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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

AIDA Cruises starts LNG fueling ops in Mediterranean ports

first_imgAIDAperla (Image courtesy of Aida Cruises)AIDA Cruises, a Carnival Corporation company, said it will start regular operations to supply its LNG-powered AIDAperla with liquefied natural gas during the vessel’s stay in three Mediterranean ports.Following successful tests, the cruise company will start the LNG bunkering operations in the Spanish port of Barcelona, France’s Marseille and Civitavecchia in Italy.AIDA Cruises said in a statement it was also in talks with Palma de Mallorca in Spain.On average, a cruise ship spends around 40 percent of its operating time in a port. Thanks to its dual-fuel engine, the AIDAperla can produce the required energy from LNG during the ship’s port berth, AIDA noted in the statement.The LNG supply in the port takes place via a truck-to-ship method.AIDAprima LNG bunkering in the port of HamburgAIDAperla is the sister vessel to LNG-powered AIDAprima that was delivered last year.AIDAprima, the company’s first vessel in the LNG-powered series has already been provided with LNG in all five ports of her Northern Europe cruises since May 2016. AIDAperla is the second cruise ship that is able to produce onboard power from LNG while docked.In April last year, Aida Cruises signed an LNG supply deal with Shell for its two vessels, with Shell becoming Aida Cruises’ exclusive strategic partner in all ports that provide LNG bunkering.Worth mentioning, AIDA Cruises is also awaiting the delivery of two fully LNG-powered cruise ships which will able to run on LNG in port and at sea as well.AIDAnova, currently being built at the Neptun Werft in Rostock is expected to be delivered in the fall of 2018 while its sister ship will reinforce the AIDA fleet in the spring of 2021. LNG World News Stafflast_img read more

Badgers looking to regain winning ways against Huskies

first_imgAfter dropping a pair of close matches to No. 24 Washington and Portland University last weekend, the Wisconsin men’s soccer team (4-4-0) is looking to regain some confidence as it hosts Northern Illinois University (5-2-1) tonight at the McClimon Soccer Complex at 7 p.m.The Badgers enter tonight’s match following an exhaustive September schedule in which the team has journeyed to tournaments in Milwaukee, Albuquerque and Seattle over the past three weekends. Upon returning from the extensive traveling, head coach Jeff Rohrman is pleased to be back in Madison and playing at McClimon.”It’s been a grueling 10 days or so [of traveling],” Rohrman said. “You know, having gone to New Mexico and out to Seattle — it takes a toll. The travel and obviously the high level of competition we faced made things difficult, so it’s nice to be home here for a little bit of a stretch.”Although the Badgers were victorious the last time the Huskies visited Madison, Northern Illinois has won six of the last seven matches between the two teams, and is currently entertaining a two-game win streak after consecutive 1-0 victories over UW-Green Bay and Saint Louis University. Rohrman need only think back to last year’s match up with the Huskies to know what to expect out of this year’s squad. “Last year [Northern Illinois was] very good and they beat us down there,” Rohrman said. “They’re a much improved team, very talented, very athletic, and they’re a dangerous team that should not be taken lightly. They’ve got some kids that can really do some good things, and we’ll have to come out and play one of our better games to beat them.”Although Wisconsin posts an inferior record, the Badgers have faced a tougher schedule than the Huskies thus far in 2005, losing to such ranked opponents as No. 12 Fairleigh Dickinson, No. 3 New Mexico and No. 24 Washington.In response to last weekend’s losses, Rohrman hopes his team can play faster against the Huskies and employ more options in the attacking third.”I think we need to establish a little more rhythm in our attack,” Rohrman said. “We need to play a little bit quicker because there were times [last weekend] when our movement wasn’t so great and we just weren’t seeing things as quickly as we needed to. Our spacing also needs to be a little bit better against a team like Northern Illinois. We’ve addressed a few of those things and we’ve worked on them a little, so I’m hoping we can come out and get some things going in the attack.”A victory tonight for the Badgers would provide the team with a much-needed spark for the upcoming Big Ten season. And for the seasoned players, a win tonight would provide them with something more: payback.”We definitely need to come out with a good showing,” sophomore midfielder Dirk Pearson said. “I mean, we definitely need a win because it’s an important regional game and they’re a close rival. They also beat us last year, so we’re all looking to get some revenge.”last_img read more