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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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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Hollywood Star George Clooney is Best Paid Actor with $239 Million Earnings in 2017/2018

Hollywood Star George Clooney is Best Paid Actor with $239 Million Earnings in 2017/2018

Hollywood star George Clooney is the best paid actor in the world with $239 million earnings in 2017/2018 ( June 2017 – May 2018), in the list of the world’s 100 highest-paid entertainers by Forbes.  The highest paid celebrity is boxer Floyd Mayweather (#1) with $285 million earnings while there are 2 Asians on the top 100 list with Jackie Chan (joint #49) with $45.5 million earnings and Bollywood actor Salman Khan (#82) with $37.7 million earnings.

” Hollywood Star George Clooney is Best Paid Actor with $239 Million Earnings in 2017/2018 “

George Clooney is a Hollywood A-list celebrity and is most known for his roles in the ‘Ocean’s Eleven’ films, with Brad Pitt, Julia Roberts and Matt Damon.  He also received an Oscar for his performance in ‘Syriana.’

George Clooney (Age 57) was born in 1961 in Kentucky, United States.  He was born into a family of entertainers with his father being a television personality and news anchor, while his aunt was a singer and actress.

 

Forbes Top 10 highest paid celebrities:

  1. Floyd Mayweather – $285 million
  2. George Clooney – $239 million
  3. Kylie Jenner – $166.5 million
  4. Judy Sheindlin – $147 million
  5. Dwayne Johnson – $124 million
  6. U2 – $118 million
  7. Coldplay – $115.5 million
  8. Lionel Messi – $111 million
  9. Ed Sheeran – $110 million
  10. Cristiano Ronaldo – $108 million

 

Joint #59 Jackie Chan $45.5 million (Asian celebrity)
#89 Salman Khan  $37.7 million (Asian celebrity) (edited and included in this article on 20th July 2018)

 

Source: BioReutersBBCIndependent, Forbes

 

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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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Co-Creater of Spiderman and Doctor Strange Stephen Ditko Has Died at Age 90

Co-Creater of Spiderman and Doctor Strange Stephen Ditko Has Died at Age 90

The co-creater of the popular Marvel Comics superheroes “Spiderman” and “Doctor Strange” Stephen Ditko, has died at the age of 90 (1927-2018).  He was found dead in his Manhattan apartment in New York on the 29th June 2018.  Stephen Ditko is known as one of the greatest talents in comic book history.  For many decades, he lead a private life and was nowhere to be found.

” Co-Creater of Spiderman and Doctor Strange Stephen Ditko Has Died at Age 90 “

Stephen Ditko was born in 1927 in Pennsylvania in the United States.  During his U.S Army service (after World War II), he drew comics for the Army newsletter.  After his service, he understudied Batman artist, Jerry Robinson.  In 1954, he joined Charlton Comics, and thereafter Atlas/Marvel where he and Stan Lee (ex-Marvel Comics editor-in-chief and Chairman Emeritus) introduced the Amazing Spider-Man and Peter Park (in human form) in 1962.  He also re-designed Iron Man into the red-and-gold design, transformed the way Bruce Banner turns into the (incredible) Hulk and created the Master of the Mystic Arts, Doctor Strange in 1963.

Marvel Entertainment which owns characters including Spiderman, Doctor Strange, X-Men and Fantastic 4, was acquired in 2009 for more than $4 billion by The Walt Disney Company.  The Walt Disney Company is one of the world’s leading producers and providers of entertainment and information, and owns the world’s most recognisable media brands including Disney Channel, ABC, ESPN, PIXAR, Lucasfilm and Marvel Studio.

The Walt Disney Company was founded by Walt Disney (1901-1966) in 1923.  After creating the short and silent film “Alice in Wonderland” in a company (Laugh-O-Gram Studio) that was going bankrupt in 1923, he founded Disney Brothers Studio‍ with his brother to continue the work.  In 1928, he found success in 1928 with the creation of “Mickey Mouse” and thereafter Snow White & Seven Dwarfs, Pinocchio, Fantasia, Cinderella and many others.  In 1955, he opened the amusement park, Disneyland.  Today, the company has a market value of more than $150 billion (July 2018).

Source: CNNMarvelNY PostThe Walt Disney CompanyLA Times

 

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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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Co-Founder of Casio and G-Shock Watch Kazuo Kashio Dies at Age 89 from Pneumonia

C0-Founder of Casio and G-Shock Watch Kazuo Kashio Dies at Age 89 from Pneumonia

Co-Founder of Casio Computer and G-Shock Watch Kazuo Kashio, had died of aspiration pneumonia at the age of 89 on the 18th June 2018 at a hospital in Tokyo.  Kazuo Kashio is the 3rd President and current Chairman & CEO of Casio Computer.

