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  • China’s homegrown 737 competitor has to wait a while to fill the vacuum left by Boeing: Europe says COMAC’s C919 is ‘too new’ to approve by 2026

    China’s homegrown 737 competitor has to wait a while to fill the vacuum left by Boeing: Europe says COMAC’s C919 is ‘too new’ to approve by 2026

    China wants to take a bite out of the commercial passenger aviation market with the C919, its homegrown passenger jet from the state-owned Commercial Aircraft Corporation of China (COMAC). State media closely follows each step of the narrow-body plane’s development. The C919 made its global debut at the Singapore Air Show—right as U.S. planemaker Boeing, scrambling to handle the fallout from a faulty door plug on Alaska Airlines Flight 1282, pulled its commercial planes.

    But COMAC may be getting a reality check on hopes to quickly break into the market and take advantage of Boeing’s safety troubles.

    In an interview with Reuters, the European Union Aviation Safety Agency’s (EASA) top official said the plane is “too new for us to know how easy or difficult it will be” to certify quickly. (The EASA is the EU’s air safety regulator.)

    COMAC originally bid for European approval of the C919 in 2019, only for plans to be put on hold due to the COVID pandemic, Luc Tytgat, acting executive director of EASA, explained. COMAC then restarted its bid for European approval of the C919 last November, and asked for the work to be completed by 2026.

    “It will be a big work to reconnect and go for a familiarization with what the plane looks like today,” he explained.

    The C919 received the type certificate—the de facto standard for global aviation safety—from the Civil Aviation Administration of China (CAAC) in September 2022 and an approval for production in November the same year.

    China Eastern Airlines has operated the C919 in China since May 2023 and COMAC also took the plane on a promotional tour through five Southeast Asian countries this year.

    Airlines are currently facing a shortage of planes, compounded by Boeing’s recent safety issues. Planemakers are still grappling with supply chain issues caused by the COVID pandemic. International Air Transport Association director-general Willie Walsh said in February that manufacturing will remain snarled for “a few more years.”

    Greater regulatory scrutiny on Boeing’s production process following the mid-air blowout of a door plug on a Boeing 737 MAX 9 plane in January will also mean fewer Boeing planes on the market. United Airlines, Southwest Airlines, Emirates and Ryanair are among the carriers warning of delivery delays.

    The C919 will have to be certified by U.S. and European aviation regulators before it can operate commercially in Western markets. It might take a while, despite China having bilateral aviation safety agreements with both Europe and the U.S. The COMAC-made ARJ21, a regional jet, has been in commercial use since 2016, but has yet to receive certification from the U.S. Federal Aviation Administration. (The ARJ21 only has one non-Chinese customer, the Indonesian airline TransNusa)

    For now, neither Boeing nor Airbus—the current duopoly controlling the market—see the C919 as a threat in the short-term. Executives from both planemakers told CNBC in February that they see COMAC’s offering as similar to what’s already on the market.

    European carriers, for their part, don’t appear to be desperate for a new plane. No European airline has asked the EASA to speed up approval of the C919 so they can place orders, Tytgat revealed to Reuters.

    Lionel Lim

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  • Paytm once had India’s largest IPO. Now a central bank crackdown could kill its business: ‘A risk that the political system couldn’t take’

    Paytm once had India’s largest IPO. Now a central bank crackdown could kill its business: ‘A risk that the political system couldn’t take’

    On November 18, 2021, Vijay Shekhar Sharma took to the stage at the Bombay Stock Exchange, wiping away tears as he addressed the crowd. His company, One97 Communications, had just completed India’s largest IPO ever, raising $2.4 billion and vaulting Sharma and his company to Indian tech stardom. 

    One97 Communications was better known as the parent company of Paytm, a payments service adopted by both Uber and the Indian Railway Service. High-profile investors like Jack Ma’s Alibaba and Ant Group, Masayoshi Son’s Softbank, and Warren Buffett’s Berkshire Hathaway backed the company.

    The IPO was the last bit of good news Paytm would have.

    The company has yet to make a profit. Shares in One97 are down over 70% since its debut. Softbank, Alibaba, and Berkshire have sold most, if not all, their stakes, whether due to concerns about Chinese presence or the plunge in the stock’s value. Paytm faces fierce competition in the payments space from Google and Walmart-owned Flipkart, and analysts now see the company as a classic case of hype causing an overvalued debut. (Paytm also lost its title of India’s biggest IPO, overtaken by Life Insurance Corporation’s $2.7 billion IPO in May 2022.)

    Now, a regulatory crackdown threatens Paytm’s entire business model, barring it from operating its lucrative banking and mobile-wallet services. 

    For Rajrishi Singhal, former executive editor of the Indian newspaper The Economic Times and author of Slip, Stitch & Stumble: The Untold Story of India’s Financial Sector Reforms, Paytm’s fall comes from a growth-at-all-costs model common to startups.

    “Paytm had been pushing the envelope aggressively, and that harks back to its initial formation as a startup where your top line matters more than what you’re delivering in terms of margins or profits,” he says. “Paytm was a little dismissive of the regulatory framework.”

    “Compliance has been the cornerstone of our product development initiatives from the very beginning,” Paytm said in a statement to Fortune. “We cannot take products to the market without obtaining the necessary approvals while ensuring every new offering is both innovative and in full compliance with regulatory standards.”

    Yet the regulatory crackdown—perhaps motivated by a wish to avoid any risk of a financial crisis before critical national elections in April—puts the future of the once high-flying startup in question, potentially eradicating most of the firm’s pre-tax profits.

    What happened to Paytm?

    On Jan. 31, the Reserve Bank of India accused Paytm Payments Bank—an affiliated financial institution that holds all the money in Paytm’s digital wallets—of “persistent noncompliance,” and ordered the financial institution to stop accepting new deposits.

