|Day's range||0.2900 - 0.3300|
(Bloomberg) -- Alibaba Group Holding Ltd. will consider gradually giving up control of some of its main businesses, after completing a major overhaul to create six new companies that may debut on public markets.Most Read from Bloomberg$52 Billion Chipmaking Plan Is Racing Toward FailureNew Yorkers Are Moving to These Three Florida Cities$335,000 Pay for ‘AI Whisperer’ Jobs Appears in Red-Hot MarketFBI Releases Files on Ivana TrumpUBS Veteran Ermotti Returns to Lead Credit Suisse TakeoverChina’s
SHANGHAI/HONG KONG (Reuters) -Alibaba Group's breakup into separate companies will allow its business units to become more agile and eventually list on their own, the tech conglomerate's chief executive Daniel Zhang said on Thursday. Zhang's comments come two days after Alibaba announced its largest restructuring in the company's history, which will see it change into a holding company structure with six business units, each with their own boards and CEOs. "Alibaba will be more of the nature of an asset and capital operator than a business operator, in relation to the business group companies," he told investors on a conference call.
That should mean a positive session for risk appetite and stocks, fueled by hopes that the banking crisis is abating and investorscrisisish reaction to Chinese e-commerce conglomerate Alibaba's wide-ranging restructuring plans. Wall Street posted solid gains on Wednesday as volatility slumped to its lowest since the U.S. banking tremors were first felt three weeks ago. While bond yields inched up, bond market volatility also fell and fixed income markets were pretty calm.