Russia's Credit Rating Cut To Junk Status

Russia's sovereign credit rating has been downgraded to "junk" status by Standard & Poor's, which cited growing economic weaknesses.

The ratings agency's cut brings the country's rating below investment-grade for the first time in a decade.

The decision risks raising borrowing costs in Russia as many investment and pension funds have rules that prevent them buying any product not classed as investment-grade.

It also makes it more difficult for banks and other companies to refinance themselves.

S&P said it had cut the rating from BBB- to BB+ because of the growing impact of low oil prices and Western sanctions over the Ukraine crisis.

Video: Putin Promises Economic Recovery

The move, while widely expected, triggered a further weakening of the rouble - falling more than 7% at one stage to 70 to the dollar.

Banking stocks were also badly hit, while the cost of insuring Russian sovereign debt for five years rose, in a sign of investor concern.

Finance minister Anton Siluanov played down the situation.

"The decision taken shows the excessive pessimism of the agency. It fails to consider a series of factors which characterise the strong side of the Russian economy: the accumulation of large international reserves, including in the sovereign funds," he said.

Video: Can Russia Overcome Rouble Crisis?

Russia's international reserves, managed by the central bank, have collapsed since early last year following heavy spending to prop up the rouble, which has fallen more than 40% against the dollar in the last year.

Russia's economy is expected to slide into recession this year as a result of soaring inflation and the weak oil price.

A 60% fall in oil costs since June last year has depressed export revenues.

Oil is the biggest contributor to the Russian purse and President Vladimir Putin has admitted a failure to diversify the country's economy, pledging to publish soon an economic plan to combat the crisis.

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1. Gallery: Fierce Fighting Continues On Front Line In Ukraine

   A Ukrainian serviceman fires a weapon during fighting with pro-Russian separatists in Pesky village near Donetsk

Ukrainian President Petro Poroshenko accused Russia on Wednesday of sending 9,000 troops to back separatist rebels in the east of his country, something Russia strongly denied

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Aer Lingus Deal With BA Owner Moves Closer

The Aer Lingus board says it is willing to recommend the financial terms of an approach by the owner of British Airways.

The Dublin-based carrier's statement was seen as support for the proposed £1bn (€1.36bn) takeover by International Consolidated Airlines Group (IAG), but it said the bid's success was in the hands of major shareholders, which include Ireland's government. 

The airline said: "IAG has indicated that it would only proceed with its third proposal with an indication from the Board of Aer Lingus that it would be willing to recommend the financial terms of the Revised Proposal.

"Having considered this request, the Board has indicated to IAG that the financial terms are at a level at which it would be willing to recommend, subject to being satisfied with the manner in which IAG proposes to address the interests of relevant parties.

"The Board notes IAG's intentions regarding the future of the company, in particular that Aer Lingus would operate as a separate business with its own brand, management and operations, continuing to provide connectivity to Ireland, while benefiting from the scale of being part of the larger IAG group."

IAG confirmed it wanted Aer Lingus to join the Oneworld airline alliance, of which its brands BA and Iberia are members, and become part of of a joint business that IAG operates over the North Atlantic with American Airlines.

IAG said it "believes that the proposal would secure and strengthen Aer Lingus' brand and long-term future within a successful and profitable European airline group, offering significant benefits to both Aer Lingus and its customers.

"IAG recognises the importance of direct air services and air route connectivity for investment and tourism in Ireland and intends to engage with the Irish government in order to secure its support for the transaction."

Aer Lingus was privatised nine years ago, leaving the Irish government with a current 25% stake.

Ireland will want assurances from IAG over its plans for the key Dublin to Heathrow route.

No-frills carrier Ryanair, which owns 29.8% of Aer Lingus following a series of failed takeover attempts, may be tempted to sell as it has been told by UK authorities to draw down its stake on competition grounds.

