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US household wealth tops $100 trillion for first time

WASHINGTON: US household wealth topped the $100 trillion mark for the first time ever in the first quarter of 2018, the US Federal Reserve said on Thursday. Rising US house prices, a market suffering a long-term shortage, pushed up the net worth of households even as stock markets were roiled by volatility. The Fed said the net worth of the nation's households and nonprofits rose to $100.8 trillion in the first three months of the year, up from $99.7 trillion the previous quarter. Real estate prices rose by $500…

Hong Kong’s richest woman sees her wealth halved

HONG KONG: Hong Kong's richest woman Pollyanna Chu has seen more than half of her wealth wiped out in the last three months after warnings from regulators about her company led to stock plunges. Chu's Hong Kong-listed Kingston Financial Group tumbled again by as much as 12 percent on Monday after index provider FTSE Russell removed the stock from its benchmarks, according to Bloomberg News. Monday's crash comes on the heels of a steeper slide since January after Hong Kong's securities regulator warned the company's…

Nawaz can make any compromise to protect illegally obtained wealth: Imran

CHISHTIAN: Pointing towards across the border business of the ousted prime minister Nawaz Sharif, Chairman Pakistan Tehreek-e-Insaf (PTI) Imran Khan said on Sunday Nawaz could make any compromise to protect his illegally obtained wealth, ARY News reported. “He would even shake hand with Indian PM Narendra Modi for personal gains,” he said while addressing a mammoth rally in Chishtian. He termed the deposed PM a Mir Jaffer and Mir Sadiq who wished to devastate the judiciary and military in a bid to save the Rs300…

Britain steps up fight against dirty London property

LONDON: Britain took a significant step towards exposing dirty money in the London property market this week, passing a law allowing the seizure of homes from foreigners who cannot explain how they paid for them. Anti-corruption campaigners hailed the "unexplained wealth orders" as a potentially game-changing tool to stop wealthy individuals from laundering their money through mansions in the affluent London boroughs of Knightsbridge and Hampstead. The measure in the Criminal Finances Act, which became law on…

‘Eight men own half the world’s wealth’

LONDON: Eight men own the same wealth as half the world's population, a level of inequality which "threatens to pull our societies apart", Oxfam said on Monday ahead of the World Economic Forum opening in Davos. The wealth of the world's poorest 3.6 billion people is the equivalent to the combined net worth of six American businessmen, one from Spain and another from Mexico. Picked from Forbes' billionaires list, they include Microsoft founder Bill Gates, Mark Zuckerberg who co-founded Facebook, and Jeff Bezos, founder…