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

 

Video:

Video:

Video:


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Chinese Online Travel Tongcheng-eLong Files for IPO in Hong Kong 

Chinese Online Travel Tongcheng-eLong Files for IPO in Hong Kong 

Chinese online travel service provider Tongcheng-eLong backed by Tencent and Ctrip.com, has filed for IPO in Hong Kong.  It is expected to raise between $1 billion to $1.5 billion in the IPO.

“Chinese Online Travel Tongcheng-eLong Files for IPO in Hong Kong”

The Tongcheng-eLong platform provides travel services, such as transportation ticketing, accommodation reservation and other value-added products. In 2017, it had 121.2 million monthly active users, revenue of  $385 million (CNY 2.5 billion) and net profit of $30 million (CNY 194 million).

Tongcheng-eLong is formed in December 2017 through a merger of Tongcheng and eLong, founded in 2004 and 1999 respectively.  In 2016, ELong with major investors including Expedia, was delisted on Nasdaq by Ctrip and Tencent.

In the IPO filing, the 2 biggest shareholders in Tongcheng-eLong are Tencent Holdings (24.92%), one of China’s largest technology company and Ctrip (22.88%), the largest online travel company in China and second largest in the world after USA-based Booking Holdings.

James Liang, co-founder and Executive Chairman of Ctrip and Zhixiang Wu, co-founder and President & CEO of Tongcheng Tourism serve as co-chairmen of Tongcheng-eLong.  Heping Ma, co-founder of Tongcheng Tourism & President of Tongcheng Network and Hao Jiang, CEO of eLong are joint CEOs in Tongcheng-eLong.

Source: Hong Kong ExchangeBooking, Forbes, Forbes, Ctrip.com

 

 

Video:

https://youtu.be/m1j_vo7xNg8

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

6 of the Top 10 Most Expensive Cities for Expats are in Asia in 2018 Mercer Survey

6 of the Top 10 Most Expensive Cities for Expats are in Asia in 2018 Mercer Survey

6 of the top 10 most expensive cities for expatriates are in Asia with Hong Kong being the most expensive city in the world, in a 2018 report released in the 24th edition of Mercer Cost of Living Survey.  The 2nd most expensive city is Tokyo (Japan) and 3rd is Zurich (Switzerland).  The 4th and 5th most expensive cities are Asian cities Singapore and Seoul.  This also means 4 out of the top 5 most expensive cities are in Asia.  The other Asian cities in the top 10 are Shanghai (7th) and Beijing (9th).

” 6 of the Top 10 Most Expensive Cities for Expats are in Asia in 2018 Mercer Survey “

The figures for Mercer’s cost of living and rental accommodation cost comparisons are derived from a survey conducted in March 2018.  Governments and major companies use data from this survey to protect the purchasing power of their employees when transferred abroad and rental accommodation costs data is used to assess local expatriate housing allowances.

List of Top 10 Most Expensive Cities for Expatriates:

  1. Hong Kong (China SAR)
  2. Tokyo (Japan)
  3. Zurich (Switzerland)
  4. Singapore (Singapore)
  5. Seoul (Korea)
  6. Luanda (Angola)
  7. Shanghai (China)
  8. Ndjamena (Chad)
  9. Beijing (China)
  10. Bern (Switzerland)

New York City is used as the base city for all comparisons, and currency movements are measured against the US dollar. The survey includes over 375 cities throughout the world; this year’s ranking includes 209 cities across five continents and measures the comparative cost of more than 200 items in each location, including housing, transportation, food, clothing, household goods, and entertainment. 

Source: Mercer

 

Video:

 

Video:

 

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Meituan-Dianping Files for IPO in Hong Kong with Target Market Value Around $60 Billion

Meituan-Dianping Files for IPO in Hong Kong with Target Market Value Around $60 Billion

China’s leading e-commerce platform for services Meituan-Dianping has filed for IPO in Hong Kong, expecting to raise a few billion in capital with a target market value of around $60 billion.

” Meituan-Dianping Files for IPO in Hong Kong with Target Market Value Around $60 Billion “

Meituan-Dianping was formed in 2015 through the merger of Meituan.com and Dianping.com, founded in 2003 and 2010 respectively.  Meituan was founded by Wang Xing in 2010, and is the co-founder, CEO and Chairman of the board of Meituan-Dianpin.

