China’s biggest e-commerce company, Alibaba Group, broke into the Pakistani market on Tuesday by fully acquiring the Daraz Group.
“With the acquisition, Daraz will be able to leverage Alibaba’s leadership and experience in technology, online commerce, mobile payment and logistics to drive further growth in the five South Asian markets that have a combined population of over 460 million, 60% of which are under the age of 35,” said a press release issued by Daraz.
Founded in Pakistan in 2012, Daraz has since expanded in Bangladesh, Myanmar, Sri Lanka and Nepal. It will continue to operate under the same brand, said the press release.
Hailing the move, Daraz Co-CEOs Bjarke Mikkelsen and Jonathan Doerr said that there is still a long way to go on the e-commerce journey. “We have still only scratched the surface of the potential,” they said.
Read more >> DAWN
MOVE OVER, DUBAI. Some day soon, cruise ships will disgorge frolicking pensioners not by the palm-fringed Persian Gulf but on the balmy Pakistan Riviera. From the muddy delta of the Indus to the barren Baloch coast, a twinkling constellation of attractions is set to rise: luxury hotels, water parks, golf courses, health spas, yacht harbours, night clubs, the works. To top it all, this “vacation product” will be developed in such a way that “Islamic culture, historical culture, folk culture and marine culture shall all be integrated.”
Read more >> The Economist
See more >> https://www.economist.com/news/special-report/21725101-leg-up-all-weather-friend-china-makes-pakistan-offer-it-cannot-refuse
Liu Xiaoming was speaking on BBC1’s Andrew Marr Show the day before the start of President Xi Jinping’s state visit to the UK.
He said the expected deal to build a new nuclear power plant at Hinkley Point was “in the best interests of Britain and also in the interest of partnership between China and UK”.
“UK people want to have a better life, want to have clean energy,” he said.
President Xi told the Reuters news agency: “The UK has stated that it will be the Western country that is most open to China. This is a visionary and strategic choice that fully meets Britain’s own long-term interest.”
Read more » BBC
See more » http://www.bbc.com/news/business-34566652