Here's a quick look at some of the top business stories making headlines today.
Alibaba's AI Boost
Shares of Alibaba are soaring following the launch of their new AI model, QwQ-32B. This model is designed to compete with DeepSeek, offering comparable performance while requiring significantly less data to operate. This efficiency has clearly resonated with investors, driving the stock price upward. It's a major win for Alibaba in the competitive AI landscape.
The buzz around QwQ-32B highlights the ongoing innovation in the artificial intelligence sector and the potential for companies to leverage AI for growth. Investors are closely watching developments in this space, and Alibaba's success demonstrates the market's appetite for efficient and powerful AI solutions.
Coconut Price Hike Linked to Indonesian Imports
Consumers may soon feel the pinch as coconut prices are on the rise. Mat Sabu, the Minister of Agriculture and Food Security, has pointed to increased imports from Indonesia as a key contributing factor. The situation is further complicated by a surge in Indonesian coconut exports to China, putting additional pressure on supply and driving prices higher. "We are monitoring the situation closely," said a spokesperson from the Ministry.
Lamborghini Dream Turns into Nightmare
A Malaysian businessman has fallen victim to a sophisticated fraud involving a Lamborghini. The scammer allegedly took multiple payments from the businessman, totaling a staggering US$542,000, before disappearing without delivering the promised luxury vehicle. The incident serves as a stark reminder of the importance of due diligence when making significant purchases, especially online or through unfamiliar channels.
Authorities are investigating the case and urging the public to exercise caution when dealing with high-value transactions. "Always verify the legitimacy of the seller and the product before making any payments," advised a police official.
Leadership Shift at Seven & i
Japanese company Seven & i is poised to announce a significant restructuring plan, including the appointment of a new CEO. Lead outside director Stephen Dacus is expected to take the helm, replacing Ryuichi Isaka. This marks a historic moment for the company, as Dacus will be the first foreign executive to lead the Japanese retail giant. The move signals a potential shift in strategy and a focus on international expansion.
Finally, in more heartwarming news, Faridatul Suhaila Munir Azahan has successfully transformed her passion for crocheting into a thriving business during the pandemic. Her story highlights the entrepreneurial spirit and resilience of individuals finding creative ways to support themselves during challenging times.