Chinese social media and video game giant Tencent became more valuable than Facebook on Tuesday as investors sent the company soaring into the top five of the world&#39;s biggest firms.

Tencent&#39;s Hong Kong-listed shares have doubled in value this year, and on Monday it became the first Asian company with a market capitalisation of half a trillion dollars.

By the end of the trading day on Tuesday, Tencent&#39;s outstanding shares were worth a combined 4.08 trillion Hong Kong dollars ($523 billion), surpassing Facebook&#39;s $519 billion.

Despite its stratospheric climb, Tencent is still some way behind the world&#39;s most valuable company, Apple, which is currently valued at $873 billion.

Last week, Tencent said profit had grown nearly 70 percent in the third quarter, when compared with the same period last year, well outpacing expectations. Its accelerating growth has sent its shares shooting higher in recent days.

Critics say many of China&#39;s tech companies copy the latest idea seen in the US. That has not been the case for Tencent, which has transformed its WeChat smartphone app into a product wholly unlike other social networking applications seen around the world.&nbsp;

&quot;Tencent is an enterprise that focuses on innovation,&quot; said Huang Hao, an associate researcher at the National Academy of Economic Strategy of Chinese Academy of Social Sciences. &quot;Its product ideas are not simple emulations of those of foreign businesses.&quot;

But it also has a distinct advantage over some of its western peers: Facebook and Twitter are blocked in China, cutting off a market of up to 1.3 billion people.

Cashless society&nbsp;

The nearly one billion users who flock to Tencent&#39;s WeChat app, and older platform QQ, can chat, post photos, play games, transfer money and pay for a variety of services in China. They exchange 38 billion messages each day.

WeChat has revolutionised China&#39;s tech industry and even daily life for millions of Chinese.&nbsp;

WeChat&#39;s QR codes, which look a lot like a bar code, are ubiquitous in China&#39;s shops and restaurants, and even fruit hawkers and some beggars carry around the scannable codes, allowing them to accept mobile payment.

The Wepay service, along with its competitor made by Alibaba, has helped China jump from a cash-based society to one at the global forefront of mobile payments.

Even the media and publishing sectors have seen changes to how Chinese consume and pay for content, with millions of WeChat accounts publishing content directly to their followers.

That has rubbed up against Chinese censors, who shut down dozens of accounts publishing the latest tidbits of celebrity gossip over the summer.&nbsp;

Another key to Tencent&#39;s success has been its top game, the multi-player online battle &quot;Honour of Kings&quot;, which has been a smash hit that helped Tencent&#39;s revenue from smartphone games surge by 84 percent in the third quarter.

Tencent&#39;s disruption of industries traditionally dominated by the state has also angered a number of behemoths - from the publishing to telecommunications to banking sectors.

These powerful enemies could pose a problem for the tech giant in the future, analysts say.&nbsp;&nbsp;

&quot;Most of its profits are obtained by foreign investors,&quot; said Huang of the government research institute.&nbsp;

&quot;The government should face up to this issue and consider the ways to promote the development of entirely national enterprises in the future,&quot; he said.

By the end of the trading day on Tuesday, Tencent's outstanding shares were worth a combined 4.08 trillion Hong Kong dollars ($523 billion), surpassing Facebook's $519 billion

Chinese social media and video game giant Tencent became more valuable than Facebook on Tuesday as investors sent the company soaring into the top five of the world's biggest firms. Tencent's Hong Kong-listed shares have doubled in value this year, and on Monday it became the first Asian company with a market capitalisation of half a trillion dollars. By the end of the trading day on Tuesday, Tencent's outstanding shares were worth a combined 4.08 trillion Hong Kong dollars ($523 billion), surpassing Facebook's $519 billion. Despite its stratospheric climb, Tencent is still some way behind the world's most valuable company, Apple, which is currently valued at $873 billion. Last week, Tencent said profit had grown nearly 70 percent in the third quarter, when compared with the same period last year, well outpacing expectations. Its accelerating growth has sent its shares shooting higher in recent days. Critics say many of China's tech companies copy the latest idea seen in the US. That has not been the case for Tencent, which has transformed its WeChat smartphone app into a product wholly unlike other social networking applications seen around the world. "Tencent is an enterprise that focuses on innovation," said Huang Hao, an associate researcher at the National Academy of Economic Strategy of Chinese Academy of Social Sciences. "Its product ideas are not simple emulations of those of foreign businesses." But it also has a distinct advantage over some of its western peers: Facebook and Twitter are blocked in China, cutting off a market of up to 1.3 billion people. Cashless society The nearly one billion users who flock to Tencent's WeChat app, and older platform QQ, can chat, post photos, play games, transfer money and pay for a variety of services in China. They exchange 38 billion messages each day. WeChat has revolutionised China's tech industry and even daily life for millions of Chinese. WeChat's QR codes, which look a lot like a bar code, are ubiquitous in China's shops and restaurants, and even fruit hawkers and some beggars carry around the scannable codes, allowing them to accept mobile payment. The Wepay service, along with its competitor made by Alibaba, has helped China jump from a cash-based society to one at the global forefront of mobile payments. Even the media and publishing sectors have seen changes to how Chinese consume and pay for content, with millions of WeChat accounts publishing content directly to their followers. That has rubbed up against Chinese censors, who shut down dozens of accounts publishing the latest tidbits of celebrity gossip over the summer. Another key to Tencent's success has been its top game, the multi-player online battle "Honour of Kings", which has been a smash hit that helped Tencent's revenue from smartphone games surge by 84 percent in the third quarter. Tencent's disruption of industries traditionally dominated by the state has also angered a number of behemoths - from the publishing to telecommunications to banking sectors. These powerful enemies could pose a problem for the tech giant in the future, analysts say. "Most of its profits are obtained by foreign investors," said Huang of the government research institute. "The government should face up to this issue and consider the ways to promote the development of entirely national enterprises in the future," he said.