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Hackers Claim Facebook And Instagram Attack

Websites including Facebook, Tinder and Instagram have temporarily gone down - leaving millions of users worldwide unable to log in.

Facebook users in the UK, US, Asia and Australia complained of being locked out of the world's largest social network.

Instagram - owned by Facebook - told users via its Twitter account that it was aware of an outage and was working on a fix.

AIM and Hipchat are also thought to have been affected.

A Lizard Squad hacker posted a message "for all the mad people"

Hacking group Lizard Squad - which recently claimed responsibility for a Christmas Day attack on PlayStation and Xbox Live services - said on Twitter that it was responsible for the problems.

A member of the group, who has previously spoken to Sky News about the Christmas hack, posted a message "for all the mad people".

Video: Dec 2014: Console Cyber Attack

In the Twitter photo, he holds up a sheet of paper with "DOX ME" written on it - an apparent reference to "doxxing," a slang term for dumping personal data online.

Facebook and Instagram, which went down for around an hour before normal service resumed, denied their services were hacked, blaming the outage on "a change that affected our configuration systems".

The incident came a day after the group said it had hacked the Malaysia Airlines website - posting the message: "404 - Plane Not Found. Hacked by Cyber Caliphate".

Video: Dec: Lizard Squad's 'Ryan' On Hacks

The group warned on Twitter that it was preparing to leak emails relating to the troubled airline online.

Facebook had 1.25 billion monthly active users at the end of September.

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Greece Will Leave Austerity 'Humiliation' Behind

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Video: Greece Rejects EU Austerity

The leader of the Syriza party has vowed to end the "humiliation and anguish" of Greek citizens after his party took victory in the country's election on an anti-austerity platform.

Alexis Tsipras told thousands of supporters in Athens that Greece will leave behind the "catastrophic austerity" measures imposed by European creditors.

The left-wing party - which was widely tipped to win the poll - looks likely to win 149 seats in the 300-seat parliament.

This indicates the party would be two seats short of an overall majority.

With 99.8% of the votes counted, Syriza was 8.5 points ahead of the conservative New Democracy party of Prime Minister Antonis Samaras, who has conceded defeat.

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1. Gallery: Alexis Tsipras Celebrates Victory For His Anti-Austerity Party

   A young child supporting anti-austerity party Syriza takes part in celebrations after the first exit polls in Athens

Syriza supporters await the final result of the Greek election at the party tent

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Members of the conservative New Democracy party watch as exit polls shows a significant victory for Syriza

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Outgoing Greek Prime Minister Antonis Samaras is seen after a news conference following an updated exit poll in Athens

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Celebrations continue for supporters of Syriza leader Alexis Tsipras in Athens

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"Greece leaves behinds catastrophic austerity, it leaves behind fear and authoritarianism, it leaves behind five years of humiliation and anguish," Mr Tsipras said in his victory speech.

He then used his first post-election tweet to respond to a message of congratulations from British actor and comedian Hugh Laurie.

"Thank you Dr", he wrote, in apparent reference to Laurie's role in the US television series House.

Syriza's win raises the prospect of a stand-off with European creditors, with Mr Tsipras promising to renegotiate the repayment terms of Greece's debt.

Financial markets have reacted nervously to the result, fearing conflict with other eurozone governments that could put strain the currency bloc.

The euro fell to a fresh 11-year low against the dollar shortly after the result became clear but later recovered and while stocks fell across Europe, the losses were limited with the FTSE 100 down just 0.6% in early trading.

Video: Samaras: 'Greek People Have Spoken'

The AthEx market - which tracks the prices of the top 25 firms in the Athens Stock Exchange - opened 0.6% lower before losing more than 5% of its value in a volatile first hour.

Greece was forced to undertake deep budget cuts and fiscal reforms as a condition for a €240bn bailout in 2010 from the so-called "Troika" - the group of creditors made up of the European Union, the International Monetary Fund and European Central Bank.

