Billionaires who turned to politics

November 10, 2016

Donald Trump has become America's first billionaire businessman to serve as president. But he is following in the footsteps of other moguls who have jumped into the political fray elsewhere in the world.

The track record for these businessmen-turned-political leaders is decidedly mixed. Some have translated their private sector acumen into success in government. Others had tenures marked by scandal, and even a military coup.

Americans have elected presidents with business experience before among them, George W. Bush, who ran an oil company, and Herbert Hoover, a mining executive. But all moved into politics before running for the nation's highest office. Mr. Trump is the first American president to never have held elective office, or other high-level government or military post.

A look at some of the billionaires who blazed a trail from business to politics-

SILVIO BERLUSCONI, ITALY

1

Mr. Trump has drawn more comparisons to the brash Berlusconi, a three-term Italian prime minister, than perhaps any other foreign leader.
Both are irreverent and controversial, and they like to flaunt their lavish lifestyles. Each started his career in real estate, but made his name in the media world- Berlusconi built a fortune buying up television stations and Trump became a fixture in the New York tabloids and reality TV.

For Mr. Trump, that's probably about where he'd like the comparisons to end.

Mr. Berlusconi was a fixture in Italian politics for two decades, but his time in office was frequently marred by scandal. He was convicted of multiple crimes, including tax fraud and paying for sex with an underage prostitute, though the latter charge was overturned by an appeals court.

PETRO POROSHENKO, UKRAINE

2

Known as Ukraine's “Chocolate King,” Mr. Poroshenko made his fortune in the confectionary industry. Now he's a key Western partner in trying to resolve the heated dispute between Ukraine and Russia.

Mr. Poroshenko was elected president in 2014 following the public uprising that led to the ouster of Ukraine's pro-Russian leader. The billionaire businessman positioned himself as a friend of Europe and the United States, and indeed speaks and meets regularly with both President Barack Obama and Vice President Joe Biden.

But Mr. Poroshenko's tenure has coincided with more Russian meddling in Ukraine, particularly along the country's shared border. The U.S. has sent Ukraine tens of millions of dollars in non-lethal aid.

Mr. Poroshenko's transition from businessman to political leader also holds warning signs for Mr. Trump's financial future. The Ukrainian leader saw his net worth decline significantly after taking office.

THAKSIN SHINAWATRA, THAILAND

3

A telecommunications billionaire, Mr. Thaksin was Thailand's prime minister until he was ousted in a military coup in 2006.

During his tenure, Mr. Thaksin drew support from poorer voters who backed his reduction in hospital feeds and other populist programs.

But Mr. Thaksin's wealth would contribute to his political downfall. He faced corruption allegations after his family sold a company for $1.9 billion in a way that enabled them to avoid paying taxes on the sale, sparking a year of political tumult in Thailand that ended in the coup.

Though he's been in exile for several years, Thaksin remains involved in Thai politics from affair. Earlier this year, he weighed in on American elections, saying there was “some similarity” between himself and Trump.

“The cultures are very similar, the culture of being a businessman,” Thaksin told the Financial Times. “And then when successful businessmen come to politics, they give fresh air to political campaigns.”

SEBASTIAN PINERA, CHILE

4

Mr. Pinera's financial empire touched numerous parts of Chilean society. He held stakes in the country's largest airline, a television station and the popular football team Colo-Colo.

Turning to politics, Pinera campaigned on his private sector experience and became the first conservative to lead Chile since military rule ended in 1990. But his presidency launched to an inauspicious start a major earthquake disrupted his 2010 inauguration.

Chile experienced solid economic growth during Pinera's four—year term, but the president himself was deeply unpopular. Chile's constitution prohibits presidents from serving two consecutive terms. Pinera is eligible to run again in 2018.

Pinera hasn't been shy about weighing in on the U.S. election, levying sharp criticism of Trump. During an appearance in New York last fall, Pinera said the Republican would be a divisive leader and said his election would be a “tragedy.”

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Agencies
July 4,2020

Twitter has joined efforts to do away with racially loaded terms such as master, slave and blacklist from its coding language in the wake of the death of African-American George Floyd and ensuing Black Lives Matter protests.

The project started even before the current movement for racial justice escalated following the death of 46-year-old George Floyd in police custody in May.

