Latest news with #tycoons
Wall Street Journal
3 days ago
- Business
- Wall Street Journal
How Rich Are the 1% of ‘The Gilded Age' in 2025?
In the third season of HBO's 'The Gilded Age,' set in 1883 New York, a humble footman comes into $300,000 and instantly becomes richer than his old-money employers. Across the street, a new-money family lords over their neighbors with an unspecified and unmatched fortune. A pharmacist's income is enough to propel him to the upper echelons of elite Black society. Money is abundant, but figures are vague. Following the messy dramas of these moneyed denizens, the show is loosely based on the real aristocrats, socialites and tycoons of the period when rapid industrialization catapulted some people into extreme wealth and exacerbated inequality. Here's how much money we're actually talking about, what that money could buy and how it compares to the wealthiest people in 2025.
CNA
10-07-2025
- Business
- CNA
Commentary: Hong Kong's tycoons are damaging the city's credit culture
HONG KONG: How creditworthy are Hong Kong's billionaire tycoons? Despite the glamour and prestige they project, the city's old money are dishing out one nasty surprise after another. As bankers and investors wake up to the reality that they might never be made whole, the easy credit culture long afforded to the elite will inevitably come to an end. New World Development 's decision not to repay coupons on its perpetual notes was a rude awakening, but it was by no means an outlier. Emperor International Holdings, a fellow developer that sells luxury apartments, said it had HK$16.6 billion (US$2.1 billion) in bank borrowings that are either overdue or have breached loan covenants, which may result in immediate repayment requests. Emperor is a household brand in Hong Kong. The 82-year-old patriarch Albert Yeung started with a jewellery store in the late 1960s, selling Rolex and Omega watches. But over the years, the 'king of clocks and watches' expanded into media and real estate. Emperor Entertainment, in particular, is closely associated with local culture. It manages a roster of canto-pop singers and actors, such as Nicholas Tse. LOSING FAITH Or consider Far East Consortium International, which went public more than half a century ago. The builder, known for projects at the city's iconic old Kai Tak airport, has pan-Asia ambition. It has joined forces with Chow Tai Fook – New World's parent – to develop a casino complex in Brisbane ahead of the 2032 Summer Olympics. Just like New World, Far East is sowing confusion among its US$360 million perpetual note holders. In its latest annual report released in late June, the company said it would no longer pay dividends. Investors are now worried that it would follow its business partner's footsteps by not repaying coupons. The builder's open market operations are equally alarming. In the fiscal year ending March, it bought US$4 million principal amount of perpetuals but resold at a loss. This is a sharp turn of events. Last September, Far East won a concession from its investors, buying time to redeem debt. The builder promised then that it would 'aim to initiate partial call' in the first quarter of 2025. Its own trading activities suggest it has not done so. TOO BIG TO FAIL? Until recently, the city's old money had it easy. The name brand itself spelled investment grade. As of last June, nearly 70 per cent of New World's bank loans were unsecured. In addition, local borrowers could issue bonds governed by English law. By comparison, dollar notes from mainland developers, such as China Evergrande Group, had to follow New York law. For issuers, this law might be more stringent in the event of consent solicitation, where a company asks to change the terms of its securities. But that leniency is running thin. Granted, New World managed to eke out an US$11.2 billion loan refinancing deal – perhaps because when it owes banks so much money, it owns them. Others may not be so lucky. Already, lenders are tightening the screws on smaller developers, asking for more collateral and halting new loans altogether. As for bond investors, they no longer assume Hong Kong businessmen would act any differently from those in the mainland. They are not.
Bloomberg
26-06-2025
- Business
- Bloomberg
India's Banks Will Lend. Will Tycoons Borrow?
There's plenty of talk about how India's 600-million-strong workforce gives it a unique edge in the US-China spat over trade and technology. But to be the world's next factory, the most-populous nation will need a strong domestic investment impulse. The data don't show any evidence of that. Nor does the authorities' response inspire confidence. When it comes to large, long-gestation projects, a handful of tycoons will do the heavy-lifting, and it will take more than cheaper borrowing costs to sway their decisions.
South China Morning Post
20-06-2025
- Business
- South China Morning Post
Xia Baolong holds 3-hour closed-door talks with Hong Kong business leaders
Beijing's top official overseeing Hong Kong affairs held a three-hour closed-door discussion with local tycoons and business leaders on the third day of his inspection trip to the city on Friday. Advertisement Xia Baolong, director of the Hong Kong and Macau Affairs Office, also visited Ocean Park in the afternoon before taking a boat trip to Lamma Island. The exchanges on Friday morning, held at the government headquarters in Admiralty, marked the first time since last November that Xia had direct talks with local business elites in Shenzhen. Tycoons at the meeting included Peter Lee Ka-kit, chairman and managing director of Henderson Land Development; Gordon Wu Ying-sheung, chairman of Hopewell Holdings; Stephen Ng Tin-hoi, chairman and managing director of the Wharf Holdings; and Sonia Cheng Chi-man, executive director of New World Development. Wingco Lo Kam-wing, president of the Chinese Manufacturers' Association of Hong Kong, and Jonathan Choi Koon-shum, chairman of the Chinese General Chamber of Commerce, were also among those seen streaming into the venue. Xia Baolong meets the city's tycoons and other business leaders at government headquarters. Photo: Handout Financial sector heavyweights, including Carlson Tong Ka-shing, chairman of Hong Kong Exchanges and Clearing, and Haywood Cheung Tak-hay, chairman of the Hong Kong Gold Exchange, also showed up.
Bloomberg
16-06-2025
- Business
- Bloomberg
UAE's Hedge Fund Boom Is Starting to Enter its Next Phase
Welcome to the Mideast Money newsletter, I'm Adveith Nair. Join us each week as my team and I chronicle the intersection of money and power in a region that's become one of the most influential in global finance. You can sign up here. This week: The hedge fund boom in Abu Dhabi and Dubai is starting to enter its next phase; Adnoc makes a $19 billion takeover offer; and UK-based tycoons are relocating to the UAE.
