February 03, 2021 - Biz in 60

Business in 60 Seconds

Tencent blacklists 37 firms, fires more than 100 staff Tencent has blacklisted and terminated relations with 37 partner companies over embezzlement and bribery incidents. The Chinese social media and gaming giant has also fired more than 100 staff following a series of anti-graft investigations over the past year. Tencent said it would stick to a "zero tolerance" policy towards unethical behaviour. Ant Group reportedly agrees with regulators on overhaul Jack Ma's Ant Group has reportedly agreed to overhaul the business after it was forced to halt plans for what was set to be the world's largest IPO. According to Bloomberg, the fintech giant will be turned into a financial holding company at the behest of Chinese regulators. Meanwhile, Alibaba which Ma also founded - has reported a 37-percent jump in fourth-quarter revenue on a pandemic-driven jump in e-commerce. Turkey's annual inflation rises to 14.97% in January Turkey's annual inflation rose slightly to 15-percent in January, maintaining pressure for tight monetary policy. The cost of miscellaneous goods and services jumped the most, with prices rising 24-and- a-half percent year-on-year.. In December, annual inflation stood at 14-point-6 percent.