Prince Alwaleed, owner of London’s Savoy hotel, said in March that he would sever ties with [Forbes] after its annual rich list valued him at $20bn, not enough to place him in the coveted top 10. Despite being pronounced the richest man in the Arab world, Prince Alwaleed accused Forbes of “intentional biases and inconsistencies” and insisted his real value was nearly $30bn. He has now filed a defamation claim in London’s High Court against Forbes‘s publisher, its editor, Randall Lane, and two of its journalists. Forbes said it stood by its story. [Telgraph]
Text World Leaders During Late-Night Bike Rides And Watch The Pounds Melt Right Off (The Alwaleed Lifestyle, Chapter 3)By Bess Levin
A person in need of a little guidance could seek advice from Prince Alwaleed bin Talal on any number of topics. Interior design (decorate with an emphasis on clean lines and pictures of yourself, ensuring fellow royalty never forget whose office they are in). Business (keep your employees movitvated with occasional hookah parties and pet falcons). Fashion (don’t be caught dead clashing with your horse). Know-nothing list-makers whose inability to add gives the world the impression you’re some kind of street urchin worth a mere $18 billion (TAKE NO PRISONERS). But the area of expertise closest to his heart? Diet and fitness. The formerly plump prince has loads of wisdom to impart on how to get fit and and stay that way. Herewith, a preview of the tips you’ll find in what we hope will be be a forthcoming series of books and DVDs entitled The Alwaleed Lifestyle. Read more »
[Twitter via BI]
Only two are visible in this photo he tweeted of himself and Prince Charles but presumably the gold thing behind the couch is an oil painting of his HRH and one would hope that if the cameraman zoomed out, we would see glossy 8X10′s of this, this, this, and this. And maybe a huge version of this, on the wall behind his desk.
As you may have heard, earlier today, Citigroup announced that CEO Vikram Pandit would be resigning from his post at the bank, effective immediately, along with several longtime lieutenants. While the news came as a shock to Wall Street, it was assumed that on the inside, employees had been given some advanced warning and time to get used to the idea of life without Uncle Vik. That they weren’t just realizing now those hugs on the elevator Monday had been their last. That he’d stashed something away for them to remember him by. (A one dollar bill with this face on it. A glossy 8X10 photo to keep on their desks. SOMETHING.) That he hadn’t just left in the middle of the night. Unfortunately for those who’ve grown quite attached to Vickles since he took the reigns in 2007, however, that’s exactly what happened.
The news of Mr. Pandit’s departure after five years atop the company came as a shock to Citigroup employees, including senior executives. In the firm’s London office, some executives emerged from a meeting and read the news on their computers and Bloomberg terminals, well before the bank’s internal memo was released. Soon a dozen employees were crowded in front of television monitors, following the story on financial business shows. Others were seen around a water cooler on the trading floor, discussing the news. Still others retreated to their desks to parse Citigroup’s recent earnings release, looking for hints of internal conflict. “There’s shock,” said a Citigroup executive based in New York. “Even senior people were surprised.”
And although early reports suggested that Count Vikula had simply decided that Citigroup had come so far since he’d taken the gig five years ago that his work was done, and that while it was time to move onto the next stage of his life, he’d cherish the memories and the people he met at Citi, it now sounds like the split was a bit more acrimonious than that. Read more »
Kingdom Holding Co. said the investment firm and its chairman, Saudi Arabian billionaire Prince Alwaleed Bin Talal, invested $500 million in General Motors Co.’s recent initial public offering. The transaction represents 1% of the value of GM’s subscriptions, Kingdom Holding said Tuesday in a statement emailed to Zawya Dow Jones. The firm cited “the global strength of the General Motors brand, the relatively attractive offering price, and the company’s growth prospects in Brazil and China.” [WSJ]