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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Crown Resorts Owner & Australian Billionaire James Packer Quits 22 Boards as He Battles Mental Health Issues

Crown Resorts Owner & Australian Billionaire James Packer Quits 22 Boards as He Battles Mental Health Issues

Crown Resorts owner & Australian billionaire James Packer has quit directorship on 22 boards in Australia as he battles mental health issues.  On 27th June 2018, he resigned from his private holding company, Consolidated Press Holdings (CPH) and subsequently another 21 board directorships.

” Crown Resorts Owner & Australian Billionaire James Packer Quits 22 Boards as He Battles Mental Health Issues “

James Packer has an estimated fortune of more than $4 billion and is Australia’s top 10 wealthiest person. In March 2018, he had resigned as director of Crown Resorts and in recent times, has been battling business and personal issues.  He was linked to a corruption scandal involving Israeli Prime Minister Benjamin Netanyahu, who is being investigated for receiving lavish gifts from businessmen including James Packer.  In Australia, he reportedly had $2.3 billion of debt at CPH & over $3 billion of debt at Crown, and exited his casino business in Macau after investigation & fines by Chinese authorities.

In 2015, after almost 10 years of negotiating, a settlement was reached with his elder sister, Gretel Packer over his late father’s $1.25 billion will.  In 2017, he ended his relationship & engagement with pop star Mariah Carey and made a settlement of more than a few million dollars to her.

James Packer, born in 1967 and age 50, is the son of the late Australian media mogul Kerry Packer who founded Publishing and Broadcasting Limited, and inherited Consolidated Press Holdings.  Crown Resorts was founded in 2007 through a divestment from Publishing and Broadcasting Limited.

Source: ABC, Reuters, TWI

 

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English Football Club Arsenal Tricked in Bogus $176,000 Chinese Largest Electric Carmaker BYD Sponsorship Deal

English Football Club Arsenal Tricked in Bogus $176,000 Chinese Largest Electric Carmaker BYD Sponsorship Deal

English premier league football club Arsenal has been tricked in a bogus $176,000 (CNY 1.2 million) “official car and bus partner” sponsorship deal with Chinese largest electric carmaker, BYD.

” English Football Club Arsenal Tricked in Bogus $176,000 Chinese Largest Electric Carmaker BYD Sponsorship Deal “

The fraudsters Li Juan and Chen Zhenyu have tricked at least 30 companies by representing BYD and sign fradulent sponsorship deals of around $177 million (CNY 1.2 billion) in the name of BYD.  They have been reported to have been arrested by Chinese police.

BYD (Build Your Dreams) was founded in 1995 and is a listed company on Hong Kong Stock Exchange and Shenzhen Stock Exchange with a market capitalisation of more than $16 billion (18/7/2018). The company is the IT industry, with businesses in rechargeable battery, handset and computer components and assembly services, automobile business in traditional fuel-powered vehicles and new energy vehicles.  The company also actively develop new energy products such as rail transit, solar farm, energy storage station, electric vehicles, LED, electric forklift.  BYD has nearly 220,000 employees and 30 industrial parks worldwide.  The company was founded as a rechargeable battery company by Wang Chuanfu.  He is a billionaire and is estimated to be worth almost $3.8 billion (Forbes).

Arsenal Football Club is one of the leading football club in England alongside Manchester United, Liverpool and Chelsea.  The club has 1.9 million members (Red & Digital members) and 38 million Facebook fans.  In 2016/2017, the football club reported revenue of $553 million (£424.0 million).  It is valued at $2.238 billion and ranked #39 in the 50 most valuable sports teams of 2018 by Forbes.

< Arsenal have issued the following statement:

BYD has informed Arsenal that they believe they have been the victim of a fraud in relation to various advertising agreements. This includes our partnership with BYD which was formally launched by both parties at an event at Emirates Stadium on 8th May. We are investigating the situation and discussing it with senior level BYD representatives who were involved in the launch of the partnership. We will make no further comments on this matter. >

Source: Arsenal, Caixin, BBC, The Sun, Forbes

 

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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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UAE Court Drops Charges over $48.2 Million Bounced Cheque Against Founder of Middle East Largest Private Equity Abraaj Group

UAE Court Drops Charges over $48.2 Million Bounced Cheque Against Founder of Middle East Largest Private Equity Abraaj Group

The UAE court has dropped charges over a $48.2 million bounced cheque against Arif Naqvi, founder of  Middle East largest private equity group, Abraaj Group.