China social media giant Tencent becomes more valuable than Facebook

Asian shares fell on Thursday, reversing recent gains following losses on Wall Street, though regional currencies rose after Beijing let the Chinese yuan strengthen to mark the one-year anniversary of a landmark devaluation. 
 
Broad risk sentiment remains on the back foot as oil prices tumbled on news of a surprising jump in US government stockpiles and as Singapore, the region&#39;s bellwether for trade, cut its economic forecast for the year. 
 
&quot;I still think the investors are trying to hang in there for the rally and while the general opinion seems to be that the Chinese authorities have steadied the ship, it is still a bit too early to draw that conclusion,&quot; said Cliff Tan, Bank of Tokyo-Mitsubishi UFJ&#39;s east Asia head of global markets research. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent. It hit a one-year high on Wednesday and has broadly outperformed the MSCI world index since end-June. 
 
Hong Kong and Indonesia led regional gainers in trade. Japan&#39;s markets are closed for a holiday. 
 
Singapore cut its economic growth forecast on concerns over Brexit and weakening global demand with official forecasts downgraded to an expansion of one to three per cent this year from a previous forecast of one to three per cent growth. 
 
The surprising jump in US government oil stockpiles weighed on the S&amp;P 500 and Dow Jones indices, which closed 0.29 per cent and 0.20 per cent down, respectively. 
 
The energy sector was among the worst-performing of the 10 major S&amp;P groups, falling 1.4 per cent after data from the US Energy Information Administration (EIA) showed US crude inventories rose 1.1 million barrels in the weekend of Aug. 5, a third consecutive weekly rise that surprised the market. 
 
A weakening stock market and strong demand for government debt at bond auctions pushed yields down further. 
 
The yield on the benchmark 10-year Treasury note extended a recent fall to 1.508 per cent while the yield on 10-year UK gilts tumbled to a record low of 0.52 per cent. 
 
The fall in gilt yield came after the Bank of England said it would buy the 52 million pound (US$67.5 million) remainder of Tuesday&#39;s reverse auction shortfall in the second half of its bond-buying program. 
 
In Asia, yields on 10-year benchmark New Zealand bonds fell to 2.18 per cent after the Reserve Bank of New Zealand cut its official cash rate by 25 basis points to a record low of two per cent as widely expected. 
 
In currency markets, the dollar was broadly flat against a basket of currencies, nursing recent losses sustained in the wake of Friday&#39;s strong US jobs report. 
 
The Chinese yuan led regional currencies higher after the People&#39;s Bank of China let the yuan appreciate slightly to mark the anniversary of the one-year devaluation. 
 
It has weakened by more than 8 per cent since then, though some analysts say that weakness may be fading. 
 
&quot;There have emerged signs the yuan has stabilised somewhat recently as capital outflows have eased and the market has adjusted the expectations on Fed&#39;s rate hike process,&quot; said Zhou Hao, senior emerging market economist, Asia at Commerzbank AG. 
 
More clarity about the US economy&#39;s health and the Federal Reserve&#39;s next move on interest rates could come with Friday&#39;s release of July retail sales and a speech by Fed Chair Janet Yellen later this month. 
 
US West Texas Intermediate crude eased 0.7 per cent lower to $41.41 per barrel after sustaining sharp losses overnight. Brent crude fell 0.6 per cent to $43.77 per barrel. 
 
Gold consolidated overnight gains to trade at $1,343.26 per ounce after posting overnight gains. 
 
