World's Latest Billionaire Emerges From One of Asia's Costliest Break-Ups

News Network
June 2, 2020

Jun 2: A new female billionaire has emerged from one of Asia's most-expensive breakups.

Du Weimin, the chairman of Shenzhen Kangtai Biological Products Co., transferred 161.3 million shares of the vaccine maker to his ex-wife, Yuan Liping, according to a May 29 filing, immediately catapulting her into the ranks of the world's richest.

The stock was worth $3.2 billion as of Monday's close.

Yuan, 49 this year, owns the shares directly, but signed an agreement delegating the voting rights to her ex-husband, the filing shows. The Canadian citizen, who resides in Shenzhen, served as a director of Kangtai between May 2011 and August 2018. She's now the vice general manager of subsidiary Beijing Minhai Biotechnology Co. Yuan holds a bachelor's degree in economics from Beijing's University of International Business and Economics.

Kangtai shares have more than doubled in the past year and have continued their ascent since February, when the company announced a plan to develop a vaccine to fight the coronavirus. They slipped for a second day Tuesday following news of the divorce terms, losing 3.1% as of 9:43 a.m. in Hong Kong and bringing the company's market value to $12.9 billion.

Du's net worth has now dropped to about $3.1 billion from $6.5 billion before the split, excluding his pledged shares.

The 56-year-old was born into a farming family in China's Jiangxi province. After studying chemistry in college, he began working in a clinic in 1987 and became a sales manager for a biotech company in 1995, according to the prospectus of Kangtai's 2017 initial public offering. In 2009, Kangtai acquired Minhai, the company Du founded in 2004, and he became the chairman of the combined entity.

China's rapidly growing economy has been an engine for the country's richest, and Du is not the only tycoon who's had to pay a steep price for a divorce. In 2012, Wu Yajun, at one point the nation's richest woman, transferred a stake worth about $2.3 billion to her ex-husband, Cai Kui, who co-founded developer Longfor Group Holdings Ltd. In 2016, tech billionaire Zhou Yahui gave $1.1 billion of shares in his online gaming company, Beijing Kunlun Tech Co., to ex-wife Li Qiong after a civil court settlement.

Sometimes, a goodbye can be time-consuming too. South Korean tycoon Chey Tae-won's wife filed a lawsuit in December asking for a 42.3% stake in SK Holdings Co. valued at $1.2 billion. That would make her the second-largest shareholder of the company should she win the case, which is still ongoing.

The most expensive divorce in history is that of Jeff and MacKenzie Bezos. The Amazon.com Inc. founder gave 4% of the online retailer to Mackenzie, who now has a $48 billion fortune and is the world's fourth-richest woman.

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Agencies
June 7,2020

Boston, Jun 7: Dozens of scientists doing research funded by Mark Zuckerberg say Facebook should not be letting President Donald Trump use of the social media platform to spread both misinformation and incendiary statements.

The researchers, including 60 professors at leading US research institutions, wrote a letter to the Facebook CEO on Saturday asking that he consider stricter policies on misinformation and incendiary language that harms people," especially during the current turmoil over racial injustice.

The letter calls the spread of deliberate misinformation and divisive language the researchers' goal of using technology to prevent and eradicate disease, improving childhood education and reform the criminal justice system.

The researchers' mission "is antithetical to some of the stances that Facebook has been taking, so we're encouraging them to be more on the side of truth and on the right side of history as we've said in the letter, said Debora Marks of Harvard Medical School, one of three professors who organized the letter.

The other organisers are Martin Kampmann of the University of California-San Francisco and Jason Shepherd of the University of Utah.

All have grants from a Chan Zuckerberg Initiative program working to prevent, cure and treat neurodegenerative disorders including Alzheimer's and Parkinson's disease. The initiative is run by Zuckerberg and his wife, Priscilla Chan.

They said the letter had more than 160 signatories. Shepherd said about 10% are employees of Chan Zuckerberg foundations.

The letter objects specifically to Zuckerberg's decision not to at least flag as a violation of Facebook's community standards Trump's post that stated when the looting starts, the shooting starts after unrest in Minneapolis over the videotaped killing of George Floyd, a black man, by a white police officer.

