On Monday, Shares of Alibaba Group Holding Limited (NYSE:BABA), lost -0.07% to $85.68.
Alibaba Group Holding Limited, and Ant Financial Services Group declared both parties will each invest RMB3 billion ($483.3 million) and resources to set up a joint venture aimed at capturing opportunities within China’s local services market, with an initial focus on the food and beverage segment.
The joint venture, Koubei, will integrate the convenient aspects of mobile commerce and big data to transform and upgrade China’s local services sector, offering consumers improved dining and shopping experiences. Alibaba’s food ordering and delivery business operating under the Taodiandian brand and Ant Financial’s offline merchant resources will become a core part of Koubei’s operations.
Alibaba and Ant Financial will each have a 50 percent equity stake in Koubei. Samuel Fan from Ant Financial’s payment business unit will become Chief Executive Officer of the new venture.
Alibaba Group Holding Limited, through its auxiliaries, operates as an online and mobile commerce company in the People’s Republic of China and internationally. It operates Taobao Marketplace, an online shopping destination; Tmall, a third-party platform for brands and retailers; Juhuasuan, a group buying marketplace; Alibaba.com, an online business-to-business marketplace that focuses on global trade among businesses; 1688.com, an online wholesale marketplace; and AliExpress, a consumer marketplace.
Shares of Denbury Resources Inc. (NYSE:DNR), declined -1.42% to $6.27, during its last trading session, despite oil prices rose above $63 a barrel on Monday in response to new proposals from Greece that the European Union welcomed as a basis for progress at talks to try to stave off a default that could cause turmoil in financial markets.
But high levels of global oil production and stocks continued to exert pressure on crude prices.
Brent crude for August delivery was up 30 cents at $63.32 a barrel by 0822 GMT, after falling nearly 2 per cent on Friday over worries about a potential Greek debt default.
Denbury Resources Inc. operates as an independent oil and natural gas company in the United States. The company primarily focuses on improved oil recovery utilizing carbon dioxide. It holds properties located in Mississippi, Texas, Louisiana, and Alabama in the Gulf Coast region; and in Montana, North Dakota, and Wyoming in the Rocky Mountain region.
Finally, The AES Corporation (NYSE:AES), ended its last trade with 0.65% gain, and closed at $13.94.
On June 10, AES Distributed Energy, a partner of The AES Corporation, declared the commissioning of a 4 megawatt (MW) solar PV project located in the town of Dublin, in the County of Laurens, Georgia. This system is the first of two solar PV projects being developed by AES Distributed Energy and its partners, collectively predictable to supply 20 MW to the Georgia Power utility grid. The second, 16 MW project, is under development and is predictable to be operational in the first half of 2016.
Georgia Power, a partner of Southern Company, will purchase 100% of the energy production from both projects from AES Distributed Energy following 20-year Power Purchase Agreements (PPAs). These projects will be among the first utility-scale solar installations for Georgia Power. Their development rights were awarded as part of the 2013 Georgia Power Advanced Solar Initiative (GPASI) solicitation for 60 MW of utility-scale solar generation.
AES Distributed Energy co-developed the projects with Inovateus Solar and MS Solar Solutions Corp., a wholly-owned partner of Morgan Stanley. MS Solar Solutions is providing construction capital and long-term equity financing, while AES Distributed Energy will be the long-term owner and operator of both solar PV facilities.
The AES Corporation operates as a diversified power generation and utility company. It owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries. The company also owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market.
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