Popular magazines collection
Solorz-Zak borrowed to build a media empire | “My goal is not to have another million in the bank account”
Marta Waldoch and Maciej Martewicz
Born in Radom, 62 miles south of Warsaw, Zygmunt Krok earned his first money by selling “various stuff,” he says. A neighbor, Feliksa Pietruszka, recalls him peddling candles at the cemetery across from their apartment building. More than four decades and three name changes later, the man now known as Zygmunt Solorz-Zak, 56, has turned his first zlotys into an empire spanning television, mobile phones, a bank, and a power utility.
The Russian president has a compound for top supporters | Residents “never meet anyone they would consider rabble”
Stepan Kravchenko, Evgenia Pismennaya, and Irina Reznik
House No. 3 on Shvedskiy Tupik
Josef Stalin erected a huge luxury apartment complex across the river from the Kremlin to reward, and spy on, his closest comrades. The one Russian President Vladimir Putin built for his clique is much smaller and harder to find.
The world must insist on reform and respect for the democratic process
As this magazine goes to press, vast numbers of Egyptians are demanding the resignation of their president for the second time since 2011. The Arab world’s most populous nation does need urgent change, but it doesn’t need another revolution.
President Mohamed Mursi’s tenure has been, in a word, disastrous. During his year in power, Mursi has failed not only to elaborate a plausible economic program but also to govern for all Egyptians. His only significant success came early in his presidency, when he outmaneuvered the military, sidelining the institution as a force in civilian politics.
Consider big banks. Despite strong gains, the stocks still offer plenty of opportunity.
BY KATHY KRISTOF
COURTESY CAPITAL ONE
BANKING’S BEHEMOTHS ARE on a roll. Big-bank stocks have soared over the past two years, and the companies’ prospects look bright, thanks to an uptick in business lending, better loan quality and cleaner balance sheets. “The broad economy is improving, and a big part of a bank’s success is tied to the health of its markets,” says analyst Joe Morford, with RBC Capital Markets.
Pay off the mortgage or save for retirement – it’s a common dilemma for many households and I usually suggest doing a bit of both, as seeing the mortgage going down tends to give you a more immediate sense of financial wellbeing, while knowing you are also boosting your retirement savings helps take away some of the fear of the future.
The salary sacrifice contributions Imelda currently makes into her super are tax effective in that they are only taxed at a flat 15%, whereas if she took the income as salary it would be taxed at 34% (inclusive of the Medicare levy).