Recently in Business News Category

By Daragh Brophy, TheJournal.ie

U2′s net worth has been revised down to a mere €516 million -- down from over €638 million on last year, according to this year's Sunday Times Irish Rich List.

Bono, Edge, Adam and Larry are at 19th in the 2014 league table, which was compiled by Colm Murphy and covers the Republic and Northern Ireland.

Their income was previously split with manager Paul McGuinness, who resigned last year after more than three decades in the job.

McGuinness is now listed as a separate entry, with an estimated wealth of €104 million. He's at number 87 in today's list.
Top spot is taken once again by Brown Thomas owner Hilary Weston and her family, whose fortune is estimated at €8.7 billion.

Media magnate Denis O'Brien is in second, with an estimated personal wealth of €4.6 billion. Investor Dermot Desmond comes fourth in the latest list, at €1.7 billion.

The family of the late Edward Haughey, who died in a helicopter crash this year, are the wealthiest people in Northern Ireland according to the paper, with an estimated fortune of €1.68 billion.

Copyright © 2014 Journal Media Ltd.

Are property taxes in Ireland favoring the rich?

By Paddy Clancy, Irish Voice Reporter

Bono and Ryanair boss Michael O'Leary could save thousands in a controversial tax based on how their homes have been valued on the Revenue Commissioners' new website.

Eyebrows have been raised by the new property tax, with homeowners expected to accurately assess what to pay the government based on the value of their houses.

The tax is assessed based on the value of a home. It is €90 if the property is worth under €100,000. The amount payable increases with every extra €50,000 the home is valued at. If it is worth more than €1 million the tax is €1,800 and for every extra €1 million the tax goes up another €2,500.

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AOL Real Estate

We never imagined that Bruce Willis and U2 bassist Adam Clayton would ever have anything in common. But it turns out they do: this stunning co-op on Manhattan's exclusive Central Park West. The New York Post first reported that Willis was in contract to buy the home, but Zillow and other reports followed up, saying that it was originally listed by Clayton back in October for $8.695 million. Willis scored the three-bedroom, four-bathroom home for $8 million.

Best known for playing John McClane in the "Die Hard" movies, Willis is currently on theater screens in the fifth installment of the film series, "A Good Day to Die Hard." So we're guessing Willis took that big fat paycheck to splurge on the fabulous apartment. And fabulous it is: It's a pre-war "art deco gem," the listing said, with a gourmet kitchen (high-end appliances included, naturally) that has slate countertops and terrazzo floors. There are huge spaces, including a living room, formal dining room and gallery hallway. There's plenty of space: When Clayton owned it, the space was originally two separate units that he converted into one, according to Zillow.

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Ciara O'Brien, Irish Times

SOME OF the world's top technology entrepreneurs mixed with well-known names in Dublin's Mansion House yesterday as the F.ounders conference began.

Bono addressed the gathering as the co-founder of charity One International, an organisation that fights extreme poverty and preventable disease. He compared aid for struggling economies to start-up funding, and said One wants to be the NRA [National Rifle Assocation] of the world's poor. "It's much feared but well organised," he said.

Bono appeared on stage with One executive director Jamie Drummond to discuss the campaign and how technology has helped empower people. "The 21st century began last year in Tahrir Square, where the model of power over the millennia - the pyramid - was inverted. You have this incredible thing that technologists have known for years: the network effect," he said. "Received wisdom is not going over very well. Everything has changed ... The more of it that is available, the easier our job."

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Devin Coldewey, NBCNews.com

Jony Ive, best known for his work in creating the iPhone and other Apple products, will be working with Leica on a custom camera to be sold for charity, the camera maker said.

The news was shared Monday night by Dr. Andreas Kaufmann, who owns Leica. Ive was originally supposed to be present but couldn't make it, so the news was handled briefly during the announcements of Leica's new cameras, the new M flagship rangefinder and some other, less expensive cameras.

The idea is for Ive to design the camera and then for Leica to produce exactly one of them, which will then be auctioned off for charity in collaboration with U2's Bono. In all likelihood, the device will fetch an astronomical sum; limited-edition Leicas regularly sell for tens of thousands of dollars, and this will be among the most exclusive and desirable devices ever made to begin with.

by Dave Lifton, Ultimate Classic Rock

Three weeks ago, we learned that Ringo Starr is the world's richest drummer. Today, the same website lists Starr's former bandmate in the Beatles, Sir Paul McCartney, as the most valuable lead singer (and presumably, bass player) in the world.

Celebrity Net Worth estimates McCartney's net worth at $800 million, presumably in part due to his vast publishing holdings. They arrived at the figure based on "all publicly available information including salaries, real estate holdings, divorces, record sales, royalties and endorsements. The final net worths come from a formula that takes out taxes, manager's fees, agents' fees, and lifestyle."

Directly below McCartney, but far behind in terms of dollars, is Bono at "only" $600 million. It was suggested that the U2 singer had become a billionaire through his equity firm's stake in Facebook, but he quickly denied this story.

Carol Hawkins is accused of stealing around $3.5 million

By Rolling Stone

U2 bassist Adam Clayton has testified against a former personal assistant accused of stealing millions from him, reports the BBC. Carol Hawkins is accused of embezzling 2.8 million euros, or around $3.5 million, from Clayton from 2004 to 2008, and she faces 181 counts of theft.

Clayton was questioned in court on his working relationship with Hawkins, confirming she was a signatory on two of his bank accounts. Hawkins worked for Clayton for 16 years, and was originally employed by him alongside her husband until their separation in 2007.

Clayton revealed to the jury that Hawkins admitted in 2008 to burning through 13,000 to 15,000 euros - approximately $16,300 to $18,800 - on his account to visit her children in the U.S. and London.

U2 frontman Bono has laughed off claims he will become a billionaire on the back of the Facebook flotation that netted co-creator Mark Zuckerberg more than a billion US dollars.

RTE News

U2 frontman Bono has laughed off claims he will become a billionaire on the back of the Facebook flotation that netted co-creator Mark Zuckerberg more than a billion US dollars.

The rock star's investment group Elevation put money into the social networking site, taking 2.3% of the company in late 2009.

But while the flotation means Elevation is worth way in excess of £1bn, Bono is joined by nine other directors who stand to profit.

U2's Bono: 'I'm not a billionaire'

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The frontman has slammed reports saying Facebook's floatation has made him richer than Paul McCartney

NME

U2 frontman Bono has rubbished reports which stated he was to become the richest musician in the world today (May 18), overtaking Paul McCartney.

It was thought that when Facebook was floated on the stock exchange today all its early investors would earn huge amounts of money, including the U2 singer, who owns 2.3 per cent of the shares in Facebook through his private equity firm, Elevation Partners, which they bought for $90 million (£57 million) in 2009.

U2's Bono and the Edge invest in Dropbox

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Stars follow $270m Facebook stake with backing for internet storage service

Lisa O'Carroll, The Guardian

His investment firm is looking forward to potential profits of about $1bn (£620m) from Facebook. Now U2 front man Bono appears to have developed a thirst for web technology, giving his personal backing to internet storage service Dropbox alongside bandmate the Edge.

The U2 pair were announced as individual investors by Dropbox in a picture posted on Twitter showing the musicians posing with founders Drew Houston and Arash Ferdowsi.

The service, which is still in its formative stages, has more than 50m users and was described as "tech's hottest startup" by Forbes in a cover story last November. The company did not specify how much the musicians invested.

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