China’s billionaire factory generating four new members a week

•April 11, 2018 • 5 Comments

http://www.afr.com/news/world/asia/chinas-billionaire-factory-generating-four-new-members-a-week-20180228-h0wsxl

Pony Ma, the founder of technology giant Tencent, is now China’s richest man after his personal wealth overtook rival ecommerce and property tycoons. However, US moguls still top the global rich list, according to Shanghai-based research house Hurun, which says the Communist-ruled country is generating four new billionaires a week.

Greater China now boasts 819 billionaires, after generating an additional 210 during the year, Hurun said in its annual global rich list published Wednesday. The growth rate dramatically outstripped that of the United States, where the number of billionaires rose by 19 to 571. China overtook the United States in the total number of US dollar billionaires in 2015.

Australia ranked 14 on a list of where the world’s billionaires live, with 41. Sydney is home to 18 billionaires. Beijing is the city with the most billionaires with 131 and then New York with 92.

While the growth rate in Chinese billionaires dramatically outstrips the rest of the world, the world’s richest people are still American. Jeff Bezos of Amazon hit first place after adding $US51 billion ($65 billion) to his fortune to hit $US123 billion ($158 billion). Warren Buffet overtook Bill Gates and broke through the $US100 billon ($128 billion) mark after a 31 per cent jump in wealth. Rupert Murdoch ranked 26 with $US32 billion.

Mr Ma, whose Chinese name is Ma Huateng, and whose company owns the social media giant WeChat, came in at 15 on the global list. With a fortune of $US47 billion, he is the richest person in Asia. While Alibaba founder Jack Ma is China’s best known businessman internationally, his ranking slipped six places to 26 with $US32 billion.

Yang Huiyan, the owner of Chinese development giant Country Garden, which has extensive interests in Australia, increased her wealth more than the other Chinese billionaires on the list. Her fortune grew 268 per cent to $US32 billion, ranking her alongside Ma.

Another Chinese billionaire with an Australian connection was Xu Jiayin, the chairman of developer China Evergrande. He is 20th on the list after his wealth jumped 242 per cent to $US41 billion. Mr Xu is best known Australia for being forced to sell a $39 million Sydney Harbour mansion in 2015.

The Hurun Global Rich List 2018 ranked 2,694 billionaires from 68 countries and from 2,157 companies. Total wealth increased by a staggering 31 per cent to $US10.5 trillion, equivalent to 13.2 per cent of global GDP. “Never has so much wealth been concentrated in the hands of so few,” the report’s chief researcher Rupert Hoogewerf said.

———-

“Greater China now boasts 819 billionaires, after generating an additional 210 during the year, Hurun said in its annual global rich list published Wednesday. The growth rate dramatically outstripped that of the United States, where the number of billionaires rose by 19 to 571. China overtook the United States in the total number of US dollar billionaires in 2015.”

from west to east..

“Total wealth increased by a staggering 31 per cent to $US10.5 trillion, equivalent to 13.2 per cent of global GDP. “Never has so much wealth been concentrated in the hands of so few,” the report’s chief researcher Rupert Hoogewerf said.”

no shit..

401

Do you trust this computer?

•April 11, 2018 • 6 Comments

———-

“they” know it..

we await the movie..

401

Hong Kong’s tycoons are passing massive wealth to their heirs

•April 10, 2018 • 2 Comments

Li Ka-shing

https://www.bloomberg.com/news/articles/2018-03-19/hong-kong-sees-massive-wealth-transfer-from-tycoons-to-heirs?utm_source=twitter&utm_content=business&utm_campaign=socialflow-organic&utm_medium=social&cmpid=socialflow-twitter-business

The retirement of Hong Kong billionaire Li Ka-shing marks another milestone in a vast wealth transfer now underway from a scrappy generation of Chinese empire builders to their heirs.

Li, Hong Kong’s richest man, announced on March 16 that he’ll step down as chairman of CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd., making way for his eldest son, Victor Li.

While Li Ka-shing was dubbed “Superman” in the local media for his magic touch and has been lionized over the decades, his son may be judged harshly if he doesn’t live up to public expectations.

“The second generation always has a lot of pressure,” said Kevin Au, director of the Center for Family Business at the Chinese University of Hong Kong. “Compared to their fathers, they’re always being looked down upon by public and by business partners,” he said. “Their fathers are heroes.”

