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Alibaba ties up with China's state postal service
by Staff Writers
Shanghai (AFP) June 12, 2014


BAE, British bankers to jointly fight cyber-based financial crime
London (UPI) Jun 12, 2013 - BAE Systems Applied Intelligence announced it has joined the British Bankers' Association to collaborate on countering cyber-enabled financial crime.

BAE's associate membership in the organization is part of a broader working relationship that includes its associate sponsor of the BBA's inaugural Cyber Security Summit, which took place earlier this week.

"Millions of peoples' lives have already been hit by cyber-crime and the threat will only grow as the internet brings us closer together," said Anthony Browne, BBA's chief executive. "That's why our partnership with leading technology solution providers such as BAE Systems will be so useful as we look to turn the heat up on cyber criminals by sharing ideas on how to develop more efficient and effective services. "

The BBA represents more than 240 organizations in the banking center.

Martin Sutherland, managing director of BAE Systems said at the summit that recent high-profile attacks have spotlighted the prevalence of cyber-threats to the banking community.

"What we are now seeing is a new era of digital criminality in which highly organized criminal groups are taking these cyber techniques a stage further and using them to carry out fraud and other financial crimes on an unprecedented scale," he said.

"The ability to steal vast quantities of personal data, access critical networks and attack multiple targets simultaneously provides these (criminal) organizations with a wealth of opportunities to exploit ... if successful the damage they can cause is enormous."

He did not elaborate on the recent cyber attacks.

E-commerce giant Alibaba said Thursday it would develop a logistics network with China's dominant state postal carrier, the latest in a series of deals before a planned US listing.

The firm operates China's most popular online shopping platform, Taobao, which is estimated to hold more than 90 percent of the online market for consumer-to-consumer transactions. But the company has identified delivery problems as a bottleneck for its business.

It said in a statement that it will develop a "smart" logistics network with China Post through a strategic cooperation deal, integrating more than 100,000 post offices into its own system.

The two will also collaborate on e-commerce, finance and information security, it said, but gave no details.

Taobao sellers have traditionally relied on privately run courier companies to deliver tens of millions of packages daily, rather than the vast yet often inefficient government postal service.

Last year, Alibaba established its own logistics network called Cainiao with partners including Shanghai-based private conglomerate Fosun Group and leading domestic courier companies.

Alibaba said last month it will buy a 10.35 percent stake in Singapore Post -- the city-state's main postal service -- for $249 million and explore a joint venture in the global logistics business.

It has stepped up efforts to expand its business portfolio ahead of a planned US listing that could raise around $15 billion, putting it on a par with Facebook's $16 billion IPO in 2012.

The Chinese company also said Thursday it had reached an agreement with the Italian government to introduce the country's merchants to its flagship business-to-consumer platform Tmall, according to a separate statement. Alibaba has signed a similar agreement with France.

On Wednesday, Alibaba unveiled a US shopping website 11 Main to strengthen its overseas presence, and said it will absorb domestic mobile browser developer UCWeb to expand mobile offerings.

Earlier this week, the company reached agreement with state-backed Shanghai Media Group to develop an entertainment platform and last week said it will pay $192 million for a 50 percent stake in China's top football club, Evergrande.

Analysts say the frenzy of deal making appears aimed at raising the profile of the company ahead of the US listing and convincing future shareholders of its valuation and development prospects.

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TRADE WARS
Alibaba launches US shopping website
San Francisco (AFP) June 11, 2014
China's e-commerce giant Alibaba has launched an American shopping website as the company continues a deal binge ahead of a widely anticipated US listing. The online shopping site, called 11 Main opened on a beta, or test, basis for consumers and is invitation-only in terms of the merchants it features, the site said in a statement. Visitors are met with a "We're Opening Soon" message, w ... read more


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