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Asia's Self-Made Billionaires
2007-11-30 15:05:00
It was an inauspicious beginning. Li Ka-shing fled with his family from mainland China as a young child. At age 15 he dropped out of school when his father died. He worked 16 hours a day as a laborer in a plastics company. By 22, he somehow managed to save enough to start his own business.Today he controls $47 billion (market cap) conglomerate Hutchison Whampoa and is worth a recent $23 billion, enough to make him the region's richest self-starter.Li got further with his education than Taiwan billionaire Y.C. Wang. The son of poor tea merchants, he dropped out of elementary school to help his family by selling rice, bricks and wood, before eventually starting Formosa Plastics, the world's largest producer and processor of polyvinyl chloride (PVC). His recent net worth of $5.1 billion ranks him 16th among Asia's self-made class. When Indian billionaire G.M. Rao flunked the 10th grade, his father urged him to drop out and work with him. Rao persuaded the village doctor, a family fr...
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Billionaire Ex Sues Ellen Barkin
2007-11-30 14:57:00
There just doesn't seem to be any makeup in the ugly divorce of cosmetics king Ronald Perelman and his ex-wife, Ellen Barkin.The Revlon mogul has filed suit against the actress and and her brother, George Barkin, claiming that they're siphoning off funds from a production company the trio started in 2005.According to papers filed on the billionaire's behalf in Manhattan Supreme Court, the two have been using the film company, Applehead I, as a private piggy bank. The documents further claim that the Barkins "covertly established" their own production company, called Applehead II, earlier this year, and have been using Applehead I's cash to help run it.The suit also alleges that George Barkin is collecting a $250,000 salary from Applehead I, even though he has "rendered no or few services of value.""We were initially disappointed at Ms. Barkin's attempts to further enrich herself after the divorce," Perelman's rep told the Associated Press. "We are further disappointed to learn...
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Perelman Sues Ex-Wife Barkin, Claiming She Took Funds
2007-11-30 13:59:00
Nov. 28 (Bloomberg) -- Billionaire Ronald Perelman sued his ex-wife, actress Ellen Barkin, and her company, Applehead Pictures LLC, saying she misappropriated funds to finance personal expenses, including a lawsuit she filed against him. Barkin, 53, who starred in ``Ocean's Thirteen'' and ``The Big Easy,'' sued Perelman in August, saying he reneged on a promise during the couple's marriage to invest $3.4 million in her production company. The couple's five-year marriage came to an end last year. The actress founded New York-based Applehead with her brother, George Barkin, in November 2005, according to Barkin's Aug. 1 complaint. Perelman claimed in his suit filed yesterday in New York state court in Manhattan that Barkin and her brother misappropriated company funds for their own use.Barkin used Applehead funds or credit to pay ``for items of a purely personal nature,'' Perelman said in his complaint.The actress said in her suit that while she was married to Perelman, 64, ...
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UK soccer clubs to lure more billionaire buyers
2007-11-30 13:52:00
LONDON, Nov 28 (Reuters) - U.S. billionaires will continue buying British soccer clubs for the financial returns, the glamour of sport and the appeal of its capital city, a leading sports banker predicted."Sports is a sexy business," Randy Campbell, head of the global sports practice at Societe Generale in New York, told Reuters in an interview. "I expect U.S. investment in British clubs to continue."U.S. billionaires such as the Glazers, who own Manchester United, and Tom Hicks and George Gillett, owners of Liverpool, get a "return on equity and return on ego" from owning a soccer club, Campbell said.London clubs such as Fulham, Reading, Charlton, Tottenham and Arsenal are prime targets as multi-millionaires from around the world want to enjoy the capital's glitter, he said."Now London is the hot place; the city is booming," he said. "London is becoming the international capital of the world. This is the place where people want to be. People like to be associated with London, and ...
More About: Soccer , Clubs , Buyers , Billionaire , Lure

Housing Blues Hits Billionaires
2007-11-30 13:39:00
Suppose you heard that an investment whiz, a billionaire, owned a cheapie stock, one at less than $5 a share that trades on the New York Stock Exchange. Would you take a shot on it?Okay, let's take the issue one step further. Suppose two other investment stars, also billionaires, owned that very same stock. Would you then take a flier? Probably yes, correct? Billion aires don't achieve that exalted financial status by doing stupid things.Our three billionaires are an activist investor who is Corporate America's most feared troublemaker, Carl Icahn; Wall Street's most successful trader, Stevie Cohen, who heads up S.A.C. Capital Management in Stamford, Conn., and a managing director of Neuberger & Berman, Marvin Schwartz, who is viewed by some professionals as the "pro's pro."Given the great success of this trio, common sense would suggest that the stock in question merits serious consideration. Stockbroker Malcolm Lowenthal of Kern, Suslow Securities probably sums it up best:...
