China’s most recognizable entrepreneur is back, making bold bets and pushing artificial intelligence. 

Alibaba founder Jack Ma vanished from the public eye at the outset of an antitrust investigation in late 2020. Days after publicly slamming Chinese lenders as “pawn shops,” regulators blocked plans to take Alibaba-affiliate Ant Group public. Weeks later, Beijing launched a long-running campaign to tighten state control over the economy as it looked to rein in the nation’s billionaire class. Ma was abruptly thrust into the center of a regulatory storm that grew to envelop big rivals from Didi to then-giant online education firms, pushed fellow billionaire entrepreneurs into hiding and precipitated the biggest wealth destruction in modern Chinese history.

But he’s made a noticeable return to Alibaba’s campuses – and he’s more directly involved than he’s been in half a decade, according to people familiar with the company. Signs of his unseen hand are coming into sharper focus, perhaps no more so than in the company’s pivot to AI and its declaration of war on e-commerce foes JD.com and Meituan.

Ma’s comeback has long been awaited as a signal that the country’s previously freewheeling tech sector is returning to favor in Beijing. While it’s unclear whether Beijing explicitly sanctioned his return, a handshake with President Xi Jinping in February was seen as his return to grace at a time when the country is looking to AI to boost growth. Let’s see what Ma and Alibaba make of his second chance. —Stephanie Phang

What You Need to Know Today

Chinese policy makers are certainly under pressure to find new growth engines. In a warning sign to the economy, industrial output and consumption both had their worst performance of 2025 last month, following on from a weak performance in July. While that raised analyst calls for more government support, here’s why China has fewer options this time around for fiscal and monetary stimulus.

That shaky Chinese growth outlook has been making its consumers more selective about where they spend their money, and it’s even showing up in their travel plans. A new wave of 3.5 million arrivals from China is fueling Vietnam’s record tourism this year and helping to unseat Thailand as the top regional destination for mainland adventurers. Unfortunately for Thailand, fears over scam centers and the high-profile kidnapping of a Chinese actor in January have kept tourists away, sending its arrivals from China plummeting about 35% this year. That said, the country isn’t giving up without a fight.

Tourists ride boats along the river in the old town of Hoi An. Photographer: SeongJoon Cho/Bloomberg

Indonesia is facing the return of protestors in Jakarta, with thousands of drivers planning to be back at Parliament Wednesday to demand laws that protect gig workers who keep Southeast Asia’s biggest economy humming. Raden Igun Wicaksono, chairman of one of the country’s largest motorcycle taxi associations, has promised “greater and greater escalation” by motorcycle drivers booked through apps like Gojek or Grab. Bloomberg News digs into the grievances that just weeks ago led Wicaksono’s fellow workers, students and laborers in a show of anger that forced lawmakers to scale back official perks and helped oust some politicians from parliament.

The high-stakes showdown between the Trump administration and the US central bank intensified Monday as an appeals court blocked the White House from removing Federal Reserve Governor Lisa Cook from her post for now. The divided court in Washington affirmed that Cook can continue working while her lawsuit challenging President Donald Trump’s move to dismiss her proceeds. The 2-1 ruling came just hours before the start of the Fed’s highly anticipated Sept. 16-17 meeting to vote on interest rates. Meanwhile, Trump’s economic adviser Stephen Miran is on his way to joining the Fed board after the Senate confirmed him to the post.

Lisa Cook. Photographer: David Paul Morris/Bloomberg

Stocks extended their record-breaking rally and gold climbed to a new high as investors bet on an interest-rate cut by the Fed this week. The MSCI All Country World Index climbed in its 10th day of gains, set for the longest winning run in more than four years. Asian shares advanced to a record and are poised for their best streak in nearly five years. 

Trump filed a $15 billion defamation and libel lawsuit against The New York Times, accusing the paper of serving as a “mouthpiece” for the Democrats and pitting himself against one of the oldest and most prominent news organizations in the world. The amount he’s seeking exceeds the market capitalization of The New York Times Co., which currently stands at about $9.65 billion.

Japan’s Agriculture Minister Shinjiro Koizumi, a reform proponent, says he will run in the ruling party leadership race as the Liberal Democratic Party looks for a successor capable of turning around its prospects and leading the nation. Koizumi is likely to be one of the frontrunners in the leadership election, alongside pro-stimulus right-winger Sanae Takaichi. Here’s a look at the potential contenders to replace Prime Minister Shigeru Ishiba, who resigned to take responsibility for July’s dismal election result.

What You’ll Need to Know Tomorrow

For Your Commute

Getting an MBA in the US has gotten a little more expensive and a little less profitable, according to a Bloomberg analysis of salary and tuition data. This year’s update of Bloomberg’s Business School ROI Calculator, based on surveys of more than 9,500 students and alumni, projects a typical return on investment of 12.3% a year for the decade after graduation. That’s down from 13.3% last year. The S&P 500 index, by comparison, returned 14.6% over the decade ending Aug. 31. But if you still want that coveted degree, here are the best business schools around the world.