Alibaba is making money hand over fist but not in entertainment
Fly direct to Hangzhou from the U.S. for as little as $493
Celebrate the Year of the Rooster with United Airlines on the only nonstop flights to Hangzhou from the U.S. Purchase by February 1, travel throughout most of the year. Fares start at $493 roundtrip. Visit United.com for details and booking.
Alibaba revenue up 54% to $7.67 billion, but entertainment losses deepen / Variety
Ecommerce giant Alibaba announced financial results for the quarter that ended December 31, 2016, showing a 54 percent increase in revenue, with the group total hitting $7.67 billion. But losses in the entertainment sector grew to $463 million, up from $156 million in the same period in 2015. In its press release, Alibaba said that consolidation of its media and entertainment businesses would “realize greater synergies within the segment,” but the company still has to prove that it can make a profit outside of the ecommerce and online financial services sectors that it dominates.
China’s growing ambitions in space / The Atlantic
China is “moving boldly ahead with its own space-exploration efforts,” and plans to conduct about 30 launches this year, up from 21 successful orbital-launch missions in 2016. A recent report from the China National Space Administration (CNSA) said that this year, CNSA will launch its first cargo spacecraft to resupply a space laboratory; in addition, it will land a rover on the far side of the Moon next year. A Mars rover is planned for 2020. NPR reports that China is planning a mission to bring lunar samples back to Earth late this year.
- China-led investment bank AIIB to add 25 new member countries in 2017 / GB Times
- China trade flows threatened by capital flight battle / Financial Times (paywall)
- Stock market index provider SCI head expresses concern on China capital controls / Reuters
- China plans steps to cut local influence on economic data / Bloomberg
- China tourism body backs boycott of Japanese hotel group APA / Reuters