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☆ This Western Investor Plans to Stick to China Despite Global Tensions
▼ + stars: | 2023-07-17 | by ( Alexandra Wexler | Raffaele Huang | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Byju’s virtue-signalling is late but valuable
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

India’s once-most valuable startup is luring big talent even after its auditor Deloitte resigned and three investors including Prosus (PRX.AS) quit the company’s board. His experience navigating government departments will be handy as the Ministry of Corporate Affairs ordered an inspection of Byju’s books per Bloomberg. It also could shore up Byju’s hopes of raising cash from new investors to meet creditor demands for early repayment of a $1.2 billion loan. Prosus for example thinks the company is only worth $5.1 billion, down from a peak valuation of $22 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Rajnish Kumar, Mohandas Pai, India’s, Kumar, Pai, Byju Raveendran, Divya Gokulnath, Pranav Kiran, Una Galani, Thomas Shum Organizations: Reuters, State Bank of India, Infosys, Deloitte, Ministry of Corporate Affairs, Bloomberg, Twitter, Thomson Locations: Bengaluru

The hectic pace of activity comes after private credit funds targeting Asia jumped 76% last year to a record $11.2 billion, driven by both regional and India-dedicated strategies, according to Global Private Capital Association. As large global sponsors continue to invest into multi-billion dollar Asia-focused credit funds such as Apollo, Blackstone and KKR, the Asian private credit industry is set for further boom, Robert Wright, partner in law firm Baker McKenzie, said. The string of new private credit funds come against the backdrop of startups facing the threat of having down rounds. Nevertheless, alternative financing such as private credit does not come cheap, industry experts warned. Private credit firms usually arrange loans, with assets secured, on a floating rate basis.

Persons: GPCA, Singapore's SeaTown, Europe's 21yield, Nicholas Mairone, Robert Wright, Baker McKenzie, SeaTown, Rakshat Kapoor, Camille Krejci, Parthiv Rishi, Sidley Austin, Siew Kam Boon, Yantoultra Ngui, Sumeet Chatterjee Organizations: Asia, SINGAPORE, Global Private Capital Association . Industry, Silicon Valley Bank, Blackstone, KKR, Reuters Graphics, Bain Capital, India's, Mahindra Bank, Hong Kong's ADM, SoftBank Investment Advisers, Reuters, Prosus NV, Thomson Locations: Asia, India, Singapore, United States, North America, Silicon, Pacific, Japan, Hong Kong

☆ S.Africa tech investor Naspers' profit slumps on lower Tencent contribution
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, June 27 (Reuters) - Technology investor Naspers (NPNJn.J) on Tuesday reported a 78% slump in annual profit, led by a drop in the contribution from China's Tencent (0700.HK) which accounts for the bulk of earnings and revenue for the South African investor. Its headline earnings per share, a profit measure, from continuing operations dropped to 119 U.S. cents for the year ended March 31, from 547 cents posted a year ago. Naspers, which has its global investments housed in Amsterdam-listed Prosus (PRX.AS), , draws over two-thirds of its revenue from Tencent. It posted revenue of $6.8 billion and its losses from ecommerce businesses including classifieds, fintech and food delivery came to $639 million. Reporting by Promit Mukherjee; editing by Edmund Klamann and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Naspers, China's Tencent, Promit Mukherjee, Edmund Klamann, Jason Neely Organizations: Technology, HK, South, Thomson Locations: JOHANNESBURG, Amsterdam, Tencent

☆ India's Byju's seeks to raise $1 bln to stave off investor revolt - Bloomberg News
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

