Li Ka-shing
Li Ka-shing’s Hong Kong business empire may be struggling, but he has managed to remain the city’s richest man. That is largely thanks to an early bet on Zoom Video Communications and Solina Chau, his long-time confidante who co-founded the billionaire’s venture investment arm.
Mr Li, 92, who is best known for building some of the most famous high-rise tower blocks to dot Hong Kong’s skyline, first invested in the video-conferencing app in 2013. He now holds 8.5 per cent of the company, a stake that is worth $11 billion (Dh40.4bn), or a third of his wealth.
Zoom's value increased this year as the Covid-19 pandemic shut offices and schools, forcing people to hold online meetings and classes.
Last Monday, the US-listed company reported a 355 per cent jump in sales for the three months ended July 31, the second-best result among Nasdaq 100 Index members in the past quarter.
That boosted its shares by a further 41 per cent last Tuesday, with Mr Li’s stake gaining $3.2bn in just one day. He is now worth $32.6bn, according to the Bloomberg Billionaires Index.
While Zoom has surged this year, Mr Li’s conglomerates, CK Hutchison Holdings and CK Asset Holdings, have struggled amid the Covid-19 crisis.
The shares have lost more than a quarter of their value this year and the tycoon who for decades profited by expanding in times of crisis is now scaling back, seeking cost cuts.
After reporting a first-half profit decline of 29 per cent, CK Hutchison issued a warning last month that net income could fall at its core ports and retail businesses in the second half.
Meanwhile, CK Asset said profit fell by 58 per cent in the six months to June.
The Zoom investment is partly thanks to Ms Chau, who in 2002 co-founded Horizons Ventures, which manages Mr Li’s venture investments.
The vehicle was an early backer of Facebook, Spotify Technology and Siri, and has also invested in plant-based meat producer Impossible Foods.
It participated in Zoom funding rounds in 2013 and 2015 and when the company went public last year, Mr Li’s stake was worth about $850 million.
Mr Li’s returns from investments through Horizons Ventures are allocated to his charity, the Li Ka Shing Foundation.
He put a third of his wealth, more than $9bn, in it in 2006, according to a 2015 statement from his business group.
Peter Thiel
Compass Pathways, which is backed by Silicon Valley billionaire Peter Thiel, filed for an initial public offering. The mental healthcare company, in which Mr Thiel owns a 7.54 per cent stake, said it plans to list its American depositary shares on Nasdaq under the ticker CMPS.
The London company filed to raise $100m, a placeholder amount that is expected to change, according to a filing with the US Securities and Exchange Commission. It plans to use proceeds to fund clinical trials for its depression therapy.
The company posted a net loss of $24.83m, or 30 cents per share, in the first six months of the year.
Mr Thiel is a co-founder of PayPal and was Facebook’s first major investor. He is also the chairman of Palantir Technologies, which will go public through a direct listing in the coming weeks.
Founded by George Goldsmith and Ekaterina Malievskaia in 2016, Compass received initial funding from Christian Angermayer, a German entrepreneur, and Mr Thiel.
The initial funding round valued Compass at $16m and the IPO will result in initial investors realising about 10 times of their investment.
The company has raised $116m, according to data from Crunchbase.
Steve Cohen
Steve Cohen is joining the stampede of capital flowing into closely held biotechnology companies.
The billionaire founder of Point72 Asset Management incorporated Point72 Biotech Private Investments last month, according to Delaware state records. The investment vehicle will initially invest on his behalf, with no plans to raise outside capital.
The level of investment in the sector was expected to slow down after venture capital funding in US biopharmaceutical companies hit a record in the first quarter, Bruce Booth, a partner at Atlas Venture, said in a blog post last month.
Instead, amid the Covid-19 pandemic, venture capital funding of biotechnology companies touched another record in the second quarter, exceeding $6.4bn, according to data compiled by transaction tracker PitchBook.
The hedge fund managed $17.2bn as of July 1, according to its website. The company’s allocation to healthcare companies jumped to 24 per cent of its US traded stocks during the second quarter, its largest holding in any one industry, according to regulatory data compiled by Bloomberg.
The biotechnology partnership is separate from Point72 Ventures, an early stage venture capital strategy funded by Mr Cohen and other members of the company.
Paul Singer
Billionaire Paul Singer’s Elliott Management is exploring a bid for Aryzta, the ailing Swiss baking company that makes Otis Spunkmeyer cookies.
The US investment company has been studying a potential offer for Aryzta, which also supplies buns to McDonald’s. The company has separately attracted interest from private equity suitors such as Apollo Global Management and Cerberus Capital Management, Bloomberg reported.
Canadian grocery and baking company George Weston has also been considering its own bid. Shares of Aryzta have fallen by 46 per cent this year, giving the company a market value of about 586m Swiss francs (Dh2.34bn).
Elliott’s deliberations are at an early stage and there is no certainty that it will proceed with a formal offer.
Aryzta hired Rothschild & Co this year to conduct a strategic review and said in July that several parties had expressed unsolicited interest in acquiring the company.
