Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse (Hong Kong) has agreed to pay US authorities $47 million to resolve investigations of the Swiss bank hiring practices in Asia-Pacific.

” Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific “

The United States Department of Justice (DoJ) were investigating if Credit Suisse (Hong Kong) had hired relatives of government officials or powerful executives in Asia to increase chances of getting businesses & deals between 2007 to 2013.  These hiring practices would have infringed the U.S. Foreign Corrupt Practices Act.

The $47 million settlement to the United States Department of Justice (DoJ) is a non-prosecution agreement to resolve the case, and no criminal charges have been brought against the bank.  Other banks have also made settlements with U.S. authorities including JP Morgan paying more than $260 million in 2017.

Source: Credit Suisse, Reuters, Bloomberg

 

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Microsoft Buys Coding Platform Github for $7.5 Billion and Creates 3 New Billionaires

Microsoft Buys Coding Platform Github for $7.5 Billion and Creates 3 New Billionaires

Microsoft has reached an agreement to buy coding platform Github for $7.5 Billion, making the 3 co-founders of Github billionaires.  The 3 co-founders Tom Preston-Werner, Chris Wanstrath and PJ Hyett and the remaining shareholders will receive $7.5 billion in Microsoft shares.  The transaction will also make each of the 3 co-founders, one of the largest individual shareholder of Microsoft.

“Microsoft Buys Coding Platform Github for $7.5 Billion and Creates 3 New Billionaires”

Founded in 2008 by Tom Preston-Werner, Chris Wanstrath and PJ Hyett, GitHub is the world’s leading software development platform with more than 28 million developers on the platform.  Microsoft is the world’s largest software company founded by Bill Gates and Paul Allen in 1975.  The founder Bill Gates, is the world’s richest man with a personal fortune exceeding $90 billion.

The acquisition is expected to close by the end of 2018.

Source: Microsoft, Github, Bloomberg

 

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China International Star and Actress Fan Bingbing Probed for Evading Tax 

China International Star and Actress Fan Bingbing Probed for Evading Tax 

China’s most recognised international star and 36 year-old-actress Fang Bingbing is being investigated by China tax authorities in the city of Wuxi in Jiangsu province for possibly using dual-contracts to reduce income tax.

“China International Star and Actress Fan Bingbing Probed for Evading Tax”

A former CCTV anchor had posted screenshots of 2 contracts on his social media account, Weibo, triggering investigations into dual-contract practices in the entertainment industry.  Both contracts were implied to belong to Fan Bingbing, with one contract showing a 60 million yuan ($9.36 million) contract and another showing a 10 million yuan ($1.56 million) contract.  Dual-contracts are sometimes used to reduce legal risks, tax payable or to evade tax.

In the 2017 Forbes China Celebrity list, she is listed as the highest paid actress in China earning an estimated 300 million yuan ($46.82 million).  Already China’s superstar,  she starred in Hollywood movie X-Men: Days of Future Past in 2014.

Source: Yicai, Caixin, SCMP, Forbes

 

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14 Billionaires Including Founder of Infosys and Linkedin Pledged More than 50% of their Wealth to Charitable Causes

14 Billionaires Including Founder of Infosys and Linkedin Pledged More than 50% of their Wealth to Charitable Causes

14 billionaires including Nandan Nilekani, Chairman and co-founder of Infosys, India’s top 10 largest company and co-founder of Linkedin Reid Hoffman have pledged to give more than 50% of their wealth to charitable causes in their life or will.  Their commitment to pledge 50% of their wealth is part of the Giving Pledge that began in 2010 with 40 American philanthropists.

” 14 Billionaires Including Founder of Infosys and Linkedin Pledged More than 50% of their Wealth to Charitable Causes “

In August 2010, 2 of the world’s richest individuals Bill Gates & his wife Melinda Gates and Warren Buffett created the Giving Pledge together with 40 of America’s wealthiest.  The Giving Pledge gathers billionaires or those who would be billionaires to give more than half of their wealth to charitable causes during their lifetimes or in their will.

Since 2010 and in the 8th year in 2018, there are 183 billionaire givers from 22 countries to the Giving Pledge with the announcement of the 14 new pledges from billionaires around the world.  Ranging in age from their 30s to their 90s, they come from 22 countries in Australia, Brazil, Canada, China (mainland and Taiwan), Cyprus, Germany, India, Indonesia, Israel, Malaysia, Monaco, Norway, Russia, Saudi Arabia, Slovenia, South Africa, Tanzania, Turkey, Ukraine, UAE, the United Kingdom, and the United States.

