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chinadaily.com.cn 2019-07-19 16:29

CEO of LVMH, Bernard Arnault [Photo/IC]

>Arnault, 2nd richest person

Bill Gates is no longer the world's second-richest person. That title now belongs to French billionaire Bernard Arnault. Arnault, the CEO of luxury goods maker LVMH, overtook Gates Tuesday on the Bloomberg Billionaires Index. It's the first time since the index was created seven years ago that Gates has dropped out of the top two.

Arnault has a net worth of around $108 billion, according to the index, having added $39 billion to his fortune in the past year. Arnault's fortune is worth more than 3% of France's economy as Chinese consumers' appetite for Louis Vuitton handbags and Hennessy cognac has bolstered results for LVMH.

Microsoft founder Gates is worth $107 billion.

According to Bloomberg, Gates would still rank first if not for his philanthropic giving.

The software guru has so far donated over $35 billion to the Bill & Melinda Gates Foundation.

Amazon CEO Jeff Bezos holds the top spot on the Bloomberg list with an estimated net worth of $125 billion.



>Disney slams claims by heiress

Abigail Disney, the heiress to the Disney fortune, decided to tour California's Disneyland incognito after receiving a Facebook message from an employee who was struggling to make ends meet.

Every single one of these employees she talked to were saying, "I don't know how I can maintain this face of joy and warmth when I have to go home and forage for food in other people's garbage", she said.

Since discovering the dire financial situations of the park's staff, she has publicly slapped down Walt Disney CEO Bob Iger whose eye-watering $66 million annual salary is 1,000 times bigger than the average employee.

The Walt Disney Company blasted Abigail Disney in a statement on Wednesday, accusing her of pulling a stunt that was "a gross and unfair exaggeration of the facts".

The company insists they pay their workers a living wage, and have numerous other employee benefits and incentives.

"At our parks in Orlando and Anaheim, The Walt Disney Company currently pays its hourly workers an average of $19.5 an hour, significantly above the federal minimum wage," said the statement.



>China unveils health plan

The State Council issued a guideline recently to implement the Healthy China initiative, which encourages people to adopt healthier lifestyles and diets.

The guideline sets specific targets for reducing daily salt intake to less than five grams, cooking oil intake to between 25 and 30 grams and sugar intake to 25 grams by 2030.

The daily intake of fat for adults should be reduced to less than 32% of their total daily energy intake by 2022 and to no more than 30% by 2030, the guideline said.

People are encouraged to eat more than 500 grams of vegetables and 500 grams of fruits every day, and are advised to eat at least 12 different types of food daily and 25 types of food weekly, it said.


The country will promote the establishment of a bankruptcy system for insolvent individuals in a step-by-step way. [Photo/IC]

>Personal bankruptcy mulled

China has released its road map to build the personal bankruptcy system and the plan is expected to launch in some pilot areas in the second half of this year, ifeng.com reported Wednesday.

The country will take steps to build a comprehensive personal bankruptcy system by gradually promoting reasonable liability exemptions for an individual, when their consumer debt meets requirements, according to a plan released Tuesday on the official website of the National Development and Reform Commission.

The focus of the much-anticipated personal bankruptcy system is to solve the problems of joint liability to guarantee debt caused by corporate bankruptcy. It has been clarified that an individual can reasonably be exempted from liability related to production and business activities due to guarantees and other reasons, according to the reform plan to accelerate the improvement of the market entity withdrawal system.


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