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Alibaba recasts its e-commerce for data era

Alibaba Group Holding Ltd announced on Friday its plan to restructure its e-commerce business in an effort to get ready for the era of data-driven new retail. Daniel Zhang, chief executive officer of Alibaba Group, said that the company's business-to-customer site Tmall.com will be merged with its digital marketing unit Juhuasuan. The decision aims to bring synergy among the company's business, marketing and operations units and explore opportunities to digitalize existing businesses and make new businesses out of statistics.

Vietnam seeks pre-IPO loans for oil refinery