Flash Briefing: SA’s own Greensill implodes; Tencent troubles; Hammerson; Bolt

https://open.spotify.com/episode/7G3a4MLlLhTgcTKqnrPUZR

• Greensill Capital, a start-up that provided short-term cash advances and spun off its loans into bond-like securities has filed for insolvency protection. This after Credit Suisse withdrew it's $10bn credit line. Backers like Japan's SoftBank stand to lose billions. Now South Africa's Barak Fund, which has a similar business model to Greensill, is crumbling too. Bloomberg reports that Barak wants to go into liquidation as over half of the fund's $4bn in assets are now stuck in coal mining, consumer goods and fertiliser production across Africa. Barak responded to Bloomberg inquiries saying it continues to operate as before, serving borrowers across Africa.
• Pony Ma's Tencent has been put on notice by China's antitrust watchdog, says Bloomberg. Asia's largest conglomerate was fined as Beijing expands a crackdown that began with Jack Ma's fintech empire. China's top financial regulators see Tencent as the next target for increased scrutiny after the clampdown on Jack Ma's Ant. On the local bourse, Naspers shares have fallen almost 6%.
• Meanwhile, Ant Group CEO Simon Hu resigned, as the company overhauls its business, an anonymous person told Bloomberg. Eric Jing, Ant's current chairman, will become CEO as well, effective immediately. An Ant spokesperson confirmed Hu's resignation.
• Hammerson, which owns shopping centres across the UK, France and Ireland, slashed the value of its properties by almost £2bn last year, according to a statement. Plummeting rental income caused the company's worst loss in history.
• Bolt Technology, a rival to Uber Technologies in Africa and Eastern Europe, was valued at more than $2bn in its most recent funding round, according to founder and CEO, Markus Villig. The company raised $20m in funding from the World Bank this month, Bolt's total fundraising to almost 600 million dollars. In Africa, Bolt plans to use its platform to add other services such as grocery and food delivery.

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Read also: 

• TikTok owner sues Tencent for 'monopolistic' behaviour
• Storm clouds roll towards Naspers-owned Tencent from Beijing – With insights from The Wall Street Journal
• Naspers: Tencent, e-commerce fuel double-digit revenue gains