Business
Alibaba has announced plans to transform itself into a holding company that will oversee six divisions, each of which could potentially pursue their own stock market listing. The six units will include Alibaba’s struggling cloud computing business, media, and e-commerce. Although Alibaba was not forced by regulators to split, its radical overhaul comes nearly three years after the start of the Chinese government’s crackdown on tech giants for becoming too powerful. Meanwhile, Jack Ma, Alibaba’s founder, has returned to China for the first time in over a year, which is seen as another sign that regulators are easing their campaign.
Sergio Ermotti is returning to UBS as CEO to lead the Swiss bank’s emergency takeover of Credit Suisse. Mr. Ermotti previously ran UBS from 2011 to 2020. He is replacing Ralph Hamers, “who has agreed to step down to serve the interests of the new combination,” according to UBS. The merger of the two banks is immensely complicated, which calls for Mr. Ermotti’s “unique experience.”
There was another casualty from the fallout surrounding the collapse of Credit Suisse. Ammar al-Khudairy resigned as chairman of Saudi National Bank, a major investor in the Swiss bank. His comments in March about not investing more in Credit Suisse were followed by a market rout.
2023-03-30 07:54:00
Original from www.economist.com