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July 31, 2019

Vedanta chairman Anil Agarwal sells Anglo American stake, Coca-Cola heir launches cryptocurrency bank for marijuana business and Philippine Air founder Lucio Tan chooses non-family executive to succeed.

Vedanta chairman Anil Agarwal sells Anglo American stake

Indian tycoon Anil Agarwal is divesting his family’s majority stake in the diversified mining company Anglo American after only two years.

Agarwal, founder of global mining giant Vedanta, started buying into Anglo American via his family trust Volcan Investment in March 2017 and bought a second tranche in six months later, bringing his stake to 19.3%.

July 30, 2019

The Dennis M Jones Family Foundation and the Institute for Private Investors are delighted to announce the third year of the Jones Prize in Philanthropy.

The Dennis M Jones Family Foundation and the Institute for Private Investors are delighted to announce the third year of the Jones Prize in Philanthropy.

This year the Jones Prize is a $30,000 grant and two runner-up grants of $10,000. The grants will be gifted to charities that have been aided by the efforts of an individual who has demonstrated exceptional work in philanthropy. The awards will be given at the institute’s Fall Forum in New York City on 24 September.

July 29, 2019

Tax department clarifies Cyprus 60-day rule for nominee directors

Effective as of 1 January, 2017, the so-called “60 day rule” for the purposes of establishing Cyprus tax residency for individuals is of importance to those seeking Cypriot residency.

Under the rule, individuals are considered tax residents of Cyprus and benefit from the island’s tax regime if they:

• Reside in Cyprus for a period of 60 days

• Do not reside in any other single country for a period exceeding 183 days in total

• Are not tax resident in any other country

July 24, 2019

Louvre removes Sackler family from museum walls, France’s Bernard Arnault pips Bill Gates as world’s second-richest person and Family-funded Illuminated River project goes live.

Louvre removes Sackler family from museum walls

France’s Louvre Museum has erased the Sackler name from its walls, removing any physical trace of its ties to the billionaire family that owns opioid manufacturer Purdue Pharma.

The art philanthropist family’s name was quietly removed from a wing dedicated to eastern antiquities over the last few weeks, The New York Times reported.

The wing has been known as the Sackler Wing of Oriental Antiquities since 1997.

July 22, 2019

Congratulations, you have chosen a very special country to invest in: one with a stable economy in the last few years, an easy procedure for company registration, a transparent tax system, friendly business environment, minimum paper documentation and a short list of taxes and social security obligations. It is our pleasure to assist you in this process, but before you start you have to make some decisions in order to be sure you have taken the most appropriate form, way and decision as a whole for your future business activities. 

The Commercial Law lists the following types of legal entities, which could be established in Bulgaria:

• Joint-stock company (AD);

• Partnership limited by shares (KDA);

• Limited liability company (OOD), including. Single-member limited liability company (EOOD);

• General partnership (SD);

• Limited partnership (KD).

July 19, 2019

Benetton and LVMH are the latest global family businesses to enhance their brands by touting their sustainability commitments, but family experts note the value-adds of marketing authenticity to millennials and reputational rehabilitation.

Benetton and LVMH are the latest global family businesses to enhance their brands by touting their sustainability commitments, but family experts note the value-adds of marketing authenticity to millennials and reputational rehabilitation.

From 2020, Benetton Group collections will be increasingly sustainable with the use of mono-fibre, organic cotton, natural fibres, cellulose-based labels, natural dyes and laser and ozone treatments.

July 18, 2019

Asia Pacific and North American business families of wealth have powered the record-breaking growth in the number of family offices by more than one-third in only two years.

Asia Pacific and North American business families of wealth have powered the record-breaking growth in the number of family offices by more than one-third in only two years.

The total estimated assets under management of family offices stands at $5.9 trillion, while the wealth of the families behind them totals a vast $9.4 trillion.

July 17, 2019

Leslie Wexner distances himself from Jeffrey Epstein after criticism, Musgrave Group invest €2.6 million in sustainable food emporiums and Remy Cointreau searches for new chief executive as non-family director steps down.

Leslie Wexner distances himself from Jeffrey Epstein after criticism

Leslie Wexner, founder of US fashion retailer L Brands, has broken his silence about his association with financier Jeffery Epstein, who has been arrested on charges related to the sex-trafficking of minors.

Last week, Epstein was charged in New York with two federal counts related to the sex-trafficking of minors, to which he pleaded not guilty. If convicted, he faces up to 45 years in prison.

July 15, 2019

The private jet market can seem a crowded and confusing place. Shawn Vick, chief executive of Global Jet Capital, provides some much needed clarity on business aviation

You have a long history in business aviation, so can you tell me a little more about the market in general?

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