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AZRAEL-DEFENDER OF HIS PEOPLE AGAINST THE SCOURGE THAT IS ISIS

People are also impressed by Azrael’s sense of humor. He mocks ISIS frequently. In one video, he even pokes fun at the group by using one of its walkie-talkies. In some ways, he is becoming a caricature of himself. Azrael has even been made into a cartoon showing him attacking a member of ISIS. But questions persist: do we know the real Azrael?

The real Azrael was born as Ayoub Faleh Al-Rabieia, according to news channel France 24. His age is unknown, although reports suggest he is between 37 and 40 years old. France 24 says he was known for studying athletics before going on to become a university lecturer. Azrael is known to have five children. He is also reportedly a Taekwondo master.

Azrael became a militant later on, but the impetus for these events is a mystery. France 24 said Azrael was originally fighting against America when they invaded Iraq. He may have even been on America’s list of terrorists. But nowadays, things are much different. The U.S. supports Azrael’s group in its war against ISIS.

In fact, the Iraqi public seems to believe in Azrael. His face adorns t-shirts sold in many markets of Baghdad. His actions have inspired hope in many people who have felt marginalized and frightened by the brutal conflict that has engulfed their country. They need his leadership more than ever before.

The militia has categorically denied that they shared images of decapitated fighters. Azrael told France 24 that he was a man of his word.  “I stand by my words. That’s why people prefer me instead of having a dishonest political who announces measures on TV but does nothing.”

Azrael does have his detractors. Some people believe that his militia have glamorized the violence of war by publishing the videos. Like other militias in the region, Amnesty International has accused the Imam Ali brigade of war crimes. They say Azrael’s groups are killing and displacing many Iraqis. And some people say they have circulated videos showing images like decapitated heads of ISIS members.

Sometimes Azrael even uploads videos to YouTube while engaged in battle, in order to dispute the claims of ISIS. Azrael says he has around 220,000 Facebook followers, a number that continues to grow. He is a force to be reckoned with.

Like others who have learned to leverage social media, Azrael has been able to get a remarkable number of views on his  videos. One of his first videos has already amassed two billion views.

Azrael seems to be a well organized machine, using two smartphones to record his attacks on ISIS and then post them to the internet, where they are shared on social media. Azrael and his cohorts are well built and strong, and they carry weapons like guns, grenades and smoke bombs.

The Imam Ali brigade have been important players in the battle against ISIS in Iraq. They were part of the forces which recaptured the Iraqi city Tikrit, which had fallen into terrorist hands. Azrael was captured on video firing a huge machine gun at ISIS in the Iraqi city of Fallujah, which was liberated from ISIS in June of 2016.

Azrael may have taken up arms after a call to action by the Ayatollah Sistani, a Shiite leader, who wanted me n to battle ISIS. Azrael was initiated and set up his own group, the Imam Ali brigade, which by most accounts he leads.

www.intelagencies.com

Henry Sapiecha

Clippers owner Steve Ballmer greets the fans as he is introduced at their home court at Staples Center in Los Angeles image www.acbocallcentre.com

Clippers owner Steve Ballmer greets the fans as he is introduced at their home court at Staples Center in Los Angeles. Photo: Wally Skalij

Speaking last month to a few hundred MBA students at the University of Southern California, Steven A. Ballmer, the owner of the Los Angeles Clippers, broke into verse.

He recited a snippet of a song from the Broadway musical “Pippin”: “Rivers belong where they can ramble. Eagles belong where they can fly. I’ve got to be where my spirit can run free. Got to find my corner of the sky.”

It’s sort of a privilege, sort of a duty, sort of a burden. How do I make a difference? 

Steve Ballmer

Ballmer sensed his audience was more attuned to cloud computing, which he seeded while running Microsoft, than to Stephen Schwartz’s “Corner of the Sky.” And so he supplied some context, explaining how Pippin, the son of King Charlemagne, engaged in a lifelong quest for fulfillment.

