Super-Rich Form Exclusive Club R360 for Billionaires, High-Net-Worth Individuals – Bloomberg — www.bloomberg.com
Highlights:
– Members with those values — which include honor, entrepreneurial grit and generosity of spirit — are invited to go on a three-year “journey” to gain mastery across six kinds of capital: financial, intellectual, spiritual, human, emotional and social. A three-year family membership costs $180,000.
– R360 is set up as a limited partnership, with 48 founding partners contributing $350,000 each, which equates to about a 60% ownership.
– One perk of many wealth networks is access to deal flow. R360’s members can propose investment opportunities to the rest of the group, but each deal first goes to a four-person committee, which runs it through a process looking at 100 different factors, Garcia said.
– Members also get access to experts at elite universities and medical schools. For R360, custom programming is being developed with Harvard Medical School, Stanford Medical School, Columbia Business School (around fintech and cryptocurrencies), West Point (around leadership) and Massachusetts Institute of Technology, Garcia said.
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Meet UAE Leader Sheikh Mohammed’s New Royal Troubleshooter – Bloomberg — www.bloomberg.com
Highlights:
– MBZ has four other brothers, two sisters and several half-siblings, but it is to Sheikh Tahnoon that he has entrusted the country’s most sensitive foreign-policy files and stewardship of an extensive business portfolio that includes IHC, the Royal Group conglomerate, investment firm Abu Dhabi Development Holding and the UAE’s biggest lender, First Abu Dhabi Bank.
– The emergence of Sheikh Tahnoon, 51, from relative obscurity just five years ago has set off speculation about his place in the princely pecking order: Might he, rather than one of MBZ’s sons, be next in line to become crown prince?
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How Saudi Arabia Is Planning to Reach Net Zero by 2060 – Bloomberg — www.bloomberg.com
Highlights:
– Without continuing to export oil, the energy minister warned, the country may not have the ability to reach those goals.
– No country has a detailed plan for reaching net-zero emissions apart from the U.K., which released a strategy document only last week.
– Why 2060? Because most of these technologies may not mature before 2040,” the energy minister said.
– The target year of 2060 matches the ambitions set by Russia and China, but it lags those set by other large economies like the U.S., the U.K. and the EU. Even among petrostates, the UAE earlier this month set a net-zero goal set for 2050.
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Netflix’s Squid Game: Guide to Understanding Korean Inequality, Debt – Bloomberg — www.bloomberg.com
Highlights:
– The Netflix Inc. hit Squid Game may be a big win for South Korea’s entertainment industry, but it has also exposed the country’s darker side to a global audience.
– Decades of super-charged growth have left a deeply stratified society, where soaring house prices and a lack of social mobility fuel excessive borrowing.
– These cramped flats built half below ground level, where the characters of the 2020 Oscar-winning film Parasite also live, have become the last resort for Korea’s underclass as apartment prices have surged 70% in the past five years, pushing the average price of an apartment in Seoul beyond $1 million.
– The Bank of Korea estimates the Gini coefficient, a global measure of inequality that ranges from zero to one with a lower reading indicating better equality, deteriorated to 0.399.
– A major reason for the imbalance is that the country’s sprawling family-owned chaebol groups still control large swathes of the economy, and those who don’t work for chaebols are largely shut out of economic advancement.
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EU’s Biggest Pension Fund to Dump $17 Billion in Fossil Fuels – Bloomberg — www.bloomberg.com
Highlights:
– ABP said Tuesday it will divest 15 billion euros ($17.4 billion) worth of fossil-fuel assets by early 2023.
– The announcement underpins the speed with which the investment industry is turning its back on oil, gas and coal, with 1,500 asset managers overseeing a combined $39.2 trillion now committed to offloading such holdings.
– The fossil-fuel divestment movement is growing at an accelerated clip, because the world has realized where the money flows determines our success in slowing climate change,” said Richard Brooks, climate finance director at environmental nonprofit Stand.earth.
– BlackRock Inc. report commissioned by New York City that said “no investors found significant negative performance from divestment, but rather have reported neutral to positive results.”
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U.S. Says It’s Working With Taiwan to Secure Chip Supply Chain – Bloomberg — www.bloomberg.com
Highlights:
– The Commerce Department’s request for information is designed to better understand the semiconductor supply chain,” Oudkirk, who is the U.S.’s de facto ambassador in the absence of official ties, said at her first news conference since being appointed in July.
– She added that the drive was designed to enable the department to make regulations to “improve or alleviate the disruptions to the supply chain.
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Xi Jinping’s Toughest ‘Common Prosperity’ Test Is Raising China’s Taxes – Bloomberg — www.bloomberg.com
Highlights:
– As part of the “common prosperity” campaign, which seeks to promote economic equality and narrow China’s wealth gap, the government announced that it will initiate a series of local property tax pilots.
– Hainan, which is being turned into a free trade hub, and model socialist city Shenzhen, are considered among the likely candidates.
– China has shown a renewed determination to tackle tax evasion by the wealthy, but no clear time frame has emerged for further reforms.
– If implementing an inheritance tax requires the wealthy to fully disclose their assets, it’s not on the table.
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