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The world's richest people are flying high on a series of stock surges. Jeff Bezos is just $5 billion away from becoming the world's richest person after a jump in after-hours trading for Amazon pushed his fortune above $80 billion for the first time — putting him hot on the heels of No. 1 Bill Gates. Meanwhile, Asia welcomed a new billionaire in Chinese jewelry retailer Zhou Zongwen, whose Chow Tai Seng surged 44 percent following its IPO this week, vaulting him into the Bloomberg Billionaires Index. —Kristine Servando
U.S. prosecutors investigating the 1MDB saga are asking questions about money flowing through accounts linked to ex-Goldman banker Tim Leissner. FBI and Justice Department officials have been interviewing bankers about Leissner’s network of relationships with politically connected Malaysians. Investigators are trying to determine whether money was sent from a Leissner-linked account to an entity controlled by someone tied to the Malaysian government, a source said.
How the son of factory workers built a $1.5 billion startup. Colin Huang's rise from humble beginnings in Hangzhou city to multimillionaire Google engineer is a story of risk-taking, hard work and perhaps a little luck. After striking out on his own, Huang is now on his fourth and most ambitious startup, Pinduoduo, a kind of Facebook-Groupon mashup that lets people shop together online and earn hidden discounts.
A star Goldman trader's big bet goes cold. Adam Savarese had one of 2016’s most successful trades, when a risky bet on a coal miner that was hurtling toward bankruptcy paid off. Though the trade is still a winner over its lifetime, it reversed course, giving Goldman a financial headache. Savarese’s is a familiar tale in the business, where you can be riding high one minute and humbled the next.
Middle class angst is rising in China. The rapid march from poverty to economic superpower delivered China’s middle class explosive income growth. Yet the image of affluent Chinese scouring the globe for luxury brands belies an insecure middle class as anxious as anyone else. Recent data on compensation underscores their feeling of being left behind.
India is on track to knock Britain out of the world's top 5 economies. By 2022 the country will leapfrog Germany to become the world's fourth-biggest economy, nudging Britain into sixth place, according to an analysis of growth projections by the International Monetary Fund. But the South Asian nation must overcome many challenges to get there.
One of aviation's toughest turnaround jobs weighs on the shoulders of Cathay's new CEO, Rupert Hogg. The charismatic 55-year-old, while still CFO, helped pull together a restructuring plan to help cut costs by up to $514 million over three years — a strategy he intends to stick with now that he’s the boss. But analysts say Cathay might be better off with an outsider willing to engage in some shock therapy to get the Hong Kong carrier back on track.
Feeling over the moon. Tired of your current diet? These chefs recommend trying "moon eating," a tradition traced back to ancient Hawaiians. It takes many of the tenets of clean living, such as eating organic, and adds a layer of lunar tracking, so that you only eat certain food at certain times, based on the phases of the moon.