Apple became the first publicly listed US company with a $2-trillion stock market value on Wednesday, as Wall Street investors put aside challenges to its iPhone ecosystem.
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Elon Musk’s SpaceX has raised $1.9-billion in new funding, according to a regulatory filing. This would be the largest single fundraising round to date by SpaceX, according to PitchBook data.
The rand began the week stronger on Monday after President Cyril Ramaphosa announced a sweeping removal of lockdown restrictions over the weekend.
Key South African data released this week suggests a record economic contraction in the second quarter as the damage wrought by a nationwide lockdown becomes clear.
Chinese gaming and social media giant Tencent said second quarter net profit rose 37%, beating market estimates, on higher demand for its videogames as coronavirus-related lockdowns kept people indoors.
Tencent added to Friday’s sharp decline to start the week, helping lead weakness in technology shares after the US’s move to ban residents from doing business with the company’s WeChat app.
Index heavyweight Naspers dropped 4.4% after US President Donald Trump signed a pair of executive orders prohibiting US residents from doing business with the Chinese-owned TikTok and WeChat apps.
The Trump administration’s move to ban US residents from doing business with Tencent’s WeChat app rippled through Chinese markets, erasing $46-billion from the Internet giant’s market value.
South African business leaders are growing increasingly concerned that the government doesn’t have the will or capacity to overcome the economic devastation wrought by the coronavirus pandemic.
Apple surged over 10% to a record high on Friday after reporting blockbuster quarterly results, helping the iPhone maker eclipse Saudi Aramco to become the world’s most valuable publicly listed company.