” Founder of Casio and G-Shock Watcher Kazuo Kashio Dies at Age 89 from Pneumonia “

Born in 1929, Kazuo Kashio (age 89, 1929-2018) was the 3rd of four Kashio brothers who founded Casio in 1957 by developing the world’s first compact all-electric calculator,  Casio 14-A.  In 1972, he led the development team and introduced the personal calculator Casio Mini. In 1983, he released the internationally recognized brand G-SHOCK wristwatches, which turned out its 100 millionth edition in August 2018.  Kazuo Kashio was one of the early pioneers into digital camera, with the launch of digital camera QV-10 in 1995.

Kazuo Kashio was the 3rd president succeeding his brother, the late 2nd President and founder, Kashio Tadao in 1988.  Kashio Tadao had set up his own business called Kashio Seisakujo, a small subcontractor factory that made microscope parts and gears in 1947. After years of product development, he was joined by his younger brothers Toshio, Kazuo, and Yukio.  They successfully developed the world’s first compact all-electric calculator – Casio 14-A, and registered the company in 1957 after signing a contract with Uchida Yoko as the exclusive dealer.  The brothers asked their father, Shigeru to be the first President.

Today, Casio Computer is one of the most recognisable consumer electronic brand in calculators, electronic dictionaries, digital cameras and watches.  It is listed on the Tokyo Stock Exchange with a market value of $4.13 billion (JPY 459 billion, 3/7/18).  In 2017, it reported annual revenue of $2.84 billion (JPY 315 billion) and net profit of $180 million in 2017.

Source: CasioJapan Times, The Washington Post

 

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Malaysian Police Seizes $270 Million of Luxury Goods from Ex-Prime Minister Najib Razak

Malaysian Police Seizes $270 Million of Luxury Goods from Ex-Prime Minister Najib Razak

Malaysian police had seized nearly $270 million (MYR 1.1 billion) of luxury handbags, jewelry, watches and values from properties linked to Malaysia’s ex-Prime Minister Najib Razak and his wife. More than 12,000 items were seized, including 423 watches, 234 pairs of sunglasses and 567 handbags, of which 272 are Hermes bags.  The items were seized from 6 properties, and are estimated be worth between $222 million to $270 million (MYR 900 million to MYR 1.1 billion).

” Malaysian Police Seizes $270 Million of Luxury Goods from Ex-Prime Minister Najib Razak “

Malaysian’s authorities are investigating Malaysia’s ex-Prime Minister Najib Razak involvement in siphoning billions of funds from the state investment vehicle founded in 2009, 1Malaysia Development Berhad (1MDB).  He is alleged to have laundered $681 million through his bank account, but had stated the money were donations from Saudi Arabia.  He was the Prime Minister of Malaysia from 2008 to 2018, and is the eldest son of Malaysia’s 2nd Prime Minister Abdul Razak Hussein (1970-1976).

The US Department of Justice has alleged in lawsuits that more than $4.5 billion from 1MDB was misappropriated, with money going int Hollywood movie “The Wolf of Wall Street”, Picasso painting, luxury yacht and luxury real estates in South Carolina and New York.

Source: Business Insider, Reuters, Reuters

 

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Wife of Israel Prime Minister Charged for Misuse of $100,000 for Gourmet Meals

Wife of Israel Prime Minister Charged for Misuse of $100,000 for Gourmet Meals

The wife of Israel’s Prime Minister Benjamin Netanyahu, Sara Netanyahu was charged with misusing nearly $100,000 (NIS 359,000) of public funds to pay for restaurant meals delivered to the couple’s official residence.  Between 2010 to 2013, she had fraudulently obtained nearly $100,000 (NIS 359,000) from the state for food orders from gourmet restaurants.  Her trial is set to start on 19th Jul 2018.

” Wife of Israel Prime Minister Charged for Misuse of $100,000 for Gourmet Meals “

Under state regulations, cooks are available at the Prime Minister’s Residence.  The regulations prohibit food catering if a cook is employed at the home of the Prime Minister. If cooks are not employed, the PM’s family is permitted to order external meals at a cap of $57 (NIS 200) per person.  The prosecution also charged Ezra Seidoff, the ex-Prime Minister’s Office deputy director-general, for the same offence amounting to more than $100,000 (NIS 393,000) for food orders from gourmet restaurants.

Israel’s Prime Minister Benjamin Netanyahu since 2009, is serving his 4th term in office. He has been suspected of crimes involving fraud, breach of trust and bribes in cases “1000” and “2000” since January 2017.  In “Case 1000”, Netanyahu is alleged to have accepted gifts including champagne, cigars, jewellery and clothing worth hundreds of thousands of dollars from wealthy businessmen.  In return, he will offer his benefactors assistance in getting visa, permanent residency and tax status in Israel.  In “Case 2000”, he is alleged to have tried to strike a deal with the country’s second-largest newspaper, Yedioth Ahronoth to provide positive coverage to stay in power.

NIS: Israeli new shekel or acronym of New Israeli Sheqel

Source: The Guardian, The Jerusalem Post

 

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