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Observer
9 hours ago
- Business
- Observer
China's Alibaba launches e-commerce subsidies of $7 bn in consumption boost
The online retail platform of Chinese tech giant Alibaba announced Wednesday that it will issue $7 billion in subsidies for certain purchases, providing a much-needed boost for a country struggling with sluggish spending. Taobao, China's e-commerce champion launched by Alibaba in 2003, said in a WeChat statement that the 50 billion yuan ($6.97 billion) would "directly subsidise consumers and merchants" over a 12-month period starting Wednesday. The spending incentives on Taobao's "flash purchase" feature will take the form of "red envelopes" -- a digital form of traditional cash gifts -- as well as discounts on products, deliveries and commissions, the statement said. Taobao said that the subsidies will "provide consumers with preferential and convenient services and experiences, further stimulating consumption vitality". Beijing is battling to stave off deflationary pressure, which has threatened to dampen economic growth even as challenges elsewhere mount. A lengthy property sector crisis and a fierce trade war with the United States this year have exacerbated concerns among Chinese households about making major purchases. Chinese authorities have sought to allay fears, unleashing a series of aggressive policy measures aimed at boosting spending, including key interest rate cuts and various consumer goods trade-in schemes. Results have been mixed, with retail sales in May growing at the fastest clip year-on-year since December 2023, according to official statistics, even as commercial property prices in a group of 70 key cities fell from April. Chinese President Xi Jinping on Tuesday urged efforts to "advance the building of a unified national market" during a high-level meeting on economic policy, state news agency Xinhua said. Leaders at the meeting also called for better management of "low-price disorderly competition" among companies. " As China's economy faces deflation pressures and a weak labour market, the government aims to address these challenges from the supply side," Zhiwei Zhang, President and Chief Economist at Pinpoint Asset Management, wrote in response to Tuesday's meeting. " The top priority seems to be preventing over-competition," he added.
Malay Mail
14 hours ago
- Malay Mail
Johor cops bust drug ring using WeChat to cut deals, seize RM2.95m in narcotics
JOHOR BARU, July 2 — Johor police have arrested five individuals linked to a drug syndicate that used the WeChat mobile messaging app to coordinate deliveries to customers. Johor police chief Datuk M. Kumar said a special operation was carried out across three separate locations in the city on June 19, between 12pm and 9pm, resulting in the arrest of three local men and two Vietnamese women. He said more than RM2.95 million worth of illicit drugs were seized during the operation. 'During the raids, police seized 16.86 kilogrammes of ecstasy powder, 104 grammes of ketamine, 1,950 Erimin 5 psychotropic pills, 1,250 grammes of ecstasy pills, and 35 yaba pills. 'All the seized drugs, if released into the open market, could be used by 59,971 addicts,' he said during a press conference at the Johor police contingent headquarters here today. Kumar said the Johor Baru-based syndicate is believed to have been active since January. They operated from two gated residential apartment units and a rented room in a terrace house, where they processed the drugs before packing them for distribution. 'The suspects used the WeChat mobile messaging application to communicate with customers without physically meeting, as part of their modus operandi. 'Upon receiving orders, upfront payments would be made online. A syndicate member would then leave the drugs at locations agreed upon by both parties, such as roadsides, drains, or even garbage bins,' he said. During the raids, police also seized drug processing and repackaging equipment, along with five vehicles, RM9,100 in cash, and jewellery. Kumar said the total value of the seized drugs and confiscated items amounted to about RM3.21 million. He said urine tests showed all five suspects tested positive for methamphetamine use. 'Checks revealed that the three male suspects had prior criminal records related to drugs and other offences. 'The trio also had outstanding warrants linked to ongoing cases under the Dangerous Drugs Act 1952,' he added. The suspects are currently remanded until tomorrow to assist investigations under Section 39B of the Dangerous Drugs Act 1952. The two women are also being investigated under Section 6(1)(c) of the Immigration Act 1959/63 for not possessing valid travel documents.
