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Posts Tagged ‘wealth’

Extreme Inequality Helped Cause Both the Great Depression and the Current Economic Crisis

It is clear that when banks become too big, it harms the economy. Economist Steve Keen says that “a sustainable level of bank profits appears to be about 1% of GDP”, and higher bank profits lead to a Ponzi economy and a depression.But most mainstre…

Solid household wealth supports Singapore banks: BNP Paribas

BNP Paribas remains positive on Singapore banks; says MAS’ Financial Stability Review.

Study shows household (HH) wealth +29.1% vs 1Q09 trough to record $1,156 billion 3Q10, driven by rising residential property, equity prices; as HH asset growth has outpaced HH debt growth for past four quarters, HH leverage ratio now 14.6%, below long-term average of 18%.

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From the “Wealth of Nations” to the “Debt of Nations”

As everyone from Paul Krugman to Simon Johnson has noted, the banks are so big and politically powerful that they have bought the politicians and captured the regulators (and see this).But it’s not just a question of regulatory capture and corruption. …

Emma Watson fears her wealth will put off potential boyfriends

Emma Watson fears that she has become so rich after working for the Harry Potter franchise that her wealth is putting off men. The 20 year-old, who is now a student at Brown University, Rhode Island, admitted that her riches, thought to be in the region of 22 million pounds according to the Sunday Times [...]

“Rich should give away some of their wealth”

Boris Tadić says he believes the richest people in Serbia should think about a way in which they would give part of their wealth away to the state and citizens. “If that applies to the United States and European Union, it applies also to Serbia,” the Serbian president said in his response to the statement by businessman Milan Beko.

Looters of national wealth responsible for poverty: Shahbaz


LAHORE – Punjab Chief Minister Shahbaz Sharif on Tuesday said that those who looted the national wealth and then transferred the same to Swiss banks were responsible for abject poverty and unemployment in the country, factors which push many to commit suicide.
He came down hard on President Zardari who he said had embarked on a visit to Paris and London at a time when millions of people had become homeless and were struggling for life because of the worst-ever floods in the countryÂ’s history.
The chief minister was addressing a ceremony organised to mark the 133rd birth anniversary of Dr Mohammad Allama Iqbal under the joint auspices of the Nazria Pakistan Trust and Tehrik-i-Pakistan Workers Trust at Alhamra Art Centre.
AJK Prime Minister Sardar Attiq Ahmed Khan, Jamaat-i-IslamiÂ’s former amir Qazi Hussain Ahmed, former foreign minister Sartaj Aziz, CPNE President Khushnood Ali Khan, Professor Dr Perveen Shaukat Ali, Dr Rafiq Ahmed, Waleed Iqbal (the poet-philosopherÂ’s grandson) and Sahibzada Sultan Ahmed Ali were among the speakers.
NPT Chairman Majid Nizami and Col Jamshed Tareen were present, but they did not address, probably to allow more time to other speakers.
The hall was packed to capacity and the participants raised slogans during the speeches of some speakers, at times annoying them.
Mian Shahbaz SharifÂ’s speech was mainly a response to CPNE President Khushnood Ali KhanÂ’s address during which he had pointed out a case of suicide in the provincial metropolis because of non-availability of food, and skyrocketing sugar prices, holding the chief minister responsible for all problems of the people, as should be the case in an Islamic state.
The chief minister admitted that people were facing a number of problems, but at the same time made it clear that he was doing his best to mitigate their sufferings. He said no one should forget that corrupt practices by some people on the top had created a situation that the common man was not getting the kind of facilities he was entitled to.
Without naming former federal minister Habibullah Warraich, now under arrest, the chief minister said he had committed an irregularity of billions of rupees.
He recalled that he was mercilessly criticised by ‘musketeers’ whenever he tried to help out the flood victims, some of whom had been left with nowhere to go after the floods swept away whatever kind of houses they had.
He held the federal government responsible for the increase in the sugar prices, and said had the sweetener been imported in May, as advised by him through half a dozen letters to the prime minister, the price would not have gone beyond Rs 57 a kg.
He said he was the one who had opposed the governmentÂ’s plan to impose duty on the imported sugar, as such a step would have blighted the lives of common man. He said since he himself owned a sugar mill, aversion to import duty was against his personal business interest. However, he preferred to save the poor.
Corruption, the chief minister said, was responsible for most of the problems.
He said he was willing to reject power a thousand times, if the situation was to go on unchanged.
The chief minister recalled that he had restored the facility of free dialysis in government hospitals and set up a Rs 6 billion Punjab Education Endowment Fund to help the poor students continue their higher studies.
He said the enemies were trying to create confusion and chaos in the country, a conspiracy that could be frustrated through national unity.

The great wealth of China

The richest self-made women in the world

ZHANG YIN, who made her money in the paper industry, is the wealthiest businesswoman in the world, according to Hurun Report, a Chinese magazine. Its ranking of the 20 richest self-made women (those who earned their money) combines its own findings with those of Forbes and the Sunday Times. Over half of the women in the top 20 are of Chinese origin, perhaps because of a communist ethos of gender equality, perhaps because previous generations of Chinese left so little wealth to be inherited. The richest non-Chinese is a Spaniard, Rosalia Mera, one of three on the list to have made her fortune in fashion.

