BJP-RSS fuelling violence against Dalits, PM should clarify stand: Congress

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.

Ahmedabad, Jul 5: A woman police sub-inspector (PSI) with Ahmedabad Police was arrested and sent to three-day police remand, on Saturday, for allegedly accepting a bribe of Rs 20 lakh from an Ahmedabad-based businessman — accused in two rape cases — in exchange for not applying a stringent act against him.

According to police officials, Shweta Jadeja, PSI and incharge of Mahila police station (West) in the city, was arrested by a team of Detection of Crime Branch (DCB) officials in Ahmedabad on Friday after the complainant in the case, the rape accused, approached the Crime Branch and stated that Jadeja had allegedly demanded Rs 35 lakh form him, in exchange for not booking him under the Prevention of Anti-Social Activities (PASA) Act.

The PASA Act in Gujarat gives power to the police to detain an accused and send them to a prison away from their native district. The complainant claimed that he already paid Rs 20 lakh of the total amount to Jadeja on February 3.

On Saturday, a sessions court awarded Jadeja a three-day remand with the Crime Branch, which will end at 11:30 am on July 7. Following this, the PSI will undergo a medical check-up and be presented before the magistrate again.

“We had originally demanded a seven-day remand. The accused officer has been sent to three-day remand for further investigation in the case,” said a senior police official in Ahmedabad.

According to police, complainant Kenal Shah — managing director of GSP Crop Science Private Limited, a crop solution-based company in Ahmedabad — is allegedly facing two separate rape cases under IPC section 376.

PSI Jadeja was first entrusted with the investigation of a rape case against Shah in January this year, lodged at Mahila police station (West).

The rape case complaint is of 2019. Another rape case against Shah was being probed by Assistant Commissioner of Police (Crimes Against Women), Mini Josef, wherein the investigation was reportedly completed.

As per the remand application report filed by the police, Jadeja had allegedly threatened Shah through his brother Bhavesh Shah — a joint managing director at GSP Crop Science Private Limited — and initially demanded Rs 25 lakh for not applying the PASA Act against the accused. The bribe amount was then settled at Rs 20 lakh and in February, the accused allegedly paid the amount via an office accountant to one Jayubha, allegedly a representative of Jadeja, from a finance office in Jamjodhpur area of Ahmedabad.

The report further stated that after the initial amount was paid, a third complaint was allegedly made against Kenal by a security officer at his office, Yograjsinh, for criminal intimidation. After the third complaint, PSI Jadeja had contacted Bhavesh again and demanded an additional sum of Rs 15 lakh for not applying the PASA Act against Kenal. The complaint from the security officer was not converted into an FIR and Shah has not been jailed yet.

However, It was after the demand of Rs 15 lakh that complainant Kenal approached the Crime Branch on June 27. An FIR was lodged against Jadeja at Ahmedabad DCB police station under sections seven and twelve of the Prevention of Corruption Act, charging her for “public servant taking gratification other than legal remuneration in respect of an official act”.

“Now that we have received the remand of the accused officer from the court, we will try to trace and recover the alleged Rs 20 lakh amount she received in this case,” said Deepan Bhadran, Deputy Commissioner of Police, Ahmedabad.

Shweta Jadeja is a PSI of the 2016-’17 batch and a resident of Vastrapur in Ahmedabad, while her native place is in Keshod of Junagadh district. The police have not recovered the bribe amount she allegedly accepted as of late Saturday.

Riyadh, Apr 27: The government of Saudi Arabia has signed a SR995 million (approx. Dh972m) contract with China to provide Covid-19 tests for nine million people in the Kingdom.

The Saudi Press Agency, SPA, reported that the decision came "as a result of a phone call made today (Sunday) between the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Chinese President Xi Jinping."

The contract includes providing necessary equipment and supplies, making available of 500 Chinese specialists and technicians who are specialised in performing tests, establishing six large regional laboratories throughout the Kingdom; including a mobile laboratory with a capacity of performing 10,000 tests per day. Saudi cadres will also be trained to conduct daily tests and comprehensive field tests, under the new agreement

The contract was co-signed by the National Unified Procurement Company and Chinese company Huo-yan Laboratories by Dr. Abdullah Al Rabeeah, Advisor at the Royal Court, on behalf of the Government of Saudi Arabia, and Chinese Ambassador to the Kingdom Chen Weiqing, as a representative of the Chinese Government.

The contract is one of the largest contracts that will provide diagnostic tests for the novel Coronavirus.

Tests were also purchased from several other companies from the United States, Switzerland and South Korea, bringing the number of available tests to 14.5 million, covering around 40 percent of Saudi Arabia's population, SPA added.