(Reuters)

News of a jump in US government stockpiles and Singapore's cutting of its economic forecast for the year likely to have impacted the share

Asian shares fell on Thursday, reversing recent gains following losses on Wall Street, though regional currencies rose after Beijing let the Chinese yuan strengthen to mark the one-year anniversary of a landmark devaluation. Broad risk sentiment remains on the back foot as oil prices tumbled on news of a surprising jump in US government stockpiles and as Singapore, the region's bellwether for trade, cut its economic forecast for the year. "I still think the investors are trying to hang in there for the rally and while the general opinion seems to be that the Chinese authorities have steadied the ship, it is still a bit too early to draw that conclusion," said Cliff Tan, Bank of Tokyo-Mitsubishi UFJ's east Asia head of global markets research. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent. It hit a one-year high on Wednesday and has broadly outperformed the MSCI world index since end-June. Hong Kong and Indonesia led regional gainers in trade. Japan's markets are closed for a holiday. Singapore cut its economic growth forecast on concerns over Brexit and weakening global demand with official forecasts downgraded to an expansion of one to three per cent this year from a previous forecast of one to three per cent growth. The surprising jump in US government oil stockpiles weighed on the S&P 500 and Dow Jones indices, which closed 0.29 per cent and 0.20 per cent down, respectively. The energy sector was among the worst-performing of the 10 major S&P groups, falling 1.4 per cent after data from the US Energy Information Administration (EIA) showed US crude inventories rose 1.1 million barrels in the weekend of Aug. 5, a third consecutive weekly rise that surprised the market. A weakening stock market and strong demand for government debt at bond auctions pushed yields down further. The yield on the benchmark 10-year Treasury note extended a recent fall to 1.508 per cent while the yield on 10-year UK gilts tumbled to a record low of 0.52 per cent. The fall in gilt yield came after the Bank of England said it would buy the 52 million pound (US$67.5 million) remainder of Tuesday's reverse auction shortfall in the second half of its bond-buying program. In Asia, yields on 10-year benchmark New Zealand bonds fell to 2.18 per cent after the Reserve Bank of New Zealand cut its official cash rate by 25 basis points to a record low of two per cent as widely expected. In currency markets, the dollar was broadly flat against a basket of currencies, nursing recent losses sustained in the wake of Friday's strong US jobs report. The Chinese yuan led regional currencies higher after the People's Bank of China let the yuan appreciate slightly to mark the anniversary of the one-year devaluation. It has weakened by more than 8 per cent since then, though some analysts say that weakness may be fading. "There have emerged signs the yuan has stabilised somewhat recently as capital outflows have eased and the market has adjusted the expectations on Fed's rate hike process," said Zhou Hao, senior emerging market economist, Asia at Commerzbank AG. More clarity about the US economy's health and the Federal Reserve's next move on interest rates could come with Friday's release of July retail sales and a speech by Fed Chair Janet Yellen later this month. US West Texas Intermediate crude eased 0.7 per cent lower to $41.41 per barrel after sustaining sharp losses overnight. Brent crude fell 0.6 per cent to $43.77 per barrel. Gold consolidated overnight gains to trade at $1,343.26 per ounce after posting overnight gains. (Reuters)

Asian shares retreat as oil slips, Yuan pulls peers higher

Electric car maker Tesla said today it has won agreement from solar panel installer SolarCity to acquire the solar company for $2.6 billion, confirming a deal that has been criticised on Wall Street. 
 
Tesla announced the bid in late June, but it drew jeers on Wall Street, in part because of skepticism over the motives of Tesla chief executive Elon Musk, who is also chairman of SolarCity, as well as a major shareholder. 
 
Some analysts also questioned whether the deal would divert Tesla&#39;s attention from an ambitious plan to significantly expand electric-car production in the next few years. 
 
But Tesla said the buyout would enable it to achieve lower hardware costs and boost manufacturing efficiency, creating the &quot;world&#39;s only vertically integrated sustainable energy company.&nbsp;Solar and storage are at their best when they&#39;re combined,&quot; Tesla said. 
 
The deal is a major part of Musk&#39;s master plan &quot;part deux&quot; that calls for the company to offer consumers a single source of hardware to power a low-carbon lifestyle.&nbsp; 
 
Under the all-stock deal, SolarCity shareholders will receive 0.110 Tesla common shares. 
 
The agreement allows SolarCity to solicit alternative proposals for 45 days. SolarCity shares fell 5.5 per cent to $25.23 in pre-market trade, while Tesla rose 0.2 per cent to $235.25. 
 