More Daily charts …

Macquarie Private Wealth Asia – Corporate moves

James Mak has been appointed Head, Co-Investments and Strategic Advisory wef September 2010
Work experience: Head, strategic advisory group Asia Pacific, JP Morgan

Barclays Wealth – Corporate moves

Thelma Kwan has been appointed head of wealth advisory, Asia Pacific wef September 2010
Work experience: ED, trust services, LGT Management Services; 25 years of wealth advisory experience from various financial institutions

Merrill Lynch hires new Asia wealth chief from UBS

Bank of America’s Merrill Lynch hired Michael Benz from UBS <UBSN.VX> as its new Asia-Pacific head of wealth management, underscoring aggressive competition for top bankers in the world’s hottest private banking market.

Benz, a Swiss citizen, will succeed Antony Hung who is retiring. He last headed UBS’s investment products and services unit in Asia-Pacific and will join the US bank in the first quarter of 2011.

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Citi names Hodes head of Asia-Pacific wealth products

Citigroup has named its Malaysian retail bank head Paul Hodes as Asia Pacific head of wealth management products for its regional consumer bank in a bid to boost sales of investment products to wealthy Asians.

Hodes will also lead sales of traditional managed investment products such as bonds and equities to high-net-worth individuals in the Asia Pacific region.

Citigroup wealth management in Asia Pacific manages US$165 billion ($223 billion) in assets.

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Wealth, poverty and compassion: The rich are different from you and me

They are more selfish

LIFE at the bottom is nasty, brutish and short. For this reason, heartless folk might assume that people in the lower social classes will be more self-interested and less inclined to consider the welfare of others than upper-class individuals, who can afford a certain noblesse oblige. A recent study, however, challenges this idea. Experiments by Paul Piff and his colleagues at the University of California, Berkeley, reported this week in the Journal of Personality and Social Psychology, suggest precisely the opposite. It is the poor, not the rich, who are inclined to charity.

In their first experiment, Dr Piff and his team recruited 115 people. To start with, these volunteers were asked to engage in a series of bogus activities, in order to create a misleading impression of the purpose of the research. Eventually, each was told he had been paired with an anonymous partner seated in a different room. Participants were given ten credits and advised that their task was to decide how many of these credits they wanted to keep for themselves and how many (if any) they wished to transfer to their partner. They were also told that the credits they had at the end of the game would be worth real money and that their partners would have no ability to interfere with the outcome. …

Barclays Wealth – Corporate moves

Soh Chye Guan has been appointed market head, Singapore and Malaysia wef July 23.
Work experience: Senior director/market leader Malaysia/head of senior client partner team, HSBC Private Bank

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Macquarie Private Wealth Asia – Corporate moves

Andrea Wong has been appointed COO wef July 2010
Work experience: COO, Private Banking Singapore, DBS Private Bank; audit manager, Citibank, Singapore and Hong Kong

Barclays hires 6 senior private bankers in Singapore

Barclays Plc (BARC.L) said on Tuesday it has hired six senior bankers in Singapore for its wealth management business, including Soh Chye Guan from HSBC, as it seeks to tap into growing numbers of high net worth individuals in Southeast Asia.

The move comes after the British bank, which managed 151.2 billion pounds ($314 billion) globally under its wealth management arm Barclays Wealth, poached three senior private bankers from UBS (UBSN.VX) earlier this year.

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Temasek may reveal shift to resources, leadership plan

Singapore wealth fund Temasek Holdings (TEM.UL) is expected to show the extent of its portfolio shift towards the resources sector and may provide clues about leadership changes when unveiling its annual report on Thursday.

The world’s eighth-largest and the city-state’s second-biggest sovereign wealth fund, behind the Government of Singapore Investment Corp (GIC.UL), may respond to speculation that Singapore wealth funds are in talks with BP Plc (BP.L)(BP.N) to take a strategic stake in the oil major as it struggles with a devastating oil leak in the Gulf of Mexico. 

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Asian Sovereign Wealth Funds invest in Chesapeake

Sovereign wealth funds from China, Singapore and South Korea and two private-equity firms agreed to invest US$900 million ($1.2 billion) in Chesapeake Energy Corp., the third-largest natural-gas producer in the US.

The investors bought the Oklahoma City-based gas company’s 5.75% convertible preferred stock on June 18, Chesapeake said yesterday in a statement, without giving details of the individual stakes. South Korea’s $30 billion sovereign wealth fund said yesterday it will spend US$200 million.

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Yangzijiang to proceed with share sale to Qatari wealth fund

Yangzijiang Shipbuilding (Holdings) will move ahead with a planned share sale to QD Asia Pacific without needing to complete an earlier purchase agreement, according to a stock exchange statement.

Yangzijiang will place 83.55 million new shares with QD Asia, a unit of Qatari sovereign wealth fund Qatari Diar Real Estate Investment Co., at $1.295 a share, according to the statement.

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Barclays Wealth – Corporate moves

Urban Wilde has been appointed MD/chief risk officer, Asia Pacific wef Aug 2
Work experience: MD, strategic projects, credit risk, UBS; head/credit risk control for Americas, UBS; chief credit officer, Asia Pacific; UBS

Singapore leads wealth recovery, becomes ‘Monaco of the East’

Singapore and Malaysia led a recovery of global wealth to pre-crisis levels as the number of millionaires grew by about 14% last year, the Boston Consulting Group said.
 
The number of millionaire households increased to 11.2 million, according to the annual study released yesterday by the Boston-based firm. In 2008, the number of millionaire households fell about 14% to 9.8 million.

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