    Then, on March 1, India’s Financial Intelligence Unit slapped the bank with a $660,000 fine for routing funds towards illegal activities like online gambling. 

    Paytm moved quickly to cut ties with the payments bank; Sharma resigned as chair of the bank’s board last week. Paytm is now trying to build relationships with third-party banks, like Axis Bank.

    The company has affirmed that its payment services will continue past March 15, the RBI’s deadline for Paytm Payments Bank to cease operations.

    At a conference in Tokyo on Tuesday, Sharma suggested advisors may have been to blame for Paytm’s struggles. “The biggest thing that I’ve learned is that many times your teammate and adviser may not be getting it correct … It is important for you, yourself to be taking care of it versus just letting a teammate or a adviser suggest that what should it be,” he said, according to Bloomberg.

    Without a payments bank, Paytm is restricted to just facilitating transactions—a business that provides “no revenue pathways,” Singhal says.

    In a stock filing immediately after the RBI’s order, Paytm warned the order to close Paytm Payments Bank could drag down annual earnings before interest, tax, depreciation and amortization by up to 5 billion Indian rupees, or $60.4 million at current exchange rates. Paytm generated $55 million in EBITDA in the nine months ending December 31, 2023.

    But Sharma may have little choice in the matter. “If he wants to keep the Paytm brand alive, he’ll have to survive only as a Unified Payments Interface [India’s nationwide system for instant payments], because he can’t stay as a wallet or as a bank,” Singhal predicts. 

    Paytm is the latest member of India’s startup royalty to flame out. Edtech firm Byju’s was once India’s most valuable startup, worth $22 billion in late 2022, but the startup is now dealing with accusations of inflated numbers, a toxic work culture, unethical sales practices, and missed debt payments. (The firm denies all claims.) On February 23, Byju’s shareholders voted to oust the CEO, Byju Raveendran. He’s refusing to step down. 

    Bad timing

    Regulators had targeted Paytm and its payments bank before. The payments bank has not been able to sign on new customers since March 2022, and the RBI slapped a $650,000 fine last October for not following know-your-customer requirements. Then in November, officials barred Paytm from signing on new merchants.

    The actions against Paytm are part of a broader crackdown on India’s financial industry, particularly on “shadow banks,” or financial institutions that sit outside the traditional financial system.

    Indian voters will head to the polls for national elections starting in April. India’s ruling party, the Bharatiya Janata Party, and prime minister Narendra Modi are running on the country’s strong economy. Most analysts expect Modi to win a third term.

    And with markets running hot—India’s equity markets recently overtook the Chinese city of Hong Kong’s in terms of total market capitalization—central bankers fear financial firms are setting themselves up for trouble.

    “A financial crisis would invariably turn into a political crisis,” Singhal says. “I think [Paytm was] a risk that the political system couldn’t take.”

    The situation reminds Singhal of earlier Indian financial scandals, many of which he covered during his career as an Indian business journalist and are featured in his book. For example, in the early 1990s, Harshad Mehta, a trader nicknamed “The Big Bull,” defrauded banks to fund speculative stock market bets. In the heady environment of the time, traders like Mehta “didn’t know when to say no, and withdraw,” Singhal says.

    Could today’s bull market in India be sowing the seeds of another scandal?

    “The financial sector is not known for its love of history,” Singhal says. 

    Nicholas Gordon

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  • 7 habits that can help you lose weight—and keep it off—according to experts

    7 habits that can help you lose weight—and keep it off—according to experts

    Nearly 75% of Americans are overweight or obese, despite a $225 billion dollar weight loss and management industry focused on tools, programs, and products for shedding pounds and keeping them off. But if there are so many solutions available, why aren’t more people successful at their weight loss efforts?  

    “What we’re largely taught—in society, in the weight loss field, in diet books—is if you just find the right diet, the right guru, the right pill, then it’ll solve all your problems,” says Dr. Scott Kahan, MPH, director of the National Center for Weight and Wellness in Washington, D.C. “You lose the weight, and you’ll live happily ever after. And that’s pretty much never, ever the case.”

    Dr. Lydia Alexander, obesity medicine specialist and president-elect of the Obesity Medicine Association says that when experts approach weight loss and weight management, they don’t use a single-strategy method, but instead approach it with a comprehensive care model based on four pillars: nutritional therapy, physical activity, behavioral modification, and medical interventions.

    “It gets us away from the fixed mindset that there’s one way to do this,” says Alexander. “It requires understanding it as not a cosmetic issue, but as a medical condition that’s treatable.”

    Here are a few tried-and-true tenets that Kahan and Alexander say can help move you toward a healthier weight.

    Track your progress

    Self-monitoring is a proven strategy for both weight loss and weight maintenance. You might think keeping records means “counting calories,” but any kind of check-in can work to help you build a new habit.

    You can keep a record of your weight over time to get an idea of how things are trending, your steps to see how sedentary you are in a day, or the types of foods you’re eating to get an overall picture of your nutrition, such as how many vegetables you eat in a day, says Kahan.

    “Generally tracking behaviors is very helpful for people, because it helps keep focus on a change you’re intending to make and be mindful toward working at it,” he says.

    Keep a realistic perspective

    Reducing your weight and keeping it off is primarily a process that involves small, consistent changes over time. Even if your goal is to lose 100 pounds, you have to start with just a few. 

    “This is something that doesn’t have to be—and realistically can’t be—automatically solved,” says Kahan. ‘It’s something that happens, sometimes slowly and sometimes a little quicker, but modest steps and modest goals can both lead to meaningful weight loss and weight loss that is reasonably sustainable.”

