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The Prada family, led by Miuccia Prada and Patrizio Bertelli, is taking steps to secure the future of Prada SpA by planning for succession. Their eldest son, Lorenzo Bertelli, is being groomed to take over key ownership stakes and operational roles within the company. This move is crucial in the competitive world of luxury brands dominated by multi-brand giants like LVMH and Kering SA. The family's proactive approach to succession contrasts with the common taboo around such discussions in Italian business families, reflecting their commitment to preserving the unique identity of Prada. [Extracted from the article]

BT Group Plc's revenue forecast for 2025 has been revised downward by 1% to 2% due to challenges in its business unit, impacting CEO Allison Kirkby's turnaround plan. The company reported a 3% decline in second-quarter adjusted revenue, with a significant drop in sales to business customers. Despite efforts to focus on the UK market and cost-cutting measures, BT is facing competition from alternative network providers and potential changes in the UK telecommunications landscape. The company's shares fell following the announcement, reflecting investor concerns about its performance. [Extracted from the article]

BT Group Plc has revised its 2025 revenue forecast downward due to challenges in its business unit, leading to a 3% decrease in adjusted revenue in the second fiscal quarter. CEO Allison Kirkby is implementing a turnaround plan that focuses on the UK market and cost-cutting measures. Despite losing broadband customers to competitors, BT's fiber business saw growth, and the company's shares have increased by 15% this year. Additionally, a potential merger between Vodafone Group Plc and CK Hutchison's Three could impact BT's position as the largest operator in the UK by revenue. [Extracted from the article]

Schneider Electric has replaced its CEO, Peter Herweck, with Olivier Blum due to disagreements with the board over the company's strategic direction. The change comes as Schneider faces supply constraints and a recent fine from French regulators for price-fixing. Despite these challenges, the company reiterated its financial targets and saw a rise in demand for its products. The new CEO, Blum, has been with Schneider for over 30 years and held various key roles within the company. [Extracted from the article]

Schneider Electric has replaced its CEO, Peter Herweck, with Olivier Blum due to divergences on the strategic road map implementation. The change comes as Schneider's shares hit a record high, driven by increased demand for energy-management equipment and software. The new CEO, Blum, has been with the company for over 30 years and has held various key roles. Additionally, Schneider was recently fined by French antitrust regulators over a price-fixing pact, but made no reference to this in the CEO-appointment statement. [Extracted from the article]

Blacklane GmbH, a luxury chauffeuring startup, secured €60 million in funding from investors including Saudi Arabia's Public Investment Fund. The company plans to use the funds to expand its operations in the US, Middle East, and Europe, including launching fleets of electric vehicles in Saudi Arabia and training female and male chauffeurs. Blacklane offers services in over 50 countries and is considering an initial public offering, with Evercore Inc. exploring various options. [Extracted from the article]

Private equity firms, including CVC Capital Partners and L Catterton, are reportedly bidding for German vitamin supplement maker Orthomol, seeking a potential sale of about €1 billion. The company, founded in 1991 by Kristian Glagau and currently owned by his son Nils Glagau, offers a range of supplements in over 30 countries. While Orthomol's earnings are over €60 million, some bidders may find the owners' price expectations challenging to meet. The process is ongoing, and decisions could change as discussions progress. [Extracted from the article]

US Treasury Secretary Janet Yellen cautioned against implementing broad, untargeted tariffs, stating that they would negatively impact American households and businesses while hindering the country's economic and security interests. Yellen's remarks come in response to Republican candidate Donald Trump's advocacy for tariff increases against both allies and adversaries. She emphasized the importance of maintaining a healthy economic relationship with China while addressing issues such as overcapacity and unfair trade practices. Yellen's stance underscores the complexities of international trade and the need for strategic, targeted policies to protect American interests. [Extracted from the article]

Ratan Tata, the chairman of the Tata Group, one of India's oldest conglomerates, has passed away at the age of 86. Tata, who led the business for over two decades, transformed the group into a global empire with operations in over 100 countries and annual revenue of $165 billion. His death leaves a void in the Tata Trusts, a collection of charities that traditionally have been led by a member of the Tata family. Under Tata's leadership, the conglomerate made significant acquisitions, including British steelmaker Corus Group and luxury carmaker Jaguar Land Rover, but faced challenges such as the 2008 financial crisis and the failure of the Nano microcar. Tata also played a role in regaining control of Air India in 2021. [Extracted from the article]