Many in Greece feel slashed public spending has hit the most vulnerable hardest, while leaving the tax evasion and corruption of the apparent elites untouched.

Mr Tsipras said he would cooperate with fellow Eurozone leaders for "a fair and mutually beneficial solution", but said the Greek people come first.

"Our priority from the very first day will be to deal with the big wounds left by the crisis," he said.

"Our foremost priority is that our country and our people regain their lost dignity."

Video: Olympic Sites Left Crumbling

He added: "The verdict of our people means the Troika is finished.

"The new Greek government will be ready to cooperate and negotiate for the first time with our peers a just, mutually beneficial and viable solution."

Germany's Bundesbank has warned Greece needs to reform to tackle its economic problems, while the euro fell nearly half a US cent.

Mr Samaras had insisted voters would be making a huge mistake to elect Syriza at a time when painful fiscal reforms may be about to pay off.

After conceding defeat, he told supporters: "My conscience is clear because I told the truth to the Greek people until the very end.

"I received a country that was almost destroyed and I was asked to hold a hot potato and I did that."

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5. Australian PM Defends Prince Philip Knighthood

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Video: Greece Rejects EU Austerity

The leader of the Syriza party has vowed to end the "humiliation and anguish" of Greek citizens after his party took victory in the country's election on an anti-austerity platform.

Alexis Tsipras told thousands of supporters in Athens that Greece will leave behind the "catastrophic austerity" measures imposed by European creditors.

The left-wing party - which was widely tipped to win the poll - looks likely to win 149 seats in the 300-seat parliament.

This indicates the party would be two seats short of an overall majority.

With 99.8% of the votes counted, Syriza was 8.5 points ahead of the conservative New Democracy party of Prime Minister Antonis Samaras, who has conceded defeat.

1/16

1. Gallery: Alexis Tsipras Celebrates Victory For His Anti-Austerity Party

   A young child supporting anti-austerity party Syriza takes part in celebrations after the first exit polls in Athens

Syriza supporters await the final result of the Greek election at the party tent

]]>

Members of the conservative New Democracy party watch as exit polls shows a significant victory for Syriza

]]>

Outgoing Greek Prime Minister Antonis Samaras is seen after a news conference following an updated exit poll in Athens

]]>

Celebrations continue for supporters of Syriza leader Alexis Tsipras in Athens

]]>

"Greece leaves behinds catastrophic austerity, it leaves behind fear and authoritarianism, it leaves behind five years of humiliation and anguish," Mr Tsipras said in his victory speech.

He then used his first post-election tweet to respond to a message of congratulations from British actor and comedian Hugh Laurie.

"Thank you Dr", he wrote, in apparent reference to Laurie's role in the US television series House.

Syriza's win raises the prospect of a stand-off with European creditors, with Mr Tsipras promising to renegotiate the repayment terms of Greece's debt.

Financial markets have reacted nervously to the result, fearing conflict with other eurozone governments that could put strain the currency bloc.

The euro fell to a fresh 11-year low against the dollar shortly after the result became clear but later recovered and while stocks fell across Europe, the losses were limited with the FTSE 100 down just 0.6% in early trading.

Video: Samaras: 'Greek People Have Spoken'

The AthEx market - which tracks the prices of the top 25 firms in the Athens Stock Exchange - opened 0.6% lower before losing more than 5% of its value in a volatile first hour.

Greece was forced to undertake deep budget cuts and fiscal reforms as a condition for a €240bn bailout in 2010 from the so-called "Troika" - the group of creditors made up of the European Union, the International Monetary Fund and European Central Bank.

Many in Greece feel slashed public spending has hit the most vulnerable hardest, while leaving the tax evasion and corruption of the apparent elites untouched.

Mr Tsipras said he would cooperate with fellow Eurozone leaders for "a fair and mutually beneficial solution", but said the Greek people come first.

"Our priority from the very first day will be to deal with the big wounds left by the crisis," he said.

