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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

Badgers working on new techniques

first_imgThere’s an old sentiment in the sporting world that states the more experienced teams often perform the best. Don’t tell that to the Wisconsin volleyball team.After having practiced as a team for just a short time this spring, sophomore Kirby Toon was pleased with her team’s 25-23, 25-17, 25-21 victory Saturday over UW-Milwaukee.“We’ve only been practicing for about a week, so it’s looking pretty good,” Toon said. “We have a very young team with a lot of new players coming in.”The Badgers’ roster features many underclassmen and includes only three seniors.Head coach Pete Waite was also impressed by his young team’s performance. He highlighted a few keys to the win that they had practiced during the preceding week.“I thought our serve receive was pretty solid,” Waite said. “That’s something we’ve been working on during our individual workouts and team workouts.”The Badgers were aced just three times and committed only four receiving errors in total.Senior Allison Wack, who led the team with 17 kills in the match, agreed her team’s improved serve receiving was an integral part of their success.“We are just seeing better serve receive than last year,” Wack said. “Overall I think it was great. We’re working on a whole lot of new things and new techniques.”Waite explained some of the new ideas he and his staff have already started to implement.“We had Kirby Toon and Al Wack jump-serving with topspin, which was new for them. They did a nice job,” Waite said. “That always puts the opponent on their heels a little bit.”The new serving technique did seem to throw the Panthers off, allowing the Badgers to pick up several easy points throughout the match. Wisconsin recorded 11 aces, including two by Toon and four by Wack.UW-Milwaukee, however, also presented some unique challenges for the Badgers. The Panthers play in a slightly different way than Waite and his team is accustomed to seeing.“Milwaukee runs a very fast offense so they’re flying all over the place and they’re tough to keep up with,” Waite said. “As a bigger team from the Big Ten, we played a smaller team from the Horizon League that’s a great ball handling team and I think our ball handling stood up with theirs; it’s not an easy thing to do because every conference recruits in a different way.”Although the Badgers stood up to most of the challenges that Milwaukee presented, Waite and his players know there is still much to be learned.Waite specifically addressed the team’s struggles with maintaining a high hit percentage. The Badgers struggled in that statistical category, hitting only .141. In 2009, Wisconsin finished with a .172 percentage for the season.“Our hitting percentage needs to be better; we need to bring that up,” Waite said. “After a week of team training, that’s a really good reminder to us of what [we] need to focus on even more.”The Badgers are hoping they can improve in all areas this spring while also gaining valuable experience for the more trying fall season.“Our goal isn’t necessarily [about] the wins and the losses,” Toon said. “It’s to go out and improve every time we play.”last_img read more

Twenty five former students come forward with new lawsuit against Tyndall, USC

first_imgAdditionally, Doe defendants 1 through 500, are alleged to have “engaged in a pattern and practice of ignoring complaints, failing to investigate sexual harassment and abuse complaints, deliberately concealing information from abuse victims as well as law enforcement and the Medical Board of California, and contributed to a sexually hostile environment on campus at USC,” according to the lawsuit. The identity and working capacities of these defendants are not yet known, but are said to comprise employees, agents or servants of USC who were under the University’s direct supervision. Content warning: This article contains explicit references to instances of sexual abuse, sexual harrassment, victim-blaming and harrassment based on gender and race. Twenty five former USC students have come forward with a new lawsuit against former campus gynecologist George Tyndall, the University and 500 unnamed defendants with working relationships to the University, a press release from law firms Arias Sanguinetti Wang & Torrijos and Janet, Janet and Suggs confirmed Thursday.  This brings the total to over 800 current and former students who have opted out of the $215 million class action settlement in January and who have filed lawsuits against USC and Tyndall, saying the University played a role in covering up about three decades of sexual abuse against patients at the Engemann Student Health Center.  In addition, the lawsuit turns to USC for letting Tyndall’s actions, “committed to satisfy [his] own prurient sexual desires,” continue for years while harboring knowledge of his actions by complaints from his patients.  “Despite the fact that USC has publicly admitted that it received numerous documented complaints of TYNDALL’s sexually abusive behavior dating back to at least the year 2000, and that such complaints are now known to have existed as early as the year 1988, USC actively and deliberately concealed TYNDALL’s sexual abuse of female student patients for years, continuing to grant TYNDALL unfettered sexual access to the young students in his and USC’s, care, all to protect Defendant USC’s reputation and financial coffers,” the lawsuit read.  “Throughout the litigation process involving George Tyndall, USC has been committed to resolving these lawsuits fairly,” the University wrote in a statement to the Daily Trojan Thursday. “Once the university is served with this lawsuit, it will review and respond to the allegations through the legal process.” In total, the suit includes 16 causes of action against Tyndall, USC and Does 1 through 500 — along with the request for a jury trial. center_img The lawsuit calls the defendant Tyndall “a serial sexual predator” who took advantage of his position to commit sexual abuses such as forcing patients to undress in his presence, photographing patients while they were unclothed, penetrating patients with unwashed hands and without personal protective equipment and making repeated comments that were meant to sexually harass and were racist and misogynistic in nature.  In the new lawsuit, defendants 1 through 500, along with the University, are alleged to have continually ignored complaints, deliberately concealed information to law enforcement and the Medical Board of California and contributed to “a sexually hostile environment on campus.” (Daily Trojan file photo) The Los Angeles Police Department launched a criminal investigation into Tyndall’s conduct in May 2018, leading to the L.A. County District Attorney’s office filing 29 felony counts against him, including 11 counts of sexual battery by fraud of 16 different women from 2009 to 2016. The plaintiffs, identified as Jane Does 138 to 162, have filed complaints that span almost the entirety of Tyndall’s tenure at USC, ranging from undergraduate and graduate students who attended the University from the late 1980s to 2017, a year after Tyndall was placed on leave pending an investigation into his conduct. While the LAPD’s investigation is still pending, the civil suit allows the plaintiffs to bring action against Tyndall’s misconduct and under the Tom Bane Civil Rights Act under California civil code, which prohibits discrimination, intimidation or coercion based on a protected class that threatens the individual’s enjoyment of their personal and constitutional rights. “USC paid more attention to its own financial gain and chose to protect a sexually deviant doctor instead of thousands upon thousands of women who trusted USC over the course of decades,” the press release read. “USC’s conduct empowered Tyndall to be an abusive predator for decades.”last_img read more