Ratan Tata, the businessman who led India's Tata Group for over two decades, has passed away at the age of 86. Under Tata's leadership, the conglomerate expanded globally, acquiring iconic British assets such as steelmaker Corus Group and luxury carmaker Jaguar Land Rover. However, some of these ventures faced challenges, including the 2008 financial crisis and the failure of the Nano microcar. Tata also faced battles for control of the conglomerate, ultimately preserving his legacy. His philanthropic efforts and support for startups were notable aspects of his later years. [Extracted from the article]

Polish billionaire Zygmunt Solorz has removed his son from the supervisory board of his media and mobile group, Cyfrowy Polsat SA, as part of an ongoing family dispute over control of his conglomerate. This decision follows the removal of his son and another son from the supervisory board of utility company ZE PAK SA. There are concerns about the stability of Solorz's business empire and reports of his poor health. Solorz's children have expressed worries about attempts to take over the family businesses and have had difficulties contacting their father. Shares in Cyfrowy Polsat dropped initially but recovered slightly. [Extracted from the article]

Innovation Network Corp. of Japan (INCJ) is reportedly reviving the sale of its 21% stake in Malaysian telecommunications tower company Edotco Group Sdn. INCJ is expected to begin the process of selling its stake this quarter and has reached out to potential investors, including private equity firms and family offices. Edotco is also considering an initial public offering in Kuala Lumpur in 2026. INCJ needs to sell its holding by the end of March when its mandate to operate ends. [Extracted from the article]

Turkey's central bank governor, Fatih Karahan, stated that Turkey still needs to make progress in reducing price expectations and monthly inflation before easing monetary policy. Karahan emphasized the need for permanent and significant decreases in monthly inflation and for inflation expectations to align with the central bank's outlook. Household and businesses' inflation expectations are currently higher than desired, which could impede efforts to lower the inflation rate. September's data showed a smaller-than-expected drop in year-on-year inflation, leading some economists to suggest that interest-rate cuts may need to be delayed until next year. The central bank has maintained its main rate at 50% since March but recently adopted a slightly more accommodative stance. [Extracted from the article]

Turkey's central bank governor, Fatih Karahan, stated that Turkey still needs to make progress in reducing price expectations and monthly inflation before easing monetary policy. Karahan emphasized the need for permanent and significant decreases in monthly inflation and for inflation expectations to align with the central bank's outlook. Household and businesses' inflation expectations are currently higher than desired, which could impede efforts to lower the inflation rate. September's data showed a smaller-than-expected drop in year-on-year inflation, leading some economists to suggest that interest-rate cuts may need to be delayed until next year. The central bank has maintained its main rate at 50% since March but recently adopted a slightly more accommodative stance. [Extracted from the article]

Northvolt AB, an EV battery maker, is facing a cash crunch and has scaled back its operations in Sweden. The CEO, Peter Carlsson, has stated that he will personally support a new financing round by shareholders. The company has experienced a liquidity crisis after its production ramp-up faltered and demand for electric vehicles slowed in key markets. Other major shareholders, including Volkswagen, Goldman Sachs, and BMW, have not yet commented on providing additional funds. [Extracted from the article]

Adrian Cheng, the scion of one of Hong Kong's wealthiest families, has stepped down as the third-generation leader of New World Development Co., a prominent business dynasty. This move is surprising in a city where real estate families rarely hand over control to outsiders. Cheng's father, Henry Cheng, has taken a more active role in the family's business empire, and the company's chief operating officer, who is not a member of the Cheng family, has been appointed as the new leader. The decision comes as New World faces financial difficulties, with sinking deeper into debt and posting its first annual net loss in 20 years. Cheng's resignation highlights the pressure faced by third-generation successors of family empires, especially during economic downturns. [Extracted from the article]

