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Rotterdam Bridge Won’t Be Destroyed For Jeff Bezos’ Yacht

John Reporter
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Rotterdam Bridge Won’t Be Destroyed For Jeff Bezos’ Yacht

The masts of the 127 Meters long sailing yacht of the billionaire and Amazon founder Jeff Bezos will be too high for the bridge. So at the beginning of the year, the Dutch shipyard Oceanco wanted the Koningshaven-Bridge, also called ‘De Hef,’ to be dismantled.

The company has withdrawn the application because they feared society’s anger. The employees felt threatened, and Oceanco was afraid of possible Vandalism. That was declared by the documents of the city Rotterdam, which were able to be sighted by the Dutch newspaper ‘Trouw.’

What will happen to the sailing Yacht isn’t declared yet, even though ‘Trouw’ says the shipyard could plan to finish the yacht at a shipyard that is closer to the ocean. But the company has not yet explained its new plans.

Legendary Italian Ray-Ban Owner Leonardo Del Vecchio Dies at 87

Charlene Lensburg
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Legendary Italian Ray-Ban Owner Leonardo Del Vecchio Dies at 87

Leonardo Del Vecchio, the Italian industrialist and billionaire has diedat the age of 87. His company, the eyewear giant EssilorLuxottica SA, announced his death Monday. Del Vecchio was one of Italy’s last captains of industry and the architect of the €50B merger of his sunglasses empire Luxottica with French lens maker Essilor.

Del Vecchio served as executive chairman of the combined company until December 2020, when he handed over day-to-day operations to a chief executive. EssilorLuxuttica is the world’s biggest eyewear maker, with a market value of €65B and more than 180,000 employees. Leonardo Del Vecchio died as the company’s single largest investor with a more than 30% stake.

In 1999, Del Vecchio bought the then-struggling Ray-Ban owner Bausch & Lomb. Luxottica turned it around, improving the quality of its frames and restricting sales to higher-end retailers.

Britain’s Inflation Rate Climbs To 9.1%, A New 40-Years High!

Jacob Weizman
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Britain’s Inflation Rate Climbs To 9.1%, A New 40-Years High!

Prices in Britain edged up 9.1 percent in May from a year earlier. The Consumer Price Index (CPI) rose by 9.1% in the 12 months to May 2022, up from 9.0% in April. This is the highest CPI 12-month inflation rate in the National Statistic series, which began in January 1997. The UK government has warned against employers handing out big increases in salaries over fears of a 1970s-style “inflationary spiral”, where prices continued to rise as wages went up.

The inflation rate was pushed to a fresh 40-year high, the nation’s statistics agency said on Wednesday, by rising food prices in particular. In Britain, a cost of living crisis has intensified as wage growth hasn’t kept up with rising prices. Pandemic-related supply chain disruptions and the war in Ukraine have caused the price of essentials such as food and fuel to soar, squeezing household budgets.

Currently, UK inflation is at the highest level since March 1982, when it also stood at 9.1% and the Bank of England has warned it will reach 11% this year. In May, bread, cereal, and meat prices were 10 percent higher than a year ago, according to the Office for National Statistics.

PornHub Troubles – MindGeek CEO And COO Resign!

Charlene Lensburg
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PornHub Troubles – MindGeek CEO And COO Resign!

According to WSJ, MindGeek CEO Feras Antoon and COO David Tassillo are leaving the parent company of major pornography site Pornhub amid scrutiny of alleged nonconsensual sexually explicit videos hosted on the site. The leadership changes have been in the works since early 2022, MindGeek said. However, Antoon and Tassillo will remain shareholders, the company said.

Investigations by several news organizations, including the New Yorker earlier this month, reported that Pornhub allegedly hosted videos that included nonconsensual and underage sex.

A company spokesman said the departures aren’t related to the accusations against MindGeek. The company said it has enacted safeguards and that it removes incidents of child sexual-abuse material. “MindGeek has more comprehensive and effective policies than any other major platform on the internet,” the company said. 

MindGeek has more than 1,000 employees and its network of sites attracts over 150 million daily visitors, according to the company. Besides PornHub, the company also owns other popular porn sites such as RedTube and YouPorn.

Read the full story on WSJ

The Binance Kraken Continues With Nasdaq-Listed EQONEX!