Ballmer might have been talking about himself. Retired from Microsoft, where he was employed for 34 years, the last 14 as its chief executive, Ballmer has spent the first several months of his retirement pondering how to grow a personal legacy through philanthropy.

“What is it like to be rich beyond belief?” a student asked him.

Steve Ballmer's huge fortune grew from humble roots image www.acbocallcentre.com

Ballmer, a billionaire, answered: “It’s sort of a privilege, sort of a duty, sort of a burden. How do I make a difference?”

Eleven months ago, Ballmer won a bidding war for the Clippers. He bought the franchise for $US2 billion in what was considered part business transaction, part act of beneficence, after the Clippers’ longtime owner, Donald Sterling, incurred a lifetime ban by the NBA for making racist comments that were recorded and made public.

The official transfer in August of the team to Ballmer, whose Swiss-born father worked for the US Army as an interpreter in the Nuremberg war crimes trials, was seen as a clean break from the Clippers’ desultory past. In Ballmer, 59, the team acquired a loud and proud leader. He was more inclined to show his enthusiasm than his navel, unlike Sterling, who at Ballmer’s age was still wearing shirts unbuttoned to his waist.

Phoenix Suns forward Reggie Bullock said Ballmer drew attention in his own way on game nights.

“He has a very distinctive voice,” said Bullock, who was a Clipper until a trade in January. “It sounds like he’s howling at the moon.”

Deep pockets

With his manic enthusiasm and deep pockets, Ballmer was going to swoop in and pry Los Angeles from its decades-long love affair with the Lakers. That was the plan, anyway. But even though the Clippers finished with 35 more victories than the Lakers, they trailed their fellow Staples Center tenants in the local regular-season ratings.

The Clippers are a reflection of their new owner, all right. But it is not the goofy, giddy guy seen gyrating like a giant inflatable tube man near his baseline seat – most memorably during a January halftime performance by the singer Fergie that prompted real estate mogul Donald Trump to describe Ballmer as “an embarrassment to rich people.”

Ballmer emphasized to the USC students the need to be “tenacious and hard core” in the pursuit of their goals. It is a message his team seems to have absorbed. Matt Barnes and Blake Griffin were fourth and fifth in the NBA in technical fouls in the regular season with a combined 25. Nine Clippers had more technical fouls than any single player on the San Antonio Spurs, their first-round playoff opponent. The Clippers beat the Spurs, the defending NBA champions, in the opening game of the best-of-seven series. Game 2 is Wednesday night.

Ballmer commutes to games from his home in Seattle. He travels by private jet, explaining, “Time is our most precious commodity, and there are conveniences that wealth brings to essentially get you more time.”

It is one of Ballmer’s few outward displays of wealth. His wardrobe is more J.C. Penney than J.Crew. The security guard standing outside the Clippers’ locker room during one homestand marveled at how effortlessly Ballmer blended into the crowd on game nights.

For the mathematically gifted Ballmer, sports have always served as his main medium of communication. In high school, he said, the first varsity letter he earned was in track.

“The coach gave me one in 10th grade,” he said, “because a guy had made a scoring error and deprived us of a point. I was helping out as the manager and I discovered the error and the coach said, ‘I guess you scored a point for us in a meet,’ and gave me a letter.”

Harking back to his days as the manager of his high school basketball team, Ballmer sometimes attends Clippers practices and retrieves basketballs for the players during drills.

“I didn’t know what to expect,” Doc Rivers, the Clippers’ coach, said. “The guy’s worth $US24 billion. I have to think if I had $US24 billion I probably would be different. I hope not, but I probably would be. He’s the most normal $US24 billion guy I know.”

Circus style

At Microsoft, Ballmer was known as a charismatic speaker, the P.T. Barnum of the techie set.

During one company meeting at Safeco Field, he saw an employee snapping a picture with an iPhone from Apple, a competitor. He confiscated it and playfully pretended to stomp on it in a scene caught on the baseball park’s giant video screen.

