The Business Roundtable, led by Jamie Dimon, gives a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
Powell will have the opportunity if not to walk back the "mid-cycle" assessment then to at least provide some further explanation about what it means.Economyread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Twitter said Monday it suspended hundreds of accounts that are believed to be tied to a "significant state-backed information campaign" originating from inside China.Technologyread more
The leaked documents give fresh ammo to conservative lawmakers who have already accused Google and other tech companies of political bias.Technologyread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
In a statement Monday, Barr named Kathleen Hawk Sawyer the new director of the Federal Bureau of Prisons.Politicsread more
The world's billionaires are now worth $8 trillion, greater than the GDPs of Germany and France combined.
According to the latest Hurun Global Rich List, published by the China-based Hurun Report research unit, there are now 2,257 billionaires in the world — up 3 percent from last year.
Their combined fortunes jumped 16 percent over 2016, to the equivalent of 11 percent of the world's annual GDP. Their wealth was also larger than every country's individual GDP, other than the U.S. and China.
"Billionaires are concentrating wealth at a supercharged rate," Rupert Hoogewerf, Hurun Report's chairman and chief researcher, said in a statement.
Indeed, the number of billionaires has exploded over the past five years, rocketing 55 percent higher. Because much of the world's wealth is hidden or difficult to find, the actual number of billionaires may be closer to 5,000, Hoogewerf said.
"While some billionaires go to extraordinary lengths to conceal their wealth, for the most part it is that they are discreet and prefer operating under the radar," he said.
China once again led the U.S. in the sheer number of billionaires, 609 to 552. China added 41 net new billionaires last year, while the U.S. netted an additional 17. (Forbes says the U.S. still has more billionaires, due to different methodologies and information). Combined, the two countries account for half the billionaires on the planet, according to Hurun.
While Bill Gates and Warren Buffett still hold the top spots with $81 billion and $78 billion respectively, Amazon's Jeff Bezos is closing in fast. Hurun said his net worth jumped 37 percent last year to $72 billion.
Two-thirds of the world's billionaires are self-made rather than inherited, according to the report.