While Chinese stocks paused the tech selloff that wiped off hundreds of billions in market value, Tencent continued to bleed this morning, losing another 2.5% after suffering its biggest drop yesterday since 2011 as it halted registrations on its flagship WeChat app “to align with all relevant laws and regulations”. Local tech behemoth Naspers has not been immune to the Chinese virus, and is expected to extend losses today after slipping another 7.33% yesterday.
The unease in China has been felt across the world, with the Nasdaq suffering a double whammy of profit-taking after hitting records on consecutive days, and the Chinese tech turmoil. And the share prices of Apple, Google parent Alphabet and Microsoft dropped in after-hours trading despite raking in billions in quarterly profits.
While the tech virus is spreading, South Africa welcomed good news on the Covid vaccine front. South African-born biotech billionaire Patrick Soon-Shiong is backing a Covid-19 vaccine candidate that he sees as having potential as a universal booster of other pandemic shots, reports Bloomberg.
ImmunityBio, of which the 68-year-old holds about 13%, is developing a vaccine that will be trialled in South Africa, the scene of what he calls a Covid-19 “firestorm”.
And in a much-needed boost for investor confidence after the recent deadly violence that crippled two of SA’s major economic hubs, Soon-Shiong is also looking at developing vaccine production facilities in South Africa, with Cape Town and Durban identified as potential sites.
Hope springs!
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
- Bitcoin brothers – “we were forced to flee South Africa” – Biznews
- Tobacco wars: Proposed R22 for a pack of smokes a ‘laughable’ attempt to dodge taxes, says BATSA – Fin24
- Tencent, Meituan dumped by China traders who used to buy on dips –Bloomberg
Global Business
- Global ETFs draw record inflows in first half of 2021 – Reuters
- WikiLeaks founder Julian Assange stripped of Ecuadorian citizenship by court – Bloomberg
- Covid-19: unequitable vaccine access is ‘threat to climate action’ – litany of warnings from around the world – Sky News
Markets
- Asian markets mostly down on China worries after Wall St drop – AFP
- Bitcoin rises above $40,000 – Reuters
- Why wealthy investors remain bullish on market and tech stocks in particular – CNBC
Opinion
- Cybersecurity challenges: Neither President Ramaphosa nor Apple is safe from spyware – Daily Maverick
- What history teaches us about the rise and fall of empires – Biznews
- Ex-offenders should be made prison wardens in South Africa. Here’s why – The Conversation
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