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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News Network
June 30,2020

Srinagar, Jun 30: On the deadly attack at Karachi Stock Exchange on Monday morning, a Kashmiri social activist and journalist warned that the incident is a stark reminder to all those in Pakistan supporting Jihad and attacked Pakistan prime minister Imran Khan for ignoring development agenda in Balochistan.

Yana Mir, the editor-in-chief of The Real Kashmir News, said, "Karachi Stock Exchange attack is a reminder to all those in Pakistan supporting Jihad. Remember @imrankhan that Youth is restless and they want development agenda. These young boys of BLA are also looking for a life which is settled and peaceful. Wake up Imran Khan and you Kashmiris also. Pakistan is going to finish you. Open your eyes."
Four heavily armed terrorists attacked the busy Pakistan Stock Exchange building in Karachi with grenades today, killing four security guards and a police officer before being shot dead in an exchange of fire, authorities said.

The terrorists, who arrived in a car, stormed the Karachi Stock Exchange building by firing indiscriminately and lobbed grenades at the main gate of the multi-storey building situated in the city's high-security commercial hub.

Balochistan is a well-known region rich in natural resources but the Balochis have always been deprived of basic facilities. No hospitals are available in Balochistan. If there are some then medical facilities and equipment are not available in hospitals. The education system is pathetic and similar is the case with the infrastructure: the roads, water system, agriculture and almost all fields of life.

It is pertinent to mention that enforced disappearances and abductions by the Pakistani military establishment have also been carried out regularly and for innumerable times in Balochistan. Leaders, activists, and vocal members of various student organizations have been detained by the security forces and kept in confinement. While others have been shot dead.

This crime against humanity has been going on for so long and so systematically in Balochistan that it has come to be considered as a normal state of affairs in the province. Many social and human rights activists have flagged the issue of oppression by the Pakistani establishment before the United Nations and other international agencies.

According to the Commission of Inquiry on Enforced Disappearances, an entity established by the Pakistani government, about 5,000 cases of enforced disappearances have been registered since 2014. Most of them are still unresolved.

Independent local and international human rights organisations put the numbers much higher. Around 20,000 have reportedly been abducted only from Balochistan, out of which more than 2,500 have turned up dead as bullet-riddled dead bodies, bearing signs of extreme torture.

Before being elected as Prime Minister, Imran Khan had admitted in multiple interviews about the involvement of Pakistan's intelligence agencies in enforced disappearances as well as extrajudicial killings and vowed to resign if he was unable to put an end to the practice, holding those involved responsible. But times have passed and only reports are available to narrate the true story.

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News Network
June 22,2020

New Delhi, June 22: Former Prime Minister Manmohan Singh on Monday asked Prime Minister Narendra Modi to be “mindful of the implication of his words” as a controversy raged over his “no intrusion” remark about the violent face-off with Chinese troops in the Galwan Valley.

“The Prime Minister must always be mindful of the implications of his words and declarations on our Nation’s security as also strategic and territorial interests,” Singh said in a statement here as Chinese media welcomed Modi’s ‘no intrusion’  remarks contending that it may lead to a de-escalation of tensions between China and India.

Congress has been maintaining that Modi’s assertions at Friday’s all-party meeting that neither was there any intrusion nor was any Indian post captured ran counter to the statements made by the Indian Army and the External Affairs Ministry.

Singh said the prime minister cannot allow his words to be used by China as a vindication of its position and all organs of the government should work together to tackle this crisis and prevent it from escalating further.

“We remind the Government that disinformation is no substitute for diplomacy or decisive leadership. The truth cannot be suppressed by having pliant allies spout comforting but false statements,” the former prime minister said.

Singh said the prime minister and the government should rise to the occasion to ensure justice for Colonel B Santosh and the army jawans who made the supreme sacrifice and resolutely defended the nation’s territorial integrity.

“To do any less would be a historic betrayal of the people’s faith,” the former prime minister said.

