Jeff Bezos sells $2 billion of Amazon shares as stock surge puts him within reach of becoming the world’s richest person

EDITOR: LINDA MAJID

Jeff Bezos unloaded 12 million shares of Amazon.com Inc. this week, the first time the billionaire has sold the company’s stock since 2021.

The sales took place on Wednesday and Thursday and netted just over $2 billion, according to a filing.

Amazon disclosed on Feb. 2 that Bezos plans to sell as many as 50 million shares of Amazon over the next 12 months, potentially cashing in on a stock surge that’s put him within reach of becoming the world’s richest person. His fortune has climbed $22.6 billion this year to $199.5 billion as of Friday, according to the Bloomberg Billionaires Index.

The Amazon founder has sold over $30 billion in shares since records going back to 2002, including about $20 billion combined in 2020 and 2021. He has primarily been gifting stock, including shares worth roughly $230 million that were given to nonprofit organizations in November.

King Charles III Signs Finance Law Recognizing Crypto (Pi Coin) As A Regulated Financial Activity

Editor;Linda Majid 

King Charles III of the United Kingdom has officially signed the Finance Act, a groundbreaking piece of legislation that acknowledges cryptocurrencies, including the Pi Coin, as regulated financial activities. This move solidifies the UK’s commitment to embracing digital currencies and integrating them into the conventional financial system.

The Finance Act, now law, categorizes cryptocurrencies like Bitcoin and Ethereum as official financial instruments subject to regulatory oversight. This step is part of the government’s ongoing efforts to encourage innovation, protect consumers, and maintain financial stability within the rapidly expanding crypto industry.

King Charles III’s support for the Finance Act reflects the monarchy’s stance on the digital transformation of the financial sector, symbolizing the recognition of cryptocurrencies’ legitimacy and value within the UK’s economic landscape.

This landmark legislation brings several advantages to both the broader cryptocurrency industry and the thriving Pi Network community.

1. Enhanced Legitimacy and Investor Confidence: The Finance Act provides a legal framework, boosting legitimacy and trust in the industry. This recognition fosters investor confidence, encouraging more participation in the Pi Network community and investment in digital assets.

2. Improved Consumer Protection: Regulatory oversight aims to protect consumers from fraudulent activities, ensuring fair market practices. This enhances trust and provides a more secure environment for Pi Network participants, benefiting transactions and investments.

3. Access to Traditional Financial Services: Recognizing cryptocurrencies as regulated financial activities facilitates Pi Network’s integration into the traditional financial system, opening doors to partnerships with banks and other institutions. This grants Pi Network users greater access to banking services and broader financial opportunities.

4. Increased Adoption and Integration: Acknowledgment of cryptocurrencies encourages wider adoption and integration across various sectors. Businesses and individuals can more readily transact with cryptocurrencies, driving the growth and utilization of the Pi Network as a medium of exchange.

5. Opportunities for Innovation and Collaboration: Regulatory recognition creates an environment for innovation and collaboration. Partnerships with fintech companies, regulatory bodies, and academic institutions can flourish, fostering the development of new technologies and applications in the Pi Network ecosystem.

King Charles III’s signing of the Finance Act showcases the UK’s commitment to embracing the potential of cryptocurrencies while ensuring a secure and regulated financial environment. This recognition sets the stage for the Pi Network community to thrive and contribute to the broader digital economy.

As the Pi Network and other cryptocurrencies continue to evolve, the Finance Act sets a precedent for other countries to follow, potentially driving global recognition and acceptance of digital assets. The signing of this groundbreaking legislation reflects the UK’s forward-thinking approach and positions the Pi Network community at the forefront of the digital revolution, unlocking new opportunities for growth and innovation in the regulated financial landscape

Keep mining Pi! Reactivate if you have given up! Pi is well worth your few second a day effort. It is the only free mining Layer 1 crypto project with over 100 million people joined and 50 million miners active. Remember , money goes to wherever people are. Pi communities in over 230 countries worldwide are the most vibrant communities. It has over 2.9 million followers in X and will soon catch up with the 2nd most popular crypto Ethereum ‘s 3.2 million. The long journey of 5 year development is near completion. Pi Network has plan to open mainnet in 2024, your efforts will be greatly rewarded soon! The Pi IOU has been trading in several exchanges since January 2023 and the price is at over $30/Pi. Why do you think that it can commend such a high price before it even officially goes public?

