Jun 21, 2018

Ma vs. Ma: A clash of Chinese titans

Jack Ma of Alibaba and Pony Ma at Tencent speaking about their successes at a conference. Photo: VCG/Getty Images

"Jack Ma of Alibaba and Pony Ma of Tencent built tech empires that dominate China’s digital economy. Is the world big enough for both of them?"— FORTUNE's Adam Lashinsky writes.

The state of play: "[A]s they’ve grown, each inevitably has begun to encroach on the other’s turf. Tencent ... is investing in retail and financial services, sectors that are Alibaba’s strength. Alibaba in turn sees an opening in Tencent’s domain, particularly by offering mobile-messaging tools."

  • "[T]he two heavyweights of the Chinese Internet industry, Alibaba and Tencent ... [each] have market capitalizations that hover around half a trillion U.S. dollars."
  • "Both command sectors of the rapidly growing Chinese digital landscape: Tencent owns the leading gaming and messaging platform, while Alibaba rules e-commerce. Both are aggressive investors inside and outside China."
  • "[B]oth touch an astounding percentage of the world’s most populous country: Alibaba’s various online marketplaces count 552 million active customers; Tencent’s WeChat messaging service recently surpassed 1 billion accounts."
  • "Their top leaders share a surname, though Alibaba’s Jack Ma and Tencent’s Pony Ma aren’t related."

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  1. Global: Total confirmed cases as of 3 a.m. ET: 786,291 — Total deaths: 37,820 — Total recoveries: 166,088.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 3 a.m. ET: 164,620 — Total deaths: 3,170— Total recoveries: 5,943.
  3. Federal government latest: The White House will extend its social distancing guidelines until April 30.
  4. State updates: Rural-state governors say testing is still inadequate, contradicting Trump — Virginia, Maryland and D.C. issue stay-at-home orders to residents, joining 28 other states.
  5. Business latest: Ford and General Electric aim to make 50,000 ventilators in 100 days.
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World coronavirus updates: World Bank warns economic pain unavoidable

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The novel coronavirus has caused a "global shock" and significant economic pain "seems unavoidable in all countries," the World Bank said in an economic update for
East Asia and the Pacific on Monday.

The big picture: COVID-19 cases surged past 786,000 and the death toll exceeded 37,800 early Tuesday, per Johns Hopkins data. Italy reported more than 11,500 deaths.

Go deeperArrowUpdated 1 hour ago - Health

U.S. coronavirus updates: Death toll tops 3,000

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The U.S. death toll from the novel coronavirus surpassed 3,000 late Monday.

The state of play: There were more than 164,000 confirmed cases in the U.S. early Tuesday — more than any other country in the world, per Johns Hopkins data. The COVID-19 death toll stood at 3,170. The number of recoveries had risen to more than 5,900.

Go deeperArrowUpdated 5 hours ago - Health