(AFP, Reuters)

The electric car maker announced the bid in late June, but it drew jeers on Wall Street

Electric car maker Tesla said today it has won agreement from solar panel installer SolarCity to acquire the solar company for $2.6 billion, confirming a deal that has been criticised on Wall Street. Tesla announced the bid in late June, but it drew jeers on Wall Street, in part because of skepticism over the motives of Tesla chief executive Elon Musk, who is also chairman of SolarCity, as well as a major shareholder. Some analysts also questioned whether the deal would divert Tesla's attention from an ambitious plan to significantly expand electric-car production in the next few years. But Tesla said the buyout would enable it to achieve lower hardware costs and boost manufacturing efficiency, creating the "world's only vertically integrated sustainable energy company. Solar and storage are at their best when they're combined," Tesla said. The deal is a major part of Musk's master plan "part deux" that calls for the company to offer consumers a single source of hardware to power a low-carbon lifestyle. Under the all-stock deal, SolarCity shareholders will receive 0.110 Tesla common shares. The agreement allows SolarCity to solicit alternative proposals for 45 days. SolarCity shares fell 5.5 per cent to $25.23 in pre-market trade, while Tesla rose 0.2 per cent to $235.25. (AFP, Reuters)

Tesla acquires SolarCity for $2.6 billion

Shares in Nintendo plunged today after it warned that the Pokemon Go mania sweeping the world would not translate into bumper profits, taking the wind out of a dizzying rally that saw the firm&#39;s value more than double. 
 
The stock dived 17 per cent to 23,405 Yen by the break after the Kyoto-based firm warned in a statement on Friday evening that the hugely popular game would have only a &quot;limited&quot; impact on its bottom line. 
 
Markets had cheered the app&#39;s global success as a great sign for Nintendo&#39;s nascent move into the mobile games market. 
 
That sent it soaring as investors bought the narrative, pushing it above 30,000 Yen at one stage and briefly making the firm more valuable than Sony.&nbsp;But analysts had warned that the rally was overdone since the actual impact of the game on Nintendo&#39;s finances would be moderate at best, a point it confirmed on Friday. 
 
Nintendo is the creator of the Pokemon franchise but the game, released on July 5, was developed by US-based Niantic. The Japanese firm&#39;s affiliate, Pokemon Company, is on track to receive licensing fees for the game.&nbsp;Nintendo has invested in Niantic and owns about one-third of the Pokemon Company. 
 
It also stands to make money from a device to be used with the application called &quot;Pokemon Go Plus&quot; but &quot;the income reflected on (Nintendo&#39;s) consolidated business results is limited&quot;, it said. 
 
&quot;Taking the current situation into consideration, the company is not modifying the consolidated financial forecast for now,&quot; the statement said. 
 
Since its launch Pokemon Go has sparked a worldwide frenzy among users who have taken to the streets with their smartphones.&nbsp;The app uses satellite locations, graphics and camera capabilities to overlay cartoon monsters on real-world settings, challenging players to capture and train them for battles. 
 
Uneasy 
 
Pokemon Go was seen as a shot in the arm to Nintendo, which also created the Donkey Kong, Super Mario and Legend of Zelda brands after it abandoned a longstanding consoles-only policy and opened the door to licensing some of its characters for mobile game use. 
 
&quot;I think Nintendo issued that statement because it was uneasy with how high the shares were rising,&quot; said Hideki Yasuda, analyst at Ace Research Institute. 
 
&quot;There has been a view that Nintendo cannot succeed in the smartphone business. Even if Pokemon Go does not directly contribute to Nintendo&#39;s earnings, it owns other characters like Super Mario and Zelda. These things were factored in and boosted its shares.&quot; 
 
But Yasuda added the firm&#39;s shares may rally again after an &quot;adjustment period&quot;. 
 
The smartphone app has now been launched in more than 40 countries, but until last week in Japan where Nintendo started the mythical creature franchise 20 years ago was kept waiting. 
 
Pokemon, short for &quot;pocket monsters&quot;, has been a constant in Japan since being launched as software in 1996 for Nintendo&#39;s Game Boy console.&nbsp;Authorities in a number of countries have expressed safety and other concerns about the craze. 
 
Players from San Francisco to Lagos have been warned after trespassing, including some youngsters crossing the Canada-US border.&nbsp;Some walked into sensitive military facilities and a nuclear power plant, while other players found themselves the victims of robbery or violent crimes. 
 
The Japanese government issued a rare safety-guide warning over dangers gamers could face, from heat stroke to online scams. 
 
