Millionaires & Billionaires Billionaires

  • LONDON, May 23- Activist hedge fund TCI, which has called for rapid reforms at Volkswagen, said the German carmaker and its Porsche unit were the biggest drags on the fund's flat first quarter performance, according to an investor letter. Billionaire Chris Hohn's London- based hedge fund wrote to the VW board on May 6 demanding that the carmaker- which is still...

  • May 23- Singapore- based private investment group Shanda Group on Monday said it had bought an 11.7 percent stake in LendingClub Corp, saying the online lender's battered stock was an attractive investment. Shanda Group, headed by billionaire Chinese citizen Chen Tianqiao, has taken the stake in the company at a time when it also is trying to attract fresh...

  • May 23- Affiliates of Singapore- based private investment firm Shanda Group reported an 11.7 percent stake, including call options, in LendingClub Corp, sending shares of the lending platform operator up as much as 8.8 percent in early trading on Monday. Shanda Group, headed by billionaire Chinese citizen Chen Tianqiao, has taken the stake in the company at a time...

  • SHANGHAI, May 23- The billionaire head of China's Wanda Group said rival Walt Disney faces high costs and other hurdles at its first mainland theme park opening in June, a rare public criticism that underlines rising tension as firms vie for the fast-growing entertainment market. Disney's $5.5 billion resort in Shanghai, a joint venture between the U.S....

  • NEW YORK, May 19- U.S. authorities on Thursday charged a former chairman of Dean Foods Co and a professional Las Vegas gambler with engaging in an insider trading scheme that netted more than $40 million and included a tip that benefited professional golfer Phil Mickelson. William "Billy" Walters, who has built a multimillion-dollar fortune as a famed Las Vegas...

  • NEW YORK, May 19- A lawyer for Carl Icahn said on Thursday that the billionaire activist investor was never accused of any wrongdoing as part of an insider trading probe that involved the former chairman of Dean Foods Co, Las Vegas betting legend William "Billy" Walters and famed golfer Phil Mickelson. Icahn has never been accused of any wrongdoing and as he has said...

  • Chief Judge Loretta Preska of the U.S. District Court in Manhattan said Patricia Cohen failed to show that her former husband fraudulently hid $5.5 million from a soured 1986 New York City real estate transaction, enabling him to lowball his net worth. The divorce came two years before Steven Cohen created his Stamford, Connecticut- based hedge fund firm SAC...

  • Chief Judge Loretta Preska of the U.S. District Court in Manhattan said Patricia Cohen failed to show that her former husband defrauded her by hiding $5.5 million from a 1986 New York City real estate transaction, allowing him to lowball his net worth. The divorce came two years before Steven Cohen created his Stamford, Connecticut- based hedge fund firm SAC...

  • NEW YORK, May 19- Billionaire investor Steven A. Cohen on Thursday won the dismissal of a long-running lawsuit in which his former wife accused him of cheating her out of millions of dollars in their 1990 divorce. Chief Judge Loretta Preska of the federal court in Manhattan said Patricia Cohen failed to show that her former husband defrauded her by hiding $5.5...

  • Viacom had cut the total pay of its billionaire chairman, who also owns a majority stake in CBS, by 85 percent to $2 million last year. Redstone remains chairman emeritus, according to the Wall Street Journal, which first reported the pay cut. The judge's decision to toss the case was victory for Redstone but did not address his ability to handle business matters at...

  • May 18- Viacom Inc's board voted on Wednesday to stop paying 92- year-old controlling shareholder and Chairman Emeritus Sumner Redstone, the Wall Street Journal reported, citing a person familiar with the matter. Viacom had cut the total pay of its billionaire chairman, who also owns a majority stake in CBS, by 85 percent to $2 million last year.

  • SAO PAULO, May 18- Brazil's deep recession and a need for cash at major construction companies may drive real estate prices down as much as 30 percent this year, the head of self-storage company GuardeAqui said in an interview. Chief Executive Allan Paiotti said GuardeAqui, which is controlled by billionaire Sam Zell's Equity International, may accelerate...

  • *Fed officials hint at possible rate hike in June. NEW YORK/ LONDON, May 18- Gold fell more than one percent on Wednesday as the dollar hit a new three-week high following minutes of the U.S. Spot gold dipped to a session low of $1,262.45 an ounce after the news and was down 1.28 percent at $1,263.2 by 2:29 p.m. EDT, while U.S. gold futures settled down 0.2 percent at...

  • NEW YORK, May 17- Republican presidential candidate Donald Trump is willing to talk to North Korean leader Kim Jong Un to try to stop Pyongyang's nuclear program, Trump told Reuters in an interview on Tuesday. "At the same time I would put a lot of pressure on China because economically we have tremendous power over China," he said in the half-hour interview at his...

  • NEW YORK, May 17- U.S. ratings agency Standard& Poor's on Tuesday cut the credit rating of billionaire investor Carl Icahn's Icahn Enterprises to junk status after the portfolio absorbed declining investment values and higher leverage in the last few months. As of March 31, Icahn Enterprises's LTV ratio was approximately 50 percent, S&P noted. "

  • NEW YORK/ LONDON, May 17- Gold prices rose on Tuesday, reversing earlier losses after a weaker dollar and falling stock markets spurred safe-haven buying of the precious metal. Spot gold was up 0.3 percent at $1,277 per ounce by 2:58 p.m. EDT, while U.S. gold futures settled up 0.2 percent at $1,276.9. "Gold has been supported as of late as the ongoing theme over the...

  • State lawmakers voted to keep in place some of the lowest taxes on oil and gas production in the United States- a break worth $470 million in fiscal year 2015 alone. In Newcastle, 23 miles from the capital of Oklahoma City, John Cerny recently learned that the school attended by his five-year-old granddaughter, Adelynn, will open just four days a week next year.

  • NEW YORK, May 17- U.S. ratings agency Standard& Poor's on Tuesday cut the credit rating of billionaire investor Carl Icahn's Icahn Enterprises to junk status after the portfolio absorbed declining investment values and higher leverage in the last few months. The downgrade reflects Icahn Enterprises' elevated loan-to-value ratio, which S&P now expects to...

  • *Paulson cuts gold bets; Soros rushes back in. NEW YORK/ LONDON, May 17- Gold prices rose on Tuesday, reversing earlier losses after a weaker dollar and falling stock markets spurred safe-haven buying of the precious metal. Spot gold was trading 0.4 percent higher at $1,278.7 per ounce at 11:17 a.m. EDT, while U.S. gold futures were also up 0.55 percent at $1,281.20.

  • MEXICO CITY/ MADRID, May 17- Mexican billionaire Carlos Slim has put two of his grandchildren on boards of his companies, a major step in the succession of one of the world's largest family business empires. Daniel Jr.' s appointment to the board of Slim-owned metals miner Minera Frisco was approved by shareholders in April 2015, according to a public filing to...