NAB summons Imran over misuse of KP govt chopper

Ottawa, Jun 25: Prime Minister Justin Trudeau took his son out for ice cream on Wednesday in his first family outing since Canada started easing out of its pandemic lockdown.

It was also Saint-Jean-Baptiste Day in Quebec province.

Wearing masks, the Canadian leader and his six-year-old son Hadrien were cheered at Chocolats Favoris in Gatineau, Quebec.

According to a pool report, Trudeau said the shop tapped into a federal emergency wage subsidy and business loan in order to weather the pandemic, and "avoid being frozen out of the frozen treat market."

Hadrien is said to have bounced with excitement, settling on a vanilla cone with a cookie topping while dad bought a vanilla cone dipped in chocolate for himself.

Father and son then headed out to the patio, where they doffed their masks to eat their cones.

Canada's provinces and territories declared states of emergency mid-March, closing schools and non-essential businesses in response to the pandemic.

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.

The new visa regulations requiring international students in the US with an F-1 visa to take at least one in-person course or face the prospect of deportation is likely to "cause uncertainties and difficulties" for some students, the Indian Embassy has said.

"These new modifications at a time when many of the US universities and colleges are yet to announce their plans for the new academic year are likely to cause uncertainties and difficulties for some Indian students wishing to pursue their studies in the US," said a spokesperson of the Indian Embassy.

Responding to media queries, the spokesperson said the Indian government has taken up the matter with concerned US officials.

At the India US Foreign Office Consultations held on July 7, Foreign Secretary Harsh Vardhan Shringla conveyed India's concerns on the matter to Under Secretary of State for Political Affairs David Hale.

According to a recent report of Student and Exchange Visitor Program (SEVP), there were 1,94,556 Indian students enrolled in various academic institutions of the US in January this year. Of these 1,26,132 were males and 68,405 were females.

Noting that partnership in higher education is a key component of the strong people-to-people ties between India and the US, the spokesperson said in the last two decades Indian students in American universities and colleges have been the harbingers of a strong partnership between technology and innovation sectors between the two countries.

The spokesperson hoped that the US authorities would provide adequate flexibility in their visa rule, keeping in mind the extraordinary circumstances created by the COVID-19 pandemic for the Indian students community.

We continue to engage all the stakeholders in the matters, including the US administration officials, Congressional leaders, universities and colleges as well as the Indian students community in the US as we move forward towards the 2020-21 academic year to further strengthen our bilateral partnership in higher education, the spokesperson said.

Announced by the SEVP on July 6, the new rules provide temporary exemptions for nonimmigrant students on F-1 and M-1 visas taking online classes due to the COVID-19 pandemic for the fall semester of the 2020 academic year.

While these modifications do provide some flexibility for US universities and colleges to adopt a hybrid model -- that is a mixture of online and in person classes -- they also restrict international students on F-1 and M-1 visas from taking courses entirely online, the spokesperson said.