(AFP)

Pokemon Go was briefly more valuable than Sony,?but analysts warned that this was unsustainable

Shares in Nintendo plunged today after it warned that the Pokemon Go mania sweeping the world would not translate into bumper profits, taking the wind out of a dizzying rally that saw the firm's value more than double. The stock dived 17 per cent to 23,405 Yen by the break after the Kyoto-based firm warned in a statement on Friday evening that the hugely popular game would have only a "limited" impact on its bottom line. Markets had cheered the app's global success as a great sign for Nintendo's nascent move into the mobile games market. That sent it soaring as investors bought the narrative, pushing it above 30,000 Yen at one stage and briefly making the firm more valuable than Sony. But analysts had warned that the rally was overdone since the actual impact of the game on Nintendo's finances would be moderate at best, a point it confirmed on Friday. Nintendo is the creator of the Pokemon franchise but the game, released on July 5, was developed by US-based Niantic. The Japanese firm's affiliate, Pokemon Company, is on track to receive licensing fees for the game. Nintendo has invested in Niantic and owns about one-third of the Pokemon Company. It also stands to make money from a device to be used with the application called "Pokemon Go Plus" but "the income reflected on (Nintendo's) consolidated business results is limited", it said. "Taking the current situation into consideration, the company is not modifying the consolidated financial forecast for now," the statement said. Since its launch Pokemon Go has sparked a worldwide frenzy among users who have taken to the streets with their smartphones. The app uses satellite locations, graphics and camera capabilities to overlay cartoon monsters on real-world settings, challenging players to capture and train them for battles. Uneasy Pokemon Go was seen as a shot in the arm to Nintendo, which also created the Donkey Kong, Super Mario and Legend of Zelda brands after it abandoned a longstanding consoles-only policy and opened the door to licensing some of its characters for mobile game use. "I think Nintendo issued that statement because it was uneasy with how high the shares were rising," said Hideki Yasuda, analyst at Ace Research Institute. "There has been a view that Nintendo cannot succeed in the smartphone business. Even if Pokemon Go does not directly contribute to Nintendo's earnings, it owns other characters like Super Mario and Zelda. These things were factored in and boosted its shares." But Yasuda added the firm's shares may rally again after an "adjustment period". The smartphone app has now been launched in more than 40 countries, but until last week in Japan where Nintendo started the mythical creature franchise 20 years ago was kept waiting. Pokemon, short for "pocket monsters", has been a constant in Japan since being launched as software in 1996 for Nintendo's Game Boy console. Authorities in a number of countries have expressed safety and other concerns about the craze. Players from San Francisco to Lagos have been warned after trespassing, including some youngsters crossing the Canada-US border. Some walked into sensitive military facilities and a nuclear power plant, while other players found themselves the victims of robbery or violent crimes. The Japanese government issued a rare safety-guide warning over dangers gamers could face, from heat stroke to online scams. (AFP)

Nintendo shares plunge on Pokemon Go warning

Indian software giant, Infosys&#39;s shares plunged more than 9 per cent at the Bombay Stock Exchange on Friday after Infosys cut its earnings outlook for the year. 
 
The Bangalore-based IT services exporter reported a 13 per cent rise in first-quarter net profit year-on-year but revised down its sales forecast, sparking the share-price fall. 
 
Net profit for the three months to June 30 came in at 34.36 billion rupees ($513 million) compared with 30.30 billion rupees for the same period last year, Infosys said. 
 
The performance was weaker than expected, leading the firm to reduce its growth projection in US dollar terms for fiscal year 2016-17 from between 11.8 per cent and 13.8 per cent to between 10.8 and 12.3 per cent. 
 
Shares fell 9.35 per cent to 1065.95 Rupees in late morning trade. 
 
&quot;We had unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that we had won in earlier quarters, resulting in a lower than expected growth in Q1,&quot; Infosys CEO Vishal Sikka said in a statement. 
 
Revenue for the period was 167.8 billion Rupees, compared with analysts&#39; projections of 170.3 billion Rupees, according to Bloomberg News. 
 
Infosys is listed on stock exchanges in Mumbai and New York and was once seen as the bellwether of India&#39;s flagship outsourcing industry and the country&#39;s equivalent to Microsoft. 
 
But it is now engaged in a tough battle to regain the top spot from Tata Consultancy Services(TCS), which announced its quarterly results on Thursday. 
 
Mumbai-based TCS said net profit for the three months to June 30 rose to 63.17 billion Rupees ($944 million) from 57.09 billion Rupees for the same period a year ago. 
 
India has become a back office to the world as companies have subcontracted work to firms such as Infosys and TCS, taking advantage of the country&#39;s skilled English-speaking workforce. 
 
