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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Collection of Peggy and David Rockefeller Hits Record $832 Million at Christie’s Auction

Collection of Peggy and David Rockefeller Hits Record $832 Million at Christie’s Auction

The auction collection of Peggy McGrath and David Rockefeller, 3rd generation and grandson of John D. Rockefeller, reached a record $832 Million at the Christie’s auction , after a 6 months campaign 10 days of online sales and 3 days of auction at the Rockefeller Center.  The Peggy and David Rockefeller collection comprised of 1,500 items, and is the highest auction total ever for a private collection at auction.

” Collection of Peggy and David Rockefeller Hits Record $832 Million at Christie’s Auction “

Peggy McGrath (1915-1996) and David Rockefeller (1915-2017) had married in 1940.  David Rockefeller is the 3rd generation and grandson of John D. Rockefeller, with an estimated fortune of over $3 billion in 2017 at his death.  The Rockefeller family is one of the most famous family in United States, with massive fortune built in the 19th & 20th centuries by John D. Rockefeller and William Rockefeller in Standard Oil and later, investments in Chase Manhattan Bank.

Among the top items at the Christie’s auction at the Rockefeller Center were Picasso’s Fillette à la corbeille fleurie for $115 million, Monet’s Nymphéas en fleur for $84 million and Matisse’s Odalisque couchée aux magnolias for $80 million.

Source: Christie’s, CNBC

 

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Private Equity Firm Blackstone Exits Final Investments in Hilton for $1.3 Billion

Private Equity Firm Blackstone Exits Final Investments in Hilton for $1.3 Billion

The world’s leading investment manger and private equity firm Blackstone has exited its last investments in Hilton, selling its last 15.8 million shares for more than $1.3 billion.  In the private transaction, Hilton will buy 1.25 million shares from Blackstone, which will no longer own any shares of Hilton’s common stock.

” Private Equity Firm Blackstone Exits Final Investments in Hilton for $1.3 Billion “

In 2007, Blackstone had acquired and privatised Hilton in a leverage buyout of the company for a total value of $26 billion.  In 2013, Hilton went public and since then, Blackstone had been progressively exiting its investments in Hilton.  For the 11 years investments in Hilton, Blackstone is estimated to generate more than $13 billion in profit, more than 3 times its capital.

Hilton (NYSE: HLT) is a leading global hospitality company, with a portfolio of 14 world-class brands comprising more than 5,300 properties with more than 863,000 rooms, in 106 countries. The company’s portfolio includes Hilton, Waldorf Astoria, Conrad, Canopy, Curio Collection, DoubleTree, Tapestry Collection, Embassy Suites, Hampton and many others.  Blackstone is one of the world’s leading investment firms, with $450 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds.

Source: Reuters, Bloomberg, Hilton

 

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Citigroup Fined $7.26 Million by Hong Kong Regulator for Poor Practices in IPO Transaction

Citigroup Fined $7.26 Million by Hong Kong Regulator for Poor Practices in IPO Transaction

Citigroup Global Markets in Asia has been fined $7.26 million by Hong Kong regulator for poor practices in handling the IPO application of Real Gold Mining Limited.  The Securities and Futures Commission (SFC) investigations uncovered incidents where Citi had failed to sufficiently verify Real Gold’s customers and documents were signed by the wrong responsible officer for the IPO application.

” Citigroup Fined $7.26 Million by Hong Kong Regulator for Poor Practices in IPO Transaction “

Real Gold Mining, a gold mining company was listed in Hong Kong in February 2009.  It was many times oversubscribed and market value soared to more than $2 billion a year later in 2010.  In May 2011, 2 years after its IPO, the company had been suspended due to accounting fraud.

The IPO of Real Gold Mining Limited (Real Gold) in 2009 was Citi’s first and only listing application.  In the investigation, Citi had cooperated fully to resolve the concern.

