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All in a day: Zuckerberg loses $29 bln, Bezos set to pocket $20 bln

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Mark Zuckerberg lost $29 billion in net worth on Thursday as Meta Platforms Inc’s stock marked a record one-day plunge, while fellow billionaire Jeff Bezos was set to add $20 billion to his personal valuation after Amazon’s blockbuster earnings.

Meta’s stock fell 26%, erasing more than $200 billion in the biggest ever single-day market value wipeout for a U.S. company. That pulled down founder and Chief Executive Officer Zuckerberg’s net worth to $85 billion, according to Forbes.

Zuckerberg owns about 12.8% of the tech behemoth formerly known as Facebook.

Bezos, the founder and chairman of e-commerce retailer Amazon, owns about 9.9% of the company, according to Refinitiv data. He is also the world’s third richest man, according to Forbes.

Amazon’s holiday-quarter profit surged, thanks to its investments in electric vehicle company Rivian; and the company said it would hike annual prices of Prime subscriptions in the United States, sending its shares up 15% in extended trading and readying it for its biggest percentage gain since October 2009 on Friday.

Bezos’ net worth rose 57% to $177 billion in 2021 from a year earlier, according to Forbes, largely from Amazon’s boom during the pandemic when people were highly dependent on online shopping.

Zuckerberg’s one-day wealth decline is among the biggest ever and comes after Tesla Inc top boss Elon Musk’s $35 billion single-day paper loss in November. Musk, the world’s richest person, had then polled Twitter users if he should sell 10% of his stake in the electric carmaker. Tesla shares have yet to recover from the resulting selloff.

Following the $29 billion wipeout, Zuckerberg is in the twelfth spot on Forbes’ list of real-time billionaires, below Indian business moguls Mukesh Ambani and Gautam Adani.

To be sure, trading in technology stocks remains volatile as investors struggle to price in the impact of high inflation and an expected rise in interest rates. Meta shares could very well recover sooner rather than later, with the hit to Zuckerberg’s wealth staying on paper.

Zuckerberg sold $4.47 billion worth of Meta shares last year, before 2021’s tech rout. The stock sales were carried out as part of a pre-set 10b5-1 trading plan, which executives use to allay concerns about insider trading.

Source: https://tuoitrenews.vn/news/international/20220204/all-in-a-day-zuckerberg-loses-29-bln-bezos-set-to-pocket-20-bln/65558.html

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Two dead after shooting in Hamburg; investigation ongoing

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Two people have died after a shooting in Hamburg, police said on Sunday, in a second deadly shooting in the city this month.

Police said they had concluded an operation and were now investigating. A spokesperson declined to comment on the perpetrator.

Bild reported that the police were called shortly before midnight and that 28 vehicles rushed to the scene.

Two people have died after a shooting in Hamburg, police said on Sunday, in a second deadly shooting in the city this month.

Police said they had concluded an operation and were now investigating. A spokesperson declined to comment on the perpetrator.

Bild reported that the police were called shortly before midnight and that 28 vehicles rushed to the scene.

Source: https://tuoitrenews.vn/news/international/20230326/two-dead-after-shooting-in-hamburg-investigation-ongoing/72277.html

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Ancient Egypt excavation uncovers 2,000 mummified ram heads at Abydos

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At least 2,000 mummified ram heads dating from the Ptolemaic period and a palatial Old Kingdom structure have been uncovered at the temple of Ramses II in the ancient city of Abydos in southern Egypt, antiquities officials said on Saturday.

Mummified ewes, dogs, wild goats, cows, gazelles, and mongooses were found in the temple along with the ram heads, which are thought to be votive offerings indicating continuing reverence for Ramses II at the site about 1,000 years after his death, a statement from the tourism and antiquities ministry said.

It added that the discoveries would expand knowledge of the site over a period of more than two millennia up to the Ptolemaic period. The Ptolemaic period spanned about three centuries until the Roman conquest in 30 B.C.

Abydos, located in the Egyptian governorate of Sohag about 270 miles (435 km) south of Cairo, is one of Egypt’s major though lesser visited archaeological sites.

It was a necropolis for early ancient Egyptian royalty and a pilgrimage centre for the worship of the god Osiris.

Excavations were carried out by a mission from New York University’s Institute for the Study of the Ancient World.

Alongside the mummified animal remains, the team uncovered a large palatial structure with walls approximately five meters thick from the Old Kingdom’s sixth dynasty, in addition to several statues, papyri, ancient tree remains, leather garments and shoes.

The structure could help “reestablish the sense of the ancient landscape of Abydos before the construction of the Ramses II temple,” the head of the mission, Sameh Iskander, was quoted as saying.

At least 2,000 mummified ram heads dating from the Ptolemaic period and a palatial Old Kingdom structure have been uncovered at the temple of Ramses II in the ancient city of Abydos in southern Egypt, antiquities officials said on Saturday.

Mummified ewes, dogs, wild goats, cows, gazelles, and mongooses were found in the temple along with the ram heads, which are thought to be votive offerings indicating continuing reverence for Ramses II at the site about 1,000 years after his death, a statement from the tourism and antiquities ministry said.