(AFP)

The Indian software major reports 13 per cent rise in first-quarter net profit year-on-year but revises down its sales forecast

Indian software giant, Infosys's shares plunged more than 9 per cent at the Bombay Stock Exchange on Friday after Infosys cut its earnings outlook for the year. The Bangalore-based IT services exporter reported a 13 per cent rise in first-quarter net profit year-on-year but revised down its sales forecast, sparking the share-price fall. Net profit for the three months to June 30 came in at 34.36 billion rupees ($513 million) compared with 30.30 billion rupees for the same period last year, Infosys said. The performance was weaker than expected, leading the firm to reduce its growth projection in US dollar terms for fiscal year 2016-17 from between 11.8 per cent and 13.8 per cent to between 10.8 and 12.3 per cent. Shares fell 9.35 per cent to 1065.95 Rupees in late morning trade. "We had unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that we had won in earlier quarters, resulting in a lower than expected growth in Q1," Infosys CEO Vishal Sikka said in a statement. Revenue for the period was 167.8 billion Rupees, compared with analysts' projections of 170.3 billion Rupees, according to Bloomberg News. Infosys is listed on stock exchanges in Mumbai and New York and was once seen as the bellwether of India's flagship outsourcing industry and the country's equivalent to Microsoft. But it is now engaged in a tough battle to regain the top spot from Tata Consultancy Services(TCS), which announced its quarterly results on Thursday. Mumbai-based TCS said net profit for the three months to June 30 rose to 63.17 billion Rupees ($944 million) from 57.09 billion Rupees for the same period a year ago. India has become a back office to the world as companies have subcontracted work to firms such as Infosys and TCS, taking advantage of the country's skilled English-speaking workforce. (AFP)

Infosys shares plunge as sales outlook cut

London: Stock markets traded within sight of their highest levels this year on Wednesday as the prospect of stimulative economic policy across the developed world eased immediate concern over Britain&#39;s vote to leave the European Union. 
 
The swift moves by the Conservative Party that see Theresa May replacing David Cameron as prime minister on Wednesday have helped fund a recovery that, aside from sterling itself, has wiped out the negative reaction to the June 23 vote. 
 
Asian markets outside Japan gained another third of a percent to come within a hair&#39;s breadth of the year&#39;s highs from April, while European shares rose 0.2 percent, on course for their fifth straight day of gains. 
 
Traders say that concerns over the economic and political impact of what promise to be torturous exit talks between London and Brussels have not gone away, but they are certainly on the back burner for a moment. 
 
U.S. stock futures showed Wall Street set to build further on record highs hit on Tuesday. Expectations that sterling&#39;s fall will help British companies has London&#39;s FTSE index at its highest since last August. 
 
&quot;This is a short term relief rally thanks to some certainty around the swift handover to a new PM,&quot; said Tobias Davis, Head of Corporate Treasury Sales at Western Union in London. 
 
&quot;The path ahead still looks incredibly challenging. Equities are only rallying thanks to negative yields across most of the curve in Swiss, German and Japanese markets. In reality, the economic landscape is deteriorating.&quot; 
 
Sterling, whose 14 percent fall made it one of the main victims of last month&#39;s referendum, hit its highest in more than a week at $1.3340. 
 
But for every blip higher for the pound at the moment there are more sellers ready to bet it will fall further in the months ahead and it quickly fell back to stand just 0.2 percent stronger on the day at $1.3280. 
 
The yen, investors&#39; go-to currency in times of market stress was also up half a percent against the euro and dollar after falling sharply on the back of Japan&#39;s move into another round of stimulative policy. 
 
The debate among currency traders around Thursday&#39;s Bank of England meeting is also now not whether it will cut interest rates but by how much -- some measure of the concern over the economy&#39;s fate for the rest of the year. 
 
&quot;I&#39;m struck at the enthusiasm of all and sundry to tell us that European and U.S. growth rates will hardly be affected by the UK post-referendum slowdown,&quot; Societe Generale&#39;s Kit Juckes said in a note to clients. 
 
&quot;That flies in the face of the increased correlation of major economies&#39; growth rates in an ever more connected world.&quot; 
 
Stimulus 
In commodities, oil prices dropped after industry group American Petroleum Institute (API) reported a surprise build of 2.2 million barrels in US crude stockpiles last week. [O/R] 
 
Brent crude futures fell 1.6 percent to $47.71 after surging roughly 5 percent on Tuesday on broad improvement in risk sentiment. 
 
Japanese Prime Minister Shinzo Abe ordered a new round of fiscal stimulus spending, as expected, after an election victory on Sunday. His meeting with former U.S. Federal Reserve Chair Ben Bernanke, a proponent of &quot;helicopter money&quot; policies - printing money and directly handing it to the private sector to stimulate the economy - fuelled speculation that some of the stimulus plan could be funded by Bank of Japan easing. 
 
The European Central Bank is also widely expected to take a dovish stance when it holds its policy review a week later. 
 
&quot;After being faced with the prospect of a major slowdown in global activity in the wake of the Brexit vote, governments and central banks worldwide are now expected to do their utmost to reassure markets and provide stimulus,&quot; wrote Angus Nicholson, market analyst at IG in Melbourne. 
 
