George Soros
Soros Fund Management reduced its holdings in Big Tech stocks before January’s market tumult, while disclosing a $2 billion stake in electric pickup maker Rivian Automotive.
George Soros’s investment company slashed its stake in the Invesco QQQ Trust Series 1, the biggest exchange-traded fund tracking the technology-heavy Nasdaq 100.
It held only $9.4 million at the end of December, down from $356.2m at the end of the third quarter, according to a regulatory filing on February 11. It also trimmed positions in Amazon and Google owner Alphabet.
The New York-based company disclosed it held more than $2bn in shares of Rivian, which went public in November, and revealed a new $13.3m holding in exercise bike maker Peloton Interactive.
The value of its US equity portfolio jumped by $1.2bn to $6.5bn, thanks in part to its stake in medical records systems provider Cerner. Those shares jumped more than 31 per cent in the fourth quarter after Oracle agreed to acquire Cerner in December.
The billionaire philanthropist’s investment company manages more than $28bn, including public and private equity.
Mr Soros, 91, has used his fortune to fund groups promoting justice, democracy, human rights and progressive politics through his Open Society Foundations.
He has poured billions into his philanthropic efforts and most of his company’s assets now belong to the foundations rather than to the Soros family. His personal wealth is estimated at $7.5bn, according to the Bloomberg Billionaires Index.
Money managers overseeing more than $100m in US equities have to file a 13F form within 45 days of the end of each quarter to list their holdings in stocks that trade on US exchanges. It is one of the few places to gain insight into how hedge funds and some large family offices invest.
Lawrence Stroll
Aston Martin Lagonda Global Holdings chairman Lawrence Stroll gives himself high marks for the turnaround he has overseen so far.
His next orders of business: figure out how to speed up the process of hand-building what he calls the most complex car ever and paying down debt.
Speaking at the recent unveiling of the AMR22, Aston Martin’s Formula One car for the coming season, the billionaire Canadian, who came to the British company’s rescue in early 2020, talked up the car maker’s progress in paring inventory and improving its cash position, which he said should help bring down interest costs in the coming years.
“I will be renegotiating the bonds at a more favourable rate, probably, and taking some cash to pay down” part of the debt, Mr Stroll said. “This company will be cash-flow positive in 2023.”
In addition to injecting much-needed cash, Mr Stroll forged closer ties with Germany’s Mercedes-Benz to put Aston Martin on steadier footing in the midst of the pandemic. In mid-2020, he hired Tobias Moers, who previously led Mercedes’s AMG performance-car business, as chief executive.
At the end of the third quarter, Aston Martin had net debt of £809m ($1.1bn) and expected interest costs of £165m in 2021, it said in November.
A year ago, the company raised $98.5m in senior secured notes due in 2025 with a 10.5 per cent coupon. These notes come with a four-year call protection, meaning refinancing the senior debt will come with a penalty.
Aston Martin may buy back some of the more expensive mezzanine bonds once the company generates cash, Mr Stroll said, ruling out the need for any further capital raising.
“We don’t need any more money at all,” he said. “Let me be crystal-clear, black-and-white: we do not need money.”
While Aston Martin battled issues with complexity that delayed the initial assembly of its £2.4m Valkyrie supercars, Mr Stroll said the project is now on track after technicians from his Formula One team were parachuted in to help.
“Everything has been resolved, but they are taking a little longer to build than initially established,” he said of the sold-out cars. Not a single customer had asked for their deposit back, he said.
Last month, Aston Martin issued a warning that fourth-quarter earnings would take a hit after the company delivered fewer of the supercars than anticipated.
“The only thing I have disappointed on since I got here is the number of Valkyries that we said we were going to deliver last year, versus what we did,” Mr Stroll said.
Carl Icahn
Billionaire investor Carl Icahn is confident that his revamped tender offer for Southwest Gas Holdings will succeed.
Changes made to his $4.2bn deal to acquire Southwest Gas shares should help sidestep any potential regulatory obstacles to the transaction, Mr Icahn said. His comments echo those made three weeks ago, when the activist investor outlined his retooled plan in a letter to shareholders.
“We are making that tender offer and we believe it will be successful,” Mr Icahn said in an interview on February 16. “We think we have met every condition you need for that tender offer.”
You have got a board that is basically a do-nothing kind of board
Carl Icahn,
billionaire investor
In October, Mr Icahn offered to acquire the shares in Southwest Gas that he does not already own for $75 apiece. He also sought to nominate 10 directors to replace the board, arguing that significant change was needed to improve the company’s performance.
He has been critical of Southwest Gas’s decision to buy Questar Pipelines and, in particular, the equity and equity-linked securities it plans to issue to help finance the deal.
“You have got a board that is basically a do-nothing kind of board,” Mr Icahn said.
Last month, Mr Icahn said he planned to agree to vote only 24.9 per cent of the shares tendered in an updated offer, which he said would eliminate the risk that regulators in Nevada, Arizona and California would block him from taking control of the Las Vegas-based utility.
The board of Southwest Gas has unanimously rejected Mr Icahn’s offer, arguing that it undervalues the company, is not in the best interest of its shareholders and still raises regulatory issues.
Vladimir Potanin
Russia’s second-richest man believes tokens and a digital rouble initiative will give the country’s crypto-sceptical central bank a way to promote new technology without the risks associated with currencies such as Bitcoin.