Wang Xing’s share in Meituan-Dianping (through Crown Holdings (9.7705%) and Shared Patience (1.66%) represents more than 11.43% of the company, giving him a share value of $6.85 billion at $60 billion market value.  Dianping founder Mu Rongjun has a 2.51% total direct and indirect interests with share value of $1.5 billion through direct ownership in Share Vision (0.14%) and Charmway Enterprises (2.36%), a trust for family and himself.  Other major investors include China’s technology giant Tencent, more than 19.3% interests via Tencent Huai River Investment (12.44%) Tencent Mobility Limited 6.86%) and Sequoia Capital (4.06%).

Meituan-Dianping is China’s leading e-commerce platform for services, providing services including movie ticketing, food delivery, restaurant bookings, beauty services, travel and luxury goods.  In 2017, the platform generated over 5.8 billion transactions, totaling $54.63 billion (CNY 357 billion) in gross transaction volume,  310 million transacting users and 4.4 million active merchants in over 2,800 cities and counties across China.  In 2017, it reported $5.19 billion (CNY 33.9 billion) revenue.  In April 2018, its subsidiary Tollan Holdings acquired Mobile for $2.7 billion.

 Bank of America Merrill Lynch, Goldman Sachs  and Morgan Stanley are joint sponsors for the IPO.

Source: HKSE, Reuters, Bloomberg , Techcrunch

 

 

Video:

 

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Former Ireland Bank CEO Sentenced to 6 Years in Jail for Misleading Clients and Investors

Former Ireland Bank CEO Sentenced to 6 Years in Jail for Misleading Clients and Investors

The former chief executive of the now defunct Anglo Irish Bank, David Drumm had been sentenced to 6 years jail  for misleading investors and clients.  In 2008, he had created the impression that deposits at the Anglo Irish Bank were $8.4 million (EUR 7.2 billion) larger than what the bank had, the year which is now known as the Global Financial Crisis.

” Former Ireland Bank CEO Sentenced to 6 Years in Jail for Misleading Clients and Investors “

David Drumm, a chartered accountant, had became the CEO of Anglo Irish Bank in his late 30s in 2005.  The Irish bank grown rapidly during the “Celtic Tiger” years, the economic phase of Republic of Ireland which expanded rapidly between mid-1990s to late-2000s, through foreign direct investments and property boom.  (Celtic refers to the Celtic culture, region and language that includes Ireland, Wales, Ireland, Brittany, Scotland.  Tiger refers to a fast growing economy such as the Asian Tiger in the 1960s to 1990s: Hong Kong, Singapore, South Korea and Taiwan)
In 2008, David Drumm stepped down as CEO of Anglo Irish Bank following the outbreak of the scandal.  In 2009, he moved to Boston in United States and subsequently filed for bankruptcy, where the move is reported to escape the harsher bankruptcy law in Ireland.  In 2015, he was arrested on an extradition warrant by the US Attorney’s Office in Massachusetts on the request of the Republic of Ireland.  Anglo Irish Bank was an Irish bank from 1964 to 2011, merging with Irish Nationwide Building Society in 2011 to form the Irish Bank Resolution Corporation.  In 2013, the bank was placed into liquidation overnight by Ireland’s emergency legislation.

Source: Reuters, Bloomberg, The Guardian, Anglo Irish Bank

 

Video:

 

Video:

 

Video:

 

Video:

 

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

JD.com Receives $550 million Investment from Google in Strategic Partnership

JD.com Receives $550 million Investment from Google in Strategic Partnership

China leading e-commerce company has received $550 million cash investment from Google in a strategic partnership to improve user shopping experiences in the world, including Southeast Asia, the U.S. and Europe.  The two leading technology companies aim to explore the creation of next generation retail infrastructure solutions, to offer helpful, personalized and frictionless shopping experiences.

” JD.com Receives $550 million Investment from Google in Strategic Partnership “

JD.com is a major rival of Alibaba, while Google is competing with Amazon on online shopping experience.  JD.com investors includes Tencent and Walmart, and has strategic partnership with French giant hypermarket, Carrefour.

