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Bezos tops Forbes world s rich list as Trump wealth drops

PARIS, France — Amazon chief Jeff Bezos is now the world's richest person, having snatched the top spot from Microsoft founder Bill Gates who slips to second.....»»

Category: newsSource: philstar philstarMar 7th, 2018

Bezos tops Forbes world s rich list as Trump wealth drops

PARIS, France — Amazon chief Jeff Bezos is now the world's richest person, having snatched the top spot from Microsoft founder Bill Gates who slips to second.....»»

Category: newsSource:  philstarRelated NewsMar 7th, 2018

Forbes: James tops NBA rich list

Forbes: James tops NBA rich list.....»»

Category: sportsSource:  thestandardRelated NewsFeb 13th, 2019

LeBron James tops NBA rich list

    LOS ANGELES, USA – LeBron James remains the top-earning player in the NBA while an increasing number of stars have boosted their income through off-field activities, a Forbes survey revealed Tuesday, February 12 (Wednesday, February 13, Manila time). Forbes said that Los Angeles Lakers star James was the highest-paid player in ........»»

Category: newsSource:  rapplerRelated NewsFeb 13th, 2019

Manny Villar s fortune triples, climbs to 2nd spot in Forbes rich list

Real estate tycoon Manuel Villar is now the Philippines' second richest man after his wealth tripled over the past year, according to Forbes magazine’s 2018 ranking of the country’s 50 wealthiest people, amid a construction boom in the Philippines that has boosted the fortunes of the country’s business magnates......»»

Category: financeSource:  philstarRelated NewsSep 6th, 2018

Hans Sy steps up to forge a legacy in education, environment and the arts

The 2018 Forbes list of richest individuals in the world created a lot of buzz in the Philippines not because people wanted to find out who topped the list of billionaires in the country (everyone knows that Henry Sy is the wealthiest Filipino alive), but how his wealth has increased considerably last year, enough to overtake Canadian-American billionaire Elon Musk......»»

Category: newsSource:  philstarRelated NewsApr 12th, 2018

Tax haven secrets of ultra-rich exposed – BBC News

A huge new leak of financial documents has revealed how the powerful and ultra-wealthy, including the Queen’s private estate, secretly invest vast amounts of cash in offshore tax havens. Donald Trump’s commerce secretary is shown to have a stake in a firm dealing with Russians sanctioned by the US. The leak, dubbed the Paradise Papers, contains 13.4m documents, mostly from one leading firm in offshore finance. BBC Panorama is part of nearly 100 media groups investigating the papers. As with last year’s Panama Papers leak, the documents were obtained by the German newspaper Süddeutsche Zeitung, which called in the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation. The Guardian is also among the organisations investigating the documents. Sunday’s revelations form only a small part of a week of disclosures that will expose the tax and financial affairs of some of the hundreds of people and companies named in the data, some with strong UK connections. Many of the stories focus on how politicians, multinationals, celebrities and high-net-worth individuals use complex structures of trusts, foundations and shell companies to protect their cash from tax officials or hide their dealings behind a veil of secrecy. The Paradise Papers show that about £10m ($13m) of the Queen’s private money was invested offshore. It was put into funds in the Cayman Islands and Bermuda by the Duchy of Lancaster, which provides the Queen with an income and handles investments for her £500m private estate. There is nothing illegal in the investments and no suggestion that the Queen is avoiding tax, but questions may be asked about whether the monarch should be investing offshore. There were small investments in the rent-to-buy retailer BrightHouse, which has been accused of exploiting the poor, and the Threshers chain of off-licences, which later went bust owing £17.5m in tax and costing almost 6,000 people their jobs. The Duchy said it was not involved in decisions made by funds and there is no suggestion the Queen had any knowledge of the specific investments made on her behalf. The Duchy has in the past said it gives “ongoing consideration regarding any of its acts or omissions that could adversely impact the reputation” of the Queen, who it says takes “a keen interest” in the estate. Wilbur Ross helped stave off bankruptcy for Donald Trump in the 1990s and was later appointed commerce secretary in Mr Trump’s administration. The documents reveal Mr Ross has retained an interest in a shipping company which earns millions of dollars a year transporting oil and gas for a Russian energy firm whose shareholders include Vladimir Putin’s son-in-law and two men subject to US sanctions. It will again raise questions about the Russian connections of Donald Trump’s team. His presidency has been dogged by allegations that Russians colluded to try to influence the outcome of last year’s US election. He has called the allegations “fake news”. Democratic Senator Richard Blumenthal has called for an investigation, telling NBC News that Mr Ross had given Congress the impression he no longer held shares in the shipping company. “Our committee was misled, the American people were misled by the concealment of those companies.” Most of the data comes from a company called Appleby, a Bermuda-based legal services provider at the top end of the offshore industry, helping clients set up in overseas jurisdictions with low or zero tax rates. Its documents, and others mainly from corporate registries in Caribbean jurisdictions, were obtained by Süddeutsche Zeitung. It has not revealed the source. The media partners say the investigation is in the public interest because data leaks from the world of offshore have repeatedly exposed wrongdoing. In response to the leaks, Appleby said it was “satisfied that there is no evidence of any wrongdoing, either on the part of ourselves or our clients”, adding: “We do not tolerate illegal behaviour.” Essentially it’s about a place outside of your own nation’s regulations to which companies or individuals can reroute money, assets or profits to take advantage of lower taxes. These jurisdictions are known as tax havens to the layman, or the more stately offshore financial centres (OFCs) to the industry. They are generally stable, secretive and reliable, often small islands but not exclusively so, and can vary on how rigorously they carry out checks on wrongdoing. The UK is a big player here, not simply because so many of its overseas territories and Crown dependencies are OFCs, but many of the lawyers, accountants and bankers working in the offshore industry are in the City of London. It’s also about the mega-rich. Brooke Harrington, author of Capital Without Borders: Wealth Managers and the One Percent, says offshore finance is not for the 1% but the .001%. Assets of around $500,000 (£380,000) would just not meet the offshore fees the schemes would need, she says. Well, it is a lot of cash. The Boston Consulting Group says $10tn is held offshore. That’s about the equivalent of the gross domestic products of the UK, Japan and France – combined. It may also be a conservative estimate. Critics of offshore say it is mainly about secrecy – which opens the door to wrongdoing – and inequality. They also say the action of governments to curb it has often been slow and ineffective. Brooke Harrington says if the rich are avoiding tax, the poor pick up the bill: “There’s a minimal amount the governments need to function and they recoup what they lose from […].....»»