(Reuters)

Swift moves by the Conservative Party that see Theresa May replacing David Cameron as prime minister have helped fund a recovery

London: Stock markets traded within sight of their highest levels this year on Wednesday as the prospect of stimulative economic policy across the developed world eased immediate concern over Britain's vote to leave the European Union. The swift moves by the Conservative Party that see Theresa May replacing David Cameron as prime minister on Wednesday have helped fund a recovery that, aside from sterling itself, has wiped out the negative reaction to the June 23 vote. Asian markets outside Japan gained another third of a percent to come within a hair's breadth of the year's highs from April, while European shares rose 0.2 percent, on course for their fifth straight day of gains. Traders say that concerns over the economic and political impact of what promise to be torturous exit talks between London and Brussels have not gone away, but they are certainly on the back burner for a moment. U.S. stock futures showed Wall Street set to build further on record highs hit on Tuesday. Expectations that sterling's fall will help British companies has London's FTSE index at its highest since last August. "This is a short term relief rally thanks to some certainty around the swift handover to a new PM," said Tobias Davis, Head of Corporate Treasury Sales at Western Union in London. "The path ahead still looks incredibly challenging. Equities are only rallying thanks to negative yields across most of the curve in Swiss, German and Japanese markets. In reality, the economic landscape is deteriorating." Sterling, whose 14 percent fall made it one of the main victims of last month's referendum, hit its highest in more than a week at $1.3340. But for every blip higher for the pound at the moment there are more sellers ready to bet it will fall further in the months ahead and it quickly fell back to stand just 0.2 percent stronger on the day at $1.3280. The yen, investors' go-to currency in times of market stress was also up half a percent against the euro and dollar after falling sharply on the back of Japan's move into another round of stimulative policy. The debate among currency traders around Thursday's Bank of England meeting is also now not whether it will cut interest rates but by how much -- some measure of the concern over the economy's fate for the rest of the year. "I'm struck at the enthusiasm of all and sundry to tell us that European and U.S. growth rates will hardly be affected by the UK post-referendum slowdown," Societe Generale's Kit Juckes said in a note to clients. "That flies in the face of the increased correlation of major economies' growth rates in an ever more connected world." Stimulus In commodities, oil prices dropped after industry group American Petroleum Institute (API) reported a surprise build of 2.2 million barrels in US crude stockpiles last week. [O/R] Brent crude futures fell 1.6 percent to $47.71 after surging roughly 5 percent on Tuesday on broad improvement in risk sentiment. Japanese Prime Minister Shinzo Abe ordered a new round of fiscal stimulus spending, as expected, after an election victory on Sunday. His meeting with former U.S. Federal Reserve Chair Ben Bernanke, a proponent of "helicopter money" policies - printing money and directly handing it to the private sector to stimulate the economy - fuelled speculation that some of the stimulus plan could be funded by Bank of Japan easing. The European Central Bank is also widely expected to take a dovish stance when it holds its policy review a week later. "After being faced with the prospect of a major slowdown in global activity in the wake of the Brexit vote, governments and central banks worldwide are now expected to do their utmost to reassure markets and provide stimulus," wrote Angus Nicholson, market analyst at IG in Melbourne. (Reuters)

Brexit, what Brexit? Global shares near 2016 highs

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Sumner Redstone&#39;s National Amusements Inc is consulting investment bankers about strategic options for Viacom Inc&#39;s Paramount Pictures, including a possible stake sale, sources&nbsp;said.

National Amusements, which controls 80 per cent of the voting shares of Viacom, is also keen to extract more value from the film studio&#39;s real estate holdings in Los Angeles.

It is unclear what other scenarios National Amusements is considering. The fact that it is entertaining options for Paramount is significant because it could mean that a deal for the movie studio could happen even without Viacom chief executive Philippe Dauman leading the process.

Redstone&nbsp;is considering removing Dauman and members of the board. Representatives for National Amusement and Viacom declined to comment.

The sale of&nbsp;interest in Paramount has been an issue of contention in the battle for control of 93-year-old Redstone&#39;s $40 billion media empire, which includes Viacom and CBS Corporation.

Redstone said in a statement last month he believes keeping 100 per cent of the film unit is in the best interest of Viacom but could be swayed by a plan that convinces him otherwise.

National Amusements said&nbsp;it &quot;is not opposed to a transaction that would unlock value at Paramount&quot;. But it amended Viacom&#39;s bylaws to create hurdles for Dauman to sell a stake in the studio unless he obtained the approval of the entire board of the media company. 
 
Dauman is&nbsp;pushing ahead with plans to sell a 49 per cent stake in Paramount, and he is&nbsp;also looking to unlock the value of the film studio&#39;s real estate holdings, he said at an investor meeting.

