In brief: Google’s Waymo establishes China unit

Photo credit: Waymo

Google’s self-drive unit Waymo unveils Shanghai subsidiary (China). Called Huimo, the new firm will design and test vehicle parts and products as well as provide supply chain and logistics consulting. The launch comes as Google plots its re-entry into China’s web search market after an eight-year absence. (Bloomberg)

Alibaba revenue tops estimates in Q1, but core business margin drops (China). Alibaba saw its revenue grow 61 percent to US$11.8 billion during the first quarter, fractionally beating the US$11.72 billion estimate. However, adjusted EBITDA for its commerce segment – Alibaba’s most profitable business – sunk to 47 percent compared to 63 percent in Q1 2017. Investments in offline retail, logistics, and Lazada have weighed on the firm’s profit margins. (Alibaba)

Other news

Video-streaming service Iflix kicks off 24-hour news channel (Malaysia). Starting September 3, Iflix News will provide livestreams, clips, and linear feeds from a network of global news partners to its users across 28 markets. The new feature is free of charge, with content partners including CNN, Al Jazeera, Deutsche Welle, and CGTN. (Iflix)

Authorities take aim at offshore digital currency exchanges (China). Regulators are blocking access to 124 cryptocurrency exchanges that are hosted overseas and serve mainland Chinese customers. China’s crackdown on initial coin offerings in September 2017 has prompted affected ventures to relocate to more crypto-friendly countries. (South China Morning Post)

Shopee to help Sim Lim Square harness online sales (Singapore). Through the tie-up, electronics outlets in the city-state’s Sim Lim Square retail complex will be able to sell on Shopee’s portal. Shoppers can have their purchased items delivered or picked up from the stores. (Shopee)