In front of a roomful of people, Ballmer is at his communicative best: funny, engaging, expressive. In a sit-down interview in January, Ballmer rocked back and forth in his chair with his arms held stiffly at his sides as he answered questions.

Ballmer refused to make his wife, Connie, or three sons available to be interviewed. He also declared his youngest son’s high school basketball games off-limits to a reporter.

“Sports is the easiest thing for me to bond with the kids over,” he said. “Academically, I probably grind them a little more.”

After their games, Ballmer said, there is what he described as “the debrief,” which is a sacrosanct part of the drive home. He said: “I’ll ask, Where do you want to start? Are we going to start with the team’s performance, or your performance? Offense or defense? Then we go through the team, we go through him, every kid, how we think he did.”

Ballmer added, “The debrief of the game in our family is always as important as the game itself.”

With the Clippers, Ballmer took a more hands-off approach.

“He’ll say, ‘Is it all right to come in and say hi?'” Rivers said. “And I say: ‘You’re the owner. You can barge in.’ And I mean that. I tell him all the time, he made an incredible commitment. I want him to enjoy it. I want him to come and do whatever he wants. I want to hear his opinion. He’s smarter than me.”

Blue collar roots

Ballmer was raised outside Detroit, where his father, Frederic, was a manager at Ford Motor Co.

“When he was up, he was up,” Ballmer said of his father. “When he was mad, you knew it.”

He chuckled. “I think I’m a little like my dad. When I’m up, I’m up. When I’m down, I’m down.”

His family lived comfortably, he said, but was not well-off. He said he was able to attend private school with the help of academic scholarships.

“My dad was an immigrant who came here with nothing and worked his way up as a payroll clerk for Ford,” Ballmer said. “I’m going to guess he probably maxed out around $US45,000 a year.”

Ballmer said he did not believe his father finished high school.

“He never told us for sure whether he graduated or not,” he said. “Even in his last days, my sister and I tried to get him to ‘fess up.'”

Ballmer said his father spoke rarely of his interactions with the Nazi war criminals in Nuremberg.

“He saw a guy get hanged,” he said. “That did come back to him later in his life. When he was sort of older and closer to his own death, the visualization of seeing this guy hang. …” Ballmer’s voice trailed off.

‘You need to buy this team’

Rivers said he first crossed paths with Ballmer in 2008, during the SuperSonics’ last season in Seattle. Ballmer, a SuperSonics season-ticket holder, had seats next to the visitors’ bench.

When Boston came to town, Rivers, then the coach of the Celtics, said he turned to Ballmer and said, “Hey, you need to buy this team and keep it here.”

“Only if you coach the team,” said Ballmer, Rivers recalled.

“Well, that’s not going to happen,” Rivers said. “That was our introduction to each other.”

Ballmer did not remember the meeting. He clapped gleefully as the story was relayed to him.

“Doc doesn’t make things up,” he said. “That’s not his style.”

One of Ballmer’s first moves as owner was to award Rivers a $US50 million contract extension that runs through the 2018-19 season. Amid the chaos created by Sterling’s racist remarks, Rivers emerged as a calming presence. From his days at Microsoft, Ballmer recognized that he had a strong brand asset in Rivers.

“You’ve got to build an interesting product, have a brand that people can understand, try to build a product that can be successful,” Ballmer said. He added: “There’s a natural shorter product cycle because players get older. I think the notion that you have to be tenacious and hard core really applies. You can’t be ripping things up and starting over again.”

Not an A-team

Ballmer earned his undergraduate degree from Harvard, where he lived down the hall from Bill Gates. Ballmer attended Stanford Graduate School of Business for a year before dropping out to join Microsoft, which Gates had founded along with Paul Allen.

“When I joined Microsoft we were not an ‘A’ team,” Ballmer said. “We were doing some ‘A’ work because we had three ‘A’ players. We weren’t very deep. We had three or four guys, all guys who were amazing, and then we had a bunch of people who were mediocre or worse.”

