Mukesh Ambani, the richest Asian, adds this much wealth while 128 tycoons lose $137 billion in 2018

Agencies
December 24, 2018

Dec 24: The world’s fastest growing source of mega-wealth hit a speed bump this year. The 128 people in Asia with enough money to crack the 500-member Bloomberg Billionaires Index lost a combined $137 billion in 2018, the first time wealth in the region has dropped since the ranking started in 2012.

Global trade tensions and concerns that stock valuations are too frothy hammered some of the area’s biggest fortunes. China’s tech sector was hit particularly hard, while India and South Korea weren’t spared. The declines occurred even as banks and money managers aggressively stepped up efforts to cater to Asia’s richest. Asian equities retreated again on Friday, with benchmarks slipping in Japan, China and Australia.

“Difficult stock market conditions this year and the uncertainty of the trade tensions likely have been a challenge to many businesses,” said Philip Wyatt, a Hong Kong-based economist for UBS Group AG, who doesn’t see the downdraft continuing through 2019 or significantly reducing the ranks of billionaires. Conditions are actually ripe for the region to create more of the mega rich as new technologies attract private capital and government support, he said.

For now, though, fear in the market is trampling fortunes. More than two-thirds of the 40 Chinese on the Bloomberg ranking saw their wealth dwindle. Wanda Group’s Wang Jianlin, whose property conglomerate is selling assets to cut debt, lost $10.8 billion, the most of anyone in Asia. JD.com founder Richard Liu, who was arrested in the U.S. in August for less than 24 hours on suspicion of rape before being released, took the heaviest losses in percentage terms, with his wealth cut almost in half to $4.8 billion. Liu won’t be charged, authorities in Minneapolis said Friday.

India’s 23 richest people, meanwhile, saw $21 billion vanish. Lakshmi Mittal, who controls the world’s largest steelmaker, led the way, losing $5.6 billion, or 29 percent of his net worth, followed by Dilip Shanghvi, the founder of Sun Pharmaceutical Industries, the world’s fourth-largest generic drugmaker, whose wealth declined $4.6 billion.

South Korea’s tycoons didn’t escape the carnage either. The market rout lopped $17.2 billion from the fortunes of the country’s seven richest people. The father and son who control Samsung Electronics, Lee Kun-Hee and son Jay Y Lee, account for more than a third of that decline. In Hong Kong, titans of real estate took a big hit. Li Ka-shing, who retired as chairman of CK Hutchison and CK Asset in March, lost $6 billion in 2018, while Lee Shau Kee, the city’s second-richest person, ends the year about $3.3 billion poorer. There were still plenty of winners to emerge from the wreckage of 2018.

Lei Jun, the chairman of Chinese smartphone maker Xiaomi Corp., added $8.7 billion, with a July initial public offering catapulting him into the Top 100 of the Bloomberg index after he started the year outside the ranking. The IPO also turned three of his co-founders into billionaires. Japan’s richest person, Tadashi Yanai, added $6.3 billion to his fortune as shares of Fast Retailing Co., the world’s largest apparel retailer, surged 30 percent. India’s Mukesh Ambani added $4 billion to his fortune and eclipsed Alibaba Group Holding Ltd.’s Jack Ma as Asia’s richest person, thanks in part to the performance of Reliance Industries Ltd. Among the winners, the Bloomberg Billionaires Index added new members in technology, consumer, biotech and pharmaceuticals.

E-commerce platform Pinduoduo Inc.’s Colin Huang was the second-largest winner in the region, adding $6.6 billion to his net worth. China’s third largest online retailer was targeted by short seller Blue Orca Capital in November for overstating financials, though its shares traded higher that week as the company denied the accusation and posted strong growth in sales. While most of the newcomers to Asia’s ranks of billionaires are from China, there are five from Korea and four from Japan. Two new billionaires were identified in Southeast Asia. The household “must-have” fish sauce condiment saw Nguyen Dang Quang, chairman of Vietnam’s consumer giant Masan Group, join the ultra-rich club. Indonesian real estate mogul Donald Sihombing, who works 20 hours a day, also joined the list. At least six Asian billionaires died, leaving behind a total of $29 billion.

