Author: Christina Comben

  • Zamira Hajiyeva Finds Out What Happens When You Overspend at Harrods

    Zamira Hajiyeva Finds Out What Happens When You Overspend at Harrods

    Most people who overspend at Harrods suffer from varying degrees of buyer’s remorse. Retail therapy may be real but so is footing the bill afterward when the adrenaline has died down and all you’re left with is an overpriced set of steak knives. What doesn’t happen often (in fact, never before) is that you get slapped with a UWO (Unexplained Wealth Order) like Zamira Hajiyeva.

    Zamira Hajiyeva Spent £16m in Harrods

    When your husband is doing time in an Azerbaijani jail for embezzlement, keeping a low profile is probably a good idea. And yet Zamira Hajiyeva didn’t believe in living modestly. If her £15 million house just near the department store in one of London’s most affluent neighborhoods wasn’t enough to alert the authorities, her insatiable spending appetite in Harrods was.

    She has now become the first person in Britain to be served with a UWO by the National Crime Agency and is facing extradition charges back to her native Azerbaijan.

    Her Lawyers Claim No Wrongdoing

    While her lawyers insist that no wrongdoing took place and that Mrs. Hajiyeva is no “fraudster,” she’ll have a fair amount of explaining to do when it comes to justifying the source of her wealth. The UWO will force her to reveal the origin of her wealth and that will probably uncover a trail of undesirable discoveries.

    The UWO was served and Mrs. Hajiyeva was arrested after UK authorities were adverted by their Azerbaijani counterparts of two counts of embezzlement charges against her and requested extradition. She is currently being held in custody and was denied bail as prosecutors claimed that she was a flight risk.

    The best justification from her legal team so far? They say that Mrs. Hajiyeva is no fraudster with no threat of leaving the country. She’s merely a bit of a “spendthrift.” Perhaps that buyer’s remorse blow is softer when you’re spending other people’s money.

    What Happens Next for Hajiyeva?

    It seems the Azerbajaini’s weakness for blowing through money will finally be her undoing, although she has an appeal hearing scheduled for Thursday this week.

    She also has children living in the UK and has been living in the British Isles for almost 10 years after surviving a brutal kidnapping in her native country. Whether the NCA will take this into account or not remains to be seen.

    Featured image from Shutterstock.

  • Thought Ronaldinho Was Stinking Rich? Not According to His Bank Account

    Thought Ronaldinho Was Stinking Rich? Not According to His Bank Account

    According to sources, Brazilian soccer star and ex-Barcelona forward Ronaldinho has a net worth of 90 million. Where he keeps his money is a mystery though since Brazilian authorities found just six euros in his bank accounts upon a seizure order by a judge.

    The decision was taken to freeze Ronaldinho’s accounts over lack of payment of debts totaling some 2 million euros which the Barca star racked up with his brother over a failed construction project.

    The brothers were fined for building illegally upon a protected area (something that Brazilians are particularly adept at) however the fine has remained unpaid.

    Even mortgaging the property has proven insufficient since the high level of interest generated on their debt over four years vastly overshadows the mortgage earnings. It’s a sad and yet fairly common tale in South America where most countries have hyperinflation, rising interest rates, and political discord.

    Except, Ronaldinho is hardly your average Brazilian. And, the authorities have noticed that the ex-soccer player’s lavish lifestyle does not represent his bank balance.

    Ronaldinho Is Currently Traveling the World

    The high profile player has traveled to China and Japan in the past couple of weeks for advertising contracts and has also been spotted in Europe and Africa at conferences and product shoots.

    If that wasn’t enough to anger the Brazilian authorities further, shoemaker giant Nike has just launched a new series of sneakers in his name as a tribute to the popular player.

    Nike Ronaldinho shoes
    Source: SoccerCorner

    This, the judge notes should bring him a sizable income, more than enough to pay his hos debts several times over. According to UOL, the player is also scheduled to play in a friendly ‘Game of Champions,’ in Frankfurt, Germany.

    The Brazilian judge has also ordered that his passport be seized. If he can find him that is.

    Featured image from Goal.com.

