The World’s largest Healthcare Company Johnson & Johnson Ordered to Pay $4.7 Billion to 22 Women for Causing Ovarian Cancer

The World’s largest Healthcare Company Johnson & Johnson Ordered to Pay $4.69 Billion for Causing Ovarian Cancer in 22 Women

The world’s largest healthcare company Johnson & Johnson had been ordered to pay $4.69 billion for causing 22 women to develop ovarian cancer.  The court in the United States had reached a unanimous verdict to award $550 million in compensation to the 22 women and $4.14 billion in punitive damages, of which 6 women had died from ovarian cancer.

” The World’s largest Healthcare Company Johnson & Johnson Ordered to Pay $4.69 Billion for Causing Ovarian Cancer in 22 Women “

Johnson & Johnson talc products were found to contained asbestos that can lead to cancer, according to the International Agency for Research on Cancer (IARC).  The women and family members had used Johnson & Johnson baby power and talc products over a long period.  Their lawyers had alleged the company know their talc products contained asbestos since the 1970s.  Talc is the world’s softest rock and is often found together with asbestos.  It is often used as cosmetic (talcum powder), baby power, to keep sports players hand dry and is produced as lubricant.

The company will be appealing the case, is also facing more than 9,000 claims on its talc products to have caused cancer development.  Johnson & Johnson produces some of the world’s have recognised household brands including contact lens Acuvue, NEUTROGENA, Band-Aid, Listerine and luxury brand Coach.

Source: J&J, Reuters, Time, BBC, IARC

 

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China 3-Year-Old E-Commerce Pinduoduo Files IPO in United States at $20 Billion Valuation

China 3-Year-Old E-Commerce Pinduoduo Files IPO in United States at $20 Billion Valuation

One of China’s fastest growing e-commerce Pinduoduo has filed for IPO on NASDAQ (United States) that could value the 3-year-old company at more than $20 billion.  It is expected to announce pricing terms in the week of 23rd July 2018, raising up to $1.63 billion in the IPO.

” China 3-Year-Old E-Commerce Pinduoduo Plans IPO in United States at $20 Billion Valuation “

Pinduoduo was founded in 2015 by ex-Google engineer Colin Huang.   The 3-year-old e-commerce company allows consumers to form groups to get higher discounts from sellers & merchants.  In March 2018, it reported 103 million active monthly users on its mobile app, gross merchandise volume of $14.74 billion (CNY 100 billion) and revenue of $462 million for the 12 months period from April 2017 to March 2018.  It is now China’s 3rd largest e-commerce company behind the 2 largest players, Alibaba and JD.com.

The key shareholders of Pinduoduo includes Tencent Holding and Sequoia Capital.  The IPO is expected to make Colin Huang a billionaire with shares (50.7%) worth more than $10 billion in value if the company is listed at $20 billion market valuation.

Credit Suisse, Goldman Sachs (Asia), CICC and China Renaissance are the joint bookrunners on the deal.

Source: NASDAQ, Renaissance Capital, Reuters, Financial Times

 

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Tencent Music Plans IPO in United States at More than $25 Billion Valuation

Tencent Music Plans IPO in United States at More than $25 Billion Valuation

Tencent Music, a business unit of China technology giant Tencent Holdings, is planning an IPO in the United States that is expected to value the music business at more than $25 billion.  The filing was made to the Hong Kong Stock Exchange (HKSE) on 8th July 2018, which will be spin-off from Tencent Holdings (listed on HKSE).

” Tencent Music Plans IPO in United States at More than $25 Billion Valuation “

Tencent Music Entertainment Group, is a leading online music entertainment platform in China and is a business subsidiary of spin-off from Tencent Holdings.  In December 2017, the world’s largest music streaming company Spotify, took a 9% equity stake in Tencent Music, and Tencent taking a 7.5% equity stake in Spotify.  In April 2018, Spotify went public in United States at more than $26 billion market value.  Spotify was founded by Daniel Ek and Martin Lorentzon and was launched in 2008 and is available in more than 60 countries.  It is the biggest music streaming company in the world with 71 million premium subscribers ($9.99 monthly) globally while Apple music streaming service has 36 million subscribers (April 2018).  After the IPO, both founders Daniel Ek and Martin Lorentzon became billionaires with net worth of more than $2 billion & $1 billion respectively.

