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 26,2020

Unnao, Feb 26: Ever heard of someone wishing a 'bright future' for the dead? In a bizarre incident in Uttar Pradesh's Unnao district, a village head issued a death certificate with the wish for an elderly man who had died last month.

The incident took place in the Sirwariya village in Asoha block where an elderly person Laxmi Shankar died after a prolonged illness on January 22.

His son went to the village head Babulal and requested him to issue a death certificate that he needed for some financial transactions.

Babulal not only issued the death certificate, but also 'wished' 'a bright future for the deceased' on the document.

The village head wrote in the death certificate -- "Main inke ujjwal bhavishya ki kaamna karta hoon (I wish him a bright future)."

The letter went viral on the social media on Monday after which the village head apologised for the error and issued a new death certificate.

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News Network
June 9,2020

Jun 9: Prime Minister Narendra Modi wants all 1.3 billion Indians to be “vocal for local” — meaning, to not just use domestically made products but also to promote them. As an overseas citizen living in Hong Kong, I’m doing my bit by very vocally demanding Indian mangoes on every trip to the grocery. But half the summer is gone, and not a single slice so far.

My loss is due to India’s COVID-19 lockdown, which has severely pinched logistics, a perennial challenge in the huge, infrastructure-starved country. But more worrying than the disruption is the fruity political response to it. Rather than being a wake-up call for fixing supply chains, the pandemic seems to be putting India on an isolationist course. Why?

Granted that the liberal view that trade is good and autarky bad isn’t exactly fashionable anywhere right now. What makes India’s lurch troublesome is that the pace and direction of economic nationalism may be set by domestic business interests. The Indian liberals, many of whom are Western-trained academics, authors and — at least until a few years ago — policy makers, want a more competitive economy. They will be powerless to prevent the slide.

Modi’s call for a self-reliant India has been echoed by Home Minister Amit Shah, the cabinet’s unofficial No. 2, in a television interview. If Indians don’t buy foreign-made goods, the economy will see a jump, he said. The strategy — although it’s too nebulous yet to call it that — has a geopolitical element. A military standoff with China is under way, apparently triggered by India’s completion of a road and bridge near the common border in the tense Himalayan region of Ladakh. It’s very expensive to fight even a limited war there. With India’s economy flattened by COVID, New Delhi may be looking for ways to restore the status quo and send Beijing a signal.

Economic boycotts, such as Chinese consumers’ rejection of Japanese goods over territorial disputes in the East China Sea, are well understood as statecraft. In these times, it’s not even necessary to name an enemy. An undercurrent of popular anger against China, the source of both the virus and India’s biggest bilateral trade deficit, is supposed to do the job. But is it ever that easy?

A hastily introduced policy to stock only local goods in police and paramilitary canteens became a farcical exercise after the list of banned items ended up including products by the local units of Colgate-Palmolive Co., Nestle SA, and Unilever NV, which have had significant Indian operations for between 60 and 90 years, as well as Dabur India Ltd., a New Delhi-based maker of Ayurveda brands. The since-withdrawn list demonstrates the practical difficulty of bureaucrats trying to find things in a globalized world that are 100% indigenous.

Free-trade champions fret that the prime minister, whom they saw as being on their side six years ago, is acting against their advice to dismantle statist controls on land, labor and capital to help make the country more competitive. Engage with the world more, not less, they caution. But Modi also has to satisfy the Rashtriya Swayamsevak Sangh, the umbrella Hindu organisation that gets him votes. Its backbone of small traders, builders and businessmen — the RSS admits only men — was losing patience with the anemic economy even before the pandemic. Now, they’re in deep trouble, because India’s broken financial system won’t deliver even state-guaranteed loans to them.

The U.S.-China tensions — over trade, intellectual property, COVID responsibility and Hong Kong’s autonomy — offer a perfect backdrop. A dire domestic economy and trouble at the border provide the foreground. Big business will dial economic nationalism up and down to hit a trifecta of goals: Block competition from the People's Republic; make Western rivals fall in line and do joint ventures; and tap deep overseas capital markets. The first goal is being achieved with newly placed restrictions on investment from any country that shares a land border with India. The second aim is to be realized by corporate lobbying to influence India's whimsical economic policies. As for the third objective, with the regulatory environment becoming tougher for U.S.-listed Chinese companies like Alibaba Group Holding Ltd., an opportunity may open up for Indian firms.

All this may bring India Shenzhen-style enclaves of manufacturing and trade, but it will concentrate economic power in fewer hands, something that worries liberals. They’re moved by the suffering of India’s low-wage workers, who have borne the brunt of the COVID shutdown. But when their vision of a more just society and fairer income distribution prompts them to make common cause with the ideological Left, they’re quickly repelled by the Marxist voodoo that all cash, property, bonds and real estate held by citizens or within the nation “must be treated as national resources available during this crisis.” Who will invest in a country that does that instead of just printing money?

At the same time, when liberals look to the business class, they see a sudden swelling of support for ideas like a universal basic income. They wonder if this isn’t a ploy by industry to outsource part of the cost of labor to the taxpayer. Slogans like Modi’s vocal-for-local stir the pot and thicken the confusion. The value-conscious Indian consumer couldn’t give two hoots for calls to buy Indian, but large firms will know how to exploit economic nationalism. One day soon, I’ll get my mangoes — from them.

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News Network
February 4,2020

New Delhi, Feb 4: Senior BJP leader and Defence Minister Rajnath Singh on Monday accused Delhi's ruling Aam Aadmi Party of not implementing the central government's schemes in the national capital.

Addressing an election rally in Moti Bagh, he also sought to allay fears over the Citizenship Amendment Act (CAA), assuring the gathering that the legislation will not take away anyone's citizenship.

Singh alleged that the Chief Minister Arvind Kejriwal-led Delhi government did not do anything in the last five years.

The AAP had promised to add 5,000 buses to the fleet of the Delhi Transport Corporation (DTC), but instead the number has come down by 1,000, he claimed.

The Union minister said the AAP dispensation did not implement central schemes in Delhi fearing that the popularity of the Prime Minister Narendra Modi-led government will grow among Delhiites.

Pension schemes and the Centre's flagship health insurance scheme, Ayushman Bharat Yojana, are some of those that the Kejriwal government did not allow to be implemented in Delhi.

On the anti-CAA protests, Singh said that the opposition parties have been spreading "lies" about amended citizenship law and the National Population Register (NPR).

"The CAA will not take away anyone's citizenship. The opposition parties are spreading lies about the CAA. There should be no such politics over this. Some people are trying to write the history of the country with the ink of hatred," he said.

The culture of India is such that it considers the entire world one family, he said.

Delhi goes to polls on February 8. The results will be declared on February 11.

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