"Our foremost priority is that our country and our people regain their lost dignity."

Video: Olympic Sites Left Crumbling

He added: "The verdict of our people means the Troika is finished.

"The new Greek government will be ready to cooperate and negotiate for the first time with our peers a just, mutually beneficial and viable solution."

Germany's Bundesbank has warned Greece needs to reform to tackle its economic problems, while the euro fell nearly half a US cent.

Mr Samaras had insisted voters would be making a huge mistake to elect Syriza at a time when painful fiscal reforms may be about to pay off.

After conceding defeat, he told supporters: "My conscience is clear because I told the truth to the Greek people until the very end.

"I received a country that was almost destroyed and I was asked to hold a hot potato and I did that."

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Top Stories

1. Greece Lightning: Could Syriza Success Spread?
2. Alexis Tsipras: A Profile Of Syriza's Leader
3. Hoax Caller Was Drunk And On Drugs - Report
4. More Snow And Wintry Showers Set To Hit UK
5. Australian PM Defends Prince Philip Knighthood

16.01 | 0 komentar | Read More

Greece Lightning: Could Syriza Success Spread?

By Robert Nisbet, Europe Correspondent

As car horns blared in the capital's streets, few doubted this had been a seismic night in European politics.

Five years of swingeing cuts have shrunk Greece's economic output by a third and delivered a primary budget surplus, but the price has been too high for many of the electorate.

A third of people in Greece live below the poverty line, a quarter are out of work and pensioners have seen their income dwindle.

That generalised anger finally found its expression at the ballot box.

While previously Syriza's core supporters had been students and a loose coalition of Marxists, Maoists, Trotskyites and environmental campaigners, it acted as a lightning rod across society.

Video: Greece's Syriza Claims Poll Victory

Many of the squeezed middle class wanted to punish the political parties they felt had sold Greece's future prosperity to protect the banking system.

Alexis Tsipras now has something of a dilemma though: he wants to keep Greece in the single currency but the European Union, the European Central Bank and the IMF won't want the country to renege on its promises.

There were strings attached to the €240bn which have kept the country afloat and the likes of Germany are unlikely to agree to allow Greece to restructure more of its debt.

Video: Greek People Ready To 'Turn A Page'

But if Mr Tsipras softens on his vow to "finish the troika" in order to prevent a default and a so-called Grexit, he may anger his core support base.

The wider repercussions could be felt outside the country's borders.

There are a host of other anti-austerity parties in Europe waiting to challenge the consensus, most prominently Podemos in Spain where an election must be held this year.

Video: Tsipras: Greece Will Regain Dignity

If this election grows into a pan-European movement, the plumbing of the global economy could face some determined opposition.

Syriza's progress might well embolden those willing to take on established political parties, which could have far reaching consequences.

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Energy Bills: SSE Latest Firm To Cut Gas Cost

Another of the so-called 'Big Six' energy firms, SSE, has confirmed it is to trim its household gas costs and said it will extend its promise not to raise bills.

The company said it would reduce household gas prices by 4.1% but not until 30 April - with the cut saving a typical household customer £28 annually.

It added that its commitment not to raise gas and electricity costs would run for an extra seven months until July 2016.

Alistair Phillips-Davies, SSE's chief executive, said: "Customers are at the heart of SSE's business, and our work to secure their energy supplies in wholesale markets last spring enabled us to guarantee that prices would not increase until at least January 2016, showing we are committed to treating all of our customers fairly and to giving them stable prices over the long-term.

"We're being true to that commitment with a 4.1% reduction in the typical gas bill and an extended guarantee meaning gas and electricity prices won't go up before July 2016 at the earliest.

"The challenging business environment we identified at the start of this financial year is likely to continue into the new financial year and we believe that addressing the resulting issues directly is the right thing to do for customers and the best way of safeguarding the interests of investors.

