Warren Buffett turned 86 on Tuesday. At an estimated wealth of about $61 billion, he's averaged earning about $1.94 million per day for every day of his life. Of course we know that's not totally an accurate picture, because he made a lot more in the second half of his life than in the first half. But as a way of comparing age and wealth, that $1.94 million is a number to put in perspective. Based on that ratio, he'd be ranked seventh on the billionaires list. Topping it would be Mark Zuckerberg and Bill Gates, the only two people who've averaged over $3 million per day. Many other famous tech giants crack the elite cutoff level of $1.5 million per day. They include Amazon's Jeff Bezos, Oracle's Larry Ellison, and the "Google Guys," Larry Page and Sergey Brin. As head of Berkshire Hathaway, Buffett is the oldest CEO in the entire S&P 500, followed close behind by 85-year-old Rupert Murdoch of News Corp. On the exact opposite end, Facebook's Zuckerberg is the youngest CEO in the 500. He's 32.
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GetCover is the latest Fintech Startup which provides an offline-to-online (O2O) platform where financial advisory companies and financial institutions can deliver motor insurance, general insurance, financial and lifestyle products to their customers for a greater experience! Settle your car insurance in a simply rewarding way. InsurTech (Insurance Technology) has become one of the hottest FinTech sectors around the world, with a growing number of bright entrepreneurs looking to enter the race for a trillion-dollar industry disruption. On that note, GetCover plans to be the first end-to-end mobile app enabled InsurTech platform in Asia, using an offline to online (O2O) platform. Customer engagement will be primarily through our first of its kind user-friendly mobile app. GetCover is created to make a difference by connecting insurers, intermediaries and customers with state of the art technology: > Enable the insured an ease and convenience in onboarding, renewal and payment. > Enable the insurers & intermediaries to offer insurance and financial products through GetCover App Offer from offline to online onboarding, renewal and transactional platform services. A paperless system to improve productivity of intermediaries & participating insurers. Billionaire Li Ka-shing’s Cheung Kong Property Holdings Ltd. signaled it’s willing to part with some buildings in Hong Kong, as it seeks to lessen dependence on a market where sales have plummeted. “I always look at deals, it’s my job to look at deals, both purchases and sales,” Deputy Chairman Victor Li told analysts Thursday when asked if he would consider selling commercial buildings, according to a recording of the briefing. “There is no deal that we must have, there is no property we must own, other than this building — we do need an office ourselves,” he said, referring to the Cheung Kong Center where CK Property has its headquarters. Just over one year after it was spun off from Cheung Kong (Holdings) Ltd., the Li family is looking to expand beyond the city where CK Property was founded. The company’s shares dropped on Friday after Li reiterated his bearish outlook for the local property market. His comments came after Li’s father, billionaire Li Ka-shing, the company’s chairman, said in a statement to the Hong Kong stock exchange that the group was looking for growth beyond Hong Kong, its traditional base. “As it is presently challenging to identify property investments with reasonable returns in the current cyclical stage of the property market, the Group will also pursue global investments to extend our reach to new business areas,” the elder Li said in the statement. Apart from Cheung Kong Center, CK Property’s commercial portfolio includes Hutchison House and The Center in the Central business district on Hong Kong Island, and The Harbourfront in Kowloon, across the harbor. At the briefing, the younger Li painted a bleak picture for the city, where sales declined 16% to HK$8.7bn ($1.1bn) in the first half. “We are not changing our view,” he said. “I can’t paint you an optimistic, not bearish angle.” He also said the company was not looking to buy new land for development as margins on land purchases are “at an unhealthy level.” He said the company was looking to expand into non-property businesses outside Hong Kong, without providing concrete details. “I can’t tell you too much now, it is going to be complementary to our property portfolio,” he said. On Thursday, the company reported first-half profit before investment property revaluation of HK$8.3bn ($1.08bn), 51% higher than a year earlier. Mainland China overtook Hong Kong as the major source of sales revenue in the first half, jumping from 34% to 60%. Li told analysts that two property investments in London would in the next couple of years contribute “sales and profit margins comparable or even better than Hong Kong.”