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Billionaire raises stake in barge builder
2007-11-30 13:31:00
Sam Zell, the Chicago billionaire who in April paid $8.2 billion to win a bidding war for Chicago Tribune parent Tribune Co., has accumulated more stock in Jefferson barge builder American Commercial Lines Inc.Nine of Zell's affiliates, including Chai Trust Co., increased their position to 25.5 percent of American Commercial Lines, from 24.5 percent on Nov. 21, according to Bloomberg, which cited securities records.The company's shares shot up11.5 percent yesterday, to $17.16.Earlier this month, The Motley Fool included American Commercial Lines on a list of stocks investors were abandoning, suggesting the shares might be undervalued.The stock had slid to nearly $13 on Nov. 12 after having traded near $39 in March.American Commercial Lines has struggled as the volume of commodities shipped on its barges has fallen.
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How to Become a Billionaire
2007-11-28 20:03:00
Forbes recently released its list of the world's billionaires, and, no surprise, a significant number of the folks on the list made their fortunes by investing. That subset includes Warren Buffett (worth $52 billion), Carl Icahn (worth $14.5 billion), and Jim Simons (worth $5.5 billion).So, here's Important Lesson No. 1: You can make a lot of money if you learn to manage your portfolio like a pro.Easier said than done ... Of course, that collection of billionaire investors volunteers no clues about the strategy that's most likely to make you a billionaire. Buffett is a dyed-in-the-wool value investor. Using that strategy has helped him achieve annual returns greater than 20% at Berkshire Hathaway for more than 40 years on investments in boring companies such as GEICO and Washington Post. It continues in his portfolio today with USG (NYSE: USG), American Standard (NYSE: ASD), M&T Bank (NYSE: MTB), and other holdings.Simons, though, can point to 34% annualized returns at his Me...
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Saudi Billionaire Sues 'Funding Evil' Author
2007-11-28 19:55:00
Two years ago our guest,Dr. Rachel Ehrenfeld, told us how she was ordered to destroy all copies of her book, "Funding Evil - How Terrorism is Financed and How to Stop It," after a Saudi billionaire Sheikh sued her for including him in the book.She forwarded the following to me, about appearing in a short-form documentary film, "The Libel Tourist," which documents the true story of how she, an American-Israeli author, was ordered to destroy all copies of her book in a country where it had never been published -- England -- after the notoriously litigious Saudi billionaire sued her in a British court. Ehrenfeld's book accuses the Saudi billionaire of funding of terrorism.We aired segments from the film and an earlier interview with her on Monday, in light of Saudi Arabia calling the shots at Tuesday's 'peace' conference in Annapolis this week.The new film tells of how Dr. Ehrenfeld is fighting back, countersuing the billionaire, Sheikh Khalid bin Mahfouz, in the New York courts to...
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Billionaire Agarwal May Increase Hindustan Zinc Stake
2007-11-28 19:35:00
Nov. 27 (Bloomberg) -- Indian billionaire Anil Agarwal's London-based resources group may raise its stake in Hindustan Zinc Ltd. to strengthen control of the South Asian nation's largest producer of the metal.Agarwal's Sterlite Industries (India) Ltd. is in talks to buy the government's 29 percent holding, Vedanta Resources Plc spokesman Dhanpal Jhaveri said. Sterlite, a subsidiary of Vedanta, owns 65 percent and has an option to buy the stake.Vedanta's interest extends a record year for takeovers and investments in commodities companies, led by BHP Billiton Ltd.'s proposed $128 billion takeover of Rio Tinto Group. Zinc is the world's worst-performing metal this year, triggering a 25 percent drop in Hindustan Zinc's share price.``The company may not have to pay a huge premium as zinc prices have fallen sharply in the recent months,'' said Sanjay Makhija, vice president at Mumbai-based Fortune Financial Services Ltd. Zinc prices have fallen 43 percent this year on the Londo...
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Billionaire Businessman Gave Kerik $250K "Loan"
2007-11-28 19:19:00
Bernie Kerik had a talent for making wealthy friends -- and then hitting them up for money. It was a talent that prosecutors say crossed the line into bribery on at least one occasion.Over the weekend, The New York Times revealed the details of another one of those deals. In 2003, while Kerik was on his short stint with the Coalition Provisional Authority in Iraq, Israeli billionaire and industrialist Eitan Wertheimer loaned Kerik $250,000.But it wasn't what you'd call a straightforward loan. The money went first to Kerik's friend and Brooklyn businessman Shimon Cohen, who then passed it on to Kerik. It was provided with no interest, no conditions, and seemingly no questions asked.There's even more grounds for suspicion. The loan only came to light after the Bronx district attorney's office and New York City?s Department of Investigation launched an investigation of Kerik's personal finances in 2005. They interviewed Cohen in June of that year about the loan -- he fessed up to...