” UAE Court Drops Charges over $48.2 Million Bounced Cheque Against Founder of Middle East Largest Private Equity Abraaj Group “

Hamid Jafar, a businessman and also founding shareholder of Abraaj Group, had requested the UAW court to drop the proceedings against Arif Naqvi, founder of Abraaj Group.  The $48.2 million bounced cheque is reported to be part of a settlement of $300 million loan from Hamid Jafar to Arif Naqvi.

In June 2018, Abraaj Group with $13.6 billion AUM has filed for restructuring in the Cayman Islands to facilitate the orderly restructuring of the firm.

The restructuring filing is to stop legal action by Kuwait’s pension fund, Kuwait Public Institution for Social Security (PIFSS) and other creditors who are seeking the liquidation and winding up of Abraaj for non-payment of debt.  Investors including Bill & Melinda Gates Foundation through accountants had also uncovered lapses in control in the usage of funds.  The appointment of provisional liquidators (PwC) imposes a moratorium (temporarily restriction) of all claims against Abraaj, allowing an orderly restructuring process.

The Abraaj Group is Middle East’s biggest private equity firm with $13.6 billion AUM, $8.1 billion in deployed capital in over 200 investments and had exited more than 100 investments totalling $6.8 billion (data as of 30th June 2017).  The firm specialises in private equity, private credit, impact investing and real estate and invest into growth markets across Africa, Asia, Latin America, the Middle East and Turkey.

The Abraaj Group was founded in 2002 by Pakistani Arif Naqvi in 2002 with $60 million.  He grew the firm into Middle East’s biggest private equity firm with $13.6 billion AUM in 2017, presence in over 20 country offices and 5 regional hubs in Dubai, Istanbul, Mexico City, Nairobi and Singapore.

Source: FTThe NationalWSJ , TWI

 

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Hong Kong Central Bank Fines Citi Hong Kong $500,000 for Routing Non-Qualified Clients to Dark Pool Trades

Hong Kong Central Bank Fines Citi Hong Kong $500,000 for Routing Non-Qualified Clients to Dark Pool Trades

Hong Kong central bank, Hong Kong Monetary Authority (HKMA) has fined Citi in Hong Kong $500,000 (HK$4 Million) for routing non-qualified clients to “dark pool” trades.

” Hong Kong Central Bank Fines Citi Hong Kong $500,000 for Routing Non-Qualified Clients to Dark Pool Trades “

Between 2016 to 2017, a review was donated on the alternative liquidity pools, known as Citi Match in Citigroup Global Markets Asia Limited.  The bank system had defaulted certain clients as allowed to match trades in Citi Match, when their orders should not have been enabled access to ALP. In August 2016, it was discovered that the default setting of over 470 clients was incorrect and the orders of over 130 clients were routed to Citi Match for execution.  The clients were not assessed if they are qualified investors and, therefore did not provide them with the ALP Guidelines.  (All affected clients qualified investors.)

“Dark pool” trades are officially known as alternative liquidity pools in Hong Kong.  The platform allows investors to trade shares anonymously, with information of their orders being spread and affecting the price.

Source: HKMA, Reuters, SCMP

 

 

 

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Hong Kong Billionaire Henry Cheng & Family Buys Irish Plane Lessor for $2.8 Billion

Hong Kong Billionaire Henry Cheng & Family Buys Irish Plane Lessor for $2.8 Billion

Hong Kong billionaire and business tycoon Henry Cheng & family, has acquired Irish plane-lessor Sky Aviation Leasing for $2.8 billion through its subsidiary Goshawk Aviation.  Goshawk Aviation is owned by 2 of Hong Kong’s largest business conglomerates and public-listed companies, Chow Tai Fook (best known for its jewellery business) and NWS Holdings.

” Hong Kong Billionaire Henry Cheng Buys Irish Plane Lessor for $2.8 Billion “

The acquisition of Irish plane-lessor Sky Aviation Leasing, will add 51 planes to Goshawk Aviation to form a total fleet of 183 planes.  The total value of the fleet will be $9.1 billion, and will set Goshawk Aviation to become a top 10 aircraft lessor in 5 years.  Sky Aviation Leasing is owned by Canadian pension fund, the Public Sector Pension Investment Board and private-equity firm ATL Partners.  The transaction is financed through unsecured debt financing and funds from Goshawk main shareholders Chow Tai Fook and NWS Holdings.

