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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CEO of Brazil Largest Oil Company Petrobas Resigns in Nation-wide Diesel Crisis

CEO of Brazil Largest Oil Company Petrobas Resigns in Nation-wide Diesel Crisis

The CEO of Brazil’s largest oil company and world’s leading oil producer Petrobas, Pedro Parente has resigned as truckers went on a nation-wide strike against the high cost of fuel prices.

” CEO of Brazil Largest Oil Company Petrobas Resigns in Nation-wide Diesel Crisis “

Pedro Parente became the CEO of Brazil’s state-owned enterprise Petrobas in 2016, and quickly restructured the scandal-hit company into profitability by selling assets, reducing costs and advocating fuel prices to follow international rates.  This resulted in higher cost of fuel, and leading truck drivers to protest against the high cost of diesel.

Petrobas (Petroleo Brasileiro S.A) is one of the world’s top 10 oil producer alongside leading oil producers such as Chevron, BP, Total and Gazprom, producing 2.76 million barrels of oil equivalent a day.

Source: Reuters, Bloomberg, Petrobas

 

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Xiaomi Targets $70 Billion Valuation and Hong Kong IPO in July 2018 

Xiaomi Targets $70 Billion Valuation and Hong Kong IPO in July 2018 

Xiaomi, the world’s 4th largest smartphone maker is targeting an IPO on the Hong Kong Stock Exchange in early to mid July 2018, raising $10 billion in capital for a rumoured $70 billion to $100 billion valuation.

” Xiaomi Targets $70 Billion Valuation and Hong Kong IPO in July 2018 ”

Xiaomi is founded in 2010 by Lei Jun and 7 other co-founders.  It  is the 4th largest smartphone player by market share, behind Apple, Samsung and Huawei.  In 2017, the smartphone maker sold 91.4 million smartphones, generated revenue of $18.09 billion (CNY 114.6 billion) and incurred a net loss of $6.93 billion (CNY 43.9 billion).

In the IPO filing under the new Hong Kong listing rule, Xiaomi will have weighted voting rights (WVR) structure, or dual-class shares.  The dual-class share will give greater power to founding shareholders, even with minority shareholding.  At the moment, Lei Jun owns 31.4%  shareholding of Xiaomi while Lin Bin holds 13.3%.

Source: Bloomberg, Reuters, The Wealth Insider

 

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The Only White Gold Vintage Rolex Daytona Watch Sold for $5.99 Million at Charity Auction

The Only White Gold Vintage Rolex Daytona Watch Sold for $5.99 Million at Charity Auction

The only white gold vintage Rolex Daytona “The Unicorn” had been sold for $5.99 million (CHF 5.93 million) at an auction in a charity event for children, the 2nd most expensive Rolex every sold at an auction.  The Unicorn is manufactured around 1970, cased in 18 karat white gold and is likely to be the rarest and most luxurious Cosmograph Daytona manufactured by Rolex.

” The Only White Gold Vintage Rolex Daytona Watch Sold for $5.99 Million Charity Auction “

The watch is donated by famed watch collector John Goldberger, had a starting estimate of CHF 3 million through a Phillips auction.  It was sold for $5.99 million (CHF 5.93 million), with the proceeds of the sale of to the charity Children Action.  The most expensive wristwatch ever sold is a Rolex Daytona sold in 2017 for $17.8 million.

Source: Phillips, CNBC

 

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About Phillips

Phillips is a leading global platform for buying and selling 20th and 21st century art and design. With dedicated expertise in the areas of 20th Century and Contemporary Art, Design, Photographs, Editions, Watches, and Jewelry, Phillips offers professional services and advice on all aspects of collecting. Auctions and exhibitions are held at salerooms in New York, London, Geneva, and Hong Kong, while clients are further served through representative offices based throughout Europe, the United States and Asia. Phillips also offers an online auction platform accessible anywhere in the world.  In addition to providing selling and buying opportunities through auction, Phillips brokers private sales and offers assistance with appraisals, valuations, and other financial services.

Visit: www.phillips.com


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South Korean Conglomerate LG Group Chairman Koo Bon-moo Dies at Age 73 from Illness

South Korean Conglomerate LG Group Chairman Koo Bon-moo Dies at Age 73 from Illness

LG Group Chairman, Koo Bon-moo has died at the age of 73 on the 2oth May 2018, after battling a brain disease for over a year and opting not to be on life support.

” South Korean Conglomerate LG Group Chairman Koo Bon-moo Dies at Age 73 from Illness “

Koo Bon-moo is the 3rd generation family member of LG Group and with estimated net worth of more than $2 billion, becoming the chairman of LG at the age of 50 in 1995.  Founded in 1958, the group was  renamed from Lucky Goldstar to LG in 1995 after a corporate merger. Koo Bon-moo led LG Group to become the 4th largest South Korean conglomerate and one of South Korean most successful company internationally alongside Samsung.   Today, LG Electronics is a global leader and technology innovator in consumer electronics, mobile communications and home appliances, employing 75,000 people working in 118 locations around the world.

