Russia's richest lose $3.1bn as tax proposal hits shares

Russia’s super-rich tycoons lost more than $3-billion in one day after a top economic aide to the president proposed raising taxes on the nation’s giant metal and mining companies. In a letter to Vladimir Putin, adviser Andrey Belousov named 14 companies that could pay more. The resulting investor exodus saw $3.1-billion wiped off the fortunes of their affluent bosses, according to the Bloomberg Billionaires Index.