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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Top 5 Hedge Fund Managers Earned $6.875 Billion in 2017

Top 5 Hedge Fund Managers Earned $6.875 Billion in 2017

The top 5 hedge fund managers in the world earned a combined $6.875 billion in 2017.  James Simons, founder of Renaissance Technologies earned the most with $1.7 billion, while David Tepper, founder of Appaloosa Management earned $1.4 billion in 2017.  The 3rd highest earning hedge fund manager in 2017 is Kenneth Griffin, founder of Citadel with $1.3 billion.

” Top 5 Hedge Fund Managers Earned $6.875 Billion in 2017 “

With $6.875 billion earnings in 2017, the top 5 hedge fund managers are earning more than $18 million a day.

Top 5 Hedge Fund Managers Earnings in 2017:

  1. James Simons, Renaissance Technologies – $1.7 billion
  2. David Tepper, Appaloosa Management – $1.5 billion
  3. Kenneth Griffin, Citadel – $1.4 billion
  4. Ray Dalio, Bridgewater Associates – $1.3 billion
  5. Israel Englander, Millennium Management – $0.975 billion

Source: Institutional Investors

 

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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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French Billionaire and Manufacturer of Fighter and Business Jets Serge Dassault Dies at Age 93 

French Billionaire and Manufacturer of Fighter and Business Jets Serge Dassault Dies at Age 93 

French billionaire and Chairman of Dassault Group, which builds Rafale fighter jets and high-end Falcon business jets, Serge Dassault has died at the age of 93 on 28th May 2018.

” French Billionaire and Manufacturer of Fighter and Business Jets Serge Dassault Dies at Age 93 “

Serge Dassault is one of the world’s richest man and top 5 richest man in France with an estimated net worth exceeding $25 billion.  His father, Marcel Dassault had founded Dassault Aviation in 1929, designing and manufacturing planes for the French government in World War I.  Born in 1925 in Paris, Serge was imprisoned by the German military in 1944 as the Nazis attempted to force his father Marcel Dassault to design aircraft for them.  In 1986, he took over the business after his father’s death.

Today, Dassault Group includes Dassault Aviation, software company Dassault Systemes that is worth more than $14 billion and French daily newspaper Le Figaro.  In 2017, Dassault Aviation reported revenues of €4.8 billion with more than 11,000 employees.  Since 1929, the company has delivered over 10,000 military and civil aircraft in more than 90 countries, including the Rafale fighter, high-end Falcon business jets and military drones.

In 2014, Dassault Group had named CEO Charles Edelstenne as the successor to Serge Dassault.

Source: Reuters,  BBCForbes, Dassault Group

 

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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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Kazakhstan’s Government Appeals to UK Courts to Unfreeze $22 Billion in Banks

Kazakhstan’s Government Appeals to UK Courts to Unfreeze $22 Billion in Banks

Kazakhstan’s government has appealed to the U.K. court to unfreeze $22 billion of assets in BNY Mellon.  The $22 billion assets represented almost 40% of Kazakhstan’s sovereign wealth fund, Kazakhstan’s National Fund.  The $22 billion assets were frozen due to a legal dispute with Moldavian businessmen Anatolie Stati and Gabriel Stati.

” Kazakhstan’s Government Appeals to UK Courts to Unfreeze $22 Billion in Banks “

In late 2017, Moldova’s businessman & tycoon Anatolie Stati and Gabriel Stati, had both won a verdict for settlement in the U.K. court against the Kazakhstan government for harassing and forcing them to sell their investments in the Kazakhstan’s oil and gas industry cheaply.

Source: Reuters, Bloomberg

 

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Vontobel Buys Swiss Private Bank Notenstein from Raiffeisen for $707 Million

Vontobel Buys Swiss Private Bank Notenstein from Raiffeisen for $707 Million

Swiss private bank Vontobel have entered into an agreement to buy 100% of Swiss private bank Notenstein La Roche from Switzerland 3rd largest bank, Raiffeisen for around $707 million (CHF 700 million).

” Vontobel Buys Swiss Private Bank Notenstein from Raiffeisen for $707 Million “

Notenstein La Roche has client assets of CHF 16 billion in its wealth management and external asset managers businesses, with most of their clients in Switzerland.  Vontobel’s assets under management in combined wealth management (Wealth Management and EAM) had reached a new record level of CHF 54.0 billion, up from CHF 46.8 billion in 2016.

XR: USDCHF 0.99

Source: Vontobel, Reuters

 

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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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Australian Intelligence Chair Names Chinese-Australian Billionaire Dr. Chau Chak Wing in Alleged UN Bribery Case

Australian Intelligence Chair Names Chinese-Australian Billionaire Dr. Chau Chak Wing in Alleged UN Bribery Case

The chair of Australia’s intelligence and security committee in Canberra, Andrew Hastie has named one of Australia’s biggest political donors, Chinese-Australian billionaire Dr. Chau Chak Wing in a United Nations bribery case.  The Chinese-Australian billionaire is alleged to pay $200,000 (€170,000) in 2013 to a then UN General Assembly President John Ashe, to attend a conference in China.

” Australian Intelligence Chair Names Chinese-Australian Billionaire Dr. Chau Chak Wing in Alleged UN Bribery Case “

Chinese-Australian billionaire Dr. Chau is the founder and Chairman of Kingold Group, founded in early 1990s and headquartered in China.  The group  has diversified businesses in real estate, finance, health, education, hospitality and media.  In 2015, he bought one of Australia’s most recognisable Sydney mansion for $70 million from James Packer, one of Australia’s wealthiest man, a media and casino mogul, major shareholder at Crown Resorts and ex-fiancee of international artist Mariah Carey.

Dr. Chau has already sued two Australian media houses for making accusations, but will not be able to sue Andrew Hastie as he had made named Dr. Chau under parliamentary privilege.

Source: ABC News, The Guardian, Business Insider

 

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