Rs 36961423200000 World's richest family is much richer than Mukesh Ambani, Adani, Narayana Murthy, Premji combined, their business is….
The Walton family has once again been recognised as the richest family in the world, with a collective net worth of $432 billion. It is higher than the GDPs of Greece and Hungary combined, and even of Iran, according to Bloomberg.
The founder of the organisation was Sam Walton. He passed away in 1992 at age 72, and his brother Bud died three years later. Their legacy was carried forward by their next generation like Rob Walton, who was Walmart's chairman until 2015. Now Greg Penner who is Sam's son-in-law now leads the board.
Penner and his family have expanded the business beyond retail. In 2022, they purchased the Denver Broncos NFL team for $4.7 billion which was one of the most expensive franchise acquisitions in history.
The Waltons also have stakes in major sports franchises, due to family connections with sports icons like Stan Kroenke who is the husband of Ann Walton, Bud's daughter. It includes Premier League club Arsenal, Los Angeles Rams, Denver Nuggets, and Colorado Avalanche.
Nancy Walton Laurie, another of Bud's daughters, owns a $300 million superyacht. It was acquired from Qatari royalty and it is currently the largest yacht in the world owned by a woman.
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Mint
10 minutes ago
- Mint
Intel Slides After New CEO's Comeback Plan Worries Investors
(Bloomberg) -- Shares of Intel Corp. tumbled 8.5% on Friday after Chief Executive Officer Lip-Bu Tan sparked concerns that he was more focused on cost cutting than restoring the chipmaker's technological edge. As part of Intel's second-quarter report, Tan said the company will cancel some factory projects and take a more conservative approach to future spending. Tan called the investments begun under his predecessor, Pat Gelsinger, excessive and unwise. 'I do not subscribe to the belief that if you build it, they will come,' he said on a conference call with analysts. At the same time, Tan struggled to give a clear picture of how he'll make the company more competitive again. Gelsinger had embarked on an ambitious plan to turn Intel into a chip foundry, a business that makes products for outside clients. A key part of that was moving toward a more advanced production technique called 14A. But Tan signaled Thursday that Intel will only roll out that technology tentatively. The company will add large-scale capacity for 14A when Tan is convinced he has enough customers committed to using it, he said on the call. That didn't sit well with investors, who sent the shares down to $20.70 in New York on Friday, the stock's biggest single-day decline in more than three months. 'The idea you might step away from 14A if you can't get someone to invest in it is a problem,' said Wedbush Securities Inc. analyst Matt Bryson. The crux of the concern: If Intel stops introducing new manufacturing technology, it's bowing out of the race for leadership of the chip industry — and closing the book on what made it untouchable for decades. Intel's woes have previously spurred speculation that it might be acquired or broken up, though there's no clear path to a major deal. Possible suitors for Intel's factory division, such as Taiwan Semiconductor Manufacturing Co., have backed away from the idea. Tan also has said he aims to keep Intel's manufacturing and product-design businesses together, though he does plan to offload smaller divisions. Intel confirmed on Friday that it aims to spin off its networking group into a standalone business. The company said it has begun identifying strategic investors, without naming them. CRN previously reported on the plan. In its earnings report, Intel gave an upbeat third-quarter sales forecast while missing estimates for some profit measures. Margins will be tighter than Wall Street anticipated in the period, and Intel only expects a break-even quarter. Analysts had projected a 4-cent gain on that basis. In the second quarter, revenue amounted to $12.9 billion, little changed from a year earlier. Analysts had projected $11.9 billion. The company posted a loss of 10 cents a share, compared with an estimated profit of 1 cent. Intel's stock had been up 13% this year through Thursday's close. Though that gain was in line with most chip stocks in 2025, rivals Nvidia Corp. and Advanced Micro Devices Inc. have performed better — lifted by their artificial intelligence prospects. Tan's focus is getting Intel's financial house in order, a task that has included thousands of layoffs and the slashing of capital spending. The company said Thursday that already-paused factories in Germany and Poland won't go ahead, and progress at another project in Ohio will be slowed. Intel will reduce capital expenditures on new plants and equipment this year and plans to make further cuts to that budget next year. The company will spend about $18 billion this year and less in 2026, executives said. Tan, who took the CEO job in