 

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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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Global Billionaires increased by 357 from 2,397 to 2,754 in 2017

Global Billionaires increased by 357 from 2,397 to 2,754 in 2017

The number of billionaires increased by 357, from 2,397 to 2,754 in 2017 with a combined wealth of $9.2 trillion, in a latest report by Wealth-X Billionaire Census 2018.

” Global Billionaires increased by 357 from 2,397 to 2,754 in 2017 “

The number of billionaires in the world in 2017 is 2,754 with combined $9.2 trillion of wealth, of which 816 billionaires with $2.4 trillion of wealth are in Asia-Pacific, 884 with $3.7 trillion of wealth in The Americas (North & South) and 1,054with $3.7 trillion of wealth in Europe, Middle-east and Africa .

Wealth-X is a leading global wealth information and insight business providing annual reports including The Wealth-X Billionaire Census and the World Ultra Wealth Report.

 

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Picasso $70 Million 1943 Painting Damaged Before Auction

Picasso $70 Million 1943 Painting Damaged Before Auction

A Pablo Picasso’s 1943 painting was accidentally damaged by a falling pole during preparation for a Christie’s auction on the 11th of May 2018, just a day before the Christie’s 12th-15th May 2018 exhibition in New York.  The 1943 painting by Pablo Picasso, Le Marin (The Sailor), is estimated to fetch more than $70 million at the Christie’s auction on 15th May 2018.

” Picasso $70 Million 1943 Painting Damaged Before Auction “

Born in Spain in 1881, Pablo Picasso is one of the most renowned artist and painter in the 20th century, producing more than 20,000 works in his lifetime.  The 1943 Le Marin (The Sailor) painting is being assessed and recommendations have been made for the restoration of the painting.  The painting is reported to be owned by Steve Wynn, founder of Wynn Resorts.

Source: Christie’s, Bloomberg, People

 

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Barclays CEO Jes Staley Fined $870k for Attempting to Identify Whistleblower in 2016

Barclays CEO Jes Staley Fined $870k for Attempting to Identify Whistleblower in 2016

Barclays Group CEO Jes Staley has been fined $870k (£642,430) for attempting to identify a whistleblower in 2016.  The total fine of $870k (£642,430) was imposed by 2 UK financial authorities, Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) of £321,200 and £321,230 respectively, for failing to act with due skill, care and diligence.

” Barclays CEO Jes Staley Fined $870k for Attempting to Identify Whistleblower in 2016 “

In 2016, Barclays Group CEO Jes Staley attempted to identify the author of an anonymous letter containing various allegations, including himself.  The author had claimed to be a Barclays shareholder.  Both UK authorities FCA and PRA conducted investigations and concluded that given the conflict of interest, the Barclays CEO should had distanced himself from the case.  Apart from the fine, Barclays have also clawed back £500k of his 2016 bonus.

Jes Staley was at JP Morgan for more than 30 years and became the Chief Executive of JP Morgan investment bank in 2009.  In 2015, he became Barclays Group CEO.

Source: Barclays, Bank of England, Bloomberg, The Guardian

 

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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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Former Malaysia Prime Minister Mahathir Becomes PM Again at the Age of 92

Former Malaysia Prime Minister Mahathir Becomes PM Again at the Age of 92

Former Malaysia prime minister Mahathir Mohamad from 1981 to 2003, has been elected as the Malaysia 7th prime minister at the age of 92.  The general election took place on the 9th of May 2018, with PH and its ally Parti Warisan Sabah led by Mahathir, winning 121 seats in the 222-seat federal Parliament against 76 seats from Barisan Nasional (BN) coalition. the 61 years ruling party since Malaysia become independent in 1957.

” Former Malaysia Prime Minister Mahathir Becomes PM Again at the Age of 92 “

The now 2-time prime minister Mahathir Mohamad was Malaysia’s prime minister from 1981 to 2003 for 22 years until 2003.  At age 92, he is also the world’s oldest elected prime minister.   In 2016, he joined the opposition party after the alleged 1MDB billion dollar scandal linked to the now-former Prime Minister Nijab Razak.

Source: New Straits Times, Daily SabahSCMP

 

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