It added that the discoveries would expand knowledge of the site over a period of more than two millennia up to the Ptolemaic period. The Ptolemaic period spanned about three centuries until the Roman conquest in 30 B.C.

Abydos, located in the Egyptian governorate of Sohag about 270 miles (435 km) south of Cairo, is one of Egypt’s major though lesser visited archaeological sites.

It was a necropolis for early ancient Egyptian royalty and a pilgrimage centre for the worship of the god Osiris.

Excavations were carried out by a mission from New York University’s Institute for the Study of the Ancient World.

Alongside the mummified animal remains, the team uncovered a large palatial structure with walls approximately five meters thick from the Old Kingdom’s sixth dynasty, in addition to several statues, papyri, ancient tree remains, leather garments and shoes.

The structure could help “reestablish the sense of the ancient landscape of Abydos before the construction of the Ramses II temple,” the head of the mission, Sameh Iskander, was quoted as saying.

Source: https://tuoitrenews.vn/news/international/20230326/ancient-egypt-excavation-uncovers-2000-mummified-ram-heads-at-abydos/72273.html

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IMF says risks to financial stability have increased, calls for vigilance

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International Monetary Fund chief Kristalina Georgieva said on Sunday that risks to financial stability have increased and called for continued vigilance although actions by advanced economies have calmed market stress.

The IMF managing director reiterated her view that 2023 would be another challenging year, with global growth slowing to below 3% due to scarring from the pandemic, the war in Ukraine and monetary tightening.

Even with a better outlook for 2024, global growth will remain well below its historic average of 3.8% and the overall outlook remained weak, she said at the China Development Forum.

The IMF, which has predicted global growth of 2.9% this year, is slated to release new forecasts next month.

Georgieva said policymakers in advanced economies had responded decisively to financial stability risks in the wake of bank collapses but even so vigilance was needed.

“So, we continue to monitor developments closely and are assessing potential implications for the global economic outlook and global financial stability,” she said, adding that the IMF was paying close attention to the most vulnerable countries, particularly low-income countries with high levels of debt.

She also warned that geo-economic fragmentation could split the world into rival economic blocs, resulting in “a dangerous division that would leave everyone poorer and less secure.”

Georgieva said China’s strong economic rebound, with projected GDP growth of 5.2% in 2023, offered some hope for the world economy, with China expected to account for around one third of global growth in 2023.

The IMF estimates that every 1 percentage point increase in GDP growth in China results in a 0.3 percentage point rise in growth in other Asian economies, she said.

She urged policymakers in China to work to raise productivity and rebalance the economy away from investment and towards more durable consumption-driven growth, including through market-oriented reforms to level the playing field between the private sector and state-owned enterprises.

Such reforms could lift real GDP by as much as 2.5% by 2027, and by around 18% by 2037, Georgieva said.

She said rebalancing China’s economy would also help Beijing reach its climate goals, since moving to consumption-led growth would cool energy demand, reducing emissions and easing energy security pressures.

Doing so, she said, could reduce carbon dioxide emissions by 15% over the next 30 years, resulting in a fall in global emissions of 4.5% over the same period.

International Monetary Fund chief Kristalina Georgieva said on Sunday that risks to financial stability have increased and called for continued vigilance although actions by advanced economies have calmed market stress.

The IMF managing director reiterated her view that 2023 would be another challenging year, with global growth slowing to below 3% due to scarring from the pandemic, the war in Ukraine and monetary tightening.

Even with a better outlook for 2024, global growth will remain well below its historic average of 3.8% and the overall outlook remained weak, she said at the China Development Forum.

The IMF, which has predicted global growth of 2.9% this year, is slated to release new forecasts next month.

Georgieva said policymakers in advanced economies had responded decisively to financial stability risks in the wake of bank collapses but even so vigilance was needed.

“So, we continue to monitor developments closely and are assessing potential implications for the global economic outlook and global financial stability,” she said, adding that the IMF was paying close attention to the most vulnerable countries, particularly low-income countries with high levels of debt.

She also warned that geo-economic fragmentation could split the world into rival economic blocs, resulting in “a dangerous division that would leave everyone poorer and less secure.”

Georgieva said China’s strong economic rebound, with projected GDP growth of 5.2% in 2023, offered some hope for the world economy, with China expected to account for around one third of global growth in 2023.

The IMF estimates that every 1 percentage point increase in GDP growth in China results in a 0.3 percentage point rise in growth in other Asian economies, she said.

She urged policymakers in China to work to raise productivity and rebalance the economy away from investment and towards more durable consumption-driven growth, including through market-oriented reforms to level the playing field between the private sector and state-owned enterprises.

Such reforms could lift real GDP by as much as 2.5% by 2027, and by around 18% by 2037, Georgieva said.

She said rebalancing China’s economy would also help Beijing reach its climate goals, since moving to consumption-led growth would cool energy demand, reducing emissions and easing energy security pressures.

Doing so, she said, could reduce carbon dioxide emissions by 15% over the next 30 years, resulting in a fall in global emissions of 4.5% over the same period.

Source: https://tuoitrenews.vn/news/international/20230326/imf-says-risks-to-financial-stability-have-increased-calls-for-vigilance/72272.html

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