The shares slumped as much as 4.2% on Friday, the most since June 24, after it rallied as much as 49% from this year’s low in January. They were 3.2% lower at HK$55.25 as of 1:28 p.m. in Hong Kong Friday. The stock is up 10 percent this year, compared with a 3.8% increase in the benchmark Hang Seng Index. News Reported by Bloomberg Share by Corwin Group Trump Taj Mahal, the Atlantic City casino, founded by Republican presidential nominee Donald Trump but no longer under his ownership, will shut down after years of losses.The owners said the casino had long been unprofitable. The closure after Labour Day will come after a lengthy strike over benefits. Closing the Trump Taj Mahal will cost 3,000 jobs, adding to 8,000 workers who were laid off in 2014 when four of the other casinos in the city were closed. The closure of the Trump Taj Mahal will leave only seven casinos in Atlantic City. The casino was opened 26 years ago by current Republican presidential candidate Donald Trump. It was taken over by billionaire Carl Icahn in 2009 when Trump Entertainment filed for bankruptcy - a move which forced Mr Trump to give up all of his investment in his Atlantic City casinos. Mr Icahn told the AP news agency that he has lost nearly $100 million on the Taj Mahal. Atlantic City's main casino workers union has been on strike against the Taj Mahal since 1 July. On Thursday, the strike will become the longest in the city's 38-year casino era. The strike is over the restoration of health insurance and pension benefits. Unions have rejected an offer to restore health insurance at a level less than that of employees at the city's other casinos. Find out more business opportunity in casino: Casino for sale at UK and Cambodia from Corwin Group. Contact us at [email protected] Atlantic City used to be the only gambling centre on the US east coast, but is now struggling with competition from casinos in neighbouring states. The shutdown will reduce the number of casinos in Atlantic City to seven. The job losses will be in addition to 8,000 workers who became unemployed when four Atlantic City casinos closed in 2014.
Trump once owned three Atlantic City casinos, but cut most ties with the city by 2009. Having lost ownership of the company to bondholders in a previous bankruptcy, Trump resigned as chairman of Trump Entertainment Resorts, retaining a 10 per cent stake in return for the use of his name. That interest was wiped out in bankruptcy court when Icahn took over in March. Hope Hicks, a spokeswoman for Trump’s presidential campaign, told the AP, “Mr. Trump made a tremendous amount of money in Atlantic City during its prime. He has not been involved for seven years, with many people giving him great credit for his timing and success.” The central issue in the strike is restoration of health insurance and pension benefits that previous owners got a bankruptcy court judge to approve in October 2014. Icahn offered to restore health insurance to Taj Mahal workers, but at a level less than what workers at the city’s other seven casinos receive. Investment banking is one of the top career choices for new graduates, which is not surprising given that it is a prestigious, well-paying field with a clearly defined career path. However, breaking into the field can be difficult because the number of qualified candidates greatly exceeds job openings. Your chances may be significantly improved if you possess the necessary attributes listed below to succeed in investment banking. Here, then, are seven reasons why investment banking may just be the right career choice for you.
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It costs a lot of money to get to the Olympics. Competing in the Olympics is the high-water mark in any athletic career. Not only is it a demanding physical challenge, it’s an expensive undertaking, costing athletes tens of thousands of dollars annually for coaching, equipment, and space. In years past, athletes have depended on part–time jobs, donations from family and friends, not to mention funding from local or sometimes national athletic groups. One new way athletes headed to the Rio Olympics have raised funds is via crowdfunding platforms, which allow athletes to set up campaigns and solicit donations online. The Rio games get underway on Friday. Crowdfunding platforms are by now familiar to many consumers and businesses. Each has a slightly different focus. Indiegogo and Kickstarter tend to specialize on projects or business startups, for example. GoFundme concentrates on personal causes, and this year’s Olympic athletes have in particular turned to it to raise funds. Jeremy Taiwo, who will be competing in the decathlon as part of the U.S. Olympic team, is GoFundMe’s most successful fundraiser, pulling in $62,000 from more than 300 people since December 2015. That money will be extremely handy to Taiwo, 28, who says he’s been living below the poverty line, sometimes struggling to pay his rent. (He lives with his girlfriend, the