The year 2020 was a bumper one for many listed tech titans. However it hasn't been all rosy for billionaire Jack Ma's companies.
The anti-monopoly investigation launched by Chinese regulators into Alibaba Group last month, and the absence of the billionaire founder from the public realm over the last two months, since the collapse of Ant Group’s initial public offering, are casting a shadow on the performance of the e-commerce giant’s shares.
Alibaba Group’s stock price dropped 2.15 per cent in Monday trading in Hong Kong to close at HK$227.6 ($29.35), as investors grew increasingly nervous over regulatory hurdles.
The e-commerce company’s share price has fallen by a quarter from its peak since the start of the investigation, according to financial services provider Century Financial.
“However, what is important from Alibaba’s perspective is China’s newly enacted laws and regulations regarding its monopolistic behaviour,” said Yogesh Khairajani, a global market strategist at Century Financial.
“The country’s policymakers are concerned and view the company as too big as well as risky. Only clarity regarding the policy can remove the current bearishness in the stock.”
But he added that Alibaba “is still the best play on Chinese consumers” and will always be on investors’ radar once there is more certainty regarding the country’s policy.
Even though investors are shying away from Alibaba's stock, that could change as the company's valuations are cheap when compared to its Western peers, Mr Khairajani told The National.
“And it is generally expected that China will not damage the fortunes of its biggest corporate success story.”
Alibaba and payments giant Ant Group are facing antitrust scrutiny and questions over risks to financial stability. The unravelling of Ant’s $35 billion IPO in November set in motion a string of decrees regulating China’s technology sector.
Stephen Innes, chief global market strategist at Axi, said Mr Ma was instructed to remain in China during the probe by mainland regulators.
“This continues to weigh on Alibaba stocks as Chinese regulators are concerned about technology companies getting too powerful and venturing into financial services, where their monopolistic tendencies can squeeze out banks from a lower fees perspective. Banks do not possess the means or wherewithal to complete with tech sector behemoths.”
Only clarity regarding the policy can remove the current bearishness in the stock
In a rare move, Mr Ma in October said China’s financial system was "stifling" tech innovation. He has since edged away from the public limelight since the Ant IPO collapsed.
“When the chief executive becomes AWOL, investors do not think that is a good sign,” said Naeem Aslam, chief market analyst at Avatrade.
“In these difficult times, we need assurance from the chief executive that he has what it takes to pull the company out of this mess and steer the business in the right direction. The fact that we have not heard anything from Jack Ma isn’t helping the stock or providing any assurance to investors.”
Investors are also worried that the anti-trust scrutiny and tighter regulations will spread beyond Mr Ma’s internet empire to other powerful tech companies such as Tencent Holdings and JD.com.
“Investors are shying away from large China tech in favour of smaller tech [firms] that might sneak in through the side door providing tech services that the large tech might not be allowed to complete,” added Mr Innes.
Regulators have asked FinTech giant Ant Group to revamp its business model and return to its original business as a payment services provider.
The group is reportedly planning to form a holding company to house its wealth management, consumer lending, insurance and payments services as well as MYbank.
Under such a structure, Ant’s businesses would likely be subject to more capital restrictions.
In The Heights
Directed by: Jon M. Chu
Stars: Anthony Ramos, Lin-Manual Miranda
Rating: ****
RESULTS
5pm: Handicap (TB) Dh100,000, 2,400m
Winner: Recordman, Richard Mullen (jockey), Satish Seemar (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000, 2,200m
Winner: AF Taraha, Tadhg O’Shea, Ernst Oertel
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000, 1,400m
Winner: Dhafra, Fabrice Veron, Eric Lemartinel
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000, 1,400m
Winner: Maqam, Fabrice Veron, Eric Lemartinel
7pm: Handicap (PA) Dh85,000, 1,600m
Winner: AF Momtaz, Fernando Jara, Musabah Al Muhairi
7.30pm: Maiden (PA) Dh80,000, 1,600m
Winner: Optimizm, Patrick Cosgrave, Abdallah Al Hammadi
Brief scoreline:
Manchester United 2
Rashford 28', Martial 72'
Watford 1
Doucoure 90'
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Employment lawyer Meriel Schindler of Withers Worldwide shares her tips on achieving equal pay
Do your homework
Make sure that you are being offered a fair salary. There is lots of industry data available, and you can always talk to people who have come out of the organisation. Where I see people coming a cropper is where they haven’t done their homework.
Don’t be afraid to negotiate
It’s quite standard to negotiate if you think an offer is on the low side. The job is unlikely to be withdrawn if you ask for money, and if that did happen I’d question whether you want to work for an employer who is so hypersensitive.
Know your worth
Women tend to be a bit more reticent to talk about their achievements. In my experience they need to have more confidence in their own abilities – men will big up what they’ve done to get a pay rise, and to compete women need to turn up the volume.
Work together
If you suspect men in your organisation are being paid more, look your boss in the eye and say, “I want you to assure me that I’m paid equivalent to my peers”. If you’re not getting a straight answer, talk to your peer group and consider taking direct action to fix inequality.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Results:
6.30pm: Al Maktoum Challenge Round-2 (PA) | Group 1 US$75,000 (Dirt) | 2,200 metres
Winner: Goshawke, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: UAE 1000 Guineas (TB) | Listed $250,000 (D) | 1,600m
Winner: Silva, Oisin Murphy, Pia Brendt
7.40pm: Meydan Classic Trial (TB) | Conditions $100,000 (Turf) | 1,400m
Winner: Golden Jaguar, Connor Beasley, Ahmad bin Harmash
8.15pm: Al Shindagha Sprint (TB) | Group 3 $200,000 (D) | 1,200m
Winner: Drafted, Pat Dobbs, Doug Watson
8.50pm: Handicap (TB) | $175,000 (D) | 1,600m
Winner: Capezzano, Mickael Barzalona, Sandeep Jadhav
9.25pm: Handicap (TB) | $175,000 (T) | 2,000m
Winner: Oasis Charm, William Buick, Charlie Appleby
10pm: Handicap (TB) | $135,000 (T) | 1,600m
Winner: Escalator, Christopher Hayes, Charlie Fellowes
The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
Scores
Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)
UAE currency: the story behind the money in your pockets
The Gentlemen
Director: Guy Ritchie
Stars: Colin Farrell, Hugh Grant
Three out of five stars
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E6.5-litre%20V12%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E725hp%20at%207%2C750rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E716Nm%20at%206%2C250rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EQ4%202023%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C650%2C000%3C%2Fp%3E%0A
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
