma said.

"I've worked closely with Daniel since 2007 when he first joined us as chief financial officer of Taobao," said Joseph Tsai, Alibaba's executive vice-chairman who was the company's finance chief until 2013.

"On intellect and energy, I can barely keep up with him. But it's his thoughtfulness and humility that is most impressive as a leader," he said.

Zhang had previously served as Taobao's chief financial officer, president of Tmall.com and as Alibaba's chief operating officer before succeeding Jonathan Lu as chief executive.

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News Network
January 15,2020

Srinagar, Jan 15: The Jammu and Kashmir administration on Tuesday evening allowed mobile Internet in parts of Jammu region and broadband in establishments providing essential services, days after the Supreme Court ordered a review of the curbs imposed in the Union Territory.

The order comes into effect from January 15 and shall remain in force for seven days, a government communication said.

In a three-page order, the administration asked Internet service providers to offer broadband facility (with Mac binding) to all institutions dealing with essential services such as hospitals, banks and government offices.

In order to facilitate tourism, the broadband Internet services would be provided to hotels and tour and travel establishments, the order said.

Mac Binding essentially means to enforce a client machine to work from a particular Internet Protocol address.

"Prior to giving such facility, the service providers have been asked to install necessary firewalls and carry out white-listing of sites that would enable government websites and website dealing with essential services like e-banking," the order said.

However, all social media sites remain out of bounds. "There shall be complete restrictions on social media applications allowing peer-to-peer communication and virtual private network applications for the time being," the order said.

The institutions and government offices that are being provided Internet access shall be responsible to prevent misuse, according to the order.

It said the 2G mobile connectivity on post-paid mobiles for accessing white-listed websites including e-banking will be allowed in districts of Jammu, Samba, Kathua, Udhampur and Reasi -- all in the Jammu region.

The order said that the police has brought material relating to the terror modules operating in Jammu and Kashmir including handlers from across the border who are attempting to aid and incite people by transmission of fake news and targeted messages through use of Internet.

The relaxation came days after the Supreme Court said access to the Internet is a fundamental right under Article 19 of the Constitution.

The SC verdict had come on Friday on a batch of pleas challenging the curbs imposed in Jammu and Kashmir after the Centre's abrogation of provisions of Article 370 on August 5 last year.

The court had also asked the Jammu and Kashmir administration to review within a week all orders imposing curbs in the Union Territory.

It had asked the J-K administration to restore Internet services in institutions such as hospitals and educational places providing essential services.

The J-K administration's Tuesday communication said that in view of the Supreme Court directions, the situation has been reviewed and Internet has been opened whereever it was possible keeping in view the security consideration.

In Kashmir, 400 additional Internet kiosks will be established, besides the 900 terminals which are already operational in the Valley.

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Agencies
January 16,2020

New Delhi, Jan 16: In trouble brewing for the Gautam Adani-led M/S Adani Enterprises, the Central Bureau of Investigation (CBI) on Thursday said that it has registered a case against former officials of the National Co-operative Consumer Federation (NCCF) and others over alleged irregularities in supply of coal to the Andhra Pradesh Power Generation Corporation (APGENCO) in 2010.

The CBI in its FIR has named Virendra Singh, the then Chairman of the NCCF, G P Gupta, the then MD of the NCCF, S C Singhal, the then Senior Advisor of NCCF, Adani Enterprises Ltd and other unknown public servants and others for criminal conspiracy, cheating and criminal misconduct by public servants.

According to CBI, the case was filed on Wednesday after the preliminary enquiry revealed the crime by the officials named in the FIR and the Adani Enterprises was found to be true.

The FIR alleged that on June 26, 2010, APGENCO floated a tender enquiry for supply of six lakh metric tonnes of imported coal "on free on rail destination" basis to Dr Narla Tata Rao Thermal Station (NTTPS), Vijaywada and Rayalasaleema Thermal Power Plant (RTTP), Kadapa, Andhra Pradesh/RTPP via Kakinada-Vizag-Chennai-Krishnapatnam or any other ports

The same was forwarded by the Chief Engineer, APGENCO to seven PSUs -- PEC Limited, STC Limited, MSTC Limited, NCCF, MMTC, Coal India Limited and SCCL Limited.

