The Russian allure of Turkish citizenship
As Western sanctions started to rain down on Russian oligarchs after Vladimir Putin’s invasion of Ukraine, many took their yachts out of the European Union and British territories to escape the risk of seizure, some of whom went to Turkey. The ships now in Turkey are worth a collective $1.1bn, according to yacht valuation experts VesselsValue. The country’s main calling card for Russians is its citizenship by investment scheme, which provides a Turkish passport within three to four months to anyone investing at least $250,000 in real estate or $500,000 in government bonds, companies, investment funds or a local bank account. That’s pocket change for the likes of Russian oligarchs, making Turkey an attractive alternative for those seeking a second passport. Beyond investments in real estate, Russians have also been opening companies in Turkey. They established a record 64 companies in Turkey in March, nearly quadruple the amount in February —and that number is expected to rise once data from April is released.
(Adapted from “Why Turkey Could Become The Next Haven For Russian Oligarchs Fleeing Sanctions,” by Giacomo Tognini, published on May 3, 2022, by Forbes)
The toxicity of TikTok
TikTok bills itself as the happiest place on the internet. Fueling its success: an exacting management style and demanding internal culture that belies its buoyant public image, say employees at its US offices. As TikTok continues its torrid growth, those conditions are increasingly a source of tension at the US offices of the app, a unit of Beijing-based ByteDance. Several former US employees said they averaged 85 hours of meetings a week during their time at TikTok, and had to carve out additional time to complete their work. Another said he persuaded his boss to spare him from working back-to-back all-nighters only after he shared medical lab results showing a potentially life-threatening condition. Others described weight fluctuation, stress or emotional lows so severe they sought therapy. Many TikTok employees tolerate the hours and lack of work-life boundaries because of the prospect of a payout if its parent company goes public.
(Adapted from “TikTok’s Work Culture: Anxiety, Secrecy and Relentless Pressure,” by Georgia Wells, Yoree Koh and Salvador Rodriguez, published on May 6, 2022, by The Wall Street Journal)
Avoid ‘evil’ crypto
Warren Buffett has simple advice for investors as they stare down the worst inflation in decades: invest in your own skills. “The best investment by far is anything that develops yourself,” Mr Buffett said at Berkshire Hathaway’s annual shareholder meeting. Mr Buffett, 91, and Charlie Munger, 98, are longtime sceptics of cryptocurrencies and once again expressed disdain for the assets. “When you have your own retirement account and your friendly adviser suggests you put all your money into Bitcoin, just say no,” Mr Munger said. Mr Buffett explained that one of his fundamental qualms with Bitcoin and other cryptocurrencies is that the assets aren’t productive like farmland or other real estate, leaving the billionaire investor unsure of what to do with Bitcoin. Mr Munger put it more bluntly. “In my life, I try and avoid things that are stupid, and evil and make me look bad in comparison with somebody else,” he said. “Bitcoin does all three.”
(Adapted from “Avoid ‘Evil’ Bitcoin And Stay Sane: Investing Wisdom From Buffett and Munger,” by Katherine Chiglinsky, published on May 2, 2022, by Bloomberg)
Vampire devices that suck energy
Electrical items that draw power when not being used are sometimes referred to as vampire devices. A UK study found they cost an average household £147 ($182) every year. The top five worst offenders are: 1) Televisions — roughly 61pc of people leave TVs on standby which can cost £24.61 per year. 2) Satellite and TV cable boxes — around 87pc of people leave them on standby at an annual cost of £23.10. 3) Internet routers — about 92pc of us never switch them off costing about £18.89 per anum. 4) Microwaves — approximately 61pc of people leave them on standby at a cost of £16.37 per year. 5) Game consoles — around 80pc users leave them on standby at a cost of £12.17 per year.
(Adapted from “Your ‘Vampire Devices’ Could Be Costing You Money,” by the World Economic Forum, published in May 2022)
Published in Dawn, The Business and Finance Weekly, May 16th, 2022
