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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News Network
May 8,2020

May 8: Thousands of migrants have been stranded “all over the world” where they face a heightened risk of COVID-19 infection, the head of the UN migration agency International Organization for Migration (IOM) has said.

IOM Director-General António Vitorino said that more onerous health-related travel restrictions might discriminate disproportionately against migrant workers in future.

“Health is the new wealth,” Vitorino said, citing proposals by some countries to introduce the so-called immunity passports and use mobile phone apps designed to prevent the spread of the new coronavirus.

“In lots of countries in the world, we already have a system of screening checks to identify the health of migrants, above all malaria, tuberculosis… HIV-AIDS, and now I believe that there will be increased demands in health controls for regular migrants,” he said on Thursday.

Travel restrictions to try to limit the spread of the pandemic has left people on the move more vulnerable than ever and unable to work to support themselves, Vitorino told journalists via videoconference.

“There are thousands of stranded migrants all over the world.

 “In South-East Asia, in East Africa, in Latin America, because of the closing of the borders and with the travel restrictions, lots of migrants who were on the move; some of them wanted to return precisely because of the pandemic,” he said.

They are blocked, some in large groups, some in small, in the border areas, in very difficult conditions without access to minimal care, especially health screening, Vitorino said.

“We have been asking the governments to allow the humanitarian workers and the health workers to have access to (them),” he said.

Turning to Venezuelan migrants, who are believed to number around five million amidst a worsening economic crisis in the country, the IOM chief said “thousands… have lost their jobs in countries like Ecuador and Colombia and are returning back to Venezuela in large crowds without any health screening and being quarantined when they go back”.

In a statement, the IOM highlighted the plight of migrants left stranded in the desert in west, central and eastern Africa, either after having been deported without the due process, or abandoned by the smugglers.

The IOM’s immediate priorities for migrants include ensuring that they have access to healthcare and other basic social welfare assistance in their host country.

Among the UN agency’s other immediate concerns is preventing the spread of new coronavirus infection in more than 1,100 camps that it manages across the world.

They include the Cox’s Bazar complex in Bangladesh, home to around one million mainly ethnic Rohingya from Myanmar, the majority having fled persecution.

So far, no cases of infection have been reported there, the IOM chief said, adding that preventative measures have been communicated to the hundreds of thousands of camp residents, while medical capacity has been boosted.

Beyond the immediate health threat of COVID-19 infection, migrants also face growing stigmatization from which they need protection, Vitorino said.

Allowing hate speech and xenophobic narratives to thrive unchallenged also threatens to undermine the public health response to COVID-19, he said, before noting that migrant workers make up a significant percentage of the health sector in many developed countries including the UK, the US and Switzerland.

Populist narratives targeting migrants as carriers of disease could also destabilise national security through social upheaval and countries’ post-COVID economic recovery by removing critical workers in agriculture and service industries, he said.

Remittances have already seen a 30 per cent drop during the pandemic, Vitorino said, citing the World Bank data, meaning that some USD 20 billion has not been sent home to families in countries where up to 15 per cent of their gross domestic product comes from pay packets earned abroad.

Vitorino, in a plea, urged to give the health of migrants as much attention as that of the host populations in all countries.

“It is quite clear that health is the new wealth and that health concerns will be introduced in the mobility systems - not just for migration - but as a whole; where travelling for business or professional reasons, health will be the new gamechanger in town.

“If the current pandemic leads to a two or even three-tier mobility system, then we will have to try to solve the problem – the problem of the pandemic - but at the same time we have created a new problem of deepening the inequalities,” he said.

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Agencies
April 25,2020

From loudspeakers on the roof of a Minnesota mosque, the Islamic call to prayer echoed for the first time ever throughout a Minneapolis neighbourhood late on Thursday as the Muslim community there prepared to begin the holy month of Ramadan.

It echoed again on Friday morning and will continue five times a day during the holy month. 

The simple, short call - known as the adhan - marked an historical moment for Minneapolis and major cities across the United States, community members said. While the adhan is commonly broadcast throughout the Middle East, North Africa and other places, for many Muslims in the US, it is only heard inside mosques or community centres.

