Shunji Sugaya
A Japanese company founder who turned down an offer from SoftBank to buy his start-up idea when he was 23 is now set to become a billionaire.
In 2000, Shunji Sugaya won an award at a business contest where SoftBank founder Masayoshi Son was a judge.
He sent Mr Son an email to thank him and the two met. Before long, SoftBank offered to buy Mr Sugaya's idea for $2.8 million (Dh10.28m) or convince him to join the company and receive stock options.
Mr Sugaya turned it down.
“It gave me a big boost in confidence as I was a student – I was so happy I could dance,” he said. “We were very grateful for the offer but we politely declined and decided to do it ourselves.”
So Mr Sugaya started his own company, Optim, which now provides business management platforms using artificial intelligence and Internet of Things technology.
The bet paid off, with Mr Sugaya moving ever closer to joining the ranks of billionaires in Japan alongside Mr Son.
Optim’s shares have gained 79 per cent this year and Mr Sugaya’s net worth, derived mainly from his stake of about 64 per cent in the company, has surged to about $990m, according to a calculation by the Bloomberg Billionaires Index that excludes shares pledged as collateral.
The coronavirus has hastened a shift from analogue to digital business practices at companies in Japan, according to Mr Sugaya, 43, who is Optim’s president.
“Digitisation has progressed at great speed during the past three months,” he said. “It feels like quite a tailwind.”
Mr Sugaya was a computer programmer as far back as elementary school, when he created games and sold them to his friends for a few hundred yen.
Optim, which he founded in 2000, started out providing internet video-advertising services.
It got into AI and IoT as it worked with telecoms company Nippon Telegraph & Telephone Corporation to create an internet connection service.
Optim’s technologies, which have since expanded to include remote control support tools, are now used in industries including construction, health care, retail and finance.
Major business partners include SoftBank, Japanese telecoms operator KDDI and manufacturing multinational Komatsu, according to the company’s website.
The company posted revenue of $62.5m in its last fiscal year, and made $1.1m in profit. It has a market value of about $1.6 billion.
“I really don’t care” about the money, Mr Sugaya said. “In 20 years, I want us to be a company that people would point to and say, ‘Optim changed all kinds of industries with AI and IoT’.”
Bill Gates
Bill Gates, already the world’s second-richest person, received an added boost as his investment in used-car platform Vroom more than doubled on the company’s first day of trading.
Shares of New York-based Vroom soared 118 per cent on Tuesday, lifting the value of Mr Gates’s holding of about 6 per cent by more than $175m.
The stock climbed again Wednesday, advancing 16 per cent to $55.44. It lost some of its gains in the market rout, closing on Thursday at $45.60.
Mr Gates, 64, who owns the stake through Cascade Investment, has a net worth of $115.1bn, according to the Bloomberg Billionaires Index.
The Microsoft co-founder trails only Amazon’s Jeff Bezos, whose fortune has increased by $41.3bn this year and now stands at $156.2bn.
Vroom, which sells used vehicles online, is also backed by L Catterton, General Catalyst Partners and T Rowe Price Associates.
While demand for used cars has weakened during the pandemic, Vroom sold more units in March and April than in any previous two-month period, according to filings.
Trevor Milton
The founder of Tesla competitor Nikola saw his fortune grow to $9bn after shares of the electric lorry company more than doubled.
The company's shares rose 104 per cent on its third day of trading on the Nasdaq after a reverse merger with VectoIQ Acquisition Corporation.
Trevor Milton, Nikola’s chairman and founder, has already set lofty goals.
The company, which also makes hydrogen-powered lorries, said last week that pre-orders for its vehicles topped $10bn and it expects to start generating revenue in 2021.
The stock rose higher on Monday after Mr Milton tweeted that the company would begin taking reservations for its zero-emission lorry, called the Badger, later this month.
Mr Milton is worth $7.1bn as of Thursday, according to Forbes.
Investor interest in Nikola is growing.
The Phoenix company has a $26.3bn market valuation, compared to around $3bn in a 2019 fundraising.
