Western Union Co. stock falls Tuesday, underperforms marketBy KENYA HUNTER, Associated Press ATLANTA (AP) — As she checked into a recent flight to Mexico for vacation, Teja Smith chuckled at the idea of joining another Women’s March on Washington . As a Black woman, she just couldn’t see herself helping to replicate the largest act of resistance against then-President Donald Trump’s first term in January 2017. Even in an election this year where Trump questioned his opponent’s race , held rallies featuring racist insults and falsely claimed Black migrants in Ohio were eating residents’ pets , he didn’t just win a second term. He became the first Republican in two decades to clinch the popular vote, although by a small margin. “It’s like the people have spoken and this is what America looks like,” said Smith, the Los Angeles-based founder of the advocacy social media agency, Get Social. “And there’s not too much more fighting that you’re going to be able to do without losing your own sanity.” After Trump was declared the winner over Democratic Vice President Kamala Harris , many politically engaged Black women said they were so dismayed by the outcome that they were reassessing — but not completely abandoning — their enthusiasm for electoral politics and movement organizing. Black women often carry much of the work of getting out the vote in their communities. They had vigorously supported the historic candidacy of Harris, who would have been the first woman of Black and South Asian descent to win the presidency. Harris’ loss spurred a wave of Black women across social media resolving to prioritize themselves, before giving so much to a country that over and over has shown its indifference to their concerns. AP VoteCast , a survey of more than 120,000 voters, found that 6 in 10 Black women said the future of democracy in the United States was the single most important factor for their vote this year, a higher share than for other demographic groups. But now, with Trump set to return to office in two months, some Black women are renewing calls to emphasize rest, focus on mental health and become more selective about what fight they lend their organizing power to. “America is going to have to save herself,” said LaTosha Brown, the co-founder of the national voting rights group Black Voters Matter. She compared Black women’s presence in social justice movements as “core strategists and core organizers” to the North Star, known as the most consistent and dependable star in the galaxy because of its seemingly fixed position in the sky. People can rely on Black women to lead change, Brown said, but the next four years will look different. “That’s not a herculean task that’s for us. We don’t want that title. ... I have no goals to be a martyr for a nation that cares nothing about me,” she said. AP VoteCast paints a clear picture of Black women’s concerns. Black female voters were most likely to say that democracy was the single most important factor for their vote, compared to other motivators such as high prices or abortion. More than 7 in 10 Black female voters said they were “very concerned” that electing Trump would lead the nation toward authoritarianism, while only about 2 in 10 said this about Harris. About 9 in 10 Black female voters supported Harris in 2024, according to AP VoteCast, similar to the share that backed Democrat Joe Biden in 2020. Trump received support from more than half of white voters, who made up the vast majority of his coalition in both years. Like voters overall, Black women were most likely to say the economy and jobs were the most important issues facing the country, with about one-third saying that. But they were more likely than many other groups to say that abortion and racism were the top issues, and much less likely than other groups to say immigration was the top issue. Despite those concerns, which were well-voiced by Black women throughout the campaign, increased support from young men of color and white women helped expand Trump’s lead and secured his victory. Politically engaged Black women said they don’t plan to continue positioning themselves in the vertebrae of the “backbone” of America’s democracy. The growing movement prompting Black women to withdraw is a shift from history, where they are often present and at the forefront of political and social change. One of the earliest examples is the women’s suffrage movement that led to ratification in 1920 of the 19th Amendment to the Constitution , which gave women the right to vote. Black women, however, were prevented from voting for decades afterward because of Jim Crow-era literacy tests, poll taxes and laws that blocked the grandchildren of slaves from voting. Most Black women couldn’t vote until the Voting Rights Act of 1965. Black women were among the organizers and counted among the marchers brutalized on the Edmund Pettus Bridge in Alabama, during the historic march in 1965 from Selma to Montgomery that