Alibaba confirms plans to offer IPO in US

China e-commerce giant Alibaba Group confirmed early Sunday that it plans to become a public company in the US.

Alibaba, which controls nearly 80 percent of China's Internet shopping market, is expected to raise more than $15 billion, giving it a $130 billion valuation. That lofty target would challenge Facebook's record Internet IPO, which raised $16 billion in 2012.

Founded in 1999 by former English teacher Jack Ma, the company provides marketplace platforms that allow merchants to sell goods directly to consumers. Rather than selling goods to consumers as US e-commerce giant Amazon does, Alibaba provides listing and advertising services.

The statement appears to snub the Hong Kong stock exchange, which had been competing for the offering with US stock exchanges but objected to some of Alibaba's proposed listing terms. The company said it was keeping its options open for a possible dual listing in China.

The IPO is also expected to a boon for Yahoo, which still owns 24 percent of the China e-commerce giant.

Microsoft offering operating system for free

Microsoft is taking baby steps toward offering its operating system for free or on the cheap -- a necessary tactic in a world dominated by Google's Android and other up-and-coming free operating systems.

As reported by the Times of India this week, Microsoft had been in negotiations with Indian phone companies to "produce affordable Windows Phone devices" since last year.The agreement was "clinched" when Microsoft agreed to offer the Windows Phone OS sans the usual licensing fee, according to the Times.

"It's a calculated risk to see how it works," said Bob O'Donnell, principal analyst at Technalysis Research. The Windows Phone OS has less than a 10 percent share of India's smartphone market, which is dominated by Android, according to IDC.

Microsoft fell behind Android and Apple when it missed the move to mobile, not offering the Windows Phone OS until 2010, long after Google and Apple jumped in the market. Former CEO Steve Ballmer said as much earlier this month. "We would have a stronger position in the phone market today if I could redo the last 10 years," he said, speaking in the UK.