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Chinese tycoon Jack Ma to give up controlling rights of Ant

  Bloomberg Jack Ma is giving up controlling rights of Ant Group Co, as the billionaire further retreats from his online empire following China’s unprecedented tech crackdown. The company is offering 10 individuals, including the founder, management and staff, voting rights independently, effectively removing Ma’s control of Ant, according to an announcement. The adjustment will not change economic interests of ...

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Vietnam’s VinFast delays first US car deliveries

  Bloomberg VinFast, an electric carmaker backed by Vietnam’s richest man, delayed vehicle deliveries to its first US customers to this month because of holidays in America. The Vietnamese company, a unit of conglomerate Vingroup JSC, is also working out procedures with banks for customers to access loans, the company said in a statement. “We are currently signing sales contracts ...

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Samsung hit by historic profit fall, spurring capex cut hope

Bloomberg Samsung Electronics Co’s profit dropped by the most in over a decade, in a sign that the global economic slowdown may be hurting electronics demand even more than anticipated. South Korea’s largest company has been grappling with weak demand for memory chips, smartphones and displays as consumers tamp down holiday spending amid soaring interest rates and inflation. Adding to ...

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