Egypt is taking on two companies, one French and one Italian, to help search for the black boxes of the EgyptAir plane that crashed in the Mediterranean, the airline's chairman said on Wednesday EgyptAir flight 804 crashed on May 19 with 66 people on board including 30 Egyptians and 15 from France, and nearly a week later investigators have no clear picture of the plane's final moments. EgyptAir chairman Safwat Moslem did not name the companies involved, but he told a news conference they were able to search at a depth of 3,000 metres. The plane and its black box recorders, which could explain what brought down the Paris-to-Cairo flight as it entered Egyptian air space, have not been located.
The US stock market regulator has opened an investigation into the accounting practices of Chinese online giant Alibaba, a company document showed. Among other things, the SEC sought information into Alibaba's accounting for its Cainiao logistics network and its reporting practices for Singles Day, a huge sales event in China. "We are voluntarily disclosing this SEC request for information and cooperating with the SEC and, through our legal counsel, have been providing the SEC with requested documents and information," the Alibaba statement said.