News digest 30.05.2022

News digest 30.05.2022

ALIBABA SHARES JUMP AS CHINESE E-COMMERCE GIANT POSTS RECORD TRANSACTIONS

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Alibaba shares jumped more than 12% in morning trading in Hong Kong, continuing its rebound from record lows seen in March. Daniel Zhang, chairman and CEO of Alibaba Group, said gross merchandise value on the group’s e-commerce platform climbed to a record 8.3 trillion yuan for the year from 7.5 trillion yuan, driven by strong demand from Alibaba’s 1.3 billion active users across China and international markets. The surge in transactions helped drive the firm’s full-year revenue 19% higher to 853 billion yuan.

TIKTOK ADDS WOOCOMMERCE INTEGRATION FOR EXTENDED MCOMMERCE FUNCTIONALITY

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TikTok just announced an integration with WooCommerce which lets merchants sync their store catalogs to their TikTok profiles. That the app is popular among social shoppers is undisputed with 12 billion views for hashtags such as #TikTokMadeMeBuyIt. The TikTok integration means that entire store catalogs can be synced to the social app, sales can be tracked for performance and ad targets are created in less than a minute.

FOURSQUARE FOUNDER BANKS FUNDING FOR MYSTERY 3D SOCIAL NETWORK STARTUP

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The excitement around web3 and the metaverse have pulled plenty of entrepreneurs who defined the first generation of native mobile apps to begin questioning what’s next. Foursquare founder Dennis Crowley is on the co-founding team of a new startup called LivingCities, alongside Matt Miesnieks, who sold his most recent startup 6D.ai to Niantic for an undisclosed sum, as well as designer John Gaeta, who is best known for his work on the Matrix Trilogy. The trio says they have banked $4 million in early funding led by DCVC for their project. The founding team doesn’t have an awful lot to say about what exactly they’re building, except that it’s a “social layer” for consumers based around interacting with virtual spaces that capture the “spirit” of real-life geographies and cities.

DEMOCRATS URGE GOOGLE TO LIMIT LOCATION TRACKING TO PROTECT PEOPLE SEEKING ABORTIONS

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A group of more than 40 Democratic members of Congress has urged Google to stop collecting and retaining “unnecessary” location data over fears it could be used to identify people seeking abortions. The letter was sent to Sundar Pichai, chief executive of Google’s parent company Alphabet, ahead of the anticipated reversal of Roe v. Wade, the landmark 1973 legal case that guaranteed a person’s constitutional right to abortion. If repealed, individual states would be able to decide whether to heavily regulate or ban the medical procedure, sparking fears that location data or search histories could be used against people seeking abortions or those who offer them in states where they are illegal to obtain.

SHOPEE ENABLES MORE SELLERS TO GROW WITH FACEBOOK ADS

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Shopee has announced that Facebook Ads is now officially available on Shopee Seller Centre across Indonesia, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam, empowering the region’s largest community of over 20 million sellers with new tools to grow their businesses. It added that Facebook Ads on Shopee Seller Centre is part of the company’s ongoing commitment to support businesses of all sizes to scale online.

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