preceded federal legislation. Decades later, Black women were prominent organizers of the Black Lives Matter movement in response to the deaths of Black Americans at the hands of police and vigilantes. In his 2024 campaign, Trump called for leveraging federal money to eliminate diversity, equity and inclusion programs in government programs and discussions of race, gender or sexual orientation in schools. His rhetoric on immigration, including false claims that Black Haitian immigrants in Springfield, Ohio, were eating cats and dogs, drove support for his plan to deport millions of people . Tenita Taylor, a Black resident of Atlanta who supported Trump this year, said she was initially excited about Harris’ candidacy. But after thinking about how high her grocery bills have been, she feels that voting for Trump in hopes of finally getting lower prices was a form of self-prioritization. “People say, ‘Well, that’s selfish, it was gonna be better for the greater good,”’ she said. “I’m a mother of five kids. ... The things that (Democrats) do either affect the rich or the poor.” Some of Trump’s plans affect people in Olivia Gordon’s immediate community, which is why she struggled to get behind the “Black women rest” wave. Gordon, a New York-based lawyer who supported the Party for Socialism and Liberation’s presidential nominee, Claudia de la Cruz, worries about who may be left behind if the 92% of Black women voters who backed Harris simply stopped advocating. “We’re talking millions of Black women here. If millions of Black women take a step back, it absolutely leaves holes, but for other Black women,” she said. “I think we sometimes are in the bubble of if it’s not in your immediate circle, maybe it doesn’t apply to you. And I truly implore people to understand that it does.” Nicole Lewis, an Alabama-based therapist who specializes in treating Black women’s stress, said she’s aware that Black women withdrawing from social impact movements could have a fallout. But she also hopes that it forces a reckoning for the nation to understand the consequences of not standing in solidarity with Black women. “It could impact things negatively because there isn’t that voice from the most empathetic group,” she said. “I also think it’s going to give other groups an opportunity to step up. ... My hope is that they do show up for themselves and everyone else.” Brown said a reckoning might be exactly what the country needs, but it’s a reckoning for everyone else. Black women, she said, did their job when they supported Harris in droves in hopes they could thwart the massive changes expected under Trump. “This ain’t our reckoning,” she said. “I don’t feel no guilt.” AP polling editor Amelia Thomson DeVeaux and Associated Press writer Linley Sanders in Washington contributed to this report. The Associated Press Health and Science Department receives support from the Robert Wood Johnson Foundation. The AP is solely responsible for all content.
Citius Pharmaceuticals stock hits 52-week low at $0.16Report: Texans S Jalen Pitre (pectoral) expected out for weeks
South Korean Won: KRW stabilizes after South Korean Parliament axes martial law callBaramati Maharashtra Assembly Election Results 2024: Baramati, a prominent seat in the Maharashtra Assembly elections, is in the spotlight as all eyes turn to this crucial battleground. This time, the contest has taken an interesting turn with a face-off between two prominent Pawar family members. The experienced Ajit Pawar from the Nationalist Congress Party (NCP) is up against Yugendra Pawar , who is backed by a combination of NCP and the Samajwadi Party (SP). However, this election is not just about Baramati; it holds wider implications for Maharashtra’s political future, especially in the western region. Baramati's key role in 2024 Maharashtra elections The stakes are high in Baramati, as it has become more than a local contest. The rivalry between Ajit Pawar and his uncle, Sharad Pawar, has given the election an added dimension. Ajit Pawar, after splitting from the NCP in 2022, aligned his faction with the Bharatiya Janata Party (BJP) and joined the ruling government. Despite his repeated victories, having won the Baramati seat seven times, the shift in allegiance has not been well received by traditional voters, as reflected in the results of the 2024 Lok Sabha elections. His faction’s performance was underwhelming, whereas Sharad Pawar 's faction secured eight out of the ten seats in the same elections. Ajit Pawar's allegiance to BJP and its impact The Baramati seat became the battleground for the first-ever "Pawar vs Pawar" showdown when Sharad Pawar’s daughter, Supriya Sule, triumphed over Ajit Pawar’s wife, Sunetra Pawar. The shift in loyalties has added a layer of intrigue to the upcoming assembly polls, as voters in the region seem to be leaning slightly toward Sharad Pawar’s influence. Sharad Pawar's stronghold in Western Maharashtra Western Maharashtra, with its significant