Posts tagged ‘Market capitalization’

02/11/2016

China’s Alibaba in ‘flying pig’ controversy – BBC News

A Chinese Muslim‘s call for e-commerce giant Alibaba to rename one of its services because it uses the word “pig” has sparked a backlash in China.

It all began when Alibaba changed the name of its popular travel booking app from Alitrip to one that means “Flying Pig” in Chinese. Its English name is Fliggy.

Over the weekend, Uighur businessman Adil Memettur criticised this decision on popular microblogging network Sina Weibo, where he has hundreds of thousands of followers.

He noted that the app is popular among minorities because it lets people whose names have unusual spellings make bookings.

“But now that Alitrip has changed its name to Flying Pig, I can only uninstall it, and maybe all my Muslim friends too, because the word “pig” is taboo to Muslims all over the world. Alibaba is an international corporation, could it take Muslim taboos into consideration?” he said.

Image copyrightSINA WEIBO / ADIL MEMETTUR. Mr Memettur is an Uighur Chinese who runs a cake business

His post quickly sparked condemnation and ridicule from other Chinese online, with some asking if this meant China had to expunge all references to pigs in popular culture and literature.

“We each have our own way of life; we do not force you to live according to our rules, but you cannot force us to change the law,” said Weibo user Fireflyinred.

Mr Memettur quickly took down the post and on Sunday night he posted an apology.

Alibaba told the BBC that they decided to rebrand the app to appeal to a younger demographic. “We embrace diversity and respect all creeds and religions. The name change is meant to reflect the demographic’s aspirations to pursue dreams, sit back and enjoy life,” said the spokesman.

The visceral pushback stems from the fact that the pig occupies an important place in Chinese culture.

Pork is not only a staple of Chinese cuisine – the government keeps a national reserve of pork in case of market shortages – but the pig is also celebrated in folklore and the Chinese zodiac.

Online, the reaction to Mr Memettur has been intense, often descending into derogatory comments and insulting jokes about Muslims and Uighur culture.

It has also highlighted how gaps in understanding between Muslim minorities and the Han Chinese majority can arise.

Image copyrightAFP/GETTY IMAGES – The Uighurs are one of China’s biggest Muslim minorities

Because of their relatively small numbers, concentrated mostly in the West, Muslims still do not figure largely in Chinese public discourse.

China’s 21 million Muslims, comprising minority ethnic groups such as the Huis and Uighurs, make up only 1.6% of the population, with the rest from the Han ethnic majority and they have mostly co-existed peacefully.

The western province of Xinjiang, home to many Chinese Uighurs, has seen unrest with residents saying they have been economically and culturally displaced by a growing influx of Han migrants. Violence there has been attributed by the authorities to Islamist militants and separatists – rights groups point to increasingly tight control by Beijing.

Image copyrightGETTY IMAGES- Xinjiang cities like Kashgar are home to Muslim minorities such as the Uighurs

In this instance some online, like blogger Han Dongyan, have called for respect and calm.”Don’t extend this to all Muslims… (Mr Memettur) has made a mistake and he can be criticised, but don’t respond to an extreme with another extreme and tar them all with the same brush, this is wrong too!” he wrote in one popular post.

Source: China’s Alibaba in ‘flying pig’ controversy – BBC News

19/12/2014

Forget Wal-Mart: China Cuts Out the Middleman – China Real Time Report – WSJ

Wal-Mart and Amazon have become America’s main conduits for cheap, mass-produced goods from China’s factory floors. But who needs them anymore? As the WSJ’s Dennis K. Berman reports:

I am holding in my hands a men’s down jacket with fur trim, sent four days ago direct from a warehouse 67 miles west of Shanghai.

The $52.19 jacket won’t be confused for Prada. The fur appears to be “fur.” It came out of the box smelling like plastic and solvent.

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What the jacket represents is far more interesting: It’s the final and direct link between China’s manufacturers and the global consumer. In the same way Chinese companies took over the production of goods, they are now increasingly capable of merchandizing those goods, using the Web and modern freight transport. Bentonville, you are being outsourced to China, too.

This is in part why China’s Alibaba has a $268 billion market capitalization. And it’s why United Parcel Service Inc. recently bought a company called i-parcel, to help U.S. suppliers penetrate the thickets of customs, fraud and language that still exist.

The jacket came via LightInTheBox , a Beijing company listed on the New York Stock Exchange. Run by Chinese with deep experience in America, the site can shapeshift into 27 different languages, from Arabic to Bahasa to Swedish, and ship goods piecemeal all over the world. For the 12 months ending in September, LightInTheBox sold $349 million of merchandise, a 25% increase from the year earlier. It is still far from profitable, posting significant operating and net losses. Its stock has fallen 23% this year.

LightInTheBox got its start selling wedding dresses, and it’s now selling about 800 different designs for under $200. It sells 400,000 a year. For wedding dresses, “the manufacture price in China is less than $100, but the store price in the U.S. or Europe was thousands of dollars,” company co-founder and CEO Quji “Alan” Guo said in an interview. “That was a category where there should have been better availability, but it was not there.”

via Forget Wal-Mart: China Cuts Out the Middleman – China Real Time Report – WSJ.

28/11/2014

Indian Stock Exchange Rises Up World Rankings, Catching Up With China – India Real Time – WSJ

Indian shares are on a roll and that’s bringing the country’s stock exchanges onto the global stage.

English: National Stock Exchange of India Русс...

English: National Stock Exchange of India Русский: Национальная фондовая биржа Индии (Photo credit: Wikipedia)

On Friday, the market capitalization, or total value of listed companies, on Mumbai’s BSE exchange reached a new record of 100 trillion rupees ($1.6 trillion.)

The market value of companies listed on Indian stock exchanges has risen by more than 40% over the past year, as investors are betting that Indian companies will benefit from a turn in the local economy and policies expected from the new government that came to power in May.

The BSE stood 10th among the world’s stock exchanges as measured by market value at the end of October, according to data from the World Federation of Exchanges.

It is followed closely by India’s National Stock Exchange, which is ranked 11th.

Industry experts say India’s standing is likely headed higher.

“It is a matter of time before we make it to the top 5,” stock exchanges in the world, said Kalpana Morparia, chief executive of J.P. Morgan India, in a statement Friday.

If the market cap of Indian companies keeps increasing at its recent pace, the BSE and NSE could soon overtake Germany’s Deutsche Borse and China’s Shenzhen Stock Exchange.

via Indian Stock Exchange Rises Up World Rankings, Catching Up With China – India Real Time – WSJ.

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