China : Major Tech firms lose US $823 billion
Business : Major technology firms in China have seen a combined $823 billion wiped from their market value since a February peak amid Chinese government's crackdown, according to Bloomberg. Tencent, Alibaba are among the 10 firms that suffered losses in market value.
Recently, China's decision to remove DiDi from app stores, erased over $15 billion of its market value, Bloomberg reported.
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MacKenzie Scott, philanthropist and the world's richest person Jeff Bezos' ex-wife, saw her wealth jump $2.9 billion after Amazon's stock rose 4.7% on Tuesday. The stock surged after the Pentagon cancelled a $10-billion cloud-computing contract which was originally awarded to Microsoft. Scott is the world's 15th richest person with a net worth of $64.9 billion, as per Bloomberg Billionaires Index.
DiDi's founder and president lost $1.5 billion in two trading days as the company's shares fell in the US after China ordered app stores to remove its ride-hailing app over its handling of customer data. Founder and CEO Cheng Wei's net worth dropped by $1.2 billion, while President Jean Liu's net worth fell around $300 million, according to Bloomberg.
Fugitive businessman Mehul Choksi has filed a judicial review plea in the Dominica High Court alleging that his arrest for illegal entry was "dictated" by representatives of the Indian government. His lawyers said the police chief and investigating officer's decision to charge Choksi was not "their independent judgement" and was "an abuse of the process of the court".
The government has merged the Department of Public Enterprises (DPE), the nodal entity for policy formulation for all central public sector units (PSUs), with the Finance Ministry. With this, the Finance Ministry will now have six departments. Earlier, DPE was part of the Ministry of Heavy Industries and Public Enterprises, which will now be called the Ministry of Heavy Industries.
Adani Airport Holdings (AAHL) is seeking a loan of about ₹7,500 crore ($1 billion) to refinance existing debt of Mumbai International Airport Limited (MIAL), BloombergQuint reported citing sources. Barclays and JPMorgan Chase are among banks in discussions to provide the funds to AAHL, sources said. MIAL has a debt of about ₹8,000 crore, according to sources.
More than $1 billion was spent on cryptocurrency-linked cards in the first half of 2021, Cuy Sheffield, Head of Cryptocurrency at Visa, said. Visa also announced that it's partnering with over 50 cryptocurrency firms to allow clients to spend and convert digital currencies through its card program. In March, Visa had announced that it will allow payment settlements using cryptocurrency.
Ether could overtake Bitcoin as the dominant digital store of value in the coming years, Goldman Sachs said in a note. "Ether currently looks like the cryptocurrency with the highest real use potential," it added. "Ethereum, the platform on which Ether is the native digital currency, is the most popular development platform for smart contract applications," according to the note.
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