October 18, 2021
Home Archive by category Billionaires
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“American Factory” Owner Fuyao Glass To Raise $550 Mln, Eyes Solar Market

China-based Fuyao Glass Industry Group, whose U.S. plant was the subject of the Oscar-winning documentary “American Factory” in 2020, plans to raise to HK$4.3 billion, or $550 million, in a stock sale amid improvement in its business this year, according to a Hong Kong Stock Exchange filing on Sunday. The glass supplier, whose auto industry cust...
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Billionaire Philanthropist Eli Broad Dead At 87

ToplineEli Broad, who amassed a multi-billion-dollar fortune from his home-building and insurance businesses, and used his wealth to fund cultural improvements throughout his adopted hometown of Los Angeles, died Friday at age 87.  Key Facts A spokeswoman for the Eli and Edythe Broad Foundation confirmed his passing to the New Yor...
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China Holds Promise For Global Businesses Despite Uneven Covid Recovery: Authors

It seemed like a ready China business-book hit: Juan Antonio Fernandez and Laurie Underwood, two business professors in China, last year updated their successful book from 2006 “China CEO” with a new look at how foreign companies have been faring in the country’s fast-growing economy. “China CEO II” highlights hiring, digitalization and consumer po...
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Singapore’s Olam To Buy U.S. Spice Maker For $950 Million Ahead Of Unit’s IPO

Singapore-listed Olam International said its food ingredients subsidiary is buying Olde Thompson, a U.S.-based maker of private label spices and seasonings, at an enterprise value of $950 million. The agricultural commodities trader said in February that it has appointed financial and legal advisers to prepare for the initial public offering of...
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Korean Billionaire Kim Jung-Ju’s Gaming Giant Invests $100 Million In Bitcoin

Nexon Co., the South Korean online gaming company founded by billionaire Kim Jung-ju, said it has bought $100 million worth of bitcoin amid a rebound in the cryptocurrency. Tokyo-listed Nexon joins a growing list of global companies, including Elon Musk’s electric carmaker Tesla, that have invested in the digital currency. Nexon’s bitcoin invest...
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Why Gaming Gear Company Razer Launched A $50 Million Fund For Green Startups

Singapore-based gaming gear company Razer has established a $50 million fund focused on environmentally-friendly startups as its peers across the tech space chase millennials and extra dollars by stressing eco-friendliness. The fund, called Razer Green Fund, emerges a month into Razer’s 10-year plan to “preserve nature and protect the environmen...
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‘King Of Power Drills’ Becomes Billionaire As Sales Soar Amid Covid Lockdowns

Roy Chung, a cofounder of power tools maker Techtronic Industries (TTI), has joined the ranks of the world’s billionaires with an estimated net worth of $1.1 billion, thanks to the recent rally in the company’s shares. Techtronic, which is known for its Milwaukee and Ryobi brand of cordless power tools, has seen its shares soar 244% since March...
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Jack Ma’s Asian Footprint: Is This The End Of The Investment Surge?

One of the most remarkable trends in Asia over the past decade has been the surge in investment from China’s fabled BAT companies—Baidu, Alibaba, Tencent—and many others as they cashed in on sky-high share valuations at home and placed big bets on e-commerce, payments, and social media startups across the region. Many of these minnows have become u...
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“Failure Didn’t Lead To Death”: China’s Richest Man In Solar Talks About Falling Costs, Global Growth

China’s power industry has underpinned the country’s rising economic heft over the years. When it comes to power generation, it’s big state-owned companies such as China Huadian and China State Power Investment that lead the way. But when it comes to manufacturing solar equipment such as solar cells and panels, it’s more nimble private sector sup...
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Billionaire Larry Ellison Buys $80 Million Estate In Palm Beach

The latest pricy purchase in Florida, one of the state’s highest, goes to Oracle co-founder Larry Ellison. He purchased this Tuscan style mansion from Gabe Hoffman, founder of Accipiter Capital Management, for $80 million or just a shave over its asking price of $79.5 million, reports the Wall Street Journal. Hoffman bought the main parcel within w...