Category: newsSource:  mindanaoexaminerRelated NewsNov 6th, 2017

Amazon s Jeff Bezos was briefly the world s richest man

NEW YORK — Amazon CEO Jeff Bezos briefly became the world's richest man Thursday in Forbes magazine's tracking of wealth, as stock in his e-commerce company.....»»

Category: financeSource:  philstarRelated NewsJul 28th, 2017

Bank that lent $300m to Trump linked to Russian money laundering scam – The Guardian

The German bank that loaned $300m (£260m) to Donald Trump played a prominent role in a money laundering scandal run by Russian criminals with ties to the Kremlin, the Guardian can reveal. Deutsche Bank is one of dozens of western financial institutions that processed at least $20bn – and possibly more – in money of “criminal origin” from Russia. The scheme, dubbed “the Global Laundromat”, ran from 2010 to 2014. Law enforcement agencies are investigating how a group of politically well-connected Russians were able to use UK-registered companies to launder billions of dollars in cash. The companies made fictitious loans to each other, underwritten by Russian businesses. The companies would default on these “debts”. Judges in Moldova then made court rulings enforcing judgments against the firms. This allowed Russian bank accounts to transfer huge sums to Moldova legally. From there, the money went to accounts in Latvia with Trasta Komercbanka. Deutsche, Germany’s biggest lender, acted as a “correspondent bank” for Trasta until 2015. This meant Deutsche provided dollar-denominated services to Trasta’s non-resident Russian clients. This service was used to move money from Latvia to banks across the world. During this period many Wall Street banks got out of Latvia, citing concerns that the small Baltic country had become a centre for international money laundering, especially from neighbouring Russia. In 2013, and under US regulatory pressure, JP Morgan Chase ceased providing dollar clearing services to the country. From 2014, only two western lenders were willing to accept international dollar transfers from Latvian banks. They were Deutsche and Germany’s Commerzbank. Deutsche eventually withdrew correspondent services to Trasta Bank in September 2015. Six months later, Latvian regulators shut down the bank. They cited repeated violations, and said the bank had failed to deal with its money laundering risk. Latvia’s deputy finance minister, Maija Treija, said the money sent via Trasta was “either stolen or with criminal origin”. The defunct bank was being used as vehicle to get money out of the ex-Soviet Union and “into the EU financial system”, she added. Deutsche said it had significantly strengthened its systems and controls. It said that by the end of this year it will have hired more than 1,000 new staff in its compliance and anti-financial crime unit since 2015. It added: “The bank has comprehensively reviewed its client onboarding and know-your-client processes and where necessary is exiting higher risk client relationships and markets.” Commerzbank said it could not comment on its relationships with other banks. It said it put a high value on compliance. It said that suspicious transactions picked up during routine monitoring were reported to the authorities. Deutche Bank ended its relationship with Trasta soon after Latvia’s regulator issued a warning, it is understood. In August 2015, the Financial and Capital Markets Commission stopped all transactions above €100,000. Deutsche severed its relationship with the other key Laundromat bank &'' Moldova’s Moldindconbank – in 2012. Ties with Russia are a matter of acute sensitivity for Deutsche. In February, it emerged that Deutsche had secretly reviewed multiple loans made to President Trump by its private wealth division to see if there was a connection to Russia. Trump owes Deutsche about $300m. Deutsche refused to comment on its internal review. Sources say the bank discovered no evidence of any Moscow link. That covers other members of the US president’s family who are also Deutsche clients. They include Trump’s daughter, Ivanka, her husband, Jared Kushner, and Kushner’s mother, Seryl Stadtmauer. In January, the UK and US imposed record $630m fines on Deutsche for its role in another money laundering scam run out of its Moscow office. The bank failed to prevent $10bn of Russian money being laundered in a complex “mirror trades” operation. The wealthy Russians that used the scheme have not been identified. Deutsche’s Private Bank – the division that lends to Trump – appears in the Global Laundromat scheme. Sources suggest that many of its clients are rich Russians, typically with personal assets of $50m-plus. According to Germany’s Süddeutsche Zeitung, Deutsche processed more than $24m of Laundromat cash in 209 transactions. Records obtained by the Organized Crime and Corruption Project (OCCRP) and Novaya Gazeta from anonymous sources show how the money was spent. Much of it vanished into opaque offshore companies. Some of it went on luxury items including diamonds, leather jackets, and home-cinema equipment. One of Deutsche’s high net worth customers blew €500,000 at Mahlberg, a German jewellery firm. The payment in January 2013 was made by Seabon Limited, a Laundromat company registered in Tooley Street, London. More than $9bn was funnelled via Seabon, records show. Almost €1m went to a Munich electronics firm, Rohde &'38; Schwarz, which produces surveillance technology for security services and police. Often, the explanation for high-volume payments was fake. The money spent on watches was marked down on the bank wire transfer as a payment for “computer equipment”. Another $500,000 payment was made to a London fur broker, Gideon Bartfeld. Bartfeld said the money had arrived from Deutsche Bank New York, before being sent on to the Bank of New York Mellon, which paid the invoice. Trasta – the bank that first sent the money to Deutsche – did not appear in any paperwork, he added. Bartfeld said the payment came via two “highly reputable and respected” global banks. He said: “Consequently, we received this payment in full confidence [as they] were satisfied that the payment met their [&'].....»»

