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Asia's richest man loses $3.6 billion in one day

06:33 PM | 25 Aug, 2015
Asia's richest man loses $3.6 billion in one day
BEIJING (Web Desk) - China's richest man lost $3.6 billion in a single day after global stock markets tanked and Chinese markets erased all their gains for the year.

Wang Jianlin, chairman and founder of property and entertainment company Dalian Wanda, lost more than 10 per cent of his total wealth on Monday, according to the Bloomberg Billionaires Index, which tracks the world's richest people.

Shanghai shares Monday collapsed by 8.49 per cent, the biggest daily loss since 2007, sparking a vast sell-off in global financial markets as concerns mounted that a slowdown in the world's second-largest economy could hurt global growth.

Shanghai fell an additional 7.63 per cent on Tuesday.

The close was the lowest since December 15 last year - and below the symbolically significant 3,000 point mark - while Bloomberg News said it marked the steepest four-day rout since 1996.

Wang was the biggest loser at the end of trading on Monday, according to the index, which updates at the end of each day. Figures for Tuesday were not immediately available.

Wang Jianlin, chairman of Dalian Wanda Group, touches his face during an interview at his office in the company's headquarters in Beijing in this December 3, 2012 file photo. Chinese property developer Dalian Wanda Group says it can afford to spend as much as $5 billion every year to buy foreign firms or assets, underscoring the rising clout of the firm as it expands abroad. To match Interview CHINA-WANDA/ REUTERS/Suzie Wong/Files (CHINA - Tags: BUSINESS PROFILE HEADSHOT REAL ESTATE CONSTRUCTION)

Despite the loss, his wealth has increased by $6 billion this year. China's second richest person Jack Ma, founder of e-commerce giant Alibaba, lost only $545 million on Monday, according to the index.

Beijing launched a huge rescue package after shares collapsed in June, which has included funding the China Securities Finance Corp. to buy stocks on behalf of the government and barring major shareholders from selling their stakes.

In the latest move, Beijing said on Sunday it would allow the state pension fund - which had 3.5 trillion yuan ($548 billion) of assets at the end of 2014 - to buy stocks.

The writer is a member of the staff.

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US Dollar, Euro, Dirham, Pound, Riyal Rate in Pakistan Today - Currency Rates 20 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 20, 2024 (Saturday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.15 for buying and 280.85 for selling. Euro's buying rate remains stable at 301.35 and selling rate is 303.25.

British Pound rate is 354.85 for buying, and 358.35 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.70.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.35 303.25
UK Pound Sterling GBP 354.85 358.35
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.7 74.42
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.5 205.5
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.4 26.7
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.5 7.65

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