sugarcane-producing districts like Sangli, Satara, Kolhapur, and Pune, has long been a stronghold of Sharad Pawar. His influence in these areas, dating back to when he founded the NCP, has given him an edge in the political landscape. As the Baramati elections unfold, the results here could mark a significant shift in the region’s political dynamics, potentially reshaping the future of Maharashtra’s governance. Marketing Performance Marketing for eCommerce Brands By - Zafer Mukeri, Founder- Inara Marketers View Program Marketing Modern Marketing Masterclass by Seth Godin By - Seth Godin, Former dot com Business Executive and Best Selling Author View Program Artificial Intelligence(AI) Basics of Generative AI: Unveiling Tomorrow's Innovations By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Excel Essentials to Expert: Your Complete Guide By - Study At Home, Quality Education Anytime, Anywhere View Program Finance A2Z Of Money By - elearnmarkets, Financial Education by StockEdge View Program Artificial Intelligence(AI) AI and Analytics based Business Strategy By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI View Program Office Productivity Microsoft Word Mastery: From Beginner to Expert By - CA Raj K Agrawal, Chartered Accountant View Program Web Development Mastering Full Stack Development: From Frontend to Backend Excellence By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) AI for Everyone: Understanding and Applying the Basics on Artificial Intelligence By - Ritesh Vajariya, Generative AI Expert View Program Marketing Future of Marketing & Branding Masterclass By - Dr. David Aaker, Professor Emeritus at the Haas School of Business, UC Berkeley, Author | Speaker | Thought Leader | Branding Consultant View Program Finance Financial Literacy i.e Lets Crack the Billionaire Code By - CA Rahul Gupta, CA with 10+ years of experience and Accounting Educator View Program Strategy Succession Planning Masterclass By - Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd. View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance Crypto & NFT Mastery: From Basics to Advanced By - CA Raj K Agrawal, Chartered Accountant View Program Web Development A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance Tally Prime & GST Accounting: Complete Guide By - CA Raj K Agrawal, Chartered Accountant View Program Marketing Digital Marketing Masterclass by Neil Patel By - Neil Patel, Co-Founder and Author at Neil Patel Digital Digital Marketing Guru View Program Web Development Master RESTful APIs with Python and Django REST Framework: Web API Development By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development C++ Fundamentals for Absolute Beginners By - Metla Sudha Sekhar, IT Specialist and Developer View Program (You can now subscribe to our Economic Times WhatsApp channel )
Moravec’s paradox, which explains that Artificial Intelligence (AI) excels at complex tasks beyond human capability but struggles with tasks requiring direct interaction with the environment, offers scope for cross-linking human intelligence with AI for mutual improvement. This paradox could pave the way for developing Hybrid Agricultural Intelligence (HAI) by combining farmers’ knowledge with AI, creating sustainable solutions that are tailored to the dynamic challenges confronting India’s agricultural sector. Agriculture is the backbone of the Indian economy. As in the Economic Survey’s provisional estimate for 2023-24, the contribution of agriculture to the Indian GDP is pegged at 18.2 % at current prices while providing a livelihood to 42.3% of the 1.4 billion citizens. India’s agriculture, done in 219.16 million hectares during 2021-22 (Land Use Statistics at a Glance-2018-19 to 2021-22, Government of India), has been shaped by the unique knowledge and adaptive strategies of farmers accumulated over thousands of years of ecological understanding. Indian farmers have developed deep knowledge to deal with diverse seed and planting material requirements, crop rotation and management, soil types, weather patterns and consumer preference. This traditional “farmers’ intelligence” or the Indigenous Technology Knowledge (ITK) forms a vital foundation for smallholders (who constitute over 80% of the agricultural community), to sustain yields on small land holdings despite minimal resources and unpredictable monsoons. Complementing this, scientific research led by the Indian Council of Agricultural Research (ICAR) has further enriched farmers’ knowledge and capabilities, playing a key role in empowering them and contributing to India’s rise as a leading agricultural nation. The advent of technology In recent years, AI, machine learning, drone applications, cutting-edge sensors and remote sensing technologies well-suited to the large farming areas have helped agriculture rapidly advance in developed countries. Now, increasingly, these innovations have begun making an entry in Indian agriculture, with an aim to enhance