Spotlight on Alibaba CEO Zhang as Jack Ma starts retirement countdown

13 Sept 14:19 Key points summarised by AI

Daniel Zhang, known for his low-profile leadership, will succeed Jack Ma as Alibaba's chairman in September 2019, taking the helm of the US$420 billion tech giant.
As CEO since 2015, Zhang significantly boosted Alibaba's market value, masterminding successes like "Singles Day" and driving Tmall's growth, securing nine consecutive quarters of over 50% revenue growth.
Zhang inherits a sprawling tech empire but faces challenges including intense competition, squeezed profit margins from heavy investments, and global trade tensions hindering international expansion.
Despite lacking the public charisma of tech founders like Jack Ma, Zhang is lauded by Ma for his "superb talent, business acumen and determined leadership," indicating a smooth transition.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Today 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.