    What’s more, even a small amount of weight loss can lead to significant health improvements, such as improving or preventing diabetes, better mobility and physical functioning, and healthier cholesterol levels. Remembering the big picture instead of focusing solely on the number on the scale and how quickly it’s falling can bolster your spirits as you stay the course. 

    Have two separate goals: Lose weight. Maintain it

    Most of weight management messaging is about losing weight, but maintaining weight takes the same amount of intentionality—or even more, says Alexander.

    “A popular misconception is that once you’ve lost the weight, you’re done, and so you can move on,” she says. “A better strategy is to change the mental mindset of your timeline by thinking, ‘OK, I’ve lost the weight, and that was the first piece. The second piece now is keeping my weight at that spot.’ That requires the same type of active involvement as the first piece did. It’s a marathon, not a sprint.”

    Build a support system

    Kahan says one of the most consistent predictors of long-term progress with weight management is having support and interaction. “That could be meeting with a specialist like myself, it could be meeting with a dietitian, it could be meeting with a trainer, or it could be meeting in an ongoing group session,” he says.

    Even just choosing a close friend to check in with can increase your chances of success. Studies show people who keep themselves accountable with a partner as they work toward a weight loss goal may lose 50%–60% more weight than those who don’t.

    Make calories count

    Nutritional therapy isn’t a simplistic “eat less” paradigm, it’s a shift toward understanding the quality of what you’re eating. For example, whole, fresh food decreases inflammation in your body and can reverse some of the internal malfunction that causes weight gain, says Alexander. That’s why your body feels very differently when you eat empty, processed calories than when you fill up with same amount of calories from whole foods rich in vitamins and nutrients.

    “Your body will fight against you more when it’s not getting the nutrition it needs,” says Alexander. “So, you keep on wanting to eat more food as opposed to feeling satiated.”

    Move your body regularly (anything goes!)

    Physical activity isn’t just for burning calories, it has much deeper benefits specifically tied to weight loss. Walking, one of the simplest forms of exercise, decreases your resistance to insulin, and makes you less hungry. Strength training increases your muscle mass, which aids metabolism, sustaining your calorie balance.

    When you move your body during the day, you sleep better. Lack of sleep makes you more likely to reach for fatty and carb-heavy snacks. Your stress levels improve with regular exercise, too. Chronic stress increases cortisol, which increases hunger, which increases blood sugar, in a vicious cycle.

    You don’t have to do your exercise all at once, says Alexander. And what you do doesn’t matter. The “right” kind of movement to do is any movement you enjoy.

    “Choose the activity you like,” she says. “If you love pickleball, great. If you love walking, wonderful. Pace while you talk on the phone or put away your laundry one sock at a time. If it gets you to move, then that’s your solution.”

    See an obesity medicine specialist

    Just like you’d go see an orthopedist for a knee problem or an OB/GYN for reproductive system issues, seek out a physician who specializes in weight management for help with your weight loss issues. They can assess whether you may benefit from medications or procedures—or whether you may have a medical reason underlying your weight gain such as a medication side effect or sleep apnea.

    “Some people have more significant physiologic challenges that make weight management tougher, some people have more behavioral challenges that will make weight management tougher,” says Kahan. This doesn’t mean weight loss strategies won’t work for you, it just means you have unique barriers that need to be addressed, and a specialist can help with that.”

    Rachel Reiff Ellis

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  • San Jose to clear 1,000 homeless people from creeks and waterways

    San Jose to clear 1,000 homeless people from creeks and waterways

    For decades, homeless people have camped along San Jose’s 140 miles of creeks and rivers. Now, at the direction of state regulators, city officials are devising an ambitious plan to move about a thousand people into shelter by the middle of next year.

    On Friday, before a line of tents near Coyote Creek, Mayor Matt Mahan announced the plan in response to a state mandate to clear encampments polluting the city’s watersheds.

    “What they’re telling us, which is what I’ve been saying all along, is that the status quo is unacceptable,” Mahan said.

    To ensure homeless people have a place to go, the mayor and a handful of City Council members pledged to continue adding shelter space across the city, including a newly proposed group shelter with about 1,000 beds south of downtown.

    Officials said the clean-up and shelter effort — which could start in earnest in about six months and must be completed by June 2025 — will cost tens of millions of dollars at a time when the city’s budget is already stretched thin.

    But they maintain that the hefty price tag is worth it, not just to meet environmental requirements but to ease the human suffering on the street and ensure that neighbors feel safe visiting city parks and trails.

    “We must treat this like the emergency that it is,” Mahan said. “This is going to be hard. It’s going to be challenging, and it’s going to be expensive.”

    Pedro Reyes, who lives along the grassy floodplain near Coyote Creek and Tully Road, said he’d be open to accepting a bed at the new shelter. But Reyes, 39, added he’s also comfortable staying outside, despite tending to recent stab wounds after he said he was attacked at his encampment.

    Besides, he said he doesn’t think he needs help. And even if he did, he finds it hard to trust people offering support.

    “I can’t believe it when people are talking to me, like, sweet,” he said. “I don’t trust anyone.”

    On Tuesday, the City Council is set to vote to direct officials to devise plan details, including which areas along waterways across the city need to be prioritized for clean-up and where no-camping zones could be established to prevent homeless people from returning. The city has an estimated 6,340 homeless residents, about 70% of whom are unsheltered.

    The agency forcing the city into action is the San Francisco Bay Regional Water Quality Control Board, which has recently ramped up pressure on cities across California to move encampments out of sensitive waterways that often empty into the ocean. It’s threatening San Jose with litigation and tens of thousands of dollars in daily fines if it fails to comply.

    The city has long struggled with what to do about encampments along its creeks and rivers, dating back at least 10 years when it took multiple attempts to clear hundreds of people from a massive Coyote Creek encampment known as “The Jungle.”

