Jack Ma
Billionaire Jack Ma’s Ant Group is seeking a valuation of more than $200 billion (Dh734.6bn) as it goes public in Hong Kong and Shanghai, kicking off a much-anticipated market debut for China’s leader in internet finance.
The parent of mobile payments company Alipay said it will pursue a simultaneous dual-listing in Hong Kong and on the Shanghai stock exchange’s STAR board. Ant is already more richly valued than most Wall Street companies and, if conditions are favourable, it could seek to raise more in its initial public offerings than Saudi Aramco’s record $29bn haul.
The crown jewel of the sprawling Alibaba empire, Ant has hastened its evolution into an online mall for everything from loans and travel services to food delivery in a bid to win back shoppers lost to Tencent.
Ant’s chief executive Simon Hu said he wants people to think of Alipay as more than just a niche provider of financial services and the payments gateway for the world’s biggest e-commerce platform. Part of that is to grow Ant’s reach in Asia, where it has been working with digital payment providers in India and Thailand, as well as offering its expertise in wealth management and risk controls.
Ant picked China International Capital, Citigroup, JP Morgan Chase and Morgan Stanley for its Hong Kong offering, which could raise about $10bn, sources said.
The Alibaba affiliate is the latest major Chinese company to seek a listing closer to home as increased trade tension makes New York’s capital markets less desirable.
Semiconductor Manufacturing International raised $7.5bn from a Shanghai share sale in July that ranks as the world’s biggest new stock offering this year, according to data compiled by Bloomberg.
Some Chinese internet companies including JD.com and NetEase also added second listings in Hong Kong this year.
“Despite abundant capital, it is not sure how investors would view Ant Group since there are a lot of tech stocks in the market,” said Pamela Chung, managing director and head of IPO at consultancy Hong Kong-based Tricor Group.
While Ant has begun working with bankers on the Hong Kong debut, more advisers could be added at a later stage and details of the offering could change as deliberations are continuing.
Ant, valued at $150bn in its last funding round, generated $2bn in profit in the fourth quarter of last year, based on calculations made from Alibaba’s filing.
Like Alibaba, Ant hit the brakes on its US expansion as tension between America and China escalated. Mr Ma said in 2018 that his promise to create one million jobs in the US was a challenge to fulfil because of the trade row between the two countries.
Instead, Ant has focused on building its presence in the rest of Asia, where it is working with nine payment start-ups, including the owners of Paytm in India and GCash in the Philippines. Domestically, it is expanding into consumer and technology services.
Mukesh Ambani
After raising more than $20bn for his digital venture in three months, billionaire Mukesh Ambani, 63, is preparing his retail unit to welcome global partners as his oil-to-petrochemicals conglomerate turns to India’s billion-plus consumers for growth.
Asia’s richest man and the chairman of Reliance Industries told shareholders that Reliance Retail was receiving enquiries from investors and may start bringing some on board in the coming months.
“We have received strong interest from strategic and financial investors in Reliance Retail,” Mr Ambani said. “We will induct global partners and investors in Reliance Retail in the next few quarters.”
The time has come for a truly global digital product and services company to emerge from India, and to be counted among the best in the world
He identified technology and retail as future growth areas in a pivot away from the energy businesses that he inherited from his father who died in 2002.
Retail is the next frontier for Mr Ambani, who recently sold about 33 per cent of his digital venture to a group of investors including Silicon Valley companies Facebook and Google over the past three months in deals that valued Jio Platforms at $58bn.
Reliance Retail, which runs supermarkets, India’s largest consumer electronics chain shop, a cash-and-carry wholesaler, fast-fashion outlets and an online grocery store called JioMart, reported 1.63 trillion Indian rupees (Dh80.1bn) in revenue in the year through to March 2020. The unit operates about 12,000 shops in about 7,000 towns.
Most of Mr Ambani’s focus during the 93-minute presentation to shareholders was on technology. He unveiled a series of services, including a fifth-generation wireless network as early as next year and a mega video-streaming platform that will bring Netflix, Disney+ Hotstar, Amazon Prime and dozens of other TV channels under one umbrella.
“I believe that the time has come for a truly global digital product and services company to emerge from India, and to be counted among the best in the world,” Mr Ambani said.
Jio Platforms, unveiled last year, is now at the centre of his ambition to tap a billion Indians increasingly embracing mobile devices and data plans to shop online.
The company is focused on an opportunity to shake up the retail, content streaming, digital payments, education and healthcare segments.
Richard Branson
It took £200 million (Dh937.4m) of Richard Branson’s own money to secure the rescue of his Virgin Atlantic Airways.
The outlay marks the latest example of the industry’s enduring capacity to shrink fortunes, although the British billionaire may not be surprised, having once said that “if you want to be a millionaire, start with a billion dollars and launch a new airline.”
The airline business has long proved irresistible to a cohort of larger-than-life tycoons. From AirAsia Group’s Tony Fernandes to JetBlue Airways’ founder David Neeleman, some of the world’s most celebrated entrepreneurs have built fortunes shuttling people through the sky.
But with air travel dwindling in lockdown, coronavirus has battered even those long hardened to the volatility and thin margins of the capital-intensive industry.
The market valuations of 10 large, publicly traded airlines linked to prominent magnates tracked by the Bloomberg Billionaires Index have declined in value by $14bn since the year began.
The crisis has already had several victims. Earlier this year, Warren Buffett closed a losing bet on four of the biggest US airlines, acknowledging that the investment had lost money for Berkshire Hathaway. It was his second about-turn after earlier swearing off the sector.
Latam Airlines Group, Latin America’s largest operator whose shareholders include Chile’s Cueto family, sought bankruptcy court protection in New York.