Category: newsSource:  mindanaoexaminerRelated NewsMar 22nd, 2017

Arts & Leisure: Taylor Swift tops Forbes list of highest paid musicians

NEW YORK -- US pop star Taylor Swift, boy band One Direction and British singer Adele were the highest paid musicians in the world this year, Forbes magazine said on Wednesday......»»

Category: financeSource:  bworldonlineRelated NewsDec 1st, 2016

Dwayne Johnson tops Forbes list of best paid actors

LOS ANGELES (AFP) - Dwayne "The Rock" Johnson was named the world's highest paid actor by Forbes on Thursday, raking in $64.5 million and snatching the title held for three consecutive years by Robert Downey Jr......»»

Category: newsSource:  mb.com.phRelated NewsAug 26th, 2016

Henry Sy Tops Forbes Philippines Rich List for Nine Years in a Row

Henry Sy Tops Forbes Philippines Rich List for Nine Years in a Row.....»»

Category: newsSource:  thepinoyRelated NewsAug 26th, 2016

Jordan s weight reaches farther than court in NC

By Steve Aschburner, NBA.com CHARLOTTE -- Unlike Mark Cuban and James Dolan, the host of the 2019 NBA All-Star Game was voted in 14 times to participate and played in 13. Quite different from Micky Arison and Glen Taylor, the team owner whose arena and city will be the center of All-Star 2019 averaged 20.2 points in those 13 All-Star appearances, was named MVP three times and posted the first triple-double in the game’s history (1997). And not at all like Steve Ballmer and Joe Lacob, the guy most often credited with making Charlotte All-Star worthy this weekend ignited the annual Slam Dunk Contest with his takeoff from the foul line in 1988. He also regularly irritated former NBA commissioner David Stern into a series of fines for golfing when he should have been sitting through mandatory Friday media sessions. With a level of celebrity as arguably the game’s greatest player ever, morphed now into an off-radar role as owner of the Charlotte Hornets, Michael Jordan remains as famous, as popular and as successful as any or all the active All-Star participants who’ll cavort at the Spectrum Center in the city’s Uptown business district. Ain’t no other NBA owner who can say that. “You think about all these wealthy, successful owners in our league,” said Hornets president Fred Whitfield, “no one knew who any of them were, really, until they bought their team. Everybody in the world knew who Michael Jordan was before he bought his team.” Jordan’s place in the All-Star galaxy in the coming days is reflective of his unique position among those who oversee the NBA’s 29 other franchises. His impact on the team, on its fans, on their city and on the state in returning to his native North Carolina -- he grew up in coastal Wilmington before attending college in Chapel Hill -- to anchor and lend stability to the Hornets will be on full display, even if he’s hard to spot this weekend. It’s all a reminder, too, of the old movie line from a remarkably blessed character, wondering “What do you do when your real life exceeds your dreams?” Most don’t dare to imagine playing in an All-Star Game, never mind hosting one as the owner of the local team. “No,” Jordan told some Charlotte reporters Tuesday (Wednesday, PHL time), coming forward for one of his few appearances of the week. “As a kid growing up here in North Carolina, the first thing [was] playing basketball. And then things evolved from there -- from the University of North Carolina to Chicago. Obviously you know the history from that. “[The] opportunity to represent North Carolina in an All-Star Game from a different seat is truly amazing. It tells the path that I have taken. It gives me great pleasure to give that back to the community. It’s been a long-traveled road.” The celebration of the league’s brightest stars, and the ubiquitous banners and signage devoted to it will make it even harder than usual to visibly spot signs of Jordan’s ownership of the Hornets. For a typical regular season game, you might spy a flag emblazoned with his well-known “Jumpman” logo. Occasionally he’ll watch part of the game, rarely all, from seats at the end of his team’s bench, though he’s as likely to retreat to his suite atop the arena’s lower bowl. An in-game, timeout scoreboard video meant to stoke the crowd includes shots of GM Mitch Kupchak (“Architect of Champions”) and coach James Borrego (“Elite Pedigree”) but ends right about the time you expect some dramatic silhouette of His Airness to appear. It’s as if Jordan is as protective of his brand in running the Hornets as he is in maintaining its exclusivity in the marketplace. Doesn’t matter, though. His fingerprints are all over the franchise, as a basketball team, as a business enterprise and as a member of the community. On court, Jordan trusts his team Jordan’s greatest notoriety as an owner in a basketball setting may have come in December, when he was courtside for a tense game against Detroit. Guard Jeremy Lamb drained a 22-foot jumper with 0.3 seconds left, sending reserves Malik Monk and Bismack Biyombo onto the floor in celebration of what would be a 108-107 home victory. Trouble was, that sliver of time on the clock. Too many men. The Hornets were whistled for a one-shot technical foul and Jordan impulsively smacked Monk lightly, twice, on the back of the head. Any other owner does that, the player’s agent might file a grievance with the players union. Jordan does it and, thanks to his in-the-trenches, in-the-fraternity credibility, it comes across as a goof. “A tap of endearment,” Jordan called it later in a statement. “It was like a big brother and little brother tap. No negative intent. Only love!" Said Monk: “Big, big, big brother. But it was nothing. He was just playing.” The arc of Jordan’s career and his reputation as a stone-cold competitor make it OK if he wants to vent -- or swipe -- when things don’t go the Hornets’ way. Doesn’t matter that Jordan, who will turn 56 on All-Star Sunday, is old enough to be any of his players' dad. He still carries himself like an athlete, and their frame of reference remains, “That’s Mike.” “I’ve seen kids come up through camps,” said Buzz Peterson, Charlotte’s assistant general manager under Kupchak. “You could say Julius Erving, you could say Larry Johnson, Karl Malone, whatever, and the kids’ eyes are like, ‘Who?’ But you say Michael Jordan, they’re gonna know. That’s the separation there.” Peterson is among Jordan’s closest friends -- he beat him out as North Carolina’s prep player of the year in 1981, won an NCAA title with him as a Tar Heels teammate and is described by those who know both as someone who can disagree with the boss while staying comfortably in the inner circle. For Borrego, Charlotte’s first-year coach, interviewing to run Jordan’s team could have been intimidating. “We’re all human beings -- there’s a presence that comes with ‘Michael Jordan’ when he’s around,” Borrego told NBA.com in January. “But it’s healthy. He comes with a competitive spirit that you feel. “Michael was straight with me from Day 1. When I interviewed, he said, ‘I’m going to give you space to do your job. Whatever you need, you come to me. I’ll give you the resources you need.’ He has not tried to interfere one time. I feel his full support. … We’re starting to speak each other’s language, which is pretty healthy for us now.” Jordan keeps the coach apprised of his interactions with players, Borrego said. Other coaches should have such a resource at the ready. Hornets guard and 2019 All-Star starter Kemba Walker probably has benefited most from Jordan’s counsel. They text frequently, a pinch-me arrangement to this day for Walker. “I grew up wearing Jordans, grew up wanting to be like Jordan,” Walker said recently. “So for me to get this opportunity to be on his team means the world to me. He’s the one who believed in me -- I had no idea where I was going to go on draft night and he traded up for me. I’ve always heard the story, he was the one who actually drafted me. So it’s unbelievable. “He’s such a good dude. He understands what it is to be good. His delivery is always good. Only in a positive way, honestly.” Said rookie wing Miles Bridges: “You think there’ll be a lot of pressure having MJ as an owner. I’d seen how he got on his teammates when he played. So I was nervous, thinking if I had a bad game, he’d go at me like, ‘What’re you doing?’ But after meeting him and bonding with him, I feel like he’s the coolest owner out there. I don’t feel any pressure, I feel like he wants the best for us.” Big man Frank Kaminsky typically sits at the end of the bench, which puts him cheek to cheek with Jordan when he’s courtside. “He’s talking about what he’s seeing out on the court. Talking to the refs,” Kaminsky said. “Things other players don’t necessarily see. He still thinks the game. “You see things on the court that he sees. One game, the roll, pocket-pass, skip to the corner was open. He was saying that. We made an adjustment in a timeout, but he saw it a couple plays before that. At the end of that game, we had a big play that was a roll, pocket-pass, into the corner that put the game away. It worked the way he’d seen it.” The Hornets’ struggles during Jordan’s tenure as owner wouldn’t suggest it -- the last time this organization won a playoff series (2002), Jordan still was a player -- but there is a prestige to playing for his team. It’s not unlike being welcomed onto the list of elite athletes who endorse Jordan Brand. “I’m one of the lucky ones who’s in both,” Kaminsky said. “You’re talking about the most iconic player in sports history -- I might be biased because I grew up in Chicago -- but when you have his approval, it means a lot. You have it in the back of your mind that he wants you here.” Head smack or no head smack. Jordan grows as owner, businessman Basketball is a zero-sum game and the NBA is full of stars, even if none shines quite as brightly as Jordan. But business has room for negotiation and compromise, and deals get struck daily that leave both sides happy. There, Jordan has been beyond clutch. Funnel down everything he’s accomplished -- six NBA championships, the league’s highest career scoring average (30.1), five MVP awards, six Finals MVP, 10 scoring titles, nine All-Defensive team nods -- and it invariably ends with clammy hands. The “wow” factor is real and the Hornets are extremely careful about leveraging it. “It gives our organization a certain cachet,” said Whitfield, another longtime friend who goes back more than 35 years with Jordan. “For him to be majority owner, for him to do it in his home state as a local hometown hero, and to be able to come back and not just lead the team and the rebranding from the Bobcats to the Hornets, but his commitment to the community in giving back, it’s something that’s so special.” That’s a lot to unpack. When Jordan initially signed on with the Hornets, he did so as head of its basketball operations in 2006, purchasing a small minority stake in the team. The team was bad, the business was worse and trending down. “Back in ’08-09, the economy was in the tank and I was mandated to ‘displace’ 42 of our executives here on the business side,” Whitfield said. “When Michael bought the team, we were losing $30 million a year.’ Brought back into the league in 2004 two years after the original Hornets (1988-2002) were moved to New Orleans by reviled owner George Shinn, the Charlotte expansion team was owned -- and nicknamed -- by Bob Johnson, a co-founder of the BET television network. The Bobcats excelled only at losing and were 122 games under .500 in their first five seasons. The front office was understaffed, Spectrum Center (then known as Time Warner Cable Arena) needed renovations almost from its inception and there was a real sense that, if a buyer with deep pockets and a commitment to the area weren’t found, the franchise could be moved. In March 2010, Jordan ponied up the cash to become majority owner. But it says something that the deal stands as one of the few, if ever, instances of an NBA franchise being sold at a discount. Johnson paid $300 million for the team; Jordan purchased it for $275 million. Forbes.com recently had Charlotte worth $1.25 billion -- which ranks 28th. And Jordan reportedly has one of the biggest stakes of all NBA owners, with his share estimated at upwards of 90 percent, possibly as high as 98 percent. That’s a lot of success in nine years, despite the basketball team’s mostly middling performance. “With MJ being with the team, you got instant credibility in the marketplace,” said