    More recently, the city cleared around 200 people from parts of Coyote Creek to make way for a flood protection project. In February, it set in motion plans to create a no-encampment zone along the downtown stretch of the Guadalupe River after clearing dozens of tents and RVs from the area.

    Homeless advocates say clearing camps can be traumatizing for unsheltered people, who can be torn from encampment communities and forced to part with their possessions. Without providing a roof over their heads, advocates say, encampment sweeps do little but push homeless people into new neighborhoods.

    “If you’re going to abate, you have to have a place for them to go,” said Todd Langton, founder of the Coalition for the Unhoused of Silicon Valley. “It’s common sense. It’s humanity.”

    Under a 2018 federal court ruling, local governments across the Western U.S. are expected to at least offer shelter before clearing encampments. However, after frustrated officials petitioned the U.S. Supreme Court to modify or do away with the mandate, the justices agreed to review the rule later this year.

    Mahan, who’s expected to sail to reelection next week, has made adding tiny homes, safe overnight parking spots and other “interim” shelter options with supportive services a centerpiece of his push to end street homelessness.

    Critics of that position argue that shelter, while needed, is but a temporary solution that won’t help many people out of homelessness without significantly more investment in permanent affordable and supportive housing. A city report from last year found that about half of the roughly 900 people who stayed in interim shelters in 2022 moved on to permanent housing.

    Mahan and his allies on the council respond that faster and more cost-effective solutions are needed because building low-income homes can take years and cost as much as $1 million for a single unit.

    “For far too long we have enabled unsafe, inhumane, and dangerous living conditions for the unsheltered by relying on woefully slow and brutally expensive projects,” Councilman Bien Doan said in a statement.

    Doan on Friday announced the proposed 1,000-bed group shelter for his district, south of Highway 280 between Highways 101 and 87. Doan’s office declined to give potential locations and did not immediately respond to a question about how much it could cost.

    Ethan Varian

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  • Malaysia’s prime minister doesn’t want to choose between the U.S. and China

    Malaysia’s prime minister doesn’t want to choose between the U.S. and China

    It’s getting harder for countries to stay neutral between the U.S. and China as relations between the two superpowers get frostier. Washington is trying to remake the global trading system to encourage countries to reduce their reliance on the Chinese economy, while also trying to limit the development of the Chinese tech sector. Beijing is also trying to create an alternative economic system that doesn’t rely as heavily on the U.S., such as pushing for greater use of the Yuan internationally.

    Malaysia’s prime minister doesn’t want to choose. In a recent interview with the Financial Times, Anwar Ibrahim condemned what he deemed rising “China-phobia” in Western countries and asked why Malaysia would “pick a quarrel” with China, its largest trading partner.

    “Why must I be tied to one interest? I don’t buy into this strong prejudice against China, this China-phobia,” Anwar said in his interview with the Financial Times.

    Malaysia, like many of its peers in Southeast Asia, often claims neutrality in the superpower rivalry between the U.S. and China. Anwar, in an interview with Fortune last year, said he was focused on ridding the country of corruption and developing Malaysia’s economy to attract investments from both China and Western governments.

    Tesla is perhaps the most prominent Western company to invest in Malaysia; the EV automaker established a regional headquarters in the Southeast Asian country last July. Yet other Western high-tech companies, like Micron, Intel and Infineon, are expanding their Malaysia presence, particularly in Penang, a hub for the testing and packaging in the semiconductor industry.

    Yet Anwar is openly courting Chinese money as well. The prime minister has praised China’s Belt and Road Initiative, and won a 170 billion Malaysian ringgit ($35.6 billion) investment commitment from Beijing almost a year ago. Chinese automaker Geely will invest $10 billion towards a still-in-development auto hub in the state of Perak. Anwar is also open to working with Huawei, the U.S.-blacklisted Chinese tech company, to develop Malaysia’s 5G network. (Washington has pressured foreign governments to stop using Huawei technology, alleging it could facilitate Chinese espionage)

    Anwar’s belief that geopolitics is “not a zero-sum game,” which he expressed to Fortune last August, appears to be prevalent in Southeast Asia. Governments in the region want to enjoy good relations with the U.S., yet must also preserve ties with China, often their largest trading partner.

    Indonesia, a former champion of the non-aligned movement, says it does not want to get trapped in a U.S.-China rivalry. Vietnam, more recently, is deploying a flexible “bamboo diplomacy” to balance relations between the superpowers. And Singapore, which the U.S. calls a key partner, maintains that it takes “principled positions” without committing to taking sides between Washington and Beijing.

    Lionel Lim

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  • Nvidia’s China sales are down to a ‘mid-single digit percentage,’ as U.S. controls restrict exports of the $1.7 trillion chipmaker’s leading AI chips

    Nvidia’s China sales are down to a ‘mid-single digit percentage,’ as U.S. controls restrict exports of the $1.7 trillion chipmaker’s leading AI chips

    Nvidia crushed expectations with a bumper quarterly earnings report on Wednesday, reporting a 265% increase in revenue from the same period a year ago, sending shares up over 9% in extended trading. CEO Jensen Huang said Nvidia now has to “allocate [chips] fairly” as customers flock to its processors, key to the AI boom. “Accelerated computing and generative AI have hit the tipping point,” Huang said.

    But amidst the blowout quarter, Nvidia also acknowledged how tensions between the U.S. and China, particularly over semiconductors, is affecting its business. China now represents “mid-single digit percentage” of Nvidia’s data center revenue, chief financial officer Collette Kress said on Wednesday. She suggested that China would make up a similar percentage of revenue for the current quarter as well. (Data center revenue aligns with Nvidia’s AI chip business)

    It’s a significant drop: Nvidia has previously noted that China made up as much as a quarter of the company’s data center revenue.