BNP Paribas SA has agreed to acquire HSBC Holdings Plc's private banking operations in Germany in an effort to expand its presence in the country's growing wealth management market. The addition of this unit will increase BNP Paribas' assets under management in its local wealth management business to over €40 billion. The demand for wealth services in Germany is being driven by a significant number of family-owned businesses, with other domestic lenders such as Deutsche Bank AG and Commerzbank AG also seeking growth in private banking. This acquisition follows ABN Amro Bank NV's purchase of German lender Hauck & Aufhäuser Lampe Privatbank AG a few months ago. BNP Paribas Germany, led by Lutz Diederichs, has expressed its desire to expand in German private banking. The French lender claims to have the largest private bank in the euro area, excluding Switzerland, with €446 billion in total assets under management. [Extracted from the article]

BNP Paribas has agreed to acquire HSBC's private banking operations in Germany, expanding its local wealth management business. The deal will increase BNP Paribas' assets under management to over €40 billion. HSBC has been selling various businesses in Germany, and BNP Paribas expressed interest in the wealth management unit earlier this year. This acquisition follows ABN Amro's purchase of Hauck & Aufhäuser Lampe Privatbank AG, highlighting the growing demand for wealth services in Germany. [Extracted from the article]

Lufthansa is considering cutting its daily flight from Frankfurt to Beijing due to competition from Gulf airlines that have the advantage of traveling through Russian airspace. The airline is also facing slow aircraft deliveries and the competitive edge of carriers based outside of Europe. Lufthansa's potential retreat from China would impact its strategy of dominating business travel in and out of Europe's affluent countries. The decision will be made in October, and Lufthansa will continue to fly to Beijing from its Munich hub. This move follows similar actions by British Airways and Virgin Atlantic. [Extracted from the article]

Small family businesses in Britain are concerned about potential tax hikes from the new Labour government, which is trying to address a £22 billion fiscal deficit. The government is considering axing business exemptions to inheritance tax, which could have significant implications for family businesses. The removal of these exemptions could force business owners to pay inheritance tax on shares currently held by their parents, potentially hindering expansion plans and succession events. Family Business UK warns that regular small businesses could be negatively impacted by measures intended to target the wealthy, and the farming community is also concerned about the potential closure of family farms if agricultural property relief is removed. [Extracted from the article]

Hedge fund Kuvari Partners, founded by Vikram Kumar, is returning all external capital and transitioning into a family office due to market challenges and personal reasons. Kumar cites the dominance of larger multistrategy firms, which has led to a concentration of equity returns in mega-cap stocks and increased short-term volatility. Additionally, Kumar is rebalancing his family priorities following the death of his father and the birth of his first child. Kuvari managed peak assets of $2 billion until 2022 and has posted a 9% annualized return before fees since its launch in 2013. [Extracted from the article]

New Zealand's manufacturing industry has contracted for a record 18th consecutive month, indicating a stalled economy due to high interest rates. The Performance of Manufacturing Index rose slightly in August but remains below 50, indicating contraction. The Reserve Bank is projecting a further contraction in the third quarter, potentially leading to the nation's third recession in less than two years. Despite sluggish economic growth, the Reserve Bank has recently cut interest rates in an effort to stimulate the economy. [Extracted from the article]

Dieter Turowski, the chairman of investment banking for Asia-Pacific at Morgan Stanley, will be moving to the US for a new role as global vice chairman of the division and adviser to major technology firms. He will step down from his current position in Asia but will still be involved in the region as chairman of global technology mergers. This move is part of a larger trend of management changes and senior departures in the banking industry in Asia. Turowski has been with Morgan Stanley for 36 years and has held various leadership positions throughout his career. [Extracted from the article]

(Bloomberg) -- Mexican billionaire Carlos Slim's family investment firm raised its stake in BT Group Plc to 4.3%, according to a regulatory filing by the UK telecommunications company on Tuesday.Slim's Mexico-based Control Empresarial de Capitales SA de CV had previously disclosed a 3.2% stake in June.Shares in BT rose 1.9% to 142.30 pence as of 9:08 a.m. in London.©2024 Bloomberg L.P.By Jillian DeutschReported by Author [Extracted from the article]