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Indian Billionaire Adani Adds $4.3 Billion With IPO
2007-11-28 19:05:00
Nov. 27 (Bloomberg) -- Indian property magnate Gautam Adani just added $4.3 billion to his personal fortune.Adani's Mundra Port & Special Economic Zone Ltd. more than doubled on its first trading day in Mumbai, boosting the value of his family's 81.3 percent stake to $7.9 billion.Real estate ``has caught the fancy of investors,'' said Jayesh Shroff, who holds property companies DLF Ltd. and Indiabulls Real Estate Ltd. among the $6 billion he helps manage at SBI Funds Management Pvt. in Mumbai. ``We could see many more billion-dollar property tycoons as investors pay a premium to own real-estate stocks.'' India's 10 richest property investors have more funds than Donald Bren, Donald Trump, Samuel Zell and the next seven wealthiest U.S. real-estate investors, Forbes Magazine reported. Mumbai has the world's second-highest office rents after London's West End, according to data compiled by real-estate broker CB Richard Ellis. Rents in Mumbai rose 55 percent in the past yea...
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Prince Al-Waleed bin Talal - Kingdom Holding Company, Citigroup
2007-11-26 15:39:00
Age: 50 Fortune: self made Source: investments Net Worth: $20.3 billion Country Of Citizenship: Saudi Arabia Residence: Riyadh , Saudi Arabia, Middle East & Africa Industry: Investments Marital Status: married, 2 children Education: Menlo College, Bachelor of Arts / Science Syracuse University, Master of SciencePrince Al-Walid bin Talal bin Abdul Aziz Al Saud, born 7 March 1955 and commonly known as Prince Al-Walid, is a member of the Saudi Royal Family, and an entrepreneur and international investor. He has amassed his fortune through investments in properties and stocks. As of 2007, his net worth is estimated at US$20.3 billion, and he is ranked by Forbes as the 13th richest person in the world. He has been nicknamed by Time magazine as the Arabian Warren Buffett.Al-Walid was born to Prince Talal, son of the founding king of Saudi Arabia, Abdul Aziz Al Saud, and Princess Mona El-Solh, daughter of Riad El-Solh, the first Prime Minister of modern day Lebanon and a leader of Leba...
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Larry Ellison - Oracle Corporation
2007-11-26 14:53:00
Age: 62Fortune: self made Source: Oracle Net Worth: $21.5 billionCountry Of Citizenship: United States Residence: Redwood City, California , United States, North AmericaIndustry: Software Marital Status: married, 2 children Education: University of Illinois, Drop Out Lawrence Joseph Ellison (born August 17, 1944) is the billionaire co-founder and CEO of Oracle Corporation , a major database software company.Ellison was born in New York City to Florence Spellman, a 19-year-old unwed Jewish mother. At his mother's request, he was given to his mother's aunt and uncle in Chicago to raise. Lillian Spellman Ellison and Louis Ellison adopted him when he was nine months old. Ellison did not learn the name of his mother or meet her until he was 48; the identity of his father is unknown.The Ellison home was a two-bedroom apartment in Chicago's South Shore neighborhood, populated mostly with lower middle class Jews. Ellison remembers his adoptive mother as warm and loving, in contrast to his ...
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Novolipetsk To Control Maxi Group
2007-11-26 13:06:00
YEKATERINBURG -- Steelmaker Maxi Group said Friday that it would sell a 51 percent stake to Novolipetsk Steel by the end of the year after a deal to sell to billionaire Alisher Usmanov fell through.Alfa Bank, which is organizing the transaction, said the deal would involve Novolipetsk supplying an immediate $400 million loan to Maxi as well as refinancing debt incurred by its subsidiaries and funding an expansion program.Maxi spokesman Alexander Popov said the firm's owner, Nikolai Maximov, planned to close the deal by the end of 2007. Novolipetsk is owned by billionaire Vladimir Lisin.Novolipetsk said in a statement that it had reached an agreement in principle on the acquisition of a controlling stake in Maxi and that a deal was expected by the end of the year, subject to shareholder approval.Yekaterinburg-based Maxi plans to build a network of steel furnaces and rolling mills with annual capacity of up to 10 million tons of finished products -- five times what it currently produ...
