Windhorst did it again.

By Lewis Krauskopf NEW YORK The end of the Federal Reserve's rate hiking cycle has generally been a

Daniel Zhang, the former CEO of Alibaba, has stepped down from his position in the tech giant’s cloud division, in a move that has shocked industry leaders. The 51-one-year-old had taken charge of the cloud division just months ago. Since the announcement by Alibaba, the component stock dropped 3 per cent on Monday in Hong Kong. “The board of our company expresses its deepest appreciation to Mr Zhang for his contributions to Alibaba Group over the past 16 years,” Alibaba said in a statement. Eddie Yongming Wu will succeed Mr Zhang as the acting chairman and CEO of its cloud unit, according to the statement. Nearly three months ago, Mr Zhang quit as company chief and said that he wanted to take care of the spin-off of its cloud business. Now, as Alibaba announced his exit from the cloud division amid the biggest-ever restructuring of the company, Mr Zhang’s exit has come as a surprise to analysts. “We were surprised by the announcement,” Citi analysts wrote on Monday. “Mr Zhang may have wanted to step back from the public spotlight, in our view,” they added, according to CNN. The cloud division is currently estimated to be worth $41bn - $60bn. However, analysts said the reams of data it oversees puts it at risk of facing regulatory scrutiny from both domestic and international regulators. Alibaba split into six business groups – including cloud, e-commerce, logistics, media and entertainment – in March in a major restructuring. “Daniel has expressed his wish to transition away from his role as chairman and CEO of Cloud Intelligence Group,” Alibaba said in the letter. “Following careful consideration, the Alibaba board respected and accepted Daniel’s decision and appointed Eddie as acting chairman and CEO of Cloud Intelligence Group, effectively immediately.” Citi analyst Alicia Yap was quoted as saying by CNBC on Monday that “investors may be concerned that the timing and process of AliCloud’s spin-off may be affected”. She added that Citi will continue to monitor developments and that they are awaiting any new announcements. CNN reported that in an internal letter to employees, Joseph C Tsai, chairman of Alibaba Group, said that he and Mr Wu are looking forward to embracing “the next phase” of Alibaba’s development. “This past March, we embarked on our most ambitious reorganisation in Alibaba’s 24-year history – “1+6+N” – in order to position the company for the future,” he wrote on Sunday, referring to the company’s organisational structure after the restructuring – 1 holding company, six business groups and various businesses. “Under Daniel’s and our team’s dedicated efforts, the reorganisation is making steady progress while our business continues to grow.” Read More Chinese e-commerce giant Alibaba announces new CEO and chairman in major management reshuffle Chinese e-commerce giant Alibaba says it will not sell shares in Ant's buyback program Chinese livestreamers set their sights on TikTok sales to shoppers in the US and Europe How Google reshaped the world – and is about to do it all over again Update your iPhone immediately The new iPhone could be the most expensive ever by far

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Everton have been docked 10 points by an independent commission after being found to have breached Premier League financial rules. The league referred Everton to the commission in March for an alleged breach of its profitability and sustainability rules in the period ending in the 2021-22 season. The rules allow clubs to lose a maximum £105million over a three-year period or face sanctions. In response to the decision the Merseyside club said in a statement: "The Club believes that the Commission has imposed a wholly disproportionate and unjust sporting sanction. The Club has already communicated its intention to appeal the decision to the Premier League. The appeal process will now commence and the Club’s case will be heard by an Appeal Board appointed pursuant to the Premier League’s rules in due course. "Everton maintains that it has been open and transparent in the information it has provided to the Premier League and that it has always respected the integrity of the process. The Club does not recognise the finding that it failed to act with the utmost good faith and it does not understand this to have been an allegation made by the Premier League during the course of proceedings. Both the harshness and severity of the sanction imposed by the Commission are neither a fair nor a reasonable reflection of the evidence submitted. "The Club will also monitor with great interest the decisions made in any other cases concerning the Premier League's Profit and Sustainability Rules. "Everton cannot comment on this matter any further until the appeal process has concluded." In the wake of the judgement, many football fans have taken to social media to express their sympathy for Everton, especially with bigger clubs like Chelsea and Manchester City for their own potential breaches of fair play rules. Memes have since been popping up to mock Man City and Chelsea and show a small amount of support for the Toffees, who had but together a good spell of results under Sean Dyche and are now unbeaten in four games in all competitions. Additional reporting from PA. Sign up to our new free Indy100 weekly newsletter Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.

LONDON--(BUSINESS WIRE)--Oct 4, 2023--

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The Saudi Arabian government is betting $38 billion on the country’s potential to become the next hub for

By Maggie Fick LONDON (Reuters) -Novo Nordisk shares rose 3% on Monday as the market reacted to data the drugmaker