Pete Guelli, the chief operating officer who started on the job about 10 months before Jordan took ownership. “There had been a lot of uncertainty previously, but with his brand and his resources and his commitment, that just dissipated immediately. It was much, much easier to walk in the door and tell people about our vision for this franchise.” Rebranding the team as “Hornets” gave the franchise an existential boost -- it suddenly had a history again, complete with records, archives and true alumni. The arena got a makeover and, per Guelli, is credited for events there that generate an alleged $1 billion in revenues for local businesses. “Fortunately, we’ve been profitable pretty much since [Jordan took over],” Whitfield said. “That’s huge, especially since we haven’t gotten where we want to be on the basketball side.” Closing a new kind of game now It’s hard to overstate Jordan’s added value, not so much as some corporate or financial whiz but as a presence who brought instant motivation and energy to the staff. He imported executives with whom he had developed relationships at Nike or in other ventures and, after taking early criticism for an uncertain level of involvement, has been more diligent in recent years. “I love seeing him sitting at the end of the bench encouraging his players when he attends a game” said Charles F. Bowman, Bank of America’s market president for Charlotte and North Carolina. “And as a business person what impresses me is that he has empowered his management team to focus not only on the court but also on building bridges with the community. “He had a vision for where he was taking the team and a clear plan to get there. He has hired good people, gives them latitude to make decisions and he expects them to perform. Michael is unique -- the best player ever who is determined to keep getting better year over year as an owner.” The NBA has gotten a taste of Jordan’s growth and transition at some pivotal times. This is the legendary voice of the players who, during rancorous negotiations in the 1998 lockout, countered Washington owner Abe Pollin’s gripes about losing money by telling Pollin to sell his team. By the lockout of 2011, Jordan had moved to the other side of the table. But several members of the National Basketball Players Association’s executive committee saw him not as an opponent or turncoat but as a role model: someone who had transformed himself from employee to employer at the game’s highest level. “The players understood, he had been in their shoes,” Whitfield said. “He’s not forgetting what it meant to be a player. He was in the process of learning what it meant to be an owner.” When the current collective bargaining agreement was negotiated with commissioner Adam Silver and union director Michele Roberts leading the talks, Jordan was an active, powerful voice. He is an influential member of the NBA’s labor relations and competition committees. One Charlotte insider spoke to Jordan’s clout with his fellow owners in getting this weekend’s showcase -- jeopardized by a political squabble in 2017 -- back onto the league’s short list. “There’s no All-Star Game here in Charlotte if it’s not for MJ,” the person said. Last summer in Las Vegas, Silver lauded Jordan for his ability to straddle the basketball and business worlds. “He brings unique credibility to the table when we're having discussions [with the players],” he said, “and even just among the owners, he's able to represent a player point of view… Michael can say, 'Well, look, this is how I looked at it when I was a player, and these are the kind of issues we need to address if we're going to convince players that something is in everyone's interest.’ ” Jordan’s powers of persuasion apparently have been even more impressive in Charlotte and North Carolina. The executives are careful about relying on him too often -- Jordan’s most precious commodity, now that his net worth is estimated to be upwards of $1.7 billion -- is his time. But when they need Mariano Rivera to walk in from the bullpen, he is lights out. “We’ve had corporate sponsors at a golf outing, and he’s been there, maybe stayed at one hole to tell off with everybody,” Whitfield said. Or they’ll invite certain corporate sponsors to one of a few games each season in which “Club 23” is up and running at the Spectrum Center, a private club built for such purposes. They get a chance to visit, talk with and pick Jordan’s brain on the Hornets and much more. “We’ve closed all those deals,” Whitfield said. Then there was the time a local CEO wanted to finalize a sizeable sponsorship deal with the team, and had his No. 2 invite Jordan over to their headquarters for the meetings. Whitfield told the tale: “This guy says, 'You have to come to our office. Our CEO is the man in our business.' But we’re like, 'Nah, typically, CEOs come and meet in Michael’s office or in ‘Club 23’ over here.' He said no, that wasn’t going to work for them. “So Pete Guelli said, 'Let’s make a deal: We’ll take your CEO and drop him off in Beijing. And we’ll drop off Michael in Beijing. Then we’ll see who more people gravitate to. Whoever gets the least people, he has to come to the other guy’s office.'” Point made. Point taken. Said Whitfield: “The guy says, ‘You know what, I got it. We’ll be over 10 o’clock Friday morning.’” A community he calls home The Michael Jordan who once seemed determined to float above cultural and political frays as the most prudent way to serve commerce has not held back in recent years from making his presence felt. He has been more philanthropist than activist and, let’s face it, in times of the most dire need, cash beats talk every time. Charity and investing in the community can be good for business, sure. Making that a priority after Guelli’s arrival and Jordan’s purchase helped the Hornets build bridges with fans and merchants that Shinn and the original franchise’s departure had torched. More than that, though, giving back for Jordan and his team at this point in his life was the right thing to do. And do, and do, and do. The list of charitable and civic efforts Jordan and the Hornets have undertaken is long, with few outside the region or state aware of most of it. Among the highlights: - Donating $2 million