Alibaba's Jack Ma steps down as industry faces uncertainty
Beijing: Jack Ma, who founded Alibaba Group, the world's biggest e-commerce company, is stepping down as chairman at a time when the rapidly changing industry faces uncertainty amid a US-Chinese trade war.
Ma stepped down Tuesday as part of a succession announced a year earlier. He will stay on as a member of the Alibaba Partnership, a group of 36 people with the right to nominate a majority of the company's board of directors.
Ma, 55, founded Alibaba in 1999 to connect Chinese exporters to American retailers.
The company has shifted its focus to serving China's growing consumer market. Domestic businesses accounted for 66 per cent of its USD 16.7 billion in revenue in the quarter ending in June.
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BEST bus catches fire on Mumbai's Western Express Highway, all passengers safe
Mumbai (PTI): A bus operated by the Brihanmumbai Electric Supply and Transport (BEST) caught fire on the Western Express Highway in Mumbai's Kandivali area on Tuesday night, officials said.
Nobody was injured in the incident and all passengers were rescued safely, an official said.
"The blaze erupted in the CNG-run bus of the BEST near Sai Dham temple in Kandivali east. All passengers were safely evacuated and nobody was injured," he said.
Personnel of the police department and fire brigade were alerted, following which they rushed to the spot and launched a firefighting operation, he said.
As per the preliminary information, the fire started in the engine section of the vehicle.
Due to the incident, traffic on the Western Express Highway was disrupted for some time and vehicles were asked to use an alternative route, the official said.
