Tag: Billionaires

Philippines’ Gokongwei Group Buys Malaysia’s Munchy For $454 Million, Boosting Southeast Asian Footprint

Lance Gokongwei of JG Summit Holdings gives an interview in Manila, the Philippines, on May 4, 2011. … [+] Edwin Tuyay/Bloomberg Universal Robina Corp. (URC)—controlled by billionaire Lance Gokongwei and his siblings—has agreed to buy Malaysia’s Munchy Food Industries from private equity firm CVC Capital Partners for 1.9 billion ringgit ($454 million) as the Philippine company expands […]

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China Mints Its Latest Green Energy Billionaire

A woman walks down a flight of stairs at the Shenzhen Stock Exchange in Shenzhen. Photographer: … [+] Qilai Shen/Bloomberg © 2019 Bloomberg Finance LP China is a world leader when it comes to billionaires from new energy fields such as electric vehicles and solar power; the 2021 Forbes China Rich List released on Nov. […]

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Malaysian Tycoon Tony Fernandes’ AirAsia Launches Parcel Delivery Service To Tap E-Commerce Boom

AirAsia Group CEO Tony Fernandes. YOSHIKAZU TSUNO/AFP via Getty Images AirAsia Group—controlled by Malaysian tycoon Tony Fernandes—has launched a parcel delivery service as the loss-making budget airline seeks to tap the e-commerce boom across Southeast Asia. The new service, called AirAsia Xpress, is the company’s latest venture as it expands its digital business to shore […]

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Biden Will Spend Thanksgiving Week At Private Equity Billionaire’s Nantucket Home

Topline President Joe Biden will spend Thanksgiving at the Nantucket house of private equity billionaire David Rubenstein, the White House confirmed Tuesday night, a move some conservatives have criticized as American consumers may face an all-time high bill for Thanksgiving dinner this year. US President Joe Biden and First Lady Jill Biden step off Air […]

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Hong Kong Fintech Startup Airwallex Raises Another Nine Figures In Funding

Jack Zhang, cofounder and CEO of Airwallex. Anthony Kwan/Bloomberg Airwallex, a fintech startup headquartered in Hong Kong, has raised $100 million in a funding round—just two months after it raised $200 million from investors including Lone Pine Capital, 1835i Ventures and Israeli-Russian billionaire Yuri Milner’s DST Global. The latest funding round was led by Lone […]

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Oprah Winfrey, Reese Witherspoon Back Shapewear Firm Spanx At $1.2 Billion Valuation

Spanx founder Sara Blakely described Oprah Winfrey as a “longtime” supporter of the shapewear brand. … [+] Getty Images Womenswear brand Spanx has drawn the attention of celebrity investors Oprah Winfrey and Reese Witherspoon, who both joined as backers of the company as it completes the sale of a majority stake to investment firm Blackstone.  […]

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Elon Musk Trolls Bernie Sanders Over Billionaire Tax Debate—Offers ‘To Sell More Stock’

Topline Tesla’s billionaire CEO Elon Musk, who has been offloading billions of dollars worth of Tesla stock since last week, taunted Bernie Sanders on Twitter over the weekend after the U.S. senator repeated his calls for the wealthy to pay more in taxes. Musk, the richest person in the world, got into a spat with […]

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Malaysian Tycoon Tony Fernandes’ AirAsia X Creditors Approve Debt Restructuring Plan

Budget air carrier AirAsia X. TENGKU BAHAR/AFP via Getty Images AirAsia X—the long-haul subsidiary of Malaysian tycoon Tony Fernandes’ AirAsia Group—said Friday 99% of its creditors approved its debt restructuring plan as the cash-strapped budget carrier seeks to stay afloat amid a pandemic-induced travel slump. Under the plan, AirAsia X offered to repay just 0.5% of […]

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EV Share Of China Passenger Car Market More Than Tripled To Nearly 19% In October

Tesla CEO Elon Musk poses with Tesla China-made Model 3 vehicle owners during a ceremony in Shanghai … [+] in 2020. The company ranked No. 2 in EV sales in China last month. (Photo by Ding Ting/Xinhua via Getty) (Xinhua/Ding Ting via Getty Images) Xinhua News Agency/Getty Images China, home to the world’s auto market, […]

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The Other Musk Getting Rich Off Tesla: Elon’s Youngest Brother

