When Jack Ma set up e-commerce site Alibaba in 1999, he told reporters he wanted to be “bigger than Wal-Mart.” The multinational chain might still be the world’s biggest retailer by revenue, but yesterday, Alibaba overtook its rival in value.
Alibaba listed on the New York Stock Exchange last month at $167.6 billion, or $68 per share – a record figure for a new IPO. But its share price has shot up dramatically and rose by a further 2.8% yesterday morning, hitting $100.45 a share and taking the total company value up to $247 billion.
At the same time, Wal-Mart’s share price dropped to $76, meaning that the company is now worth $245 billion – $2 billion less than Alibaba.
Alibaba’s astonishing rate of growth has made it a major challenger both to physical and online retailers, in China and, increasingly, overseas. Founder Ma, formerly a schoolteacher, is now the richest man in China.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Chicago based Treasury Management System (TMS) vendor GTreasury and Sydney based risk and treasury management vendor Visual Risk have joined forces in a strategic alliance to ... read more
"Uncertainty is the enemy of deal-making", so it's no surprise that Europe and the Asia Pacific's insurance industry saw merger and acquisition deals fall in the first half of 2017.
One in five countries is set to hit their highest government debt levels in 17 years predicts Fitch, although there has still been a dramatic improvement in sovereign credit.