China’s top online retailer and its biggest internet financial services giant will create a so-called “new economy body,” headed up by Alibaba Chief Executive Officer Daniel Zhang. Ant Financial Chairman Eric Jing will be his deputy, the people said. The move creates a high-powered team to stand watch over the financial and commerce empire founded by billionaire Jack Ma, and comes as Alibaba prepares to take a one-third equity stake in its affiliate.

Yahoo News – Latest News & Headlines