French track Olympian Justine Fedronic, in Seattle.) These financial restrictions have also limited his ability to compete this year, he says. Decathlon, considered one of the most challenging events of the games, requires athletes to participate in 10 track and field heats, including running, jumping, pole vault, javelin, shotput, and discus. Among Taiwo’s costs are plane tickets to get to competitions, weekly physical therapy, and of course fees for shipping all of his athletic equipment to meets. “With the money raised, I will be able to pay for everything,” Taiwo says. Depending on the sport, it’s not uncommon for athletes’ expenses to equal hundreds of thousands of dollars in the four-year lead up to the Olympics, according to a U.S. Olympics Committee (USOC) spokesman, who adds the USOC contributes hundreds of millions of dollars every quadrennial toward individual athlete expenses, for things like coaching, training, and sports medicine. Once they’ve qualified, the athletes’ flights and accommodations are paid for by USOC. But the costs of transporting and accommodating friends and family traveling are not. Taiwo, who has set world and U.S. records in the high jump and whose own father is a two-time Olympian who competed in the triple jump in the 1980s, says he’s earned some money working part-time selling footwear at a local Dick’s Sporting Goods. U.S.A. Track and Field, the official governing body of the sport, has also kicked in a $9,000 stipend, plus a scholarship of between $4,000 and $5,000. But the GoFundMe money will pay for the rest of Taiwo’s expenses this year, including bringing his coach, physical therapists, parents and some of his closest friends to Rio. It will also enable him to pay his coach, who has been offering Taiwo his services gratis this year. More than 7,000 donors have given three–quarters of amillion dollars to 140 Olympic campaigns to date on GoFundMe, which decided to turn the Olympians’ fundraising into a contest. The athlete who raised the most—in this case, Taiwo—received an additional $10,000 from GoFundMe. “This will allow Jeremy to focus on the journey and not get distracted by the financial burden,” says Rob Solomon, chief executive and founder of GoFundMe. Large companies often pay tens of millions of dollars simply to show the Olympic rings insignia on their particular products in the run-up to the games and after, says Alvin Lieberman, clinical professor of marketing entrepreneurship and innovation at New York University’s Stern School of Business. Big companies can also sometimes sponsor promising athletes before they compete. But for the majority of Olympic hopefuls, it’s a costly crapshoot that can run some athletes deeply into debt. Crowdfunding can be a good alternative to running up expenses they can’t pay for. “It is a very good place for athletes to go and for people to connect,” Lieberman says. Of course, the real payoff comes for a lucky few athletes who win gold medals. The former Bruce Jenner, now Caitlyn, won the gold medal for decathlon in the 1976 Olympics. He also cleaned up with multi-millions of dollars in sponsorships, most famously gracing General Mills’ Wheaties box in the 1970s. So, who knows, perhaps Taiwo’s winning streak on GoFundMe is an early indication of how he’ll do in Rio. He’s making sure he’s a sportsman about all of that, however. “If you’re going to the Olympics, you may as well go for a gold medal,” Taiwo says. “But I definitely plan to leave it all on the tracks.” Author: Jeremy Q (Fortune) Sharing by Corwin Group
Andrew Carnegie came from nothing to become one of the richest people the world as well as a visionary philanthropist. In 1848, his family emigrated from Scotland to Pittsburgh, Pennsylvania, when he was 12 years old. Carnegie quickly began his legendary career, working his way from a factory boiler room to the telegraph office. His position as a telegraph messenger gave him the opportunity to meet Thomas A. Scott, the superintendent of the Pennsylvania Railroad’s western division. Carnegie was a hard worker and had a keen eye for recognizing opportunity and the people who could help him become more successful.
The 1850s
In 1853, Carnegie took a position as the personal telegrapher and assistant to Scott at the railroad company. His work ethic and thirst for knowledge impressed Scott enough to alert him of the impending sale of 10 shares in the Adams Express Company and lend him $500 to invest. Carnegie’s mother mortgaged their house as collateral, and when he received his first dividend check of $10, Carnegie was forever hooked on investing. Using his dividend checks and railroad salary, Carnegie began investing in businesses he knew, such as telegraph and railroad companies. He understood that railroad expansion meant longer trips and that passengers would enjoy the comfort of sleeping cars. His successful investment in the Woodruff Sleeping Car Company was his first major windfall and the foundation of the Carnegie fortune.