Walter Kwok, the former chairman of Hong Kong’s biggest real estate developer Sun Hung Kai Properties Ltd. who was worth $9.1 billion, died in October at the age of 68. His two sons inherited a $3 billion stake from the company, according to regulatory filings. Vichai Srivaddhanaprabha, the founder of Thailand’s duty-free giant King Power Group, was killed in a helicopter crash in October. He owned English Premier League team Leicester City.

Comments

shaji
 - 
Wednesday, 26 Dec 2018

Ambani, Adani etc are earning billions mainly due to support from the Govt.    These looters are free to do any cheating / malpractice etc etc.   they are looting money from common indian and increasing their wealth which they will take with them at the time of death.  

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Agencies
February 29,2020

Islamabad, Feb 29: A coalition comprising digital media giants Facebook, Google and Twitter (among others) have spoken out against the new regulations approved by the Pakistani government for social media, threatening to suspend services in the country if the rules were not revised, it was reported.

In a letter to Prime Minster Imran Khan earlier this month, the Asia Internet Coalition (AIC) called on his government to revise the new sets of rules and regulations for social media, The News International reported on Friday.

"The rules as currently written would make it extremely difficult for AIC Members to make their services available to Pakistani users and businesses," reads the letter, referring to the Citizens Protection Rules (Against Online Harm).

The new set of regulations makes it compulsory for social media companies to open offices in Islamabad, build data servers to store information and take down content upon identification by authorities.

Failure to comply with the authorities in Pakistan will result in heavy fines and possible termination of services.

It said that the regulations were causing "international companies to re-evaluate their view of the regulatory environment in Pakistan, and their willingness to operate in the country".

Referring to the rules as "vague and arbitrary in nature", the AIC said that it was forcing them to go against established norms of user privacy and freedom of expression.

"We are not against regulation of social media, and we acknowledge that Pakistan already has an extensive legislative framework governing online content. However, these Rules fail to address crucial issues such as internationally recognized rights to individual expression and privacy," The News International quoted the letter as saying.

According to the law, authorities will be able to take action against Pakistanis found guilty of targeting state institutions at home and abroad on social media.

The law will also help the law enforcement authorities obtain access to data of accounts found involved in suspicious activities.

It would be the said authority's prerogative to identify objectionable content to the social media platforms to be taken down.

In case of failure to comply within 15 days, it would have the power to suspend their services or impose a fine worth up to 500 million Pakistani rupees ($3 million).

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Agencies
March 3,2020

Kashmir, Mar 3: Four days after the National Investigation Agency made a major breakthrough in the Pulwama terror attack case over a year after the bombing, arresting one person who had sheltered the suicide bomber Adil Ahmad Dar, the NIA on Tuesday arrested two more people in the case - a father-daughter duo - who had also provided shelter to the bomber, officials said.

The NIA also claimed that the video of the suicide bomber was also recorded at their residence and released by the Jaish-e-Mohammad (JeM) terror group from Pakistan after the attack. An NIA spokesperson in Delhi said: "Two more persons have been arrested by the agency in the Pulwama terror attack case and they have been identified as Insha Jan, 23, and her father Tariq Ahmed Shah, 50, who works as a tipper driver."

The official said that the father-daughter duo have been arrested from Hakripora area in Pulwama for their involvement in the attack. The two were arrested on early Tuesday morning after senior officials of the NIA raided their house on Monday night.

A senior NIA official related to the probe told IANS: "The video of Dar, who attacked the CRPF convoy, was recorded at the home of the duo. And the same video was released soon after the Pulwama terror attack by the JeM terrorists from a Pakistani IP address."

He said, "The video was shared by them to their handlers in Pakistan."

The spokesperson further claimed that during the probe Tariq Ahmed Shah disclosed that his house in Hakripora area was used by Dar, Mohammad Umar Farooq, a Pakistani terrorist and IED maker, Kamran - another Pakistani terrorist (both were later killed in encounters with security forces), Sameer Ahmed Dar, a Jaish-e-Mohammad terrorist from Pulwama and Mohammad Ismail aka Ibrahim, a Pakistani terrorist.

The spokesperson said that Shah facilitated all the terrorists at his house for sheltering and for planning of the heinous attack on the CRPF convoy. He said Jan, daughter of Shah, facilitated the terrorists at their home and provided food and other logistics during their stay on more than 15 occasions for two to four days each time, in their house during the year 2018-2019.

