George Soros

Soros is founder of the Quantum Fund,  one of the world's largest hedge funds. In mid-2011, Soros said he would return money to his outside investors and turn Soros Fund Management into a family office to manage his personal fortune of $19 billion. It also handles the multibillion-dollar endowments of his philanthropic organisations and those of his relatives.

Apple becomes hedge fund target, Soros doubles stake

Well-known investor George Soros has nearly doubled the size of his investment in Apple, the latest sign how the struggling stock is drawing big bets from celebrity investors. Just a day after investor Carl Icahn revealed his plans to build a big position in Apple, fellow billionaire Soros disclosed in a regulatory filing that he now owns 66,800 shares of the company. The two are the latest deep-pocketed investors eyeing Apple's nearly $150 billion in cash and investments, hoping the company will do something with that financial warchest to enrich shareholders.

Source: | Date: 19th August 2013 Read more

Facebook censors Pravda.Ru

In the afternoon of Friday, June 21st, hyperlinks to Pravda.Ru materials stopped to appear on the Pravda.Ru page on Facebook. We contacted the support team of Facebook, although to no avail: moderators of the Russian division of the US-based social network did not bother answering. On Sunday afternoon, access to the publication of links was opened

Source: | Date: 23rd July 2013 Read more

Paul Soros obituary

Entrepreneur and philanthropist who made his fortune by designing and building ports and offshore terminalsSometimes described as "the invisible Soros", Paul Soros, who has died aged 87, was the older brother of the financier George, and a multimillionaire entrepreneur and philanthropist in his own right. An engineer, he devised profitable methods of shipping huge bulk cargoes in places too shallow for conventional docks. He claimed that the inspiration for a key component – the use of buoys – came from the floating pontoons on the Danube in his native Hungary.In 1951, and living in the US, Soros joined the export department of Hewitt-Robins, a manufacturer of material-handling equipment, and he travelled extensively. He noticed that, compared with other major constructions, the capital cost of bulk port terminals used for shipping commodities, such as coal or iron-ore, varied widely. Soros concluded that the reason was a conflict between the skills of material handling and marine engineers.During a trip to Chile, he met some Hungarians developing an iron-ore mine who had complained they could not afford the $4m expense of an offloading facility. They had joked to Soros: "Come back to us if you figure out a way to do it for $1m." He worked out a system whereby the capital cost of a pier could be saved by tying a ship to buoys and moving it in front of a fixed conveyor. The miners were interested, and Soros started his business from the playroom in his house.Soros Associates is estimated to have been responsible for the design and engineering of ports and offshore terminals for bulk raw materials in more than 90 countries, extending the technology to permit loading in open seas and off shallow coasts, techniques particularly helpful for developing countries.Soros was born in Budapest to a well-to-do Jewish family and was a successful junior tennis player and skier before the war. His father, Tivadar Schwartz, was a lawyer and intellectual who had been imprisoned in a Siberian labour camp at the end of the first world war and became a committed internationalist, editing an Esperanto magazine. As anti-Jewish agitation grew, he changed the family name to Soros – which means "will soar" in Esperanto. He was a powerful influence on his children, warning against the dangers of totalitarianism. Paul recalled: "We grew up with a definite value system that had a strong sense of 'noblesse oblige' … you had a responsibility towards your fellow humans."When Hitler invaded in 1944, Tivadar dispersed the family under assumed Christian names in Budapest while he provided forged papers to would-be refugees, with high prices for the wealthy subsidising the poorer. Although the family survived, Paul was arrested by the incoming Russians and marched with thousands of others out of the city. But just before they reached open country, he made a lone run for it after failing to persuade others to make a mass break-out. He hid in a burnt-out farmhouse, escaping a desultory search.Back in Budapest, while George was sent to school in England, Paul enrolled at a technical university to study mechanical engineering and continue his sporting enthusiasms, becoming a regular member of the Hungarian National Ski Team. After the 1947 Communist takeover, using the Winter Olympics as cover, he escaped in 1948 to Switzerland where, with his father's help, he secured a student visa for the US.Arriving in New York when he was 22, Paul Soros wrote to colleges with ski teams, seeking a scholarship. He chose St Lawrence University in upstate New York. But a freak accident when a buried slalom pole speared him, causing the loss of a kidney, ended his skiing days, so he enrolled at the Polytechnic Institute of Brooklyn to study mechanical engineering. While there, he met his wife, Daisy Schlenger, another Hungarian refugee. They married in 1951.Soros never forgot his time as a student, and after his business was sold in 1989 to a subsidiary of ENI, the state-owned Italian company, he began spending more time on his philanthropic interests, including the Paul and Daisy Soros Fellowships for New Americans. Established with $50m, it provides graduate school fellowships to immigrants to the United States.Among his many activities, he was also a trustee of his old institute, now the Polytechnic Institute of New York University: "It gives the sons of janitors who possess a work ethic the chance to move into the middle class. That's a very necessary and worthy institution. That's why I am involved."His personal life was touched by tragedy. Two of his children died in infancy – his eldest son in a playground accident, and a daughter run over in his drive. He is survived by Daisy and two sons, Peter and Jeffrey.Soros did not flaunt his wealth and said of himself: "I drifted into something I enjoyed doing and I was fortunate to have the opportunity to do it. My story is riches to rags to riches again. I was lucky to survive. The rest was relatively easy."• Paul Soros, engineer, entrepreneur and philanthropist, born 5 June 1926; died 15 June 2013EngineeringGeorge SorosMartin © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds    