Tencent was founded in Shenzhen, China in November 1998 by 5 founders, Ma Huateng (Pony Ma), Zhang Zhidong, Xu Chenye, Chen Yidan and Zeng Liqing.  It is one of the world’s largest technology company with a market value of more than $500 billion (July 2018) while Tencent CEO Ma Huateng (Pony Ma) is one of the world’s richest man with more than $40 billion personal net worth.

Tencent is a leading provider of Internet value added services in China.  It has more than 1.04 billion users on its social messaging platforms, Weixin and WeChat and 805 million users its QQ platform.  On June 16, 2004, Tencent Holdings Limited (SEHK 700) went public on the main board of the Hong Kong Stock Exchange.

Source: ReutersSCMPTencent FilingTWI

 

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World Largest Hedge Fund Bridgewater Associates Receives License in China to Launch Private Securities 

World Largest Hedge Fund Bridgewater Associates Receives License in China to Launch Private Securities

The world’s largest hedge fund Bridgewater Associates with $160 billion AUM, has received license in China to launch private securities products in China for qualified institutional and high-net-worth individual investors in China.  The Shanghai-based subsidiary, has received the Private Securities Investment Fund Manager (PFM) license from the Asset Management Association of China in June 2018.

” World Largest Hedge Fund Bridgewater Associates Receives License in China to Launch Private Securities “

Bridgewater Associate is founded in 1975 by Ray Dalio.  Today, the he hedge fund manages about $160 billion for around 350 of the largest global institutional clients including public and corporate pension funds, university endowments, charitable foundations, supranational agencies, sovereign wealth funds, and central banks.

Ray Dalio is one of the wealthiest man in the world with an estimated net worth of more than $17 billion.

Source: China DailyReuters, Bloomberg , Asset Management Association of China, Bridgewater Associates

 

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Credit Suisse to Pay $76 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse to Pay $76 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse (Hong Kong) has agreed to pay United States authorities $76 million to resolve investigations of the Swiss bank hiring practices in Asia-Pacific.  The United States Department of Justice (DoJ) have announced that Credit Suisse had engaged in a corrupt scheme by by hiring friends and family of Chinese government officials to win business with Chinese state-owned entities, generating at least $46 million in profits.

” Credit Suisse to Pay $76 Million to US Authorities for Hiring Practices in Asia-Pacific “

Between 2007 and 2013, several Credit Suisse senior managers in the Asia Pacific (APAC) region had hired and promoted candidates of government officials and executives of clients that were state-owned entities (SOEs) to win business for Credit Suisse.  These ‘relationship hires’ often lacked necessary technical skills, and offered fewer qualifications and significantly less relevant banking experience than other candidates for the jobs.  The hiring of friends and family of Chinese government officials had generated the bank at least $46 million in profits.

The DoJ and Credit Suisse (Hong Kong) have entered into a non-prosecution agreement, with the Swiss bank paying a criminal penalty of $47 million ($76,853,720) to resolve the matter.  In related proceedings, Credit Suisse Group also settled with the U.S. Securities and Exchange Commission (SEC), paying a total of $24,989,843 in disgorgement of profits and $4.8 million ($4,833,961) in prejudgment interest.  The total fine from both United States authorities DoJ and SEC, amounted to $76 million ($76,853,720).

Other banks have also made settlements with U.S. authorities for hiring practices, including JP Morgan paying more than $260 million in 2017.

