Latest news with #US33
The Age
14 hours ago
- Business
- The Age
Mystery $50 billion Chinese medical fortune collapses in days
When Yat-Gai Au was worth $US33 billion ($50 billion) on paper, he wasn't in his Hong Kong office. One week later, when his net worth plunged to $US10.1 billion, he wasn't around either. Officers at the headquarters of Regencell Bioscience Holdings said both times that Au made only short visits there, before turning away reporters. The firm, a NASDAQ-listed, Cayman Islands-incorporated traditional Chinese medicine company, occupies the whole ninth floor of a tower in Hong Kong's bustling Causeway Bay, including a reception area with a large table tennis table. Little is still known about the tiny, money-losing company whose shares exploded 82,000 per cent higher and suddenly made Au, its chief executive officer with an 86 per cent stake, richer on paper than some of the city's tycoons like Li Ka-shing. The fleeting nature of its rip-roaring rally has captivated and mystified observers from the US to Hong Kong. Morning Brew, a popular business account on X, flagged its stock move and wondered: 'Is there something I'm missing?' Regulators in the US, which closely monitor wild swings in stock prices, might soon be asking the same question, according to experts. Loading The Financial Industry Regulatory Authority, the watchdog for broker-dealers, has repeatedly said small, cheap stocks are more susceptible to fraud. These companies can be targets for pump-and-dump schemes in which frauds inflate the stock price and quickly sell their shares. The US Securities and Exchange Commission, meanwhile, has been increasingly wary about companies listed on US exchanges that are based overseas, and Regencell checks both boxes. The regulator on June 4 called on the public to weigh in on whether the agency needed to amend the definition of what's called a foreign private issuer, potentially limiting the number of companies that qualify for special status that lets them avoid filing quarterly financial reports or disclosing when executives buy or sell company shares. 'This is an example of very unusual movements in share prices,' said Richard Harris, founder and chief executive of Port Shelter Investment Management in Hong Kong. 'These movements could certainly trigger interest by investigators.'
Sydney Morning Herald
14 hours ago
- Business
- Sydney Morning Herald
Mystery $50 billion Chinese medical fortune collapses in days
When Yat-Gai Au was worth $US33 billion ($50 billion) on paper, he wasn't in his Hong Kong office. One week later, when his net worth plunged to $US10.1 billion, he wasn't around either. Officers at the headquarters of Regencell Bioscience Holdings said both times that Au made only short visits there, before turning away reporters. The firm, a NASDAQ-listed, Cayman Islands-incorporated traditional Chinese medicine company, occupies the whole ninth floor of a tower in Hong Kong's bustling Causeway Bay, including a reception area with a large table tennis table. Little is still known about the tiny, money-losing company whose shares exploded 82,000 per cent higher and suddenly made Au, its chief executive officer with an 86 per cent stake, richer on paper than some of the city's tycoons like Li Ka-shing. The fleeting nature of its rip-roaring rally has captivated and mystified observers from the US to Hong Kong. Morning Brew, a popular business account on X, flagged its stock move and wondered: 'Is there something I'm missing?' Regulators in the US, which closely monitor wild swings in stock prices, might soon be asking the same question, according to experts. Loading The Financial Industry Regulatory Authority, the watchdog for broker-dealers, has repeatedly said small, cheap stocks are more susceptible to fraud. These companies can be targets for pump-and-dump schemes in which frauds inflate the stock price and quickly sell their shares. The US Securities and Exchange Commission, meanwhile, has been increasingly wary about companies listed on US exchanges that are based overseas, and Regencell checks both boxes. The regulator on June 4 called on the public to weigh in on whether the agency needed to amend the definition of what's called a foreign private issuer, potentially limiting the number of companies that qualify for special status that lets them avoid filing quarterly financial reports or disclosing when executives buy or sell company shares. 'This is an example of very unusual movements in share prices,' said Richard Harris, founder and chief executive of Port Shelter Investment Management in Hong Kong. 'These movements could certainly trigger interest by investigators.'
The Age
7 days ago
- General
- The Age
Why waiting for the ‘right time' to divorce may not be a good idea
We should stay together for the kids The Australian Institute of Family Studies reports that while 82 per cent of children aged under a year live in 'intact' families, this figure drops to 64 per cent for 14-year-olds. Divorce is most common for families with middle primary school-age children, at eight to 10 years old. This means that in any Australian classroom, up to half of students may be experiencing separation or divorce at home. 'We know children do best in low-conflict homes where parents are happy and content,' says Carol Markie-Dadds, international country director with parenting program Triple P. 'The key determinant of how children fare is how well parents manage the transition to separation and divorce, rather than when it happens.' Children's understanding of divorce will depend on their age, but that doesn't mean they'll cope better when they're older. Loading 'Regardless of when it happens, have age-appropriate, open and honest conversations that let children know that the separation is not their fault, both parents love and care for them, and that your family is resilient and will bounce back,' Markie-Dadds says. I can't afford to get divorced With lawyers charging upwards of $350 an hour and barristers more than $1500 a day, divorce in Australia can be expensive. A 'standard' divorce is estimated to cost between $10,000 and $20,000. According to Money Magazine, if your matter ends up in court, the average cost is between $50,000 and $100,000 (and it can take up to three years). 'This is a worry we hear often,' Russell says. 'The fear is real, but often inflated by media portrayals of divorce as an expensive, combative legal battle. The truth is, it doesn't have to be that way, and there are plenty of professionals who are committed to reducing the stress and expense of this process.' Markie-Dadds says: 'Financial worries are a common concern but shouldn't be the sole reason to remain together.' I want to wait for financial reasons When actors Katie Holmes and Tom Cruise married in 2012, their prenuptial agreement ensured she would receive $US3 million for every year of marriage, up to a maximum of $US33 million. If their marriage had lasted 11 years or more, the prenup would have been off the table, and Holmes would have been entitled to half of Cruise's assets – estimated today at US$600 million ($932 million). Holmes called time after five years. 'It really depends on the individual circumstances,' Russell says. 'For some, delaying separation might seem financially strategic, if you're waiting for superannuation to stabilise or for property values to shift, for example. 'But I always caution against staying stuck in limbo. Life doesn't wait. Redundancies, new relationships, children or health issues can shift the landscape quickly and add complexity to any future agreement.' My family will freak out It's easy to assume that your family will have your back when it comes to a divorce. But sometimes that's not the case. In certain dynamics or perhaps for cultural reasons, immediate family members – parents, siblings – might struggle to support someone's decision to leave. 'Family and friends often have strong opinions about your process, but ultimately, this is your life,' Russell says. 'We encourage people to manage these conversations by 'setting the reaction'. That means calmly communicating your decision and setting clear boundaries around what kind of support you need.' Divorcees may experience family opinions that splits are 'not fair' on the children, especially where older family members have fixed ideas on the traditional family unit. 'The most important thing is that your child feels loved and safe and is shielded from conflict,' Markie-Dadds says. I feel bad because someone is sick There's nothing like illness to bring clarity to a relationship. When Grey's Anatomy star Eric Dane was diagnosed with a form of MND earlier this year, his wife, Rebecca Gayheart, dismissed the divorce petition she had lodged in 2018. It doesn't have to be a spouse's health issues that affect a decision; any illness in an ex-partner's family is typically a reason to rally together.
