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FB Roundup: Camargo Corrêa, Lindt, and Shoprite

August 21, 2015

Camargo Corrêa agrees to $30 million fine for price fixing; Lindt posts record half-year earnings; and Shoprite Holdings to open 35 new stores in Africa

Camargo Corrêa agrees to $30 million fine for price fixing

Brazilian engineering company Camargo Corrêa, controlled by the billionaire Carmargo sisters, has agreed to pay fines of $30 million after admitting to its role in a price fixing scandal.

Family Business Roundup: Crown Resorts, SK Group, and Cargill

August 14, 2015

James Packer steps down as chairman of Crown Resorts; Chey Tae Won receives pardon from president; and Cargill to expand agriculture business in Mexico

James Packer steps down as chairman of Crown Resorts

Australian billionaire James Packer has stepped down as chairman of Crown Resorts amid an earnings slump at the casino group.

According to a statement, the 47-year-old will instead take on the role of senior executive director and plans to focus on the group’s global expansion.

Family Business Roundup: Illy Caffé, Cemex and Bharti Airtel

August 7, 2015

Illy Caffé sells €70 million bond to increase market share; Cemex completes $15 billion refinancing of bank debt; and Bharti Airtel beats Reliance Industries to 4G launch

Illy Caffé sells €70 million bond to increase market share

Italian coffee company Illy Caffé has sold a €70 million ($76 million) bond in order to increase market share in the premium hospitality sector.

The move will help Illy keep up with its larger Italian rival Lavazza, and comes amid a period of consolidation in the coffee industry, which is estimated to be worth $80 billion.

Family Business Roundup: Lotte Group, LVMH, and IKEA

July 31, 2015

Lotte Group ousts 92-year-old founder; LVMH posts second-quarter revenue rise of 23%; and Sweden’s Ikea buys forest in Romania

Lotte Group ousts 92-year-old founder

The board of directors at South Korean-Japanese conglomerate Lotte Group voted this week to remove general chairman and founder Shin Kyuk-ho from his post, Japanese media reported.

The move is seen as part of a power struggle between the founder’s two sons, Dong-joo and Dong-bin, who own comparable stakes in the company, and are vying for control of the 90 trillion won ($77 billion) business.

Rinehart says her work built trust's value

July 17, 2015

Gina Rinehart says some of her children do not appreciate her efforts that saved her father's company and built the value of a $5 billion family trust at the centre of their bitter dispute.

Gina Rinehart says some of her children do not appreciate her efforts that saved her father's company and built the value of a $5 billion family trust at the centre of their bitter dispute.

Family Business Roundup: Lippo Group, Holcim and Lafarge, and Nintendo

July 16, 2015

Indonesia’s Lippo Group partners on world’s biggest data centre; Holcim and Lafarge launch combined company; and Nintendo’s first non-family CEO dies

Indonesia’s Lippo Group partners on world’s biggest data centre

Indonesian real estate company Lippo Group, owned by the Riady family, has partnered with Japan’s Mitsui & Co to build what could be the world’s largest data centre, according to the Jakarta Globe.

Located in Indonesia's Cikarang district, the data centre will consist of three buildings with a total floor space of 40,000 square meters and will capitalise on the growing demand for data centres in Indonesia.

Family Business Roundup: Country Garden Holdings, Vivendi, and Heineken

July 10, 2015

China’s Country Garden Holdings to spin off property division; Vincent Bolloré causes uproar with leaked memos; and Heineken returns to Myanmar after twenty-year absence

China’s Country Garden Holdings to spin off property division

Chinese real estate conglomerate Country Garden Holdings, owned by the country’s second richest woman Yang Huiyan, is planning to spin off its property management business in order to raise capital.

The Foshan-based company is shoring up its balance sheets after a pickup in property sales and will sell 6 billion yuan ($966 million) of onshore three-year bonds as part of the capital raise, chief financial officer Wu Jianbin told Bloomberg.

Family Business Roundup: Suzuki, Institutional Shareholder Service, and One Thousand & One Voices

July 3, 2015

Suzuki CEO names eldest son as successor, ISS adds voice to contentious Samsung merger, and family-backed equity firm invests in African beef, and

Suzuki CEO names eldest son as successor

Osamu Suzuki, the 85-year-old CEO of Japanese auto maker Suzuki, named his eldest son as the new president this week, easing investor concern over the firm’s succession plan.

Executive vice president Toshihiro Suzuki took over the role of president and chief operating officer on Tuesday. His outspoken father will remain CEO and chairman for the foreseeable future, according to Tuesday’s statement.

Social impact “important” for most high net worth investors, study finds

June 23, 2015

The vast majority of high net worth investors consider social impact an important factor when choosing investments, but many are unsure who to turn to for advice on opportunities and execution, new research has revealed.

RBC and Capgemini’s World Wealth Report, which surveyed more than 5,000 individuals, also found that strong economic and equity market performance has created 920,000 new millionaires worldwide in 2014.

Family Business Roundup: Korean Air, JCB, and Sika

May 22, 2015

Korean Air third-gen Heather Cho freed; JCB boss backs Brexit; and Sika founding family sues directors

Korean Air third-gen Heather Cho freed

Former Korean Airlines executive Heather Cho has been released from jail after an appeals court ruled she did not violate aviation safety laws when she forced a plane to return to its gate because she felt her macadamia nuts were incorrectly served.