Alibaba quarterly net profit halved, announces CEO change
Activist investor Starboard Value LP
Paris - Arab Today
Chinese e-commerce giant Alibaba said Thursday its net profit plunged 49 percent to $463 million for the final quarter of its financial year ending March, hit by a share-based compensation expense.
The group also announced that its chief executive officer Jonathan Lu will be replaced by Daniel Zhang, currently the group's chief operating officer, from Sunday. Lu will stay on the management board as vice chairman.
Alibaba completed the world's biggest IPO with its listing on the New York Stock Exchange in September, but its stock price has since dropped sharply.
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London - DPA
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Dubai - Arab Today
Dubai-based label ASMARAÏA just launched its pre-fall 2019 collection — and it’s all about cruelty-free, sustainable fashion with a festive edge. Checkmate The 15-piece collection features this checkered skirt-and-jacket ensemble that is giving us major “Clueless” vibes. Gold Rush ‘Tis the season to sparkle and this dazzling, floor-length gold skirt will do the trick. Take note of the chic black bow detail at the waist — it’s the ultimate party look. Feathered fashion The brand works with environmentally-friendly materials such as organic cotton, recycled polyester and faux fur, so you can be sure this feathered look doesn’t come at the cost of an animal’s life. Jewel Tones If you want to glisten like a polished jewel at your next festive function, this emerald-colored skirt is the perfect choice with its sequin details and shimmery overlay. Golden Girl Leopard print
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