Good morning.
Today we’re covering Prosus’ intention to sell off its shares in Chinese tech firm Tencent, the European Central Bank raised the interest rate by 75 basis points, and the world mourns the death of Queen Elizabeth II.
Prosus sells 1 million Tencent shares and confirms it’s looking to trade more – Fin24
The consumer internet arm of Naspers, Prosus, sold 1.1 million shares in the Chinese tech firm giant Tencent on Thursday and it plans to sell a further 192 million shares worth $7.6 billion as part of its ongoing share buyback programme.
Bloomberg reported the appearance of 2% of the shares in Tencent listed on the Hong Kong Exchange’s clearance and settlement system, which allows the shares to be traded.
Prosus and Naspers said this was “an administrative step,” after both announced back in June that they would begin a share buyback programme. Read more here.
European Central Bank raises rates by 75 basis points to tackle soaring inflation – CNBC
The European Central Bank (ECB) cut a hawkish tone yesterday as it raised the interest rate by 75 basis points on Thursday as the central bank looks to curb runaway inflation.
The bank said it expected to raise rates further because inflation remains too high and is likely to stay above target for extended periods.
Markets had largely priced in the hike but the move signals a transition from negative territory, which the bank had kept rates at since 2014 in a bid to spur spending and combat low inflation.
Queen Elizabeth: world reacts to death of monarch – Business Day
The news came suddenly and quickly yesterday, first news reports broke of doctors being concerned for the Queen’s health before family members started making their way to her Scottish home at Balmoral Castle and then yesterday evening Britain’s longest reigning monarch died peacefully at home.
“The death of my beloved mother, her majesty the queen, is a moment of the greatest sadness for me and all members of my family,” the new king, her eldest son Charles, said.
Here’s what else we’re reading today:
Zama zama crisis: Mantashe announces new security force, says R49bn needed for derelict mines – News24
SA’s current account balance falls into the red, bad news for the rand – Daily Maverick
Caltex service stations to be rebranded Astron Energy – SABC
SA to get spectrum trading – and ‘use it or lose it’ policy for telecom groups – Fin24
Musk Says SpaceX Discussed iPhone Satellite Service With Apple – Bloomberg