  • Elon Musk Announces Tesla’s Partial Presence in India in 2019

    Elon Musk Announces Tesla’s Partial Presence in India in 2019

    Tesla’s expansion plans include India, as well as Africa and South America. Elon Musk announced the company’s intent to build a partial presence in these regions by the end of 2019 on the 2nd of November, via Twitter.

    The entrepreneur wants to make pricing affordable, through a strategy that focuses on local production for local markets at a continental level.

    After setting a partial presence in India, Tesla plans to expand operations to India by 2020.

     

     

    Musk Divulged Supply Chain Difficulties in India

    This isn’t the first time that Elon Musk brought up the company’s plans for development in the Indian market. When Tesla launched its entry-level Model 3 back in 2017, the controversial entrepreneur justified the company’s absence from India by invoking supply chain issues.

    He wrote on Twitter in 2017:

    “I was told that 30% of parts must be locally sourced and the supply doesn’t yet exist in India to support that.”

    In the absence of a reliable supply chain and with no local factory to assemble the cars, Model 3 hasn’t yet been launched in India. This is also to avoid an eye-watering 110% duty.

    In the future, the US-based company also needs to settle a country-wide charger network for Tesla owners in India.

    At the beginning of this year, however, the entrepreneur expressed the company’s interest in the Indian market one more time. Again, he blamed local regulations for Tesla’s difficulties in launching its products in the South Asian country.

     

    India Is an Attractive Investment Destination

    India lost a good deal last year when Tesla agreed to build its first factory outside the US in Shanghai, China, despite the fact that the company had been exploring the possibilities of setting up a plant in India for months.

    The decision came as a shock for the Indian authorities, who repeatedly talked about switching to electric cars by 2030. However, the country is still open to a collaboration with Musk’s company for a local factory.

    Indian Transport Minister stated in January 2018:

    “If they are coming, if they are ready to come, we will welcome. We are ready to offer them land and all type of help.”

    Tesla can’t afford to ignore the Indian market for too long. India has the fifth largest economy in the world, which will double to $5 trillion by 2025. Even if it is a challenging market, the advantages of investing here are well worth the effort.

    India’s investment in infrastructure, together with a growing middle class, makes the country attractive to investors and a market with high potential.

    India is also home to many tech startups that are likely to become the next generation of Unicorns.

    Featured image from Tesla Motors.

  • Sheikh Hamad Isa Ali al-Khalifa Sued for Missing Bollywood Meetings

    Sheikh Hamad Isa Ali al-Khalifa Sued for Missing Bollywood Meetings

    If you’ve ever agreed to meet someone and ducked out at the last minute you probably felt pretty bad about it. And maybe the pang of guilt kept you up that night. It probably didn’t cost you a possible $45 million (£35 million) like Bahraini Royal family member Sheikh Hamad Isa Ali al-Khalifa.

    Sheikh Hamad Isa Ali al-Khalifa Sued for Pulling Out of a Deal

    It appears that the dozens of Bollywood stars who had mobilized to meet with the Sheikh where less-than-impressed by the Royal’s absence. They are accusing him of reneging on an exclusive agreement that he had with Egyptian businessman Ahmed Adel Abdallah Ahmed to meet the stars, spend time with them–and presumably, invest bucketloads of money into their movies.

    Among the snubbed Bollywood A-listers are Amitabh Bachchan, Anil Kapoor, and Deepika Padukone. However, the alleged meetings were meant to include 26 stars in total and the Sheikh had drawn up a list of those he wanted to meet.

    Deepika Ranveer / Source: India.com

    The papers filed at London’s High Court of Justice by the infuriated businessman stated that the Bahraini royal had agreed to pay $1.5 million (£1.15 million) for each meeting and also foot the bill for any expenses incurred.

    This is a deal that the Sheikh backed out of after having met with just four stars between January and March of 2016 and paying just $3 million (£2.3 million) for the pleasure.

    Failed to Foot the Bill

    Other charges against the currently unpopular royal include his broken promise of sponsoring the Times of India Film Awards, where his deep pockets would have come in extremely handy. And which would have given him the perfect opportunity to mix with the stars he wanted to meet. Neither the Sheikh nor the money appeared. Perhaps he was catching birds of prey with his children instead.

