Indian mother, son found murdered in US, probe launched

Jun 25: Tencent Holdings Ltd.'s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshuffled the ranking of China's richest people.

The country's largest game developer has surpassed Alibaba Group Holding Ltd. as Asia's most-valuable company, with its shares rising above HK$500 in intraday trading Wednesday for the first time. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.

The rallies have propelled the wealth of their founders, with an added twist: Tencent's Pony Ma, worth $50 billion, has surpassed Jack Ma's $48 billion fortune, becoming China's richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.

The coronavirus pandemic has accelerated the digitization of the workplace and changed consumers' habits, boosting shares of many internet companies. Now tech tycoons are dominating the ranks of China's richest people. They occupy four of the top five spots: Ding Lei of Tencent peer NetEase Inc. follows China Evergrande's Hui.

‘Perform Strongly'

Tencent has come a long way since hitting a low in 2018, when China froze the approval process for new games. Since then, the stock has almost doubled, and last month the tech giant reported a 26 per cent jump in first-quarter revenue.

“Tencent's online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed,” said Vey-Sern Ling, a Bloomberg Intelligence analyst.

That has been a boon for Pony Ma, 48, who owns a 7 per cent stake in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year, data complied by Bloomberg show.

The native of China's southern Guangdong province studied computer science at Shenzhen University and was a software developer at a supplier of telecom services and products before co-founding Tencent with four others in the late 1990s. At the time, the company focused on instant-messaging services.

It has been a long comeback for Pony Ma. He overtook real estate tycoon Wang Jianlin as China's second-richest person in 2013 and topped Baidu Inc.'s Robin Li as the wealthiest in early 2014. Later that year, Alibaba went public in the U.S., catapulting Jack Ma's fortune.

Bloomberg Intelligence's Ling notes, however, that Tencent's jump this year has lagged behind some internet peers, especially those in e-commerce, games and online entertainment. Just consider: Tencent shares have climbed 31 per cent in 2020, while PDD's American depositary receipts have more than doubled. Alibaba, meanwhile, has advanced just 6.9 per cent.

Mexico City, Jun 13: The number of people, who have died of COVID-19 in Mexico, has risen by 544 to 16,448 within the past 24 hours, Jose Luis Alomia, the director of epidemiology at the Health Ministry, said.

He also said on late Friday that the number of confirmed coronavirus cases had increased by 5,222 to 139,196 within the same period of time.

A day earlier, the Latin American nation has recorded 4,790 new confirmed cases of the coronavirus, with 587 fatalities.

The World Health Organization declared the COVID-19 outbreak a pandemic on March 11. To date, more than 7.6 million people have been infected with the coronavirus worldwide, with over 425,000 fatalities, according to Johns Hopkins University.

Washington, Jul 7: The US House of Representatives Judiciary Committee will grill the CEOs of US tech giants Apple, Google, Facebook and Amazon during an antitrust hearing on July 27.

Apple's Tim Cook, Facebook's Mark Zuckerberg, Alphabet's Sundar Pichai and Amazon's Jeff Bezos will testify before the antitrust panel that is working on proposals to reform and regulate the digital market.

The hearing would mark the first time all four top executives testify together in front of Congress, virtually or in-person depending on the panel's call in the COVID-19 pandemic times.

"Since last June, the Subcommittee has been investigating the dominance of a small number of digital platforms and the adequacy of existing antitrust laws and enforcement," House Judiciary Committee Chairman Jerrold Nadler (D-NY) and Antitrust Subcommittee Chairman David Cicilline (D-RI) said in a statement on Monday.

"Given the central role these corporations play in the lives of the American people, it is critical that their CEOs are forthcoming. As we have said from the start, their testimony is essential for us to complete this investigation.”

The House Judiciary Committee announced its antitrust probe into the four tech giants in June last year.

Last month, the committee sent letters to technology giants Apple, Facebook, Amazon and Alphabet (Google's parent company), asking them to confirm if their chief executives will testify as part of the committee's tech competition investigation.

Committee chair David Cicilline said the documents that the investigators sought were "essential" to the probe and that requests like this were part of the "appropriate process" to obtain them.

"The only CEO who has expressed reservation about appearing, through a representative, has been Amazon," Cicilline said. "No one in this country is above the law ... nobody is above answering a congressional subpoena".

The lawmakers want the tech giants to furnish documents that have been produced in relation to other competition probes and internal communications.

The letters that the committee sent also posed questions related to possible harms to competition in the market.

In addition to the antitrust probe, Apple's App Store policies are also facing scrutiny from the US Department of Justice.