Watch: Tencent lost over $50 billion in market value after it froze user sign-ups on WeChat. The company blames a security update, but amid Beijing’s widening crackdown on the private sector, investors have cause for concern, says mak_robyn
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WeChat suspends new user registrations as China cracks down on techCNN News, delivered. Select from our newsletters below and enter your email to subscribe.
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Breakingviews TV: GSK breakup | Reuters VideoThe $98 bln drugmaker is under pressure to sell its consumer unit from activist Elliott Advisors. A sale could hand embattled CEO Emma Walmsley $70 bln and is a cleaner alternative to her plan of listing the business which makes Sensodyne toothpaste, says Aimee Donnellan.
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WeChat suspends new user registrations as China cracks down on techCNN News, delivered. Select from our newsletters below and enter your email to subscribe.
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Philips sleep fail gives investors recall insomniaKoninklijke Philips’ (PHG.AS) Chief Executive Frans van Houten is trying to soothe anxious investors. On Monday the Dutch medical technology group announced a plan to spend a pacifying 1.5 billion euros buying back its own shares – equivalent to some 4% of outstanding stock. The 37 billion euro group’s splurge was partly justified by a post-pandemic boom in elective surgeries, which led to strong demand for diagnostic imaging equipment in the second quarter. But its decision to take a 250 million euro provision for recalling awry breathing-aid devices for troubled sleepers is keeping shareholders awake.
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China makes market tea leaves very hard to readChinese stocks are having their Wile E. Coyote moment. An unrelenting stream of crackdowns out of Beijing has finally prompted investors to look down and realise they’re over the cliff’s edge, plummeting into bear-market territory. Some sectors have been spared, but only the truly daring will venture into riskier areas now.
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