The new chairman will be Koo Kwang-mo, a 4th generation of LG Group’s controlling family.  The now decreased Koo Bon-moo has adopted Koo Kwang-mo from his younger brother Koo Bon-neung in 2004, after his only son had died in a car accident.

Source: Reuters, Bloomberg

 

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Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals

Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals

Cambridge Analytica has filed for Chapter 7 bankruptcy in the United States after announcing that it had lost most of its clients for using data from 87 million Facebook users to influence the 2016 US election.  It is facing lawsuits in the United States over Facebook data collection and in the filing, listed assets of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million.

” Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals “

Cambridge Analytica was founded in 2013, and uses data to help commercial and political divisions change audience behavior.  The board includes Rebekah Mercer and Jennifer Mercer, daughters of billionaire Robert Mercer and co-CEO of Renaissance Technologies, one of the world’s largest hedge fund.

In the United States, Chapter 7 bankruptcy filing means the debtor’s assets are sold to pay the lenders (creditors) while in Chapter 11, the debtor will restructure with creditors to ensure the orderly regroup or disposal of assets.

Source: SCMP, ReutersCambridge Analytica

 

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Australia Scientist Dies at Age 104 in Assisted Suicide in Switzerland

Australia Scientist Dies at Age 104 in Assisted Suicide in Switzerland

Australian scientist, botanist and ecologist, David Goodall has died at the age of 104 in an assisted suicide in an euthanasia clinic through Life Circle, a Basel-based organization that helps foreigners with the euthanasia process in Switzerland.

” Australia Scientist Dies at Age 104 in Assisted Suicide in Switzerland “

David Goodall had flew from Australia to Switzerland for euthanasia, as the process is illegal in Australia.  The assisted suicide will be legalised in the Australian state of Victoria, but only from June 2019 and only for terminally ill patients of sound mind and a life expectancy of less than 6 months.  His quality of life had deteriorated, and in 2016 at the age of 102, the then-Professor was determined to be no longer fit to be at the university he was working at.

Born in 1914 in Britain and migrated to Australia in 1948 at the age of 34, his last moments on the 10th of May 2018 at age 104 was with his relatives and to the tune of Beethoven’s Ode to Joy.  His life ended in 2 minutes after the injection of Nembutal was given at the clinic in Basel in Switzerland.

Source: ABC, Telegraph

 

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Rolls-Royce Releases The Cullinan – First Ever SUV Priced at $325,000

Rolls-Royce Releases The Cullinan – First Ever SUV Priced at $325,000

Rolls-Royce has released its first ever SUV, the Cullinan on the 10th May 2018.  Priced at $325,000, it is named after the  Cullinan diamond, the largest raw diamond discovered at 3,106.75 carats (621.35 g).

” Rolls-Royce Releases The Cullinan – First Ever SUV Priced at $325,000 “

The Rolls-Royce Cullinan has a 6.75 litre twin-turbo V12 Rolls-Royce engine, with an all-new all-wheel drive, all-wheel steer system.  The luxury SUV has two individual rear seats, separated by a centre console with a drinks cabinet packed with Rolls-Royce whisky glasses and decanter, champagne flutes and a refrigerator.

The Cullinan diamond was discovered in a mine in Cullinan, South Africa in 1905 and named after Thomas Cullinan, chairman of the mine. The  diamond was presented to the King Edward VII in 1907, and has since been handed down the generations of the British royal family.

Source: Rolls-Royce

 

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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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China Smartphone Maker Xiaomi Files for IPO in Hong Kong

China Smartphone Maker Xiaomi Files for IPO in Hong Kong

China smartphone maker Xiaomi Corp. has filed for an IPO in Hong Kong, in what is expected to be the biggest IPO since Alibaba Group raising $25 billion its IPO in 2014 .  The market is anticipating at least $10 billion to be raised by Xiaomi, valuing the 8 year old company at more than $100 billion.  At $100 billion valuation, it will be China’s 3rd largest technology company after Alibaba and Tencent.

” China Smartphone Maker Xiaomi Files for IPO in Hong Kong “

Xiaomi is founded in 2010 by Lei Jun and 7 other co-founders.  It  is the 4th largest smartphone player by market share, behind Apple, Samsung and Huawei.  In 2017, the smartphone maker sold 91.4 million smartphones, generated revenue of $18.09 billion (CNY 114.6 billion) and incurred a net loss of $6.93 billion (CNY 43.9 billion).

In the IPO filing under the new Hong Kong listing rule, Xiaomi will have weighted voting rights (WVR) structure, or dual-class shares.  The dual-class share will give greater power to founding shareholders, even with minority shareholding.  At the moment, Lei Jun owns 31.4%  shareholding of Xiaomi while Lin Bin holds 13.3%.

Source: SCMP, Bloomberg, Reuters

 

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