However, Nikola may struggle to create infrastructure such as hydrogen-refuelling stations for its fuel-cell vehicles.
David and Frederick Barclay
David Barclay’s sons will pay damages to their uncle, David’s twin brother Frederick, after admitting to bugging him at the Ritz Hotel in London.
Alistair Barclay “thought it necessary” to record Frederick and his daughter Amanda Barclay’s private conversations at the hotel because he “was very troubled” that the two posed “a significant risk of harm to his brothers Aidan and Howard Barclay”, and their interests, a lawyer for the sons said in a filing on June 8.
David Barclay’s sons will pay general damages for misuse of private information and breaches of confidence, the lawyer said.
They will attempt to agree to the levels of compensation privately, but will seek a judge’s ruling if they fail, the lawyer said.
The admissions may be an attempt to resolve a legal spat that has opened a window into the relationship between the reclusive billionaire twins.
The Barclay clan controls the Daily Telegraph newspaper and other businesses at the heart of the UK establishment.
"We do not dispute that the recordings were made and discussed between us," David's sons said on Monday.
“We did not conspire to injure any business or financial interest of Sir Frederick or Amanda. That was never our intention and there was no conspiracy as alleged.”
They contest Frederick and Amanda’s claims that they suffered economic loss as a result of the recordings and say they are applying to the court for those claims to be struck out.
Alistair Barclay purchased an “off-the-shelf” recording device from a central London shop, according to the filing.
The bug was put in the conservatory at the Ritz in early November until mid-January, according to the filing. The bug was placed to capture private discussions between Frederick and Amanda, who were negotiating the sale of the historic hotel near Buckingham Palace.
Frederick Barclay declined to comment on his nephew's defence.
The Ritz was sold for around £800m (Dh3.72 trillion) in March.
Daniel Kretinsky
Daniel Kretinsky’s bet on Macy’s turned out to be short but profitable, and the Czech billionaire might jump back into the stock again if the price is right.
His company Vesa Equity Investment said on Tuesday it owned 0.7 per cent of the US department-store chain, down from the 5 per cent stake unveiled less than a month ago.
The investment, billed as a strategic move at the time, coincided with a 65 per cent surge in the stock.
Mr Kretinsky made roughly $36m if he bought Macy’s shares the day before disclosing his 5 per cent stake and sold them on Tuesday.
“The reason for our exit certainly isn’t lack of confidence in the company’s future or in the management’s abilities,” said Vesa Equity spokesman Daniel Castvaj.
“We will continue closely watching Macy’s and the US retail market in general and we are not ruling out returning among the shareholders of this company.”
Macy’s is beginning to reopen stores following weeks of lockdowns.
The company just reported a 45 per cent quarterly sales slump and a net loss of $630m.
Despite the recent rebound, the stock has fallen about 48 per cent this year. It was removed from the benchmark S&P 500 Index in March, and Fitch cut the company’s credit rating to junk in April.
Mr Kretinsky is known for making contrarian bets, and he has had a few in the retail sector.
Just a week after he disclosed his Macy’s stake, Vesa announced it owned 6 per cent of Foot Locker, another US retailer hard hit by the coronavirus pandemic.
The billionaire also amassed shares of French grocer Casino Guichard-Perrachon last year as it reeled from a long fight with short sellers. That move came after a $6.5bn takeover offer for German wholesaler Metro was rebuffed.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
Quick facts on cancer
- Cancer is the second-leading cause of death worldwide, after cardiovascular diseases
- About one in five men and one in six women will develop cancer in their lifetime
- By 2040, global cancer cases are on track to reach 30 million
- 70 per cent of cancer deaths occur in low and middle-income countries
- This rate is expected to increase to 75 per cent by 2030
- At least one third of common cancers are preventable
- Genetic mutations play a role in 5 per cent to 10 per cent of cancers
- Up to 3.7 million lives could be saved annually by implementing the right health
strategies
- The total annual economic cost of cancer is $1.16 trillion
Killing of Qassem Suleimani
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
COMPANY%20PROFILE
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