List of 10 Richest People in the World in January 2024

Editor: Linda Majid

U.S. business magazine Forbes has recently published the ranking of the world's richest people in January 2024, and it suggests that global entrepreneurs are experiencing a decline in the value of their net worth early this year. 

While several billionaires have lost some of their wealth, the ranking has not changed significantly compared to the previous month, December 2023. 

Here is a list of the top 10 richest people in the world in January 2024, with a combined fortune of nearly US$1.47 trillion. This figure and the other currency values mentioned in this article are accurate as of January 18, 2024.

1. Elon Musk

The world's richest individual in January 2024 is Elon Musk. He is the CEO of Tesla, the leading electric car manufacturer worldwide. He also has shares in the private space exploration company SpaceX and the social media company X (formerly Twitter). 

As of January 18, 2024, Elon Musk's net worth was US$227.8 billion, down about 1.35 percent, or US$3.1 billion, from the previous month.

2. Bernard Arnault and Family,

Bernard Arnault who is the CEO and chairman of the world's largest luxury goods company, Moët Hennessy Louis Vuitton (LVMH), saw his net worth drop by US$4.9 billion or 2.73 percent to US$175.1 billion, just like Elon Musk. 

LVMH owns approximately 70 renowned fashion and cosmetics brands, including Louis Vuitton, Christian Dior, Moet & Chandon, and Sephora. In January 2021, LVMH acquired jewelry company Tiffany & Co. for US$15.8 billion.

3. Jeff Bezos

Jeff Bezos is a global entrepreneur who once served as the CEO of the world's largest e-commerce company, Amazon. He resigned from his post in 2021. His assets amounted to US$174 billion, down around 0.82 percent or US$1.4 billion

4. Larry Ellison

Larry Ellison is the tycoon behind the software company Oracle. He served as Chief Technology Officer (CTO) of Oracle and then ventured into investments, including a substantial stake in Tesla, where he served on the board of directors from 2018 to 2022. His total wealth was recorded at $134.9 billion, a decrease of $347 m8illion, or 0.26 percent.

5. Mark Zuckerberg

Facebook founder Mark Zuckerberg has become the world’s fifth richest person, surpassing Bill Gates and Warren Buffett. He started the social media platform in 2004 at the age of 19. He also owns Instagram, WhatsApp, and Threads under Meta Platforms.

Unlike other global entrepreneurs who experienced a decline in their assets early this year, Mark Zuckerberg recorded a surplus of about 0.24 percent or US$316 million, making his total net worth US$130.2 billion.

6. Bill Gates

Bill Gates, the founder and former CEO of Microsoft, has been among the world's top richest people for 25 years, from 1995 to 2017, with brief exceptions in 2008 and from 2010 to 2013. He also has many investments in various companies. His fortune as of January 18, 2024, was US$120 billion.

7. Warren Buffett

Known as the 'Oracle of Omaha', Warren Buffett is among the greatest investors in history. He runs Berkshire Hathaway, an investment conglomerate with a diverse portfolio, consisting of numerous companies, including insurance provider Geico and battery manufacturer Duracell. His net worth amounted to US$119.2 billion.

8. Larry Page

Larry Page co-founded Google in 1998 and served as CEO from 2011-2015. At present, he is a member of the board of directors of Alphabet, Google's parent company. His total wealth was around US$118.7 billion.

9. Steve Ballmer

Steve Ballmer was Bill Gates’ classmate at Harvard University. He was also the CEO of Microsoft in 2000-2014. Apart from that, he made investments in various fields including the NBA and the Los Angeles Clippers basketball clubs. Steve Ballmer's net worth reached US$115.4 billion.

10. Sergey Brin

Sergey Brin ranks tenth in the Forbes list of ten richest people in the world this January. He co-founded the popular search engine company Google with Larry Page. In December 2019, he stepped down as President of Alphabet, Google's parent company, but remains a controlling shareholder and a board member. His net worth hit US$113.8 billion.

News Editor: Linda Majid 

Mahal Program Recruit: Nurturing Global Commitment, Enlisting Youth as IDF 'Tourists

Editor: Linda Majid

The Mahal program caters to Jewish youth from foreign countries eager to volunteer for military service and join the IDF as "Tourists." Despite not being Israeli citizens, these young volunteers obtain a designated residence permit through registration on this track.

