Tesla Inc.’s Elon Musk led the declines as his world-leading net worth fell US$7.2 billion to US$198 billion.
A global rout in stock markets sparked by concerns over China Evergrande Group hit the world’s biggest fortunes, with the richest 500 people losing a combined US$135 billion.
By Tom Maloney and Blake Schmidt(Bloomberg) — A global rout in stock markets sparked by concerns over China Evergrande Group hit the world’s biggest fortunes Monday, with the richest 500 people losing a combined US$135 billion.Tesla Inc.’s Elon Musk led the declines as his world-leading net worth fell US$7.2 billion to US$198 billion, according to the Bloomberg Billionaires Index. No. 2 Jeff Bezos, the founder of Seattle-based Amazon.com Inc., lost US$5.6 billion, paring his fortune to US$194.2 billion.
A cash crunch at Evergrande, China’s most indebted developer, and a regulatory crackdown on the nation’s real estate market stoked fears about possible financial contagion. Markets also reacted to U.S. Treasury Secretary Janet Yellen’s warning of economic catastrophe if lawmakers fail to raise the debt ceiling.
The S&P 500 tumbled 1.7%, the most since May.Evergrande founder and Chairman Hui Ka Yan continued his precipitous drop in Bloomberg’s wealth ranking as the company’s shares fell to their lowest in a decade. His fortune now stands at US$7.3 billion, down from a peak of US$42 billion in 2017. headtopics.com
Hong Kong’s biggest property developers led some of the sharpest losses on Hong Kong’s Hang Seng Index. Property billionaires Lee Shau-Kee, Yang Huiyan, Li Ka-Shing and Henry Cheng shed more than US$6 billion combined.Colin Huang, the founder of e-commerce platform Pinduoduo Inc., has lost US$29.4 billion this year, more than anyone else in China, including US$2.3 billion on Monday.Read more: Yahoo Singapore »
Community testing still shows high Covid-19 infection rate, S’pore nowhere near peak of epidemic curve: MOH
SINGAPORE — Covid-19 testing in the community for those who go to clinics with acute respiratory infections or flu-like illnesses continues to detect a high proportion of infections, suggesting that Singapore is “not anywhere near the peak of the epidemic curve yet, nor are the community cases yet on the wane”.
Biden to announce 'good news' on S$135 billion UN climate fundBiden to announce 'good news' on $100 billion UN climate fund
France's OVHcloud prepares for US$ 4.7 billion IPO- WSJFrench cloud computing services provider OVHcloud plans to launch a possible initial public offering as soon as Monday that could value it at more than US$4.7 billion, the Wall Street Journal reported https://on.wsj.com/3nP539c on Sunday, citing people familiar with the matter. The cloud-service provider
Vietnam's Bamboo Airways to sign US$ 2 billion deal with GE for engines on Boeing jetsHANOI : Vietnam's Bamboo Airways will sign a deal valued at nearly US$2 billion with General Electric to purchase GEnx engines to power Boeing 787-9 Dreamliner aircraft, the airline said on Tuesday. The deal will be signed in the United States later on Tuesday in the presence of Vietnam President Nguyen X GE will pay no taxes on this income. In fact, last year their corporate tax rate was NEGATIVE 9%… so US citizens pay GE to exist. ;-(
Australia's APA heats up bidding war for AusNet with US$ 7.2 billion offer:Australia's APA Group made a revised bid of AUS$9.96 billion (US$7.22 billion) on Tuesday for AusNet Services Ltd, intensifying a battle with Canada's Brookfield Asset Management to acquire the energy infrastructure firm.The deal comes as mergers and acquisitions activity in Australia has spiked over the pas
French football stickers startup valued at US$4.3 billionPARIS: French gaming startup Sorare, which offers users the chance to collect and trade virtual football stickers, said Tuesday (Sep 21) it had raised a record $680 million (580 million euros) from investors, valuing the group at $4.3 billion. The amount of money raised in a single private fundraising roun
Restaurant-software provider Toast seeks US$ 18 billion valuation with raised IPO price:Toast Inc is aiming for a valuation of up to US$18 billion after raising the price range for its initial public offering in the U.S., as the restaurant-software maker looks to cash in on a record boom in capital markets this year.Toast, founded in 2011, offers a software platform that allows restaurants to k