Hong Kong billionaire Henry Cheng's family office has appointed his son, Christopher Cheng, as co-CEO, marking the latest development in the family's succession plan. Christopher Cheng will oversee North Asia investments for Chow Tai Fook Enterprises, while Patrick Tsang, an in-law to the family, will head the Americas, Australia, and Europe. Gilbert Ho, co-CEO of NWS Holdings Ltd., will handle corporate functions and operations. The family has been involved in a succession saga, with Henry Cheng stating that he is still searching for an heir and may consider outside talent. Four of Cheng's children now hold key positions in the family's business empire. [Extracted from the article]

Hong Kong billionaire Henry Cheng's family office has appointed his son, Christopher Cheng, as co-CEO, marking the latest development in the family's succession plan. Christopher Cheng will oversee North Asia investments for Chow Tai Fook Enterprises, while Patrick Tsang, an in-law to the family, will head the Americas, Australia, and Europe. Gilbert Ho, co-CEO of NWS Holdings Ltd., will handle corporate functions and operations. The family has been involved in a succession saga, with Henry Cheng stating that he is still searching for an heir and may consider outside talent. Four of Cheng's children now hold key positions in the family's business empire. [Extracted from the article]

Ken Griffin, the billionaire founder of Citadel financial empire, plans to break ground on a 54-story tower in Miami next year. The tower, located at 1201 Brickell Bay Drive, will house offices and a hotel, spanning a total of 1.7 million square feet. The project is expected to cost over $1 billion and will be one of the city's tallest buildings. Griffin aims to bolster Miami's reputation as a destination for professionals and their families. Philadelphia-based Gattuso Development Partners will consult on the project, and Foster + Partners will handle the design. [Extracted from the article]

CTBC Financial Holding Co. has made a bid of over $4 billion for a controlling stake in Shin Kong Financial Holding Co., aiming to create Taiwan's largest finance group. This offer surpasses a previous bid from Taishin Financial Holding Co. The move comes as Taiwanese authorities seek to strengthen the country's finance industry and diversify its economy. The deal, if successful, would be the first financial holding transaction in Taiwan since 2022. [Extracted from the article]

CTBC Financial Holding Co. has made a bid of almost $4 billion for a controlling stake in Shin Kong Financial Holding Co., Taiwan's fifth-largest financial conglomerate. This offer surpasses a previous bid from Taishin Financial Holding Co. The move comes as Taiwanese authorities aim to strengthen the finance industry and diversify the economy. If successful, the deal would create Taiwan's largest financial holding company. However, it is uncertain if CTBC can attend the shareholders' meeting to veto Taishin's bid, as it must own Shin Kong shares before September 10th, pending approval from the Financial Supervisory Commission. [Extracted from the article]

Vivendi's Canal+ is planning to increase its stake in MC Vision, a Mauritian-based digital Pay-TV company, to become the majority shareholder. Canal+ will raise its stake from 37% to 75%, while Currimjee Jeewanjee and Co., the family-owned business that co-founded MC Vision, will reduce its stake from 53% to 25%. The state-owned Mauritius Broadcasting Corp. will also sell its 10% holding. This move is part of Canal+'s strategy to expand its presence in Africa and compete with US entertainment giants. MC Vision, which started as a pioneer of digital satellite television in Mauritius, has evolved into a provider of premium and exclusive content. [Extracted from the article]

Private equity investor Adenia Partners Ltd. has announced the sale of its 100% stake in African payments firm OMOA to Tunisia-based SPE Capital. The deal, brokered by Lazard Inc., marks Adenia's exit from the €96 million fund that originally purchased the stake. Adenia acquired the payments business in 2012, which now operates in 11 African countries. Despite challenges in fundraising for private equity firms globally, Adenia has managed to raise significant funds for subsequent ventures. The company is headquartered in Mauritius and operates in seven African countries, with plans for further expansion. [Extracted from the article]

Japan has spent ¥5.5 trillion ($36.6 billion) in the past month to support the yen and counter speculators. This intervention follows similar actions in April and May, indicating the government's commitment to keeping speculators at bay. The recent intervention seems to have helped reverse the yen's weakness, potentially due to speculation that the rate differential between Japan and the US will narrow. The finance ministry has not provided specific details on the interventions, but further information will be released in November. [Extracted from the article]

