World
Arabian Warren Buffett' plans to give $32 billion fortune to charity

Prince Alwaleed bin Talal, one of the richest men in the world, said he wanted to donate to groups that promote health and help with disaster relief, the Daily Mail reported

 

A Saudi Arabian billionaire is planning to give his entire $32-billion fortune to charity, media reported on Wednesday.
 
Prince Alwaleed bin Talal, one of the richest men in the world, said he wanted to donate to groups that promote health and help with disaster relief, the Daily Mail reported.
 
The 60-year-old would also support women's charities and those that look towards eradicating disease.
 
Bin Talal is the grandson of Saudi Arabia's founder Ibn Saud.
 
He was said to have started his business with a $30,000 gift from his father and a $300,000 loan.
 
In 2005 he was worth $10 billion and earned the nickname "Buffett of Arabia" after American business magnate Warren Buffett.
 
His investments include London's Savoy Hotel, Apple, Citigroup and News Corp.
 
The businessman has been known for his extravagant gifts and previously gave 25 Bentleys to members of a Saudi football team.
 
He also promised to give a free Bentley to every pilot involved in the Yemen airstrikes earlier this year.
 
In 2013, he threatened to boycott Forbes magazine for underestimating his wealth and saying he was only in 26th place in a list of the world's richest.
 
The prince first came to the attention of the magazine when he contacted them following the publication of their first list in 1988.
 
He wanted to inform them of his wealth and ensure that he was included in the next one.
 
But the relationship soured when the 2013 annual list claimed he was worth "only" 13 billion pounds.
 
The super yacht owner, who is married to Princess Amira Al-Taweel and has two children, also enjoys the world’s largest private jet and a fleet of more than 200 cars.
 
His properties include a 420-room mansion in Riyadh, which boasts of various swimming pools and portraits of himself, as well as a 120-acre "farm and resort".
 

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Manufacturing to remain slow: HSBC index

India manufacturing PMI fell to 51.3 in June from May's 52.6 as output and flow of new orders weakened

 

Future manufacturing may remain sluggish in India due to declining output and new order flow, including from overseas and fall in order-to-inventory ratio while robust capital goods growth is a glimmer of hope, says HSBC Purchasing Manufacturers Index (PMI) released on Wednesday.
 
India manufacturing PMI fell to 51.3 in June from May's 52.6 as output and flow of new orders weakened. As a result, companies slowed down quantity purchases and cut back on inventory accumulation.
 
However, inflation indications fell down noticeably after picking up in May as input and output prices were lower in June.
 
Order-to-inventory ratio, the indicator of future manufacturing activity fell from 1.04 in May to 1.0 in June as the decline in new orders is higher than the decline in finished stock and goods, the index revealed.
 
According to the study by HSBC economists, 2015 has been quite volatile without any firm indication of steep fall or sustained uptrend in momentum.

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Dayanidhi Maran grilled for over seven hours over phone lines misuse
Maran, who was communications minister in the first UPA government (2004-07), reached the Central Bureau of Investigation (CBI) headquarters at about 10 a.m. and was questioned by the Special Task Force (STF) between 11 a.m. and 6.30 p.m.
 
The CBI on Wednesday grilled former communications minister Dayanidhi Maran for over seven hours in a case against him for installing over 700 phone lines, including 300 high data capacity BSNL lines, at his Chennai residence, asking him more than 200 questions, agency officials said. He will be questioned again on Thursday.
 
Maran, who was communications minister in the first UPA government (2004-07), reached the Central Bureau of Investigation (CBI) headquarters at about 10 a.m. and was questioned by the Special Task Force (STF) between 11 a.m. and 6.30 p.m., an official, speaking on the condition of anonymity, told IANS.
 
However, an official privy to the investigation asked how much money from the state exchequer was lost because of the scam, pegged the figure at Rs.1.80 crore - much lower than the earlier Rs.440 crore.
 
Another CBI official told IANS that the total number of phones at his Boat Club residence in Chennai were actually 770, including of private operators, not over 300 as mentioned in the FIR.
 
The CBI had registered an FIR in the case on July 23, 2013. Till date, however, only three people have been arrested in the matter, while the DMK leader's name is not mentioned in the FIR as an accused.
 
The STF team in its seven-and-a-half-hour interrogation of Maran asked him if the high data capacity BSNL telecom lines were used to benefit the Sun TV group, owned by his elder brother, Kalanithi Maran.
 
"We have asked Maran to explain the misuse of 770 lines, including the 323 high-data capacity BSNL telecom lines being used at his Boat House residence in Chennai, and the mobile phone lines being used by him in Chennai and Delhi," said a CBI official, who did not want to be named.
 
The former minister had been called for questioning on Monday, but but did not turn up. On Tuesday, he approached the Madras High Court for anticipatory bail which was granted.
 
Maran was also asked whether these high capacity lines, in which a stealth cable was used, were used illicitly by Sun TV channel to transfer huge amounts of data without paying for the service.
 
The agency's investigation also centres on the fact that the system was devised in such a way that except for the "authorised BSNL staff", no one in the state-owned telecom company was aware of it.
 
The interrogators also asked Maran if he had used his network when he was a minister to install the high-speed ISDN phone lines, and why he facilitated these illegal lines despite knowing that it would cause a huge loss to the BSNL.
 
Maran, who faced several rounds of questioning, was was also asked to explain the answers given by his aides - former additional private secretary V. Gowthaman, Sun TV's chief technical officer S. Kannan and electrician L.S. Ravi who were earlier arrested by the agency in the case. The Madras High Court has granted bail to them.
 
CBI officials, part of the STF, also said Maran was asked if he had pressured BSNL officials to install these lines.
 
An STF member told IANS that Maran will be questioned again on Thursday, and has to reach the CBI office at 10.30 a.m.
 
Maran was questioned in January this year and October 2014, while Kalanithi was also questioned by the STF in September 2014.
 
 
The CBI had started its investigation in 2011 - nearly four years after the matter surfaced. In 2007, the agency had recommended action to the then telecom secretary but nothing happened.

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