    While Mr. Ahmed admitted to feeling betrayed, the Sheikh denied any legally binding agreement–which should be a reminder to us all that there’s no such thing as a handshake agreement.

    In his defense statement to the court, Sheikh Hamad Isa Ali al-Khalifa said that he felt unfair pressure and that Mr. Ahmed was:

    “making unwarranted demands for very large sums of money and seeking to arrange meetings which were not convenient.”

    He maintained that he had been enthused by the chance to meet up with the Bollywood stars but that Mr. Ahmed had set the original price tag at just $50,000 (£38,000) per actor.

    The Sheikh maintains that he originally held up his part of the bargain, paying through the nose to meet the first four actors. But after spending $3.4 million (£2.6 million) his didn’t wish to arrange any further meetings.

    The Sheikh’s Legal Team Failed to Get the Case Thrown Out

    The Sheikh and his legal team last year applied to the High Court requesting that the case be thrown out. He argued that he had no substantial connection with England and that:

    “The pursuit of the claim in Bahrain would best serve the ends of justice.”

    Unsurprisingly, Mr. Ahmed failed to agree, suspecting that he may not get a fair hearing on the Sheikh’s royal turf.

    In what looks to be a case of he said/he said, it will be interesting to see how the hammer falls next week on the final hearing–and whether the Sheikh or the Egyptian businessman will be left out of pocket.

    Featured image from India Legal.

  • Swiss Fund GAM Holding Announces Departure of Chief Executive

    Swiss Fund GAM Holding Announces Departure of Chief Executive

    In a statement released this Tuesday morning, crisis-hit Swiss fund manager GAM Holding AG announced that chief executive Alexander Friedman will be stepping down. Now the troubled firm that manages some $145.5 billion in assets for institutions is scrambling to prevent an outflow of capital from troubled investors following the top boss’ departure.

    Alexander Friedman, who’s held the top spot since 2014, will be leaving effective immediately after the latest round of backlash over unpopular decisions taken. GAM Holding AG Director David Jacob will be taking over in the meantime until a suitable long-term replacement is found.

    GAM Holding Under Attack Since August

    GAM’s chief executive Alexander Friedman has been facing heavy criticism since August when he made the controversial decision to freeze withdrawals from some of its major bond funds after a run on the portfolios.

    GAM Holding Chief Exective

    This lead to major investor anxiety especially amid rumors that the fund manager had suspended a prominent manager over possible record keeping and risk management problems. London-based Tim Haywood was later suspended.

    GAM Holding’s share price has tumbled by more than 60% over the last year and the fund manager has gone from bad to worse over the last twelve months.

    The Outlook for GAM

    Nervous shareholders may not welcome the latest blow to come out of GAM Holding, although there may be a silver lining in sight as the hedge fund explores all possible options to maximize shareholder value, including its possible sale.

    According to the statement, Mr. Jacob’s top priority now will be to ensure that all possible steps are taken to keep GAM Holding profitable, including finding possible buyers–and that any key actions are taken as swiftly as possible.

    Chairman of GAM Holding AG, Hugh Scott-Barrett, said:

    “The Group is facing some important decisions as we seek to position the business for future growth.”

    Images from Bloomberg.

  • Indian Millionaire Vembu Vaidyanathan Gave $2.7 Million to Family and Friends

    Indian Millionaire Vembu Vaidyanathan Gave $2.7 Million to Family and Friends

    Vembu Vaidyanathan, founder, CEO, and Chairman of Capital First has decided to divide 10% of his shares between family members, former employees, colleagues, and personal staff. The value of the unusual gift comes to $2.7 million (Rs20 crore), representing 429,000 shares, at the current market price of ₹478.60 ($6.56) on the BSE.

    41 people benefit from this windfall and none of them are direct heirs or successors of the millionaire.

    Driver and Maids Get 6,500 Shares Each

    Vembu Vaidyanathan made this gesture of gratitude to thank all those people who stayed close to him and supported his work, while he was building the Capital First brand. The millionaire’s brother, group captain Satyamurthy Vembu, received the highest amount of shares, at 26,000.

    Other members of the family who will now own stock in Capital First include Vaidyanathan’s other brother, their sister, and seven of his wife’s relatives.