to relief efforts in the wake of Hurricane Florence, particularly meaningful because of the damage it did in Jordan’s hometown of Wilmington. - Dedicated $7 million in partnership with Novant Health to fund two Michael Jordan Family Clinics, set to open in Charlotte in 2020. - Serving as Make-A-Wish’s Chief Wish Ambassador since 2008, while donating more than $5 million to the organization. His relationship with Make-A-Wish began more than 30 years ago. - Contributing $5 million as a founding donor of the Smithsonian’s National Museum of African American History and Culture in Washington, D.C. - Addressing the issue of police shootings and community policing in 2016 by donating $1 million each to the NAACP Legal Defense Fund and the International Association of Chiefs of Police. After the hurricane in September devastated so many homes and businesses in and near Jordan’s roots, he wanted to do more than to stroke a fat check. In a meeting covered by The Associated Press, he met with Stephanie Parker and her family, including four young children, after they lost their apartment in two feet of flooding. A call from the director of the Cape Fear chapter of the Red Cross brought them together. The meeting took place at a Lowe’s home improvement store. “I look around the corner, and it’s Michael Jordan. ‘Oh my God!’" Parker said. “I look at my kids, ‘It’s Michael Jordan!’ I’m not going to lie, some tears came in my eyes, because the first thing that went through my mind was when I was younger, his last game when he was on the Chicago Bulls team, and that flashback just came right in my mind.” Afterward, Jordan was coaxed by the Charlotte Observer to talk about why that disaster resonated so deeply for him. “You gotta take care of home,” he said. “Wilmington truly is my home. Kept thinking about all those places I grew up going to … You don’t want to see any of that anywhere, but when it’s home, that’s tough to swallow.” There’s basketball, there’s business and then there’s real life, which sometimes intrudes in the most desperate ways. “We didn’t know how many people in our community were hungry,” Whitfield said. “There are people in dire need, and it’s special to have that hometown hero have in his heart that ‘This is where I can help.’ “It gives not only him as a person but our organization a platform to really speak out. That commitment is what has made him a special owner, and why he’s even more beloved in our community.” Winning title No. 7 drives Jordan now To date, Jordan’s greatest achievements have come elsewhere, at least since his baseline shot as a freshman propelled North Carolina to the 1982 NCAA championship. Those Bulls championships, the “Dream Team” magnificence, his partnership with that sneaker company in Beaverton, Ore., his Naismith Memorial Basketball Hall of Fame induction, shooting “Space Jam,” all of it -- his legacy has been crafted with others, for others, mostly far from home. (For the record, Jordan, his wife Yvette and their two daughters own a mansion outside Charlotte and an estate in south Florida). “Look, this has always been home for him,” Whitfield said. “Even though he was drafted by Chicago, WGN became a very popular station. And he just continued to elevate, so people in this state were proud to say, even though he’s a Bull, we love him. When the Bulls would come here and play at the old Coliseum, these fans who were avid Hornets fans were all pulling for Michael Jordan. “He’d score, they’d cheer loudly. The Hornets would score, they’d cheer loudly. North Carolina always felt like he was their native son who went off and achieved greatness.” Coming back first to head the franchise’s basketball operations and then as owner, Jordan’s role -- in light of the modest results on the court -- has been custodial. Yes, the club’s improved financial stability is important. But for this driven winner and NBA owner unlike all others, custodial isn’t going to cut it for long. “He did an interview with Cigar Aficionado magazine a while back,” Peterson said, “and the question was asked, ‘What would you like to do?’ And he said, ‘Win a seventh championship. Win as an owner.’ So for me, every day, I’m thinking, here’s a close friend and you want to make your friends happy, right? So each day I think, do the best you can to reach this goal for him.” Said Hornets wing Nicolas Batum: “I understand. He wants to win. He wants to compete since he was born.” It hasn’t been for lack of trying, although Jordan has made sure to keep fiscal responsibility high on every agenda. The team’s payroll for 2018-19 is approximately $122.3 million, which ranks near the middle of the NBA pack. “That Michael Jordan is one cheap dude,” said an impassioned cab driver on a recent airport run. “He’s only going to spend so much and the players they get shows it.” The Hornets never have spent into the league’s luxury-tax, and if Walker is retained when he hits free agency this summer, he’ll likely become the first Charlotte player to sign a full maximum-salary contract (though the five-year, $120 million deal Batum landed in 2016 came awfully close). Injuries and dubious moves have taken a toll, a situation that Kupchak, Borrego and their staffs have been tasked with fixing. Jordan, by all accounts, is engaged yet patient, with a playoff berth and potentially a record above .500 within reach. “I’m sure he feels like,” Whitfield said, “if he were still 30 years old and could lace ‘em up and get out there, he’d help us get over the hump. I think he would cherish it as much or more than the first six. Because I think he realizes how hard it is to get it done. “But it doesn’t bother us if the fans see his frustration sitting next to our bench. It’s important to us that they see he’s not only invested, he’s vested in what our team is trying to do. They can relate to him because they’re feeling that same frustration.” Jordan is theirs again and that’s what matters. For basketball, for business, for community and in time, just maybe, in championship. Steve Aschburner has written about the NBA since 1980. You can e-mail him here, find his archive here and follow him on Twitter. The views on this page do not necessarily reflect the views of the NBA, its clubs or Turner Broadcasting......»»