Swiss companies have been involved in merger and acquisition deals worth $40.3bn this year, down by 33 per cent from the same period last year, according to data compiled by Bloomberg.
Elliott, known for activist investments in which it purchases stakes in public companies and agitates for change, also has a private equity arm that buys struggling companies and fixes them itself. Last year, it bought Barnes & Noble after previously acquiring British bookstore chain Waterstones and network technology company Gigamon.
UAE currency: the story behind the money in your pockets
THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
My Cat Yugoslavia by Pajtim Statovci
Pushkin Press
ACC 2019: The winners in full
Best Actress Maha Alemi, Sofia
Best Actor Mohamed Dhrif, Weldi
Best Screenplay Meryem Benm’Barek, Sofia
Best Documentary Of Fathers and Sons by Talal Derki
Best Film Yomeddine by Abu Bakr Shawky
Best Director Nadine Labaki, Capernaum
more from Janine di Giovanni
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Global state-owned investor ranking by size
|
1.
|
United States
|
|
2.
|
China
|
|
3.
|
UAE
|
|
4.
|
Japan
|
|
5
|
Norway
|
|
6.
|
Canada
|
|
7.
|
Singapore
|
|
8.
|
Australia
|
|
9.
|
Saudi Arabia
|
|
10.
|
South Korea
|
Afcon 2019
SEMI-FINALS
Senegal v Tunisia, 8pm
Algeria v Nigeria, 11pm
Matches are live on BeIN Sports
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
WRESTLING HIGHLIGHTS
UAE WARRIORS RESULTS
Featherweight
Azouz Anwar (EGY) beat Marcelo Pontes (BRA)
TKO round 2
Catchweight 90kg
Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)
Split points decision
Welterweight
Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)
TKO round 1
Flyweight (women)
Lucie Bertaud (FRA) beat Kelig Pinson (BEL)
Unanimous points decision
Lightweight
Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)
TKO round 1
Catchweight 100kg
Marc Vleiger (NED) beat Mohamed Ali (EGY)
Rear neck choke round 1
Featherweight
James Bishop (NZ) beat Mark Valerio (PHI)
TKO round 2
Welterweight
Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)
TKO round 1
Middleweight
Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)
Unanimous points decision
Bantamweight
Fabio Mello (BRA) beat Mark Alcoba (PHI)
Unanimous points decision
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)
TKO round 1
Bantamweight
Trent Girdham (AUS) beat Jayson Margallo (PHI)
TKO round 3
Lightweight
Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)
TKO round 1
Middleweight
Tarek Suleiman (SYR) beat Steve Kennedy (AUS)
Submission round 2
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
TKO round 2
The%20pillars%20of%20the%20Dubai%20Metaverse%20Strategy
%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A
CRICKET%20WORLD%20CUP%20QUALIFIER%2C%20ZIMBABWE%20
%3Cp%3E%3Cstrong%3EUAE%20fixtures%20%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMonday%2C%20June%2019%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ESri%20Lanka%20v%20UAE%2C%20Queen%E2%80%99s%20Sports%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWednesday%2C%20June%2021%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EOman%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFriday%2C%20June%2023%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EScotland%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETuesday%2C%20June%2027%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EIreland%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%3C%2Fp%3E%0A
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Zayed Sustainability Prize
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Killing of Qassem Suleimani
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
The%C2%A0specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20mild%20hybrid%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20S%20tronic%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E265hp%20%2F%20195kW%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20370Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh260%2C000%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20now%3C%2Fp%3E%0A
What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
Blue%20Beetle
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Angel%20Manuel%20Soto%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EXolo%20Mariduena%2C%20Adriana%20Barraza%2C%20Damian%20Alcazar%2C%20Raoul%20Max%20Trujillo%2C%20Susan%20Sarandon%2C%20George%20Lopez%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%C2%A0%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Killing of Qassem Suleimani
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
BABYLON
%3Cp%3EDirector%3A%20Damien%20Chazelle%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Brad%20Pitt%2C%20Margot%20Robbie%2C%20Jean%20Smart%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20FinFlx%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20January%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Amr%20Yussif%20(co-founder%20and%20CEO)%2C%20Mattieu%20Capelle%20(co-founder%20and%20CTO)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%20in%3A%3C%2Fstrong%3E%20Dubai%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%241.5m%20pre-seed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Venture%20capital%20-%20Y%20Combinator%2C%20500%20Global%2C%20Dubai%20Future%20District%20Fund%2C%20Fox%20Ventures%2C%20Vector%20Fintech.%20Also%20a%20number%20of%20angel%20investors%3C%2Fp%3E%0A
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
THE%20HOLDOVERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAlexander%20Payne%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Paul%20Giamatti%2C%20Da'Vine%20Joy%20Randolph%2C%20Dominic%20Sessa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3C%2Fp%3E%0A
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
DUBAI%20BLING%3A%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ENetflix%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EKris%20Fade%2C%20Ebraheem%20Al%20Samadi%2C%20Zeina%20Khoury%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