    The U.S. first announced controls on the sales of advanced semiconductors to China in October 2022. Companies like Nvidia then developed chips that complied with the restrictions yet still offered the same advanced capabilities. The Biden administration updated its restrictions last October to close that loophole.

    On Thursday, Kress admitted that the U.S. government has not granted a license to Nvidia to ship restricted products to China. Nvidia has started shipping alternative products to China that don’t require a license, she continued.

    Huang said Nvidia has “immediately paused” and “reset” its product offerings in China, which he blamed for the drop in data center revenue from China. The company would do its best to succeed in the Chinese market “within the specifications of U.S. restrictions”, he said.

    Nvidia is again trying to develop chips for the Chinese market that comply with U.S. restrictions, but Chinese customers are reportedly turning to domestic alternatives instead. Chinese tech companies are less interested in buying Nvidia’s downgraded products, which are now closer in performance to cheaper Chinese options, the Wall Street Journal reports. Chinese chipmakers are pitching their own chips as a safer option due to the possibility of new controls from the U.S., Reuters reported in December.

    Lionel Lim

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  • How We’re Styling Red And Pink For Valentine’s Day

    How We’re Styling Red And Pink For Valentine’s Day

    “I’ll be honest, I was never a pink gal. But I’ve slowly been getting into the color these last few years as my love for Barbie sparked my interest in wearing pink more frequently. In honor of Valentine’s Day, I put together this red-and-pink outfit to test the waters. I paired a fuzzy red keyhole sweater (that I wore for Christmas) with red tights and pink accessories — a pink acrylic headband, flower hoops, and a heart-shaped handle bag that I was gifted from a Truly x Barbie collab, which added a touch of sweetness to my otherwise bold outfit. This look is certainly not for those who are scared of color, and it made me uncomfortable at first, but the compliments I received while wearing it made it all worth it in the end.”
    — Victoria Montalti, Associate Affiliate Writer

    Ebony-Renee Baker

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  • Alibaba wakes up to competition from PDD and ByteDance, promising to ‘reignite’ growth as disappointing results send shares down 6%

    Alibaba wakes up to competition from PDD and ByteDance, promising to ‘reignite’ growth as disappointing results send shares down 6%

    China’s Alibaba is pledging to inject new energy into its e-commerce department as it tries to hold off new e-commerce entrants like Temu-owner PDD Holdings and TikTok-owner ByteDance. On Wednesday, Alibaba reported underwhelming results for the last quarter of 2023, sending its U.S.-listed shares down by 5.9% despite a $25 billion share buyback program.

    Revenue at Alibaba’s Taobao and Tmall Group (TTG), the company’s core e-commerce group, grew just 2% year-on-year for the final quarter of 2023, reaching 29.07 billion yuan ($17.98 billion). Alibaba’s overall quarterly revenue rose by 5% to reach 260.35 billion yuan ($36.61 billion), below analyst estimates.

    “Our top priority is to reignite the growth of our two core businesses: e-commerce and cloud computing,” Alibaba CEO Eddie Wu told analysts.

    Wu contineud that Alibaba needed to make targeted investments in “price competitiveness, service and user experience,” in a statement published Wednesday. The company will increase the selection of branded and direct-from-manufacturer products on the TTG platform and focus on delivering “attractive prices for quality products.”

    Alibaba is grappling with a tough market. Chinese consumers are growing more cautious about spending amid macroeconomic headwinds, turning to cheaper products and services.

    But the company is also contending with increased competition from players like PDD Holdings, owner of Pinduoduo and Temu, and ByteDance, parent company of TikTok and its Chinese equivalent Douyin.

    PDD Holdings reported 94% year-on-year growth for the quarter ending Sep. 30, 2023. By comparison, Alibaba reported 9% growth in that same quarter. (PDD has yet to report results for the final quarter of 2023).

    In China, Pinduoduo has grown as a community-buying platform that allows consumers to make group orders in bulk to lower costs.

    ByteDance is also encroaching on Alibaba’s turf, particularly by expanding into live-streaming e-commerce. Total sales from live-ecommerce is expected to surpass $800 billion by 2025, according to Insider Intelligence. ByteDance’s Douyin app is also expanding to food delivery and leisure travel.

    The social media company’s full-year revenue surged to $110 billion in 2023, reported Bloomberg, which would move the company closer to Alibaba in total revenue. Alibaba’s sales over the 2023 calendar year reached $130.1 billion, according to Fortune calculations. (Alibaba’s fiscal year ends in March)

    Alibaba reshuffled its senior management team and group businesses late last year to respond to rising competition.

    In a statement on Wednesday, Wu recognized the growing competition in Alibaba’s home market, calling China “the world’s most competitive e-commerce market.”

    A rocky restructuring

    On Wednesday, Alibaba leadership also walked back its ambitious restructuring plans, announced early last year. In March, the e-commerce giant announced plans to transform itself into a holding company and pursue IPOs for its six divisions, like logistics service Cainiao.

    But Alibaba chairman Joe Tsai said that the company is “not in a hurry” to proceed with IPOs for Cainiao and its Freshippo grocery chain. “Market conditions currently are just not in a state where we believe we can really truly reflect the true intrinsic value of these businesses,” Tsai told analysts.

    Tsai continued that Alibaba would now seek to sell off some of its non-core assets. “We have a number of traditional physical retail businesses on our balance sheet, and these are not our core focus,” he said. “It makes sense for us to exit these businesses.”

    Alibaba is looking for buyers for its InTime department store chain, Bloomberg reported last week.

    “Alibaba intends to divest its non-core businesses like offline retail and narrow losses for the rest,” HSBC analysts wrote in a report released Wednesday.