Kimbal Musk attends the Los Angeles Premiere of “The Game Changers” Documentary at ArcLight … [+] Hollywood on September 04, 2019 in Hollywood, California. Getty Images for “The Game Changers” Tesla’s rapidly rising share price has made CEO Elon Musk the richest person in the world this year—but he’s not the only member of the […]

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NFT Craze, Cryptocurrency Boom Mint Korea’s First Two Billionaires From Crypto Industry

Song Chi-hyung, founder of Dunamu. FILIP PERAIC Two of the largest shareholders in Dunamu, the operator of South Korea’s dominant cryptocurrency exchange, are the first two people in the country from the crypto industry to become billionaires as the value of their startup skyrocketed 21-fold in less than a year. Last week, Hybe, the agency […]

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Billionaire Peloton CEO John Foley’s Fortune Plunges $400 Million As Shares Crash After Company Projects Slowdown

John Foley, chairman and chief executive officer of Peloton Interactive Inc., speaks during a … [+] Bloomberg Television interview in New York, U.S., on Tuesday, Nov. 5, 2019. © 2019 Bloomberg Finance LP Peloton CEO John Foley’s net worth tumbled $400 million late Thursday after the fitness company said it expects to bring in less […]

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Warren Buffett-Backed BYD To Raise Nearly $1.8 Bln Amid Global EV Fundraising Wave

A BYD Co. logo on a SUV in Beijing in August. Photographer: Qilai Shen/Bloomberg © 2021 Bloomberg Finance LP BYD, the China electric vehicle maker backed by Warren Buffett’s Berkshire Hathaway, will raise HK$13.8 billion, or the equivalent of $1.78 billion, in a stock placement, according to an announcement at the Hong Kong Stock Exchange […]

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Tech Billionaires’ Fantasy Cities Are Environmentally Catastrophic Tax Havens

Earlier this week, Marc Lore, the 50-year-old billionaire who most recently worked as a high-level executive at Walmart and also founded Diapers.com, granted USA Today an interview about the $400 billion, 5 million-person city he’s planning to build in the American West. The story was remarkably straight-faced, full of all the self-aggrandizing details you tend […]

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What Crackdown? China Adds Its Latest Billionaire

CosMX’s IPO at the Shanghai Stock Exchange has minted a new China billionaire. (Photo by Hector … [+] RETAMAL / AFP) (Photo by HECTOR RETAMAL/AFP via Getty Images) AFP via Getty Images China’s crackdown or investigations at education businesses such as New Oriental Education and data-rich tech companies such as ride-sharing app DiDi, along with […]

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Singapore Billionaire Peter Lim Launches Digital Platform, Endorsed By Soccer Star Cristiano Ronaldo

Singapore billionaire Peter Lim and Cristiano Ronaldo. Courtesy of Catherine Ong and Associates ZujuGP—cofounded by billionaire Peter Lim and his son Kiat Lim—has launched its digital platform for football with the endorsement of Manchester United’s Cristiano Ronaldo. In an Instagram post last week, the Portuguese football star informed his 356 million followers of the “good […]

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‘Succession’ Fight: Can Logan Roy Save His $18 Billion Fortune?

Days after his son Kendall’s explosive press conference left the media conglomerate Waystar Royco teetering on the brink, the Roy family patriarch opens up as he goes to war with his children, his shareholders and potentially the U.S. government. By Sergei Klebnikov, Giacomo Tognini and Lisette Voytko It’s been a tumultuous 48 hours for Logan […]

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The $100 Billion Club Was Exclusively American and French. Until Now.

This week, a 64-year-old energy mogul from India became the first non-Western to join the exclusive $100 billion club of the Bloomberg Billionaire Index.  Mukesh Ambani, the richest person in Asia according to Forbes, came in tenth, rounding out the exclusive all-boys mega-billionaire top ten list. A devout Hindu, Ambani is vegetarian and abstains from […]

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Singapore Tycoon John Lim’s ARA LOGOS, ESR REIT To Merge In $1 Billion Deal Amid E-Commerce Boom

ARA LOGOS Commodity Hub Courtesy of ESR ARA LOGOS Logistics Trust—backed by tycoon John Lim and billionaire Chew Gek Khim’s Straits Trading—on Friday agreed to merge with ESR REIT in a deal valued at S$1.4 billion ($1 billion) that aims to tap the booming e-commerce demand for warehouses and logistics facilities across the Asia-Pacific. The […]

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Philippine Tycoon Manuel Villar’s AllDay Marts Pegs IPO Price At Lower End Of Range; Still Plans REIT Listing