Last month, Redstone removed Dauman and Viacom board member George Abrams from the seven-person trust that will determine the fate of Viacom and CBS after Redstone dies or is incapacitated. Part of the reason that he made the move was over concerns about the Paramount sale, a representative for Redstone has said.

Dauman and Abrams have filed a lawsuit opposing Redstone&#39;s removal of them from the trust and the National Amusement Inc&#39;s&nbsp;board. A Massachusetts judge is deciding whether to move up that trial from October.

National Amusements, which controls 80 per cent of the voting shares of Viacom, is interested in the film studio's real estate holdings

THIS IMAGE NEEDS TO BE CHANGED. Sumner Redstone's National Amusements Inc is consulting investment bankers about strategic options for Viacom Inc's Paramount Pictures, including a possible stake sale, sources said. National Amusements, which controls 80 per cent of the voting shares of Viacom, is also keen to extract more value from the film studio's real estate holdings in Los Angeles. It is unclear what other scenarios National Amusements is considering. The fact that it is entertaining options for Paramount is significant because it could mean that a deal for the movie studio could happen even without Viacom chief executive Philippe Dauman leading the process. Redstone is considering removing Dauman and members of the board. Representatives for National Amusement and Viacom declined to comment. The sale of interest in Paramount has been an issue of contention in the battle for control of 93-year-old Redstone's $40 billion media empire, which includes Viacom and CBS Corporation. Redstone said in a statement last month he believes keeping 100 per cent of the film unit is in the best interest of Viacom but could be swayed by a plan that convinces him otherwise. National Amusements said it "is not opposed to a transaction that would unlock value at Paramount". But it amended Viacom's bylaws to create hurdles for Dauman to sell a stake in the studio unless he obtained the approval of the entire board of the media company. Dauman is pushing ahead with plans to sell a 49 per cent stake in Paramount, and he is also looking to unlock the value of the film studio's real estate holdings, he said at an investor meeting. Last month, Redstone removed Dauman and Viacom board member George Abrams from the seven-person trust that will determine the fate of Viacom and CBS after Redstone dies or is incapacitated. Part of the reason that he made the move was over concerns about the Paramount sale, a representative for Redstone has said. Dauman and Abrams have filed a lawsuit opposing Redstone's removal of them from the trust and the National Amusement Inc's board. A Massachusetts judge is deciding whether to move up that trial from October.

National Amusements in talks to buy Paramount Pictures

Facebook Inc&#39;s board has proposed removing Mark Zuckerberg&#39;s majority voting control in the event of the social media giant&#39;s chief executive and founder deciding to exit management at some point in future. 
 
In a proxy filing on Thursday with the U.S. Securities and Exchange Commission, Facebook&#39;s board said it will ask shareholders to vote on a proposal that would convert Zuckerberg&#39;s Class B shares into Class A shares if he is no longer in a leadership position. 
 
As of June 2, Zuckerberg owned about 4 million Class A shares and about 419 million Class B shares, collectively representing about 53.8 percent of total outstanding voting power and 14.8 percent of total outstanding economic interests. 
 
The proposed move - to be voted on at Facebook&#39;s annual general meeting on June 20 - is designed to make sure a future Facebook chief&#39;s management powers aren&#39;t limited, said&nbsp;the board . 
 
&quot;These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company,&quot; the board said in the filing. 
 
Under current provisions, Zuckerberg is allowed to hold Class B shares and exercise majority voting control even if leaves the company. Zuckerberg would also be allowed to pass his Class B shares, and possibly his majority voting control, to descendants after his death.

As of June 2, Mark Zuckerberg owned about 4 million Class A shares and about 419 million Class B shares representing about 53.8 per cent of total outstanding voting power and 14.8 per cent of total outstanding economic interests

Facebook Inc's board has proposed removing Mark Zuckerberg's majority voting control in the event of the social media giant's chief executive and founder deciding to exit management at some point in future. In a proxy filing on Thursday with the U.S. Securities and Exchange Commission, Facebook's board said it will ask shareholders to vote on a proposal that would convert Zuckerberg's Class B shares into Class A shares if he is no longer in a leadership position. As of June 2, Zuckerberg owned about 4 million Class A shares and about 419 million Class B shares, collectively representing about 53.8 percent of total outstanding voting power and 14.8 percent of total outstanding economic interests. The proposed move - to be voted on at Facebook's annual general meeting on June 20 - is designed to make sure a future Facebook chief's management powers aren't limited, said the board . "These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company," the board said in the filing. Under current provisions, Zuckerberg is allowed to hold Class B shares and exercise majority voting control even if leaves the company. Zuckerberg would also be allowed to pass his Class B shares, and possibly his majority voting control, to descendants after his death.

Facebook board seeks curb in Zuckerberg control in event of founder's departure

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