00:00 Speaker A
Starting with Alibaba, the stock surging in today’s trade amid a probe into the food delivery space.
00:08 Speaker A
The nation’s top anti-trust body launched a probe into competition practices in the industry.
00:13 Speaker A
This move lifting hopes that increased scrutiny will curb price wars and be supportive of industry margins.
00:20 Speaker A
Now, the investigation will involve onsite checks, interviews and questionnaires to gain an in-depth understanding of the competitive conduct of these platforms.
00:29 Speaker A
Turning now to Walmart, the retailer and Google share plans to launch a new shopping experience.
00:35 Speaker A
The experience is built by Walmart and accessible directly within Gemini, the AI tool.
00:41 Speaker A
The launch is its first is first taking place here in the US and internationally thereafter, and this comes as Walmart also gears up to join the Nasdaq 100 Index, replacing AstraZeneca.
00:52 Speaker A
The changes will take effect before the market opens on January 20th.
00:55 Speaker A
Lastly, Citigroup is reportedly set to cut about 1,000 jobs this week. That’s according to Bloomberg.
01:02 Speaker A
This is part of CEO Jane Fraser’s goal to manage costs and improve returns.
01:07 Speaker A
This is all part of City’s plan announced by the company about two years ago to eliminate 20,000 jobs by the end of 2026.