Here’s a snapshot of five of Hong Kong’s most important business families that have passed the baton, or will soon, to the next generation.

The Li Family

Founder: Li Ka-shing, 89, was born in 1928 and moved from Guangdong to Hong Kong during World War II. Starting from a company making plastic flowers, Li built a global empire in ports, property, telecoms, energy, retail and other businesses. Li said in 2012 that his eldest son Victor Li would be his successor, yet it took about six years for the tycoon to relinquish managerial control of flagship CK Hutchison and other Li-controlled companies.

  • Heir: Victor Li, a 53-year-old Stanford-trained engineer, has been groomed for decades to take over the family business. In 1996, after Victor was kidnapped, Li Ka-shing paid a ransom of HK$1 billion to a gang led by “Big Spender” Cheung Tze-keung, according to reports in the South China Morning Post and other media. “A father would never give a son a perfect score,” the elder Li told reporters in January 2018 when asked about his son’s performance, “but Victor has 90 points out of 100.”

The Lee Family

Founder: Lee Shau Kee, 90, was born in Guangdong and immigrated to Hong Kong in 1948 during the civil war between China’s Communists and Nationalists. A co-founder of Sun Hung Kai Properties Ltd., he left in 1973 and founded Henderson Land Development Co. In 2014, he told the South China Morning Post he would “gradually” retire but did not have a specific date in mind.

  • Heir: The elder Lee has yet to designate one. His son Peter Lee is co-vice chairman of Henderson Land. As chairman and president of Henderson China Holdings Ltd., Peter is the family point person for developing its mainland business. He shares the co-vice chairman role with his brother, Martin Lee, who’s also chairman and managing director of Henderson Investment Ltd. and chairman and CEO of Miramar Hotel & Investment Co.

The Cheng Family

Founder: Cheng Yu-tung was born in 1925 in Guangdong. He fled war-torn China for Macau, finding a job in a gold shop and later marrying the boss’s daughter. After the war, he moved to Hong Kong, where he founded New World Development Co. in 1970. Under his leadership, New World built Hong Kong landmarks such as the convention center that was the site of the city’s 1997 handover to Chinese rule. He took Chow Tai Fook Jewellery Group Ltd. public in 2011 and announced his retirement the next year. When he died in 2016, he was Hong Kong’s third-richest tycoon.

Heir 1: Henry Cheng, son of Cheng Yu-tung, was born in Hong Kong in 1946. After taking over in the late 1980s, he led the acquisition of the Ramada hotel chain. After a partnership with Donald Trump soured, Trump unsuccessfully sued him in 2005 over the proposed $1.8 billion sale of riverfront property in Manhattan. Cheng went on leave last year for several months because of an unspecified illness.

  • Heir 2: Next in line is Henry’s son Adrian Cheng, who became New World’s vice-chairman last year. He received his bachelor’s degree from Harvard in 2002 and is founder of an art-themed property developer and a foundation to support emerging artists. His sister Sonia Cheng, also a Harvard graduate, is chairman of New World Hotel Management Ltd. and runs the Cheng-controlled company that manages properties including the Carlyle in New York and Hotel de Crillon in Paris.

The Kwok Family

Founder: Kwok Tak-seng, a grocery wholesaler from Guangdong, immigrated to Hong Kong after the war and co-founded Sun Hung Kai Properties Ltd. in 1963. Another co-founder was Lee Shau Kee, who later left to start rival Henderson Land. Kwok died in 1990.

  • Heir 1: The patriarch’s son Walter Kwok, who was kidnapped in 1996 by the same gang leader who abducted Victor Li, ran Sun Hung Kai until 2008, when a family squabble led to his ouster. Current chairman Raymond Kwok, 64, was acquitted in a 2014 corruption trial that led to the conviction of his brother, former co-chairman Thomas Kwok, who was sentenced to five years in prison.
  • Heir 2: Adam Kwok, an alumnus of Stanford University and Harvard Business School and son of Thomas, is a board member. So, too, is Raymond’s son Christopher Kwok, who graduated from Harvard College and Stanford Graduate School of Business.

