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Ukrainian forces thwart Russians at river
Ukraine has destroyed Russian armoured vehicles crossing a river in Donbas and driven forces from Kharkiv as it braces for…
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Number of refugees fleeing Ukraine war exceeds 6 million-UN agency
The number of people who have fled Ukraine to escape Russia's invasion has passed 6 million in Europe's worst refugee…
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Ukraine latest updates: Zelenskyy ‘ready’ for talks with Putin
Ukraine news from May 13: Ukraine’s Zelenskyy says he is prepared to hold discussions with Putin over ending war.
NATO membership prospect brings relief for border Finns
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Alibaba Downsizes Russia Joint Venture Workforce By 40% Amid Geopolitical, Regulatory Uncertainty

By Anusuya Lahiri
  • Alibaba Group Holding Limited's (NYSE:BABA) joint venture in Russia has laid off about 40% of employees, Nikkei Asia reports.
  • It was not clear if there would be more layoffs after some of the laid-off staff chose to leave voluntarily and a few relocated, Reuters reports.
  • Alibaba and Russian partners launched AliExpress Russia joint venture in 2019, which operates domestic and cross-border transactions.
  • Alibaba depends on cross-border sales for more than 75% of its business and has been slower to benefit from a pandemic-led e-commerce boom as supply chains adjust to new travel curbs.
  • Alibaba was also affected by the fallout from the Russia-Ukraine war.
  • The layoff was due to the invasion of Ukraine as the war severely disrupted cross-border business.
  • Previously reports of a significant job cut in Alibaba were doing the rounds.
  •  Alibaba continued its restructuring activities as planned and international diversification amid the uncertain domestic regulatory environment.
  • Price Action: BABA shares traded higher by 6.99% at $86.76 on the last check Friday.
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Dive Deeper:
Ukrainian forces thwart Russians at river
Ukraine has destroyed Russian armoured vehicles crossing a river in Donbas and driven forces from Kharkiv as it braces for…
Russia war crimes allegations mount as Ukraine refugees top six million
Kyiv (Ukraine) (AFP) - Russia faced mounting accusations of war crimes in Ukraine Friday including forcing thousands of people into…
Russia-Ukraine war: What happened today (May 12)
A roundup of key developments and the latest in-depth coverage of Russia's invasion of Ukraine.
Number of refugees fleeing Ukraine war exceeds 6 million-UN agency
The number of people who have fled Ukraine to escape Russia's invasion has passed 6 million in Europe's worst refugee…
One subscription that gives you access to news from hundreds of sites
Ukraine latest updates: Zelenskyy ‘ready’ for talks with Putin
Ukraine news from May 13: Ukraine’s Zelenskyy says he is prepared to hold discussions with Putin over ending war.
NATO membership prospect brings relief for border Finns
Hiivaniemi (Finland) (AFP) - Troubled by the war in Ukraine, Finnish pensioner Martti Kailio, 73, keeps his hunting rifle to…
Get all your news in one place