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Alibaba Adds $123 Billion in Value in Stunning Comeback Rally

Alibaba Adds $123 Billion in Value in Stunning Comeback Rally

Bloomberg21-02-2025

It's been Alibaba's day, week and month. The company has added $123 billion in market value in February, helped by a DeepSeek-driven rally in Chinese tech stocks, its tie-up with Apple to roll out AI features in China and Beijing's rehabilitation of co-founder Jack Ma. Its shares rose 15% in Hong Kong on Friday alone after Alibaba reported higher sales and said it will boost spending on AI over the next three years. The surge comes after the company was earlier hammered by a government crackdown on the tech industry and a post-Covid slump in its business. Even after jumping almost 60% this month, Alibaba shares are still down by more than half from their 2020 peak, meaning there's still plenty of room for the rally to continue. —Richard Frost
Standard Chartered will hand back $1.5 billion more to shareholders as it reported fourth-quarter earnings that beat estimates, boosted by a strong performance in its trading and wealth business. The London-headquartered bank announced a fresh buyback which would bring total shareholder distributions to $4.9 billion since 2023. The bank is in the midst of a corporate cost-saving program. CEO Bill Winters saw his total pay package jump 46% to £10.7 million ($13.6 million).

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Judge in Google antitrust trial presses DOJ on AI's role in future competition
Judge in Google antitrust trial presses DOJ on AI's role in future competition

Yahoo

time37 minutes ago

  • Yahoo

Judge in Google antitrust trial presses DOJ on AI's role in future competition

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Forget the Liquid Glass Design, I'm Here for All of iOS 26's Humdrum Features
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Forget the Liquid Glass Design, I'm Here for All of iOS 26's Humdrum Features

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Ascendion and Philtech Inc. Launch a GCC in Cebu to Redefine Digital Operations
Ascendion and Philtech Inc. Launch a GCC in Cebu to Redefine Digital Operations

Yahoo

timean hour ago

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Ascendion and Philtech Inc. Launch a GCC in Cebu to Redefine Digital Operations

GCC in Cebu: Philtech Inc. together with Ascendion launch a Global Capability Center in Cebu to expand support and management functions for 285,000+ employees across 2,200+ Albertsons Companies locations. Ascendion's AI-first platform drives smarter customer service, faster engineering, and seamless HR operations. Ascendion's AVA+ accelerates software delivery; METal connects top talent to high-impact innovation programs BASKING RIDGE, N.J. and MANILA, Philippines, June 10, 2025 /PRNewswire/ -- Ascendion, a leader in AI-powered software engineering, today announced a groundbreaking milestone in its decade-long partnership with Philtech, Inc. Together, the companies are launching a next-generation Global Capability Center (GCC) equipped with GenAI capabilities. This GCC aligns with Philtech in continuously evolving enterprise operations and enhancing enablement, service delivery and solutions for more than 285,000 employees across 2,200+ Albertsons Companies locations. 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"Our vision is clear: GCCs must evolve into Generative Global Capability Centers—AI-native, value-generating hubs that drive real business impact," said Manan Mehta, Senior Vice President, Global Growth Markets at Ascendion. "With GCCAI, we're not just scaling operations, we're reinventing how AI, engineering, and talent intersect to unlock next-level innovation and operational excellence. This center will be a model for the future of global delivery and innovation. Together with Philtech Inc., we've laid the foundation for a next-gen AI-powered hub—redefining digital operations from the heart of Cebu." As part of this expansion, Ascendion prepares to operate their proprietary AI tools and technologies in relevant operations for its many partners such as: Ascendion AVA+ – An AI-first software engineering platform enhancing productivity, risk management, and time-to-market. METal – A talent orchestration platform connecting Filipino professionals to select projects in Philtech Inc. "The launch of the Cebu GCC marks a major milestone in our long-standing partnership with Ascendion," said Trung Nguyen, Philtech General Manager and Vice President, Information Technology in Albertsons Companies, "As one of our largest technology & hiring partners, Ascendion looks forward to help identify and enable relevant AI tech for operational excellence and efficiencies—delivering a seamless blend of automation and human expertise to create unparalleled business value. This is about more than just growth; it's about defining the future of AI-driven retail innovation." Traditional GCCs have long operated as cost-effective delivery hubs. But in today's AI-driven era, that model is evolving. Generative Global Capability Centers represent a new paradigm—where AI and engineering talent continuously create value, proactively solve problems, and drive enterprise innovation at scale. Ascendion and Philtech Inc. are at the forefront of this transformation, setting a new global standard for the role of GCCs in the AI age. This is a bold leap into this future—spotlighting Cebu and the Philippines as emerging global leaders in AI-driven innovation and enterprise transformation. About AscendionAscendion is a leading provider of AI-powered software engineering solutions that help businesses innovate faster, smarter, and with greater impact. We partner with over 400 Global 2000 clients across North America, APAC, and Europe to tackle complex challenges in applied AI, cloud, data, experience design, and workforce transformation. Powered by +11,000 experts and over 2,000 AI agents, a bold culture, and our proprietary Engineering to the Power of AI (EngineeringAI) approach, we deliver outcomes that build trust, unlock value, and accelerate growth. Headquartered in New Jersey, with 40+ global offices, Ascendion combines scale, agility, and ingenuity to engineer what's next. Learn more at About Philtech IncPhiltech Inc., established on April 1, 2003, is a fully owned Global Capability Center of Albertsons Companies Inc. As a premier technology center based in BGC, Philippines, Philtech delivers exceptional IT services, including application and infrastructure support, as well as software development and extensive retail operations. By managing mission-critical information and providing secure, innovative solutions, Philtech plays a pivotal role in enhancing operational efficiency and customer experiences across over 2,200 Albertsons stores in 33 U.S. states. Committed to excellence, Philtech is recognized as a great workplace with 83% (yearly average) of its employees affirming it as a great place to work. View original content to download multimedia: SOURCE Ascendion Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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