Wealth

JPMorgan Chief Executive Jamie Dimon has laid into bitcoin and digital currencies once again, warning that governments will shut them down if they grow too large. “Right now these crypto things are kind of a novelty. People think they’re kind of neat. But the bigger they get, the more governments are going to close them
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Warren Buffett and Bill Gates are the most charitable American billionaires, according to a new analysis. The Chronicle of Philanthropy calculated the giving since 2000 of the 10 richest people in America, and calculated their charity as a share of their total wealth. Buffett topped the list, giving away more than $46 billion since 2000.
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Allocations to hedge funds declined, falling to 6.2 percent of the average family office portfolio, the survey found. Among multi-year participants in the survey, the allocation fell to 7.1 percent in 2016 from 8 percent in 2015 amid concerns over their ability to generate satisfactory returns, it said. That came despite better performance, with the
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A Swiss financial watchdog has closed down providers of a “fake” cryptocurrency called E-Coin. The latest regulatory step follows a series of moves from China to toughen up on bitcoin and other digital tokens, signaling frustration in the continent over the phenomenon. According to the central European country’s Financial Market Supervisory Authority (FINMA), at least
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“The market is realizing that it doesn’t really matter what happens in China anymore, the exchanges based there no longer dominate trading activity and more mature liquidity from institutional players in Japan, Korea and Europe is providing a boost to this next bull cycle,” said Aurelien Menant, founder and CEO of Hong Kong-based token exchange
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Emerging markets (EM) have continued to grow faster than developed markets and produced higher returns this year, but analysts have conflicting views about the sector’s growth outlook. EM gross domestic product growth is around 4.5 percent year on year and is holding at its best level since the first quarter of 2015, compared to developed
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The chief executive of German automaker Volkswagen says the current discussion regarding diesel cars is unjustified and that the diesel engine has a “great future” ahead. “The diesels we are offering today are clean. They comply with the Worldwide Harmonised Light Vehicle Test Procedure (WLTP) requirements and they meet the requirements and needs of our
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Floridians are no strangers to hurricanes and the wealthy of Miami know just how to protect their prized automobiles from the impending Hurricane Irma. Gil Dezer developed the 60-story Porsche Design Tower to withstand a Category 5 hurricane, and now he says there are more than $25 million worth of supercars tucked inside. “One of
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Private jet companies are seeing a surge in demand from wealthy Florida residents scrambling to leave before Hurricane Irma. With commercial flights booked or canceled, and the roads clogged with traffic, private jet companies said demand Wednesday and this week is shaping up to double or triple the usual demand. While this is normally a
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Star Clippers’ five-masted, full-rigged 439-foot Royal Clipper looks like an old-fashioned sailing ship. Tucked inside are modern navigation systems, upscale accommodations and amenities, such as three swimming pools and supervised mast-climbing. The spa, health club and other areas of the ship’s Captain Nemo Lounge even have underwater glass portholes. When Star Clippers’ Flying Clipper, debuts
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In an interview with CNBC on Friday, White House economic czar Gary Cohn said that the main beneficiaries of a planned corporate-tax cut are workers. Touting the benefits of cutting the corporate-tax rate, he said it’s not just rich investors who stand to gain. He said pensions own most of the corporate stocks in the
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Japan, the United Kingdom, and several other countries have adopted a system known as “precision withholding” that lets taxpayers avoid filing any kind of tax return at all. The tax return, at the end of the day, is an anachronistic legacy of the old days of paper record-keeping when it wouldn’t have been feasible to
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At times, she said, she languished in virtual detention after Guo’s staff confiscated her smartphone, computer, passport and keys and forbade her from leaving her room in his luxury apartment in the high-end London neighborhood of Belgravia. To prove her case, the woman surreptitiously met a lawyer friend in London earlier this year to give
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Fraud is becoming a bigger threat to your retirement security — even if you think you’re too sharp to fall for a scam. One 2015 report estimated that older Americans lose $36.5 billion each year to financial scams and abuse. The problem is growing, and researchers say older adults experiencing cognitive decline are just a
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Russian aluminium giant Rusal reported a 48 percent rise in second-quarter core earnings on Friday due to a higher aluminium price, and pointed to a positive outlook for the second half as supply in China tightens. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $510 million from $344 million in the same quarter
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