Rayyan Islam and Kerem Ozmen, founders of venture firm 8090 Industries, are focusing on investing in industrial companies rather than Silicon Valley startups. They have gained the support of billionaire families, including those involved in the energy, mining, and consumer goods sectors. Their strategy has paid off, with gains of at least 275% on their investment in Oklo Inc., a developer of advanced nuclear systems. 8090 Industries has also attracted investment from next-generation members of ultra-rich families and is exploring opportunities to reduce carbon emissions in the cement and steel industries. [Extracted from the article]

China's industrial companies experienced a modest increase in profits due to higher commodity prices, providing some relief to miners. However, concerns remain about the sustainability of these gains due to excess capacity in certain sectors. The growth in profits in May was supported by higher commodity prices and solid foreign demand for Chinese goods. Domestic demand, on the other hand, has remained weak, with a deepening housing slump and below-pre-pandemic retail sales growth. The government has been encouraging businesses and households to upgrade machinery and appliances to stimulate consumption. Private companies saw the highest earnings growth, while state-controlled enterprises experienced a decline. [Extracted from the article]

Gregorio Perez Companc, a prominent businessman in Argentina, has passed away at the age of 89. He played a significant role in Argentina's economic boom and subsequent collapse in the 1990s. Perez Companc amassed great wealth through investments in various industries, including telecommunications, farming, and oil. However, his holdings suffered due to Argentina's loss of competitiveness and economic recessions. He was known for his press-shyness and passion for car racing. Perez Companc retired in 2009 and donated most of his wealth to his children. [Extracted from the article]

Prime Minister Liz Truss said she would set out her plan Thursday to help UK households and business facing soaring energy bills, as she ruled out funding the support package with a windfall tax on companies. [ABSTRACT FROM AUTHOR]

Prime Minister Liz Truss said she would set out her plan Thursday to help UK households and business facing soaring energy bills, as she ruled out funding the support package with a windfall tax on companies. [ABSTRACT FROM AUTHOR]

Emtel Ltd., a telecommunications company in Mauritius, has priced its initial public offering (IPO) at 10.46 billion rupees ($222 million). The company will offer shares at 23 rupees each and will debut on the Stock Exchange of Mauritius on July 5 as the fifth-largest company. Shareholders will sell a quarter of the issued share capital, with the majority stake held by Currimjee Jeewanjee and Co. and the rest owned by private equity firm Indian Continent Investment Ltd. The IPO will be open to institutional and retail investors in Mauritius, as well as selective distribution to regional and international funds outside the US. [Extracted from the article]

PPF Group NV, a Prague-based investment firm controlled by Czech billionaire Renata Kellnerova, expects a new growth phase following recent acquisitions and asset sales. The company reported a profit of €1.45 billion ($1.6 billion) for 2023, a significant increase from the previous year. The CEO attributed the strong financial result to improved performance in all business segments, with the telecommunication and financial services sectors contributing the most. PPF has made progress in its three-year plan, including exiting Asian markets and investing in assets in western countries with less regulation. The company's largest acquisition has been a stake in InPost SA, an e-commerce company expanding in Western Europe. PPF is also divesting its Asian operations, with plans to exit the Chinese and Kazakh markets. The CEO cited increased regulation and geopolitical risks as reasons for the retreat from Asia. [Extracted from the article]

Arthur L. Irving, a Canadian billionaire and chairman of Irving Oil, has passed away at the age of 93. Irving was known for modernizing Canada's largest refinery and expanding a network of service stations. He played a key role in winning support for a cross-country oil pipeline and was considered one of the great oilmen in North America. Irving's family business empire, which includes forestry, transportation, frozen foods, and shipbuilding, was started in 1882. He had a net worth of about $9.8 billion and was known for his partnerships and strategic business decisions. [Extracted from the article]

Arthur L. Irving, a Canadian billionaire and prominent business figure, has passed away at the age of 93. As the chairman of Irving Oil, he modernized Canada's largest refinery and expanded the family-owned business, which includes a network of service stations. Irving was known for his partnerships and strategic investments, including a liquefied natural gas import facility and a proposed oil pipeline. He leaves behind a significant business legacy and a net worth of approximately $9.8 billion. [Extracted from the article]

