Alibaba will spin off its logistics arm Cainiao in an IPO in Hong Kong

( ) -q-21- UNDATED (Correspondent Jeremy House) “as a subsidiary.”

Chinese e-commerce company Alibaba says it will spin off its logistics arm, Cainiao (CHAN yow) Smart Logistics Network, in an initial public offering in Hong Kong.

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TAG: Correspondent Jeremy House reporting. Alibaba currently owns nearly a 70% stake in Cainiao, its main delivery arm that handles logistics and parcels for merchants both in China and abroad.

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VERBATIM: It’s the first business unit to go public following a major restructuring in Alibaba. The company said that it submitted a spin-off proposal to the Hong Kong Stock Exchange and that it has received confirmation to proceed. Alibaba will continue to me a majority shareholder in Cainiao, holding over 50% of the company and retaining it as a subsidiary.

Biden, Trump to visit striking auto workers in Michigan

Presidential politics will be on display in Michigan this week as the auto workers strike continues. Both President Biden and former President Trump are traveling to the Detroit area to show support for striking auto workers. Michigan figures to be a key battleground in next November’s election. Trump carried the state in 2016 and Biden won it in 2020. So far, the United Auto Workers union has not endorsed a candidate for 2024.

No Compromise. Schumer Prepares To Blame House GOP For Shutdown

Senate Majority Leader Chuck Schumer [D-NY] is laying the groundwork to blame House Republicans for an expected government shutdown at the end of the month. In a letter to his Democrat colleagues Schumer writes that any shutdown will be the result f what he calls “political games” by House Republicans. Fiscal House conservatives are demanding 2024 spending cuts deeper than those already agreed to by Republican House Speaker Kevin McCarthy and the white house. And they’ve vowed not to budge, even if the budget stalemate leads to a shutdown at the end of September. Senate Republican leader Mitch McConnell has said the senate GOP will not support House bills demanding the deeper than agreed upon cuts.

Former President Trump Kicks Off Campaign Events

The former President is kicking off his 2024 campaign with two stops along the East Coast. More from Correspondent Bernie Bennett.

Former President Donald Trump kicked off his 2024 White House bid with a stop Saturday in New Hampshire before heading to South Carolina, appearances in early-voting states marking the first campaign events since announcing his latest run more than two months ago.

Those states hold two of the party’s first three nominating contests, giving them enormous power in selecting the nominee.

Mr. Trump and his allies hope the events will offer a show of force behind the former president after a sluggish start to his campaign. In recent weeks, his backers have reached out to political operatives and elected officials to secure support for Mr. Trump at a critical point when other Republicans are preparing their own expected challenges.

Bernie Bennett reporting.

Christians are finding an unlikely ally in the battle over the gay agenda

Christians are finding an unlikely ally in the battle over the gay agenda

VERBATIM: Muslims. They don’t see eye to eye with Christians theologically, but they beginning to join them in efforts to curb the LGBT advance — especially in the schools. Earlier this year the city of Hamtramck, Michigan — whose city council is ALL-MUSLIM — voted to ban the display of the rainbow flag in all public spaces. This presents a real problem for gay activists, who have always aligned themselves with minority groups, without considering what those minorities believe. Michael Harrington, SRN News.

AM SPORTSCAST 9-26

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