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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: 293542

Reported Deaths: 6638
CountyCasesDeaths
DeSoto19560229
Hinds18674385
Harrison16512276
Rankin12595262
Jackson12451217
Lee9663160
Madison9400195
Jones7891145
Forrest7140136
Lauderdale6784225
Lowndes6008137
Lamar584480
Lafayette5707113
Washington5159128
Bolivar4594120
Oktibbeha439991
Panola426892
Pearl River4116128
Warren4114113
Pontotoc407368
Marshall399492
Monroe3980126
Union392873
Neshoba3767166
Lincoln3464100
Hancock339973
Leflore3358118
Sunflower317185
Tate300874
Pike298393
Scott292567
Alcorn290360
Itawamba288871
Yazoo283862
Tippah275665
Copiah274557
Coahoma272766
Simpson271778
Prentiss268658
Leake251770
Wayne251340
Marion250778
Covington247878
Grenada245876
Adams233277
George230645
Newton224751
Winston220275
Jasper211844
Tishomingo211765
Attala206269
Chickasaw200650
Holmes181670
Clay178149
Stone171429
Tallahatchie169839
Clarke168671
Calhoun156428
Smith151831
Yalobusha142936
Greene126833
Walthall123540
Noxubee122729
Perry121434
Montgomery121237
Lawrence119321
Carroll117623
Amite110832
Webster109929
Jefferson Davis100531
Tunica98623
Claiborne97729
Benton93124
Humphreys91626
Kemper89522
Quitman77014
Franklin75519
Choctaw69516
Wilkinson62226
Jefferson61427
Sharkey48817
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 491110

Reported Deaths: 9831
CountyCasesDeaths
Jefferson706291356
Mobile35894721
Madison32255442
Tuscaloosa23996409
Montgomery22462494
Shelby21820215
Baldwin19670274
Lee14900150
Morgan13599249
Calhoun13175285
Etowah13143319
Marshall11226206
Houston10048259
Elmore9337183
Limestone9335134
Cullman8869179
St. Clair8783220
Lauderdale8581210
DeKalb8429174
Talladega7481163
Walker6504251
Jackson6477102
Autauga620389
Blount6086125
Colbert5978118
Coffee5230102
Dale4621106
Russell401831
Franklin397876
Covington3956106
Chilton384298
Escambia377172
Tallapoosa3572141
Clarke342949
Dallas3397141
Chambers3392108
Pike293071
Lawrence281384
Marion280894
Winston246166
Bibb244260
Geneva238670
Marengo233354
Pickens223954
Barbour209951
Hale208868
Fayette199756
Butler195165
Henry182041
Cherokee176438
Monroe165938
Randolph163140
Washington156634
Crenshaw143554
Clay143354
Macon140943
Cleburne136839
Lamar131732
Lowndes130648
Wilcox120825
Bullock116336
Conecuh106523
Perry105327
Sumter98431
Coosa87823
Greene87032
Choctaw54823
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