Goshawk Aviation is founded in 2013 as a full-service aircraft leasing platform.  It is headquartered in Dublin, Ireland with an Asian regional office in Hong Kong.  The shareholders are public-listed companies in Hong Kong, Chow Tai Fook Enterprises Limited and NWS Holdings Limited.  Both companies are owned by the late Dato’ Dr. Cheng Yu Tung (1925-2016) and family, and now headed by his eldest son, Henry Cheng.

In 2016,  the late Dato’ Dr. Cheng Yu Tung (1925-2016) has an estimated personal net worth of more than $16 billion, and is one of Hong Kong’s wealthiest and most successful businessman.  New World Development Company and NWS Holdings are founded by his eldest son, Henry Cheng, and is estimated to have a net worth of more than $16 billion.

  • Chow Tai Fook (Market Cap $10.52 billion) is owned by the late Dato’ Dr. Cheng Yu Tung and family.
  • Chow Tai Fook is also the controlling shareholder of New World Development Company (Market Cap $14.24 billion), a listed conglomerate in Hong Kong.
  • NWS Holdings (Market Cap $6.84 billion) is the infrastructure and service flagship business of New World Development Company, and is also listed in Hong Kong.

Source: GoshawkBloomberg, The Irish 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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Chinese Top Actress Shu Qi Buys $16.23 Million Apartment in Hong Kong Mid-Levels West

Chinese Top Actress Shu Qi Buys $16.23 Million Apartment in Hong Kong Mid-Levels West

Chinese top actress Shu Qi has bought a $16.23 Million (HK$ 127.5 million) apartment in Hong Kong’s Mid-Levels West in June 2018.  The apartment is a duplex (2,499 sq ft) at yoo 18 Bonham in the luxury residential area in Mid-Levels West.  Mid-Levels West is located near Soho, Lan Kwai Fong and top education institutions including University of Hong Kong, King’s College, St. Paul’s College, Ying Wa Girls’ School and St. Stephen’s Girls’ College.

” Chinese Top Actress Shu Qi Buys $16.23 Million Apartment in Hong Kong Mid-Levels West “

The luxury development, yoo 18 Bonham, has only 12 large luxury residential flats, with 3 simplexes, 8 duplexes and 1 single triplex ranging from 1,200 to 3,700 sq ft.  Each unit at yoo 18 Bonham has 2 lifts (a main lift & a service lift).  The triplex and each duplex have 2 private lift lobbies, while each simplex has one private lift lobby.  The upper floor units offer a 270-degree panoramic view of Victoria Harbour.  The project was developed by YOO Studio founded by John Hitchcox and Phillippe Starck in 1999.  YOO Studio has developed 82 projects across 57 cities in 24 countries.

Shu Qi is one of China’s top actress and in the 2017 Forbes China Celebrity List, she was ranked 48th with earnings of $6.81 million (CNY 45 million).  She was born in 1976 (age 42) in Taiwan, and had relocated to Hong Kong to develop her movie career.

Source: SCMP, JLL, Forbes

 

2017 Forbes China Celebrity List: Selected

Rank Name USD CNY
1 Fan Bingbing $45.5 Million 300 Million
2 Lu Han $31.9 Million 210 Million
3 Yang Mi $30.3 Million 200 Million
7 Jackie $50.1 Million 330 Million
8 Angelababy $33.4 Million 220 Million
9 Jay Chou $39.4 Million 260 Million
23 Liu Yifei $6.1 Million 40 Million
27 Andy Lau $21.2 Million 140 Million
28 Zhao Wei $6.1 Million 40 Million
29 Li Bingbing $12.9 Million 85 Million
32 Lin Chi-Ling $22.0 Million 145 Million
45 Faye Wong $13.7 Million 90 Million
48 Shu Qi $6.8 Million 45 Million
57 Jacky Cheung $18.2 Million 120 Million
58 Eason Chan $13.7 Million 90 Million
59 Donnie Yen $14.4 Million 95 Million
61 Louis Koo $16.7 Million 110 Million
65 Show Lo $12.1 Million 80 Million
66 Tony  Leung $12.1 Million 80 Million
68 Ruby Lin $6.1 Million 40 Million
82 Carina Lau $9.1 Million 60 Million
84 Nicholas Tse $9.1 Million 60 Million
85 Aaron Kwok $8.3 Million 55 Million
97 A Mei $11.4 Million 75 Million
98 Zhang Yimou $6.1 Million 40 Million

 

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