Philanthropy is a personal responsibility, says Alwaleed

Updated 02 July 2015
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Philanthropy is a personal responsibility, says Alwaleed

RIYADH: “Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith,” says Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC).
Prince Alwaleed made these remarks on Wednesday when he pledged his entire fortune to the tune of $32 billion to charitable projects.
While many of his philanthropic projects are already under way, the prince has confirmed the funds will be made available even after his death.
The prince said he will donate his fortune to his organization called Alwaleed Philanthropies to work in the fields of “intercultural understanding” and supporting communities in need.
Programs will include promoting health, eradicating disease, bringing electricity to remote villages, building orphanages and schools, as well as empowering women.
His pledge came during the holy month of Ramadan when Muslims are encouraged to give charity and help the needy.
Prince Alwaleed has supported philanthropy for more than 35 years, donating $3.5 billion thus far through the Alwaleed Philanthropies.
Prince Alwaleed joins other billionaires who have made similar pledges in recent years, such as Warren Buffett, Bill Gates, Mark Zuckerberg and Michael Bloomberg.
Prince Alwaleed has always had a good foresight, and the prince has routinely invested in promising companies such as Twitter.
At Wednesday’s press conference, he praised The Bill and Melinda Gates Foundation in the US and shared that his intentions and visions were “modeled” on the philanthropic organization spearheaded by Bill Gates and his wife, Melinda Gates.
“Since most of my wealth was achieved from this blessed country, I have made giving back to Saudi Arabia my number one priority, after which our philanthropic efforts will extend to countries around the world in accordance with the regulations governing charitable activities,” said the prince.
He said: “You may rightly wonder, why am I doing this? My response is that everyone goes through certain life-changing situations that have a great effect on his or her crucial future decisions. I have had the opportunity to witness, first hand, the challenging conditions of many communities across the globe, first hand, and have stood among those who were suffering and in great need. I have also learned of overwhelming obstacles through meetings with the leaders of countries and communities around the world.:
Prince Alwaleed said his foundations have been collaborating with other philanthropic organizations, NGOs, governments and non-profits for decades. Our work is far-reaching, providing humanitarian assistance to ease poverty and famine, supporting development, health and education, and encouraging long-term, sustainable change for the better.
He said: “Given the world’s current economic and social conditions, and the devastating effects of war and natural disasters around the world, more collaborative efforts are required from all capable individuals to unify their stand in the effort to alleviate poverty in the most deprived communities and to advance and build their societies.”
The prince said he was making the announcement as an illustration of God Almighty’s blessings, following His words in the Holy Qur’an: “But tell of the favors of your Lord,” (AlDhoha).
The prince added: “As I see it, the time has come for me to share all that I have to support communities through my foundation, Alwaleed Philanthropies, which aims to initiate and support projects worldwide regardless of religion, race or gender.”
He said: “For 35 years, Alwaleed Philanthropies have developed and sustained projects in more than 92 countries. We collaborate with a wide range of philanthropic, governmental and educational organizations to combat poverty, empower women and youth, to develop communities, provide disaster relief and to nurture cultural understanding through education. Together, we can build bridges for a more compassionate, tolerant and accepting world. Ours is a belief in humanity without boundaries and a commitment toward all.”


Once mighty US retailer Sears files for bankruptcy

Updated 15 October 2018
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Once mighty US retailer Sears files for bankruptcy

  • Sears had been drowning in debt and reportedly could not afford a $134 million repayment
  • Started in 1886, the company was a pioneer of departmental stores that catered to everyone

WASHINGTON: Sears, the venerable US chain that once dominated the retail sector but had been in decline since the advent of the Amazon era, filed for bankruptcy Monday and announced it was closing almost 150 stores.
With a history that stretches back to 1886, the company was a pioneer of departmental stores that catered to everyone and by the mid-twentieth century had built a vast empire that stretched across North America.
But it has closed hundreds of outlets in recent years amid a retail shakeout caused in part by the rise of Amazon and other e-commerce players.
“The Company and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York,” a statement by Sears Holdings Corporation said.
Sears had been drowning in debt and reportedly could not afford a $134 million repayment that had been due on Monday.
Edward S. Lampert, Chairman of Sears Holdings, said the insolvency filing would give the company the “flexibility to strengthen its balance sheet” and enable it to accelerate a strategic transformation.
The company said it intended to reorganize around a smaller store platform, a strategy it said would help save tens of thousands of jobs.
But it announced it would close 142 unprofitable stores near the end of the year, in addition to the previously announced closure of 46 stores by November.
While retaining his chairmanship, Lampert will step down as CEO, with the role handled by other senior executives as part of a new “Office of the CEO.”
Sears added it had received commitments for $300 million in debtor-in-possession financing and was negotiating for an additional $300 million.
Sears is far from the only brick-and-mortar outlet to fall by the wayside as more consumers do the bulk of their shopping online.
In March, iconic Toys “R” Us announced it was shuttering all of its US outlets while other big names such as Macy’s and JC Penney have also been forced to close numerous locations and lay off workers.
American shopping malls in turn have been forced to turn to a new generation of stores, food and entertainment including players that began online, as well as gyms and video game bars like Dave & Buster’s.