June 27 (Reuters) - Indian edtech startup Byju's is in advanced talks with potential new shareholders to raise $1 billion in funding as it attempts to sidestep a revolt by some investors, Bloomberg News reported on Tuesday, citing sources familiar with the matter. Reuters could not immediately verify if existing shareholders in Byju's have that option. It was not clear if founder Byju Raveendran will ultimately secure a capital influx, the sources, who asked not to be named as the information isn't public, told Bloomberg News. Byju's and its lenders are involved in legal cases in the United States over the restructuring of the loan. Reporting by Mrinmay Dey and Varun Vyas in Bengaluru; Editing by Sonia Cheema and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Chan, Byju Raveendran, Byju's, Mrinmay Dey, Varun, Sonia Cheema Organizations: Bloomberg, Prosus NV, Zuckerberg, Deloitte, Reuters, Bloomberg News, Varun Vyas, Thomson Locations: Byju's, United States, Bengaluru

☆ Prosus posts $617 mln e-commerce trading loss, H2 sees improvement
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

Net profit fell to $10 billion from $18.6 billion, mostly due to a worse performance by Chinese software giant Tencent (0700.HK), in which Prosus owns a 26% stake. Among e-commerce companies Prosus considers part of its core operations, revenue grew by 10% to $5.8 billion, the company said. Its trading loss in the second half of the year came to $252 million, an improvement from a loss of $365 million in the first half, Prosus said. Separately, Prosus announced it is ending a cross-share-holding arrangement with its parent company Naspers (NPNJn.J) of South Africa. Naspers on Tuesday reported a 78% slump in annual profit, also mainly due to a weaker contribution from China's Tencent.

Persons: Prosus, Naspers, Toby Sterling, Jason Neely Organizations: HK, Prosus, Thomson Locations: AMSTERDAM, South Africa, Prosus

☆ Prosus slashes India's Byju's valuation to $5 bln
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 27 (Reuters) - Dutch-listed technology investor Prosus NV (PRX.AS) has slashed the valuation of troubled Indian edtech startup Byju's to $5.1 billion according to its annual report, a fall of more than 75% from the startup's $22 billion valuation last year. Byju's told investors it will file 2022 audited earnings by September and 2023 results by December, Reuters reported. Earlier this year, Blackrock, too, had cut Byju's valuation to $8.3 billion. India's Employee Provident Fund Organisation on Tuesday observed a shortfall in payments from Byju's, Reuters reported. Byju's deposited 1.23 billion rupees ($15.01 million) after the EPFO asked it to.

Persons: Prosus, Byju's, Manvi, Sriram, Pooja Desai Organizations: Prosus NV, Atlantic, BlackRock, Deloitte, Reuters, Blackrock, India's, Provident Fund, Thomson Locations: BENGALURU, Byju's, U.S, Blackrock, Manvi Pant, Bengaluru, Mumbai

The resignations of GV Ravishankar of Peak XV Partners, earlier Sequoia Capital India, Russell Dreisenstock of Prosus, and Chan Zuckerberg Initiative's Vivian Wu mean Byju's board now only comprises the founder's family. In a statement to Reuters on Friday, Byju's said it is in discussions with investors about reshaping the board, including the addition of independent directors. A "few" investors had to vacate their board seats as their shareholding dropped below the required minimum threshold, necessitating a board reshuffle, it said. The confirmation of the resignations comes after Reuters and other media outlets reported on Thursday that three Byju's board members had quit recently. On Friday, sources told Reuters that the edtech was asking its three global investors to reconsider their decision to quit its board.

Persons: Russell Dreisenstock, Chan Zuckerberg, Vivian Wu, Byju's, Akriti Sharma, Shivani Tanna, Shounak Dasgupta, Anil D'Silva Organizations: GV, XV Partners, Sequoia Capital, Blackrock, Reuters, Deloitte, Thomson Locations: Sequoia, Sequoia Capital India, Bengaluru

Byju's leadership is in talks with the investors to try to convince them to reverse their decision, the three sources, who declined to be named as the talks are private, told Reuters. Its rise was seen as a boost for India's startup scene as investors including General Atlantic made big bets on Byju's. Two of the sources said the investors took the decision collectively to resign from the board as they were not getting answers from Byju's founder and senior management. The departures mean Byju's board is now only made up of its founder and chief executive Byju Raveendran, his wife Divya Gokulnath, and his brother Riju Raveendran. While the investors are holding talks with Byju's, it has not yet been decided whether or not their decision to resign would change, one of the sources added.