Sydney Morning Herald
7 days ago
- General
- Sydney Morning Herald
Why waiting for the ‘right time' to divorce may not be a good idea
We should stay together for the kids The Australian Institute of Family Studies reports that while 82 per cent of children aged under a year live in 'intact' families, this figure drops to 64 per cent for 14-year-olds. Divorce is most common for families with middle primary school-age children, at eight to 10 years old. This means that in any Australian classroom, up to half of students may be experiencing separation or divorce at home. 'We know children do best in low-conflict homes where parents are happy and content,' says Carol Markie-Dadds, international country director with parenting program Triple P. 'The key determinant of how children fare is how well parents manage the transition to separation and divorce, rather than when it happens.' Children's understanding of divorce will depend on their age, but that doesn't mean they'll cope better when they're older. Loading 'Regardless of when it happens, have age-appropriate, open and honest conversations that let children know that the separation is not their fault, both parents love and care for them, and that your family is resilient and will bounce back,' Markie-Dadds says. I can't afford to get divorced With lawyers charging upwards of $350 an hour and barristers more than $1500 a day, divorce in Australia can be expensive. A 'standard' divorce is estimated to cost between $10,000 and $20,000. According to Money Magazine, if your matter ends up in court, the average cost is between $50,000 and $100,000 (and it can take up to three years). 'This is a worry we hear often,' Russell says. 'The fear is real, but often inflated by media portrayals of divorce as an expensive, combative legal battle. The truth is, it doesn't have to be that way, and there are plenty of professionals who are committed to reducing the stress and expense of this process.' Markie-Dadds says: 'Financial worries are a common concern but shouldn't be the sole reason to remain together.' I want to wait for financial reasons When actors Katie Holmes and Tom Cruise married in 2012, their prenuptial agreement ensured she would receive $US3 million for every year of marriage, up to a maximum of $US33 million. If their marriage had lasted 11 years or more, the prenup would have been off the table, and Holmes would have been entitled to half of Cruise's assets – estimated today at US$600 million ($932 million). Holmes called time after five years. 'It really depends on the individual circumstances,' Russell says. 'For some, delaying separation might seem financially strategic, if you're waiting for superannuation to stabilise or for property values to shift, for example. 'But I always caution against staying stuck in limbo. Life doesn't wait. Redundancies, new relationships, children or health issues can shift the landscape quickly and add complexity to any future agreement.' My family will freak out It's easy to assume that your family will have your back when it comes to a divorce. But sometimes that's not the case. In certain dynamics or perhaps for cultural reasons, immediate family members – parents, siblings – might struggle to support someone's decision to leave. 'Family and friends often have strong opinions about your process, but ultimately, this is your life,' Russell says. 'We encourage people to manage these conversations by 'setting the reaction'. That means calmly communicating your decision and setting clear boundaries around what kind of support you need.' Divorcees may experience family opinions that splits are 'not fair' on the children, especially where older family members have fixed ideas on the traditional family unit. 'The most important thing is that your child feels loved and safe and is shielded from conflict,' Markie-Dadds says. I feel bad because someone is sick There's nothing like illness to bring clarity to a relationship. When Grey's Anatomy star Eric Dane was diagnosed with a form of MND earlier this year, his wife, Rebecca Gayheart, dismissed the divorce petition she had lodged in 2018. It doesn't have to be a spouse's health issues that affect a decision; any illness in an ex-partner's family is typically a reason to rally together.
Sky News AU
07-05-2025
- Business
- Sky News AU
‘Out of the presidential race': Donald Trump's savage roast of ‘Gavin New-scum'
United States President Donald Trump has roasted California Governor Gavin Newsom at the Oval Office. The exchange came while Trump met with newly elected Canadian Prime Minister, Mark Carney. Trump ripped into California's high-speed rail project, which is supposed to connect Los Angeles to the San Francisco Bay Area. The project, which was originally priced at $US33 billion, has blown out to an estimated cost of between $US88 billion and $US128 billion. 'In California, a little train going from San Francisco to Los Angeles that's being run by Gavin New-scum, the governor of California,' Trump said. 'That train is the worst cost overrun I've ever seen, it's like totally out of control.'
