Huawei Removes Tencent Games in Dispute Over Cooperation

My Five-Week-Long First Date

Once I joined him on that ship for the Antarctic, there was no turning back.

By Maggie Shipstead

Stock markets open new year on high note, Sensex up by 119 points in early trade

The broad-based NSE Nifty breached the 14,000 level by rising 38.60 points or 0.28% to 14,020.35 in opening trade.

Key stock indices Sensex and Nifty opened the New Year on a positive note with investors betting on IT, auto and select banking and financial stocks.

The benchmark BSE Sensex rose by 119.98 points or 0.25% to 47,871.31 in early trade.

The broad-based NSE Nifty breached the 14,000 level by rising 38.60 points or 0.28% to 14,020.35 in opening trade.

Led by Mahindra & Mahindra, auto stocks gained ahead of their monthly sales data. M&M rose the most among Sensex stocks by 2.3%.

SBI, TCS, Infosys, Reliance, Larsen & Toubro and Bajaj Finance were among the major gainers.

Titan, ICICI bank and Sun Pharma dropped due to profit booking.

FPIs have been a major driver of the rally in Indian stock markets. According to exchange data, FPIs bought shares worth ₹1,135.59 crore on a net basis on December 31.

The indices finished the year 2020 with overall gains of around 15%. The Sensex gained 15.7% while the Nifty jumped 14.9% in the year.

U.S. markets also closed the COVID-19 pandemic-hit year with record highs on December 31.

The S&P 500 index finished with a gain of 16.3% for the year, the Nasdaq composite soared 43.6%, while the Dow Jones Industrial Average gained 7.2%.

Nifty caps roller-coaster year just shy of 14,000-mark

It took Nifty 25 sessions to cross 14,000 from 13,000-levels.

The equity markets hit a new record on the last trading day of the year.

The Nifty crossed 14,000 for the first time, hitting an intra-day high of 14,024.85, while the Sensex made a new high of 47,896.97 before closing flat.

Both indices have posted their best annual gain since 2017 as investors continue to bet on a better-than-expected revival in the economy.

It took Nifty 25 sessions to cross 14,000 from 13,000-levels.

The transition from 11,000 to 12,000 was the longest and took 59 trading sessions.

Photograph: Shailesh Andrade/Reuters

Emergency services responding to water incident at Milford Beach, North Shore

A man has been pulled from the water unconscious following an emergency incident at Milford Beach on the North Shore.

The man is believed to have suffered a medical event.

He was unconscious after being pulled ashore but regained consciousness shortly before ambulance staff arrived.

The man was transported by ambulance to North Shore Hospital in a moderate condition.

Alden Offers To Buy Tribune Publishing At $14.25/Shr

Tribune Publishing Co. (TPCO) announced that it has designated a special committee of its Board in respect to acquisition proposal made by Alden Global Capital on December 14, 2020.

Earlier, Alden disclosed that it intends to make an offer for not already owned shares of Tribune at a price equal to $14.25 per share.

The special committee consists of three independent members and also has engaged Lazard as its financial advisor and Davis Polk & and Wardwell LLP as its legal counsel.

Meanwhile, the company said no assurance can be given that Alden’s proposal, or any other transaction, will be consummated.

Ford, Mahindra Call Off Auto Joint Venture Efforts

Ford Motor and India’s Mahindra and Mahindra Ltd have decided to discontinue their efforts to form a joint venture in India due to challenges caused by COVID-19 pandemic.

In October 2019, Ford Motor and Mahindra & Mahindra had agreed to form a joint venture that would develop, market and distribute Ford brand vehicles in India and Ford brand and Mahindra brand vehicles in high-growth emerging markets around the world.

Ford had then said that it would own a 49 percent stake in the joint venture, while Mahindra would own a 51 percent controlling stake.

However, with global economic and business conditions undergoing fundamental changes as a result of the global pandemic over the past few months, the companies have decided to pull the plug on their joint venture after reassessing their respective capital allocation priorities.

Ford said Thursday that its independent operations in India will continue. It is actively evaluating its businesses around the world, including in India, making choices and allocating capital in ways that advance the company’s plan to achieve an 8% company adjusted EBIT margin and generate consistently strong adjusted free cash flow.

Huawei Removes Tencent Games in Dispute Over Cooperation

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Huawei Technologies Co. removed Tencent Holdings Ltd.’s games from its app store in a spat over cooperation between the Chinese technology giants.

The action was taken after Tencent made a “big change” on Dec. 31 to how the companies work with each other, according to an official announcement posted on Huawei’s gaming app. It didn’t elaborate on details of the change.

While most smartphones in China use Google’s Android operating system, the U.S. company’s Play store isn’t available and apps are instead sold by mainland manufacturers and others. Huawei was the biggest smartphone maker in the country during the September quarter with43% of shipments, according to Counterpoint Research.

Huawei said its decision followed an assessment by its legal team and was based on the premise that Tencent is unilaterally asking to halt cooperation. A check on Huawei’s app store showed that Tencent games such as the Chinese version of Arena of Valor are no longer available.

Tencent didn’t immediately respond to a request for comment from Bloomberg News.

— With assistance by John Liu, Sarah Chen, and Yuan Gao