Category: sportsSource:  abscbnRelated News24 min. ago

Bezos probe concludes mistress’ brother was Enquirer source

WASHINGTON, United States --- Private investigators working for Jeff Bezos have concluded that the brother of the Amazon CEO's mistress leaked the couple's intimate text messages to the National Enquirer, a person familiar with the matter told The Associated Press on Monday. The person wasn't authorized to discuss the matter publicly and spoke to AP on condition of anonymity. The findings add to the intrigue surrounding the clash between the pro-Trump tabloid and the world's richest man. Bezos' investigators have suggested the Enquirer's coverage of his affair was driven by dirty politics. Trump has been highly critical of Bezos over his ownership of The Washington Post and Ama...Keep on reading: Bezos probe concludes mistress’ brother was Enquirer source.....»»

Category: newsSource:  inquirerRelated NewsFeb 12th, 2019

Philippines tops world internet usage index with an average 10 hours a day

By Kate Lamb/theguardian.com – South-east Asia is one of the most internet-addicted regions on the planet, with the Philippines topping the global list with an average 10 hours and 2 minutes of screen time every day. The country was joined in the top five by Thailand and Indonesia, according to Read more ».....»»

Category: newsSource:  thepinoyRelated NewsFeb 2nd, 2019

Global economy slows down as wealth inequality worsens

As the elites of global capitalism converged this week for the 2019 World Economic Forum (WEF) in Switzerland’s Davos resort, they were presented with dim projections of world economic growth by three multilateral institutions, the rich nations’ club, and a multinational corporate consulting firm......»»

