Alibaba to invest USD 2 bn in Turkey: Chinese e-commerce giant Alibaba will invest USD 2 bn in Turkey, the company announced after a meeting between President Recep Tayyip Erdogan and Alibaba head Michael Evans, Bloomberg reports. Alibaba has already invested some USD 1.4 bn in Turkey through e-commerce marketplace Trendyol, in which Alibaba owns a 76.1% stake, the outlet writes. Evans said that his company has “confidence in Turkey’s sound economic fundamentals.” The exact timeline for the investment was not revealed, with Evans saying it will take place in “the coming period.”

Alibaba is going big on Turkey: The group announced in January that it was investing USD 1 bn in a logistics hub at Istanbul airport and a data center near Ankara, Bloomberg reported at the time.

Maersk + CMA CGM join forces to accelerate decarbonization: Shipping giant AP Moller Maersk and CMA CGM are collaborating on multiple initiatives aimed at accelerating the energy transition in shipping, according to the statement. The two lines will work on the green shift in maritime transportation and will advance their efforts to use alternative greener fuels for container vessel propulsion. Both companies have set a net-zero emissions target and have begun implementing decarbonization plans, including ordering vessels that can be operated on bio/e-methanol.

Instacart’s IPO raises USD 660 mn, values it at c. 10 bn: US-based online grocery delivery firm Instacart priced its IPO at the top of its range, allowing it to raise some USD 660 mn, Bloomberg reports. The company sold a total of 22 mn shares on Monday, which is higher than the previous USD 616 mn they were looking to raise by selling 14.1 mn shares for USD 26-28 each. The company’s USD 9.9 bn valuation still makes the IPO significantly lower in sales as opposed to its previous USD 39 bn valuation in 2021.

ALSO WORTH KNOWING-

  • China imported record amounts of crude oil in 1H 2023 thanks to bigger refineries and the easing of covid-19 restrictions, bringing in an average of 11.4 mn barrels a day, up 12% y-o-y (EIA)
  • The US has increased armed forces’ access to commercial oil tankers in a bid to secure oil shipping for its military in times of crisis. (Reuters)
  • DP World Southampton has launched its first remote pinni ng station, which is set to boost productivity and safety by enabling straddle carriers to move containers from berth to pinning station. (Port Technology)
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