The same could be said of Ballmer’s Clippers, who have an MVP-caliber player in point guard Chris Paul, a multifaceted offensive player in Griffin and a tough matchup in center DeAndre Jordan. The drop-off in talent after that is precipitous.

“We’re trying to get better,” Ballmer said. “We’ve got some of the most exciting players in the league. Our team is better than it was at the beginning of the year, no question.”

The Clippers are not Ballmer’s first flirtation with Los Angeles. Before he enrolled at Stanford, Ballmer – a second cousin of the comedian Gilda Radner, who died in 1989 – came here with the notion of breaking into the movie business.

“I thought it would fit well with my personality,” Ballmer said.

A summer spent reading scripts and parking cars at private functions for meal money convinced him otherwise.

“I got enough of a flavour to know the movie business probably wasn’t going to be a compelling enough thing for me to not go ahead and go back to Stanford,” he said.

At USC, a student in the audience stepped to the microphone, produced a billed cap and said: “Hi, Steve. How are you doing? I’m going to put this hat on real quick.”

Squinting from the stage, Ballmer said, “It looks good, but what is it?”

“It’s a Warriors hat,” the student smugly replied, referring to the Golden State team, which led the Western Conference in the regular season with 67 wins.

“Next!” Ballmer bellowed. “Go, Clippers! Go home, Warriors!”

The New York Times

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Henry Sapiecha

man hand clenching bank notes image www.acbocallcentre.com

There are now 13.7 million millionaires in the world, according to a Capgemini- Royal Bank of Canada study.

Nearly two million people around the world became millionaires in 2013, a year-over-year increase of 15 per cent, as surging stock and home markets lifted the fortunes of the wealthy. The increase raised the number of millionaires to a record 13.7 million.

A report from consultant Capgemini and the Royal Bank of Canada estimated the combined net worth of millionaires at $US53 trillion ($A57.34 trillion) in 2013. That was up 14 per cent from the year earlier – the second-biggest increase since the two companies began issuing wealth reports with comparable data in 2000.

The accelerating pace of wealth accumulation among the affluent coincides with a widening gap between the rich and everyone else in many developed countries.

Japan gained 425,000 millionaires – a rise of 22 per cent, its biggest year-over-year increase since 2000. Japan’s was the largest percentage gain among the 25 countries with the most millionaires.

A big reason for the jump in Japan was surging stocks. The Nikkei 225, the main stock index, rose 57 per cent in 2013. By contrast, the Standard and Poor’s 500, an index of big US companies, rose nearly 30 per cent.

A report from Boston Consulting Group earlier in June found that similar factors were driving an increase in the number of millionaires in Australia.

Surging sharemarkets created 43,000 new millionaire households in Australia, increasing wealth at the rate of more than $1 billion a day during 2013, according to the BCG study.

One in 50 households in Australia has more than $1 million in liquid wealth, the study found.

In Capgemini’s global report, Japanese millionaires totalled 2.3 million, second only to the United States. The number of US millionaires rose 570,000, 17 per cent, to four million.

Globally, a bigger increase in the number of millionaires and in combined wealth occurred in 2009, when many stock markets began rising from multi-year lows.

Much of the world’s stock wealth is concentrated among the rich. In the US, for instance, 80 per cent of stock is owned by the wealthiest 10 per cent of households. Rising stock prices have helped boost the net worth of the wealthy and, thanks to dividends, their income.

By contrast, the middle class in many countries has struggled as millions of jobs wiped out in the financial crisis have yet to return. And wages, their primary source of income, have barely kept up with inflation.

In the US, incomes for the highest-earning one per cent rose 31 per cent from 2009 through 2012, after adjusting for inflation, according to data compiled by Emmanuel Saez, an economist at University of California, Berkeley. For everyone else, income rose an average of 0.4 per cent.

The new wealth report tracks net worth of individuals, with assets defined as investments such stocks, bonds, cash, and primary residences. The report is based on a survey this year of more than 4,500 people in 23 countries.