"That is why, at the same time as reducing tariffs for customers, we're continuing to make sure our own house is in order for the future, with a clear focus on our value programme to make sure SSE is well-positioned for the long term."

The company announced the price changes in a trading update for the first nine months of its financial year in which it said profits for the full-year would be broadly in line with those for the previous 12 months.

SSE said the prolonged period of mild weather to 31 December 2014 meant that average consumption of electricity was estimated to have fallen by 5.6% while average consumption of gas dropped by almost 16%.

It also confirmed a fall in the number of households taking its gas and electricity - with 8.71 million customers registered on 31 December, down from 9.10 million on 31 March 2014.

While wholesale gas costs have tumbled 30% in the past 12 months, household suppliers have argued that it won't be reflected in bills for some time because they have to buy the raw product up to three years in advance.

They also point out that other costs within a typical bill, including network costs and so-called 'green levies', have risen.

The market is currently subject to a probe by the Competition and Markets Authority.

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Li Ka-shing: Phone King Is Business 'Superman'

Li Ka-shing has a fortune currently estimated by financial information firm Forbes at about $35bn (£23bn).

His sprawling ports-to-retail global conglomerate operates in more than 50 countries. Here's a look at the life of Asia's richest man:

:: Humble Upbringing

Born in 1928 in Chiu Chow, a coastal city in the southeastern part of China. At the age of 12 he was forced to quit school and fled to Hong Kong with his family to avoid war.

Before he was 15, Li's father died and the teenager faced the prospect of providing for his family. He found a job in a plastics firm where he worked for 16 hours a day. But by the 1950s he had pursued a venture making and exporting plastic flowers to the US and started his own company, Cheung Kong Industries. 

:: Lifestyle

In spite of his wealth, Li has cultivated a reputation for leading a no-frills lifestyle, and is known to wear simple black dress shoes and an inexpensive Seiko wristwatch.

However, his house is in one of Hong Kong's most expensive precincts, Deep Water Bay in Hong Kong Island.

The 86-year-old is said to remain physically fit by rising before 6am every day and playing golf for an hour and a half. He also uses a treadmill for 15 minutes at noon.

:: Wealth

The 86-year-old self-made entrepreneur is Hong Kong's richest person, and has been so for more than 15 years. His sprawling ports-to-retail global conglomerate operates in more than 50 countries.

Because of his wealth, he is regarded as a celebrity and national hero, and even has a wax statue at Madame Tussauds Hong Kong (the only non-artist to have one in Hong Kong).

:: Business

Li is often referred to as "Superman" in Hong Kong because of his business prowess.

From manufacturing plastics in the 1950s, Mr Li led and developed his company into a leading real estate investment company in Hong Kong that was listed on the Hong Kong Stock Exchange in 1972.

It acquired Hutchison Whampoa and Hongkong Electric Holdings Limited in 1979 and 1985 respectively.

Mr Li is the Chairman of Cheung Kong (Holdings) Ltd, the flagship of the Cheung Kong Group which has business operations in over 50 countries around the world and employs over 280,000 staff.

:: Entrepreneur

He has donated more than $1.41bn to date to charity and other various philanthropic causes and has received an Honorary Doctorate from Cambridge University among other education establishments.

In 1980 Mr Li established the Li Ka-shing Foundation, with the aims of nurturing a new culture of giving, supporting education reform and advancing medical research and services. A year later he founded Shantou University, the only privately-funded public university in China.

:: Like Father...

Mr Li has two sons. The elder, Victor, is deputy chairman of Hutchison Whampoa Ltd and holds several other business roles, while the younger son Richard is chairman of PCCW, one of Asia's leading information and technology and telecommunications companies.

16.02 | 0 komentar | Read More

Three Dials O2 To Become Biggest Mobile Firm

A cash deal of more than £10bn could lead to the creation of the UK's largest mobile phone operator, with Three taking over O2.

