Bloomberg Alibaba Group Holding Ltd.’s Daraz group is cutting 11% of jobs to weather a slump in online commerce, joining a growing roster of tech names retrenching to weather a global downturn. The Pakistani company, which Alibaba acquired from Rocket Internet in 2018, has quintupled active shoppers to more than 15 million over the past five years. But in ...

  Bloomberg London house prices flatlined, recording their worst performance in more than three years, one of the UK’s biggest mortgage lenders said. The cost of an average home in the capital hit £530,396 ($637,720) in January, unchanged from a year earlier, according to Halifax. This was the slowest rate of growth since November 2019, when prices fell by 1% ...

  Bloomberg Apollo Global Management Inc. is among investors showing interest in taking a stake in Credit Suisse Group AG’s new investment bank unit, as the lender continues to seek investors to help fund its spin-out, the Wall Street Journal reported. Talks with Apollo are continuing and could still fall apart, the paper reported, without giving further details. Bloomberg reported ...

  Bloomberg Britain’s postal workers won’t be going on strike this month after Royal Mail challenged a walkout planned for later this month. The Communication Workers’ Union, which represents over 100,000 post-delivery staff, said Monday that it called off strikes for Feb. 16-17 because it believed a new ballot for further industrial action could be affected if it lost a ...

  Bloomberg Vanguard Group Inc. is accelerating its push into Australia’s A$3.3 trillion ($2.3 trillion) pensions market just months after launching its debut fund in the fiercely competitive sector. The US behemoth plans to offer a retirement investment product in the country by mid-year at the earliest, Australian head Daniel Shrimski said in an interview. Vanguard unveiled its debut Australian ...

  Bloomberg KKR & Co. passed $500 billion in assets under management during the fourth quarter even as earnings fell 41% on sluggish asset sales. The New York-based firm raised $16 billion of new capital in the quarter to reach $504 billion in AUM, it said in a statement. Distributable earnings fell to $822 million, or 92 cents a share, ...

  Bloomberg As Meta Platforms Inc., Alphabet Inc. and other Silicon Valley behemoths look to lighten payrolls after years of feverish hiring, a clear target has emerged: the middle manager. Meta will be cutting some layers of management, Chief Executive Officer Mark Zuckerberg said on the company’s earnings call Wednesday, naming 2023 its “Year of Efficiency.” The company let go ...

Bloomberg Days before German Chancellor Olaf Scholz announced that Germany would ship 14 Leopard 2 tanks to Ukraine, French President Emmanuel Macron surprised allies by declaring that France would contribute 18 Caesar cannons and 40 AMX10 armored vehicles, and teased that he was still considering whether to send the embattled country a squadron of more powerful Leclerc tanks. The move ...

Bloomberg UK Prime Minister Rishi Sunak plans to carry out a mini reshuffle of his cabinet in an effort to re-set his premiership after a rocky first 100 days in office, according to people familiar with the discussions. Sunak will appoint a new Conservative Party chair, after he sacked Nadhim Zahawi over a tax scandal more than a week ago, ...

  Bloomberg India’s opposition parties said parliament has been repeatedly adjourned as Prime Minister Narendra Modi’s government is “afraid” to discuss their demand for a probe into billionaire Gautam Adani’s fight with a US short seller. Parliament has been adjourned for three days and was briefly suspended on Tuesday as the opposition draws attention to what they describe as Adani ...