“At this moment, we stand at historic crossroads. Our Government’s decisions and actions will have serious bearings on how the future generations perceive us,” Singh said.

Singh said China was brazenly and illegally seeking to claim parts of Indian territory such as the Galwan Valley and the Pangong Tso Lake by committing multiple incursions between April 2020 till date.  

“We cannot and will not be cowed down by threats and intimidation nor permit a compromise with our territorial integrity,” said Singh. 

The former prime minister said this was a moment where “we must stand together as a nation and be united in our response to this brazen threat.”

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News Network
May 14,2020

May 14: The UN’s children agency has warned that an additional 6,000 children could die daily from preventable causes over the next six months as the COVID-19 pandemic weakens the health systems and disrupts routine services, the first time that the number of children dying before their fifth birthday could increase worldwide in decades.

As the coronavirus outbreak enters its fifth month, the UN Children’s Fund (UNICEF) requested USD 1.6 billion to support its humanitarian response for children impacted by the pandemic.

The health crisis is “quickly becoming a child rights crisis. And without urgent action, a further 6,000 under-fives could die each day,” it said.

With a dramatic increase in the costs of supplies, shipment and care, the agency appeal is up from a USD 651.6 million request made in late March – reflecting the devastating socioeconomic consequences of the disease and families’ rising needs.

"Schools are closed, parents are out of work and families are under strain," UNICEF Executive Director Henrietta Fore said on Tuesday.

 “As we reimagine what a post-COVID world would look like, these funds will help us respond to the crisis, recover from its aftermath, and protect children from its knock-on effects.”

The estimate of the 6,000 additional deaths from preventable causes over the next six months is based on an analysis by researchers from the Johns Hopkins Bloomberg School of Public Health, published on Wednesday in the Lancet Global Health Journal.

UNICEF said it was based on the worst of three scenarios analysing 118 low and middle-income countries, estimating that an additional 1.2 million deaths could occur in just the next six months, due to reductions in routine health coverage, and an increase in so-called child wasting.

Around 56,700 more maternal deaths could also occur in just six months, in addition to the 144,000 likely deaths across the same group of countries. The worst case scenario, of children dying before their fifth birthdays, would represent an increase "for the first time in decades,” Fore said.

"We must not let mothers and children become collateral damage in the fight against the virus. And we must not let decades of progress on reducing preventable child and maternal deaths, be lost,” she said.

Access to essential services, like routine immunisation, has already been compromised for hundreds of millions of children and threatens a significant increase in child mortality.

According to a UNICEF analysis, some 77 per cent of children under the age of 18 worldwide are living in one of 132 countries with COVID-19 movement restrictions.

The UN agency also spotlighted that the mental health and psychosocial impact of restricted movement, school closures and subsequent isolation are likely to intensify already high levels of stress, especially for vulnerable youth.

At the same time, they maintained that children living under restricted movement and socio-economic decline are in greater jeopardy of violence and neglect. Girls and women are at increased risk of sexual and gender-based violence.

The UNICEF pointed out that in many cases, refugee, migrant and internally displaced children are experiencing reduced access to protection and services while being increasingly exposed to xenophobia and discrimination.

“We have seen what the pandemic is doing to countries with developed health systems and we are concerned about what it would do to countries with weaker systems and fewer available resources,” Fore said.

In countries suffering from humanitarian crises, UNICEF is working to prevent transmission and mitigate the collateral impacts on children, women and vulnerable populations – with a special focus on access to health, nutrition, water and sanitation, education and protection.

To date, the UN agency said it has received USD 215 million to support its pandemic response, and additional funding will help build upon already-achieved results.

Within its response, UNICEF has reached more than 1.67 billion people with COVID-19 prevention messaging around hand washing and cough and sneeze hygiene; over 12 million with critical water, sanitation and hygiene supplies; and nearly 80 million children with distance or home-based learning.

The UN agency has also shipped to 52 countries, more than 6.6 million gloves, 1.3 million surgical masks, 428,000 N95 respirators and 34,500 COVID-19 diagnostic tests, among other items.

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