The FIR alleged that during the probe, the Adani Enterprises used a proxy company to get the supply contract. It said, "NCCF received bids from six companies -- Adani Enterprises Ltd, Maheshwari Brothers Coal Limited (MBCL), Vyom Trade Links Pvt. Ltd, Swarana Projects Pvt. Ltd, Gupta Coal India Ltd and Kyori Oremen Ltd.

During investigation it was found that Gupta Coal India Ltd had quoted the NCCF margin of 11.3 percent, while the MBCL quoted the margin of 2.25 percent and rest did not quote any margin to the NCCF.

The FIR said the quotes of the Gupta Coal India Ltd, Kyori Oremen Ltd and Swarana Projects Pvt. Ltd were rejected by the NCCF as they were not found to be fulfilling the tender conditions.

"Post tender negotiation was done by senior officials of NCCF to give undue favour to Adani Enterprises Ltd despite it not qualifing the tender (terms)," the FIR said, adding instead of cancelling the bid of Adani Enterprise Ltd, senior management of NCCF conveyed the offer margin to the company through one of its representative -- Munish Sehgal, who was sitting in the NCCF head office. It is prima facie evident that when the bids were being processed at NCCF head office in Delhi, a representative of Adani Enterprises Ltd. was informed regarding their imminent rejection due to non-submission of NCCF margin and also that MBCL was eligible bidder quoted 2.25 percent margin," it alleged.

The CBI in its FIR, further alleged that Adani Enterprises Ltd. had given an unsecured loan of Rs 16.81 crore to Vyom Trade Links Ltd in 2008-09. "And further it was revealed that the bank guarantees of the Adani Enterprises Ltd. and Vyom Trade Links Ltd. were issues by the same branch of the State Bank of India and at the same time," it said.

"It was clear that Adani Enterprises Ltd. presented Vyom Trade Links Ltd. as a proxy company in this particular tender and Vyom Trade Links Ltd. later withdrew its offer on flimsy ground," the CBI FIR said.

"The aforesaid acts of commissions and omissions on the part of the senior management of the NCCF disclose that during their tenure, they acted in a manner unbecoming of public servants and committed irregularities by way of manipulation in the selection of bidders, thereby giving undue favours to Adani Enterprises Ltd. in award of work for supply of coal to APGENCO despite its disqualification," it added.

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News Network
February 28,2020

Washington, Feb 28: US intelligence agencies are monitoring the global spread of coronavirus and the ability of governments to respond, sources familiar with the matter said on Thursday, warning that there were concerns about how India would cope with a widespread outbreak.

While there are only a few known cases in India, one source said the country's available countermeasures and the potential for the virus to spread given India's dense population was a focus of serious concern.

US intelligence agencies are also focusing on Iran, where the country's deputy health minister has fallen ill during a worsening outbreak.

US Secretary of State Mike Pompeo said on Tuesday the United States was "deeply concerned" Tehran may have covered up details about the spread of coronavirus. A US government source said Iran's response was considered ineffective because the government only has minimal capabilities to respond to the outbreak.

Another source said US agencies were also concerned about the weak ability of governments in some developing countries to respond to an outbreak.

The US House of Representatives Intelligence Committee has received a briefing on the virus from the spy agencies. "The Committee has received a briefing from the IC (intelligence community) on coronavirus, and continues to receive updates on the outbreak on a daily basis," an official of the House Intelligence Committee told Reuters.

"Addressing the threat has both national security and economic dimensions, requiring a concerted government-wide effort and the IC is playing an important role in monitoring the spread of the outbreak, and the worldwide response," the official added.

A source familiar with the activities of the Senate Intelligence Committee, led by Republican Senator Richard Burr and Democratic Senator Mark Warner, said the panel was receiving daily updates. The role of US intelligence agencies in responding to the coronavirus epidemic at this point principally involves monitoring the spread of the illness around the world and assessing the responses of governments.

They are working closely with health agencies, such as the US Center for Disease Control, in sharing information they collect and targeting further intelligence gathering.

One source said US agencies would use a wide range of intelligence tools, ranging from undercover informants to electronic eavesdropping tools, to track the virus' impact.

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