Manuel Villar answers a question during an AFP interview in Manila on January 15, 2010. JAY DIRECTO/AFP via Getty Images AllDay Marts—controlled by billionaire Manuel Villar—priced its initial public offering at 0.60 pesos per share, 25% lower than the maximum indicative price, adding to signs of waning investor appetite in one of the hottest IPO […]

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Tycoon Lim Kok Thay’s Genting Malaysia To Inject $150 Million In U.S. Casino Operator Empire Resorts

A general view of the Genting amusement area, at the Resort World Convention Hall in Genting … [+] Highlands on August 1, 2008 in Kuala Lumpur, Malaysia. Kristian Dowling/Getty Images Genting Malaysia—controlled by billionaire Lim Kok Thay—has agreed to inject a further $150 million into Empire Resorts to help the U.S.-based casino operator repay its […]

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Alibaba Founder Jack Ma Reportedly Resurfaces In Hong Kong

Topline Alibaba and Ant Group co-founder Jack Ma has reportedly met with business associates in Hong Kong in the past few days, Reuters reported, a move that comes at a time when the Chinese billionaire has largely kept a low public profile ever since Beijing’s regulatory crackdown on his business empire last year. Alibaba founder […]

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Philippine Billionaire Ricardo Po, Founder Of Century Pacific Food, Dies At Age 90

Ricardo Po Sr. Courtesy of Century Pacific Billionaire Ricardo Po Sr.—founder and chairman emeritus of Century Pacific Food—passed away on Monday due to complications arising from surgery, his company said in a statement. “Under his vision and leadership, the Century Pacific Group has grown its interests from affordable food and beverages to family restaurant chains […]

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Philippines’ Ayala Land Transfers $305 Million Of Commercial Properties Into AREIT

High rise buildings stand along Ayala Avenue in the financial district of Manila, the Philippines, … [+] on Monday, May 6, 2013. © 2013 Bloomberg Finance LP Ayala Land—controlled by billionaire Jaime Zobel de Ayala and his family—said it has transferred office and retail properties worth 15.5 billion pesos ($305 million) into its real estate […]

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Billionaire Ajay Piramal Is Creating Two Behemoths—In Financial Services And In Pharma

Ajay Piramal Courtesy of Piramal Enterprises. Fresh from the $4.7 billion acquisition of troubled lender Dewan Housing Finance Corporation Ltd. (DHFL) last week, pharma tycoon Ajay Piramal, 66, is simplifying the structure at the $1.7 billion (fiscal 2021 revenue) Piramal Enterprises by creating a diversified financial services conglomerate and a leading pharma player. On Thursday, […]

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Singapore Billionaire Chew Gek Khim Turns Colonial Era Straits Trading Into Dynamic Real Estate Investor

After a blockbuster deal that realized over a half-billion in profits, Straits Trading’s Chew Gek Khim looks to create more returns through savvy investments. After taking control of one of Singapore’s oldest companies more than a decade ago, Chew Gek Khim, executive chairman of Straits Trading, had a plan: To streamline the firm’s tin business and […]

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Philippine Tycoon Andrew Tan’s Megaworld To Build $1.9 Billion Business District North Of Manila

A development owned by Megaworld, a unit of Alliance Global Group, in Manila, the Philippines, on … [+] June 21, 2019. Veejay Villafranca/Bloomberg Megaworld—controlled by billionaire Andrew Tan—said Wednesday it will invest 98 billion pesos ($1.9 billion) to build a suburban business district in the province of Bulacan, about 26 kilometers north of the Philippine […]

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China Real Estate Developer Fantasia’s Credit Rating Cut To Default

Fantasia’s default comes amid payments problems at China Evergrande Group, the world’s most indebted … [+] real estate developer, and worries about levels of local government debt in the country. (Photo by JADE GAO / AFP) (Photo by JADE GAO/AFP via Getty Images) AFP via Getty Images China real estate developer Fantasia Holdings credit rating […]

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Malaysian Tycoon Tony Fernandes’ AirAsia Receives $120 Million In Government-Backed Loan

AirAsia Group Bhd. aircraft stand on the tarmac at Kuala Lumpur International Airport 2 (KLIA 2) in … [+] Sepang, Selangor, Malaysia, on Monday, Aug. 24, 2020. © 2020 Bloomberg Finance LP AirAsia Group—controlled by tycoon Tony Fernandes—said Tuesday it has received approval from Danajamin Nasional Berhad for a loan of up to 500 million […]

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