The Pao/Woo Family

  • Heir 1: The patriarch’s son Walter Kwok, who was kidnapped in 1996 by the same gang leader who abducted Victor Li, ran Sun Hung Kai until 2008, when a family squabble led to his ouster. Current chairman Raymond Kwok, 64, was acquitted in a 2014 corruption trial that led to the conviction of his brother, former co-chairman Thomas Kwok, who was sentenced to five years in prison.
  • Heir 2: Adam Kwok, an alumnus of Stanford University and Harvard Business School and son of Thomas, is a board member. So, too, is Raymond’s son Christopher Kwok, who graduated from Harvard College and Stanford Graduate School of Business.

The Pao/Woo Family

  • Heir 1 : Peter Woo, Pao’s son-in-law, was born in Shanghai in 1946. He took over management of Wheelock & Co. and Wharf Holdings Ltd. after Pao’s retirement and expanded into cable TV, telecommunications and broadband internet. He made a foray into politics with an unsuccessful campaign to become Hong Kong’s first chief executive after the 1997 resumption of Chinese rule. He retired as Wheelock chairman in 2013 and is now officially the company’s owner/senior counsel.
  • Heir 2: Wheelock chairman Douglas Woo, Peter’s son, studied architecture at Princeton University and worked as an analyst at UBS Group AG before joining Wheelock in 2005. On March 9, Wheelock announced plans to buy a 7,318-square-meter site around Hong Kong’s old airport from troubled Chinese conglomerate HNA Group Co.

————

the whos who..ka-shing is ka-ching..

li family..big..

401

Images 8/4/18

•April 9, 2018 • 38 Comments

fools..

“mandatory reading for korean schoolchildren”..please explain?

graffiti..

its cyclic..always has been..always will be..

a fine upstanding member of the community..plus obama and schumer..

truth..

hes dead..

you need to wake the fuck up..

*sigh

fake image..but cute..

we seem to be losing ex leaders all over the globe..what a shame!

this is what a domestic terrorist looks like these days..

amen to that..

401

Facebook’s present is as scary as its checkered past..most of its 2 billion users may have had their personal data scraped

•April 6, 2018 • Leave a Comment

https://www.bloomberg.com/gadfly/articles/2018-04-04/facebook-s-present-is-as-scary-as-its-checkered-past

The fresh disclosures about the Cambridge Analytica affair are dismaying for Facebook Inc., and they were getting a lot of deserved attention on Wednesday. But what happened at the shadowy political consulting firm is largely about Facebook’s past. The company made other changes Wednesday that highlighted how lax it is currently being in allowing access to information from the social network’s 2 billion users.

The big news, of course, was that Facebook gave its first estimate of the number of accounts that may have fallen into the hands of Cambridge Analytica, a firm that worked on Donald Trump’s presidential campaign. Facebook said that number was as high as 87 million people, mostly in the U.S., which was larger than previous mediareports that suggested the firm had harvested private information from Facebook profiles of more than 50 million people. (Even the 87 million figure is just an estimate. Cambridge Analytica denied on Wednesday that it had received data on that many people.)

Remember that all this started because an academic obtained permission to access the Facebook accounts of a few hundred thousand people in 2014, leveraged that to harness account information from tens of millions more people and shared the information improperly with Cambridge Analytica. Facebook changed its data-collection policies a few years ago, and in theory a Cambridge Analytica-type situation couldn’t happen again. However, many more improperly obtained troves of Facebook user information could be floating out in the world from the era of lax Facebook policies. Facebook has said it will do a full analysis to root out other outsiders that harvested large volumes of Facebook user data as Cambridge Analytica did.

The fresh revelation escalates Facebook’s nearly three-week-long crisis, which has cost the company about $90 billion in lost market capitalization. There’s a broader revelation, however, from Facebook’s amendments to its policies disclosed Wednesday. It shows how much account information Facebook still allows outsiders to harness, and it makes me wonder why Facebook is just now closing some of its endless series of data barn doors.

For example, Facebook said in a post that it was ending a feature that had permitted someone to enter another person’s phone number or email address into a Facebook search to find a friend or colleague. The company said it found people abused that feature to hoover the public profile information by submitting emails or phone numbers they already had.