productivity and efficiency and also sustain the environment. However, small landholdings create unique challenges for Indian farmers to adopt AI technologies since they are designed for large farms. Hence, many still rely on traditional farming knowledge which has allowed Indian farmers to manage microclimates and optimise yields through century-long accrued insights through a combination of practical tactile observations, visual cues and oral folklore passed down through generations. Their ITK was refined over hundreds of years, including the Green Revolution period as well, allowing them to develop adaptive strategies in local agriculture that could align with natural resources constraints, ecological changes and enhanced resilience against different stresses. Innovative farmers have developed new crop varieties through long-term breeding. The Protection of Plant Varieties and Farmers’ Rights Act (PPVFRA) was established in 2001 to protect their contributions. Additionally, many farmers conserve wild cereal, millet varieties and horticultural crops with valuable traits, recognised through the PPVFRA’s Genome Saviour Awards. Farmers and village artisans have also created tools and equipment that are suited to Indian agriculture, such as the popular coconut climbing device by M.J. Joseph of Kerala, known as the ‘Chemperi Joseph’ device. Rural Indian women constitute 48% of self-employed farmers and 33% of agricultural labourers, making them integral to sustainable farming practices. They handle critical tasks such as seed selection and planting, polycropping, soil health, water management and pest control involving low-input, organic methods, and post-harvest processing suitable for local conditions. Their expertise in agriculture plays a vital role in enhancing the resilience of smallholder farms against environmental changes. On indigenous knowledge To capture the indigenous agriculture technologies developed by the farmers, the ICAR, in the year 2000, under the National Agricultural Technology Programme, had initiated a Mission Mode Project on Collection, Documentation and Validation of the ITK. The information had been published as the Inventory of ITK in Agriculture as two part documents (Das et al., 2002). These remain an important repository of Indian farmers’ knowledge which could be put to wider use. Despite the robustness of Indian farmers’ indigenous knowledge, which evolved alongside Green Revolution technologies to adapt to local conditions, the increasing pressures of soil degradation, climate change, market volatility, limited resources including labour now demand enhanced support systems. This is where the potential of AI and modern technology becomes particularly relevant. The Global AI market is growing at a CAGR of 23.1% from 2023 to 2028, with a rise in investments from $1.47 billion to $4.7 billion during this period. It is estimated that the adoption of AI could reduce cost of cultivation by 22% as in an Ark-Investment report. Already, under the AI4AI programme (AI for Agriculture Innovation) started by the Indian government, an initiative called ‘Saagu Baagu’ in Khammam district of Telangana State had shown that from 2020 to 2023, the adoption of AI-enhanced chilli yield by 21% per acre, reduced pesticide application by 9%, a 5% decrease in fertilizer usage, and an 8% improvement in unit prices due to quality enhancements. Consequently, chilli farmers earned more than ₹66,000 per acre per crop cycle, enhancing their income substantially. This clearly indicates the scope of AI in transforming Indian agriculture. To effectively develop hybrid agricultural intelligence (HAI), farmers need to recognise the value of their own agricultural knowledge as well as the potential of modern AI technologies. Training programmes should be implemented to educate them on using AI tools in conjunction with their farming practices. Need for collaborative platforms Collaborative platforms should be developed where farmers can share their farming knowledge with AI developers while integrating agricultural technologies generated by research organisations. This will not only refine AI tools for agriculture but also provide farmers with advanced insights and innovative solutions to enhance their practices. This ongoing data integration will create a symbiosis of farmers’ wisdom and modern technology, resulting in continuous adaptive solutions modified to changing farming needs. AI platforms such as ‘Kisan-e-mitra’, ‘Bhashini’ and ‘Sarvam’ can facilitate this exchange through multilingual support. Pilot projects must be launched across regions to test this hybrid approach, evaluating its impact on efficiency, yields, income, and overall sustainability and refined further. Partnerships among the government, ICAR, tech companies, and farmers’ cooperatives are crucial for developing HAI. However, such partnerships should be equitable, ethical, inclusive and ensure safeguarding national data, the interests