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(Bloomberg) — Prosus and its parent company Naspers AG reported their first profitable e-commerce business as new Chief Executive Officer Fabricio Broisi prepares to take over in July.Most read articles on BloombergThe e-commerce business, which excludes Tencent Holdings Ltd.'s stake, has a portfolio of companies ranging from Brazil's iFood to India's PayU and has successfully expanded its business after years of investment, reporting an operating profit of $38 million for the full year ended March 31, it said in a statement on Monday.Efficiency gains in core divisions such as classified advertising, food delivery, payments and fintech, as well as cost…
(Reuters) – South Africa's Naspers said on Monday its full-year profit more than doubled, helped by improved performance from its e-commerce business and contributions from China's Tencent, which accounted for the majority of its profit and sales.The technology investment company said core earnings per share from continuing operations, a key indicator of its operating performance in South Africa, rose to 1,148 cents in the year to March 31, from a revised 546 cents a year earlier.Naspers, which has global investments in Amsterdam-listed Prosus, said its integrated e-commerce business achieved profitability in the second half of the year, beating expectations for…
(Bloomberg) — Internet investment giant Prosus and its parent company Naspers AG reported their e-commerce business turned a profit for the first time as new Chief Executive Officer Fabricio Broisi prepares to take over in July.Most read articles on BloombergThe group's e-commerce business, excluding its Tencent Holdings stake, posted an operating profit of $38 million for the year ended March 31 after successfully expanding after years of investment, it said in a statement on Monday. That was up from a $413 million loss in fiscal 2023 for the unit, whose portfolio includes companies ranging from Brazil's iFood to India's PayU.The…
Industry experts say the rise of cross-border e-commerce has made the global air cargo market more dynamic than ever, with China taking the lead in promoting the Air Silk Road, an air route connecting China with Belt and Road countries. Everything from flowers and fruit to household appliances with lithium-ion batteries are now standard for air cargo, they said. As well as generating cargo business for airlines, the trend is also stimulating trade in certain niche categories, such as smart wearables and electronic products made by Chinese companies that are now being welcomed by overseas consumers, fuelled by a boom…
YouTube and TikTok are entering South Korea's e-commerce market. In a significant move that could potentially game-change the e-commerce landscape in South Korea, YouTube and TikTok are entering the market by leveraging their vast user base and advanced technological capabilities. The move comes against the backdrop of fierce competition and rapid growth in the e-commerce sector in a country known for high internet penetration and a tech-savvy population. According to the distribution industry, YouTube has partnered with KOSDAQ-listed e-commerce solutions company Cafe24 to launch a dedicated shopping store feature in Korea. The new feature allows…
SINGAPORE – As the field of artificial intelligence (AI) develops rapidly, survey respondents said they are skeptical of the use of AI in journalism. In addition to tackling AI, the survey highlights that some of the key challenges facing news organizations in 2024 include record levels of news avoidance and news fatigue. According to the Reuters Institute for the Study of Journalism's Digital News Report for Asia, released on June 21, only 36% of people surveyed said they would feel comfortable consuming news created by humans with the help of AI. Even fewer — just 19% — said they would…
MUMBAI: E-commerce platforms are stepping up product inspections in dark stores and warehouses to ensure consumer safety amid a spate of food contamination cases. Internal policies are being reviewed and some platforms are ready to remove sellers from their list in case of repeated violation of safety protocols. Quick commerce company Zepto is considering introducing a recall policy whereby if a customer on the platform finds any case of food contamination in products manufactured and sold by an FMCG brand, the company will recall all its products, people familiar with the matter told TOI. Expanding”As a platform, we have no…
Nandita Sinha took over as CEO of Myntra on January 1, 2022. She has over 18 years of experience in the e-commerce and FMCG sector.Myntra is the country's leading fashion marketplace. The Walmart-owned e-commerce site is led by a superwoman who has worked her way up the ranks to become the company's CEO. Nandita Sinha, CEO of Myntra, is an impressive presence. Nandita Sinha took over as CEO of Myntra on 1 January 2022. She has over 18 years of experience in the e-commerce and FMCG sector. Her successful career began with Hindustan Unilever Limited. She has also worked with…
The ongoing UEFA Euro 2024, in which Turkey is also a participant, has not only increased fan enthusiasm but also spurred significant economic activity in the country's e-commerce sector, association representatives said. Anadolu Agency (AA) reported on Sunday that demand has increased especially for large screen televisions and football-related products such as balls and uniforms. Turkey's Crescent Stars opened the tournament with a stunning win over Georgia in Group F thanks to young player Arda Güler, but missed a direct path to the last 16 against Portugal on Saturday and will need to avoid defeat against the Czech Republic if…
To boost India's e-commerce exports, the Directorate General of Foreign Trade (DGFT) is working with the Ministry of Revenue to set up designated e-commerce hubs across India to streamline the process of online export shipments.The country's e-commerce exports are currently worth $2 billion, well above China's staggering $350 billion, industry sources say, and the government is aiming to close the gap by establishing a supportive e-commerce ecosystem.”A lot of rationalisation is needed in this regard. We are working with the revenue department to set up designated e-commerce hubs so that speedy clearance of goods can be achieved,” Director General Foreign…