Source: | Date: 26th June 2013 Read more

Why does USA need panic on gold market?

Why investors are sometimes misled? Perhaps, the goal is to further scare and disorient the investment funds and individuals so that they quickly get rid of their gold (and earlier - silver) because the gold has allegedly lost its former appeal and reliability, and stock quotes have sharply declined

Source: | Date: 17th June 2013 Read more

PR peer pays out over billionaire 'smear'

Lord Malloch-Brown, a former Labour minister, was left humiliated last night after he and the PR company he works for agreed to make an out-of-court settlement to the controversial Israeli mining billionaire Beny Steinmetz over sensational allegations of a smear campaign.    

Source: | Date: 11th June 2013 Read more

Lord Malloch-Brown and FTI settle Beny Steinmetz lawsuit

FTI pays damages without accepting liability in case involving BSG Resources mining firmLord Malloch-Brown and his city PR firm FTI Consulting have settled a lawsuit brought by the billionaire mining magnate Beny Steinmetz.FTI has paid €90,000 (£77,000) in damages, but said it accepts no liability and it was not an admission of defeat.FTI stopped representing Steinmetz's firm, BSG Resources, after Malloch-Brown, a former foreign minister in the Labour government and deputy secretary general of the United Nations, joined in 2010.BSGR's proposed development of a mine in Guinea was blocked under the presidency of the incoming Alpha Condé, elected in late 2010.The mining firm claimed that Malloch-Brown's relationship with the financier and philanthropist George Soros meant he was "collusive" with a leading critic of BSGR's activities in Guinea "at a time when Lord Malloch-Brown's firm (FTI) was engaged as a key adviser on reputational and other matters".FTI and Malloch-Brown said they "have always vigorously denied the claims brought against them in their entirety as baseless and without any merit. Indeed, FTI Consulting and Lord Malloch-Brown applied to have the claims against them struck out". "conceded defeat in any way."MiningGwyn © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds    

Source: | Date: 11th June 2013 Read more

Soros Warns Germany Faces Self-Made Recession

Germany is heading for a recession of its own making, Hungarian-born billionaire George Soros has warned. In a speech in Frankfurt this week, the born investor said he expected Europe's largest economy to be contracting by the time Germans vote in national elections in September. "Germany itself remains relatively unaffected by the deepening depression that is enveloping the eurozone," he said in a speech in Frankfurt, pointing to the Cyprus bailout. "I expect, however, that by the time of the elections, Germany will also be in recession." Eurozone gross domestic product shrank by 0.6% in 2012 and is forecast to contract by a further 0.5% this year, according to the European Central Bank. Soros said Germany's insistence that eurozone states follow a policy of austerity, coupled with ECB monetary policy that is "out of sync" with the quantitative easing being pursued by other major central banks, would dampen activity. "The financial problem is that Germany is imposing the wrong policies on the eurozone," he said, pointing the finger at austerity measures that have left the countries of southern Europe stuck in recession and with record levels of unemployment. "When everyone is doing the same thing it simply doesn't work: it is clearly impossible for all members of the eurozone to improve their balance of trade with one another," he said. Soros said Germany faced a stark choice if it wanted to lead Europe out of a crisis largely of its own making: accelerate the process of eurozone integration with the aim of pooling debt and issuing Eurobonds; or leave the euro so that others can issue common debt. "My first preference is for Eurobonds; my second for Germany leaving the euro. Either choice is infinitely better that not making a choice and perpetuating the crisis," Soros said.

Source: | Date: 11th April 2013 Read more