The letter's authors called the post a clear statement of inciting violence.

Twitter had both flagged and demoted a Trump tweet using the same language.

The Associated Press emailed the Chan Zuckerberg Initiative press office for comment. It did not immediately respond.

Some Facebook employees have publicly objected to Zuckerberg's refusal to take down or label misleading or incendiary posts by Trump or other politicians. But Zuckerberg who controls a majority of voting shares in the company has so far refused.

On Friday, Zuckerberg said in a post that he would review potential options for handling violating or partially-violating content aside from the binary leave-it-up or take-it-down decisions I know many of you think we should have labeled the President's posts in some way last week, he wrote.

"Our current policy is that if content is actually inciting violence, then the right mitigation is to take that content down not let people continue seeing it behind a flag. There is no exception to this policy for politicians or newsworthiness.

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News Network
June 13,2020

Shanghai, Jun 13: Authorities in Beijing have temporarily shut a major wholesale agricultural market following a rise in locally transmitted novel coronavirus infections in China's capital city over the past two days.

The closure of the Xinfadi wholesale market at 3 a.m. local time on Saturday (1900 GMT on Friday), came after two men working at a meat research centre who had recently visited the market were reported on Friday as having been infected by the novel coronavirus. It was not immediately clear how the men had been infected.

Concern is growing of a second wave of the new virus, even in many countries that seemed to have curbed its spread. It was first reported at a seafood market in Wuhan, the capital of central China's Hubei province, in December.

Beijing authorities had earlier halted beef and mutton trading at the Xinfadi market, alongside closures at other wholesale markets around the city.

Reflecting concerns over the risk of further spread of the virus, major supermarkets in Beijing removed salmon from their shelves overnight after the virus causing COVID-19 was discovered on chopping boards used for imported salmon at the market, the state-owned Beijing Youth Daily reported.

Beijing authorities said more than 10,000 people at the market will take nucleic acid tests to detect coronavirus infections. The city government also said it had dropped plans to reopen schools on Monday for students in grades one through three because of the new cases.

Health authorities visited the home of a Reuters reporter in Beijing's Dongcheng district on Saturday to ask whether she had visited the Xinfadi market, which is 15 km (9 miles) away. They said the visit was part of patrols Dongcheng was conducting.

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China reported 11 new COVID-19 cases and seven asymptomatic cases for Friday, the national health authority said on Saturday. And all six locally transmitted cases were confirmed in Beijing.

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Agencies
August 5,2020

Paris, Aug 5: French President Emmanuel Macron on Tuesday said France will deploy a civil security detachment and several tonnes of medical equipment to Lebanon, whose capital was hit by an explosion that left over 70 people dead and thousands injured.

"Emergency doctors will also reach Beirut as soon as possible to strengthen hospitals. France is already engaged," the French President said in a tweet.

US Secretary of State Mike Pompeo, also extended his deepest condolences to all those affected by the "massive explosion at the port of Beirut."

"We are closely monitoring and stand ready to assist the people of Lebanon as they recover from this tragedy. Our team in Beirut has reported to me the extensive damage to a city and a people that I hold dear, an additional challenge in a time of already deep crisis. 

We understand that the Government of Lebanon continues to investigate its cause and look forward to the outcome of those efforts," he said in a statement.

UK Prime Minister Boris Johnson said his country is ready to provide support in any way it can.

"The pictures and videos from Beirut tonight are shocking. All of my thoughts and prayers are with those caught up in this terrible incident. The UK is ready to provide support in any way we can, including to those British nationals affected," Johnson said.

Israeli people share the pain of their Lebanese neighbours after a devastating blast in the port of Beirut and reach out to offer their aid, Israeli President Reuven Rivlin said on Tuesday.

"We share the pain of the Lebanese people and sincerely reach out to offer our aid at this difficult time," Rivlin said on Twitter.

Over 70 people have been killed while thousands of others were wounded in the massive explosion on Tuesday in Beirut which shattered buildings and caused widespread damage.

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