    23 colleagues and three former employees have also received 11,000 shares each. Besides them, Vaidyanathan also offered 6,500 shares to each of his five personal staff including his driver and the housemaids.

    This action comes just in time for Diwali, one of the most important festivals in Hinduism. Although, the decision of rewarding close people and staff had nothing to do with the celebration but with other events that will change the course of Capital First.

    Capital First said in a statement:

    “The company is now on the threshold of a merger with an existing bank, and such a merger is a significant milestone because of access to a bank platform. Hence before the start of the new journey, as an expression of thanks, he [V Vaidyanathan] has gifted 11,000 fully paid-up shares to each of the 26 said employees, totaling to 2,86,000 shares of Capital First held by him in his personal capacity.”

    Vembu Vaidyanathan Is a Self-Made Millionaire

    Vembu Vaidyanathan started his career in 1990, at Citibank where he worked in consumer banking. In 2000, he joined the team at ICICI Prudential Life Insurance, and soon became the company’s managing director and CEO.

    The millionaire founded Capital First, a company that finances upcoming entrepreneurs. He started by buying an equity stake in NBFC, a non-banking finance company.

    In 2012, he managed to secure an equity backing of almost $9 million from PE Warburg Pincus. His next moves were an open offer to the public and complete reconstruction, resulting in the ideation of a new brand, called Capital First. Today, the company is worth $29 billion.

    After Capital First’s merger with IDFC Bank, the IDFC managing director and CEO Rajiv Lall will become the Non-Executive Chairman of the new bank. Vaidyanathan will lead the new organization as MD and CEO.

    Before giving away part of his shares, Vaidyanathan held almost 4% in Capital First. He also owns a significant amount of shares in the Rukmani Social Welfare Trust, an organization that provides support for charity and underprivileged children.

    Featured image from OfficeChai.

  • Here Are the Top 5 Things You’re Probably Wasting Money on Right Now

    Here Are the Top 5 Things You’re Probably Wasting Money on Right Now

    Sometimes it’s worth spending the extra cash to get a decent ROI on your purchase–whether that comes back to you in the shape of a better job, a decent sun tan, or a healthy and happy lifestyle. Wasting money, on the other hand, is pretty much never a good idea.

    We’re not talking about the bottles of Bollinger you bought for everyone at the bar after you had a few too many. At least that brought you (and everyone else) some temporary happiness.

    No, there are a ton of other ways that you’re wasting money without even realizing–basically spending on things that give you absolutely nothing in return and only detract from your life. Here are the top five.

    1. Banking Fees

    Research suggests that most of us are more loyal to our banks than our partners. The average US adult has used the same checking account for 16 years. They stay married for about seven.

    Not because they’re especially satisfied with the service they get but simply because changing your bank account can be a big freaking hassle.

    banking fees

    And yet, by not shopping around, you’re probably wasting money every month without realizing it. Small costs that add up over time can be more harmful than those one-off splurges at the bar that bought you instant gratification at the very least.

    If you allow your account to go overdrawn every other month, use ATMs that are close by instead of operated by your bank, or are saving money before finishing off paying a debt, you need to look closer at your finances.

    2. Buying the Same Thing Twice

    If you’re too lazy to double check whether you have something hidden in your cupboard, you may end up buying it twice. If we’re talking about a bottle of ketchup, that’s hardly a problem, since you’ll at least use it when the other one finishes.

    kraft heinz

    But when this starts happening on a more regular basis with items that you don’t need two of… you’re wasting money that could go toward something that does add value to your life.

    Whether it’s a cheese grater or a coffeemaker, a set of headphones or a travel pillow, you probably just need the one.

    And, going back to the ketchup, if you routinely grocery shop without checking what you have in the cupboard, remember plenty of items expire. That really is throwing money down the drain.

    3. Overpriced Items

    This basically applies to anything that you could have gotten cheaper somewhere else. While oftentimes you pay for the convenience of buying something from a local store rather than heading to one far from your home, if you fall into this habit, you’re routinely wasting money.

    So before you make your next lazy purchase, calculate the value of your time. If it’s worth spending the extra to give you convenience, by all means, pay a premium. But if you have the time to shop around, it’s worth training yourself to do so.