Source: Julie orin

This initiative also includes children of Israeli parents living abroad, allowing them to enlist even with Israeli citizenship. Many volunteers independently come to Israel for army enlistment, earning recognition as "lone soldiers" during their service. The Mahal program attracts hundreds of youngsters annually, predominantly from the US and France, with around 90% enlisting in combat units.

Following their service, some volunteers return to their countries of origin, while others immigrate to Israel, either alone or with their families. Notably, 50% of volunteers opt to remain in Israel and pursue aliyah.

It's important to credit Julie Orin as the source of this information. 

As Former Prime Minister Yitzhak Rabin stated, "They came to us when we needed them most, in those difficult and fateful days of our War of Independence."

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Source: Julie orin

Editor: Linda Majid

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Top 10 Richest Countries in the World by GDP per Capital in 2023

Editor : Linda Majid

The International Monetary Fund (IMF) annually publishes data on the Gross Domestic Product (GDP) per capita of all countries in the world. GDP per capita is a measure of a country's total economic output divided by the country's total population and is often used as an indicator of the welfare of the country's population.

The IMF calculates data for 237 countries across the globe. Here is a list of the ten richest countries in the world, starting from the country ranked tenth richest to the country ranked as the top in 2023, according to their per capita GDP: 

10. Denmark

Denmark's GDP per capita reached US$66,393,635 (Rp1,006 billion). The country's national income is dominated by the manufacturing industry, such as electronics, textiles, and household furniture. Although it is a relatively modern country, Denmark, which is home to 5.93 million people, also relies on agriculture and fisheries.

9. Australia

Australia, which is the only country in the world that encompasses an entire continent, recorded a GDP per capita of US$68,023,152 (Rp1,031 billion) from a population of 26 million people by strengthening the economy in the fields of wheat farming, meat farming, and the wool industry. This kangaroo country is also developing telecommunications and mining.

8. Iceland

Despite having a population of only about 372,000 people, Iceland's GDP per capita is US$77,960,826 (Rp1,182 billion). This island nation in the North Atlantic Ocean region relies heavily on the maritime sector. Nicknamed "Snowland," the country also derives wealth from aluminum production and environmentally friendly hydroelectric power plants.

7. United States

The US is the world's largest economy with the second-largest reserves of natural resources. The IMF reports that the per capita GDP for the 331 million people of the US reached US$78,421,938 (Rp1,189 billion).

6. Singapore

Singapore was named one of the 10 richest countries in the world in 2023, as well as in Asia. The GDP per capita reached US$84,500,411 (Rp1,281 billion). Although its land area is not larger than Madura Island in East Java, Indonesia, the Lion Country can attract funds from foreign investment.

5. Norway

Not only does it offer the beauty of the glacier bay (fjord). Norway is also known as a country that produces oil and natural gas. It is not surprising that the majority of the people who make their living as fishermen have a GDP per capita of US$88,748.76 (Rp1,345 billion).

4. Qatar

Qatar is known for its rich oil and natural gas resources, which accelerate its GDP per capita reaching US$89,416,443 (Rp1,356 billion). Its population of 2.79 million does not need to pay taxes as the country's economy is backed by oil and gas production and exports.

3. Switzerland

With a GDP per capita of US$94,834,644 (Rp1,438 billion), Switzerland ranks among the 10 richest countries in the world in 2023. This country is rich from tourism due to its captivating natural beauty. Its banking industry is also regarded as the greatest in the world.

2. Ireland

Often compared to Iceland, Ireland could overtake other developed countries in terms of economy. Before 1970, this small country was hit by a poverty crisis and an explosion of unemployment. However, Ireland managed to rise and achieve a GDP per capita of US$106,997,402 (Rp1,622 billion) in 2023. This country, dubbed the Celtic Tiger, saw its economic growth double.

1. Luxembourg

At the top of the list, Luxembourg has a GDP per capita of US$128,819,444 (Rp1,953 billion). These figures were obtained from various industrial sectors, including rubber, chemicals, iron, steel, and technological development. With a population of only 640,000 people, the government can suppress unemployment.

How about Indonesia? 

Indonesia ranks 116th on the list of the world's richest countries, with a per capita GDP of US$5,010 or about Rp75,981 million.

Among ASEAN countries, Singapore ranks sixth with a per capita GDP of US$84,500,411 (Rp1,281 billion), followed by Brunei Darussalam at 26th with a per capita GDP of US$41,710 (Rp632,422 million), Malaysia at 67th with a per capita GDP of US$13,940 (Rp211,414 million) and Thailand at 89th with a per capita GDP of US$8,270 (Rp125,422 million).

