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Africa Sees Its First Woman Billionaire

Isabel dos Santos is daughter of Angolan president

(Newser) - Africa's got its first female billionaire. Thanks to her shares in Portuguese and Angolan companies, Isabel dos Santos, 40, is now worth more than $1 billion, Forbes reports. The daughter of Jose Eduardo dos Santos, the 33-year president of Angola, she opened her first business, an Angola restaurant, at...

Mystery Exodus: $114B Withdrawn From Banks in Jan.

Fed data shows post-9/11 record

(Newser) - The country's biggest banks have seen $114 billion leave their coffers this month, with withdrawals in the first full week of the year hitting a post-9/11 record, according to Fed data. Seasonal adjustment cuts the figure to $52.8 billion, which remains the third-highest ever recorded. Bloomberg is trying...

North Korea Plans to Open Its Economy: Report

Kim Jong Un's regime hires economists for 'radical' change

(Newser) - Investors haven't exactly been dying to throw their money at North Korea—but soon they may have a chance. A German newspaper reports that North Korean leader Kim Jong Un is seeking "radical" economic change and wants to open the country to foreign investment, Der Spiegel reports. In...

We Need a Minimum Tax on &Uuml;ber Rich

 We Need a 
 Minimum Tax 
 on Über Rich 
warren buffett
Nov 26, 2012 7:53 AM CST

We Need a Minimum Tax on Über Rich

Warren Buffett: Taxes won't deter wealthy investors

(Newser) - Warren Buffett is taking another stand in the tax debate. In a New York Times op-ed this morning, the Berkshire Hathaway boss calls on Congress to establish a minimum tax on the richest Americans, "right now." His proposal: "30% of taxable income between $1 million and $10...

Despite Rising Dow, People Still Scared of Stocks

'I think we've lost another generation'

(Newser) - Stocks have reached new heights lately, but it's been a lonely climb. A host of investors have soured on the market, pulling a net $138 billion out of it since March 2009, the Wall Street Journal reports. That makes it the first time since 1981 that stock investment has...

Winklevosses Sink $1M in New Social-Network Venture

They back Divya Narendra's investment site with $1M

(Newser) - It seems their much-publicized battle with Mark Zuckerberg hasn't put the Winklevoss twins off social networking for good. Instead, Tyler and Cameron Winklevoss have invested $1 million in another social site: SumZero, a site created in 2008 by their fellow Facebook-fighter Divya Narendra and another Harvard grad. The site,...

GE Hiring Thousands of US Veterans
 GE Hiring 
 Thousands 
 of US Veterans 
good news dept.
Feb 13, 2012 7:54 AM CST

GE Hiring Thousands of US Veterans

Firm to invest $580K in aviation plants amid effort to reboot economy

(Newser) - As General Electric prepares to host an economic summit in Washington, the firm has announced some fixes of its own: It will hire 5,000 US veterans over five years and invest $580 million in its aviation operations this year, Reuters reports. "We should have the confidence to act...

London Sets Record for Luxury Home Sales

Foreign buyers are pouring in money to escape volatility at home

(Newser) - The market for London's most luxurious homes is skyrocketing as foreign buyers, seeking safe investments, swoop in to purchase the city's priciest residences. Sales of properties worth more than $8 million spiked 31% to a record 262 in the past year, reports Businessweek . House-hunters hailing from the Middle...

Libya Lost $1B Investing With Goldman

2008 investment slammed by financial crisis

(Newser) - Libya handed $1.3 billion in Goldman Sachs in 2008 for a range of investments—but as the financial crisis took hold, the money lost 98% of its value, a Wall Street Journal investigation finds. Goldman made a deal with Moammar Gadhafi’s sovereign-wealth fund as it sought “to...

Why Buying Facebook Stock Is for Suckers
Why Buying Facebook
Stock Is for Suckers
OPINION
Jan 5, 2011 1:38 PM CST

Why Buying Facebook Stock Is for Suckers

Do you really know what you're buying?

(Newser) - The investment world seems to be going gaga over the opportunity to buy shares of Facebook—or at least, the prospect that uber-wealthy Goldman Sachs clients can now buy shares of Facebook. But Duff McDonald of Fortune wouldn’t do it—and not just because he hasn’t got the...

