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Jeff Bezos gains $24 billion while world’s rich reap bailout rewards

first_imgCarnival board member Randall Weisenburger bought $10 million of stock in the beleaguered cruise-line operator last week. The shares have jumped 56 percent since the purchase.Workers in protective gear walk near the Diamond Princess cruise ship, operated by Carnival Corp., docked in Yokohama, Japan, on Friday, Feb. 7, 2020. Japan confirmed 41 more cases of the new coronavirus aboard the quarantined cruise ship, and denied entry to another vessel as it sought to control the spread of the deadly infection, with thousands now stranded on stricken luxury liners. (Bloomberg/Toru Hanai)Others are going further to maximize returns. UBS Group AG is seeing ultra-wealthy clients ramp up borrowing to place more wagers in what they see as a cheap market. Mortgage brokers to the rich have said more clients are seeking loans backed by real estate to help them repay other debt, invest in businesses and snap up other assets.There have been massive losers among the moneyed set. Many in the oil and gas industry have been hammered by the collapse in crude prices including wildcatter Harold Hamm, whose fortune is down 64 percent to $3.7 billion. Emerging-market billionaires aren’t reaping the same rewards as those in the US and there have been margin calls and forced sales.But there also have been remarkable gains.Leading the group is Bezos, who has added almost $24 billion to his fortune in 2020, as well as MacKenzie Bezos, who was left with a 4 percent stake in Amazon as part of the couple’s recent divorce settlement. Her net worth has climbed $8.2 billion to $45.3 billion, and she’s now No. 18 on the Bloomberg wealth ranking, ahead of Mukesh Ambani, India’s richest person, and Mexico’s Carlos Slim.In this file photo taken on April 24, 2018 Amazon CEO Jeff Bezos and his wife MacKenzie Bezos poses as they arrive at the headquarters of publisher Axel-Springer where he will receive the Axel Springer Award 2018 in Berlin. (dpa/AFP/Jorg Carstensen)Shares of rival retailer Walmart have also advanced, buoying the fortunes of the world’s richest family. Alice, Jim and Rob Walton now have a combined net worth of $169 billion, up almost 5 percent since the start of the year.Tesla Chief Executive Officer Elon Musk has added $10.4 billion to his fortune this year, more than anyone except Bezos.The fortune of Zoom Video Communications founder Eric Yuan has more than doubled to $7.4 billion, as demand for its teleconferencing service exploded in the wake of the pandemic-driven lockdown.“The unfairness of it all is who is going to benefit from it most,” Maley said. “Money makes money.”Topics : The world’s richest person is getting richer, even in a pandemic, and perhaps because of it.With consumers stuck at home, they’re relying on Jeff Bezos’s Amazon.com more than ever. The retailer’s stock climbed 5.3 percent to a record Tuesday, lifting the founder’s net worth to $138.5 billion.The pandemic has brought the global economy to a near standstill and pushed almost 17 million Americans onto the unemployment rolls in the span of three weeks. JPMorgan Chase and Wells Fargo signaled Tuesday that loan losses fueled by the unprecedented job cuts — many of them in the retail sector that Amazon so efficiently disrupted — could rival those incurred after the 2008 financial crisis. Yet Bezos and many of his wealthy peers have seen their fortunes recover in recent weeks, helped by the boost given to markets by unprecedented stimulus efforts by governments and central bankers. While the combined net worth of the world’s 500 richest people has dropped $553 billion this year, it has surged 20 pecent from its low on March 23, according to the Bloomberg Billionaires Index“The wealth gap, it’s only going to get wider with what’s going on now,” said Matt Maley, chief market strategist at Miller Tabak + Co. “The really wealthy people haven’t had to worry. Yes, they’re less wealthy, but you haven’t had to worry about putting food on the table or keeping a roof over your head.”It’s not just the billionaires. Corporate insiders have been significant buyers of their companies’ shares, a show of confidence that the crisis will pass, even as the nation’s leaders debate exactly when Americans can safely return to work.The volume of transactions in beaten-down industries, from travel to health care to gaming, suggests executives and directors are more bullish than they’ve been at most other points in the past decade, according to Sundial Capital Research.last_img read more

