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FB Roundup: Lundin Petroleum, George Weston, and Samsung

By Michael Finnigan

Lundin Petroleum announces its 2017 budget

Family-owned oil and gas company Lundin Petroleum, controlled by the eponymous Swedish family, will spend about $1.3 billion on development, appraisal, exploration and production this year, according to its 2017 budget.

Despite taking a hit on fourth quarter results, the Sweden-headquartered firm said it was primed for growth as it focuses heavily on offshore Norway—its Johan Svedrep project is the largest oil fields ever discovered in the region and will account for 25% of the country's oil output.

"I am very pleased with Lundin Petroleum's performance during 2016 which was a transformational year with record high production and record low operating costs per barrel," president and chief executiveAlex Schneiter said in a statement.

The company, founded in 2002 following the takeover of Lundin Oil AB, is 24.5% owned by the eponymous family.

Galen G Weston succeeds father as George Weston CEO

Fourth-gen Galen G Weston has been appointed chief executive of George Weston Ltd, the largest food processing and distribution company in Canada, in addition to his role as chairman.

Former chief executive Paviter Binning departedthe company to become special adviser to the Weston family, Canada's second wealthiest, at its family office Wittington Investments Ltd.

The younger Weston became chairman of the family business last September his 75-year-old father Galen W Weston stepped aside after four decades at the helm.

Founded by George Weston in 1882, the company today consists of Weston Foods, a wholly-owned subsidiary, and Loblaw Companies Limited, the country's largest supermarket retailer.

Samsung heir Lee Jae-yong has avoided arrest

A South Korean court has denied a request to arrest Lee Jae-yong (pictured), the third generation vice chairman of Samsung, over allegations that Samsung bribed President Park Geun-Hye to win state approval for a controversial 2015 merger.

The heir apparent was interrogated for 22 hours over allegations that Samsung gave donations to several non-profit foundations operated by Choi Soon-sil, a confidante of President Park Geun-hye.

The court rejected the request on grounds of insufficient evidence, which could impede plans to question former president Park, who was impeached by parliament last month, on charges of bribery.

Third-generation Samsung was founded by Lee Byung-chul in 1938, and has made the Lee family one of the wealthiest in the world, with today's family members worth a reported $12.6 billion (€9.3 billion).

Samsung Electronics had revenues of $170 billion in 2015.