You can imagine farms of shady data collection firms typing in your mother’s phone number, finding her Facebook profile and sucking into its databases more information about her favorite TV shows, home town and political affiliations. Needless to say, few Facebook users have ever thought about this particular misuse of information. And like many things about Facebook, this misuse may have been extremely widespread. “We believe most people on Facebook could have had their public profile scraped in this way,” Facebook’s chief technology officer wrote in his post. How is it possible that Facebook didn’t close this data loophole before now?

And the same perplexed attitude applies to Facebook’s actions to tighten access to information for third parties, like what private events people have indicated on Facebook that they plan to attend and access to Facebook user information from apps or websites that allow people to log in using their Facebook user names and passwords. Developers will howl about these changes, and the many outside companies that rely on Facebook to reach their customers or users will be justifiably upset. But the real question is why hasn’t Facebook made these changes before now?

The more disturbing fact is that in some cases Facebook itself will decide whether to approve third parties’ ability to harness this social network data. Already there are questions about whether Facebook can manage these approvals case by case. And Facebook users need to ask whether the company should even make those decisions on its own.

The result of the last 18 months of repeated Facebook scandals, including the Cambridge Analytica fracas, is that Facebook has more power than ever. Mark Zuckerberg (understandably) has made his company responsible for securing elections in the United States and many other countries from improper interference. Zuckerberg has said Facebook was responsible for preventing potential ethnic violence in Myanmar. And Facebook will now be responsible for reviewing requests from third parties that want access to troves of information on 2 billion users.

That’s a lot of responsibility for a company that has repeatedly behaved irresponsibly and consistently reacted with arrogance when it has been questioned.

https://truepundit.com/facebook-drops-a-bombshell-and-says-most-of-its-2-billion-users-may-have-had-their-personal-data-scraped/

Facebook made a bombshell admission about the security of its users’ personal information on Wednesday, in a startling revelation that’s almost certain to worsen the privacy crisis currently hanging over the world’s largest social network.

“Most” of Facebook’s 2 billion users may have had their personal data skimmed from the site by “malicious actors,” the company said in a blog post by Chief Technology Officer Mike Schroepfer. Facebook said it has disabled the feature in its site’s search function that enabled the data scrapping, but the fact that so much user data may have been vulnerable was another setback to the company’s efforts to restore confidence with users.

Two billion.

Meanwhile, up to 87 million users may have been affected by the leak of personal information to Trump-linked data firm Cambridge Analytica — a number that was much bigger than previous estimates.

Facebook has been reeling since a whistleblower disclosed that Cambridge Analytica had managed to get hold of user data and used it to target voters with emotional and divisive messages during the 2016 Trump presidential campaign.

Schroepfer disclosed the new information about privacy compromises on Wednesday in a post describing changes the company has made to its service, to better protect users’ personal data.

———-

Delete. It. Now.

critical thinkers 1..sheep 0..

again..

401

Pope Francis: “There is no hell”..or is there?

•April 5, 2018 • 8 Comments

https://www.cnsnews.com/blog/michael-w-chapman/pope-francis-there-no-hell

In another interview with his longtime atheist friend, Eugenio Scalfari, Pope Francis claims that Hell does not exist and that condemned souls just “disappear.” This is a denial of the 2,000-year-old teaching of the Catholic Church about the reality of Hell and the eternal existence of the soul.

The interview between Scalfari and the Pope was published March 28, 2018 in La Repubblica. The relevant section on Hell was translated by the highly respected web log, Rorate Caeli.

The interview is headlined, “The Pope: It is an honor to be called revolutionary.” (Il Papa: “È un onore essere chiamato rivoluzionario.”)

Scalfari says to the Pope, “Your Holiness, in our previous meeting you told me that our species will disappear in a certain moment and that God, still out of his creative force, will create new species. You have never spoken to me about the souls who died in sin and will go to hell to suffer it for eternity. You have however spoken to me of good souls, admitted to the contemplation of God. But what about bad souls? Where are they punished?”

Pope Francis says,  “They are not punished, those who repent obtain the forgiveness of God and enter the rank of souls who contemplate him, but those who do not repent and cannot therefore be forgiven disappear. There is no hell, there is the disappearance of sinful souls.”