The 1860s
As his fortune grew, he began taking more risks and diversifying his portfolio. After making several wise investment choices in oil, he left the railroad in 1865, focusing on his investments and becoming a partner in the Keystone Bridge Company. Always ahead of the curve, Carnegie recognized iron bridges were stronger and safer than wooden structures and invested heavily in the production of iron. In 1867, Carnegie, along with his mother, moved to New York City, where he began selling bonds while running his Pittsburgh-based companies from afar. By the time the final spike was driven into the Transcontinental Railroad in 1869, Carnegie had perfected the vertical integration business strategy, demanding ownership of the resources needed, their delivery method and the final product.
The 1870s and 1880s
Following the Civil War, Carnegie took another chance, putting the fate of his fortune in the strength of steel. In 1872, he traveled to Europe and witnessed a new way to create large quantities of steel, which had previously only been made in small crucibles in the United States. Carnegie opened his first steel mill in 1875 and purchased his main rival, Homestead Steel Works, in 1883. Carnegie was a staunch believer in keeping costs as low as possible, hiring wave after wave of immigrant workers who were willing to work long hours for little pay. He was also widely known to pressure his partners into giving up their profits to invest in company expansion. Cutting costs was always top priority for Carnegie; however, he always took every opportunity to invest in production improvements. The 1890s and 1900s Carnegie's vast empire continued to expand, and the Carnegie Steel Corporation was officially formed in 1892. Through continued expansion and technological innovations in steel production, Carnegie grew the company into the largest manufacturing company in the world. Choosing to spend more time with his family, Carnegie sold his company to J.P. Morgan’s U.S. Steel Corporation (NYSE: X) for $480 million in 1901, famously making him the richest man in the world.
Almost half of total global wealth, or about 47% of worldwide assets, are controlled by millionaires. A new Spear’s magazine and WealthInsight study offered data on individuals with over $1 million or more in net assets, excluding the value of their primary residences, as a percentage of the total population in European cities. Below we’ve gathered a list of these four European cities along with New York City, which count most millionaires per resident of cities worldwide. (For more, see: Asian Millionaires Are the Richest in the World.) 1. Monaco A whopping 31% of this glamorous European city state’s population is made up of millionaires. Monaco’s one millionaire out of every three Monaco residents marks the city as the mecca for most millionaires per capita. High-rollers flock to the city for the principalities’ low tax, Mediterranean waterfront location and the annual Gran Prix, boasted as one of the most prestigious automobile races in the world. Monaco has seen a fast increase in the density of its ultra-wealthy class, which spiked 6% since 2014. 2. Zurich This Swiss banking city ranks just behind Monaco, with approximately 25% of its inhabitants making up the millionaire class. Switzerland, which is known as a haven for wealthy individuals with fat bank accounts in search of a tax break, has sat high on the list for decades. 3. Geneva Geneva ranks behind its neighboring Swiss banking city, with just under 20% of its residents constituting the city’s millionaire class. This tax haven known for Swiss chocolate and watches is also home to some of the wealthiest billionaires. Gennady Timchenko, Russian founder of the international energy trader, Gunvor Group, leads the list of 13 billionaires in Geneva with a fortune of $11.4 billion. (For related reading, see: Favorite Hotels of Millionaires.) 4. New York The city that never sleeps is up all night working for a reason, as about 5% of New Yorkers now classify as millionaires. One in 21 residents of all five New York boroughs possess over $1 million in net assets, mostly concentrated in New York’s financial and business hub of Manhattan. The Big Apple towers over other U.S. cities in the rankings, with Houston, Texas lagging behind as a home for approximately 2% of millionaires as a percentage of the overall population. 5. London Yet another European city joins four out of five top cities for millionaires worldwide, with one in 29 inhabitants belonging to the millionaire class. Despite the recent Brexit, the capital of the United Kingdom continues to serve as a hub for finance and entrepreneurship in Europe. London’s financial strength places it ahead of Germany's financial center of Frankfurt, listed sixth on the top European millionaire city list. The Bottom Line When it comes to the number of millionaires as a percentage of overall city population, Europe calls itself home to a large portion of the luxury-seeking class. The sovereign city state of Monaco’s 31% millionaires over total population places it first on the millionaire list, Swiss banking cities Zurich and Geneva lag behind at 24.3% and 17.7% respectively, with New York City’s 5% and London’s 3.4% constituting the top five worldwide. News update from Investopedia Sharing by Corwin Group |
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