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STEINHOFF INT’L: Faces More Than EUR9 Billion in Legal Claims

Emma Rumney at Reuters reports that Steinhoff International, battling the fallout from a massive accounting fraud, faces legal claims amounting to more than EUR9 billion (US$10.10 billion), the South African retailer’s annual report showed on July 1. According to Reuters, the report for the year ended September 2019 listed numerous court cases with claimants seeking…

IFLIX LTD: Tencent Buys Assets of Struggling Streaming Platform

Shirley Zhao, Yoolim Lee, and Zheping Huang at Bloomberg News report that Chinese internet giant Tencent Holdings Ltd. is buying certain assets of iFlix Ltd., a struggling streaming platform with about 25 million users focused in South and Southeast Asia. Tencent will acquire iFlix’s content, technology and resources, expanding its geographic reach in a key…