14 new billionaires announced on 30th May 2018:

  1. Aneel and Allison Bhusri, United States | Aneel Bhusri is co-founder and CEO of Workday
  2. David G. Booth, United States | David Booth founder of Dimensional Fund Advisors
  3. Charles Butt, United States | Charles Butt CEO of H-E-B
  4. Garrett Camp, Canada | Garrett Camp Founder and CEO of Expo
  5. Candy and Charlie Ergen, United States | Charlie Ergen co-founder and Chairman of Dish Network and EchoStar
  6. Mario and Regina Gabelli, United States | Mario Gabelli Chairman and CEO of GAMCO Investors
  7. Orion and Jackie Hindawi, United States | Orion Hindawi co-founder of Tanium
  8. Reid Hoffman and Michelle Yee, United States | Reid Hoffman co-Founder of LinkedIn and Partner at Greylock Partners
  9. Badr Jafar and Razan Al Mubarak, UAE | Badr Jafar CEO of Crescent Enterprises and President of Crescent Petroleum
  10. Richard and Melanie Lundquist, United States | Owners of Continental Development Corporation
  11. Rohini and Nandan Nilekani, India | Nandan Nilekani co-Founder and Chairman of Infosys
  12. Ernest and Evelyn Rady, United States | Ernest Rady President and CEO of American Assets Trust
  13. Dr. B.R. Shetty and Dr. C.R. Shetty, UAE| Dr. B.R. Shetty founder of NMC Health plc
  14. Shamsheer and Shabeena Vayalil, UAE and India | Dr. Shamsheer Vayalil founder and MD VPS Healthcare

Source: Giving Pledge

 

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Billionaire and Chelsea Owner Roman Abramovich Becomes Israel Citizen after Visa Delays in UK

Billionaire and Chelsea Owner Roman Abramovich Becomes Israel Citizen after Visa Delays in UK

Russian billionaire and Chelsea football club owner Roman Abramovich has become an Israel citizen after facing delays in renewing his visa in the United Kingdom.  Facing difficulties in renewing his visa, he decided to move to Tel Aviv in Israel 15 years after having first invested in English Premier League football club, Chelsea in 2003.

” Billionaire and Chelsea Owner Roman Abramovich Becomes Israel Citizen after Visa Delays in UK “

Roman Abramovich’s family is Jewish and are from Lithuania.  He is one of Russia’s richest man and now Israel’s richest man, with a personal fortune exceeding $10 billion.  A business tycoon, he is best known outside Russia as the owner for Chelsea .  He was also the governor of Chukotka in Russia from 2000 to 2008.  Since 2009, he has donated more than $2 billions to build schools, hospitals and infrastructure in Chukotka.

The Israel’s interior ministry has confirmed the citizenship on a local television.  Israel’s Law of Return passed on 5th July 1950, grants Jews the right to live and gain Israeli citizenship.  According to Al Jazeera, a major news network that is owned by the government of Qatar, any Jew can immediately received a Passport.

Source: Al Jazeera, The Guardian, Telegraph

 

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Deutsche Bank Cuts 7,000 Jobs, 7.2% of Global Headcount

Deutsche Bank Cuts 7,000 Jobs, 7.2% of Global Headcount

Deutsche Bank has announced a reduction of more than 7,000 jobs or 7.2% of global headcount, reducing Germany’s leading bank and world’s leading bank headcount from 97,000 to below 90,000.  In its Equities Sales & Trading business, about 25% of headcount will be reduced.

” Deutsche Bank Cuts 7,000 Jobs, 7.2% of Global Headcount “

The restructuring will allow the German bank to accelerate the pace of cost reduction across the bank, and a decrease in leverage exposure in the Corporate & Investment Bank.  At the end of Q1 2018, the corporate & investment bank have exposure of over €100 billion, or approximately 10% of Deutsche bank €1,050 billion of leverage exposure.

Source: Deutsche Bank, Reuters, Bloomberg

 

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China ZTE Suspends Major Operations after US Government Imposed 7 Years Trade Ban

China ZTE Suspends Major Operations after US Government Imposed 7 Years Trade Ban

China’s 2nd largest telecom equipment maker, ZTE Corp has suspended all major operations after a 7 years export ban was imposed on the company by the United States government on 16th April 2018.  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.

” China ZTE Suspends Major Operations after US Government Imposed 7 Years Trade Ban “

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.  ZTE is actively communicating with the United States government to reverse or modify the ban.