Henry Sapiecha

Chinese billionaire philanthropist Chen Guangbiao selling canned air in 2013 image www.acbocallcentre.com

Chinese billionaire philanthropist Chen Guangbiao selling canned air in 2013

Shanghai: A Chinese billionaire has announced plans to invite 1000 impoverished Americans for a meal in Central Park in an attempt to show fellow tycoons that there is more to life than “luxury goods, gambling and prostitution”.

Chen Guangbiao, a recycling magnate from the eastern province of Jiangsu, issued the invitation to his “charity luncheon for 1000 poor and destitute Americans” through two prominent advertisements placed in The New York Times and The Wall Street Journal this week. Guests will be given $US300 to spend on “occupational training” as well as lunch at the Loeb Boathouse restaurant in Manhattan’s Central Park.

The restaurant, which featured in the 1989 film When Harry Met Sally, describes itself as “the ultimate urban oasis” and “a haven for romantics and nature lovers”.

Mr Chen said he hoped that the lunch, which he expected to cost about $US1million, would boost relations between China and the United States and change perceptions of wealthy Chinese.

“I want to spread the message in the US that there are good philanthropists in China and not all are crazy spenders on luxury goods,” he told Hong Kong’s South China Morning Post.

The tycoon, whose past stunts include selling canned air to raise awareness of pollution and smashing a Mercedes Benz to draw attention to global warming, also hoped to serve as a role model for Chinese billionaires.

He said: “There are many wealthy Chinese billionaires but most of them gained their wealth from market speculation and colluding with government officials while destroying the environment.

“I can’t bear the sight of it, because all they do is splurge on luxury goods, gambling and prostitution and very few of them sincerely live up their social responsibility.”

It was not immediately clear whether Mr Chen’s guests would be offered a set menu at the Central Park feast or be allowed to choose from the restaurant’s a la carte lunch menu, which features dishes such as Lemon-Oregano Crusted Salmon and Yellowfin Tuna Sashimi with Tobiko Caviar and Jalapeno Wasabi Vinaigrette.

In a 2010 interview with The Daily Telegraph, Mr Chen said he hoped to build a “charity army” of wealthy Chinese business people who would pump large chunks of their profits back into society.

Telegraph, UK

Henry Sapiecha

THE RICHEST MAN IN THE WORLD OF MINING FILES FOR BANKRUPTCY

Batista files for bankruptcy

Once the richest person in the world of mining Brazilian tycoon Eike Batista’s flagship company has filed for bankruptcy protection.

Reuters reports Batista’s oil and gas explorer OGX applied for “judicial recovery” as the process is known in Brazil after debt restructuring talks with holders of $3.6 billion in bonds ended with no agreement.

The bonds are part of $5.1 billion distressed debts at the company and OGX’s demise is Latin America’s largest corporate default in history.

The rise of his empire built on the commodities boom was nothing if not spectacular.

He started out with small-scale gold mining in the Amazon before graduating to the big leagues with gold, iron ore, oil & gas, shipping, energy, construction and sports promotion companies.

OGX was set to give credence to Batista’s publicly stated goal of becoming the richest person in the world.

Batista founded OGX, one of five public companies controlled by the flamboyant Brazilian, only in 2007 with $1.3 billion raised from private investors.

His fortune topped out at an eye-watering $32.8bn in April last year after OGX struck oil off the Brazilian coast and investors piled into the company which boasted oil reserves valued at $1 trillion by the man himself.

Batista was born into mining as son of a CEO of iron giant Vale and the young Eike led the playboy lifestyle, dropping out of engineering school, marrying a nude model and becoming a speedboat world champion.

Ever the consummate salesman, Batista famously sold Minas Rio to Anglo-American in 2008, pocketing $5.5 billion and getting rid of what has become Anglo’s biggest asset write-off on record.

Batista’s divestiture strategy to shore up the vast debts he had built up had more than a whiff of a fire sale this year as his firms began to run out of capex funds and creditors started making collateral calls.