Classy ATM Spits Gold, Not Cash, in Florida

Machine installed in a shopping mall

(Newser) - An ATM at a posh Florida mall cuts out the paper and goes straight for gold. Slide in credit card or cash and get out a pile of gold bars and coins in a tidy black box, the AP reports. The German machine is primarily a novelty item, says its...

Investors Flee Wall St., Bet on the Farm

Farmland has outperformed S&P 500 since recession

(Newser) - While Wall Street fiddles and the rest of the real estate market largely fizzles, there's a new hot commodity that has investors flocking to it: Farmland, reports the LA Times. Average farm real estate prices have doubled over the last decade, unlike, say, Florida condos, and many Americans and foreigners...

Screw Charity, Millionaires Spending More on Bling
Screw Charity, Millionaires Spending More on Bling
TIMES ARE TOUGH
Jun 24, 2010 1:13 PM CDT

Screw Charity, Millionaires Spending More on Bling

Financial crisis scares money out of stocks, into stuff

(Newser) - Spooked by the financial crisis, millionaires have pulled their money out of stocks and put it where their passions are—think yachts, art, private jets, and expensive jewelry—while simultaneously cutting back on their donations to charity, according to a new report from Merrill Lynch and Capgemini. Most millionaires now...

Hedge Fund Managers Rake In Record $25B

Top 25 managers cleaned up by betting on bank bailout

(Newser) - Betting correctly that the federal government would not let more banks fail after the cruel denouement of 2008, hedge fund managers engineered a record payday for themselves in 2009. The top 25 brought in $25.3 billion, topping 2007’s record by a healthy margin, and the $4 billion taken...

Glenn Beck's Paranoia Is a Gold Mine
Glenn Beck's Paranoia
Is a Gold Mine
OPINION
Oct 20, 2009 11:59 AM CDT

Glenn Beck's Paranoia Is a Gold Mine

Gold to guns, scribe says there's profit to be made off right wingers

(Newser) - Move over Jim Cramer. When it comes to possibly unhinged investment gurus, Mike Madden of Salon says he’s going with Glenn Beck and G. Gordon Liddy. Ever since advertisers began boycotting Beck, gold sellers have been grabbing space. The weirdest ad features G. Gordon Liddy mocking Fed policies that...

2 Madoff Victims Sue SEC
 2 Madoff Victims Sue SEC 
Oct 14, 2009 3:32 PM CDT

2 Madoff Victims Sue SEC

Regulators are responsible for victims' losses, suit claims

(Newser) - Two investors who lost a combined $2.4 million to Bernie Madoff’s ponzi scheme have sued the SEC for negligence. The lawsuit argues that the commission should reimburse the plaintiffs for their losses because it failed in its duty to protect investors. Regulators had "countless opportunities" to catch...

Buffett: 'We Are Not Out of Problems Yet'
Buffett: 'We
Are Not Out of Problems Yet'
INTERVIEW
Sep 8, 2009 6:38 AM CDT

Buffett: 'We Are Not Out of Problems Yet'

Investor looks to clean up on crisis, but is moving out of stocks

(Newser) - Even Warren Buffett had a bad financial crisis: The Omaha sage personally lost $25 billion in 2008, enough to put him behind Bill Gates on the worldwide rich list. But while many investors hunkered down as markets tanked, Buffett recalibrated, pouring billions into companies—Goldman Sachs, GE, BofA, Amex—that...

US Reaps Profit as Banks Pay Back TARP Funds

Fed pulls in $14B from loan programs

(Newser) - When the government spent some $240 billion last year to help avert financial disaster, the idea of making a profit from the TARP funds invested in teetering banks looked like a long shot. Now, however, profits from eight banks who’ve paid back the cash have totaled some $4 billion,...

Exxon to Invest $600M in Algae-Based Fuel

Will partner with famed genome expert Craig Venter

(Newser) - Exxon Mobil, the biggest oil company in the world, will invest $600 million in turning algae into fuel, the New York Times reports. Known for blowing off concerns about global warming and dismissing biofuels—its CEO famously called ethanol “moonshine”—Exxon Mobil has in fact been researching alternative...

$200M Russian Investment Values Facebook at $10B

(Newser) - Facebook is getting a $200 million investment from a Russian Internet investor that values the social networking company at $10 billion. The investment gives Digital Sky Technologies a nearly 2% stake in the Palo Alto, California-based company's preferred stock.

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