of the farming community, and farm labour and the food security of the nation. Guaranteeing affordable and accessible AI tools for smallholder farmers is of paramount importance too. Despite challenges such as data integration, privacy concerns, financial constraints, and social resistance, if successfully implemented, HAI has the potential to transform Indian agriculture. By combining farmers’ knowledge with AI, HAI can make farming more resilient, sustainable, and adaptable to future challenges, leading to a more prosperous and resource-efficient agricultural sector in India. Murali Gopal is Principal Scientist, Agricultural Microbiology and Head of the Division of Physiology, Biochemistry and Post-Harvest Technology, ICAR-Central Plantation Crops Research Institute, Kasaragod, Kerala. Alka Gupta is Principal Scientist, Agricultural Microbiology, ICAR-Central Plantation Crops Research Institute Kasaragod, Kerala. The views expressed are personal Published - December 04, 2024 04:00 am IST Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp Reddit India / farms / Artificial Intelligence / agriculture / agricultural research and technology / economy (general) / Economic Survey / government / Monsoon / weather science / Kerala / laws / labour / water / pesticides / environmental issues / climate change / Telangana / online / finance (general) / Sustainability / award and prize / gender
Marie Gluesenkamp Perez has a blunt message for fellow Democrats as they wail and wonder how they’ll make their way back from the political wilderness. It’s going to take time. And lots of work. “This is not like, ‘Oh, here’s one weird trick ... Use this word, not that word,’ “ said the 36-year-old congresswoman, fresh off reelection in a rural district Donald Trump just carried for the second time. Gluesenkamp Perez likened the Democrats’ mission to building a bicycle wheel, saying there is no universal blueprint. “Every spoke matters and needs to be in appropriate tension,” she said. “You can’t just make one cast-iron spoke and expect the wheel to hold up.” Gluesenkamp Perez, the mother of a toddler and owner of a family-run auto repair shop, became a political folk hero in 2022 by pulling off one of the biggest upsets in the country, coming from nowhere to win a Republican-held House seat representing the southwest corner of Washington state. The victory made her one of just five House Democrats representing districts that Trump carried in 2020. Two have been reelected. Republicans flipped a seat in Pennsylvania and the remaining contests — in Alaska and Ohio — remain too close to call. So when it comes to discussing how Democrats might address their hemorrhaging rural support, Gluesenkamp Perez speaks with some authority. But also some hesitation. “I am not a strategist. I am not a party operative,” she said from her Capitol Hill office. “It’s the wrong idea to take away from this that I’ve got some 10-point plan.” Still, Gluesenkamp Perez does have some pointed advice as her party seeks to woo and win back the working-class voters who, for decades, were foundational to Democratic success. To wit: Stop talking down to people, as if they’re too dumb to know what’s politically good for them. Treat those who work with their hands with the same respect and regard as people holding jobs with fancy degrees. And, perhaps above all, run more candidates who’ve gotten dirt under their fingernails, mud on the soles of their boots or grease stains on their coveralls. “The track record of success is not whether you went to an Ivy League institution,” Gluesenkamp Perez said, but rather “what that person has done with their life, how they’ve contributed to their community, beyond building a resume that’s traditionally credentialed.” Washington’s 3rd Congressional District runs north from the Columbia River, which forms the border with Oregon. The closest thing to a large city is Vancouver, with a population of roughly 200,000. Endless acres of farmland are edged by mountains and lush forest; when the trees blaze with autumn colors, it’s a heavenly sight. Swimming against the Trump tide, Gluesenkamp Perez won reelection this month by significantly outperforming Kamala Harris. She pulled more votes than her fellow Democrat not just in the blue bastions of Vancouver and its suburbs, but also in the rural reaches of the district. In fact, the redder the county, the more Gluesenkamp Perez topped the vice president’s showing. Part of that is her relatability, as someone who lives in the countryside in a home she and her husband built. Campaigning, the congresswoman spoke of the nearly four-hour round trip the couple drive to take their toddler to the one day care center in their county. She described the frustrations — head-scratching regulations, nit-picky bureaucrats — she’s dealt with while running her auto shop. Some of that, of course, is unique to her experience. But there’s a broader applicability. Her platform was all about