Three's parent, Hutchison Whampoa - owned by the richest man in Asia, Li Ka-Shing - said it was in "exclusive negotiations" with Telefonica to buy the UK's second-largest mobile firm for £10.25bn.

Hutchison confirmed in its statement that it had offered £9.25bn, with a deferred further payment of up to £1bn after completion of the deal but it said any agreement would be subject to due diligence and regulatory approvals.

Any tie-up would be likely to interest industry authorities as it would reduce the number of players in the UK mobile phone market to three - hitting competition - despite the possibility of both brands remaining.

The telecoms watchdog, Ofcom, could demand that Three and O2 hand over some spectrum capacity to rivals.

A combined player would create a company with a current market share of around 40% - with 31 million customers between them.

Three, which is currently the smallest of the UK's mobile operators in terms of market share behind Vodafone, has been setting lower price tariffs in a bid to attract new customers and grow its stable.

EE - which is the current market leader with 32% - is on the verge of being snapped up by former O2-owner BT in a deal worth £12.5bn.

BT is bidding to become a so-called "quad play" provider by bundling home phone, mobile, TV and broadband services together in a single package.

Its proposed deal with EE sparked a frenzy of speculation about whether other players in those markets would look to follow suit through either acquisitions or partnerships.

Telefonica's willingness to part with O2 was seen as acceptance that it did not want to enter the quad play arena in what is a declining mobile phone market.

It is widely believed to be looking at emerging markets to achieve growth.

16.02 | 0 komentar | Read More

BA Owner IAG Tables Fresh Bid For Aer Lingus

By Mark Kleinman, City Editor, in Davos

The parent company of British Airways (BA) has approached Aer Lingus about a fresh takeover bid for the Irish carrier.

Sky News can exclusively reveal that International Consolidated Airlines Group (IAG) submitted a revised proposal to the board of Aer Lingus within the last couple of days.

Sources said that the board of IAG had authorised an improved all-cash offer earlier this week worth at least €2.50 a share, which would value the Dublin-based airline at more than €1.3bn (£971m).

Directors of Aer Lingus discussed the proposal on Friday with their investment banking advisers from Goldman Sachs, according to insiders.

The disclosure of the approach by Sky News is likely to trigger stock exchange statements by both companies on Monday.

The fresh overture could be sufficient to persuade Aer Lingus to enter into formal takeover discussions with IAG, although it was unclear this weekend whether there were significant conditions attached to the proposal.

It was also unclear whether IAG might be prepared to raise its offer for a third time if the current proposal is rejected.

IAG's chief executive, Willie Walsh, is a former Aer Lingus pilot who went on to run the airline before taking the helm at BA in 2005.

He has made two previous approaches for the Dublin-based carrier, pitched at €2.30 and €2.40 a share, in the past six weeks.

Both were rebuffed by Aer Lingus on the basis that there were undisclosed conditions attached and that they "fundamentally undervalue[d] Aer Lingus and its attractive prospects".

Mr Walsh's attempt to acquire Aer Lingus is designed to cement its grip on take-off and landing rights at London's Heathrow Airport, while enabling him to improve the Irish carrier's profitability by combining some operations with those of IAG.

Already the largest carrier at Heathrow, a merger of the two companies would create a group with close to half of the available slots there.

A Government commission on aviation capacity led by Sir Howard Davies is due to recommend after the General Election whether Heathrow or Gatwick should be allowed to construct a new runway.

Even if Aer Lingus's board is minded to open talks with IAG, Mr Walsh will need to persuade the Irish Government and Ryanair chief executive Michael O'Leary of the bid's merits.

Ryanair owns a 29.8% stake in Aer Lingus and has fought a long-running battle with regulators over both that shareholding and a string of its own bids for its rival dating back to 2006.

Ryanair has been reported to be willing to consider an offer of between €2.50 and €2.70 a share, although the airline insisted on Saturday that this was inaccurate.

