The Covid-19 pandemic likely barely dented Tencent Holdings’ growth. The bigger long-term threat may be the growing posse of challengers to its Internet leadership.
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Unprecedented demand for online services and entertainment during Covid-19 pandemic lockdowns, along with a scramble for haven investments, have helped set South African stocks on course for a record month.
Facebook will invest $5.7-billion in the digital assets controlled by India’s richest man, the US social-networking giant’s biggest deal since the 2014 purchase of WhatsApp.
Alibaba Group will invest $28-billion on cloud infrastructure such as data centres over the next three years, a major effort to extend one of its fastest growing businesses to more countries.
Naspers remains on the lookout for acquisitions even as economies around the world grind to a halt in the face of the coronavirus pandemic.
Naspers affiliate Tencent is looking to bring its paid music app Joox to some of Africa’s most populous countries after the streaming service proved a hit in Southeast Asia.
A bad start to the year for stocks? That hasn’t applied to Naspers, as the coronavirus confined hundreds of millions of consumers indoors, driving demand for online services and entertainment.
South Africa’s largest technology and media group, Naspers, has announced it will provide R1.5-billion in emergency aid to the fight against the Covid-19 pandemic in the country.
Tencent’s quarterly earnings missed estimates after China’s economic slowdown eroded its core gaming business and the cost of fending off ByteDance and other rivals rose.
Naspers affiliate Tencent picked up millions of new gamers during the global coronavirus outbreak. That helped the company gain $25-billion of market value up to 5 March, before a global market rout torpedoed the stock.