Chinese equities retreated in New York from the highest level in three months, led by Aluminum Corp. of China Ltd., after investment in the nation’s fixed assets and industrial output trailed economists’ estimates.
Billionaire Jack Ma, founder of Alibaba Group Holding Ltd., said he plans to focus on environmental protection and education as he steps down as chief executive officer of China’s largest e-commerce company before an initial public offering.
Alibaba Group Holding Ltd. doesn’t want to be the next Facebook Inc. -- at least for its prospective initial public offering. The world’s biggest online retailer is considering a more conservative valuation than what the social-networking company achieved last year, a person familiar with the situation said.
Telefonica SA’s German division plans to deepen its cooperation with Deutsche Telekom AG for fixed- line products as it seeks to reverse a drop in broadband customer numbers and offer bundles for wireless clients.
China will ban the use of military number plates on luxury cars, including Porsche and Bentley, in a crackdown on abuse of vehicle management within the armed forces amid President Xi Jinping’s campaign against corruption.