From Meta’s stock surge to Africa’s wealth spike over the next decade – Here is your April 28 news briefing
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5 more years in jail for Myanmar’s ex-leader
Myanmar’s ex-leader Aung San Suu Kyi was sentenced on Wednesday to five years in jail, according to a source with knowledge of the closed trial proceedings. She has already been handed a six-year term for previous convictions.
Malaysian man hanged in Singapore
A Malaysian man named Nagaenthran K. Dharmalingam was executed in Singapore on Wednesday for smuggling about 43 grams (1.5 ounces) of heroin into the country. He was convicted on the charge in 2010 and has been on death row for more than a decade. Having 15 grams (just under a tablespoon) of heroin is enough to get the death penalty in Singapore.
Meta had a good quarter
Meta, formerly Facebook, saw its slowest revenue growth since it went public a decade ago during the first quarter of the year. Still, the company outperformed analyst expectations and revenue was up 7% to US$27.9 billion. These better-than-expected results sent Meta’s stock up over 18% after-hours.
James Murdoch in India’s media scene
A firm run by James Murdoch, the son of global media mogul Rupert Murdoch, and Uday Shankar, a former Disney executive, is going to be investing 135 billion rupees, or about US$1.8 billion, into a venture media company called Viacom18. The company has also been backed by Mukesh Ambani, India’s richest man.
Africa’s centi-millionaires and billionaires
If you’ve seen or watched “Young, Famous & African” on Netflix, it’s probably given you a disproportionate glimpse into the lifestyles of a handful of Africans. But, according to a Henley & Partners Africa Wealth Report, Africa in general, over the next decade, will be really happening, with private wealth in the country expected to jump 38% to US$3 trillion by 2031. Mauritius, Rwanda and Uganda are expected to be leading the trend and other countries like Kenya, Morocco, Mozambique and Zambia, are expected also to contribute a fair bit. The question for many now is, will this wealth be spread somewhat evenly across the country?
In other news …
👨⚖️Archegos Capital Management’s founder Bill Hwang and its former CFO were arrested for fraud. They’ve both pled not guilty, and bail for Hwang is set at US$100 million. Both are due back in court on May 19.
🕶The French maker of Ray-Ban is suing JP Morgan for ignoring red flags that led to cybercriminals stealing US$272 million from their New York bank account.
🦘Over the past decade, Australian government data has shown that Indian-born migrants rose by 373,000, followed by 208,000 from China. Now, Indians account for 2.8% of the population, Chinese at 2.3% and Britons at 3.8%.
⛽️After Russia cut off Poland and Bulgaria’s gas yesterday, the EU has told its other members not to pay for Russian energy with rubles. Putin has said that he’ll retaliate against any country that interferes with his invasion.
Written and put together by Jake Shropshire, Christine Dulion, Julianna Barcela and Krystal Lai
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