Alibaba purchases South Asia's largest e-commerce platform Daraz Group -- China's e-commerce giant Alibaba Group acquired the entire share capital of Pakistan's top and South Asia's largest e-commerce platform Daraz Group, a statement said on May 8. According to the statement released by Daraz Group, the purchase, for an undisclosed sum, will make Daraz a wholly owned component of Alibaba, operator of the popular Taobao and Tmall platforms.
Alibaba founder Jack Ma starts business trip to Israel -- Jack Ma, founder and chairman of China's e-commerce giant Alibaba Group, landed in Israel on April 30. Ma is expected to meet with Israeli Prime Minister Benjamin Netanyahu and Minister of Economy and Industry Eli Cohen during his visit to the Jewish country.
Adidas earnings boosted by growth in U.S. and Chinese markets -- The earnings of German sportswear manufacturer Adidas have experienced a boost from the strong development of its U.S. and Chinese markets, quarterly figures published by the company on May 3 show. Adidas told press that its net income soared by 17 percent to 542 million euros (649 million U.S. dollars) during the first quarter of (Q1) of 2018. At the same time, the German company based in Herzogenaurach recorded a currency-adjusted revenue growth of 10 percent to 5.55 billion euros.
Dugald River zinc mine in Australia begins commercial production -- China Minmetals Corporation (CMC), the country's largest metals and minerals group, announced May 9 that its Dugald River zinc mine project in Australia had started commercial production from May 1.The Dugald River zinc mine, located near Cloncurry in Queensland, is one of the largest and highest-grade zinc mines in the world, with an annual mining and dressing capacity of 1.7 million metric tons of ore, and output of more than 170,000 tons of zinc, according to the CMC. The mine has a service life of over 25 years.
Epson to offer more innovative, eco-friendly products -- Japanese electronics maker Seiko Epson Corp, commonly known as Epson, will continue to step up its efforts and enhance its localization strategy in China to boost innovation and offer creative and eco-friendly products. Although the business environment has become more competitive, Epson's revenue has continued to grow steadily with 16 percent increase in fiscal year 2017, said Akihiro Fukaishi, president of Epson China.(Source: China Daily)
Didi in talks with Volkswagen for fleet-building -- Chinese ride-hailing giant Didi Chuxing said on May 1 the company is in talks with Volkswagen AG to seek opportunities to build a fleet and design new car models together, in response to earlier reports the two companies would form a joint venture to co-develop self-driving cars. DiDi told China Daily "both parties are still exploring details of the cooperation and will focus on building a fleet operation business, and look into other areas such as designing new car models for ride-hailing." (Source: China Daily)
Pharmaceutical firm to invest 393 mln USD in Ireland plant -- Chinese pharmaceutical company WuXi Biologics will invest 325 million euros (393 million U.S. dollars) in a new manufacturing facility in Dundalk, Ireland, the firm announced on April 30. The investment will create 400 highly skilled jobs during the next five years.
Zhejiang Huayou Cobalt, LG Chem set up JV for automotive battery material production -- LG Chem, LG Group's electric battery making subsidiary, and China's Zhejiang Huayou Cobalt have set up a joint venture in Wuxi City in east China's Jiangsu Province. According to the city government, the two companies on May 8 signed a contract for the Automotive Battery Anode Material Project, which will be located in Wuxi's national high-tech district.
China's truck manufacturing giant opens first assembly plant in Algeria -- China's truck manufacturer Shaanxi Automobile Group on May 8 inaugurated its first assembly plant in Algeria, as part of a joint venture with its Algerian partner Mazouz Trade Group. The inauguration ceremony was held in the assembly plant in the eastern province of Setif, with the presence of Yuan Hongming, CEO of Shaanxi Automobile, and CEO of Mazouz Group, Ahmed Mazouz.
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