    Other parts of Alibaba’s restructuring plan have hit roadblocks. In November, the company abandoned plans to spin off its cloud-computing unit, blaming U.S. tech export controls that threaten to cut off the Chinese company’s access to advanced chips.

    Quarterly revenue from Alibaba’s cloud computing division rose 3% year-on-year last quarter to reach 28.06 billion yuan ($3.95 billion).

    Alibaba shares continued their decline in Hong Kong. Shares listed in the Chinese city are down 6.8% from the previous day’s close, as of 12:00pm Hong Kong time.



    Lionel Lim

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  • 6 Things I’d Pick to Be in My Forever Wardrobe and 6 I’d Toss First

    6 Things I’d Pick to Be in My Forever Wardrobe and 6 I’d Toss First


    In an effort to streamline my closet and shopping habits, I often like to take a moment to focus on my forever wardrobe. In my case (and many others), this capsule collection is often composed of elevated basics that will always look stylish and are guaranteed to get a lot of wear throughout the years. With that in mind, it’s no wonder that I often lean heavily into classic pieces when creating the backbone of my closet.

    During my wardrobe reset, I further edited my favorites into a cohesive collection of essentials I know I can and will rely on for many years to come. They all make for easy dressing and can be mixed and matched with trendy pieces that will come and go along the way. Think white button-downs, tailored blazers, and more. Keep scrolling to check out six pieces I’d pick for my forever wardrobe with a little visual outfit inspiration on how to wear each.



    Jennifer Camp Forbes

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  • 28 Hero Items That Our Editors Are Swearing By This Winter

    28 Hero Items That Our Editors Are Swearing By This Winter


    I’ve never once lived in a warm place, having grown up in Chicago before moving to New York after college, yet winter still stumps me fashion-wise every single year, especially those years when Mother Nature is extra testy. (This is one of those years.) But there are people who just get it—people whose style thrives in cold temperatures thanks to strategic layering and even more strategic shopping. 

    Lucky for me, a lot of those elite cold-weather dressers work in the desks adjacent to mine, which is exactly why I called on them after the brutal temperature drop in NYC recently to share those items that they’ve come back to time and again this season to keep them warm while simultaneously allowing them to maintain the integrity of their personal style. It’s a fine line, but I swear that no one does it better than my co-workers here at WWW. 

    Scroll through their winter hero items, from Uniqlo Heattech (duh) to the perfect cashmere sweater. 



    Eliza Huber

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  • I Grabbed 18 Skincare Products During a Layover in Iceland—Now I’m Obsessed

    I Grabbed 18 Skincare Products During a Layover in Iceland—Now I’m Obsessed


    Recently, I flew to Scotland, but before I got there, I had a layover in Iceland. At first, I thought I was benefiting from the layover, in that I only had to get through five hours of flying time before I’d be able to stretch my legs and get a snack. (I’m an anxious flyer, so I loved that the stop broke up a long trip.) Upon arriving in Reykjavik, though, I noticed something. There was a wealth of skincare products adorning the airport walls. Suddenly, I realized I was benefitting from the layover in another way—I could go skincare shopping. 

    As a beauty editor and someone who’s engrossed by global beauty products, ingredients, and traditions, this was major. I did some recon, deciding what products I’d scoop up on the return layover. I knew I’d only have so much room in my carry-on and a limited budget after spending a week in Glasgow and Edinburgh, so I planned accordingly. I decided to only pick up a few products, but I made sure to take pictures of the rest so I could research them later. Ahead, check out 18 Icelandic skincare products I thought were promising enough to either buy directly from the airport or snag online once I got home. 



    Kaitlyn McLintock

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  • We've Been Who What Wear Editors For 6+ Years—Here Are Our 2024 Shopping Lists

    We've Been Who What Wear Editors For 6+ Years—Here Are Our 2024 Shopping Lists

    The fact that many of us Who What Wear editors have worked here for many years is undoubtedly a testament to how fulfilling it is to do what we do. I, for one, have been at Who What Wear since 2014 (as in, a decade). And several of my fellow editors are also longtime employees. 

    My colleagues (and friends) Nicole Akhtarzad Eshaghpour, Judith Jones, and Anna LaPlaca all have amazing style and taste, and all have been Who What Wear editors for more than six years. And as one does, I asked them what they’re shopping for right now—their 2024 wish lists, so to speak. They kindly obliged and my personal wish list has grown exponentially after seeing what’s on theirs.

    So in case you’d like a bit of shopping inspiration for the new year, scroll on to find out what we longtime Who What Wear editors are coveting in 2024.

    Allyson Payer

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  • All The Winter Fashion Items Our Team Swears By In 2024

    All The Winter Fashion Items Our Team Swears By In 2024

    Fashion-wise, there’s little redemption for, aside from the comfy coats and warm knits. Yet it’s when we require the most functional and versatile clothing to actually protect us from the elements. Winter essentials are also some of the biggest investments in our wardrobes, making it a never-ending challenge to find just the right coat that looks and feels good but also somehow keeps you warm enough to actually enjoy your day. 

    Frances Solá-Santiago

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  • Online Shopping Is My Job—29 Pretty J.Crew Picks I'm Telling Everyone About

    Online Shopping Is My Job—29 Pretty J.Crew Picks I'm Telling Everyone About

    J.Crew is having a big moment right now. I’ve been spending a lot more time browsing its robust array of trendy pieces and classic everyday staples. During a recent hours-long search on the site, I uncovered some super-chic statement styles that are genuinely so cool. On top of that, I also noticed a solid selection of basics that are perfect for rounding out the gaps in my core wardrobe. Since I don’t believe in gatekeeping a good retail find, I’m telling everyone about the J.Crew pieces I’ve found so you can shop them too.