"Initial interrogation has revealed that Jan was in constant touch with Farooq and was in communication with him over telephone and other social media applications," the spokesperson said. The fresh arrests of the two accused brings the total number of arrests in the case to three.

The arrests were made on the revelations of Shakir Bashir Magrey, who was arrested by the anti-terror probe agency on February 28. According to senior NIA officials, more arrests will be made in the coming days. Magrey, a resident of Hajibal, Kakapora in Pulwama district of Jammu & Kashmir, is an overground worker (OGW) of the Pakistan-based Jaish-e-Mohammad (JeM).

According to agency sources, Magrey allegedly provided shelter and other logistical assistance to the Pulwama suicide bomber. He was sent to 15 days' NIA custody by a special NIA court in Jammu & Kashmir on Friday. During interrogation, Magrey revealed that he had harboured Dar and Pakistan-based terrorist Mohammad Umar Farooq in his house from late 2018 till the attack in February 2019 and assisted them in the preparation of the Improvised Explosive Device (IED). His shop is located near Lethpora bridge, and as advised by Mohammad Umar, he started conducting reconnaissance of the movement of CRPF convoys on Jammu-Srinagar Highway in January 2019, and informed Mohammad Umar and Adil Ahmad Dar about it.

Magrey was also involved in modifying the Maruti Eeco car and fitting the IED into it in early February, 2019 and was introduced to Adil Ahmad Dar in mid-2018 by Mohammad Umar and he became a full-time OGW of JeM.

"During his initial interrogation, he disclosed that on several occasions, he collected and delivered arms, ammunition, cash and explosive material to JeM terrorists, including those involved in the Pulwama attack," the agency had said on February 28.

"During investigation, the make, model and number of the car used in the attack was quickly ascertained by NIA to be a Maruti Eeco through forensic examination of the tiny remnants of the car which were found at the spot during extended searches," the agency stated.

"This has been corroborated by accused Shakir Bashir Magrey. The explosives used in the attack were determined to be ammonium nitrate, nitro-glycerin and RDX, through forensic investigation," it said.

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News Network
January 27,2020

Jan 27: The Andhra Pradesh Cabinet passed a resolution on Monday setting in motion the process for abolishing the state Legislative Council.

A similar resolution will now be adopted in the Legislative Assembly and sent to the Centre for necessary follow-up action.

With just nine members, the ruling YSR Congress is in minority in the 58-member Legislative Council. The opposition Telugu Desam Party (TDP) has an upper hand with 28 members and the ruling party could get a majority in the House only in 2021 when a number of opposition members will retire at the end of their six-year term.

The move by the Andhra Pradesh cabinet came after the Y S Jaganmohan Reddy government last week failed to pass in the Upper House of the state legislature two crucial Bills related to its plan of having three capitals for the state.

Andhra Pradesh Legislative Council Chairman M A Sharrif on January 22 referred to a select committee the two bills -- AP Decentralisation and Inclusive Development of All Regions Bill, 2020, and the AP Capital Region Development Authority (CRDA) Act (Repeal) Bill -- for deeper examination.

The chairman had said that he was using his discretionary powers under Rule 154 while referring the Bills to the select panel in line with the demand of the TDP.

Following this, the chief minister had told the Assembly, "We need to seriously think whether we need to have such a House which appears to be functioning with only political motives. It is not mandatory to have the Council, which is our own creation, and it is only for our convenience."

"So let us discuss the issue further on Monday and take a decision on whether or not to continue the Council," he had said.

In fact, the YSRC had on December 17 first threatened to abolish the Council when it became clear that the TDP was bent on blocking two Bills related to creation of a separate Commission for SCs and conversion of all government schools into English medium.

As the Legislature was adjourned sine dine on December 17, no further action was taken. But last week, the issue cropped up again as the TDP remained firm on its stand on opposing the three-capitals plan.

The YSRC managed to get two TDP members to its side, but the government failed to get the three capitals Bills passed in the Council.

"What will be the meaning of governance if the House of Elders does not allow good decisions to be taken in the interest of people and block enactment of laws? We need to seriously think about it… Whether we should have such a House or do away with it," the chief minister had said in the Assembly.

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