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.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
UAE currency: the story behind the money in your pockets
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Sour%20Grapes
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How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The chef's advice
Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.
“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”
Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.
The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.
Top 10 in the F1 drivers' standings
1. Sebastian Vettel, Ferrari 202 points
2. Lewis Hamilton, Mercedes-GP 188
3. Valtteri Bottas, Mercedes-GP 169
4. Daniel Ricciardo, Red Bull Racing 117
5. Kimi Raikkonen, Ferrari 116
6. Max Verstappen, Red Bull Racing 67
7. Sergio Perez, Force India 56
8. Esteban Ocon, Force India 45
9. Carlos Sainz Jr, Toro Rosso 35
10. Nico Hulkenberg, Renault 26
HUNGARIAN GRAND PRIX RESULT
1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India 1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps
Company%C2%A0profile
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Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
Everton%20Fixtures
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Sweet%20Tooth
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Predictions
Predicted winners for final round of games before play-offs:
- Friday: Delhi v Chennai - Chennai
- Saturday: Rajasthan v Bangalore - Bangalore
- Saturday: Hyderabad v Kolkata - Hyderabad
- Sunday: Delhi v Mumbai - Mumbai
- Sunday - Chennai v Punjab - Chennai
Final top-four (who will make play-offs): Chennai, Hyderabad, Mumbai and Bangalore
Civil%20War
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Alex%20Garland%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Kirsten%20Dunst%2C%20Cailee%20Spaeny%2C%20Wagner%20Moura%2C%20Nick%20Offerman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