The use of terms such as "master" and "slave" in programming language originated decades ago. While "master" is used to refer to the primary version of a code, "slave" refers to the replicas. Similarly, the term "Blacklist" is used to refer to items which are meant to be automatically denied.

The efforts to change these terms in favour of more inclusive language at Twitter were initiated by Regynald Augustin and Kevin Oliver and the microblogging platform is now backing their efforts.

"Inclusive language plays a critical role in fostering an environment where everyone belongs. At Twitter, the language we have been using in our code does not reflect our values as a company or represent the people we serve. We want to change that. #WordsMatter," Twitter's engineering team said in a post on Thursday.

As per the recommendations from the team, the term "whitelist" could be replaced by "allowlist" and "blacklist" by "denylist".

Similarly, "master/slave" could be replaced by "leader/follower", "primary/replica" or "primary/standby".

Twitter, however, is not the first to start a project to bring inclusivity in programming language.

According to a report in CNET, the team behind the Drupal online publishing software started using "primary/replica" in place of "master/slave" as early as in 2014.

The use of the terms "master/slave" was also dropped by developers of the Python programming language in 2018.

Now similar efforts are underway at Microsoft's Github and LinkedIn divisions as well, said the report.

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News Network
March 18,2020

San Francisco, Mar 18: Facebook said a bug in its anti-spam system temporarily blocked the publication of links to news stories about the coronavirus. Guy Rosen, Facebook's vice president of integrity, said on Twitter Tuesday that the company was working on a fix for the problem.

Users complained that links to news stories about school closings and other information related to the virus outbreak were blocked by the company's automated system.

Later on Tuesday, Rosen tweeted that Facebook had restored all the incorrectly deleted posts, which also covered topics beyond the coronavirus.

Rosen said the problems were unrelated to any changes in Facebook's content-moderator workforce. The company reportedly sent its human moderators home this week because of the coronavirus outbreak.

A representative for Facebook did not immediately respond to questions on the status of Facebook's content moderators, many of whom do not work directly for the company and are not always able to work from home.

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Agencies
June 18,2020

New Delhi, Jun 18: Vodafone Idea on Thursday told the Supreme Court that it has incurred Rs 1 lakh crore losses as it insisted it is not in a position to furnish bank guarantees.

A bench comprising Justices Arun Mishra, S. Abdul Nazeer, and M.R. Shah, taking up the adjusted gross revenue (AGR) matter through video conferencing, directed the telecom companies to submit their financial documents and books for the last 10 years.

Asking Vodafone if it was a foreign company, the bench said that how can the company say it would not furnish any bank guarantee.

"What if you fly away overnight in future without paying anything?" it asked.

Senior advocate Mukul Rohatgi, representing Vodafone Idea, denied his client is a completely foreign firm and cited before the bench its tie-ups and investments.

Vodafone owes over Rs 58,000 crore as AGR dues and so far, has paid close to Rs 7,000 crore.

Rohatgi contended before the court that the telecom company is in a tough situation, and cannot furnish any fresh bank guarantee, as profits have eluded the company in past many quarters. He submitted before the bench that Rs 15,000 crore bank guarantees are lying with the government, and his client's losses are over Rs 1 lakh crore.

"I cannot offer any more surety," he informed the bench.

Justice Mishra noted that this is public money and these dues should be recovered. "Do not tell us that you will pay if you were to make profits... the money must come," he noted.

Justice Shah observed that the telecom industry is the only industry which earned during the Covid-19 pandemic. "After all, this money will be used for public welfare", he said.

Rohatgi argued that his client would have to fold up if orders were issued to clear dues tomorrow. "11,000 employees will have to go without notice, as we cannot pay them," he added.

Senior advocate Abhishek Manu Singhvi, appearing for Bharti Airtel, contended before the court that out of Rs 21,000 crore AGR dues, the company has already deposited a sum of Rs 18,000 crore.

He argued that his client has given a bank guarantee, in excess of demand, to DoT, and supported the proposal for phased repayment of remaining AGR dues. He insisted that the company needs to sit down with the government and calculate the dues. Airtel owes Rs 25,976 crore after paying Rs 18,000 crore, as per the government.

Senior advocate Arvind Datar, representing Tata Telecom, informed the bench that his client has paid Rs 6,504 crore in AGR dues so far, and furnishing a bank guarantee may adversely impact investments in the sector.

The total AGR dues are close to Rs 1.5 lakh crore.

The top court will now take up the matter in the third week of July.

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