    From the softest cashmere to the prettiest basics, there’s something for everyone among J. Crew’s virtual aisles. I’ve taken the liberty of curating a selection of my favorite finds for your shopping pleasure. Keep scrolling to find your new favorite wardrobe pieces. Happy shopping!

    Chichi Offor

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  • I'm a Fashion Editor—These 30 Finds Are in Either My Closet or My Cart Right Now

    I'm a Fashion Editor—These 30 Finds Are in Either My Closet or My Cart Right Now

    Most Wanted is a weekly series in which one editor, staffer, or influencer shares their top 30 must-haves or current wish-list items.

    Just what is a Who What Wear editor of 10 years wearing, buying, and coveting in the middle of January? Quite a lot, it seems! Between the winter items I’ve been wearing for years, the newer pieces in my wardrobe, and the ones I’m eyeing for right now or the months ahead, there was so much I wanted to share I had to make some major cuts in order to limit it to just 30 things. After all, I didn’t want to overwhelm you, and there’s always next time. So for today, you’ll find everything from sweaters and jackets to slingbacks and sneakers, all of which I’d recommend to my own sisters—most of which I already have. Plus, as always, there’s something for everyone, whether you’re looking to stand out or keep it simple. Ready to get started? Just keep scrolling.

    Nicole Akhtarzad Eshaghpour

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  • 6 Outdated Trends We've Left in 2023 and Their 2024 Replacements

    6 Outdated Trends We've Left in 2023 and Their 2024 Replacements

    One of the first things I’m letting go of in 2024 is chasing “trends” that I’m not even that excited about. Throughout the years with my job as an editor, I see them come and go quicker than lightning and have been often caught looking at a drawer filled with new things I don’t even truly want to wear. While there are still quite a few trends that pique my interest, like the resurgence of leopard print at the moment, I’m not chasing trends just to catch attention. My priority is timeless items.

    My co-workers are on the exact same page, so I pulled a few of them aside to find out the question on everyone’s minds: What 2023 trends are you getting rid of? Their answers revealed quite a lot. Below, find out what six Who What Wear editors had to say.

    Sierra Mayhew

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  • My Mom Is 60, and I'm 28—These Nordstrom Items Are on Our 2024 Wish Lists

    My Mom Is 60, and I'm 28—These Nordstrom Items Are on Our 2024 Wish Lists

    My mom and I are multiple states and 32 years apart; she’s 4’11”, and I’m 5′ 8″; and if you looked at the outfits we individually put together, you’d be hard-pressed to find similarities. Yet whenever we shop at Nordstrom together—something we’ve been doing since I was a toddler tagging along on a mall trip from the comfort of my stroller—we tend to take a liking to the same things. It’s like the Sisterhood of the Traveling Pants phenomenon, but with a mother and daughter, and instead of one pair of pants, it’s a heap of chic buys from Nordstrom. 

    When I was home during the holidays, we shopped the Half-Yearly Sale to no end together, both ordering a few of the same items. Afterward, we started planning ahead for 2024 in the retailer’s new-arrivals section. As usual, our picks weren’t very far off from each other’s. Below, take a look at the 37 items my 60-year-old mom and I are both looking to add to our 2024 wardrobe rotations, from cashmere knits and elevated denim to suede accessories and LBDs. 

    Eliza Huber

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  • I Just Realized Every Beauty Item I Told My Friends to Buy in 2023 Was Under $50

    I Just Realized Every Beauty Item I Told My Friends to Buy in 2023 Was Under $50

    As a beauty editor, I’m lucky enough to test dozens of new skincare, hair, and makeup products each month. I’m constantly surrounded by them, and it’s literally my job to judge them, so I feel like I have a pretty good grasp on what’s good, what’s great, and what’s, well, not worth using. It’s only when I personally recommend a product to my friends that I know I really love it. 

    Two of my closest friends (hi, Ella and Hansi!) love swapping beauty news, info, and recommendations. I can’t even count how many times they’ve gracefully listened to my never-ending monologues on the subject. So when they came to visit over the summer, I naturally told them all about the products I’d been loving as of late, and they did the same. A week later, they left with a list of products to buy (and it’s only grown since). It wasn’t until recently that I realized every product on the list was $50 or less. Ahead, see all 15 products that I’ve recommended to them and learn why I love them so much. 

    Kaitlyn McLintock

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  • 10 energy-boosting breakfast and lunch ideas to avoid the afternoon crash

    10 energy-boosting breakfast and lunch ideas to avoid the afternoon crash

    Whether it’s mental burnout, lack of sleep, or just the early-setting sun, no one is safe from the mid-afternoon brain fog that sets in like clockwork. But, you don’t have to let it win—and kill your vibes and productivity to boot. While lots of factors are at play—from hormones to mental health—there is one piece to this energy-draining equation you do have some control over. And that’s what you eat. 

    You’ve heard the saying that food is fuel. That quite literally is true in that food has calories and calories are energy, but it’s the makeup of the micro and macro nutrients in those foods that make the difference between you crushing it or crashing. Here, registered dietitian Amanda Holtzer reveals how to hack your breakfast and lunch eats to have the best chance at maintaining your energy until dinner. The best part? Holtzer is all about an anti-diet, unrestrictive way of eating that isn’t about following rules, but rather about sustainable, nutritious choices that work for you. Incorporating these tricks and meal ideas is both easy and delicious. 

    Nutrition and energy basics

    Understanding why and how food impacts your energy-levels can help you create sustainable habits. 

