Shanghai, Nov 5 (IANS) Wang Chuanfu, chairman of electric car and battery maker BYD, has become China’s richest person, according to an annual rich list released by Forbes Thursday.
Wang leapt 23 places to top the Forbes’ China Rich List after his fortune increased to 39.6 billion yuan ($5.8 billion).
BYD, or Build Your Dream, soared after a unit of Warren Buffett’s Berkshire Hathaway agreed to buy a 10-percent stake last year.
Liu Yongxing, president of the East Hope Group who topped the list last year, came in second with a fortune of 37.55 billion yuan.
Liu and his brothers started business in 1982 raising chicken and quail with an initial investment of $120.
Now the Shanghai-based East Hope integrated agricultural feed and heavy chemical industry chain has more than 10,000 employees with an annual output value of more than 30 billion yuan, Xinhua reported.
Zhejiang Wahaha Group president Zong Qinghou came in third. The beverage giant expanded this year with an investment of more than six billion yuan despite the financial crisis, creating more than 7,000 jobs.
Sales in the first nine months hit 32 billion yuan, a 25-percent increase against the same period last year. Its tax payment surged by 82 percent to 9.3 billion yuan, Zong said.
The total assets of China’s 40 richest people doubled from $52 billion to a record $106 billion over the past year, Forbes said.
All the top 40 are billionaires, compared with just 24 billionaires last year.
The asset surge of China’s super-rich was a sharp contrast to the shrinking fortunes of billionaires in other countries, reflecting the great potential of the Chinese market, Forbes senior editor Russell Flannery said in a press conference.
The 28-year-old Yang Huiyan, shareholder of Guangdong developer, Country Gardens, run by her father, ranked China’s wealthiest woman and fifth on the list. She saw her fortune increase by 75 percent to $3.9 billion, but still below her 2007 net worth of $16.2 billion.
Showing posts with label SANJAY PRASAD. Show all posts
Showing posts with label SANJAY PRASAD. Show all posts
Thursday, November 5, 2009
Tuesday, November 3, 2009
IMF sells 200 tonnes of gold worth $6.7 bn to India
Washington, Nov 3 (IANS) The International Monetary Fund has sold 200 tonnes of gold worth $6.7 billion to the Reserve Bank of India to shore up the Fund’s finances to enable it to step up concessional lending to the world’s poorest countries.
This sale to India announced Monday represents almost half of the total sales volume of 403.3 tonnes that was approved by the IMF Executive Board Sep 18.
The Washington-based IMF said the transaction, which is in the process of being settled, involved daily sales that were phased over a two-week period during Oct 19-30.
Each daily sale was conducted at a price set on the basis of market prices prevailing that day, it said, in accordance with the institution’s founding document.
“I strongly welcome this transaction with the Reserve Bank of India,” Managing Director Dominique Strauss-Kahn stated.
“This transaction is an important step toward achieving the objectives of the IMF’s limited gold sales programme, which are to help put the Fund’s finances on a sound long-term footing and enable us to step up much-needed concessional lending to the poorest countries.”
The IMF, which currently holds 3,217 tonnes of gold, is the third-largest official holder of the precious metal after the US and Germany.
The IMF has made gold sales a key element of its new income model aimed at lowering its dependence on lending revenue to cover expenses.
Under the Fund’s Articles of Agreement, all gold sales must be conducted at prices based on market prices, including direct sales to official holders as in the case of this transaction with India, the IMF said.
In accordance with the guiding principle of avoiding disruption of the gold market, the IMF’s Executive Board adopted modalities for the gold sales consistent with guidelines it had earlier established, it said.
In particular, the Fund is standing ready for an initial period to sell gold directly to central banks and other official holders that may be interested in such sales, the Fund said
This sale to India announced Monday represents almost half of the total sales volume of 403.3 tonnes that was approved by the IMF Executive Board Sep 18.
The Washington-based IMF said the transaction, which is in the process of being settled, involved daily sales that were phased over a two-week period during Oct 19-30.
Each daily sale was conducted at a price set on the basis of market prices prevailing that day, it said, in accordance with the institution’s founding document.
“I strongly welcome this transaction with the Reserve Bank of India,” Managing Director Dominique Strauss-Kahn stated.
“This transaction is an important step toward achieving the objectives of the IMF’s limited gold sales programme, which are to help put the Fund’s finances on a sound long-term footing and enable us to step up much-needed concessional lending to the poorest countries.”
The IMF, which currently holds 3,217 tonnes of gold, is the third-largest official holder of the precious metal after the US and Germany.
The IMF has made gold sales a key element of its new income model aimed at lowering its dependence on lending revenue to cover expenses.
Under the Fund’s Articles of Agreement, all gold sales must be conducted at prices based on market prices, including direct sales to official holders as in the case of this transaction with India, the IMF said.
In accordance with the guiding principle of avoiding disruption of the gold market, the IMF’s Executive Board adopted modalities for the gold sales consistent with guidelines it had earlier established, it said.