Bravo produces the goods for Renegades

first_img(CMC) – ANOTHER outstanding spell from medium pacer Dwayne Bravo helped Melbourne Renegades to their third win of the Australian Big Bash, when they comfortably brushed aside Sydney Sixers by eight wickets yesterday.Playing at the Simonds Stadium, Renegades restricted Sixers to 111 for eight off their 20 overs, with South African Johan Botha top-scoring with an unbeaten 32 off 23 deliveries.Nic Maddinson chipped in with 24 from 28 deliveries and England’s Sam Billings, 22 from 26 balls.Yet again, Bravo was at the forefront of the attack, claiming three for 29 from his four overs to cripple the Sixers innings.He accounted for opener Jason Roy for five at 11 for two in the fourth over, caught by Aaron Finch at mid-off.Bravo was also sharp in the field, running out Maddinson with a direct hit from short third man in the 13th over, before returning towards the end of the innings to collect another brace of wickets.In reply, Renegdes sped to their target in the 16th over with captain Finch striking 51 and Cameron White, an unbeaten 49.Finch faced 38 balls and counted six fours and two sixes while White struck five fours and a six in a 45-ball innings, the pair adding 91 for the second wicket.When Finch fell via run-out in the 14th over, Bravo (six not out) arrived at the crease to see Renegades home.last_img read more

Lakers’ D’Angelo Russell will try to overcome slow start

first_imgThe images looked comical as the 7-foot-1 Timofey Mozogv has taken 3-pointers at the end of recent practices. But with Lakers coach Luke Walton hoping to incorporate Golden State’s philosophies on the increased use of the 3-point shot, why not?“I need to work on everything,” Mozgov said. “You have to improve your game. Maybe one day they’ll let you shoot.”Apparently, that day has already happened. Mozgov insisted Lakers assistant coach Brian Shaw has “a special play for me.” Laughter quickly erupted.“It’s no joke,” Mozgov said. “I’m serious.”So will he take a 3-pointer in a game?“If I’m going to be on the court with the ball, of course I’m going to shoot,” Mozgov said. “I have to. It’s not like I’ll run to the 3-point line and shoot. We have a lot of shooters. We have a lot of work to do. We’re not just shooting 3s.” EL SEGUNDO >> This could have marked the time where D’Angelo Russell would put on a show perhaps as captivating as his summer league play. Maybe he would make another game-winning 3-pointer. Maybe he would throw out enough nifty passes to fill a highlight reel. Maybe he would carry those positive vibes he has felt for Lakers coach Luke Walton and show how that will lift his game.Instead, Russell opened exhibition play against Sacramento on Tuesday collecting nearly as many fouls (three) as points (four) and logging more turnovers (five) than assists (three). The Lakers only beat the Kings, 103-84 because the reserves chipped away at a 13-point half-time deficit.“It was average,” Russell said of his play. “I didn’t have that pace and pep in my step. But it’s all new.”So with the Lakers (1-0) continuing their exhibition schedule against the Denver Nuggets (1-0) on Friday at Staples Center, Russell vowed for a much better encore. Newsroom GuidelinesNews TipsContact UsReport an Errorcenter_img “It only gets better. The only way we can go is forward,” Russell said. “With the new coaching staff and offense, everything is still new. No matter how times we’ve gone over it, going against different defenders, teams and reads, it’s all new.”Everything seemed even more new to rookie forward Brandon Ingram, whose two points and 0-of-5 clip overshadowed his two rebounds, two blocks and one steal.After experiencing mixed performances and evolving roles his rookie season last year, Russell predicted Ingram’s hiccups will not last long.“It only gets easier,” Russell said. “The more he starts to trust the system and relaxes, I feel like it’ll be easier. He’s going to realize where he can get his shots and what he can get away with this in this league.”Expanding his boundarieslast_img read more