March, acknowledged that he still has work to do to make the company more competitive in its main markets: processors for personal computers and servers. He's also still crafting Intel's plan to crack the AI chip industry — an area where Nvidia dominates. Third-quarter sales will be $12.6 billion to $13.6 billion, Intel said. Analysts on average had projected a number at the low end of that range. The company has benefited from a resurgence in the PC industry, driven in part by manufacturers' efforts to build up inventory before tariffs hit. But the Silicon Valley pioneer has lost market share to rivals and is struggling to attract foundry clients. Intel's layoff plans — first announced during the previous quarterly report — will reduce staff by 15%, Intel said. And the company expects further cuts through attrition and the splitting off of business units, Chief Financial Officer Dave Zinsner said in an interview. The chipmaker aims to end the year with 75,000 employees, down more than 20% from the end of the June quarter. Bloomberg News reported in April that Intel was looking to cut its workforce by roughly that amount. Analysts have expressed concern that PC demand will decelerate after a strong first half. The threat of tariffs imposed by the US — and other nations in retaliation — may have prompted PC makers to rush to stock up ahead of prospective cost spikes, the company warned last quarter. Demand was better than expected last quarter because an economic slowdown didn't materialize, Zinsner said. But the company is aware that some demand might have stemmed from consumers and businesses trying to avoid tariffs. 'We felt like tariffs might be a headwind in the second quarter and would further unsettle the economy,' he said. 'None of that transpired.' Intel's client computing division had revenue of $7.9 billion last quarter, topping the average prediction of $7.3 billion. Data center sales were $3.9 billion, compared with a $3.7 billion estimate. The foundry division generated revenue of $4.4 billion, in line with projections. Intel had previously said it planned to cut operating expenses to about $17 billion this year and $16 billion in 2026. The Santa Clara, California-based company remains on track for the 2025 cuts, Intel said Thursday. Tan's predecessor, Gelsinger, had concentrated on expanding Intel's factory network, once its key competitive advantage. He laid out plans to spend tens of billions of dollars on making its plants the best in the industry again, a status that would force rivals to use it as an outsourced provider of manufacturing. 'We will take a fundamentally different approach to building our foundry business,' Tan said in a memo to staff Thursday. 'Over the past several years, the company invested too much, too soon – without adequate demand. In the process, our factory footprint became needlessly fragmented and underutilized. We must correct our course.' For now, the biggest user of its factories is Intel's internal design teams. Some of Intel's best offerings now contain components made by TSMC, adding more pressure to its margins. Adjusted gross margin — the percentage of sales remaining after excluding the cost of production — was about 30% in the second quarter and will be 36% in the current period. That's close to half of what it was when Intel's chips dominated the data center market. Nvidia has margins above 70%. Intel's Zinsner said the company isn't yet ready to unveil AI-related gear. The chipmaker is focusing on the development of products that will fit in unserved parts of the market. Ultimately, Intel needs to figure out how it can benefit from artificial intelligence, Emarketer analyst Jacob Bourne said in a note. 'A fundamental market truth isn't going away,' he said. 'Global demand for AI chips continues to soar, and Intel must find its footing in that value chain.' (Updates shares starting in first paragraph.) More stories like this are available on
Time of India
2 hours ago
- Time of India
Shock media closure deals new blow to press freedom in Balkans
Nearly 14 years after presenting the first newscast of Al Jazeera Balkans , Sasa Delic, like his 250 colleagues, learned of the channel's closure in a shock announcement. The Bosnian journalist inaugurated the new network on November 11, 2011, telling viewers: "You are watching the first news channel in the region," and promising them "accurate, verified and impartial" information. But on July 10, management suddenly announced the Qatari-based channel's regional branch was closing, the latest in a wave of closures and downsizing to hit the Balkans' strained media industry. "I had no idea," Delic, 47, told AFP. "It was sudden, but you have to adapt. It's the owner's decision." Two days later, his colleague Dalija Hasanbegovic gave the channel's farewell sign-off: "That was the final Al Jazeera Balkans newscast. "We always tried to be the voice of those who didn't have one, an island of truth." - 'Silencing the last voices' - Claiming more than 22 million viewers, "AJB" broadcast