Billionaire Vladimir Potanin is an investor in Atomyze, which uses blockchain to turn real assets ranging from metal to homes into tokens that can be easily exchanged. This month, the company’s Russian unit received a licence allowing the platform to issue digital assets and offer trading.
“Unlike some cryptocurrencies, platforms like Atomyze offer consumers high-quality and secure digital goods and may squeeze unreliable products out from the market,” Mr Potanin said.
Mr Potanin’s position echoes the Bank of Russia, which supports the development of digital financial assets while advocating a complete ban on mining and trading cryptocurrencies that it says pose a threat to the country’s financial system.
The government backs regulating and taxing digital currencies while President Vladimir Putin has called on authorities to find a compromise.
The development of digital assets, tokenisation and the central bank’s digital rouble programme may make the debate over cryptocurrencies irrelevant, according to Mr Potanin, who has a net worth of $31.3bn, according to the Bloomberg Billionaires Index.
Regulators fear cryptocurrencies and stablecoins because they are uncontrolled currency emissions, while a digital asset or token is similar to a contract giving customers the opportunity to buy a product or service in a digital form using blockchain, an online ledger that tracks and verifies every transaction or change, he said
“Metal coins were replaced by paper money, and then transactions became cashless,” Mr Potanin said. “Digital financial assets are just the next stage.”
Mr Potanin’s Interros holding helped to set up Atomyze two years ago as it sought a way to make trading metals more efficient.
He is the biggest shareholder in MMC Norilsk Nickel, the world’s largest producer of refined nickel and palladium, which has been offering metals-linked tokens to industrial clients and via exchange-traded commodities on several European exchanges since 2020.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
UAE currency: the story behind the money in your pockets
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 258hp from 5,000-6,500rpm
Torque: 400Nm from 1,550-4,000rpm
Transmission: Eight-speed auto
Fuel consumption: 6.1L/100km
Price: from Dh362,500
On sale: now
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Zayed%20Centre%20for%20Research
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In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
The biog:
Favourite book: The Leader Who Had No Title by Robin Sharma
Pet Peeve: Racism
Proudest moment: Graduating from Sorbonne
What puts her off: Dishonesty in all its forms
Happiest period in her life: The beginning of her 30s
Favourite movie: "I have two. The Pursuit of Happiness and Homeless to Harvard"
Role model: Everyone. A child can be my role model
Slogan: The queen of peace, love and positive energy
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Squad: Majed Naser, Abdulaziz Sanqour, Walid Abbas, Khamis Esmail, Habib Fardan, Mohammed Marzouq (Shabab Al Ahli Dubai), Khalid Essa, Muhanad Salem, Mohammed Ahmed, Ismail Ahmed, Ahmed Barman, Amer Abdulrahman, Omar Abdulrahman (Al Ain), Ali Khaseif, Fares Juma, Mohammed Fawzi, Khalfan Mubarak, Mohammed Jamal, Ahmed Al Attas (Al Jazira), Ahmed Rashid, Mohammed Al Akbari (Al Wahda), Tariq Ahmed, Mahmoud Khamis, Khalifa Mubarak, Jassim Yaqoub (Al Nasr), Ali Salmeen (Al Wasl), Yousef Saeed (Sharjah), Suhail Al Nubi (Baniyas)
UAE currency: the story behind the money in your pockets
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Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
RESULTS
2.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (Dirt) 1,200m
Winner: SS Jalmod, Antonio Fresu (jockey), Ibrahim Al Hadhrami (trainer)
2.45pm: Sharjah Equine Hospital – Maiden (PA) Dh40,000 (D) 1,000m
Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
3.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (D) 1,700m
Winner: Inthar, Saif Al Balushi, Khalifa Al Neyadi
3.45pm: Al Ain Stud Emirates Breeders Trophy – Conditions (PA) Dh50,000 (D) 1,700m
Winner: MH Rahal, Richard Mullen, Elise Jeanne
4.25pm: Sheikh Mansour bin Zayed Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,200m
Winner: JAP Aneed, Ray Dawson, Irfan Ellahi
4.45pm: Sharjah Equine Hospital – Handicap (TB) Dh40,000 (D) 1,200m
Winner: Edaraat, Antonio Fresu, Musabah Al Muhairi
The specs
Engine: 4.0-litre, six-cylinder
Transmission: six-speed manual
Power: 395bhp
Torque: 420Nm
Price: from Dh321,200
On sale: now
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Opening Rugby Championship fixtures: Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)
All about the Sevens
Cape Town Sevens on Saturday and Sunday: Pools A – South Africa, Kenya, France, Russia; B – New Zealand, Australia, Spain, United States; C – England, Scotland, Argentina, Uganda; D – Fiji, Samoa, Canada, Wales
HSBC World Sevens Series standing after first leg in Dubai 1 South Africa; 2 New Zealand; 3 England; 4 Fiji; 5 Australia; 6 Samoa; 7 Kenya; 8 Scotland; 9 France; 10 Spain; 11 Argentina; 12 Canada; 13 Wales; 14 Uganda; 15 United States; 16 Russia
UAE currency: the story behind the money in your pockets
The years Ramadan fell in May
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Mohammed bin Zayed Majlis