AAA

gold dollar sign line

CHINESE COMPUTER HACKERS ENCOURAGED BY THEIR GOV

JOURNALISTS are on notice. If you investigate the Chinese government, Chinese hackers will come after you.

That’s what you should conclude from the disclosure by The New York Times that it was hacked for four months by attackers it suspects were associated with the Chinese military.

The likely motive, the Times said, was retaliation for the newspaper’s investigation into the wealth amassed by the family of China’s Premier, Wen Jiabao.

This was not the first time Chinese hackers had attacked journalists. They infiltrated Bloomberg News last year, the Times reported. They have also gone after the Associated Press, The Wall Street Journal and other Western media.

The outcome might be chilling: now that a Chinese attack on The New York Times is international news, any dissident or potential whistleblower in China will be wary of talking to journalists. In other words, the hack worked.

The attack on The New York Times points out why cyber-attacks are such an effective weapon, especially when aimed at journalists.

The Times was quickly on to the hackers as the paper had expected a response to its investigation, and AT&T, which had been monitoring the paper’s network, alerted the Times to a potential hack on the day it published the Wen investigation.

But anticipating the hackers would come in response to the Wen Jiabao expose did not really help the Times – the hackers still managed to obtain the corporate passwords of every one of its employees and broke into the PCs of 53 of them. They also infiltrated the email accounts of two reporters who cover China, including David Barboza, who conducted the investigation into Mr Wen’s family.

Unfortunately, security experts said, the Times could not be sure the hackers were gone, nor that they did not find anything of value.

Until now, a government or criminal enterprise had two options if did not like something a reporter had written – it could shut down the outlet or kill the journalist. Hacking presents a third option, one that is far more nuanced and effective.

It is anonymous and China can maintain plausible denials.

The hackers can get what they want – a reporter’s sources, information about how a news outlet works and who to cozy up to, perhaps personal information that could be helpful for blackmail – all without anyone finding out.

Hacking crosses borders. In the past a foreign paper would have been more protected from Chinese governmental repercussions than a local paper. Not any more. Now hackers can get you anywhere, and they can make life hell for everyone you work with.

Finally and most importantly, hacking is almost impossible to defend against.

Journalists have to use computers and the internet. If they do that, they are opening themselves to attack.

Sourced & published by Henry Sapiecha

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WHO IS THE RICHEST WOMAN IN THE WORLD-GINA RINEHART

Gina Rinehart made history today when she was officially tagged as the richest woman in the world by BRW after hooking two deals in iron ore and coal.

These deals, which almost tripled her wealth in the last year to $29.17 billion, according to BRW Rich 200 list, takes her a step closer to fulfilling a lifelong family dream to have the family company Hancock Prospecting build and operate an iron ore facility in the Pilbara.

The $18.87 billion increase in her wealth is equivalent to earning the average annual wage in under three minutes, or almost $600 a second.

Mind boggling ... Gina Rinehart's golden year in numbers. [These figures have been rounded up].
Mind boggling … Gina Rinehart’s golden year in numbers.
[These figures have been rounded up].


Another dream is to win two seats on the Fairfax Media board after becoming the largest single shareholder earlier this year. That dream was dealt a blow today when the Fairfax board announced a board creshuffle which didn’t include Gina Rinehart.

The news of her estimated wealth will not go unnoticed by her three estranged children John, Bianca and Hope, who have taken legal action to remove her as trustee of the family trust. Based on the BRW valuation, the children’s shares in Hancock Prospecting are now worth over $9 billion. However, they cannot sell or leverage against them due to a clause in the company constitution that says they can only be onsold to lineal descendants of their late grandfather Lang Hancock.

It also comes a day after settling a dispute with WA billionaire Stan Perron over the size of royalty payments he has been receiving from Hancock Prospecting and Wright Prospecting dating right back to 1992. The settlement came days before a trial of the case was due to commence in Western Australia’s Supreme Court. In a statement, Perron Group said the parties had agreed that Perron “is and has always been” entitled to a 15 per cent interest in the benefits and entitlements” because of that backing.