practicality. Making farm loans more accessible. Using tax-preferred savings funds to pay not just for college but also tools used by loggers, plumbers, electricians and the like. Giving people the right to choose where to fix their broken appliances, rather than having to ship them back to the manufacturer. Gluesenkamp Perez doesn’t hesitate to break with fellow Democrats on issues like border security — she backed a resolution rebuking Harris for her role in the administration’s policies — and hasn’t waded into the culture wars that animate many in her party. “I think it’s important that we hold our cultural and moral precepts steady and with integrity,” said Gluesenkamp Perez, who called for codification of a national right to abortion rather than leaving decisions on women’s health to a bunch of “staff bros” in Washington. “But it’s also true that I don’t ... know any Mexican Americans or Latinos that asked us to use significant political capital to make ‘Latinx’ happen. You need to be useful to your community and not an ideology.” Most voters, she went on, aren’t wielding a clipboard and checking off issue boxes. What matters to them is whether a candidate reflects their values and seems “a good fit for the community ... In many ways, the message is the messenger.” That means sharing the lived experience of the people whom a lawmaker seeks to represent. “It’s important that I lose power when everyone else loses power in the ice storm,” said Gluesenkamp Perez. “That my home insurance rates go up, too. That fentanyl is impacting my [child’s] playgroups.” There is, as the congresswoman suggests, no one-size-fits-all solution for Democrats seeking to reclaim lost rural ground and working-class support. In Montana, Democratic Sen. Jon Tester is about as authentically rural as they come. A plain-spoken farmer and Montana native who famously lost three of his fingers in a childhood meat-grinding accident, his buzz cut and ample belly make him no one’s idea of a slick, poll-tested politician. Still, Tester lost his reelection bid to a Republican who moved to the state just a decade ago and revealed a shaky relationship with the truth. (Among the controversies was Tim Sheehy’s claim to have been shot while serving in Afghanistan.) That said, when you’re flat on your back you have to pick yourself up and start somewhere. Democrats could do worse than listening to someone who’s won a pair of tough races and speaks a language rural voters appreciate and understand.
In 2020, Alibaba Group Holding Ltd BABA prepared for the record-breaking IPO of its affiliate, Ant Group, poised to revolutionize financial technology. Just days before the launch, regulators revealed that Ant had bypassed key banking laws to expand its services. The IPO, valued at $35 billion, was abruptly suspended, causing Alibaba's stock to plummet 13% in a single day. Shortly after, the State Administration for Market Regulation launched an antitrust investigation into Alibaba's monopolistic practices. Investors alleged that Alibaba misled them about regulatory risks tied to Ant Group, its ownership structure, and lending activities. Alibaba has agreed to a $433.5 million settlement with investors to resolve these claims. Affected investors can now file a claim to receive their payouts. Overview In July 2020, Ant Group announced plans for a record-breaking $35 billion IPO, poised to drive significant growth for Alibaba Group Holding Ltd BABA , which held a 33% stake. However, regulatory concerns over Ant's business model, ownership structure, and compliance with new fintech rules led to the IPO's abrupt suspension in November, just days before its launch. The fallout caused Alibaba's shares to plummet, erasing billions in market value, and triggered an antitrust investigation into its monopolistic "Choose One of Two" practices. In response, investors filed a class-action lawsuit, accusing Alibaba of failing to disclose critical regulatory risks. Recently, Alibaba agreed to pay $433.5 million to affected shareholders to settle this lawsuit. SAMR's Crackdown on Alibaba: Legal and Regulatory Implications As Alibaba's market dominance and access to vast consumer data grew, the Chinese government expressed rising concerns about its economic impact. In response, the SAMR introduced new anti-monopoly regulations on September 1, 2019, targeting practices by powerful companies like Alibaba. On November 5, SAMR convened a meeting with around twenty major e-commerce firms, warning that practices like "Choose One of Two" were illegal and must stop. While Alibaba did not deny using such practices, it dismissed the criticism as "slander" and "malicious hype" in a press statement. Under growing regulatory pressure, however, the company eventually committed to compliance, acknowledging potential scrutiny for future violations. Despite the clear warnings, Alibaba continued its anti-competitive behavior. In November 2020, the government introduced new regulations