Yahoo to Keep Bigger Alibaba Stake
Yahoo! Inc (Nasdaq: YHOO) said it will keep a bigger stake in Alibaba Group Holding Ltd than originally planned after the Chinese e-commerce giant's initial stock sale. Yahoo now plans to sell up to 208 million of its 523 million shares, less than the originally planned 261.5 million as it is understood to look to Alibaba's highly potential growth. Alibaba, the operator of China's top C2C and B2C sites, is preparing for its initial public offering aimed at raising $15 billion. Chief executive Lu Zhaoxi previously said the company hopes to triple its annual turnover to 3 trillion yuan by 2016, becoming the biggest e-tailer in the world. According to Yahoo, Alibaba's revenue was up 61% year on year to $1.74 billion in the June quarter and earnings soared 160% to $717 million. By contrast, Yahoo posted $297 million in earnings in the same quarter, down from $3.16 billion a year ago.
Air China Passenger Traffic Rises in September from a Year Earlier
Air China Ltd (HKG: 0753, SHA: 601111) said its passenger traffic was up 12% year on year in September, remaining unchanged in August and faster than the 10% growth in the year through September. Passenger traffic from domestic and international routes was up 7% and 21% year on year respectively. On a monthly basis, passenger traffic fell 6% (domestic down 8% and international down 4%) in September, which was weaker than normal seasonality. The company's cargo traffic was down 5% year on year and up 8% month on month in September, which was in line with normal seasonality.
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