Chinese e-commerce giant Alibaba Group said its revenue for the quarter through June was flat from a year earlier, as Shanghai’s Covid-19 lockdown in April and May dealt a serious blow to its business. But even so, the revenue was better than analysts’ expectations. Alibaba’s net profit for the quarter dropped 50%, while operating profit declined 19%. Revenue from core China commerce...
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Blackstone Plans to Back Tech Startups in $2 Billion–Plus Lending Push

Private equity giant Blackstone is gearing up to make its first major push into lending to startups and technology companies—joining a corner of the debt market that’s quickly heating up. The firm expects to invest at least $2 billion in technology debt deals over the next few years, including venture debt, deals with pre–initial public offering startups and deals with...
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