In a statement released on Mar. 29, after Scalfari’s report garnered worldwide attention, the Vatican said:

“The Holy Father Francis recently received the founder of the newspaper La Repubblica in a private meeting on the occasion of Easter, without however giving him any interviews. What is reported by the author in today’s article [in La Repubblica] is the result of his reconstruction, in which the textual words pronounced by the Pope are not quoted. No quotation of the aforementioned article must therefore be considered as a faithful transcription of the words of the Holy Father.”

———–

thanks to xxx for the link..

“Pope Francis claims that Hell does not exist and that condemned souls just “disappear.”

ok..

but now the denial:

“What is reported by the author in today’s article [in La Repubblica] is the result of his reconstruction, in which the textual words pronounced by the Pope are not quoted. No quotation of the aforementioned article must therefore be considered as a faithful transcription of the words of the Holy Father.”

so did he say it or not?..sure looks like he did..

401

Schmidt in North Korea: Google chairman’s step into the unknown

•April 5, 2018 • 17 Comments

https://www.theguardian.com/technology/2013/jan/07/google-eric-schmidt-trip-pyongyang

As diplomatic encounters go, it has to be among the most intriguing: the head of a revolutionary technology company that has helped secure the open flow of information around the world steps inside one of the globe’s most closed societies.

Eric Schmidt, the executive chairman of Google, arrived in North Korea on Monday at the start of a private visit that has already provoked a public wrist-slapping from the US state department. Officials said the timing of the trip was “unhelpful”, coming less than a month after Pyongyang launched a long-range rocket in defiance of the international community.

The visit has also inevitably prompted speculation about Google’s intentions in engaging with a country that stands at the polar opposite of its core value of open information access. North Korea operates a form of intranet inside its territory, but it is available only to a tiny elite of favoured individuals and almost all residents have no access to the internet.

The speculation has been only heightened by Google’s reticence in discussing its chairman’s trip. All the search giant would say was that Schmidt was acting in a “personal” capacity.

Schmidt is being accompanied on the trip by Bill Richardson, the former Democratic governor of New Mexico who has visited North Korea several times before. Before departing, Richardson attempted to squash any loose talk about Google, while at the same time fanning the flames of speculation by referring to social media as one area of Schmidt’s interest.

“This is not a Google trip,” he said. “But I’m sure [Schmidt] is interested in some of the economic issues there, the social media aspect.”

Richardson himself is likely to be focusing on attempts to persuade the regime to release a US citizen currently detained in Pyongyang. Richardson said he had been in touch with the family of Kenneth Bae, a Korean-American who has been held captive for several months, and will ask after his status.

Professor Charles Armstrong, director of the Center for Korean Research at Columbia University, said he was unconvinced by the idea that the trip was primarily a rescue mission. “This is odd: it doesn’t make sense for the chairman of Google to help rescue Americans from North Korea. Clearly, there has to be another agenda here that nobody is talking about.”

Armstrong said that North Korea’s young leader, Kim Jong-un, who took power a little over a year ago after the death of his father, Kim Jong-il, had made tentative indications that he wanted to move in the direction of greater information technology. There has already been movement in the use of mobile phones, with more than a million cellular devices in circulation.

“It’s extraordinary that you can a country that is in some ways quite industrialised where there is essentially no public internet access,” Armstrong said. “Somehow, Eric Schmidt must have got the hint that this could become a potential market for Google.”

Other observers of foreign affairs and the politics of the internet were sceptical that the visit revealed anything at all about Google’s plans in Asia. PJ Crowley, the former state department spokesman who is now at George Washington University, said he doubted the new North Korean leader had any plans to open up internet access.

“If Pyongyang loses its control over information, the regime is doomed. The moment the average North Korean understands the gap between their lives and South Koreans’, the game is over.”

As for the state department’s admonishment of Schmidt and Richardson, Crowley said that was purely for public consumption. “The state department has to say that. US policy is not to reward bad behaviour, and there’s no question that North Korea is guilty of that.”

———-

thanks to isabel for the link..

you need to understand how significant this is..what is schmidt doing over there?

“Eric Schmidt, the executive chairman of Google, arrived in North Korea on Monday at the start of a private visit that has already provoked a public wrist-slapping from the US state department. ”

bringing google to NK?

“This is odd: it doesn’t make sense for the chairman of Google to help rescue Americans from North Korea. Clearly, there has to be another agenda here that nobody is talking about.”

odd indeed..

401

 
%d bloggers like this: