Entrepreneur, Dr. Dre give $70 million

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Posted: Thursday, May 16, 2013 12:00 am

Hip-hop mogul Dr. Dre, whose real name is Andre Young, and music industry entrepreneur Jimmy Iovine have donated a combined $70 million to create a new institute at the University of Southern California, the school announced Tuesday.

The gift from the two who have been music business partners in the past will be used to create the Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation.

The academy will provide a special four-year program for undergraduates whose interests span fields from marketing to computer science to visual design and other arts.

SJM Holdings gets OK on new resort

Macau casino operator SJM Holdings has received official approval to build a new resort in the world's biggest gambling center.

SJM said its contract for land in the Cotai district was published Wednesday in the official government gazette. The company is racing to catch up with rivals like Wynn Resorts and MGM.

The former Portuguese colony earned $38 billion in casino revenue last year, about six times more than Las Vegas. SJM, founded by billionaire Stanley Ho, plans to build a 2,000-room resort with 700 gambling tables.

Lollobrigida jewelry auctioned

A diamond jewelry collection belonging to Italian screen actress Gina Lollobrigida fetched $4.9 million at auction, some of which she plans to donate to stem cell research, Sotheby's said Wednesday.

The auction house said eight bidders fought for Lollobrigida's pair of diamond and natural pearl earrings, which finally sold for more than $2.3 million and set a new auction record for such an item.

It was among the highlights in a collection of 23 jewels that the 85-year-old actress was selling partly to fund an international hospital for stem cell treatment.

Criminal investigation launched

Hong Kong's corruption watchdog has launched a criminal investigation of its former chief following complaints of excessive spending when giving tens of thousands of dollars in gifts to mainland Chinese and other officials.

The Asian financial center's anti-corruption agency and Department of Justice said there was “sufficient basis” to open an investigation into allegations of possible bribery and misconduct by Timothy Tong.

He was commissioner of the Independent Commission Against Corruption from 2007 to 2012.

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