A Naspers shareholders’ meeting is, appropriately enough, more like the annual gathering of China’s rubber-stamp parliament, the National People’s Congress.
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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.
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.
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The big deals that Prosus should be winning are slipping through its fingers. It’s not a great start for a company set up to be a deal machine.
South Africa’s benchmark equities index is set to erase its 2020 drop, staging a spectacular snap-back from its March trough following a surge in shares of market heavyweight Naspers.
eBay has agreed to sell its online classifieds business to Norway’s Adevinta for $9.2-billion (R152-billion), ending one of the largest auctions of the year.
eBay would prefer to keep a stake in the classified advertising business it’s selling, according to people familiar with the matter, lessening the chances Prosus will win the hotly-contested auction.
Prosus handed in the highest offer for eBay’s classifieds unit, putting the Naspers-owned business in pole position to win one of the largest auction processes this year.
Media24 plans to close multiple newspapers and magazines in a move that is set to cost over 500 jobs. Men’s Health and Runner’s World are among the titles earmarked for closure.