Alibaba's Cloud Division Reduces Staff by 7% as It Prepares for a Spinoff

Alibaba's cloud division is said to be reducing its staff by 7% as the company prepares for a spinoff. The Reserve Bank of New Zealand is expected to raise interest rates for the 12th meeting in a row when it meets today. Alibaba has really struggled here over the past month or so, down around 5% or so.