Below Indonesia is Vietnam at 119th with a GDP per capita of US$4,680 (Rp70,976 million), the Philippines at 130th with a GDP per capita of US$3,760 (Rp57 million), and Laos at 151st with a GDP per capita of US$1,980 (Rp30 million).

Empire Global Market Analyst's belief stock market could soar as much as 20-30% in 2024 as expectations grow for the Fed to slash rates and inflation.

Linda Majid

Backing James predictions, Fundstrat's Tom Lee, the S&P 500 stands a chance of soaring as much as 30% next year, with the expectation that inflation will continue to drop and the Fed will finally slash interest rates.

Lee, who has made a name as one of the most consistently bullish strategists on Wall Street, predicted the S&P 500 would surge to 5,200 by the end of 2024, implying a 9% increase from the benchmark index's current levels.

Lee's predictions are primarily based on the Fed's expected rate cuts and inflation dropping "like a rock", as he has previously predicted. These factors should give stocks the runway to soar in 2024.

"Consumers will realize that the rate of price increases is slowing," Lee said in an interview with CNBC last week, adding that inflation falling to 2% would be a "very visible" possibility next year. 

                  Empire Global Market

Double-digits is more than 50% probability," Lee said of S&P 500 gains in 2024, even considering that stocks already notched double-digit gains last year.

The index actually has more than a 50-50 chance of notching those double-digit gains, he said, pointing to a century-long trend between stocks and Treasury yields.

Since 1900, stocks have been likely to notch double-digit returns when the 10-year Treasury yield hovers between 3%-4%, Lee said.

65% of the time Treasury yields have traded within this range, the S&P 500 notched a price-to-earnings multiple of more than 18. And 50% of the time, the price-to-earnings ratio was more than 20, Lee said.

Treasury yields have fallen within this golden range over the past few weeks, thanks to investors ramping up their expectations for Fed rate cuts. And though Lee's 5,200 price target assumes stock multiples staying the same, an S&P 500 multiple of 20 would imply a 30% surge in stocks this year, he said, assuming corporate earnings are set to grow around 10%

Lee was spot-on in his stock market forecast in 2023, having predicted the S&P 500 would soar over 20% to end the year around 4,750. The benchmark stock index ended the year around 4,769, less than 1% away from Lee's target.

UK set to permit those on tourist visas work in the country from the new year

Starting January 31, 2024, the United Kingdom will introduce significant changes to its Visitor Visas, allowing additional business activities, according to the updated immigration rules published by the UK government

Under the new guidelines, visitors will be allowed to continue to work for an overseas employer while staying in the UK. Nevertheless, the primary intent of their visit must be tourism, visiting family, or engaging in another non-work-related activity. Also, the remote work conducted during the stay should be directly linked to the visitor's overseas employment.

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Key expansions to the Visitor Visa activities include:

1. Client Work Eligibility: Visitors holding these visas can engage in client work under certain conditions. This includes working in a company with branches both in the UK and abroad, where client work forms a small part of their job overseas and is essential for a project or service by their employer's UK branch. Notably, the project should not be delivered directly to a UK client by the visitor's employer overseas.
2. Working from the UK: Visitors will be allowed to work from the UK, provided that remote work is not the primary reason for their visit.
3. Scientists, Researchers, and Academics: Professionals in these fields can conduct research in the UK, with the exception of academics applying for a 12-month visit visa or extending permission from within the country.
4. Expanded Activities for Lawyers: Lawyers on Visitor Visas can now participate in additional activities in the UK, including giving advice, acting as an expert witness, participating in arbitrations, legal proceedings, and teaching.
5. 1. Paid Engagements for Speakers: Speakers visiting the UK on a visitor visa will now be eligible to receive payment for their talks.
   2. Merger of Permitted Paid Engagement (PPE) Visitor Route: The PPE Visitor route will be integrated into the Standard Visitor route. Individuals engaged in paid activities will not require a separate visa, but they must plan their activities within 30 days of arrival.

   These changes, particularly the allowance for remote work, are expected to enhance business and tourism in the United Kingdom. Chancellor of the Exchequer Jeremy Hunt had previously committed to expanding business visitor rules to enable a broader range of permitted activities and paid engagements, with the changes set to take effect in January 2024. Further reforms to business visitor rules are also anticipated in 2024.

Editor Linda Majid