Persons: Chan Zuckerberg, Byju's, Byju Raveendran, Divya Gokulnath, Riju Raveendran, Aditya Kalra, Alexander Smith Organizations: Peak XV Partners, Sequoia Capital, Deloitte, Reuters, Byju's, General Atlantic, Thomson Locations: DELHI, Sequoia Capital India, U.S

☆ Tech investor Prosus flags sharp drop in full-year profit
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, June 14 (Reuters) - Technology investor Prosus (PRX.AS) on Wednesday said its profit dropped significantly last year due to impairments and lower contributions from its biggest holding, Chinese software and gaming giant Tencent (0700.HK). Prosus said it expected earnings per share to have fallen by 40% to 47% in the year through March 2023 as Tencent was hit by COVID-19 lockdowns and regulations in China. "The operating environment was characterised by significant geopolitical and macroeconomic uncertainty," Prosus said in a trading update. Prosus cut back its stake in Tencent from 29% to 26% in the past year. Reporting by Bart Meijer; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Prosus, Tencent, Bart Meijer, Jan Harvey Organizations: Technology, HK, Thomson Locations: AMSTERDAM, China, Tencent

☆ DoorDash-backed Flink is in talks to raise around $100 million at a haircut to its earlier $2.85 billion valuation, sources say
▼ + stars: | 2023-04-20 | by ( Callum Burroughs | Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Flink is raising around $100 million at a haircut to an earlier valuation, sources said. The startup most recently raised funding in 2022 at an estimated $5 billion valuation. Any prospective funding is mooted to be at a down round valuation of around $1.5 billion, two sources said. Discussions around fresh funding remain at an early stage and figures are subject to change. These firms, often only months old, raised funding rounds in rapid succession, hitting billion-dollar and multibillion-dollar valuations fast.

Alibaba, one of the most valuable assets in SoftBank's portfolio, tumbled as much as 5.2% in Hong Kong and closed down about 2%. On Wednesday, the FT said forward sales based on filings at the U.S. Securities and Exchange Commission showed SoftBank's Alibaba stake would eventually fall to 3.8% from almost 15%. The Japanese group, led by billionaire founder Masayoshi Son, has sold about $7.2 billion worth of Alibaba shares this year through prepaid forward contracts, the newspaper said. "It is well within the realms of expectations that the proportion of Chinese shares among its total investment will shrink further." In New York, Alibaba's shares were up 3% as analysts noted that the stake sale was more due to SoftBank's circumstances.

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 10, 2023. Futures also showed expectations rose of the Fed cutting rates noticeably in September, and more deeper by December. "The way we've been trading over the last sessions indicates that the market is more positively positioned with regards to their exposure to Treasuries," Skiba said. The dollar index fell 0.48%, at its lowest in two months, while the yen strengthened 0.55% at 132.41 per dollar. The Aussie dollar rose 1.0% on the back of surprise surges in both Chinese exports, which rose 14.8% compared with last March, and domestic Australian jobs.

☆ Stocks and gold cheer U.S. inflation picture, while dollar slides
▼ + stars: | 2023-04-13 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 10, 2023. The annual 5% headline rise for U.S. inflation was the smallest since May 2021 and down from 9.1% last June. The dollar index was down 0.2%, near its lowest in two months, while U.S. stock futures , rose 0.1-0.2%, suggesting a modest rally at the open. The Aussie dollar rose 0.6% on the back of surprise surges in both Chinese exports, which rose 14.8% compared with last March, and domestic Australian jobs. Alibaba shares (9988.HK) fell by as much as 5% at one stage, but later pared losses to close 2% lower.