"There's definitely a lot of excitement," said Imam Abdisalam Adam, who is on the board of the Dar al-Hijrah mosque, from where the adhan will be broadcast.
"Some people see it as historic," Adam told Al Jazeera. "To the point ... that they're not doing it, able to see it in their lifetime." 

Recited by different representatives from mosques around the city, the call to prayer is expected to reach thousands in the Cedar-Riverside neighbourhood in Minneapolis, according to Jaylani Hussein, the executive director of Minnesota's Council on American-Islamic Relations (CAIR).

While Hussein says the community had discussed broadcasting the call for years, it became even more pressing this year when the coronavirus pandemic forced mosques to shut their doors and residents to stay inside. The coronavirus has infected more than 870,000 people nationwide and killed at least 50,000.
"We wanted to touch those individuals who frequent this mosque and this community," Hussein said. "If we cannot be physically together, at least this echo, this voice, this call to prayer can be an extension of us being together at this difficult time. To give some people some solace."
Ramadan - Minnesota.

The Dar al-Hijrah mosque in the Cedar-Riverside neighbourhood of Minneapolis, Minnesota [Courtesy of Abdisalem Adam] 
Ramadan is traditionally a time when Muslims worldwide regularly attend mosques for daily prayers and break their fasts together. But this year, most have been told to pray at home and forgo community iftars in favour of staying safe from the COVID-19 crisis.

Adam, the imam, said while the Muslim community is experience loss this Ramadan, they hope the call to prayer broadcast will create a "semblance of normalcy".

"With the loss of Friday prayers and the regular congregational prayers, we are hoping that this will give a sense of solace and connection to the spiritual needs of community members," he added. 

An avenue to greater investment?

The Cedar-Riverside neighbourhood is a densely populated area of Minneapolis that has historically been an entry point for many immigrants and today is home to large Somali and Oromo communities.

Ramla Bile, a Somali American who lives in a neighbourhood adjacent to Cedar-Riverside, has been active in the community for years. She welcomed the broadcast of the call to prayer, saying it will help people "feel the spirit of Ramadan in a way that is meaningful".

But she also hopes the city of Minneapolis, which provided the noise permit for the broadcast, will make bigger strides to invest in the community in even more tangible ways.

"There's been a lot of need and a lot hurt in the community in light of the COVID-19 pandemic. And then there's the ongoing conversation you've been having," she said, pointing to deep-seated Islamophobia, systemic racism and the need for infrastructure projects like sprinkler systems in high-rise buildings. 

"We need to see greater investments to support the most vulnerable members of our community," Bile said referring to the neighbourhood's elders, undocumented individuals, low-income families and others.

"Right now, we're waiting for a bailout for our micro-businesses who comprise our Somali malls, or a rent freeze for neighbourhood residents," she added.

For CAIR's Hussein and Imam Adam, they hope this Ramadan's call to prayer helps encourage other communities around the US to take similar steps.

"This will hopefully inspire others … to think about what could happen in future Ramadans and beyond," Hussein said.

Adam added that while the virus has devastated communities and upended daily life, it has also shown that "we're in this together".

"It just shows the significance of the global village and how interconnected and interdependent we are as a world community," he said. "I think that there will be a lot of change in our way of life for the better. I hope so."

 

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News Network
April 22,2020

London, Apr 22: The toll from coronavirus in the United Kingdom has jumped above 18,000 after 759 more deaths were reported in the last 24 hours, the Department of Health and Social Care announced in a statistical bulletin on Wednesday.

In total, 18,100 people have died in the UK hospitals after contracting COVID-19 as of 16:00 GMT on Tuesday.

A further 4,451 new cases of the disease were reported over the preceding 24 hours up to 08:00 GMT on Wednesday, the ministry said. The total number of cases reported since the start of the outbreak now stands at 1,33,495.

On Tuesday, the Office of National Statistics published a report stating that the coronavirus disease death toll as of April 10, when accounting for deaths in care homes and private residences, was 41 per cent higher than the government's figures.

In parliament on Wednesday, Health Secretary Matt Hancock stated that the United Kingdom has reached the peak of the COVID-19 outbreak, praising the social distancing measures enforced in the country.

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