In particular, the Fund is standing ready for an initial period to sell gold directly to central banks and other official holders that may be interested in such sales, the Fund said
Wednesday, October 28, 2009
Sony Ericsson launches three smart phones
New Delhi, Oct 28 (IANS) Mobile phone maker Sony Ericsson Wednesday launched three new smartphones in the Indian market, priced between Rs.16,950 and Rs.35,950.
The phones, “Satio”, “Aino” and “Yari”, will set the trend for the new age smart phones, said Anil Sethi, president of Sony Ericsson Mobile India.
He said the company would focus on the smartphone category for the next two-three years to boost sales.
“Once the 3G spectrum allocation happens, we can roll out more features with better network,” Sethi said.
Built on Sony Ericsson’s strengths in music, imaging, gaming, applications and content services, the new phones bring alive entertainment on the go for consumers, the company said.
The Satio, priced at Rs.35,950, comes with a 3.5-inch screen and offers a 16:9 widescreen format with 12.1 megapixel camera.
The Aino offers services to access content stored on a PlayStation 3 from anywhere in the world through a Wi-Fi connection.
It also gives remote play access to videos, television shows and photos. The mobile has an eight megapixel camera and is priced at Rs.28,950.
Yari debuts Gesture gaming that enables users to make the moves in front of the screen and play games without even touching the phone. The Phone comes with a five megapixel camera and is priced at Rs.16,950.
The phones, “Satio”, “Aino” and “Yari”, will set the trend for the new age smart phones, said Anil Sethi, president of Sony Ericsson Mobile India.
He said the company would focus on the smartphone category for the next two-three years to boost sales.
“Once the 3G spectrum allocation happens, we can roll out more features with better network,” Sethi said.
Built on Sony Ericsson’s strengths in music, imaging, gaming, applications and content services, the new phones bring alive entertainment on the go for consumers, the company said.
The Satio, priced at Rs.35,950, comes with a 3.5-inch screen and offers a 16:9 widescreen format with 12.1 megapixel camera.
The Aino offers services to access content stored on a PlayStation 3 from anywhere in the world through a Wi-Fi connection.
It also gives remote play access to videos, television shows and photos. The mobile has an eight megapixel camera and is priced at Rs.28,950.
Yari debuts Gesture gaming that enables users to make the moves in front of the screen and play games without even touching the phone. The Phone comes with a five megapixel camera and is priced at Rs.16,950.
Tuesday, October 27, 2009
German home appliance major enters Indian market
New Delhi, Oct 27 (IANS) Miele, Germany-based manufacturer of high-end domestic appliances, Tuesday launched its high-end products in the Indian market.
“We have spent six years understanding the Indian market and comprehended the consumers’ needs and aspirations,” said Dhananjay Chaturvedi, managing director of Miele India.
Initially, the company will sell its products through 10 distribution points in Delhi and the National Capital Region, he added.
Miele’s product offerings include wine conditioners, coffee machines, refrigerators, steam ovens, warming drawers, dishwashers, washing machines, tumble dryers and vacuum cleaners
“We have spent six years understanding the Indian market and comprehended the consumers’ needs and aspirations,” said Dhananjay Chaturvedi, managing director of Miele India.
Initially, the company will sell its products through 10 distribution points in Delhi and the National Capital Region, he added.
Miele’s product offerings include wine conditioners, coffee machines, refrigerators, steam ovens, warming drawers, dishwashers, washing machines, tumble dryers and vacuum cleaners
Monday, October 26, 2009
I am ready to negotiate Gandhi’s more items with Indian govt: James Otis
James Otis, the US based collector and auctioneer of Mahatma Gandhi’s personal belongings, has claimed that he had more items of the father of the nation including his blood sample, which he was ready to negotiate with the Indian Government.
“I have other personal belongings of Mahatma Gandhi like the original of the ‘Harijan’ journal, cotton clothes spun by him and his blood samples. I am ready to negotiate these items with the Indian Government,” Otis said.
He had come here to meet the Tibetan spiritual leader the Dalai Lama.
He claimed that he had about 400 photographs of Gandhi collected from all over the world.
The 45-year-old Otis sparked a row by putting up for auction Gandhi’s personal belongings earlier this month.
Business tycoon Vijay Mallya bought Mahatma Gandhi’s five personal objects, including the iconic round eyeglasses, for 1.8 million dollars in a New York auction. (ANI
“I have other personal belongings of Mahatma Gandhi like the original of the ‘Harijan’ journal, cotton clothes spun by him and his blood samples. I am ready to negotiate these items with the Indian Government,” Otis said.
He had come here to meet the Tibetan spiritual leader the Dalai Lama.
He claimed that he had about 400 photographs of Gandhi collected from all over the world.
The 45-year-old Otis sparked a row by putting up for auction Gandhi’s personal belongings earlier this month.
Business tycoon Vijay Mallya bought Mahatma Gandhi’s five personal objects, including the iconic round eyeglasses, for 1.8 million dollars in a New York auction. (ANI
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