TOKYO, April 13 (Reuters) - Japanese technology investor SoftBank Group Corp (9984.T) has moved to sell almost all of its remaining shares in Alibaba Group Holding Ltd (9988.HK), , the Financial Times reported, sending the Chinese e-commerce major's stock tumbling. Alibaba, one of the most valuable assets in SoftBank's portfolio, tumbled as much as 5.2% in Hong Kong after the report before paring the loss to 2.8%. SoftBank has been seeking ways to monetise its stake in Alibaba, which the Japanese conglomerate bought into more than two decades ago with just $20 million spending. On Wednesday, the FT said forward sales based on filings at the U.S. Securities and Exchange Commission showed SoftBank's Alibaba stake would eventually fall to 3.8% from almost 15%. The Japanese group, led by billionaire founder Masayoshi Son, has sold about $7.2 billion worth of Alibaba shares this year through prepaid forward contracts, the newspaper said.

☆ SoftBank-Alibaba sale looks awkward for Prosus
▼ + stars: | 2023-04-13 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, April 13 (Reuters Breakingviews) - SoftBank Group (9984.T) and Prosus (PRX.AS) are two very different beasts. Prosus owned about 27% of the internet titan on Wednesday, based on Refinitiv data and the company’s portfolio tracker. Prosus and van Dijk, however, have a rock-solid balance sheet with more cash than debt, and no particular need to exit Tencent in a hurry. That’s down from its peak last year, when the share price was considerably less than half the company’s net asset value per share. Prosus, the Amsterdam-listed technology investor, on April 11 said it would deposit 96 million Tencent shares into the Hong Kong Central Clearing and Settlement System, a precursor to selling them.

☆ World stocks hope for Fed pause, dollar stalls
▼ + stars: | 2023-04-11 | by ( Herbert Lash | ) www.reuters.com time to read: +6 min

Gold climbed back up above the key $2,000 per ounce level as the dollar came off Monday's peak, while oil prices rose despite Chinese inflation data pointing to persistently weak demand. Investors are eagerly awaiting U.S. consumer prices data on Wednesday and producer prices on Thursday. The consumer price index is expected to show core inflation rose 0.4% on a monthly basis (USCPF=ECI) and 5.6% year-over-year (USCPFY=ECI) in March, according to a Reuters poll of economists. The dollar fell after a strong U.S. jobs report for March showed a resilient labor market, adding to expectations of another Fed rate hike. The dollar index fell 0.244%, with the euro up 0.41% to $1.0904 and the yen weakening 0.12% at 133.78 per dollar.

The consumer price index is expected to show core inflation rose 0.4% on a monthly basis (USCPF=ECI) and 5.6% year-over-year (USCPFY=ECI) in March. The two-year Treasury yield, which typically moves in step with interest rate expectations, rose 3.5 basis points to 4.043%. "We're just beginning to feel the pain of these much higher interest rates. The dollar fell after a strong U.S. jobs report for March showed a resilient labor market, adding to expectations of another Fed rate hike. The 10-year JGB yield fell to as low as 0.445%, its lowest since April 4, after hovering at 0.465% in the previous session.

☆ World stocks cling to upbeat mood, dollar stalls
▼ + stars: | 2023-04-11 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +5 min

European stocks added 0.5% (.STOXX), U.S. equity futures pointed to a positive Wall Street open , and Japan's blue-chip Nikkei rallied over 1% (.N225). Markets price in a roughly 70% chance of a May hike, having last week priced such a move as a coin toss. Traders still price in rate cuts by year-end as the economic growth outlook weakens, exacerbated by banking turmoil. U.S. March inflation data on Wednesday could provide the next steer for markets on the rate outlook. U.S. Treasury yields edged down on Tuesday, however, , with rate sensitive two-year yields 4 bps lower at 3.96%.

