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| August 23, 2019

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Billion Archives -

Once listed for $1 billion. Sold for $100,000. What just happened?

August 20, 2019 |

After listing for $ 1 billion last year, a 157-acre Beverly Hills property called the Mountain has sold at foreclosure auction for $ 100,000 to the estate of Herbalife founder Mark Hughes, the property’s previous owner.


L.A. Times – Business

CNN

London Stock Exchange buys data provider Refinitiv in $27 billion deal

August 2, 2019 |

The London Stock Exchange has agreed to buy financial data provider Refinitiv, creating a British rival to industry juggernaut Bloomberg.
CNN.com – RSS Channel – World

SoftBank announces AI-focused second $108 billion Vision Fund with LPs including Microsoft, Apple and Foxconn

July 26, 2019 |

SoftBank Group announced today that it will launch its second Vision Fund with participation from Apple, Foxconn, Microsoft and other tech companies and investors. Called the Vision Fund 2, the fund will focus on AI-based technology. SoftBank said the fund’s capital has reached about $ 108 billion, based on memoranda of understandings. SoftBank Group’s own investment in the fund will be $ 38 billion.

It is worth noting that the second Vision Fund’s list of expected limited partners does not currently include any participants from the Saudi Arabia government (the first Vision Fund’s close ties to people, including Crown Prince Mohammed bin Salman, who have been implicated in the murder of journalist Jamal Khashoggi, has understandably been a major source of concern for investors, companies and human rights observers).

But SoftBank Group also said is still in discussions with other participants and that the total amount of the fund is expected to increase. The full list of participants who have signed MOUs so far are: “Apple, Foxconn Technology Group, Microsoft Corporation, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, MUFG Bank, Ltd., The Dai-ichi Life Insurance Company, Limited, Sumitomo Mitsui Trust Bank, Limited, SMBC Nikko Securities Inc., Daiwa Securities Group Inc., National Investment Corporation of National Bank of Kazakhstan, Standard Chartered Bank, and major participants from Taiwan.”

SoftBank’s intention to launch Vision Fund 2 was first reported earlier this week by the Wall Street Journal. The new fund is expected to decrease SoftBank’s reliance on Saudi Arabian investment and also potentially change the relationship between startups, corporate giants like Microsoft and investors.

TechCrunch

CNN

A $61 billion trade. Record-breaking busts. Rock-bottom prices. The meth crisis is spiraling out of control

July 20, 2019 |

Deep in the jungle in Thailand’s northern Chiang Mai province, a unit of armed border officers were on duty late last month when they stumbled on a cave stuffed with drugs.
CNN.com – RSS Channel – World

CNN

Canadian government agrees to pay a nearly $1 billion settlement for claims of sexual misconduct in the armed forces

July 19, 2019 |

The Canadian government has agreed to pay a nearly $ 1 billion settlement to members of the Armed Forces and Department of National Defense who allege widespread sexual misconduct.
CNN.com – RSS Channel – Regions – Americas

CNN

$3.8 billion aircraft carrier springs a leak

July 12, 2019 |

Britain’s new multi-billion aircraft carrier HMS Queen Elizabeth was forced to cut short sea trials this week after springing a leak.
CNN.com – RSS Channel – World

After Aliso Canyon, a gas pipeline exploded — and Californians lost $1 billion

July 11, 2019 |

Two years after methane gas began leaking from Southern California Gas Co.’s Aliso Canyon storage field, one of the company’s key pipelines exploded, starting a fire in the desert and leaving a smoking crater in the ground.

Nobody was hurt, and the October 2017 explosion went largely unnoticed…


L.A. Times – Business

The Trump tariff twist that’s cost U.S. Steel $5.5 billion

July 8, 2019 |

President Trump’s tariffs on foreign steel have sped the decline of some of the U.S. mills he vowed to help.

Exuberance over the levies dramatically boosted U.S. output just as the global economy was cooling, undercutting demand. That dropped prices, creating a stark divide between companies like…


L.A. Times – Business

Authorities seek to seize El Chapo’s $12.6 billion assets

July 6, 2019 |

Convicted cartel kingpin Joaquin “El Chapo” Guzman owes the U.S. government over $ 12 billion, federal prosecutors said Friday.
FOX News

Warren Buffett to give away $3.6 billion to Bill & Melinda Gates Foundation, 4 other charities

July 2, 2019 |

Warren Buffett said Monday he plans to donate $ 3.6 billion of Berkshire Hathaway Inc. stock to five charities — one of his largest gifts ever.

The donations are occurring amid debate over how the richest Americans should use their money to help address income inequality and other economic imbalances….


L.A. Times – Business