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Berkshire Hathaway

March 1, 2018

Rothschild makes way for son, Buffett’s $29 billion tax cut, family firms have worse management practices, study says.

Rothschild makes way for son

David de Rothschild, chairman of Rothschild & Co, is expected to set aside this year, to make way for his son and successor Alexandre.

The elder de Rothschild, pictured, has run the UK part of the investment group back since 2004, oversaw its merger with its French arm, and has run the joint effort since 2012.

January 31, 2018

VW caught in monkey test scandal; Berkshire, Amazon, JP Morgan plan healthcare non-profit; and Thomson Reuters family sell F&R business

VW caught in monkey test scandal

The reputation of family-owned Volkswagen has taken another hammering, after it became the scapegoat for emissions tests which forced monkeys to breathe diesel fumes.

October 12, 2017

Weinstein’s brother tasked with taking over; Buffett bets against autonomous trucking future;Tata Sons consolidates to cut losses

Weinstein’s brother tasked with taking over

Bob Weinstein is to take over the film company he founded with his brother, Harvey, after the high-level sexual harassment scandal which has seen the family business’s reputation severely damaged.

February 24, 2017

Heineken Asia gamble pays off as Tiger Beer flourishes; Berkshire Hathaway dumps $900 million Walmart stock; and Henkel reports strong fourth quarter

Heineken Asia gamble pays off as Tiger Beer flourishes

Netherlands-based brewer Heineken, controlled by the eponymous family, has reported its fastest earnings growth in seven years.

The 153-year-old family business said growth was driven by a 13% increase in revenue in Asia where larger sales have grown at a double-digit rate for two years.

Heineken gambled on the Asian market in 2012 when it purchased Asia Pacific Breweries, the producer of Tiger Beer, which has grown at a double-digit pace since 2015.

February 21, 2017

 A proposed $143 billion takeover of consumer giant Unilever by family-backed Kraft Heinz has been withdrawn less than 48 hours after the deal was first tabled.

A proposed $143 billion takeover of consumer giant Unilever by family-backed Kraft Heinz has been withdrawn less than 48 hours after the deal was first tabled.

Kraft Heinz made an initial offer on 17 February but withdrew it on 19 February with both companies issuing an unusual joint statement: “Unilever and Kraft Heinz hold each other in high regard. Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever.”

November 11, 2016

ArcelorMittal posts profit amid cost increase; Henkel beats Q3 expectations; and Berkshire Hathaway shares surge on Trump election

ArcelorMittal posts profit amid cost increase

Family-owned steel giant ArcelorMittal has posted a net profit in the third quarter after cost reductions helped offset a drop in revenue.

However, the Luxembourg-based steelmaker warned higher coking-coal prices and falling US steel prices would hamper profitability in the current quarter.

ArcelorMittal also posted a 40% rise in earnings before interest, taxes, depreciation and amortisation to $1.9 billion, despite a 6.8% drop in revenue to $14.5 billion for the quarter.

July 21, 2016

Five of the world’s largest family businesses in the top 20 of the new Fortune Global 500 have seen their combined revenues slump by more than $74.5 billion compared to last year.

Five of the world’s largest family businesses in the top 20 of the new Fortune Global 500 have seen their combined revenues slump by more than $74.5 billion compared to last year.

The 2015 fiscal year impacted the bottom lines of Volkswagen, Toyota Motor, Samsung Electronics, and EXOR Group by almost 6% with not even Walmart, controlled by the Walton family, immune from sales falling for the first time, Fortune reported.

Berkshire Hathaway was the exception to the rule, with revenue up by more than 7%.

May 20, 2016

Heineken set to announce $146m F1 sponsorship deal; Lotte founder refuses mental competence evaluation; and Berkshire Hathaway buys stake in Apple

Heineken set to announce $146m F1 sponsorship deal

Dutch family brewer Heineken, owned by the eponymous family, is rumoured to have agreed to a new $146 million sponsorship deal with Formula One following a sensational win by Dutch racer Max Verstappen last week.

At the Spanish Grand Prix in Barcelona, 18-year-old Verstappen became the youngest winner in F1 history at the Spanish Grand Prix and has been tipped as a future world champion, sparking the interest of the Dutch brewer.

October 24, 2014

Charlie Munger, one of the world’s top investors and vice chairman of Berkshire Hathaway, has made a significant gift to theoretical physics, donating $65 million to the University of California Santa Barbara.

Charlie Munger, one of the world’s top investors and vice chairman of Berkshire Hathaway, has made a significant gift to theoretical physics, donating $65 million to the University of California Santa Barbara.

The gift, the largest in the university’s history, will contribute to a residence for visiting scientists with informal living and work areas to foster impromptu discussion.

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