☆ World stocks hold on to upbeat mood, dollar stalls
▼ + stars: | 2023-04-11 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +4 min

European stock markets opened broadly firmer (.STOXX), U.S. stock futures pointed to a positive open for Wall Street shares , and Japan's blue-chip Nikkei rallied over 1% (.N225). Friday's non-farm payrolls suggested labour markets remain resilient, boosting expectations for a 25 basis point (bps) U.S. rate increase in May. NEW BOJ CHIEFIn Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.57%, while MSCI's world stock index was up 0.3% (.MIWD00000PUS). U.S. Treasury yields edged down in European trade , with rate sensitive two-year yields last down 3 bps at 3.96%. Brent crude futures rose 61 cents, or 0.74%, to $84.81 a barrel, while U.S. WTI futures gained 68 cents, or 0.83%, to $80.41 a barrel.

☆ Edtech giant leverages up in financial expertise
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, April 4 (Reuters Breakingviews) - Indian education technology giant Byju’s has a new chief financial officer. Ajay Goel, who recently left a similar role at the Mumbai-listed natural resources firm Vedanta (VDAN.NS), will now steer the debt-laden company’s finances. Prosus-backed (PRX.AS) Byju’s, meanwhile, in December sought easier terms on a year-old $1.2 billion loan private placement. That provides some breathing room, but with the company’s top line shrinking and losses mounting, the battle-hardened Goel’s start date cannot come too soon. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Prosus considers sale of automotive classified advertising business
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, March 2 (Reuters) - Technology investor Prosus (PRX.AS) is considering a sale of its OLX Autos classified advertising business, the company said on Thursday. Prosus said the pursuit of growth in the car advertising business was no longer the right approach because the second-hand car market had been hit by a "significant and persistent slowdown" owing to weakening economic growth and high inflation. "Prosus will explore all options for the OLX Autos business, acknowledging that significant value exists within local markets," the company's statement said. "The exit of OLX Autos will lead to a significant improvement in the profitability profile of the classifieds segment as a whole." OLX Autos increased revenue by 84% to $1 billion in the first half of its 2022/2023 financial year, Prosus said in November, but trading losses increased to $206 million owing to investment in expansion of the direct-to-consumer business.

☆ Tech stocks lead losses in Europe on rate jitters
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies STOXX 600 down 0.6%Jan 30 (Reuters) - European shares fell on Monday amid a rout across the board as caution crept in ahead of a slew of central bank policy meetings later this week, with shares of rate-sensitive stocks like technology among the major drags. The pan-European STOXX 600 (.STOXX) was down 0.6% at 0818 GMT. Europe's technology index (.SX8P), led by losses in Prosus NV (PRX.AS) and ASML Holding NV (ASML.AS), was the top decliner among sectors - down 2.1%. German renewable firm PNE AG (PNEGn.DE) slid 15.3% after Morgan Stanley's (MS.N) infrastructure investment arm informed PNE AG's board that it is no longer pursuing talks with potential buyers of Photon's PNE stake. Reporting by Ankika Biswas in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street says Europe's a better bet than the U.S. right now — and names its top stock picks
▼ + stars: | 2023-01-30 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

European stocks are are having a good year so far. While the underperformance has been marginal, the outlook for U.S. stocks is decidedly more muted — Wall Street is still wary of a recession. European stocks are therefore worth a look in the near term, according to Bernstein, which expects more upside for them. Stock picks One of Bernstein's top plays is low leverage stocks, which the bank defines as stocks with a low net debt to equity ratio. Bank of America has a number of European picks with exposure to higher Chinese consumer spending and improving overall demand in light of China's reopening.

☆ Prosus, Naspers cutting 30% of jobs at corporate offices
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/IllustrationAMSTERDAM, Jan 25 (Reuters) - Prosus NV (PRX.AS) and its South African parent Naspers (NPNJn.J) are cutting up to 30% of jobs at their corporate offices, the Dutch technology investor said. "We are adapting to a changing macro environment and have been working for some time to strengthen our cost structures," a Prosus spokesperson said in a statement on Wednesday. Prosus and Naspers have around 15 corporate offices around the world, with the largest ones in Johannesburg and Amsterdam. There is no figure available for the number employed at corporate offices located around the globe, a spokesperson said. There was no schedule for the cuts to the corporate offices.

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