Category Archives: Finance

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World’s richest lose $436 billion as 2018’s stock rout deepens


Mark Zuckerberg Photographer: Justin Sullivan/Getty Images

It’s been an expensive two months for the 500 wealthiest people on the planet.
Their combined net worth fell $181 billion this week as the S&P 500 Index and Dow Jones Industrial Average suffered their steepest weekly drop in more than two years amid heated rhetoric over tariffs and retaliation. The group’s wealth has shrunk $436 billion since markets peaked on Jan. 26.

Mark Zuckerberg bore the brunt this week with $10.3 billion wiped from his fortune on the Bloomberg Billionaires Index. He dropped three places to seventh on the ranking as scandal unfolded at Facebook Inc. The social network’s shares tumbled 14 percent following reports that it let Cambridge Analytica amass data on 50 million users.

Wretched Week

The five biggest billionaire fallers ended the week $34 billion poorer.

One-week loss

  • Larry Page $-4.6B
  • Jeff Bezos -6.1B
  • Warren Buffet -6.2B
  • Larry Ellison -6.9B
  • Mark Zuckerberg -10.3B.

Source: Bloomberg Billionaires Index.

The downdraft also caught Larry Ellison, down $7 billion as Oracle Corp. forecast slowing sales growth for cloud-related products. Berkshire Hathaway Inc.’s Warren Buffett, Amazon.com Inc.’s Jeff Bezos and Alphabet Inc.’s Larry Page lost $17 billion combined.

The world’s 500 biggest fortunes now encompass $5.2 trillion, according to the index.

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We spend N165bn on salaries and allowances every month- Finance minister says


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Minister of Finance, Kemi Adeosun, today disclosed that the Federal government spends N165 Billion every month to pay salaries. Adeosun disclosed this during a joint meeting with the security chiefs of paramilitary agencies under the ministry of interior on continuous audit and migration from manual to automated payment system in Abuja today May 24th.
‘As you know, we spend N165bn every month on salaries and allowances and we have to check it and the first step to do that is to know, who are those we pay. With automated platform, we can trace these persons to make it more transparency. ‘‘We started that process and as we speak, the biometric data of personnel in the security agencies have been captured to ensure that they are not captured at random,’’she said
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Source: Lindaikejisblog.com

Michel Sapin French finance minister says Brexit would affect London as finance hub


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Some French banks had told him Brexit would have consequences for them and that some of their activities based in London might not carry on as they were, he said.

London’s status as a global financial centre would probably be affected to some extent if Britain votes to leave the
European Union in next month’s referendum, French finance minister
Michel Sapin said on Thursday.
“The City (of London) is a considerable financial force and I don’t think that (Brexit) would transform all the elements that constitute its strength ,” Sapin said through a translator during a visit to London.
“But I don’t think that it would be without effects which would have to be seen .”
Some French banks had told him Brexit would have consequences for them and that some of their activities based in London might not carry on as they were, he said.
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When You Kill Igbos, You Kill The Economy – Okonjo-Iweala Advices Buhari


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The former Minister of Finance Dr. Mrs. Ngozi Okonjo-Iweala about one hour ago wrote on her official facebook page. When you save the life of anyone, you’re contributing productively to the economy.
Comment by ZubbyBlog
Zubby would want to understand this to be a piece of advice to the Nigerian President, Muhammadu Buhari over the incessant killings of the Indigenous People of different ethnicity lumped up in Nigeria mostly perpetrated by Fulani herdsmen with no adequate action coming from the President to ameliorate it.
Source: ZubbyBlog

Published By IkemDanielBlog