Jacob Weizman
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The Binance Kraken Continues With Nasdaq-Listed EQONEX!

Binance Founder Changpeng Zhao is certainly a very clever and super-rich guy. In March 2022, his Binance Group entered into a strategic partnership with the Nasdaq-listed crypto exchange operator EQONEX Limited, making it a sort of subsidiary. Binance Group provided a $36 million loan facility and has the right to nominate key management positions and Board members. Consequently, Jonathan Farnell has been appointed CEO, Almira Cemmell Chief Corporate Affairs Officer, and Daniel Ling was appointed Chief Financial Officer (CFO).

The New Management

Under the terms of the strategic partnership announced last week, Bifinity retained the right to nominate key appointments, including the CEO and two new Board members. Before joining EQONEX in March 2022, Jonathan Farnell served as Head of Binance UK and CEO of Bifinity. Helen Hai, President of Bifinity, has also been appointed to the EQONEX board. Daniel Ling served as the Strategy Director for Bifinity before becoming EQONEX’s CFO.

Regulatory Worries

The UK Financial Conduct Authority (FCA) said that it would be concerned about the announcement made by the Eqonex Group and the Binance Group. The FCA said it did not have powers to assess the fitness and propriety of the new beneficial owners or the change in control before the transaction was completed. However, the regulator previously published its concerns about Binance. The Binance Group includes Binance Markets Limited. The FCA regulates Binance Markets Limited with reference number 688849 for a limited set of activities.

Binance US

BAM Trading Services Inc. d/b/a Binance.US, the US branch of the Binance Group raised over $200 million in its first external funding round in April this year, just before the markets took a nosedive. The company was valued at $4.5 billion at the time. Binance.US CEO Brian Shroder recently said that the company is “in the strongest position possible to not only successfully weather this downturn but also emerge as the leading crypto platform in the U.S.“

Binance.US is tied to Binance through its founder, Changpeng Zhao, and its licensing agreements with Binance Group that cover its core technology and naming rights.

Read the full story on FinTelegram.

Exposed! The Secretive Beneficial Owner Behind Starling Bank!

bluechipper
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Exposed! The Secretive Beneficial Owner Behind Starling Bank!

FinTelegram exposed the secretive Austrian billionaire who controls the UK FinTech unicorn Starling Bank. In June 2015, the reclusive Austrian investor Harald McPike met its founder, Anne Boden, aboard his yacht in the Bahamas to discuss his investment in the then freshly squeezed neobank. McPike allegedly made his first fortune as a professional blackjack player. The former hedge fund manager reportedly invested at least £133m in Starling Bank for nearly two-thirds of the shares and is the controlling person and beneficial owner of Starling Bank says the UK Companies House.

The Dominant Shareholder

According to The Guardian, Harald McPike’s stake has since been reduced to 36%, while Anne Boden was diluted down to a remaining 4.9% stake. Founder and CEO Anne Boden lost control of Starling Bank in April 2019, say filings at UK Companies House. With her 4.9%, she is now one of several small shareholders in the unicorn. According to a report of fn financial news, McPike is represented on the Starling board by Lázaro Campos, the former chief executive of Swift, and the New Zealand-based accountant Marcus Traill.

However, it is unclear whether McPike’s position had been diluted in a capital raising, or sold to new investors, who invested money into Starling after its incredible growth during the Covid-19 crisis. That latest internal fundraising of £130.5 million pushed the bank’s valuation from more than £1bn last spring to £2.5bn earlier this year, pricing McPike’s remaining stake at more than £900m.

McPike has made the Starling investment via his special purpose vehicle JTC Starling Holdings, managed by the McPike Family Office, based in the Bahamas, where there is no income or capital gains tax.

Starling is expected to report its first annual profit in the coming weeks, a milestone for the neobank and the UK FinTech scene. In 2019, Starling Bank had lent just £23 million, but by June 2021, it had issued £1.6bn of bounce-back lending. In the Covid-19 pandemic, Starling has increased its total business account pool to 470,000, which is 8% of the small business banking market in the UK.

Read the full report on FinTelegram

SpaceX Employees Criticize Elon Musk’s Twitter Behavior!

bluechipper
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SpaceX Employees Criticize Elon Musk’s Twitter Behavior!