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Book about billionaire entrepreneur to be distributed at board meeting
2007-11-26 13:02:00
TRENTON -- The Metropolitan Trenton African-American Chamber of Commerce Empowerment Fund will present more than 100 copies of "The Peebles Principles," by billionaire author and real estate developer R. Donahue Peebles, tomorrow at the Trenton board of education meeting.The book donations are in conjunction with a citywide essay contest for grades 3 to 12, which will be launched next month."It's critical we find a way to inspire our youth to read and embrace the knowledge acquired therein," said John E. Harmon, chamber president and CEO. "The essay contest is an initiative to promote academic excellence throughout the Trenton public school system."Students in grades 3 to 5 will be asked to write a 200-word essay. Those in grades 6 through 8 will write 300 words, while students in grades 9 to 12 will write 500 words.Cash prizes will be awarded for first, second and third place in January."The Peebles Principles" chronicles the life and business success of Don Peebles, a 47-year-old...
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Google billionaires get another jet
2007-11-25 17:05:00
The fun thing about having lots of money is you can buy as many toys as you want. Over at Google it's a veritable playground.A company controlled by Google co-founders Sergey Brin and Larry Page and CEO Eric Schmidt, with the strange name of H211 LLC, has an agreement to land four jets at Moffett Field, according to documents released to The New York Times after the paper filed a Freedom of Information Act request. Moffett Field, which is operated by NASA Ames Research Center, is very close to Google's Mountain View, Calif., headquarters.So, in addition to the two Gulfstream Vs and a Boeing 767, the Google billionaires anticipate landing a Boeing 757 at the airfield starting sometime next month, the documents show.Google and NASA have a public-private partnership that gives NASA scientists access to the planes and provides fees that help defray the costs of running Moffett, a Google spokesman told the Times. Oh, and the Googlers have bought carbon offsets to mitigate the Boeing 76...
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Billionaire Buffett 'could join bid for Northern Rock'
2007-11-25 16:41:00
LONDON (AFP) ? US billionaire investor Warren Buffett could emerge as a buyer for troubled British bank Northern Rock , according to a media report on Sunday.The Sunday Telegraph, which did not name its source, said that Buffett had held talks with various US private equity groups that are interested in buying the bank, which is mulling its options after a severe funding crisis.JC Flowers, Cerberus and a further consortium comprising Olympus Partners and Five Mile Capital, have all discussed a deal with Buffett's advisors, the paper added.Northern Rock has borrowed an estimated 25 billion pounds (34.8 billion euros, 51.5 billion dollars) in emergency funds from the Bank of England since September, when the bank fell victim to the global credit crunch.Two other potential buyers -- a consortium fronted by British billionaire Richard Branson's Virgin Group, and investment firm Olivant Advisors -- have already submitted bid proposals to the bank.The Observer newspaper reported Sunday t...
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Billionaire's record sterling on stock picks
2007-11-25 16:37:00
Buying whatever billionaire Warren Buffett bought, often months after his share purchases, delivered twice the return of the Standard & Poor's 500 Index during the past three decades.Investors would have earned an annual return of 24.6 percent by buying the same stocks as Buffett after he disclosed his holdings in regulatory filings, sometimes four months later, according to a soon-to-be-released study by Gerald Martin of American University in Washington and John Puthenpurackal of the University of Nevada, Las Vegas. The S&P 500 rose 12.8 percent a year in the same period."A monkey would have beaten the pants off the S&P 500 by following Warren's buying and selling," said Mohnish Pabrai, who manages $600 million at Pabrai Investment Funds in Irvine, Calif. Pabrai and a friend paid $650,100 this year in an annual charity auction to lunch with the 77-year-old Buffett.Buffett's stock picks outperformed his Omaha, Neb.-based Berkshire Hathaway from 2002 to 2006 when Berk...
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Li Ka-shing - Diversified
2007-11-25 16:04:00
Age: 78 Fortune: self made Source: diversified Net Worth: $23.0 billion Country Of Citizenship: Hong Kong Residence: Hong Kong , Hong Kong, Asia & Australia Industry: Diversified Marital Status: widowed, 2 children Education: High School, Drop Out The Honourable Sir Li Ka-shing, GBM, KBE, Commander was born in July 29, 1928, is a wealthy businessman from Hong Kong. He is the richest person of Chinese descent in the world, one of the richest and most influential investors in Asia, and the ninth richest man in the world according to Forbes with an estimated wealth of $23 billion on March 6, 2007. Presently, he is the Chairman of Hutchison Whampoa Limited (HWL) and Cheung Kong Holdings in Hong Kong.Considered one of the most powerful figures in Asia, Li was named "Asia's Most Powerful Man" by Asiaweek in 2001. Forbes Magazine and the Forbes family honored Li Ka-shing with the first ever "Malcolm S. Forbes Lifetime Achievement Award" on September 5, 2006, in Singapore. In spite of ...