With US tech stocks sliding as interest rates and recession fears rise, the fortune of Elon Musk, left, briefly fell below that of Bernard Arnault and family. AFP
With US tech stocks sliding as interest rates and recession fears rise, the fortune of Elon Musk, left, briefly fell below that of Bernard Arnault and family. AFP
With US tech stocks sliding as interest rates and recession fears rise, the fortune of Elon Musk, left, briefly fell below that of Bernard Arnault and family. AFP
With US tech stocks sliding as interest rates and recession fears rise, the fortune of Elon Musk, left, briefly fell below that of Bernard Arnault and family. AFP

Elon Musk briefly loses top spot on Forbes billionaire rich list


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Elon Musk, the richest man in the world, briefly lost his top spot on Forbes' billionaire list on Wednesday to Bernard Arnault, whose family own the world's leading luxury group, LVMH.

With US tech stocks sliding as interest rates and recession fears rise, the fortune of Tesla owner Mr Musk briefly fell below that of the Arnault family.

But later in the day, Mr Musk was back on top at $184.9 billion, followed by Mr Arnault and his family at $184.7 billion.

Indian businessman Gautam Adani was in third place at $134.8 billion, with Amazon founder Jeff Bezos fourth at $111.3 billion.

Mr Arnault had also topped the Forbes list for several hours in 2021.

His LVMH group, with includes dozens of brands including Louis Vuitton, Givenchy and Kenzo, has continued to post strong revenue and profit growth despite the latest global economic headwinds.

Mr Musk's fortune is primarily tied to the share price of Tesla and the entrepreneur has been at the centre of controversy after having taken over Twitter in late October.

He also owns space exploration company SpaceX.

The other major wealth ranking compiled by financial data provider Bloomberg also has Mr Musk and Mr Arnault running nearly neck and neck.

Bloomberg's ranking, calculated after US markets closed on Tuesday, had Mr Musk in the lead at $178.9 billion, followed by Mr Arnault at $165.1 billion.

Agence France-Presse contributed to this report

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Joan Didion
Fourth Estate 

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A new relationship with the old country

Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.

ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.

ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

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Global state-owned investor ranking by size

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United States

2.

China

3.

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Cricket World Cup League 2 Fixtures

Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)

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Updated: December 08, 2022, 7:05 AM`