Jeff Bezos, Elon Musk: World’s richest people smashed wealth records this week

News Network
August 29, 2020

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It’s been one of the most lucrative weeks in history for some of the world’s wealthiest people.

The net worth of Amazon.com Inc. founder Jeff Bezos topped the once-unfathomable amount of $200 billion. Entrepreneur, inventor, provocateur Elon Musk added the title of centibillionaire when his fortune soared past $100 billion fueled by Tesla Inc.’s ceaseless rally. And by Friday, the world’s 500 wealthiest people were $209 billion richer than a week ago.

Musk’s surging wealth expanded the rarefied club of centibillionaires to four members. Facebook Inc. co-founder Mark Zuckerberg, the world’s third-richest person, joined Bezos and Bill Gates among the ranks of those possessing 12-figure fortunes earlier this month. Together, their wealth totals $540 billion, according to the Bloomberg Billionaires Index.

This week marked just the latest boon for the personal fortunes of the richest of the rich, whose red-hot growth has been largely driven by surging markets, particularly for tech shares. US stocks reached fresh highs on Friday as investors took confidence in the Federal Reserve’s new inflation approach.

Pay Package

Musk’s net worth has grown by $76.1 billion this year, propelled by Tesla’s stock price and a boosted valuation of Space Exploration Technologies Corp., or SpaceX. Also helpful: an audacious pay package -- the largest corporate pay deal ever struck between a CEO and a board of directors -- that could yield him more than $50 billion if all goals are met.

Still, Musk’s gain is second to that of Bezos, whose fortune has grown by $84.9 billion in 2020 as pandemic-induced lockdowns spur demand for Amazon deliveries. Bezos’s fortune has doubled since he crested the $100 billion mark in late 2017, even after ceding a quarter of his Amazon stake to ex-wife MacKenzie Scott in a divorce last year.

Scott is now $700 million shy of surpassing L’Oreal SA heiress Francoise Bettencourt Meyers as the world’s richest woman.

The heady pace of wealth accumulation is in stark contrast to the state of the global economy. Growth has slumped sharply since the pandemic began with companies laying off millions of workers and consumer demand cratering.

Income Inequality

The brunt of economic pain has been borne by young and lower-wage workers, whose jobs are typically more vulnerable to Covid-related layoffs.

“There is little doubt that the pandemic will exacerbate inequality in incomes and wealth, both in the short term and in the longer term,” said Miles Corak, an economics professor who studies income inequality at the Graduate Center of the City University of New York.

The world’s 500 richest people have collectively grown their fortunes by $871 billion this year, a 15% increase, according to the billionaires index.

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News Network
September 10,2024

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The Palestinian Hamas resistance movement has strongly denounced an Israeli attack on displaced people sheltering in tents in the al-Mawasi area of Khan Yunis in the south of Gaza Strip as “a brutal act of genocide.”

“The occupying regime’s appalling massacre against displaced people in the al-Mawasi area of Khan Yunis is a brutal act of genocide... This vicious targeting of unarmed civilians — women, children, and the elderly — in an area previously declared safe by the occupation army is proof of the ongoing Nazi policies that the Zionist entity is pursuing in its genocidal war against Palestinians,” the Gaza-based group said in a statement on Tuesday morning.

It added that such mass killings are being deliberately carried out in complete disregard of the international law, humanitarian law, and UN resolutions calling for an end to the aggression, noting the massacres are being perpetrated with the full support of the US administration, which is complicit in Israeli brutalities against Palestinians.

It also dismissed Israeli army’s allegations concerning the presence of resistance fighters in the targeted area as "downright lies meant to justify such ugly crimes."

"The resistance front has repeatedly confirmed the absence of ... its members among civilian communities or the use of residential areas for military purposes,” the statement pointed out.

Hamas also called upon the international community, the United Nations, and all political, humanitarian and judicial institutions to break their silence, assume their responsibility and work to stop the 11-month-long holocaust.

The resistance movement stated that world bodies need to take necessary steps in order to bring Israeli war criminals before the International Criminal Court (ICC) and hold them to account for their horrendous crimes.

According to Palestinian media outlets, at least 40 people were killed and 60 others injured in the Israeli attack on people sheltering in tents in the al-Mawasi area of Khan Yunis.

The strikes involved heavy missiles and left craters up to 9 meters (30 feet) deep in an area where people were living in at least 20 tents.

Ambulance and Civil Defense teams are facing considerable difficulty retrieving the bodies of the victims.

Initial assessments suggest the attack is “one of the most heinous massacres in the ongoing frenzied war”.

Witnesses described chaotic scenes in the area, with fires burning and Israeli reconnaissance planes flying overhead.

Israel launched its atrocious onslaught against the Gaza Strip, targeting hospitals, residences, and houses of worship, since Palestinian resistance movements launched a surprise attack, dubbed Operation al-Aqsa Storm, against the usurping regime on October 7 last year.

At least 41,020 Palestinians have been killed, most of them women and children. Another 94,925 individuals have sustained injuries as well.

