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Ma draws controversy by lauding overtime work culture

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Bloomberg To survive at Alibaba Group Holding Ltd. you need to work 12 hours a day, six days a week. That’s what billionaire Jack Ma demands of his staff at China’s biggest e-commerce platform. Ma told an internal meeting that Alibaba doesn’t need people who look forward to a typical eight-hour office lifestyle, according to a post on Alibaba’s official ...

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Chevron leaps to ‘ultramajor’ oil status with $33b Anadarko deal

Chevron's quarterly profits slide 37 percent

Bloomberg Chevron Corp. agreed to buy Anadarko Petroleum Corp. in a $33 billion deal that adds US shale oil and African liquefied natural gas and puts it in the top ranks of the world’s largest energy companies. The takeover puts Chevron neck-and-neck with the oil and gas production of Exxon Mobil Corp. and Royal Dutch Shell Plc, both of which ...

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GE finalises $1.5bn settlement over old subprime business

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Bloomberg General Electric Co. finalised an agreement to pay $1.5 billion to settle a US investigation into the manufacturer’s defunct subprime-mortgage business. The civil penalty will resolve claims that WMC Mortgage, a former unit of GE’s finance arm, misrepresented the quality of residential mortgage-backed securities, the US Justice Department said in a statement. GE, which first revealed the agreement in ...

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