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Billionaire Philip Green tries to ditch stores before Arcadia restructure

Philip Green is trying to quietly vacate one in 10 of his high-street stores before launching a controversial restructuring of his Arcadia fashion empire.The embattled billionaire is working on a plan that will enable his retail group, which includes Topshop and Dorothy Perkins, to close its worst-performing outlets and slash rent costs.On Thursday, it emerged that a list of 67 of the more desirable stores within Arcadia’s 570-strong network is currently being shared in property circles to see… Source link

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Forbes names Kylie Jenner the youngest ‘self-made’ billionaire at age 21, beating Mark Zuckerberg by two years

Most college-aged kids get by with minimum wage paychecks. 21-year-old Kylie Jenner was just named the youngest self-made billionaire. Forbes announced Tuesday that Jenner had surpassed Facebook co-founder and CEO Mark Zuckerberg, who was 23 when he reached the billion dollar-mark.“I didn’t expect anything. I did not foresee the future,” Jenner told Forbes. “But [the recognition] feels really good. That’s a nice pat on the back.“Jenner, the youngest member of the Kardashian-Jenner clan, began… Source link

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Money 

Chinese-Australian billionaire Chau Chak Wing wins defamation case against Sydney newspaper which alleged he helped bribe UN official

A Chinese-Australian billionaire businessman on Friday won a high-profile defamation case against a newspaper that alleged he was co-conspirator in a plot to bribe a top United Nations official, amid fears of Beijing meddling in domestic politics.Fairfax Media, publisher of The Sydney Morning Herald, was ordered to pay Chau Chak Wing A$280,000 (US$199,000) in damages after a judge at the Federal Court of Australia ruled that the 2015 article was defamatory.“The natural and ordinary meaning of… Source link

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Money 

Banned Chinese billionaire donor Huang Xiangmo says Australia is a ‘giant baby’

The billionaire and major political donor Huang Xiangmo has likened Australia to a “giant baby” with “simple folk customs” while hitting out at a decision to cancel his visa. Huang also criticised Australia’s domestic spy agency for acting contrary to Australian support for the “One China” policy, and urged it to instead investigate journalists who he said may be “serving foreign intelligence agencies” and had stolen “classified information to gain attention and a spotlight”. The Chinese tycoon was effectively blocked from re-entering Australia when his permanent residency visa was revoked…

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Money 

Chinese billionaire Huang Xiangmo stripped of Australian residency and banned from returning over ‘political interference’ concerns

A prominent Chinese billionaire political donor has been stripped of his Australian residency and barred from returning to the country after scrutiny of his Communist Party ties, local media reported on Wednesday. Huang Xiangmo – a property developer who has donated millions to Australia’s two main political parties – has been at the centre of a spate of political interference concerns. On Wednesday, he was left stranded outside the country after the Home Affairs office cancelled his permanent residency and turned down his application for Australian citizenship, The Sydney Morning…

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Ecommerce 

Technological revolution could plunge us into another world war, Chinese billionaire Jack Ma warns Davos

Jack Ma Yun, the chairman of Alibaba, has told the Davos summit that the world should be alert to the risk that the latest technological revolution will trigger another world war. The Chinese e-commerce billionaire told the World Economic Forum’s annual meeting in Switzerland that the rise of new technology, while bringing positive change to the world, was bound to create social problems. But he also expressed his innate trust in the ability of technology to do good. “First, as a technology company, we believe that technology is great for…

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Billionaire Ken Griffin sets US record for most expensive property with US$238 million New York penthouse

Ken Griffin is showing how a billionaire goes on a shopping spree. Just days after buying one of the most expensive residential properties in London, the Citadel founder set a US record with the US$238 million penthouse at 220 Central Park South. The 24,000 square feet flat will give him a place to stay when he is working in New York, a Citadel spokeswoman said. The price makes it America’s most expensive home. “He’s definitely a global trophy hunter and he bought what would arguably be now the number one…

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Tech chiefs among world’s biggest billionaire winners and losers of 2018

The markets may be tanking, but that did not stop plenty of mega-fortunes from being unearthed in 2018. The popularity of Fortnite, the phenomenon that forced some into video-game rehab, gave developer and Epic Games founder Tim Sweeney a US$7.2 billion fortune last year. Autry Stephens, founder and chief executive of Endeavour Energy Resources, has US$11.4 billion after his closely held company attracted bids that valued the oil firm at as much as US$15 billion. “It was a good year for wealth creation,” said Michael Zeuner, managing partner of WE…

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China 

China’s private economy set for winter ‘colder and longer than expected,’ warns billionaire tycoon

A winter “colder and longer than expected” is arriving for China’s private business entrepreneurs and Beijing’s supportive rhetoric has yet to translate into concrete policies that will help the private economy, said self-made billionaire Chen Hongtian. Chinese tycoon Chen, 59, expects “the difficulties will be larger than expected” next year for China’s private business owners amid a domestic economic slowdown caused by the continuing trade war with the United States. Cheung Kei Group chairman Chen, a self-made billionaire and a member of the Chinese People’s Political Consultative Committee, was speaking…

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