JD.com is China’s leading one-stop e-commerce platform, providing 301.8 million active customers.  In 2014, JD.com became publicly listed on NASDAQ with a market value of more than $26 billion.  In 2018 June,  JD.com is trading around $58 billion in market value, more than twice its IPO price.  JD.com is China’s largest online retailer and its biggest overall retailer, as well as the country’s biggest Internet company by revenue.  It reported more than 266 million annual active customers, 405 warehouses and $37.5 billion revenue in 2016.  The company was founded in 2004 in Beijing by CEO, Richard Liu who has an estimated net worth of around $10 billion.

Google is a subsidiary of Alphabet Inc, and owns products and platforms including Search, Maps, Gmail, Android, Google Play, Chrome and YouTube.

Source: JD.com, Reuters, SCMP

 

Video:

 

Video:

 

Video:

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

More China Billionaires as Xiaomi Raises $6.1 Billion for Hong Kong IPO

More China Billionaires as Xiaomi Raises $6.1 Billion for Hong Kong IPO

Xiaomi is expected to raise up to $6.1 Billion for their July’s initial public offering (IPO) in Hong Kong, that will value the 8-year-old company between $53 billion to just under $70 billion.  The IPO will also make at least 3 other co-founders billionaires, alongside founder & CEO Lei Jun and co-founder & President Lin Bin.

” More China Billionaires as Xiaomi Raises $6.1 Billion for Hong Kong IPO “

At $75 billion market value with 20% public float, founder & CEO Lei Jun’s share will be worth $18.8 billion while co-founder & President Lin Bin’s share will be worth $8 billion.  3 other co-founders, Li Wanqiang, Wong Kong Kat and Hong Feng will also be billionaires with $1.9 billion each.

Shareholding value of founders ($50 billion with 25% public float):

  1. Lei Jun, 31.4% at $11.8 billion
  2. Lin Bin, 13.3% at $5 billion
  3. Li Wanqiang, 3.2% at $1.2 billion
  4. Wong Kong Kat, 3.2% at $1.2 billion
  5. Hong Feng, 3.2% at $1.2 billion
  6. Liu De, 1.6% at $0.6 billion
  7. Zhou Guangping, 1.4% at $0.5 billion
  8. Wang Chuan, 1.1% at $0.4 billion

Data Simulation: Bloomberg

Xiaomi is the first listing under new Hong Kong exchange rules.  It will go public in Hong Kong, postponing its initial plan to issue China Depository Receipts (CDRs) in Shanghai concurrently.  In April 2018, Hong Kong stock exchange (HKSE) announced companies with dual-class shareholding structures and biotech firms with no revenue will be able to apply for listing on the Hong Kong stock exchange from 30th April 2018 under new bourse rules.

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, CGTN

 

Video:

 

Video:

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

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

 

Video:

 

Video:

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Spanish King Felipe VI Brother-in-Law to Serve Time in Women Prison for Embezzlement & Tax Fraud

Spanish King Felipe VI Brother-in-Law to Serve Time in Women Prison for Embezzlement & Tax Fraud

The brother-in-law of Spain’s King Felipe VI, Iñaki Urdangarin, will be serving his prison sentence of 5 years and 10 months in a women prison for security reason.

” Spanish King Felipe VI Brother-in-Law to Serve Time in Women Prison for Embezzlement & Tax Fraud “

Iñaki Urdangarin was found guilty in 2017 for embezzling millions of dollar and tax fraud between 2004 to 2006 from a non-profit foundation (Noos Foundation) he headed in Majorca.  He had used his royal connections to win public event contracts, overcharged for the events and had hid millions abroad.  Money from the non-profit foundation were used to pay for personal expenses including family holidays and home furnishings.

Iñaki Urdangarin is the husband of Princess Cristina, who is the sister of Spain’s current King Felipe VI (Reign – from 2014) and daughter of former King Juan Carlos (Reign 1975 – 2014).  In 2014, King Juan Carlos abdicated from the throne.

Princess Cristina was the first member of the Spanish royal family ever to stand in court.  Her husband, Iñaki Urdangarin, is a former Spanish national handball player.  Brieva prison, where he is serving his sentence, is a women prison, but has 4 cells reserved for males.

Source: Euronews, Reuters

 

Video:

 

Video:

 

Video:

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

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

 

Video:

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency