Editor’s Note: This is the Paw Print Rewind, a daily recap of the top news headlines.
Alibaba will get to $1 trillion in transactions in five years: Ma
Alibaba is aiming to more than double its transaction volumes to over $1 trillion in five years, according to company executive chairman Jack Ma.
The group will achieve $1 trillion in “sales” in five years, according to Ma.
Ma was referring to “gross merchandise volume,” according to a group spokesman, a measure of the transactions across its various platforms, which accounted to roughly $390 billion in Alibaba’s last fiscal year.
HSBC’s investment shedding clients, assets in profitability push
HSBC’s investment bank will reduce the assets at its investment bank by $140 billion, according to a strategic shift announced Tuesday.
Global banking and markets (GBM) will sell $40 billion of legacy credit positions, cut assets at its rates and markets division by $60 billion and reduce low returning loans by $40 billion, according to a presentation.
Up to $100 billion of these cut assets will be in Europe, mostly in the UK and France, according to GBM CEO Samir Assar.
GBM has shed 275 clients since 2011, according to the company, and was in the process of getting rid of another 700, or over 20% of its roughly 4,000 main client groups.
“We are working on clients that have low profitability or low return for capital use.”
-Samir Assar, GBM CEO
The bank is also deciding whether to keep another 250 clients, according to Assaf.
Buhari meets peers to hammer Boko Haram
Recently-elected Nigerian president Muhammadu Buhari met his regional counterparts Thursday in Abuja to set up a joint military force against Boko Haram.
The 72-year-old welcomed the leaders of Chad, Niger, and Benin for the impromptu summit at Abuja’s airport. Cameroon also sent its defense minister.
Abuja pledged $100 million to set up the force, according to Buhari, which will be based in Ndjamena, Chad, but headed by a Nigerian.
A rotation of force commanders would hamper “the military capacity to sustain the push against the insurgents, who also have the uncanny ability to adapt and rejig their operational strategies,” according to Buhari.
Boko Haram has killed thousands and displaced 1.5 million people during a six-year insurgency aimed at establishing an Islamic state in northeast Nigeria.
BroadbandTV, Huffington Post launch citizen journalism network
Broadband TV, the RTL Group’s online video company and the Huffington Post have announced plans to launch an online video journalism network.
RTL, a European broadcaster majority-owned by the Bertelsmann media group, is creating a team to expand its online video business, specifically in North America.
The Outspeak citizen journalism network will combine BBTV’s 4.5 billion monthly views and the HuffPost’s 214 million monthly unique visitors, according to the two companies.
Users will be able to create and upload content, as well as generate revenue from their content.
“We have ambitious plans to create a network of thousands of video content creators and generate billions of video views by the end of next year.”
-Jimmy Haymann, Huffington Post CEO