ZTE is one of the world’s largest telecom equipment makers alongside Huawei.  The company was founded in 1985 as Zhongxing Semiconductor Co.

Source: ZTE, SCMP, Reuters, Bloomberg

 

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World’s Top Private Equity KKR Changes from Partnership Structure to Corporation

World’s Top Private Equity KKR Changes from Partnership Structure to Corporation

The world’s top private equity firm, KKR has announced changes from a partnership structure to corporation, with effect from 1st July 2018.  The change will attract more index, ETF and mutual funds investors into KKR, and potentially be included in indexes and widening its investor base.

“World’s Top Private Equity KKR Changes from Partnership Structure to Corporation”

In the existing partnership structure, KKR pays corporate taxes only on revenue of management fees charged to investors, and not including performance fees.  In the new corporate structure, the firm will pay taxes on all revenue (Corporate tax in United States was lowered from 35% to 21%).

Earlier in 2018, Ares Management, one of the world’s largest alternative asset manager with $112 billion AUM, have moved from a partnership structure to a corporate structure.  In the latest Q1 2018 financial report, KKR manages $176 billion AUM.

Source: KKR, Bloomberg, Reuters

 

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Ping An Good Doctor Raised $1.12 Billion for IPO in Hong Kong

Ping An Good Doctor Raised $1.12 Billion for IPO in Hong Kong

Ping An Good Doctor, China’s largest online healthcare platform and a business unit of Ping An Insurance, has raised $1.1 billion (HK$ 8.77 billion) for an IPO in Hong Kong.  It is expected to be priced at the top end of the HK$50.8 – HK$54.8 price range and to begin trading on the   Hong Kong stock exchange on the 4th of May 2018.

” Ping An Good Doctor Raised $1.12 Billion for IPO in Hong Kong “

Ping An Healthcare and Technology, known as Ping An Good Doctor in China, operates the largest internet healthcare platform in China, providing on-demand healthcare through its mobile platform.  In 2017, it has 192.8 million registered users, 888 in-house medical personnel and 370,000 daily consultations.  The healthcare platform have also established a nationwide network of healthcare service providers with 3,100 hospitals, 1,100 health check-up centers, 500 dental clinics and 7,500 pharmacy outlets.

The IPO of Ping An Good Doctor is one of the hottest in recent years, with brokers extending an unprecedented $20.3 billion (HK$160 billion) to retail clients in margin loans. The IPO is the biggest by an internet-based business since ZhongAn Online P&C Insurance’s HK$11.9 billion IPO in Hong Kong in September 2017. The capital raised is expected to fund acquisitions, strategic alliances and for research and development.

The key investors are global asset managers, BlackRock and Capital Group, Singapore and Malaysia’s sovereign wealth fund GIC and Khazanah Nasional, Canada Pension Plan Investment Board and a subsidiary of Thailand’s billionaire Charoen’s CP Group.  Citigroup Inc and JP Morgan Chase are the joint sponsors.

Source: HKSE, Reuters, SCMP

 

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Singapore SWF Temasek to Buy 3.6% of Bayer for $3.6 Billion

Singapore SWF Temasek to Buy 3.6% of Bayer for $3.6 Billion

The Sovereign Wealth Fund of Singapore Temasek Holdings with $208 billion managed assets, has agreed to buy 3.6% of German life science company Bayer for $3.6 Billion (Euro 3 Billion).  The German company is currently preparing the final stages of their $66 billion acquisition of leading global seed producer Monsanto.  Temasek will subscribe to 31 million new shares (3.6%) of Bayer, giving it about 4% shareholding, including existing shares.

” Singapore SWF Temasek to Buy 3.6% of Bayer for $3.6 Billion “

Bayer is a global life science enterprise in the field of health care and agriculture, employing almost 100,00 people worldwide and generating Euro 35 billion in sales in 2017.  In recent years, there has been major consolidations in the industry with the $130 billion merger of Dow Chemical Co. and DuPont Co, and China National Chemical Corporation (ChemChina) $43 billion acquisition of Syngenta AG.

Source: Bayer, Bloomberg, Reuters

 

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About Bayer

Bayer is a global enterprise with core competencies in the life science fields of health care and agriculture. Its products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer is committed to the principles of sustainable development and to its social and ethical responsibilities as a corporate citizen. In fiscal 2017, the Group employed around 99,800 people and had sales of 35.0 billion euros. Capital expenditures amounted to 2.4 billion euros, R&D expenses to 4.5 billion euros.

Visit: Bayer.com

 

 


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