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Billionaires

May 15, 2019

Asia’s richest man buys UK’s Hamleys for $88 million, Coca Cola heir arrested after $1.3 million in cannabis found on private jet, and billionaire Barclay brother sues French writer over play.

Asia’s richest man buys UK’s Hamleys for $88 million.

British toy maker Hamleys has been sold to Asia’s richest man, Mukesh Ambani, for £68 million ($88 million)—the latest in a string of retail acquisitions by his family conglomerate, Reliance Industries.

Ambani’s Reliance Brands, a subsidiary of Reliance Industries, announced it had bought the 260-year-old toy retailer from Hong Kong-listed Chinese fashion firm C Banner International Holdings.

May 9, 2019

Alannah Weston has succeeded her father, Galen Weston, as chairwoman of Selfridges Group.

Alannah Weston has succeeded her father, Galen Weston, as chairwoman of Selfridges Group.

Weston, 47, served as deputy chair of the luxury group since 2014, which includes Selfridges and Co in the UK, Holt Renfrew in Canada, de Bijenkorf in the Netherlands and both Brown Thomas and Arnotts in Ireland.

Her appointment makes her one of the few women to chair such a prominent business.

May 8, 2019

Succession transition sets up Ricola for the future, Gina Rinehart’s family feud to stay private, and billionaire Zhao family embroiled in US college admissions scandal.

Succession transition sets up Ricola for the future

The principal of Swiss herbal product manufacturer Ricola has relinquished daily duties to a non-family director while his son steps up onto the board of directors.

Felix Richterich, 60, remained as chairman with a focus on strategy from 1 May after seven years as both chairman and chief executive. The grandson of founder Emil Richterich managed the Laufen-based company for 27 years.

May 3, 2019

In the past, children of ultra-wealthy families could expect a substantial part of their parent’s fortune to eventually pass to them. Now 21st century attitudes to wealth transfer are changing. 

In the past, children of ultra-wealthy families could expect a substantial part of their parent’s fortune to eventually pass to them. Now 21st century attitudes to wealth are changing.

A generous inheritance has never been a possibility for billionaire Hong Kong property mogul Wing-Ching Shih’s three children.

May 2, 2019

A dispute between Danish shipping giant Maersk and Los Angeles (LA) dockers over plans to automate port vehicles has highlighted the challenges legacy businesses face balancing innovation with the social cost wreaked by disruption.

A dispute between Danish shipping giant Maersk and Los Angeles (LA) dockers over plans to automate port vehicles has highlighted the challenges legacy businesses face balancing innovation with the social cost wreaked by disruption.

The family-controlled business is facing a backlash from the International Longshore & Warehouse Union over plans to use unmanned electric vehicles instead of diesel trucks to shuttle shipping containers around LA Port—the largest in the US. 

April 30, 2019

Foxconn tycoon Terry Gou announces his bid for Taiwan presidency, Desmarais scion hits back at banks over hidden fees, and Thailand’s richest man resigns as chairman of Charoen Pokphand Foods.

Foxconn tycoon Terry Gou announces his bid for Taiwan presidency

Terry Gou, founder and chairman of Apple supplier Foxconn, has stepped down from leading his company to contest Taiwan’s 2020 presidential election.

The announcement came just two days after Gou told Reuters he was considering stepping away from daily operations at the company to pave the way for younger talent to move up the company’s ranks. His son, second-generation Jeffery Gou, has worked in various roles within the company.

April 24, 2019

France’s billionaire families are facing a backlash over their recent pledge to donate €500 million ($700 million) to rebuild the fire-damaged Notre-Dame Cathedral, with critics questioning its worth as a cause yet ignoring their past philanthropic efforts.

France’s billionaire families are facing a backlash over their recent pledges to donate €500 million ($700 million) to rebuild the fire-damaged Notre-Dame Cathedral, with critics questioning its worth as a cause yet ignoring their past philanthropic efforts.

Even before the smoke had cleared at Notre-Dame Cathedral, the Pinault family, owners of Gucci parent company, Kering, pledged €100 million towards the cathedral’s restoration fund, which was set up by French president Emmanuel Macron.

April 16, 2019

Some of France’s best-known business families have pledged to donate €500 million to help reconstruct the Notre-Dame Cathedral after a devastating fire tore through the historic structure, causing significant damage.

Some of France’s best-known business families have pledged to donate €500 million to help reconstruct the Notre-Dame Cathedral after a devastating fire tore through the historic structure, causing significant damage.

In a statement on Twitter, the Arnault family, owners of luxury group LVMH headed by French billionaire Bernard Arnault, pledged €200 million ($226 million) to help with the restoration efforts.

March 13, 2019

Hedge fund dumps Sackler family over opioid crisis, billionaire Soffer siblings part ways, and Leonie Schroder replaces late father on Schroders board.

Hedge fund dumps Sackler family over opioid crisis

The billionaire Sackler family that controls OxyContin maker Purdue Pharma, already facing mounting legal and financial pressure, has been expelled from a hedge fund for its alleged role in fuelling the opioid crisis.

A spokeswoman for Hildene Capital Management confirmed the firm is returning Sackler family money, but declined to elaborate on the decision.

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