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BW Businessworld

Slim Had A Great Fall

The Mexican mogul had the worst year of anyone on Bloomberg’s list of the world’s 400 richest people.

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The Mexican mogul had the worst year of anyone on Bloomberg’s list of the world’s 400 richest people. Carlos Slim, the majority shareholder of telecommunications giant América Móvil, lost a whopping $20 billion in wealth this year, mostly due to a decrease in value of his shares in the company. Slim isn’t going to be heading to the poor line anytime soon though; his net worth is still $52.8 billion. The $20 billion decrease is approximately equal to the size of the economy of Honduras.

Roman Holiday
Cramer Ball resigned as chief executive of Jet Airways (India), the country’s second-largest airline by market share, to join Italy’s national airline Alitalia as its top boss. Ball’s resignation from Jet Airways is effective 29 February. He will replace Silvano Cassano, who quit the Rome-based company in September this year, and be replaced by Gaurang Shetty, a whole-time director who will become acting CEO. Etihad Airways has a 24 per cent stake in Jet. Resignation of Ball, who will join Alitalia beginning March next year, comes at a time when Jet is in the process of implementing its turnaround plan.

Red Card
FIFA president Sepp Blatter has been banned from soccer for eight years, the latest consequence in a year when FIFA’s widespread corruption came home to roost. The FIFA ethics committee banned Blatter for making an illicit $2.1 million payment to the head of the governing body of European soccer, UEFA. For Blatter, who has been FIFA’s president since 1998, the ban prohibits any involvement in soccer-related activities.

Package Deal
Walt Disney Co.’s chairman and chief executive Robert Iger’s compensation package reached $44.9 million for the fiscal year ended in October. It marked a decline of 3.4 per cent from 2014, mostly owing to changes in the value of his pension benefits, according to a regulatory filing. Iger’s pay package this fiscal included a salary of $2.5 million, an increase of 1.9 per cent from the year ago period.

Karma Catches UP
Martin Shkreli, who caused public outrage after raising the price of a prescription drug by more than 5,000 per cent, was arrested for engaging in a Ponzi-like scheme at his former hedge fund MSMB Capital Management and pharmaceutical company Retrophin Inc. Ousted as CEO of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc following the arrest, he is charged with securities fraud and conspiracy. He, however, pleaded not guilty and was released on a $5 million bond.

Speedy Affair
Stefano Domenicali, who headed Ferrari’s Formula One team until 2014, is said to be appointed as the new CEO of Volkswagen Italian brand Lamborghini. He is expected to replace current CEO Stephan Winkelmann, who has headed the supercar manufacturer since 2005. In turn, Winkelmann could join Audi sports unit Quattro GmbH.

Lanka Play
Indian cricketer Harbhajan Singh is south bound. According to the ministry of finance, he is going to invest in Sri Lanka. The spinner met finance minister Ravi Karunanayake in his office and discussed investment opportunities in Sri Lanka. The Ministry quoted Singh as saying that he is looking forward to investing in Sri Lanka given the long standing friendly relations between the two countries.

Double Whammy
Indian Super League team FC Goa’s co-owner Dattaraj Salgaoncar was allegedly assaulted by Chennayin captain Elano Blumer during celebrations after Chennaiyin defeated FC Goa in the ISL final. Blumer has been slapped with charges of wrongful restraint based on Salgaoncar’s complaint who is incidentally the brother in-law of Nita Ambani, head of IMG-Reliance that organises the ISL.

(This story was published in BW | Businessworld Issue Dated 11-01-2016)