- Shares of Alibaba Group Holding Limited (NYSE:BABA) and its Chinese peers are trading higher Monday as investors bet on policy easing and stimulus measures for the capital market.
- China’s central bank on Monday rolled over maturing medium-term policy loans while keeping interest rates intact, despite growing concerns on the subdued recovery, Reuters reports.
- The company is also amid reports of landmark investment in the Taobao App and its autonomous driving lab renewing a higher focus on monetization.
- Alibaba proposes “huge” investments in its Taobao shopping app since it shared plans to split into six new units.
- Alibaba’s e-commerce division eyes particular focus on content creation and launch artificial intelligence-powered tools for merchants, Bloomberg cites Trudy Dai, CEO of the newly spun-off Taobao Tmall Commerce Group.
- Alibaba’s content push stems from the success of ByteDance Ltd’s Douyin and similar short-video and live-streaming platforms gaining traction in e-commerce.
- Additionally, Taobao eyes “timely adjustments” to its platform fees and commission rates to benefit merchants. It also braces for an expanding suite of free smart operation tools.
- Also, Alibaba-owned Damo Academy’s autonomous vehicle lab is preparing to merge into Cainiao, Alibaba’s global logistics network, and cease to operate under the primary research institute.
- The revamp reflects the urgency for Alibaba to monetize its investment in autonomous driving, which is notoriously capital-intensive, TechCrunch reports.
- Damo has been powering Cainiao’s last-mile delivery needs for six years with its flagship robovan, Little Donkey, ferrying e-commerce, restaurant, and grocery orders. As of June 2022, the self-driving, Nuro-like van had surpassed 10 million accumulative deliveries.
- Cainiao’s footprint now extends to Brazil, Mexico, and Chile.
- Price Action: BABA shares traded higher by 2.12% at $87.14 premarket on the last check Monday.
AYR Wellness Improves Financial Position YoY, Q1 Revenue And Gross Profit In Anticipation Of OH, FL And PA Cannabis Market Launches
Cannabis multi-state operator AYR Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) reported on Wednesday the first quarter financial results for the three months ended March 31, 2024."2024 continues to be about execution for AYR, furthering the progress we made in 2023 by focusing on improving product quality and consistency, building a loyal retail customer base, rebuilding our CPG brand platform, and continuing to prioritize cost controls," David Goubert, president & CEO of AYR, said.
