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
May 7,2020

A patient in hospital with Covid-19 has given birth to a healthy baby boy in Dubai.

The 25-year-old Indian was admitted to Al Zahra Hospital after testing positive on May 2.

Although the baby was not due to arrive until May 19, the woman went into labour three days later and delivered a healthy boy weighing 3.8kg.

The parents are yet to name the child, who has also been tested for the virus.

“When we first received the Covid-19 positive diagnosis, we were afraid for the health of both my wife and the baby,” said the boy’s father, who did not want to give his name.

“Thankfully with the help of the doctors and nurses at Al Zahra Hospital, my son was born with no complications and my wife remains in stable condition.

“We couldn’t be more grateful.”

Despite arriving two weeks early, both mother and child are doing well but will only be allowed to leave the hospital to return to their home in Dubai after they return three negative tests on the trot.

“The contractions started very suddenly and it all happened very quickly,” said Al Zahra Hospital nursing director Maysoon Yousef.

“The delivery took about 10 to 15 minutes which is something we do not see very often.

“There were no complications and both the mother and baby are in good condition.”

Strict measures are in place to ensure hygiene for those inside the hospital, as well as visitors.

The new mum and her son are in the same room as the baby needs to be nursed.

According to the Centres for Disease Control and Prevention, a US national public health institute, there is no evidence that suggests the virus can be transmitted through breastfeeding.

New mothers infected with the virus should wear a mask, wash their hands before and after touching the baby.

“We operate by the latest Covid-19 international and local guidelines when it comes to the management of our maternity patients and otherwise,” said Dr Ghassan Lutfi, head of obstetrics and gynaecology at the hospital.

“We take strict measures to guarantee that there is no risk of cross contamination and that all our patients are in safe hands.”

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News Network
January 27,2020

Kabul, Jan 27: A passenger plane crashed on Monday in a Taliban-held area of Afghanistan's Ghazni province, local officials said.

Arif Noori, spokesman for the provincial governor, said the plane went down around 1:10 p.m. local time in Deh Yak district, which is held by the Taliban. Two provincial council members also confirmed the crash.

The number of people on board and their fate was not immediately known, nor was the cause of the crash.

Ariana Airlines, Afghanistan's national carrier, dismissed the claim that one of their planes had crashed in a statement on their website, saying all their aircraft were operational and safe.

The mountainous Ghazni province sits in the foothills of the Hindu Kush mountains and is bitterly cold in winter.

The last major commercial air crash in Afghanistan occurred in 2005 when a Kam Air flight from western Herat to the capital Kabul crashed into the mountains as it tried to land in snowy weather.

The war however has seen a number of deadly crashes of military aircraft. One of the most spectacular occurred in 2013 when an American Boeing 747 cargo jet crashed shortly after takeoff from Bagram air base north of Kabul en route to Dubai in the United Arab Emirates. All seven crew member were killed.

Afghanistan's aviation industry suffered desperately during the rule of the Taliban when its only airline Ariana was subject to punishing sanctions and allowed to fly only to Saudi Arabia for Hajj flights.

Since the overthrow of the religious regime smaller private airlines have emerged but the industry is still a nascent one.

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News Network
April 23,2020

New Delhi, Apr 23: The entire Muslim community cannot be held responsible for one group's "crime", Minority Affairs Minister Mukhtar Abbas Naqvi said on Thursday while reacting to instances of Muslims being blamed for the spurt in COVID-19 cases after Tablighi Jamaat congregation here, and asserted that most of the minority community members have condemned the group's action.

In an interview to news agency, Naqvi also expressed confidence that Muslims will abide by lockdown guidelines during the holy month of Ramzan.

He said across the India, imams, Ulema and Muslim organizations have unanimously decided that during Ramzan (the Islamic holy month), Muslims will not congregate in mosques, religious places and perform all rituals like 'Iftaar' (breaking of fast) and 'taraweeh' (special prayers) at home keeping in mind social distancing norms.

Naqvi said he has spoken with state waqf board officials, social and religious leaders, imams on adherence to the lockdown and social distancing guidelines during the Ramzan month starting Friday or Saturday evening and they have begun creating awareness among the people.

Asked about some people blaming Muslims for the spread of the pandemic after a large number of cases were found linked to the Tablighi Jamaat event at Nizamudddin here, Naqvi said the whole community cannot be held responsible for the "crime" of one organisation or one person.

"Whatever that organisation did, criminal negligence or crime...most Muslims have strongly reacted to it, condemned it and called for action against it. Entire community cannot be held responsible for one person or one organisation's crime," he asserted, adding that this has always been India's culture.

Last week, the Union Health Ministry had said 29.8 per cent of the total COVID-19 cases — 4,291 out of 14,378 COVID-19 infections — in the country were linked to the Tablighi Jamaat congregation in March at the group's headquarters in Delhi following which some sections of the society severely criticised Muslims, and blamed them for the spread of the pandemic in the country.

Naqvi's comments also assume significance in view of the 57-member prominent international Mulim grouping, Organisation of Islamic Cooperation (OIC), asking India to take "urgent steps" to protect the rights of its minority Muslim community and stop the incidents of "Islamophobia" in the country.

Hitting out at the OIC, the minister had said the country is "heaven for Muslims" and those trying to vitiate the atmosphere of prosperity cannot be friends of Indian Muslims.

Naqvi said those targeting Muslims are few isolated people who are trying to spread "misinformation" and "we should be united and isolate such elements".

On the COVID-19 lockdown restrictions during Ramzan, Naqvi said no Muslim wants to stay away from mosques during the holy month, but everyone has resolved to win this battle against coronavirus.

During this month, everyone should pray to God that not only India but also the entire world is freed from this COVID-19 pandemic, he said.

Asked whether Muslims have followed lockdown and social distancing guidelines till now, Naqvi said, "absolutely, the entire country is standing united in this fight against coronavirus."

"When Prime Minister Narendra Modi had appealed to people with folded hands, he had appealed to 130 crore Indians, it was not based on caste or religion. And everybody responded to his appeal and acted on it," he said.

People have faith that whatever Prime Minister Modi does is for the health and safety of the people, Naqvi said.

Asked about the role of the Opposition in the fight against COVID-19 and Congress chief Sonia Gandhi and Rahul Gandhi's suggestions, Naqvi said,"some people have criticized, but that is their habit, we don't take any offence to it."

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