Jonathan Wong
The Latest
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Alibaba Sells Intime Retail for $1 Billion, Recording $1.3 Billion Loss
Alibaba Group Holding is set to exit its physical retail business after announcing plans to sell its entire stake in Intime Retail Group for $1 billion, marking a $1.3 billion loss on the deal. The Chinese e-commerce giant's decision reflects its strategic shift to refocus on its core online commerce operations amid mounting competition and challenging market conditions. 
Alibaba Group Holding is set to exit its physical retail business after announcing plans to sell its entire stake in Intime Retail Group for $1 billion, marking a $1.3 billion loss on the deal. The Chinese e-commerce giant's decision reflects its strategic shift to refocus on its core online commerce operations amid mounting competition and challenging market conditions. -
SoftBank CEO and Trump Unveil $100 Billion Investment Targeting U.S. AI Growth
SoftBank CEO Masayoshi Son joined President-elect Donald Trump on Monday at Trump's Mar-a-Lago residence in Florida to unveil a $100 billion investment initiative aimed at bolstering the U.S. economy. The plan, spanning four years, is set to focus on artificial intelligence and related infrastructure, promising to create at least 100,000 jobs during Trump's upcoming term. 
SoftBank CEO Masayoshi Son joined President-elect Donald Trump on Monday at Trump's Mar-a-Lago residence in Florida to unveil a $100 billion investment initiative aimed at bolstering the U.S. economy. The plan, spanning four years, is set to focus on artificial intelligence and related infrastructure, promising to create at least 100,000 jobs during Trump's upcoming term. -
Europe Launches $11 Billion IRIS² Satellite Constellation to Challenge Starlink
The European Union has officially launched its ambitious IRIS² satellite project, a $11 billion initiative aimed at securing Europe's digital and strategic autonomy in the increasingly competitive satellite communication space. This public-private collaboration seeks to establish a European counterpart to Elon Musk's Starlink, addressing the need for secure, high-speed internet access and resilient communication networks across the continent. 
The European Union has officially launched its ambitious IRIS² satellite project, a $11 billion initiative aimed at securing Europe's digital and strategic autonomy in the increasingly competitive satellite communication space. This public-private collaboration seeks to establish a European counterpart to Elon Musk's Starlink, addressing the need for secure, high-speed internet access and resilient communication networks across the continent. -
Broadcom Reaches $1 Trillion Valuation Amid Explosive AI Revenue Growth
Broadcom Inc. achieved a historic milestone on Friday, surpassing a $1 trillion market capitalization for the first time following a robust earnings report that underscored its dominance in the artificial intelligence (AI) chip market. Shares of the semiconductor giant soared more than 21%, marking its largest single-day gain since March 2020. 
Broadcom Inc. achieved a historic milestone on Friday, surpassing a $1 trillion market capitalization for the first time following a robust earnings report that underscored its dominance in the artificial intelligence (AI) chip market. Shares of the semiconductor giant soared more than 21%, marking its largest single-day gain since March 2020. -
UnitedHealth Group CEO Calls U.S. Healthcare System ‘Flawed’ After Colleague’s Tragic Murder
UnitedHealth Group CEO Andrew Witty, in his first public comments since the fatal shooting of Brian Thompson, acknowledged the flaws in the U.S. healthcare system while paying tribute to his late colleague. Thompson, who led UnitedHealthcare, the largest private insurer in the U.S., was killed on December 4 in midtown Manhattan, a tragedy that has amplified frustrations over the state of healthcare. 
UnitedHealth Group CEO Andrew Witty, in his first public comments since the fatal shooting of Brian Thompson, acknowledged the flaws in the U.S. healthcare system while paying tribute to his late colleague. Thompson, who led UnitedHealthcare, the largest private insurer in the U.S., was killed on December 4 in midtown Manhattan, a tragedy that has amplified frustrations over the state of healthcare. -
Macy’s to Close 65 Stores by Year-End in Aggressive Cost-Cutting Plan
Macy's Inc., once a titan of American retail, has announced plans to accelerate its store closure strategy, with 65 locations set to shutter by the end of the year. This move is part of a broader three-year plan to close 150 underperforming stores in an effort to streamline operations and revitalize the struggling brand. 
Macy's Inc., once a titan of American retail, has announced plans to accelerate its store closure strategy, with 65 locations set to shutter by the end of the year. This move is part of a broader three-year plan to close 150 underperforming stores in an effort to streamline operations and revitalize the struggling brand. -
GM Abandons $50 Billion Robotaxi Ambition, Shifts Cruise Focus to Personal Vehicles
General Motors has made a pivotal decision to abandon its ambitious robotaxi venture under Cruise, a self-driving subsidiary it acquired in 2016. After spending nearly $10 billion over a decade to develop autonomous taxi technology, GM announced it will shift its focus to integrating self-driving features into personal vehicles rather than pursuing the costly and uncertain robotaxi business. 
General Motors has made a pivotal decision to abandon its ambitious robotaxi venture under Cruise, a self-driving subsidiary it acquired in 2016. After spending nearly $10 billion over a decade to develop autonomous taxi technology, GM announced it will shift its focus to integrating self-driving features into personal vehicles rather than pursuing the costly and uncertain robotaxi business. -
Elon Musk’s Net Worth Surges Past $400 Billion, Setting Historic Milestone
Elon Musk has become the first person in history to surpass a net worth of $400 billion, according to Bloomberg. The landmark achievement cements Musk's position as the world's wealthiest individual, driven by skyrocketing valuations of his companies, including Tesla and SpaceX. 
Elon Musk has become the first person in history to surpass a net worth of $400 billion, according to Bloomberg. The landmark achievement cements Musk's position as the world's wealthiest individual, driven by skyrocketing valuations of his companies, including Tesla and SpaceX. -
Eli Lilly Teams with Ro to Expand Access to Lower-Cost Zepbound Vials
Eli Lilly has partnered with direct-to-consumer health-care startup Ro to offer more affordable single-dose vials of its weight-loss drug Zepbound, aiming to streamline access to the popular treatment. The collaboration marks a significant step in the pharmaceutical industry's embrace of telehealth and direct-to-consumer models to meet soaring demand for obesity and Type 2 diabetes medications. 
Eli Lilly has partnered with direct-to-consumer health-care startup Ro to offer more affordable single-dose vials of its weight-loss drug Zepbound, aiming to streamline access to the popular treatment. The collaboration marks a significant step in the pharmaceutical industry's embrace of telehealth and direct-to-consumer models to meet soaring demand for obesity and Type 2 diabetes medications. -
Macy’s Employee Hid $151 Million in Delivery Costs Over Three Years, Investigation Reveals
Macy's announced Wednesday it had concluded a forensic investigation into an accounting scandal involving an employee who intentionally concealed $151 million in delivery expenses over nearly three years. The revelation, which delayed the department store chain's quarterly earnings report, underscores the challenges facing the retailer as it attempts to navigate a difficult period of transformation. 
Macy's announced Wednesday it had concluded a forensic investigation into an accounting scandal involving an employee who intentionally concealed $151 million in delivery expenses over nearly three years. The revelation, which delayed the department store chain's quarterly earnings report, underscores the challenges facing the retailer as it attempts to navigate a difficult period of transformation.