In March, Mr Neeleman — who founded JetBlue and Canada’s WestJet Airlines — unloaded more than 80 per cent of his preferred shares in Brazilian airline Azul after a margin call was triggered on a $30m personal loan.
The crisis has also brought structural issues or simmering tensions to the surface. Norwegian Air Shuttle’s debt load forced it into a restructuring. The discount airline, whose co-founder Bjorn Kos was a former fighter pilot who challenged companies such as British Airways on transatlantic routes, remains highly indebted and issued a warning that it will probably need to raise more capital.
European budget operator EasyJet, which is just emerging from a near-total grounding of its fleet, has also contended with internal strife. Its founder and largest shareholder Stelios Haji-Ioannou launched a failed attempt to oust the executive leadership and block the purchase of Airbus planes which he said EasyJet neither needed nor could afford.
It is possible that the industry may recover quickly enough to staunch some losses. There have been signs that travel demand has begun to look up, fuelling hopes that the stress on beleaguered airlines will ease.
But any return to business as usual is far off. Delta Air Lines revised plans to restore some service after a resurgence in US coronavirus cases undercut a nascent recovery in travel demand.
Even with the restructuring, Virgin Atlantic said it only expected to return to profitability from 2022.
Larry Fink
BlackRock chief executive Larry Fink sold $24.2m of stock in the world’s largest asset manager, bringing his sales this year to $74.4m.
Mr Fink disposed of 41,706 shares – about 5 per cent of his stake in the business – at an average price of $580.29 on July 21, according to a regulatory filing. The filings did not indicate that his sales this year were made under a pre-scheduled trading plan.
Mr Fink, who is a billionaire and still owns $457m of BlackRock stock, issued a warning this month about an uneven economic recovery despite rising investor confidence buoying second-quarter results at the New York money manager.
“For our economy to be fully operational again, it can’t be this bipolar economy,” the chief executive said. “There has been a lot of healing and that is what the market is reflecting, but there is still a great component of our economy that has not healed and is still struggling.”
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Racecard
6pm: The Pointe - Conditions (TB) Dh82,500 (Turf) 1,400m
6.35pm: Palm West Beach - Maiden (TB) Dh82,500 (T) 1,800m
7.10pm: The View at the Palm - Handicap (TB) Dh85,000 (Dirt) 1,400m
7.45pm: Nakeel Graduate Stakes - Conditions (TB) Dh100,000 (T) 1,600m
8.20pm: Club Vista Mare - Handicap (TB) Dh95,000 (D) 1,900m
8.55pm: The Palm Fountain - Handicap (TB) Dh95,000 (D) 1,200m
9.30pm: The Palm Tower - Handicap (TB) Dh87,500 (T) 1,600m
About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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%3Cul%3E%0A%3Cli%3EStorstockholms%20Lokaltrafik%20(SL)%20offers%20free%20guided%20tours%20of%20art%20in%20the%20metro%20and%20at%20the%20stations%3C%2Fli%3E%0A%3Cli%3EThe%20tours%20are%20free%20of%20charge%3B%20all%20you%20need%20is%20a%20valid%20SL%20ticket%2C%20for%20which%20a%20single%20journey%20(valid%20for%2075%20minutes)%20costs%2039%20Swedish%20krone%20(%243.75)%3C%2Fli%3E%0A%3Cli%3ETravel%20cards%20for%20unlimited%20journeys%20are%20priced%20at%20165%20Swedish%20krone%20for%2024%20hours%3C%2Fli%3E%0A%3Cli%3EAvoid%20rush%20hour%20%E2%80%93%20between%209.30%20am%20and%204.30%20pm%20%E2%80%93%20to%20explore%20the%20artwork%20at%20leisure%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
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%3Cp%3EAuthor%3A%20Charlotte%20Lydia%20Riley%3Cbr%3EPublisher%3A%20Bodley%20Head%3Cbr%3EPages%3A%20384%3C%2Fp%3E%0A
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
Killing of Qassem Suleimani
Essentials
The flights
Emirates flies direct from Dubai to Seattle from Dh6,755 return in economy and Dh24,775 in business class.
The cruise
UnCruise Adventures offers a variety of small-ship cruises in Alaska and around the world. A 14-day Alaska’s Inside Passage and San Juans Cruise from Seattle to Juneau or reverse costs from $4,695 (Dh17,246), including accommodation, food and most activities. Trips in 2019 start in April and run until September.
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Smart words at Make Smart Cool
Make Smart Cool is not your usual festival. Dubbed “edutainment” by organisers Najahi Events, Make Smart Cool aims to inspire its youthful target audience through a mix of interactive presentation by social media influencers and a concert finale featuring Example with DJ Wire. Here are some of the speakers sharing their inspiration and experiences on the night.
Prince Ea
With his social media videos accumulating more half a billion views, the American motivational speaker is hot on the college circuit in the US, with talks that focus on the many ways to generate passion and motivation when it comes to learning.
Khalid Al Ameri
The Emirati columnist and presenter is much loved by local youth, with writings and presentations about education, entrepreneurship and family balance. His lectures on career and personal development are sought after by the education and business sector.
Ben Ouattara
Born to an Ivorian father and German mother, the Dubai-based fitness instructor and motivational speaker is all about conquering fears and insecurities. His talk focuses on the need to gain emotional and physical fitness when facing life’s challenges. As well managing his film production company, Ouattara is one of the official ambassadors of Dubai Expo2020.
UAE currency: the story behind the money in your pockets
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
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THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
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Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 760Nm
Price: Dh898,000
On sale: now