New Straits Times
14 hours ago
- New Straits Times
Johor police bust syndicate selling drugs on WeChat
JOHOR BARU: A drug syndicate that used WeChat to find customers and distributed narcotics by placing them at roadside spots for pickup has been taken down in a police operation. The syndicate, active since January, was crippled in three raids in the city on June 19. Johor police chief Datuk M. Kumar said three Malaysian men and two Vietnamese women, aged 29 to 46, were arrested in the operation from 12pm to 9pm. "In the first raid, police stormed a serviced apartment unit that was used as a homestay and rented by one of the suspects since last month. "Four suspects were detained and various types of drugs were seized. "The gated and guarded apartment was used to process, repackage and store drugs before they were distributed to the local market," he said at a press conference today. Later, a male suspect was arrested at a rented room in a terraced house. Leads brought police to another apartment where more narcotics were found. Kumar said the syndicate's modus operandi was to place drugs purchased by customers at pre-agreed locations unlikely to arouse suspicion, such as by the roadside, drains or rubbish bins. A total of 16.86kg of ecstasy powder, 104g of ketamine, 1,950 Erimin 5 pills, 1.25kg of ecstasy tablets and 35 Yaba pills, with a street value of more than RM2.95 million, were seized in the operation. "Police also seized drug-processing and repackaging equipment, five vehicles, RM9,100 in cash and jewellery, bringing the total value of drugs and assets seized to over RM3.21 million," Kumar said. All suspects tested positive for methamphetamine. Checks revealed that the three male suspects had criminal records related to drugs and other offences. They are also wanted under the Dangerous Drugs Act 1952. All suspects would be remanded until tomorrow to facilitate investigations under Section 39B of the Dangerous Drugs Act. The two Vietnamese women were being investigated under Section 6(1)(c) of the Immigration Act 1959/63 for lacking valid travel documents.
Time of India
15 hours ago
- Business
- Time of India
China's Alibaba launches ecommerce subsidies of $7 billion in consumption boost
Academy Empower your mind, elevate your skills The online retail platform of Chinese tech giant Alibaba announced Wednesday that it will issue $7 billion in subsidies for certain purchases, providing a much-needed boost for a country struggling with sluggish China's e-commerce champion launched by Alibaba in 2003, said in a WeChat statement that the 50 billion yuan ($6.97 billion) would "directly subsidise consumers and merchants" over a 12-month period starting spending incentives on Taobao's "flash purchase" feature will take the form of "red envelopes" -- a digital form of traditional cash gifts -- as well as discounts on products, deliveries and commissions, the statement said that the subsidies will "provide consumers with preferential and convenient services and experiences, further stimulating consumption vitality".Beijing is battling to stave off deflationary pressure, which has threatened to dampen economic growth even as challenges elsewhere mount.A lengthy property sector crisis and a fierce trade war with the United States this year have exacerbated concerns among Chinese households about making major authorities have sought to allay fears, unleashing a series of aggressive policy measures aimed at boosting spending, including key interest rate cuts and various consumer goods trade-in have been mixed, with retail sales in May growing at the fastest clip year-on-year since December 2023, according to official statistics, even as commercial property prices in a group of 70 key cities fell from President Xi Jinping on Tuesday urged efforts to "advance the building of a unified national market" during a high-level meeting on economic policy, state news agency Xinhua at the meeting also called for better management of "low-price disorderly competition" among companies."As China's economy faces deflation pressures and a weak labour market, the government aims to address these challenges from the supply side," Zhiwei Zhang, President and Chief Economist at Pinpoint Asset Management, wrote in response to Tuesday's meeting."The top priority seems to be preventing over-competition," he added.
The Star
16 hours ago
- The Star
Johor cops bust syndicate that sold drugs through messaging app
JOHOR BARU: Police have arrested five suspected members of a syndicate that processed and sold drugs through the messaging platform WeChat. Johor police chief Comm Datuk M. Kumar said over RM2.9mil worth of drugs were seized in three separate raids here on June 19, which also saw the arrest of three local men and two Vietnamese women aged 29 to 46. 'The syndicate, which had been active since January, used two gated and guarded apartment units and a rented room in a terrace house to process the substances before packing them into sachets for distribution," he told a press conference at state police headquarters here on Wednesday (July 2). 'They promoted the drugs on the messaging platform. "After buyers made payment, the drug sachets would be dropped off at inconspicuous locations such as roadside spots, beside dumpsters and drains. 'The buyers would then be informed to pick up their order. All transactions were done online so the buyer and seller did not meet face to face,' he said. Comm Kumar said police also seized 16,865g of ecstasy powder, 104g of ketamine, 1,950 erimin 5 pills, 1,250 ecstasy pills and 35 yaba pills, which could cater to almost 60,000 drug abusers. Drug processing equipment and five cars were also seized, along with RM9,100 and some jewellery, he added. Police believe one of the arrested male suspects is the syndicate's ringleader. All the suspects have been remanded until Thursday (July 3) for investigation under the Dangerous Drugs Act 1952.