    4. Paying for a Brand Name

    It’s not the same buying an iPhone or a Huawei, granted. And neither is it if you want a quality watch that will last the distance of your life. But, is it really worth spending three times as much for a branded pair or undies or everyday grocery items like mayonnaise?

    Most of the time you can find comfortable clothes that have no brand and make significant savings. So, at least, for your essential items like T-shirts and pants, go for a cheaper version.

    rayban

    If you want to pimp your ride, spend the extra on a branded coat, jeans, or glasses–something that people will actually notice.

    And if you must buy branded dishwasher tablets or culinary sauces because you really see the difference, that’s up to you. But if you can find unbranded items three times cheaper, why find yourself wasting money hand over fist to buy them simply because the publicity has beaten its way into the back of your mind?

    5. Single-Use Items

    This is where something called false economy often comes into play. It may be cheaper to buy a disposable razor because the one with the replacement parts costs more, but remember, the expensive one lasts longer.

    flamingo

    The same applies to items you need right now that will never have a future utility. Like an inflatable flamingo on vacation or an all-weather jacket when you live near the equator.

    Shop around for the best bank account for you. Your needs change over time. Start cutting down on branded items, avoid buying duplicates and keep on-off purchase expenses to a minimum or you’ll end up leaking money like a faucet.

    Images from Shutterstock.

  • Got $200K Going Spare? Why Not Spend It on an Underwater Hotel?

    Got $200K Going Spare? Why Not Spend It on an Underwater Hotel?

    If you’re loaded and feeling in need of some serious R&R, why not splash out (literally) on an underwater vacation in the Maldives? The white-sand islands known for their stunning private cabins with clear-glass floors and private walkways just took luxury to a whole new level with the opening of the Conrad Maldives Rangali Island.

    Conrad Maldives Rangali Island

    The Conrad Maldives Rangali Island is the first-ever hotel residence to open up completely underwater. If you’re not too sure about how you’d feel sleeping in an aquarium, fear not, your hotel villa comes complete with rooms above water-level as well.

    You can still clean your teeth while being surrounded by tropical fish and other reef creatures–including sharks. In fact, there are no simple rooms at the Maldives Rangali Island, all accommodation comes in the form of mega-suites.

    Although, “suite” probably isn’t the right word either since we’re talking about a two-story villa nestled deep in the Indian Ocean.

    $200K for Uninterrupted Rest in an Underwater Hotel

    Beyond bedrooms, bathrooms, and all the mod-cons you’d expect from a luxury hotel, the Muraka (Maldive language for coral) also comes equipped with a private gym, infinity pool, underwater sleeping quarters, and your own butler. You also get a relaxation deck above ground in case you’re feeling claustrophobic or simply want to work on your tan.

    The villa is actually more of a bargain than it sounds at $50,000 a night. The only snag is you have to book for a minimum of four nights, hence the 20K price tag. But you also get your own chef throughout the duration and a private boat, as well as automatic access to Hilton Diamond status.

    It should be noted that the Muraka isn’t the first underwater venture here since there’s already a five-star restaurant where you can dine among the fish. This is the first time you can sleep directly under them, however.

    Kind to the Environment

    If you’re wondering whether any fish were harmed in the making of this luxury hotel, fear not. It was carefully planned down to the last detail to respect the environment. In fact, everything on the Muraka was built offshore in Singapore before being transported on a special ship to the Maldives.

    It’s also made to be sturdy even during high tides, held tightly in place by concrete pylons to keep it from shifting. So you won’t get washed away while the waves wash over you.

    Featured image from Conrad Maldives.

  • Blockchain’s Power Ledger Wins Branson’s Extreme Tech Challenge

    Blockchain’s Power Ledger Wins Branson’s Extreme Tech Challenge

    The Extreme Tech Challenge (XTC) organized by Sir. Richard Branson and playing out on his own private island takes place every year. Through a series of four grueling stages, eager contestants battle it out to pitch their ideas to discerning panels and some of the brightest minds in the tech world.

    This was the fourth year running that Extreme Tech Challenge (XTC) showcased the latest and greatest innovative ideas and real working projects in the emerging tech field.