specifically targeting monopolistic behavior in the internet industry, with Alibaba as a primary focus. This announcement triggered a sharp 9% drop in Alibaba's share price on November 10, 2020. By December, SAMR launched a formal investigation, which ultimately found Alibaba guilty and resulted in a record $2.8 billion fine. Political Risk and the Hidden Investors Behind Ant’s IPO Ant Group was spun off from Alibaba in 2011. Jack Ma controlled 50.5% of Ant's shares, while Alibaba held a 33% stake. On July 20, 2020, Alibaba announced Ant’s IPO, aiming to raise a record $35 billion with a $300 billion valuation, sparking excitement among investors, as Alibaba's stake could be worth over $100 billion. However, the enthusiasm was short-lived, as the company revealed in November 2020 that the IPO had been abruptly suspended. The suspension was largely driven by Ant's attempt to bypass financial regulations. Although operating as a financial services company, Ant positioned itself as a tech firm to avoid traditional banking rules. Its high-risk lending activities, with leverage ratios of 50-60 times, raised serious concerns among regulators. In response, China introduced new rules in September 2020, requiring financial holding companies like Ant to maintain higher capital levels, further intensifying scrutiny. Jack Ma's criticism of regulators in an October speech further fueled tensions. Another major risk to the IPO was the hidden identities of private investors whose interests conflicted with those of Chinese President. These investors concealed their ownership through complex and opaque investment structures. Jack Ma was reportedly aware of the political risks tied to these undisclosed ownership interests but failed to address them transparently. When the Chinese government uncovered the identities of these investors during an investigation prior to the Ant IPO, it decided to halt the offering entirely. As a result of the undisclosed information, the share price of Alibaba dropped from $310 on November 2, 2020, to $222 on December 24, 2020, indicating a total fall of 29%. Following these events, investors accused Alibaba of failing to disclose the regulatory risks tied to Ant Group and its monopolistic practices, leading to a lawsuit against the company. Resolving the Case To resolve the lawsuit from investors, Alibaba has agreed to a cash settlement of $433.5 million. If you invested in Alibaba, you may be eligible to claim a portion of this settlement to recover your losses. Despite these efforts, Alibaba’s stock remains below its peak, trading at $85. In August 2024, China's market regulator announced that Alibaba had completed three years of "rectification" for monopolistic behavior. Alibaba called the announcement a "new starting point for development" and pledged to continue fostering the healthy growth of the platform economy. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Agilysys Appoints Enterprise Cloud Software and Go-To-Market Veteran Lisa Pope to Its Board of Directors
Magnite Promotes Sean Buckley to President, Revenue and Katie Evans to President, OperationsWASHINGTON – A person accused of accosting U.S. Rep. Nancy Mace in a Capitol Office building pleaded not guilty on Wednesday to a misdemeanor assault charge. Witnesses told police that James McIntyre, 33, of Chicago, shook Mace's hand in an “exaggerated, aggressive” manner after approaching the South Carolina Republican in the Rayburn House Office Building on Tuesday evening, according to a police affidavit. Recommended Videos Mace, who is identified only by her initials in a court filing, posted a string of social media messages about the incident. She said she was “physically accosted” at the Capitol, and she thanked President-elect Donald Trump for calling her Wednesday morning to check on her condition. “I’m going to be fine just as soon as the pain and soreness subside,” Mace wrote. Mace declined to be treated by a paramedic after her encounter with McIntyre, who was arrested Tuesday by the Capitol Police, the affidavit says. Mace told police that McIntyre said, “Trans youth serve advocacy,” while shaking her hand. Last month, Mace proposed a resolution that would prohibit any lawmakers and House employees from “using single-sex facilities other than those corresponding to their biological sex.” Mace said the bill is aimed specifically at Delaware Democrat Sarah McBride — the first transgender person to be elected to Congress. A magistrate judge ordered McIntyre’s release after an arraignment in Superior Court of the District of Columbia. Efforts to reach an attorney for McIntyre weren't immediately successful.
Idaho US senator says ‘jury’s still out’ on how to handle women serving in military combat
Open Text Corp. stock rises Wednesday, still underperforms marketSouth Korea lifts president's martial law decree after lawmakers reject military rule
'Martyr' Jane Moore slammed by I'm a Celebrity viewers who spot detail