    Aim for stable blood sugar 

    Your energy level and your blood sugar go hand in hand, says Holtzer, who is also a staff dietitian for PB2 Foods. “Blood sugar very much determines where your energy is throughout the day,” she says. “In order to have consistent energy, you want to have consistent blood sugar. You want your blood sugar to follow this nice pattern of gentle, rolling hills, not high spikes and low dips.” The balance of macronutrients, particularly emphasizing slow-digesting foods that are low on the Glycemic Index, keeps those highs and lows to a minimum. 

    Balance your macros

    You want to ensure you have a proper balance of all three major macronutrients—protein, carbs, and fat—at every meal and snack, says Holtzer. The recommended amounts of each vary and depend on multiple factors including your sex, activity level, height, weight, age, and more, and a dietitian or certified nutritionist along with your doctor can help fine-tune those ratios for your body. Still, aiming to simply get all three on your plate is a great place to start. 

    “Protein is very satiating; it keeps you full,” says Holtzer. “Protein is the building block of every single cell and process in the body,” which is why you want to make sure you have a good source of protein, such as Greek yogurt, eggs, turkey, or even protein powder, at every meal.

    If protein is the log on the energy fire, carbs are the gasoline. “The body’s preferred source of energy is glucose, which you get from carbs,” explains Holtzer. Ideally, “those carbs would be filled with fiber, which helps slow down digestion,” which maintains fullness and reduces sharp blood sugar shifts. Fruits, veggies, and whole grains are all good sources of fiber. 

    Finally, fats (particularly monounsaturated and polyunsaturated fats) are helpful for slow digestion and satiation,” says Holtzer. Try olive oil, avocados, flaxseed, or chia seeds. 

    Timing matters, too

    You’ll want to pay attention to how long you’re going between meals if energy maintenance is the goal. Again, that’s because it all comes down to blood sugar, says Holtzer. Blood sugar naturally declines between meals, but going five to seven hours or more without eating will deplete those reserves so much that you’re more likely to overeat at your next meal, causing a sugar spike. 

    “To combat that, it’s better to eat every three to four hours so that you’re giving your body this constant stream of energy, and more importantly, this constant stream of carbs and protein to keep your blood sugar stable throughout the day,” she says. 

    5 energy-sustaining breakfasts

    Set your day up for success with these satisfying breakfasts recommended by Holtzer.

    • Loaded yogurt bowl: Mix full-fat Greek yogurt with powdered peanut butter, such as PB2 or similar, for some added protein, then top with whole-grain cereal and berries for high-fiber carbs.
    • Smoothie: Blend frozen banana, frozen berries, and fresh spinach (all high-fiber options) with protein powder and almond milk for a well-balanced on-the-move choice. 
    • Veggie omelet and avocado toast: Whisk two eggs and two egg whites together and mix with a handful of chopped veggies of your choosing. Serve the cooked eggs with a slice of toast with half an avocado to balance out the protein and carbs with a healthy fat. 
    • Overnight oats: Mix old-fashioned oats with some chia seeds for an extra dose of fiber, a scoop or two of powdered peanut butter and a dollop of Greek yogurt for some protein. Add almond milk, let this sit overnight, then add fresh berries on top when you’re ready to eat in the morning.
    • Quick waffles: Spread peanut butter over a freezer waffle to add protein and fat to a quick and classic, carby breakfast. Add two hard-boiled eggs to your plate for even more protein. 

    5 energy-sustaining lunches

    No sad salads around here. Keep your energy high with these macro-packed lunches from Holtzer. 

    • Turkey sandwich: Stack turkey, cheese, and the condiment of your choice between two slices of whole-grain bread. That’s complex carbs from the bread, protein from the deli meat, and a little fat from the cheese. Baby carrots and cucumbers on the side add fiber.
    • Chicken Caesar salad wrap: Toss grilled chicken, crunchy Romaine lettuce, and croutons with a dollop of Caesar dressing before securing the salad in a wrap. Protein, fats, and fiber—check, check, and check. 
    • Chicken and vegetable soup: Whether homemade or store-bought this bowl is a balanced, warming lunch that will satisfy your tastebuds and a grumbling stomach. A slice of whole-grain garlic toast is the perfect complement. 
    • Mediterranean salad: Toss fiber-filled veggies including cucumbers, tomatoes, and onions with feta cheese, then top with a lean protein such as chicken, shrimp, salmon or tofu. Bring a carb into the mix with a side of pita bread or hummus and crackers. 
    • Cottage cheese toast: This viral recipe idea is a delicious, easy, high-protein, high-fiber lunch. Smear store-bought pesto on two slices of whole-grain toast, top with cottage cheese, sliced tomato, and a drizzle of balsamic vinegar. 

    Alyssa Sparacino

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  • I'm a Beauty Editor Who Moved to the Midwest—30 Winter-Proof Items I Love

    I'm a Beauty Editor Who Moved to the Midwest—30 Winter-Proof Items I Love

    Most Wanted is a weekly series in which one editor, staffer, or influencer shares their top 30 must-haves or current wish-list items.

    I’m from a small town in Northern Michigan, but up until this year, I spent four years living in LA and two years living in Austin, Texas. Not to state the obvious, but the climates of those three locations are drastically different. In LA, I had balmy 70-degree days. In Austin, I had high heat and high humidity to contend with. Now, I’m dealing with below-freezing temperatures and lots of snow, wind, and ice. Like I said, it’s different. 

    Even though I grew up here, it wasn’t exactly easy to readjust to the climate. In fact, I dreaded it. Dark, cold days do a number on my mental and physical health—not to mention my skin and hair. For the former, I had to rework my daily routine, get fresh air, and engage in lots of self-care activities. For the latter, I had to rework my beauty routine, collect new products, and use them strategically. It took me a while, but I’m happy to announce that I have my cold-weather essentials on lock. Ahead, check out the 30 products that will see me through to spring. 

    Kaitlyn McLintock

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