The Irish Government holds a 25.1% stake in the airline, and reports have suggested that it could insist that IAG retains Aer Lingus's Heathrow slots solely for flights to and from Ireland as a condition for approving a deal.

Analysts have argued that such a pre-condition would make Aer Lingus less attractive to Mr Walsh, who in addition to his IAG role is also chairman of Dublin's state debt management agency.

IAG was created in 2009 from the merger of BA and Iberia, which has been radically restructured by Mr Walsh against initially intense opposition from Spanish labour groups.

Since then, it has also acquired Vueling, another Spanish carrier, struck an alliance with American Airlines and considered several other big takeovers.

IAG shares closed on Friday up 2.1% at 536p, valuing it at almost £11bn, while Aer Lingus shares closed up 0.4% at €2.35, giving it a market capitalisation of €1.25bn.

Aer Lingus is preparing for a transition in its leadership regardless of Mr Walsh's efforts to acquire it.

The airline's chief executive, Christoph Mueller, is leaving in May to run Malaysia Airlines, which is being nationalised following the disasters last year involving flights MH370 and MH17.

IAG, which is being advised by Deutsche Bank, and Aer Lingus both declined to comment.

16.02 | 0 komentar | Read More

Li Ka-shing: Phone King Is Business 'Superman'

Li Ka-shing has a fortune currently estimated by financial information firm Forbes at about $35bn (£23bn).

His sprawling ports-to-retail global conglomerate operates in more than 50 countries. Here's a look at the life of Asia's richest man:

:: Humble Upbringing

Born in 1928 in Chiu Chow, a coastal city in the southeastern part of China. At the age of 12 he was forced to quit school and fled to Hong Kong with his family to avoid war.

Before he was 15, Li's father died and the teenager faced the prospect of providing for his family. He found a job in a plastics firm where he worked for 16 hours a day. But by the 1950s he had pursued a venture making and exporting plastic flowers to the US and started his own company, Cheung Kong Industries. 

:: Lifestyle

In spite of his wealth, Li has cultivated a reputation for leading a no-frills lifestyle, and is known to wear simple black dress shoes and an inexpensive Seiko wristwatch.

However, his house is in one of Hong Kong's most expensive precincts, Deep Water Bay in Hong Kong Island.

The 86-year-old is said to remain physically fit by rising before 6am every day and playing golf for an hour and a half. He also uses a treadmill for 15 minutes at noon.

:: Wealth

The 86-year-old self-made entrepreneur is Hong Kong's richest person, and has been so for more than 15 years. His sprawling ports-to-retail global conglomerate operates in more than 50 countries.

Because of his wealth, he is regarded as a celebrity and national hero, and even has a wax statue at Madame Tussauds Hong Kong (the only non-artist to have one in Hong Kong).

:: Business

Li is often referred to as "Superman" in Hong Kong because of his business prowess.

From manufacturing plastics in the 1950s, Mr Li led and developed his company into a leading real estate investment company in Hong Kong that was listed on the Hong Kong Stock Exchange in 1972.

It acquired Hutchison Whampoa and Hongkong Electric Holdings Limited in 1979 and 1985 respectively.

Mr Li is the Chairman of Cheung Kong (Holdings) Ltd, the flagship of the Cheung Kong Group which has business operations in over 50 countries around the world and employs over 280,000 staff.

:: Entrepreneur

He has donated more than $1.41bn to date to charity and other various philanthropic causes and has received an Honorary Doctorate from Cambridge University among other education establishments.

In 1980 Mr Li established the Li Ka-shing Foundation, with the aims of nurturing a new culture of giving, supporting education reform and advancing medical research and services. A year later he founded Shantou University, the only privately-funded public university in China.

:: Like Father...

Mr Li has two sons. The elder, Victor, is deputy chairman of Hutchison Whampoa Ltd and holds several other business roles, while the younger son Richard is chairman of PCCW, one of Asia's leading information and technology and telecommunications companies.

16.01 | 0 komentar | Read More