Jiang Weiping, the founder of Tianqi Lithium Corp., has resigned as chairman after the company reported its largest quarterly loss ever. He will be succeeded by his daughter, Jiang Anqi, who has been vice chair for two years. Jiang Weiping led Tianqi for over two decades and played a significant role in establishing the company as a top global producer of lithium. However, the company's overseas ventures, particularly in South America, have been challenging, leading to financial difficulties. The global lithium industry is currently facing a downturn due to an oversupply of lithium and a slowdown in the electric-vehicle sector. Despite these challenges, both Tianqi and its rival Ganfeng Lithium Corp. remain committed to expanding their production capacity and acquiring global reserves. [Extracted from the article]

Puig, Spain's largest beauty products company, is planning to go public in the largest European offering of the year. The company, known for its perfume and fashion brands such as Rabanne and Carolina Herrera, has seen its revenue more than double in the past decade. However, Puig faces tough competition from luxury companies like LVMH and Kering, and will need to continue investing and potentially make acquisitions to sustain its growth. The IPO would also mark a pivotal moment for the family-owned business, as it seeks to professionalize and put more rigid structures in place to avoid conflicts as the number of heirs to the family fortune expands. [Extracted from the article]

Sony Group Corp. and Apollo Global Management Inc. are reportedly in talks to form a joint bid for Paramount Global, a major film and TV company. While no official offer has been made, discussions have taken place between Tony Vinciquerra of Sony Pictures Entertainment and Apollo. Paramount is currently engaged in exclusive talks with Skydance Media, led by David Ellison. The potential Sony-Apollo group would offer cash for shares of Paramount, aiming to take the company private through a joint venture. Paramount is currently controlled by Shari Redstone's National Amusements, which holds a 77% voting stake. [Extracted from the article]

Former Brazilian President Luiz Inacio Lula da Silva has reunited with the billionaire Batista brothers, Wesley and Joesley, who recently joined the board of JBS SA, the world's largest meat producer. The Batistas, who grew their family butcher shop with help from Brazil's development bank during Lula's past administrations, were involved in a graft scandal that implicated thousands of politicians, including Lula. The meeting between Lula and the Batistas took place at a JBS factory that will begin exporting meat to China, as part of Lula's efforts to increase agricultural exports to the country. The authorization of 38 Brazilian plants to send products to China is expected to boost Brazil's trade balance by $2 billion over the next year. [Extracted from the article]

KKR & Co. has appointed Doug Brody to lead its family capital efforts in the US and Europe, Middle East, and Africa. The alternative asset manager is looking to tap into the $13 trillion global single family office market. Brody, a 16-year veteran of KKR, will work closely with Kate Richdale, who holds a similar position in the Asia-Pacific region. KKR aims to build deeper relationships with entrepreneurs and wealthy families, creating an ecosystem that allows the firm to buy and sell assets within the network and provide financing. [Extracted from the article]

Temasek Holdings Pte, a Singapore state investor, plans to increase its investment in Europe by making net investments of up to $18 billion over the next five years. Despite setbacks in the region, Temasek's head of Europe, Nagi Hamiyeh, sees significant opportunities for investment and believes that Europe is in a better place than it was a few years ago. Temasek aims to form partnerships with companies tied to wealthy business families and will focus on industries such as new energy, renewables, decarbonization, consumer health, luxury, technology, robotics, and the future of work. The company will also explore opportunities in the Middle East, although on a smaller scale compared to Europe. [Extracted from the article]

Warner Bros. Discovery Inc. has announced that two directors, Steven Newhouse and Steven Miron, have left its board of directors. Newhouse, whose family business is the second-largest holder of Warner Bros. stock, was a member of the board's nominating and governance committee, while Miron was a member of the compensation committee. The resignations were not due to any dispute with the company, and Warner Bros. will now have a board size of 11 members. The Advance/Newhouse Programming Partnership holds an 8.1% stake in Warner Bros., making them the second-largest stockholder after Vanguard Group Inc. [Extracted from the article]

Brazilian billionaire brothers Joesley and Wesley Batista have been appointed to the board of JBS SA, the world's largest processor of animal protein. This marks their return to the family's meat empire after a corruption scandal that led to their absence. The Batistas, who control JBS through their family holding firm J&F Investimentos SA, have also expanded their reach into other industries such as mining, power, and oil and gas. The changes on the board come as JBS seeks to list its shares in the US to reduce borrowing costs and fund acquisitions. [Extracted from the article]