Gupta, whose net worth was once estimated at around $130 million, is fighting to save from forfeiture his many properties, including a waterfront home in Westport, Connecticut that once belonged to the co-founder of J C Penney that he bought for more than $6 million. Legal stratagems include moving his domicile to Florida, which has more lenient bankruptcy laws that protect personal property.
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Over the past 35 years, Roy has built an empire that Sahara valued at $11 billion at the end of 2012. It owns properties such as New York’s Plaza Hotel, London’s Grosvenor House and at least 120 companies, including television stations, a hospital, a dairy farm, retail shops selling everything from detergents to diamonds and a 42.5 percent stake in India’s Formula One racing team. Sahara also owns 14,600 hectares (36,000 acres) of land, an area the size of Liechtenstein.
While Roy says his personal wealth amounts to less than $1 million, if the assets of the closely held group, including the Mercedes-Benz S350 he’s chauffeured around in, were counted as his own, he’d be the fifth-richest man in India, according to the Bloomberg Billionaires Index.
He joined a struggling lending company called Sahara Finance in 1978. Roy took over the firm and has changed its deposit-collection model at least six times as regulation tightened. Today, he supervises 1.1 million employees working out of 4,512 offices across the country.
Sahara, which means “support” in Hindi, collects sums as small as 20 rupees (32 cents) a day from rickshaw pullers, laundry washers and tire repairmen. Agents working for the company on commission promise to return an agreed-upon amount after a specified period — sometimes enough accumulated savings to pay for a daughter’s wedding or a plot of land. Roy says he performs a critical service, which he calls “parabanking,” his term for shadow banking.
Few investors have heard of Kitimat, Canada. But this town of just over 8,000 people looks to be at the epicentre of a multi-billion dollar boom.
The reason is LNG. A topic that’s becoming big news in western Canada.
Especially after last week. When the government of Malaysia announced it plans to spend $35 billion constructing a gas liquefaction terminal and associated infrastructure on the Canadian coast near Kitimat.
Malaysian state firm Petronas will almost certainly feed the LNG development with gas from the British Columbia properties it acquired by buying Progress Energy Resources last year. A theme now becoming common–shale gas in BC looks to be for real. And a number of companies are eying this high-potential area as feedstock for Pacific LNG shipments.
Citizens of India have been watching, in stunned amazement, as over the past month the local currency has lost an unprecedented 15% of its value, with a record plunge taking place just on August 28, 2013.
Over the last two years, One USD has gone from around 44 INR per dollar to 68 INR per dollar recently.
here is a detailed picture of last 30 days of free fall of indian rupee.
More detailed analysis of epic Indian Rupee Crash
MILK is perhaps one of the most well-known basic foods to mankind. It is the primary source of nutrition for children before they are able to digest other types of food.
It comes as no surprise then, that the dairy market is said to be one of the fastest growing sectors in the food and beverage (F&B) industry.
Research firm MarketLine Industry Guides estimates that world milk production will increase by 153mil tonnes over the next 10 years.
In Malaysia, Etika Foods Marketing Sdn Bhd marketing executive Nancy Ng said the market for dairy products grew from 1.49 billion litres in 2011 to 1.54 billion litres last year.