ISI info helped CIA kill Osama bin Laden: Imran Khan

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.

London, Jun 4: Meghan, Britain's Duchess of Sussex, has spoken about events following the death of George Floyd saying she was sorry that children had to grow up in a world where racism still existed and that current events in the United States were "devastating".

"I know you know that black lives matter," Meghan said in a video she recorded for students graduating from her old high school in Los Angeles which was aired on Wednesday.

The death of Floyd has become the latest flashpoint for long-simmering rage over police brutality against African Americans and led to nationwide protests, some violent, with curfews imposed in some cities to quell the disorder.

"For the past couple of weeks I've been planning on saying a few words to you for your graduation and as we've all seen over the last week what is happening in our country, and in our state and in our home town of LA is absolutely devastating," said Meghan, whose mother is African American and father is white.

"First thing I want to say to you is that I'm sorry, I'm so sorry that you have to grow up in a world where this is still present," she said in her message to the girls at the Immaculate Heart High School.

The duchess, a former US actress and wife of Queen Elizabeth's grandson Prince Harry, said she wanted to say "the right thing" and was nervous her words would be "picked apart".

"The only wrong thing to say is to say nothing. Because George Floyd's life mattered, and Breonna Taylor's life mattered, and Philando Castile's life mattered and Tamir Rice's life mattered and so did so many other people whose names we know, and whose names we do not know," she said.

Britain's royal family by tradition does not comment on political issues. However, Meghan and Harry stepped down from their official royal roles at the end of March and are now living in Los Angeles with their baby son Archie.

In her message, the 38-year-old reflected on her own memories of the 1992 LA riots.

"Those memories don't go away and I can't imagine that at 17 or 18 years old, which is how old you are now, that you would have to have a different version of that same type of experience," she said.

"That's something you should have an understanding of, but an understanding of as a history lesson not as your reality. So I'm sorry that in a way we have not gotten the world to the place you deserve it to be."

Mumbai, May 22: The Reserve Bank of India (RBI) on Friday reduced repo rate by 40 basis points to 4 per cent in an effort to further boost liquidity in the economy which has been reeling under the impact of COVID-19 induced countrywide lockdown.

As a result, the reverse repo rate stands at 3.35 per cent, said RBI Governor Shaktikanta Das. The six-member monetary policy committee (MPC) voted 5:1 in favour of the decision.

Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them.