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 by Staff Writers Johannesburg (AFP) March 23, 2018
South African internet and entertainment group Naspers on Friday raised $9.8 billion (7.8 billion euros) selling two percent of its hugely-profitable stake in Chinese technology giant Tencent. Naspers' investment in Tencent has been "one of the greatest venture-capital investments ever", according to Bloomberg News. It said the stake in Tencent that Naspers bought for $32 million in 2001 was valued at $175 billion on Thursday. Naspers, Tencent's biggest investor, vowed to not sell any more shares for three years. "These funds will be utilised to reinforce Naspers' balance sheet and invested over time in Naspers' development businesses," the Cape Town-based company said in a statement. Shenzhen-based Tencent has risen rapidly as China embraced the internet, with the company's fortunes boosted by its WeChat social media platform. WeChat crossed the one-billion users mark after the Chinese New Year in February. bgs/ser
EU to unveil digital tax targeting Facebook, Google Brussels (AFP) March 21, 2018 The EU will unveil proposals for a digital tax on US tech giants on Wednesday, bringing yet more turmoil to Facebook after revelations over misused data of 50 million users shocked the world. The special tax is the latest measure by the 28-nation European Union to rein in Silicon Valley giants and could further embitter the bad-tempered trade row pitting the EU against US President Donald Trump. EU Economics Affairs Commissioner Pierre Moscovici will present proposals aimed at recovering billion ... read more
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