across most of the Balkans, with studios in Belgrade, Sarajevo and Zagreb. "We never adhered to anyone's political agenda," said Delic, who added he fears the closure will hurt strained media freedoms in the region. "A beacon of free journalism in the Balkans goes dark," said philosopher and journalist Dragan Bursac in his final column published on the Al Jazeera Balkans website. Al Jazeera Balkans' executive director and one of its founders, Edhem Foco, told AFP the closure was a consequence of a "strategy shift" at the parent channel, which is investing in developing its online platform Al Jazeera 360. The loss will be felt mostly at the broadcaster's Sarajevo hub, where nearly 200 employees worked, according to Foco. "It is a warning: independent journalism in the region is increasingly under threat," said the SafeJournalists Network (SJN), a coalition of journalist associations and unions in the Balkans. For Maja Sever, director of the European Federation of Journalists, "we are witnessing the silencing of the last voices that embodied professional and quality journalism". The network's shuttering comes after the United States cut funding to a slew of foreign-based media outlets, part of President Donald Trump's budget cuts -- including to news outlets he deems hostile to his agenda. Voice of America's Serbian office closed in March after 82 years, and the future of the regional newsrooms of Radio Free Europe remains unclear. Many other independent outlets that relied on US government funding have also closed or are struggling around the world. "The damage is very significant, profound," Sever said. - Independent media disappearing - Balkan countries rate poorly in the 2025 World Press Freedom Index, created by watchdog group Reporters Without Borders . Out of 180 countries, Bosnia ranks 86th and Serbia 96th. The report also noted that Serbian media "bear the brunt of attempts by the authorities to quell" large-scale anti-government protests that have rocked the country for months. At least 28 media professionals had been assaulted by police or supporters of President Aleksandar Vucic since February, it said. Independent media in the Balkans are increasingly rare, and some, like the N1 channel, are not distributed by public or government-affiliated cable operators. As these outlets shrink, many journalists will leave the profession, Sever warned. "Those who ask questions are leaving, those who think independently are leaving. Who, then, will ask a question to a prime minister or a president at a press conference? Algorithms? Artificial intelligence?" she said.
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5 hours ago
- Business Standard
China's Unitree Robotics offers a humanoid robot for under $6,000
The startup, among the frontrunners in Chinese robotics, on Friday announced its R1 bot with a starting price of 39,900 yuan (or $5,900) Bloomberg By Bloomberg News Unitree Robotics is marketing one of the world's first humanoid robots for under $6,000, drastically reducing the entry price for what's expected to grow into a whole wave of versatile AI machines for the workplace and home. The startup, among the frontrunners in Chinese robotics, on Friday announced its R1 bot with a starting price of 39,900 yuan (or $5,900). The machine weighs just 25kg and has 26 joints, the company said in a video posted to WeChat. It's equipped with multimodal artificial intelligence that includes voice and image recognition. The four-figure price tag highlights the ambitions of a new generation of startups trying to leapfrog the US in a groundbreaking technology. Unitree rose to prominence in February after CEO Wang Xingxing joined big names like Alibaba Group Holding Ltd.'s Jack Ma and Tencent Holdings Ltd.'s Pony Ma at a widely publicized summit with Chinese President Xi Jinping. The new robot's launch coincides with China's biggest AI forum, set to kick off this weekend with star founders, Beijing officials and AI-hungry venture investors converging in Shanghai. The World Artificial Intelligence Conference will bring together many of the key figures expected to drive China's efforts around AI, which is finding a physical expression in the rapid development of more humanoid robots. After decades of dominance by American companies like Boston Dynamics, Chinese companies are pushing ahead with humanoids for factories, households and even military use. Pricing is crucial to their proliferation. Unitree's older G1 robot, which found a home in research labs and schools, was priced at $16,000. A more advanced and larger H1 model goes for $90,000-plus. Rival UBTech Robotics Corp. said recently that it planned a $20,000 humanoid robot that can serve as a household companion this year, seeking to expand beyond factories. If it works as advertised, Unitree's new robot would mark a milestone for the robotics industry, particularly when it comes to complex humanoids. Morgan Stanley Research estimates that the cost of the most-sophisticated humanoid in 2024 was around $200,000.