Source: Credit Suisse, Reuters, Bloomberg

 

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Amazon Founder and CEO Jeff Bezos Net Worth Surges to $142.8 Billion

Amazon Founder and CEO Jeff Bezos Net Worth Surges to $142.8 Billion

Amazon founder and CEO Jeff Bezos personal net worth has surged to $142.8 billion, according to Forbes real time billionaire ranking (20th June 2018).  His personal fortune is $50 billion more than the 2nd richest man in the world, Microsoft founder Bill Gates with $92.6 billion.  In 3rd place is Warren Buffett with $81.9 billion net worth.

” Amazon Founder and CEO Jeff Bezos Net Worth Surges to $142.8 Billion “

Jeff Bezos (age 54) founded Amazon in a garage in 1994.  He was born in 1964 and graduated from Princeton University in computer science and electrical engineering in 1986.  He started working in Wall Street and worked in a hedge fund.  In 1994, he founded Amazon as an online bookstore, named after the South American River.  The bookstore opened on 16th July 1995 and in 1997, went publicly listed.  Today, Amazon is the 2nd largest company in the world at $837 billion (20th June 2018) in market value.  Apple is the largest company in market value at $913 billion (20th June 2018).

The fortune of Jeff Bezos at $142.8 billion is larger than the GDP of Kazakhstan with $137.28 billion (0.18% of global economy, 55th largest economy globally).  His personal investments includes his venture capital firm Bezos Expeditions, Twitter, Stackoverflow, Washington Post, Business Insider, Airbnb, Uber, Google and the space company Blue Origin.  The 54th largest economy is Qatar, one of the world’s largest oil producing countries with GDP of $152.45 billion.  United States is the largest economy with a GDP of $18.62 trillion, representing 24.55% of global economy.  China is 2nd with $11.2 trillion (14.76%) and Japan is 3rd with $4.95 trillion (6.52%).

Only 12 billionaires in the world have more than $50 billion personal fortune.

List of Billionaires with more than $50 billion:

  1. Jeff Bezos – $142.8 billion
  2. Bill Gates – $92.6 billion
  3. Warren Buffett – $81.9 billion
  4. Bernard Arnault – $78.8 billion
  5. Mark Zuckerberg – $75.3 billion
  6. Amancio Ortega – $73.7 billion
  7. Carlos Slim Helu – $59.9 billion
  8. Larry Ellison – $56.9 billion
  9. Larry Page – $54 billion
  10. Sergey Brin – $52.5 billion
  11. Michael Bloomberg – $51.9 billion
  12. Charles Koch – $51.6 billion
  13. David Koch – $51.6 billion

Source: Forbes, Biography ,World Bank, Caproasia Institute

 

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Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States

Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States

Citibank to has agreed to pay $100 Million to resolve USD LIBOR manipulation investigations in the United States.

” Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States “

The American bank had misled state and local governments, not-for-profit, private and institutional trading counterparties in United States by manipulating the USD LIBOR.  As a result, Citibank had made millions of profit while their clients had entered into swaps and other financial contracts with Citibank, without knowing that Citibank and other banks on the USD LIBOR-setting panel were manipulating LIBOR submissions.

With the Citibank $100 Million settlement, the Attorneys General have collected $420 million in payments from the three banks (Barclays, Deutsch Bank), almost all of which will be distributed to state and local government entities and not-for-profits.

The LIBOR is a benchmark interest rate that affects financial instruments worth trillions of dollars and has a widespread impact on global markets and consumers.  The investigation was conducted by a working group of 42 state Attorneys General offices, led by New York.

Source: New York StateBloomberg, CNN

 

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Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation

Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation

Japan online marketplace and selling app Mercari is raising $1.2 billion in capital, valuing the 5-year-old company at $3.7 billion.  Mercari is a popular online marketplace and selling app in Japan, with presence in United States and Europe.  Users can sell and buy old items, from fashion to toys, sporting goods to electronics, jewelry to shoes.  The Mercari app has more than 100 million downloads worldwide and more than 100,000 new items are listed everyday.  (Mercari in Latin means to trade or to buy.)

” Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation “

The company was founded by Japanese serial entrepreneur Shintaro Yamada in 2013.  He owns more than 28% share, giving him an additional $1.04 billion fortune and becoming a billionaire when the company goes public on the Tokyo stock exchange (Mother’s market) on the 19th June 2018.

In 2010, Shintaro Yamada had sold his company Unoh, one of Japan’s leading social games companies to the world’s largest social game developer, Zynga.  Zynga’s games have 230 million monthly active users, and own popular games such as FarmVille and Mafia Wars.

 

Stocks listed on the Tokyo Stock Exchange are grouped into First Section for large companies, Second Section for mid-sized companies, and the Mothers section  (Market of the high-growth and emerging stocks) for high-growth startup companies.

Source: Mercari, Bloomberg, Reuters, TechCrunch 

 

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Hong Kong Listed ZTE to Pay $1 Billion Fine to Resolve US Trade Ban

Hong Kong Listed ZTE to Pay $1 Billion Fine to Resolve US Trade Ban

ZTE, the 2nd largest telecommunications equipment maker in China and listed on Hong Kong Stock Exchange, will pay $1 billion in fine to resolve its trade ban in the United States.

” Hong Kong listed ZTE to Pay $1 Billion Fine to Resolve US Trade Ban “

In April 2018, a 7 years export ban was imposed on ZTE  by the United States government for supplying U.S. technologies to countries (Iran and North Korea) sanctioned by the United States.  The 7 years ban means ZTE will not be able to buy components and technology from U.S. companies such as Qualcomm and Intel, crippling its major operations.  In 2017, ZTE had paid almost $900 million in settlements after admitting to violating trade restrictions by shipping products with United States technology to countries including Iran in 2016.

On 17th April 2018, a day after the 7 years ban was imposed by the United States, ZTE suspended trading of its share on the Hong Kong Stock Exchange and froze all major operations.  Prior to ZTE’s stock suspension in Hong Kong, ZTE has a market capitalisation that exceeds $20 billion.

Source: TWI, Reuters, Bloomberg, Fortune

 

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Early Investor and CEO of China Online Job Portal 51job Rick Yan is Worth $1.5 Billion after Stock Surge

Early Investor and CEO of China Online Job Portal 51job Rick Yan is Worth $1.5 Billion after Stock Surge

Early investor and CEO of China online job portal 51job Rick Yan, is worth $1.5 Billion after 51job Inc (Nasdaq: JOBS) stock doubled to more than $7 billion in market value in the last 7 months.  Rick Yan owns 20.8% of 51job Inc, one of China’s largest online recruiting and human resources businesses.

” Early Investor and CEO of China Online Job Portal 51job Rick Yan is Worth $1.5 Billion after Stock Surge “

An early investor and advisor of 51job at inception in 1998, Rick Yan had joined 51job as CEO in April 2000.  Prior to the role, he was with management consulting firm, Bain & Company between 1989 to 2000 and is regarded as an expert in the consumer products and technology sectors.  Born in Hong Kong, Rick received his Bachelor of Engineering degree and Master of Philosophy degree from the University of Hong Kong and Master of Business Administration degree from INSEAD in France.

51job Inc is a leading human resource solutions provider in China, offering a broad array of services in the areas of recruitment solutions, training and assessment, and HR outsourcing and consulting services.  51job.com is the leading recruitment website in China, with the most registered members (over 100 million), the largest resume database (100 million), and the highest peak traffic (over 300 million average daily page views). On average, there are over 5 million job postings online, and approximately 42 million applications are delivered through 51job.com to potential employers every week.  It owns brands including an executive search, YingJieSheng.com (for graduates and students in China) and 51jingying.com (online professional networking).  51job was founded in 1998 by Norman Lui.

 

Source: SCMP, Bloomberg, Insead, 51job

 

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