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Billionaires

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.

March 7, 2019

AB InBev chairman steps down to focus on JAB roles, Jeff Bezos’ family office invests in vegan start-up, and Michael Hill Jewellery shifts towards family designed pieces.

AB InBev chairman steps down to focus on JAB roles

Olivier Goudet, chairman of family-owned brewery giant Anheuser-Busch InBev (AB InBev) is stepping down amid concerns his role at family-controlled investment group JAB Holding has created a conflict of interest.

On Tuesday, Goudet (pictured) confirmed he would step down from AB InBev to devote more time to his “growing responsibilities as managing partner and chief executive of JAB”.

February 14, 2019

Wheatsheaf buys climate tech company to reduce food waste, Sinar Mars founder Eka Tjipta Widjaja dies, and Tata Motors posts record-breaking loss on Jaguar Land Rover.

Wheatsheaf buys climate tech company to reduce food waste

Wheatsheaf Group, the investment arm of the Grosvenor family office, has acquired a 90% stake in Purfresh—a provider of specialised climate control technology designed to reduce food waste during shipping.

It is estimated as many as one out of 15 containers, some worth up to $500,000, are rejected when they arrive at their destination due to spoilage, according to Purfresh.

January 31, 2019

Ford family to keep their hands on the helm, Rothschild family sell last piece of Austrian land after 200 years, and watchmaker Patek Philippe curbs talk of potential sale.

Ford family to keep their hands on the wheel

The Ford family say they have no plans to give up the company that has been under their control for 115 years—despite the automaker entering a strategic partnership with Volkswagen (VW).

During an on stage interview at the North American International Auto Show in Detroit last week, fourth generation chief executive Bill Ford (pictured) said a co-ownership deal between Ford Motor Company and VW “never came up” and was not likely to happen in the future.

January 25, 2019

Henry Sy, the Philippines richest man and shopping mall tycoon, dies aged 94, Cosentino Group opens its fifth centre in Stockholm, Brexit champion James Dyson denies hypocrisy in moving HQ to Singapore.

Henry Sy, the Philippines richest man and shopping mall tycoon, dies aged 94

Henry Sy (pictured), founder and chairman emeritus of family-owned SM Investments—one of the Philippines’ largest conglomerates— has died “peacefully in his sleep” aged 94, according to his company.

He is survived by his wife, Felicidad Tan-Sy, six children—Teresita Sy-Coson, Elizabeth, Henry Jr, Hans, Herbert and Harley—and several grandchildren.

January 25, 2019

Raphael Germinder, executive chairman of packaging giant Pact Group and founder of the Kin family office, has demanded the discount store The Reject Shop release its sales figures early after rebuffing the retailer’s assurances its profits remained steady during the Christmas period.

Raphael Germinder, executive chairman of packaging giant Pact Group and founder of the Kin family office, has demanded the Australian discount store The Reject Shop release its sales figures early after rebuffing the retailer’s assurances its profits remained steady during the Christmas period.

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