WeChat owner’s sales fall as China economy slows

Tencent Chinese tech giant Tencent has cut more than 5,000 staff and shut down parts of its business as it grapples with its first sales fall in its history. Revenue at the firm slipped 3% year-on-year in the April-June period, hit by declines in ad spending and at its online gaming business. The WeChat owner is feeling the effects of a regulatory clampdown on gaming, as well as wider economic downturn. China's central bank on Monday cut interest rates to try to spur activity. The country, which continues to respond to Covid outbreaks with mass shutdowns, last month reported its…