PM Modi greets media baron Aveek Sarkar on birthday, lauds his contribution
Sarkar, a former chairman of PTI and a director on the news agency's board, helmed the Kolkata-based Anand Bazaar Patrika group, which owns and runs several TV, print and online properties. He turns 80 on June 9.
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Hindustan Times
19 minutes ago
- Hindustan Times
This 30-year-old billionaire still shops at Shein, drives old Honda: ‘I don't like wasting money'
At 30, Lucy Guo has dethroned Taylor Swift as the world's youngest self-made billionaire. Despite her staggering net worth – Forbes estimates it to be $1.3 billion – this 30-year-old college dropout does not believe in wasting money. In fact, Lucy tells Fortune that her wardrobe is dominated by free clothes or fast fashion - barring the odd designer dress. She still drives a Honda Civic and flies commercial. 'I don't like wasting money,' the 30-year-old told Fortune. Lucy Guo is an American social media influencer and co-founder of Scale AI. She founded the company in 2016 and was fired two years later following a disagreement with co-founder and CEO Alexandr Wang. Lucy was just 21 when she launched the AI startup. A computer science student at Carnegie Mellon, she had dropped out of college and interned with Facebook before she built Scale AI. Despite being fired, Guo retained an estimated 5% stake in Scale AI. It is this stake that gives her her status as the world's youngest self-made billionaire at age 30. 'Everything I wear is free or from Shein,' Guo, now the founder of OnlyFans competitor Passes, told Fortune. 'Some of them aren't going to be that great quality, but there's always like two pieces or so that really work out, and I just wear them every day,' she added. Her thriftiness does not end at clothes - this Miami and Los Angeles-based billionaire still drives an old Honda Civic and doesn't believe in private jets. If it's a long flight, Guo does splurge on a business class ticket. 'I still literally buy buy-one-get-one-free on Uber Eats… in terms of like daily life, my assistant just drives me in a pretty old Honda Civic. I don't care,' she says. 'Who you see typically wasting money on, designer clothes, a nice car, et cetera, they're technically in the millionaire range,' Guo explains. 'All their friends are multimillionaires, or billionaires and they feel a little bit insecure, so they feel the need to be flashy to show other people, 'look, I'm successful.''
Mint
25 minutes ago
- Mint
ION Founder to Pay €280 Million to Settle Tax Probe: Carlino
(Bloomberg) -- ION Group founder Andrea Pignataro has reached an agreement with Italian tax authorities to pay €280 million ($319 million) to end a probe into alleged tax evasion, Il Resto del Carlino reported on Sunday. Prosecutors in Bologna, where the fintech billionaire was born, had originally sought up to €1.2 billion in arrears, interest and other costs relating to a period up to 2023, according to the newspaper. He'll make the payments in instalments over five years, Carlino said. While a criminal case against him remains open, the settlement could work in his favor in that process, the newspaper said. Although Pignataro claims to reside in Switzerland and most of ION's business is in the UK, officials said he was liable to pay taxes in Italy because his family has lived there throughout the period, Carlino said. Investigators pored through travel and phone records and examined his personal relationships to conclude that he spent most of his time in his home country, according to the report. A representative for Pignataro declined to comment. The Italian tax authority couldn't immediately be reached outside business hours. Pignataro has quietly become one of the most important men in Italian finance, building a network of companies that control data, trade securities and help the European Central Bank manage the euro. In Italy, through ION, Pignataro controls financial services firms Cedacri SpA, Cerved Group SpA and Prelios SpA. That means the group handles large amounts of data on Italian borrowers and companies, while providing software for most lenders. He's also bought stakes in Banca Monte dei Paschi di Siena SpA, Illimity Bank SpA and Cassa di Risparmio di Volterra. After studying at Bologna University, Pignataro worked as a bond trader in London, where he later received a doctorate in math from London's Imperial College. While working for Salomon Brothers, he helped lead a joint venture with Pisa-based software firm List Holdings, filings show. That business would eventually become ION Trading UK, the start of what is now ION Group. Bloomberg LP, the parent company of Bloomberg News, competes with ION in providing financial software and data. --With assistance from Luca Casiraghi. (Updates with response from Pignataro representative in fourth paragraph.) More stories like this are available on
Time of India
30 minutes ago
- Time of India
Mohandas Pai flags lack of domestic capital for Indian startups; urges policy overhaul; calls for stronger R&D support
NEW DELHI: Indian startups are struggling to grow due to limited domestic investment and restrictive government regulations, warned industry veteran and Aarin Capital Chairman Mohandas Pai, calling for urgent policy reforms and increased R&D funding to boost the ecosystem. He cautioned that despite India's position as the world's third-largest startup ecosystem, the nation could lose ground in global innovation if existing issues remain unresolved. "We have 1,65,000 registered startups, 22,000 are funded. They created USD 600 billion in value. We got 121 unicorns, maybe 250-300 soonicorns," Pai said in an interview to PTI. "The biggest issue for startups is the lack of adequate capital. For example, China invested USD 835 billion in startups and ventures between 2014 and 2024, US invested USD 2.32 trillion. We just put in USD 160 billion, out of which possibly 80 per cent came from overseas. So local capital is not coming in," he added. He further highlighted that while American insurance firms and university endowments significantly fund startups, Indian regulations prevent endowments from such investments, and insurance companies remain uninvolved due to incomplete regulatory framework. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Bu bankalar başvuran herkese kredi kartı veriyor mu? Kredi Kart Şimdi Keşfet Undo He recommended regulatory adjustments to enable insurance companies' participation in fund-of-funds and suggested increasing the government's fund-of-funds programme from Rs 10,000 crore to Rs 50,000 crore. Additionally, he noted that India's pension funds, holding Rs 40-45 lakh crore, cannot invest in startups due to conservative policies and regulatory restrictions. Pai emphasised the need to increase research funding in Indian universities substantially and urged organisations like DRDO to share their technologies with the private sector. He indicated that current research expenditure in public universities falls considerably short of global standards. "We need to remove barriers for startups to sell business to the government and public sector though the government has reformed it, it doesn't work in actual practice. It must be opened up, and I think that has to be a mind shift," the industry veteran continued. Pai further criticised the prevailing business culture in India, stating that, "The problem in India is that all the big companies try to beat down the small startups and give them less money, and force them to sell the technologies and use them, and often don't pay them on time.' "This culture of hurting the small people should change," Pai added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