Category: newsSource:  philstarRelated NewsJan 25th, 2019

Balance of power in L.A. to be decided in July

By Shaun Powell, NBA.com The Friday (Saturday, PHL time) game at Staples Center is one of 82, in a sense. The two L.A. teams who share the building will meet for the first time this season. The young Lakers will be without their superstar leader -- LeBron James, still nursing a strained groin -- and the Clippers bring a scrappy group that’s resourceful without a true star. Those are the credentials that give each a measure of pride; the Lakers are suddenly vibrant again since LeBron’s arrival while the Clippers’ nearly identical record gives them a sense of satisfaction and pride for doing more with less. Their first “contest,” however, must wait until next summer, when victory will go deeper than the standings. The Lakers and Clippers will each have massive room under the salary cap and, therefore, ample chances to chase A-list free agents in what will be a limited market for superstars, surely pitting one team against the other in most if not all cases. Lakers vs. Clippers? Is this the one-sided arm wrestle that it appears to be strictly from a historical standpoint, or will the Clippers make this more suspenseful than anyone would’ve imagined? Yes, a decade ago in such a situation, the only glance that a franchise player would shoot in the direction of the Clippers would be a side-eye. Former Clipper Ron Harper once joked that whenever strangers asked which team he played for, he’d answer “Los Angeles,” which meant he wasn’t lying, and also meant he probably wouldn’t be heckled. But those Clippers, long the butt of jokes, constantly mismanaged, perpetually dealing with doses of bad luck and ruled by the one and only Donald Sterling, are six feet under. Whether they’re still dealing with the ghosts of the past and outdated images of buffoonery will be determined by their skill in free agency. In fact, the case could be made that the franchise is in better shape, from an all-around standpoint, than at any time in their history. Yes, that’s quite a statement, considering the Clippers had Chris Paul, DeAndre Jordan and Blake Griffin all in their prime and for over half a decade, and that crew was coached by Doc Rivers, who’s still at the helm. But those Clippers, mayors of Lob City, mainly teased. They never went anywhere special (no conference finals, no NBA Finals) and arguably underachieved from a bottom-line standpoint. Entertaining and interesting? Sure. Box office? Yes. Successful from October through April? Absolutely. Yet, in the end, duds. Plus, with all due respect to Rivers, who also handled the personnel duties until two summers ago, the Clippers never pulled off a franchise-changing move to supplement their All-Star core and give them a leg up on the competition. These Clippers are in good shape on the court and great shape on the salary cap, which is bringing the flexibility of a gold medal gymnast. They don’t have LeBron to entice free agents, and maybe that’s not such a bad thing. Maybe that actually works to their advantage. Clippers to A-lister: Why play next to LeBron when you can be our LeBron and help put your own team together? The Clippers have enough room to sign two lead singers if they rescind their "Bird rights" on leading scorer Tobias Harris, who's only 26: For example, imagine Kevin Durant and Kawhi Leonard to get the conversation started. And what’s best is they wouldn’t have to gut the team. They have enough players either on team-friendly contracts or rookie contracts to stick around: Montrezl Harrell, a worker bee who’s improved; Shai Gilgeous-Alexander, a wise point guard at age 20; and Lou Williams, a scorer who’s comfortable coming off the bench. They could also exceed the cap to re-sign Harris. To recap, the Clippers have money, Rivers as coach, good players to surround a star, a loaded owner in Steve Ballmer, all the LA perks enjoyed by the Lakers. Everything except tradition and Jack Nicholson. Is that necessarily a deal breaker? And wouldn’t the Clippers qualify as a bolder challenge for a superstar than riding shotgun with LeBron for a franchise already with 16 titles? You could picture someone like Durant, searching for a team to call his own, anxious to add something special to his legacy, taking the bait. Maybe Leonard, too, who’s from the Pasadena area. And also Jimmy Butler, who spends his offseasons in LA. However, the Lakers’ footprint in LA is so massive that it must be respected. Hard to say no to Magic Johnson and LeBron, a pair of certified winners and all-timers. LeBron is the most unselfish scorer the game has ever seen. He dominates the ball but doesn’t overwhelm it. Every major co-star, from Dwyane Wade to Chris Bosh to Kyrie Irving, won championships next to LeBron. And in this late stage of his career, he’d probably be more willing than ever to share the ball, the wealth, the load, whatever, just to grab another ring before walking out the door for good. Plus, the Lakers have assets on rookie deals: Kyle Kuzma and Lonzo Ball. Brandon Ingram’s contract comes up for renewal next summer, so that’s trickier. No matter; point is, any incoming free agent will have help besides LeBron. The wild card is Anthony Davis and whether he forces his way out of New Orleans next summer by refusing to extend his current deal, which runs through 2019-20, with a player option for 2020-21. The Pelicans would either keep Davis until the contract is up, hoping his changes his mind in the process, or trade him. Short of squeezing the Pelicans for Davis, the Lakers will be anxious to add help because LeBron, who turns 34 in a few days, is on the clock even though it doesn’t reflect in his play right now. So those are the choices for the impatient free agent star looking for a change of scenery and wanting to relocate to Los Angeles. It’s Lakers or Clippers, the chance to be next to LeBron or be away from his shadow, start a new legacy for a franchise or add to a franchise that’s already rich. Two Los Angeles teams meet Friday in a game, months before the “contest” that will dictate their future and direction. Next year’s first game between these two will tell us how their summer went. Veteran NBA writer Shaun Powell has worked for newspapers and other publications for more than 25 years. You can e-mail him here or follow him on Twitter. The views on this page do not necessarily reflect the views of the NBA, its clubs or Turner Broadcasting. .....»»

Category: sportsSource:  abscbnRelated NewsDec 29th, 2018

Thanks to Star Wars, Lucas tops Forbes list of richest US celebs

NEW YORK — Filmmaker George Lucas’s Star Wars empire — the movie franchise, not Darth Vader’s fictional galactic government — planted him firmly atop Forbes magazine’s third annual ranking of the wealthiest US celebrities which was released on Tuesday. The net worth of the 74-year-old writer, director, producer and creator of the enduring space saga […].....»»

Category: newsSource:  bworldonlineRelated NewsDec 20th, 2018

Man City tops list of FIFA payments for World Cup players | Inquirer Sports

ZURICH — Manchester City is at the top of the FIFA list of clubs receiving payments from World Cup revenues for releasing players for national team duty in Russia. FIFA says Man City will get $5 mil Source link link: Man City tops list of FIFA payments for World Cup players | Inquirer Sports.....»»

Category: newsSource:  manilainformerRelated NewsDec 4th, 2018

Man City tops list of FIFA payments for World Cup players | Inquirer Sports

ZURICH --- Manchester City is at the top of the FIFA list of clubs receiving payments from World Cup revenues for releasing players for national team duty in Russia. FIFA says Man City will get $5 mil.....»»

Category: newsSource:  philippinetimesRelated NewsDec 4th, 2018

Iconic beach from popular K-drama named world’s best beach 2018

A beach in Greece that will be instantly recognizable to fans of K-drama tops a new list of theworld'sbest 100 beaches, as voted by journalists, editors and bloggers from around the world. For its list of world's best beaches, airfare agencyFlightNetworktapped 1,200 travel experts around the world on their picks for the most beautiful, postcard-perfect beach destinations around the world. Taking the top spot isNavagioBeach, better known as Shipwreck Beach in Zakynthos, Greece. The slice of paradise takes its rather ominous name from the rusty remains of the shipwrecked Freightliner MV Panagiotis, whichsits anchored againsttowering golden cliffs in the hidden cove. FlightN...Keep on reading: Iconic beach from popular K-drama named world’s best beach 2018.....»»

Category: newsSource:  inquirerRelated NewsDec 3rd, 2018