Jack Ma stepping down; Moonves out at CBS; Global economy update

1. Changes at Alibaba : Chinese tech billionaire Jack Ma says he will step down as Alibaba'...

Posted: Sep 10, 2018 1:19 PM
Updated: Sep 10, 2018 1:19 PM

1. Changes at Alibaba : Chinese tech billionaire Jack Ma says he will step down as Alibaba's executive chairman next year.

"Because of physical limits on one's ability and energy, no one can shoulder the responsibilities of chairman and CEO forever," Ma said in a letter to customers, employees and shareholders.

The e-commerce company said CEO Daniel Zhang will succeed Ma in 12 months' time.

Alibaba, which has a market value of more than $400 billion, reported sales that topped forecasts last quarter, led by a more than 60% increase in retail revenue. Shares were down 1.8% premarket.

2. CBS shakeup: CBS chief executive Les Moonves has left the company amid a flurry of sexual misconduct allegations.

The announcement on Sunday brought an end to his 20-year tenure atop one of America's most important media empires. The CBS board is getting six new directors, a shakeup that may position it for a sale.

The company is also facing some continued reputational risk.

Moonves is one of the media world's highest paid CEOs, and a huge payout as he leaves the company could anger shareholders. Moonves has acknowledged making mistakes in his past but said he never abused his power.

3. Global economy check: Growth in Chinese exports weakened to just under 10% in August, down from more than 12% the previous month, according to government data published over the weekend.

The Turkish economy grew 5.2% in the second quarter compared to the same period last year. That's down from 7.3% growth in the first three months of the year.

The Turkish lira has been hard hit by US interest rate hikes and confusion over domestic monetary policy. Economists worry that the currency trouble could spark an economic recession.

UK GDP growth picked up to 0.6% in the three months to July, compared to 0.4% in April to June.

Revised data showed the Japanese economy grew faster than initially reported in the second quarter. But economists are still worried about a slowdown.

"The economy is running into capacity constraints ... the jobless rate is the lowest it has been since the early 1990s and firms are reporting severe capacity shortages," Marcel Thieliant, senior Japan economist at Capital Economics, wrote in a note to clients.

4. Global market overview: US stock futures were pointing higher.

European markets opened mixed, while Asian markets ended the session mostly lower.

The Dow Jones industrial average closed down 0.3% on Friday, while the S&P 500 shed 0.2%. The Nasdaq dropped 0.3% to close out its worst week since March.

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5. Companies and economics: Sonos will release earnings after the US close.

A shareholder suit over whether Volkswagen failed to properly inform investors about its diesel scandal kicked off in Germany on Monday. Investors are seeking billions of euros in compensation.

The CEO of Volvo Cars said that global trade fears mean the timing is wrong for an IPO.

"Conditions right now are not optimal to give certain upside for the investors," Hakan Samuelsson told the Financial Times. He said a decision on when to go public would be made by parent company Geely.

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6. Coming this week:
Monday — Turkey, Japan and the United Kingdom report GDP; Alibaba announces Jack Ma succession plan
Tuesday — UK unemployment
Wednesday — Brookings Institution hosts a panel on the financial crisis, Apple announces its new products
Thursday — Kroger reports earnings, US consumer inflation report, European and English central banks report interest rate decisions
Friday — US retail sales and consumer sentiment reports

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 156868

Reported Deaths: 3851
CountyCasesDeaths
DeSoto10409104
Hinds10279202
Harrison7313112
Jackson6566128
Rankin5887106
Lee529496
Madison5014107
Forrest389786
Jones369088
Lauderdale3594147
Lafayette338253
Washington3246108
Lamar297850
Oktibbeha252362
Lowndes247064
Bolivar244384
Panola232653
Neshoba2249121
Marshall222851
Leflore208591
Monroe206778
Pontotoc204231
Lincoln197366
Sunflower192655
Warren180258
Tate177751
Union171926
Copiah167940
Pike165359
Yazoo160140
Scott159430
Itawamba157635
Alcorn155628
Pearl River155368
Coahoma152743
Simpson152653
Prentiss151331
Adams144752
Grenada143345
Leake139744
Holmes133461
Covington128639
Tippah128430
George128325
Winston125526
Hancock124341
Wayne121323
Marion119446
Attala119334
Tishomingo112443
Chickasaw109432
Newton108229
Tallahatchie98127
Clay94727
Clarke93653
Jasper85223
Stone80615
Calhoun78713
Walthall77629
Montgomery76926
Carroll74115
Lawrence73814
Smith73216
Yalobusha73128
Noxubee72717
Perry68326
Tunica62619
Greene61522
Jefferson Davis59017
Claiborne58916
Amite56615
Humphreys54719
Benton50018
Quitman5007
Webster46714
Kemper45018
Wilkinson40522
Jefferson37112
Choctaw3617
Franklin3555
Sharkey32417
Issaquena1204
Unassigned00

Alabama Coronavirus Cases

Cases: 252900

Reported Deaths: 3638
CountyCasesDeaths
Jefferson33526501
Mobile20103365
Madison13723151
Tuscaloosa13366154
Montgomery12552236
Shelby1079677
Baldwin9051137
Lee787266
Morgan696451
Calhoun6598121
Etowah656167
Marshall647357
Houston541038
DeKalb498137
Cullman462443
St. Clair441956
Limestone440445
Lauderdale426754
Elmore421164
Walker3735111
Talladega370157
Jackson340423
Colbert332042
Blount306140
Autauga281842
Franklin257434
Coffee250015
Dale239054
Dallas231532
Chilton228939
Russell22663
Covington225034
Escambia202331
Tallapoosa187291
Chambers182750
Pike161514
Clarke161019
Marion144736
Winston137523
Lawrence133436
Pickens126518
Geneva12508
Marengo123424
Bibb120418
Barbour118911
Butler118642
Randolph105522
Cherokee105124
Hale98131
Fayette94616
Washington93219
Clay92824
Henry8896
Monroe83011
Lowndes80929
Cleburne78814
Macon75522
Crenshaw72230
Bullock70119
Lamar7018
Conecuh70014
Perry6916
Wilcox64818
Sumter58622
Greene43518
Choctaw43114
Coosa3664
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