AWARDS

The 65-year-old Rupert, who has an estimated net worth of about $7.5 billion, seemed deeply perturbed about the impending disappearance of the middle class due to robotics and artificial intelligence, which he said would “put hundreds of millions of people out of work.”  Rupert asked:

“How is society going to cope with structural unemployment and the envy, hatred and the social warfare? We are destroying the middle classes at this stage and it will affect us. It’s unfair. So that’s what keeps me awake at night.”

He added:

“We cannot have 0.1 percent of 0.1 percent taking all the spoils. It’s unfair and it is not sustainable.”

Among the 20 biggest shareholders in Richemont, Rupert obviously belongs to the portion of the population indirectly affected by the impending dysfunctionality of the middle class. He said:

“We are in for a huge change in society. Get used to it, and be prepared. Hopefully we will survive it, because we’re planning for it.”

The conference concluded in Monaco, where one in three of the population are millionaires, according to 2014 report from net wealth research firm WealthInsight.

According to a recent Oxfam report, the wealthiest 1% will own more than half of the world’s entire wealth by 2016.

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Music-streaming company Spotify Ltd. has raised $526 million in a fundraising that values it at $8.53 billion, according to a person familiar with the matter, as investors bet it can fend off a new threat from Apple Inc.

The fundraising attracted investment from a number of investment funds in Europe and the U.S. and included a $115 million investment from Nordic telecom operator TeliaSonera AB, which said the two companies would work together on areas such as media distribution, data analytics and advertising.

Spotify’s latest funding round comes as the company invests in expansion and new forms of content as it faces a growing set of challengers that now includes Apple Music, a subscription-based streaming-music service and a 24-hour global Internet radio station unveiled by the tech giant on Monday.

The financing, which The Wall Street Journal first reported on in April, closed on Tuesday.

As well as TeliaSonera, investors in Spotify’s new round include British asset managers Baillie Gifford, Landsdowne Partners and Rinkelberg Capital; Canadian hedge funds Senvest Capital and Discovery Capital Management, the person familiar with the matter said.

U.S. investors in the round include Halcyon Asset Management, GSV Capital, D.E. Shaw & Co., Technology Crossover Ventures, Northzone and P. Schoenfeld Asset Management, the person said. Goldman Sachs which Spotify hired to raise the new funding, also invested through its Global Private Opportunity Partners fund.

Abu Dhabi’s sovereign-wealth fund also agreed to invest in the round, a person familiar with the matter said in April.

Spotify is now valued at more than double Pandora Media, which has a current market capitalization of about $3.5 billion.

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Europe’s largest bank HSBC Holdings Plc plans to reduce full-time employees by 22,000 to 25,000. Chief Executive Officer Stuart Gulliver seeks to cut annual costs by about $5 billion to restore profit growth.

Banking giant HSBC is to cut 22,000 to 25,000 jobs globally -- and shed an equal number of positions through the sale of units in Brazil and Turkey -- as it seeks to make savings of $4.5 to $5 billion annually within two years.

The losses, which include 7,000 to 8,000 employees in the United Kingdom, amount to about 10% of the bank's full time workforce. The bank said a number of the roles could go through attrition.

HSBC said it intends to sell its operations in Turkey and Brazil, but still plans to maintain a "modest" presence in the latter country to serve about 300 big corporate clients. The sale will reduce the bank's headcount by a further 25,000.

The bank also announced Tuesday that it plans to move 5,000 roles from high cost locations to low cost locations.

HSBC also said it plans to set up a broad ring-fenced bank in the United Kingdom, after announcing last month that it was considering moving its headquarters from London as it faces more regulatory scrutiny and higher taxes in the U.K.

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