Pakistan lifts ban on Indian cotton imports

Islamabad, Jun 6: Pakistan has reported a record 97 COVID-19 deaths in a single day, taking the total number of fatalities to 1,935, while the number of confirmed cases in the country approached 94,000 after over 4,700 infections were detected, the health ministry said on Saturday.

Punjab registered 35,308 COVID-19 cases, Sindh 34,889, Khyber-Pakhtunkhwa 12,459, Balochistan 5,776 Islamabad 4,323, Gilgit-Baltistan 897 and Pakistan-occupied Kashmir 331 cases, the Ministry of National Health Services said.

The total number of COVID-19 cases reached 93,983 after 4,734 new infections were detected across the country, it said.

With a record 97 fatalities in one day, the death toll in the country has reached 1,935, while 32,581 people have recovered from the disease.

The ministry said that the total number of active COVID-19 cases in Pakistan are 59,467, out of which 1,265 patients are in critical condition.

More than 100 labs in the country have so far conducted 660,508 tests, including 22,185 in the last 24 hours.

There are 747 hospitals across the country with COVID-19 treatment facilities where 5,060 patients are being treated. Others have been asked to self-isolate at home.

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.

Paris, Apr 9: More than 1.5 million cases of the novel coronavirus have been registered worldwide, according to a tally compiled by AFP at 0530 GMT Thursday from official sources.

Of the 1,502,478 infections, 87,320 people have died across 192 countries and territories since the epidemic first emerged in China late last year.

The tallies, using data collected by AFP from national authorities and information from the World Health Organization (WHO), probably reflect only a fraction of the actual number of infections. Many countries are only testing the most serious cases.