Alibaba’s co-founder and chairman, Jack Ma to retire at 54

Alibaba’s co-founder and chairman, Jack Ma to retire at 54

Alibaba’s charismatic co-founder and chairman Jack Ma plans to retire from the Chinese e-commerce giant on Monday to devote his time to philanthropy focused on education, he told the New York Times in an interview.

Ma was an English teacher before starting Alibaba in 1999 and built it into a multibillion-dollar internet colossus, becoming one of the world’s richest men and a revered figure in his homeland.

His own worth has soared along with that of the company, which has added cloud computing, films and e-payments to its growing portfolio and was valued at $420.8 billion when the stock market closed on Friday.

Ma told The New York Times that he plans to step down from the company on Monday -- his 54th birthday -- referring to his departure as “the beginning of an era” rather than an end.




Consumer prices rise in March

Consumer prices rise in March

The Consumer Price Index (CPI), a broad measure of prices of a basket of goods and services in Bahrain, increased 0.8 per cent in March from the prior month, the Information & eGovernment Authority has said. The change was largely driven by a jump in the Housing, Water, Electricity, G

Workplace Happiness

Workplace Happiness

There is constant pressure to innovate and position products and services more creatively than ever before. Innovation and creativity are more likely to happen when employees are happy. Employees will not be happy if they have heightened states of on-going daily anxiety where they expect somethin

Coming soon to China: the car of the future

Coming soon to China: the car of the future

Global automakers are positioning for a brave new world of on-demand transport that will require a car of the future -- hyper-connected, autonomous, and shared -- and China may become the concept’s laboratory. With ride-hailing services booming and car-sharing not far behind, the ne

Japan, China shares climb in thin holiday trade

Japan, China shares climb in thin holiday trade

Tokyo and Shanghai stocks closed higher yesterday but trade lacked direction with several major markets closed for Easter holidays. In Japan, the benchmark Nikkei 225 index added 0.50 percent, or 110.44 points, to 22,200.56, while the broader Topix index climbed 0.12pc, or 1.96 points, to 1,616.9

Oil lifts most of Gulf markets

Oil lifts most of Gulf markets

Saudi Arabia’s stock market rose yesterday on the back of its banks as rising oil prices lifted most major Gulf markets, while Egypt was partly dragged down by its biggest lender Commercial International Bank. Brent oil hit 2019 high above $72 a barrel yesterday, propelled by steady economi

Minister pledges to back start-ups, new businesses

Minister pledges to back start-ups, new businesses

Minister of Industry, Commerce and Tourism, Zayed Alzayani yesterday pledged the government ’s full support to start-ups and new commercial businesses in the Kingdom. The minister was speaking during the Bahrain British Business Forum (BBBF) meeting held yesterday at The Gulf Hotel

Export Bahrain, Gulf Air Cargo in deal

Export Bahrain, Gulf Air Cargo in deal

Export Bahrain signed an exclusive partnership with Gulf Air’s Falcon Cargo to provide SMEs in the Kingdom of Bahrain, exporting their goods to the tune of 100 kilograms or above, with a special discount of up to 40 percent on their cargo exports. The partnership agreement was signed during

China probes Sweden’s Ericsson over licensing

China probes Sweden’s Ericsson over licensing

Swedish telecom giant Ericsson said yesterday that China’s market regulator was investigating the company over licensing issues as countries around the world prepare to roll out the next generation of mobile networks. China’s State Administration of Market Regulation is invest

Bapco holds annual luncheon, 2018 awards

Bapco holds annual luncheon, 2018 awards

Bapco celebrated its environmental, health and safety (EHS) achievements during 2018 by holding its annual luncheon for more than 300 Bapco and contractors employees on 11 April 2019 at Bapco Club in Awali. During the gathering, awards were presented to Bapco departments, contractors and


Saudi, UAE pledge $3 bn aid for Sudan

Saudi, UAE pledge $3 bn aid for Sudan

Saudi Arabia and the United Arab Emirates yesterday announced three billion dollars (2.7 billion euros) in financial support for Sudan following the overthrow of longtime leader Omar al-Bashir. The oil-rich Gulf states pledged to inject $500 million into the Sudanese central bank and $2.5

US envoy honours contest winners

US envoy honours contest winners

The US Ambassador to Bahrain, Justin Siberell honored the winners at an award ceremony held for the eighth annual Global Innovation through Science and Technology (GIST) Tech-I Competition.  The GIST Tech-I Competition is an annual competition for science and technology entrepreneurs

Jarir Bookstore to open BD4m outlet in the Kingdom

Jarir Bookstore to open BD4m outlet in the Kingdom

Jarir Bookstore, the largest retailer of books and consumer electronics in Saudi Arabia, will open a branch in the Kingdom next year. Jarir Chief Operating Officer Nassir Al Ageel noted Seef District as the best location for their new branch, due to its attractive investment environment. 

TradeQuest Programme winners honoured

TradeQuest Programme winners honoured

Under the patronage of Zayed Al Zayani, the Minister of Industry, Commerce and Tourism and the Minister in Charge of Bahrain Bourse and in the presence of Rasheed Mohammed Al Maraj, the CBB Governor, the final TradeQuest Awards Ceremony was held yesterday, where high school and university student

623 rice bags confiscated after trademark violations

623 rice bags confiscated after trademark violations

Over 600 rice bags were confiscated from shops during inspections carried out by the Ministry of Industry, Commerce and Tourism after noticing trademark infringements. The inspections were part of efforts by the ministry to ensure food safety and hygiene during the month of Ramadan. The i

‘Investing in youth a top priority’

‘Investing in youth a top priority’

His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister yesterday welcomed this year’s recipients of the Crown Prince’s International Scholarship Programme (CPISP), at Riffa Palace. During the meeting, HRH the Crown

‘Cancer cure research progressing at fast pace’

‘Cancer cure research progressing at fast pace’

A leading exemplary, who has contributed tremendously to the field of biotechnology, Dr. Robert Langer is widely recognised as a renowned researcher whose publications have been cited over 283,000 times. His research laboratory at MIT is considered the largest biomedical engineering lab in the wo

Easter Sunday horror

Easter Sunday horror

Seven suspects were arrested in connection with the Easter Sunday bomb attacks on eight churches and hotels in Sri Lanka that left more than 200 dead and hundreds more injured, the country’s defense minister said 10 years after the end of a civil war in which bomb blasts in the South Asian