Asia, Alibaba | featured news

A former manager at China’s largest e-commerce company, Alibaba Group, has been arrested by Chinese police under suspicion of accepting bribes from businesses owners, the company said Thursday.

Chinese e-commerce giant Alibaba Group Holding Ltd. is aiming to handle one trillion yuan ($157 billion) of transactions in 2012 on its Taobao consumer sales platforms, the company's Chairman Jack Ma said Saturday.

Yahoo executives said they had made "significant progress" with Alibaba Group to settle a row over ownership of a key unit that affects the value of the U.S. Internet giant's investment in its Chinese partner.

Alibaba.com CEO David Wei resigned after an internal investigation found that more than 2,300 sellers on the e-commerce site were committing fraud, sometimes with the help of Alibaba.com sales staff.

The online auctioneer views partnerships as the best way to generate business in China.