Gina Rinehart … the world’s richest woman according to BRW. Photo: Bloomberg
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The mining boom has turned BRW’s Rich List into a tailspin as traditional operators such as Westfield supremo Frank Lowy, the cardboard boxmaking Pratt family, retailer Solomon Lew, James Packer and Gerry Harvey have been usurped by mining entrepreneurs such as Andrew Forrest and Rinehart. It has also had major ramifications on the Australian economy, creating deep structural changes.

According to BRW, if the resources boom continues, Rinehart’s wealth could increase to a whoping $100 billion, which would make her the richest person in the world – a situation that is unprecedented for any Australian individual.

BRW Rich List editor Andrew Heathcote said: “The $18.87 billion increase in her wealth is unprecedented. It is the result of foreign investment in new projects, increased production and a recovery & upswing in the iron ore price over the past six months.”

The BRW valuation is far higher than the valuation of Forbes, which estimated her wealth at $US18 billion in February. Part of the discrepancy between the two estimates is due to a further increase in iron ore prices over the past several months. But in the main it demonstrates that valuations of private companies are extremely subjective and based on a number of assumptions including debt.



Rinehart’s $29.17 billion fortune catapults her to being the richest woman in the world, deposing Christy Walton ($26 billion) of the title, who is the widow of John Walton and has a major stake in US-retail giant Wal-Mart. Her wealth makes her the eighth richest person in the world, but still behind Mexican telco tycoon Carlos Slim, Bill Gates and Warren Buffett.

Rinehart debuted on the Rich List in 1992 at $75 million after inheriting Hancock Prospecting from her father Lang Hancock after he died. In 2010 BRW estimated Gina’s wealth at $4.5 billion. By 2011 it was $10.3 billion.

When she pulled off the Roy Hill deal with two South Korean companies and a Japanese company to sell 30 per cent of the iron ore tenement, providing her with $3.2 billion, it placed a price tag of $12.8 billion on a business that had previously been valued by BRW and Forbes at zero.

Tri Nature - Environmentally Responsible Household Products

Sourced & published by Henry Sapiecha


clixGalore Merchant Referral Program

WHO IS THE RICHEST WOMAN IN THE WORLD-GINA RINEHART

Gina Rinehart made history today when she was officially tagged as the richest woman in the world by BRW after hooking two deals in iron ore and coal.

These deals, which almost tripled her wealth in the last year to $29.17 billion, according to BRW Rich 200 list, takes her a step closer to fulfilling a lifelong family dream to have the family company Hancock Prospecting build and operate an iron ore facility in the Pilbara.

The $18.87 billion increase in her wealth is equivalent to earning the average annual wage in under three minutes, or almost $600 a second.

Mind boggling ... Gina Rinehart's golden year in numbers. [These figures have been rounded up].
Mind boggling … Gina Rinehart’s golden year in numbers.
[These figures have been rounded up].


Another dream is to win two seats on the Fairfax Media board after becoming the largest single shareholder earlier this year. That dream was dealt a blow today when the Fairfax board announced a board creshuffle which didn’t include Gina Rinehart.

The news of her estimated wealth will not go unnoticed by her three estranged children John, Bianca and Hope, who have taken legal action to remove her as trustee of the family trust. Based on the BRW valuation, the children’s shares in Hancock Prospecting are now worth over $9 billion. However, they cannot sell or leverage against them due to a clause in the company constitution that says they can only be onsold to lineal descendants of their late grandfather Lang Hancock.

It also comes a day after settling a dispute with WA billionaire Stan Perron over the size of royalty payments he has been receiving from Hancock Prospecting and Wright Prospecting dating right back to 1992. The settlement came days before a trial of the case was due to commence in Western Australia’s Supreme Court. In a statement, Perron Group said the parties had agreed that Perron “is and has always been” entitled to a 15 per cent interest in the benefits and entitlements” because of that backing.