Elon Musk is one of the richest and most gifted guys on this planet. But he is also a strange animal and currently plans to acquire his favorite communication channel Twitter. According to WSJ, some employees of SpaceX wrote a letter raising concerns and frustration over their CEO’s recent public Twitter statements and behavior, describing them as a source of embarrassment and distraction.

In the letter, the employees urged the management at Space Exploration Technologies Corp. to publicly address and condemn Musk’s “harmful Twitter behavior” to separate the company from his personal brand. “As our CEO and most prominent spokesperson, Elon is seen as the face of SpaceX—every Tweet that Elon sends is a de facto public statement by the company,” the letter said.

WSJ could not determine how many employees signed the letter. SpaceX has around 12,000 employees, Musk said in a recent interview.

Read the full WSJ article here.

Bill Gates Thinks Cryptos And NFTs Are Based On Greater Fool Theory!

Charlene Lensburg
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Bill Gates Thinks Cryptos And NFTs Are Based On Greater Fool Theory!

Bill Gates said he thinks cryptocurrencies and NFTs are “100%” based on the Greater Fool Theory. The 66-year-old billionaire was referring to the notion that overvalued assets will keep rising because there are enough people willing to pay high prices for them. He joked that “expensive digital images of monkeys” would “improve the world immensely.”

In referencing NFTs and monkey images, Bill Gates appeared to be commenting on a monkey from the Bored Ape Yacht Club NFT collection. NFTs, or nonfungible tokens, are digital proofs of purchase for goods like art, digital music, or sneakers.

Gates, who for years has lampooned cryptocurrencies, said at a TechCrunch event in Berkeley, California, that people bought cryptos and NFTs based on the idea that, no matter their price, they could be sold for higher because “somebody’s going to pay more for it than I do.”

Bill Gates is not the only crypto skeptic among the superrich investors. Warren Buffett and Jamie Dimon, have also expressed skepticism about cryptocurrencies. Buffett once called bitcoin “rat poison squared.”

Time will show! The Twitter user @StrobFX remarked “that the same could be said of expensive images of a certain Italian noblewoman. Gold and many other store of value are also based on the greater fool theory.“

Elon Musk Is Expected To Reiterate His Desire To Acquire Twitter!

Adrian Fuller
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Elon Musk Is Expected To Reiterate His Desire To Acquire Twitter!

The Wall Street Journal reports that Elon Musk is expected to confirm his desire to own Twitter when he speaks to the social-media company’s employees today, according to a person familiar with the matter. The billionaire Tesla CEO will answer pre-submitted employee questions for roughly an hour at a virtual Twitter all-hands meeting Thursday morning West Coast time.

In addition to reiterating his interest in owning Twitter and his view of its importance in the world, Elon Musk is likely to clarify recent comments about remote work and touch on aspects of his strategy for Twitter, including the role of advertising and subscriptions.

Musk has criticized Twitter for being too reliant on advertising. The WSJ sources expect that Musk will stress that the company should have multiple revenue streams, with advertising and subscriptions.

Twitter shares were up roughly 5% in after-hours trading after WSJ reported on Musk’s expected remarks.

Read the full report on WSJ

No Soft Landing Expected! U.S. Fed Raises Rates by 0.75 Percentage Point!

Jacob Weizman
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No Soft Landing Expected! U.S. Fed Raises Rates by 0.75 Percentage Point!

The U.S. Federal Reserve (Fed) announced the largest interest-rate increase since 1994 and signaled it would continue lifting rates this year to fight inflation that is running at a 40-year high. Fed Chair Jerome Powell indicates that the economy may go into recession without a soft landing. Officials agreed to a 0.75-percentage-point rate rise, which will increase the Fed’s benchmark federal-funds rate to a range between 1.5% and 1.75%. It is expected that the Fed may raise rates to at least 3% this year. Projections showed officials see the fed-funds rate peaking at around 3.75% by the end of 2023.

“We’re not trying to induce a recession now. Let’s be clear about that. We’re not trying to induce a recession now. Let’s be clear about that. It is not going to be easy!”

Fed Chairman Jerome Powell

Fed Chairman Jerome Powell said it was becoming more difficult to achieve a soft landing, in which the economy slows enough to bring down inflation while avoiding a recession. The risks of a downturn could rise as the economy digests tighter monetary policy.

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