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News Network
September 9,2024

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Riyadh: External Affairs Minister S Jaishankar Monday met his Russian counterpart Sergey Lavrov here in the Saudi capital, days after President Vladimir Putin named India among the three countries he is constantly in touch over the Ukraine conflict.

Their interaction took place on the sidelines of the India-Gulf Cooperation Council (GCC) foreign ministers' meeting. Both the ministers are in the Saudi capital to attend ministerial meetings of the Gulf Cooperation Council.

"Russia’s Foreign Minister Sergey Lavrov held a meeting with Foreign Minister of India @DrSJaishankar," the Russian Foreign Ministry said in a post on X.

On Thursday, President Putin named India among the three countries he is constantly in touch over the Ukraine conflict and said they are sincerely making efforts to resolve it.

Speaking at the plenary session of the Eastern Economic Forum (EEF) in Vladivostok, Putin said, "If there is a desire of Ukraine to carry on with the negotiations, I can do that." His remarks came within two weeks after Prime Minister Narendra Modi's historic visit to Ukraine, where he held talks with President President Volodymyr Zelenskyy.

"We respect our friends and partners, who, I believe, sincerely seek to resolve all issues surrounding this conflict, primarily China, Brazil and India. I constantly keep in touch with our colleagues on this issue,” Putin was quoted as saying by Russia's TASS news agency.

Russian Presidential Spokesman Dmitry Peskov last week told the Izvestia daily that India could help in establishing a dialogue on Ukraine.

Underlining the existing "highly constructive, even friendly relations" between Modi and Putin, he said the Indian Prime Minister can "lead the line on getting first-hand information from the participants in this conflict," as he “freely communicates with Putin, with Zelenskyy, and with the Americans.” "This gives a great opportunity for India to throw its weight in world affairs, to use its influence that would drive the Americans and Ukrainians towards using a greater political will and entering the peaceful settlement track,” Peskov said.

He, however, said there are "no specific plans" for Modi to mediate on the issue.

"At this time they can hardly exist, as we do not see any preconditions for talks for now,” the Kremlin spokesman said.

Modi on August 23 visited Ukraine where he conveyed to President Zelenskyy that both Ukraine and Russia should sit together without wasting time to end the ongoing war and that India was ready to play an "active role" to restore peace in the region.

His nearly nine-hour visit to Ukraine, the first by an Indian prime minister since its independence in 1991, came six weeks after he held summit talks with President Putin that triggered anguish in some Western countries.

In his talks with Zelenskyy in Kyiv, Modi said India was on the side of peace since the beginning of the conflict and he would even like to contribute personally to a peaceful resolution of the crisis.

Jaishankar arrived in the Saudi capital Sunday on the first leg of his three-nation tour to attend the first India-Gulf Cooperation Council (GCC) foreign ministers' meeting.

The GCC is an influential grouping, comprising the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. The total volume of India's trade with GCC countries stood at USD 184.46 billion in the financial year 2022-23.

From Riyadh, Jaishankar will travel to Germany where he will meet the German Foreign Minister as well as the leadership and other Ministers from the German government to review the entire gamut of bilateral relations. This will be his third bilateral visit to Berlin.

On the third and final leg of his trip, Jaishankar will visit Geneva.

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News Network
September 23,2024

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New Delhi: Downloading and watching child pornography is an offence under the Protection of Children from Sexual Offences (POCSO) Act, the Supreme Court ruled today in a landmark judgment on the stringent law to prevent child abuse.

The bench of Chief Justice of India DY Chandrachud and Justice JB Pardiwala set aside the Madras High Court order that had ruled that merely downloading and watching child pornography was not an offence under the POCSO Act. The Supreme Court noted that the high court had committed an "egregious error" in passing the judgment.

The Madras High Court's order had come in a case in which a 28-year-old man was charged with downloading child pornography on his phone. The court had quashed the criminal proceedings against the man and said children these days are grappling with the serious issue of watching pornography and society must be mature enough to educate them instead of punishing them.

The Supreme Court today restored the criminal proceedings against the man.

At the outset, Justice Pardiwala thanked the Chief Justice for the opportunity to pen this judgment. The order focused on Section 15 of the POCSO Act which lays down punishment for the storage of pornographic material involving children.

"Any person who stores any pornographic material involving a child and fails to report or destroy it is punishable with a fine of not less than five thousand rupees., and repeat offence will be punishable with fine of not less than ten thousand rupees. If the material is stored for further transmitting or propagating, then along with fine, it is punishable with upto three years of imprisonment. For storing child pornographic material for commercial purpose is punishable with three to five years of imprisonment, and in subsequent conviction, upto seven years of imprisonment," the Section says.

Justice Pardiwala said that in this case, mens rea is to be gathered from actus rea -- mens rea refers to the intent behind the crime and actus rea is the actual criminal act.

"We have said on the lingering impact of child pornography on the victimisation and abuse of children... We have suggested to the Parliament to bring an amendment to POCSO... so that child pornography can be referred to as child sexually abusive and exploitative material. We have suggested an ordinance can be brought in. We have asked all courts not to refer to child pornography in any order," the bench said.

The Chief Justice called it a "landmark judgment" and thanked Justice Pardiwala.

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