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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

Million homes won’t be revalued after shock decision by Queensland’s Valuer-General

first_imgOnly 22 of Queensland’s 62 rateable LGAs will be valued next year.The decision marked the first time in eight years that the Valuer-General won’t have the capital city in his annual Queensland revaluations.Mr Mountford said “in both 2015 and 2016, landowners in Brisbane’s CBD raised significant concerns with their annual land valuations”.“In 2016, almost 1,200 objections were lodged across Brisbane, 241 of them for properties over $5 million – most of them in the CBD. A similar number were lodged in the previous year. Given this level of debate about statutory valuations in Brisbane in recent years, its clearly an odd decision not to revalue the State’s capital city.”Mr Mountford said major, diverse markets like Brisbane needed to be valued every year “to ensure the tax system remains fair and equitable”.“Has the government made this decision because the State Valuation Service doesn’t have the resources to undertake the task? Or perhaps the State is looking to ensure its land tax revenue is locked in at a certain level for next year? Either way, it’s not the basis of a fair tax system.” Property Council QLD executive director Chris Mountford said the move was not a good look for the state. Picture: Mark CallejaMore from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour agoMr Bray said the 2018 valuations – to be released in March next year – would involve 492,000 properties making up about 29 per cent of Queensland’s valuation roll.The LGAs that would get new valuations were Banana, Barcoo, Boulia, Bulloo, Central Highlands, Charters Towers, Diamantina, Douglas, Fraser Coast, Gladstone, Gold Coast, Goondiwindi, Hinchinbrook, Isaac, Maranoa, Murweh, Noosa, Paroo, Quilpie, Scenic Rim, Sunshine Coast and Toowoomba.“Valuations are issued annually across the state, except in unusual circumstances or where it is determined there has been insufficient market movement in a local government area to warrant an annual valuation being issued,” he said. HOT AUCTIONS: Brisbane homes selling sight unseen BRISBANE RISING: Surge in capital growth expectations BORROWING: Interest only loans could increase SIGN UP FREE: Get The Courier-Mail ’s real estate news in your inbox Mr Bray said in a statement that where new valuations were not issued in 2018, the most recent annual valuation would stay in force “for rating, land tax and state land rental purposes until the next valuation is undertaken”.But if you’re in the unvalued zones and think that means your rates will stay put next year, think again.“Landowners should remember that land valuations are just one of the factors taken into account by local councils when they prepare their annual budget and set rates to pay for the services they provide to their community,” Mr Bray said.Under the Land Valuation Act 2010 valuation notices have to be issued no later than March 31 in the year that the annual valuation takes effect.“The valuations will be determined as at 1 October 2017, and become effective for rating, land tax and State Land rental (for leasehold land) purposes as at 30 June 2018,” he said. *FOLLOW Sophie Foster on Twitter or Facebook A shock decision by the Queensland Valuer-General will see the state capital bypassed in new property valuations.CLOSE to a million Queensland homes won’t be revalued next year because of a shock decision by the state’s Valuer-General that’s been slammed by the Property Council.Queensland Valuer-General Neil Bray had to defend his decision to revalue only 22 of the state’s 62 rateable local government areas next year, leaving off the list not just the state capital Brisbane but also densely populated areas like Logan, Ipswich, Moreton Bay and Townsville.“The property market survey reports for those LGAs not being revalued showed minimal movement across most market segments. In Brisbane, for example, there were some small pockets that showed some change, however overall the changes did not justify inclusion in the annual valuation program,” he said.But Property Council Queensland executive director Chris Mountford was unconvinced, warning the move raised serious questions about the state’s valuation system – especially when the capital city was bypassed.“A significant number of transactions were undertaken in the 2016-2017 financial year, which would help inform new valuations. On this basis, the Property Council sees no reason for the decision not to value more than 29 per cent of rateable properties across the state.”last_img read more