Gina Rinehart … the world’s richest woman according to BRW. Photo: Bloomberg
Natures Brands Natural Health & Beauty Products
The mining boom has turned BRW’s Rich List into a tailspin as traditional operators such as Westfield supremo Frank Lowy, the cardboard boxmaking Pratt family, retailer Solomon Lew, James Packer and Gerry Harvey have been usurped by mining entrepreneurs such as Andrew Forrest and Rinehart. It has also had major ramifications on the Australian economy, creating deep structural changes.

According to BRW, if the resources boom continues, Rinehart’s wealth could increase to a whoping $100 billion, which would make her the richest person in the world – a situation that is unprecedented for any Australian individual.

BRW Rich List editor Andrew Heathcote said: “The $18.87 billion increase in her wealth is unprecedented. It is the result of foreign investment in new projects, increased production and a recovery & upswing in the iron ore price over the past six months.”

The BRW valuation is far higher than the valuation of Forbes, which estimated her wealth at $US18 billion in February. Part of the discrepancy between the two estimates is due to a further increase in iron ore prices over the past several months. But in the main it demonstrates that valuations of private companies are extremely subjective and based on a number of assumptions including debt.



Rinehart’s $29.17 billion fortune catapults her to being the richest woman in the world, deposing Christy Walton ($26 billion) of the title, who is the widow of John Walton and has a major stake in US-retail giant Wal-Mart. Her wealth makes her the eighth richest person in the world, but still behind Mexican telco tycoon Carlos Slim, Bill Gates and Warren Buffett.

Rinehart debuted on the Rich List in 1992 at $75 million after inheriting Hancock Prospecting from her father Lang Hancock after he died. In 2010 BRW estimated Gina’s wealth at $4.5 billion. By 2011 it was $10.3 billion.

When she pulled off the Roy Hill deal with two South Korean companies and a Japanese company to sell 30 per cent of the iron ore tenement, providing her with $3.2 billion, it placed a price tag of $12.8 billion on a business that had previously been valued by BRW and Forbes at zero.

Tri Nature - Environmentally Responsible Household Products

Sourced & published by Henry Sapiecha

Who are the wealthiest people in Australia?

Click on the images or links below to see a little about what makes the richest Australians tick, where they come from and where they are going. Or simply start here with this year’s number one, Gina Rinehart.

These profiles will be updated regularly and the relative rankings shifted as the fortunes of these major players waxes and wanes. As a guide we have followed the 2011 BRW Rich 200, a summary of which can be found at who are the richest Australians.

Gina Rinehart #1 Gina Rinehart
You don’t need to meet mining mogul Gina Rinehart to know she is a formidable and determined woman. And with a net worth approaching $20 billion she is clearly in a league of her own. More >
Ivan Glasenberg #2 Ivan Glasenberg
Ivan Glasenberg, has not had the largest of media profiles which is surprising considering he ranks amongst 100 of the world’s richest people. More>
Andrew 'Twiggy' Forrest #3 Andrew ‘Twiggy’ Forrest
Call John Andrew Henry ‘Twiggy’ Forrest what you will but you could never call him a quitter. Be it childhood obstacles, to epic corporate and government battles. More >
Anthony Pratt #4 Anthony Pratt
Paper, packaging and recycling is big business. $5.2 billion to be more precise for Anthony Pratt and Family, heirs to the Visy Industries empire. More >
Clive Palmer #5 Clive Palmer
From real estate to minerals, Clive Palmer is political, generous, hard working and that rare person who has succeeded in two separate careers. More >
Frank Lowy #6 Frank Lowy
Frank Lowy has seen a darker side of life than most. And while he has shown a canny head for business, his main interest now seems to be the beautiful game. More >
Harry Triguboff #7 Harry Triguboff
While Harry Triguboff, of Meriton fame, is a proponent of a Big Australia he is very much his own man when it comes to business. He is hands on, independent and clearly driven. More >
James Packer #8 James Packer
From serious business coverage to TV and the gossip rags, James Packer’s professional and personal life has always been in the spotlight. More >

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