In this clip from 1999, Jack Ma delivers a speech to 17 friends in his apartment to introduce Alibaba and lay out his plan to compete with US internet titans.
In an exclusive CNBC interview, Jack Ma, Alibaba executive chairman, talks to CNBC's David Faber about artificial intelligence and employment.
Bloomberg recently announced the Global Business Forum, a gathering in New York of global business and government leaders to discuss plans for growth and opportunity around the world. The one-day event will occur in New York City on Wednesday, September 20th, 2017, in partnership with the Alibaba Group; Dangote Industries Limited; EXOR, the holding company controlled by the Agnelli family; and MiSK, the philanthropic foundation of Deputy Crown Prince Mohammed bin Salman of Saudi Arabia.
The Global Business Forum will convene heads of state, government ministers, CEOs and NGOs in constructive conversations on global business, serving as a platform for business and government across large and emerging economies that are expected to work together to inspire and support economic prosperity. Attendees are expected to represent every region in the world and all major global economies.
"This is a critical moment for the world's economy. Recent events around the world have challenged the principles that have governed commerce for the past several decades. In transitional times like these, I believe business and government must work together to solve the issues affecting us all," said Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies, and 108th Mayor of New York City.
Jack Ma, Executive Chairman of Alibaba Group, added: "Global trade has lifted hundreds of millions of people around the world out of poverty, but there's more that we can do. Alibaba is proud to partner with Bloomberg, Dangote Industries Limited, EXOR, and MiSK to help make globalization more inclusive, enabling young people, small businesses, and developing countries around the world to share in its benefits."
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, stated: "As leaders across global business, it's critical that we come together to determine the future of the world's economic order and create an environment that reflects the new realities of globalization. We started this conversation at last year's U.S.-Africa Business Forum, and look forward to broadening the dialogue with Bloomberg, Alibaba Group, EXOR, and MiSK."
John Elkann, Chairman and CEO of EXOR, said: "These times of extraordinary political, cultural and technological change are also highly disruptive and unsettling for many. As long-term owners of major global businesses we at EXOR are optimistic about man's capacity to innovate to improve society for all. But this requires great clarity of vision and resolve. So we enthusiastically support the Global Business Forum that gathers leaders from many walks of life, from all around the world to identify smart, practical solutions to the great challenges of our time."
Bader Al Asaker, Secretary-General of the MiSK Foundation, said: "MiSK is a leading not-for-profit that develops practical programmes to empower our citizens to become active participants in the Saudi and wider global economy. We also work with global partners across the NGO, corporate and governmental sectors to help facilitate important forums such as these. Co-hosting this conference in New York will serve to strengthen global collaboration and the exchange of ideas on how to navigate the manifold challenges and opportunities in the rapidly changing global economy. We hope all participants will draw benefits from the event."
Topics for exploration include trade, the future of globalization and the emergence of new economic leadership on the global stage, the drivers of and threats to global growth, the role of business in a fragmented global economy, and minimizing global disruption from automation.
The event will occur at the Plaza Hotel in New York City. Additional details about the program and participants will be announced at a future date.
(Source: Bloomberg)
Latest data released by BDO shows that transactions in the tech sector have cooled somewhat following the record breaking $25 billion (€21 billion) Alibaba IPO in 2014.
The firm forecast that tech IPOs will drop by 14% for the year-end 2014 compared with figures for year-end 2013, but that the future still looks bright for 2015.
BDO stated that tech companies raised $38.9 billion (€32.8 billion) in 2014, the most since the height of the tech bubble when $43 billion (€36.3 billion) was raised in 2000. However, if the Alibaba deal is stripped out, this leaves only $13.9 billion (€11.7 billion).
Julian Frost, Leader of the BDO’s Global Technology team, commented: “The Alibaba Effect hasn’t been as positive as many hoped in sparking new tech deals. Many factors come into play here but it’s clear there’s been a lag in the wake of the mega-flotation as some firms have either held back their deals or preferred to secure new backing to remain private. We are hopeful for a more positive 2015, but while the overall outlook remains unclear, careful consideration is as important as ever.”
2015 should be a more positive year for IPOs as a whole as a number of companies have been delaying their flotations until 2015 in the face of market volatility, claims BDO.
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BDO also stated that a combination of macroeconomic uncertainty and Alibaba-induced caution meant that there were less tech M&As in 2014. With investors’ eyes on how Alibaba would perform, Chinese venture capital fundraising plummeted to $403 million (€340 million) in Q3, a fraction of the $3.78 billion (€3.18 billion) raised in Q2.
As of mid-December, 1,910 deals had been completed, compared to 2,139 in 2013. Although numbers of deals are down, the value of the M&As hit $2.66 billion (€2.24 billion) for the first three quarters of 2014 – a 60% increase on the same period in 2013.
BDO predicts that tech M&As will have a brighter 2015. Individual subsector hot spots have been prominent in driving M&As in Q4 and will continue to do so in Q1 2015. Chief amongst these in the final quarter of the year was FinTech – the tech payments sector is coming to the fore with Apple launching Apple Pay in November.
PHOTO: Alibaba’s corporate campus at Hangzhou, China
