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March 16, 2018

Cathay losses offset by property at Swire Pacific; VW cars using more diesel following recall; and governance, employee care characterise family firms

Cathay losses offset by property at Swire Pacific

Swire Pacific has reported a HK$4.7 billion ($600 million) profit for 2017, as losses from subsidiary Cathay Pacific were offset by property sales.

The Hong Kong arm of UK-based family investment vehicle John Swire & Sons (JS&S) posted revenues of $10.2 billion, up 29% from 2016, off the back of the settlement of a large property deal.

February 16, 2018

Swire Pacific brings in family member; Cohen’s Point72 accused of hostility to women; and Maersk positive despite "unusual" year.

Swire, Murugappa bring in family members

Swire Pacific has appointed its first family member chairman, a move which will see sixth-generation Merlin Swire, pictured, relocate to Hong Kong from the UK.

Swire, 45, replaces John Slosar as the head of the Hong Kong arm of John Swire & Sons (JS&S), though the latter stays on as chair of Cathay Pacific, to see the struggling airline through a transformation programme.

February 8, 2018

ArcelorMittal, LVMH, Akka Technologies, and Nintendo have all reported rising revenues highlighting the strong financial performance of some of the world's billion dollar family businesses in 2017.

ArcelorMittal, LVMH, Akka Technologies, and Nintendo have all reported rising revenues highlighting the strong financial performance of some of the world's billion dollar family businesses in 2017.

World’s largest steelmaker posts 21% revenue spike

Family-owned steel and mining company ArcelorMittal has seen revenues soar 21% to $68.7 billion in the 12 months to 31 December amid a positive outlook for the global steel market.

August 24, 2017

Heineken takeover approved, Michael Hill profits boosted by Canada, and JAB Holdings to cast off Bally

Heineken takeover approved

The UK Competition and Markets Authority (CMA) has approved Heineken’s takeover of 1,900 pubs, saying it is satisfied the deal will not cause customers to “lose out”.

The Netherlands-based brewer proposed in June a £403 million ($516 million) purchase of the pubs, currently owned by Punch Taverns, a deal Punch shareholders approved in February.

The CMA then raised concerns about reduced competition in 33 UK areas.

August 3, 2017

Richard Branson sells majority stake in Virgin Atlantic, 'Dividend darling' Akka's revenue up 21%, and Pharmaceutical entrepreneur Raymond Sackler dies

Richard Branson sells majority stake in Virgin Atlantic

Richard Branson is to loosen his grip on Virgin Atlantic, selling 31% of the company to Air France-KLM for $291 million(£220 million).

The billionaire, whose flamboyance is synonymous with the Virgin brand, would retain a 20% interest, with US carrier Delta controlling the remaining 49%.

August 11, 2014

A “shocking” number of family offices send confidential information via email, according to a family wealth IT expert, as new research outlines how family offices can protect themselves from cyber attacks.

A “shocking” number of family offices send confidential information via email, according to a family wealth IT expert, as new research outlines how family offices can protect themselves from cyber attacks.

Internet security for family offices: 10 steps to protect online information, a white paper published by software company Archway Technology Partners and family office intranet provider Trusted Family, released this month, says the majority of family offices lack the specialist IT security needed to prevent cyber attacks.

March 7, 2014

An acquisition drive led by the fourth gen head of food group Baxters has resulted in profits dropping 61% for the 2013 financial year, ending June last year.

An acquisition drive led by the fourth gen head of food group Baxters has resulted in profits dropping 61% for the 2013 financial year, ending June last year.

Scottish-based WA Baxter & Sons, the parent company of Baxters, reported pre-tax earnings of just £1.8 million, despite it’s total revenues rising 15% from the previous year to £157 million.

The company’s pre-tax earnings in the 2012 financial year had been £4.6 million, and £7.1 million for 2011.

November 18, 2013

Italian family businesses Exor and Ferragamo both saw dramatic increases in profit in the third quarter of 2013, while revenue at Italian refinery business Saras was badly hit by the falling price of oil.

Italian family businesses Exor and Ferragamo both saw dramatic increases in profit in the third quarter of 2013, while revenue at Italian refinery business Saras was badly hit by the falling price of oil.

Bouygues
French telecommunication and construction company Bouygues, controlled by the eponymous family, reported third-quarter sales of €9,048 billion – level with the same period last year, but revenues for the first nine months of 2013 dipped 1% to €24,255.

November 13, 2013

Lagardere reports sales are down, while News Corp, Henkel and Richemont all saw net profits rise for the third quarter – despite currency fluctuations hitting revenues.

Lagardere reports sales are down, while News Corp, Henkel and Richemont all saw net profits rise for the third quarter – despite currency fluctuations hitting revenues.

Lagardere
French publishing, media and travel group Lagardere, controlled by the eponymous family, said sales were down 2.9% to €1.9 billion for the third quarter of 2013, and revenues for the first nine months of the year fell by 1.1% to €5.3 billion.

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