    The original hundreds of contestants were shaved down to three finalists–Revl AI video editing services, Owlet Baby Care for infant healthcare resources at home, and Power Ledger blockchain software company developing solutions for the energy industry.

    The Winner of Extreme Tech Challenge Announced on Necker Island

    Most people who own a private island keep it for exactly those purposes–to be private. But then, Sir Richard Branson isn’t most people. Instead, he chooses Necker Island in the British Virgin Islands as the finalists’ destination for the XTC every year.

    Contestants are exposed to some of the most influential people in tech (and the ones with extremely deep pockets). They undergo a serious amount of pitching, heckling, and tough questions… but at least they get to do it in tropical sunshine on a private island.

    This time around on Necker Island, a couple of firsts occurred. XTC guests were the first people to visit the island since the devastating hurricanes of 2017. And the panel of judges headed up by Branson himself selected a blockchain company Power Ledger as the winner for the very first time.

    They walked away with the trophy–and a few additional benefits besides, including unrivaled visibility, resources, and the chance to scale internationally at low to no incremental cost.

    The Perth-based Australian software company uses blockchain technology to enhance the adoption and accessibility of clean energy worldwide. Dr. Jemma Green, Co-Founder of Power Ledger said:

    “We are honored and delighted to receive this award and excited for the additional opportunities available to us from this endorsement.”

    About Power Ledger

    The Power Ledger Platform is made up of a series of blockchain applications whose purpose is to enable peer-to-peer energy trading between households. This means that consumers can trade surplus energy with their neighbors to regulate supply and demand and make a profit as well.

    Just three finalists made it to the XTC championship round on Necker Island among fierce competition and unbridled promise, with Power Ledger earning first place.

    The blockchain startup was selected by a panel of elite judges spanning the fields of entrepreneurship and tech.

    Among the highly respected names were Sir Richard Branson, United Arab Emirates’ Prince Zayed Suroor, Bitfury’s co-founder Valery Vavilov, and Ignite Founder & Singularity University Co-Ambassador, Lisa Andrews.

    Featured image from The Confluence Group.

  • Trump Puts His Foot in It Again by Using Rihanna’s Music at a Rally

    Trump Puts His Foot in It Again by Using Rihanna’s Music at a Rally

    Another day, another mid-term political rally–another blatant misuse of popular culture from the president and his team. This time around, the slip-up was using Rihanna’s music. The superstar singer took to Twitter in protest of the fact that her hit song “Don’t Stop the Music” was played at a Republican campaign rally on Sunday in Tenessee.

    Rihanna was adverted to the fact that her music was being played by the White House bureau chief Philip Rucker, who said enthusiastically:

    “Trump’s rallies are unlike anything else in politics. Currently, Rihanna’s “Don’t Stop the Music is blaring in Chattanooga”… It’s like a ball game. Everyone’s loving it.”

    To which she replied:

    “Not for much longer… Me nor my people would ever be at or around one of those tragic rallies, so thanks for the heads up philip!”

    Rihanna’s Music Is Often Used in Politics

    Rihanna’s music is often used during campaigns, and the singer is quick to speak out on social injustice. But the star draws the line at representing Trump and his brand of politics.

    Earlier yesterday, Rihanna took to the social media platform Instagram to display her support for the Democratic party, and to endorse Andrew Gillum as Florida’s governor. She wrote:

    “The US has only had four black Governors in its entire history, and we can help make #AndrewGillum the next one and Florida’s first!”

    Rihanna is far from the first singer and star to reject Trump and the use of their work at his rallies. Pharrell Williams also objected to the president playing his hit song “Happy” at a rally in Murphysboro, Illinois–just hours after the deadly synagogue shooting in Pittsborough which killed eleven people.

    Aerosmith’s Steve Tyler also sent a cease and desist letter to the White House after the administration used his “Livin’ on the Edge” song at a rally in West Virginia without permission.

    And on Friday, HBO, the producer of hit TV series Game Of Thrones announced their dislike of the meme that caused a tweetstorm on Twitter using their branding to announce that “Sanctions Are Coming” to Iran.

    Featured image from Twitter.