Advertisement

South-East Asian tycoons’ high-wire act

south-east asian tycoons’ high-wire act

BEGIN ARTICLE PREVIEW:

IN 1919 CHIA EK CHOR moved to Bangkok and set up a small shop importing seeds from his home Chinese province of Guangdong. Two generations later the business, Charoen Pokphand (CP) Group, is Thailand’s pre-eminent conglomerate, peddling everything from chickens and pigs to cars and phones. The founding patriarch, who died in 1983, adopted a Thai version of the family name, Chearavanont. But he maintained a deep affection for his ancestral home. When recited in Mandarin, the first characters of his four sons’ names—Zhengmin, Daimin, Zhongmin, Guomin—spell out “fair, great China”.The family’s bonds with China are not just emotional. Two-fifths of CP’s $68bn in annual revenues come via hundreds of Chinese subsidiaries running animal-feed factories, supermarkets and much else besides. CP holds a big stake in a Chinese technology-and-insurance giant, Ping An. And it is a favourite partner of Chinese investors in Thailand, including SAIC, a carmaker with which CP makes fancy MG sports cars and pickups.The Chearavanonts’ past and present mirror those of other wealthy ethnic-Chinese clans in South-East Asia. Although they make up less than 10% of the region’s 650m or so people, they dominate swathes of its $3trn economy. Many have prospered …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE

Why Asian business dynasties struggle with succession

why asian business dynasties struggle with succession

BEGIN ARTICLE PREVIEW:

MACAU WILL become the “Las Vegas of the Far East”, predicted Sheldon Adelson, an American casino magnate. In 2019 the Chinese territory’s $30bn in annual casino revenue was five times Vegas’s. Despite a slump in turnover this year as covid-19 emptied parlours, Macau’s rise looks poised to resume. It owes much to Stanley Ho, the charming scion of an illustrious Hong Kong clan. Thanks to the monopoly gambling licence he secured from Macau’s former Portuguese administrators in 1961 and held until 2002, STDM, his family’s main holding company, grew into Asia’s largest gambling empire.Mr Ho died on May 26th, aged 98, leaving behind 14 children and a $6bn-plus fortune. A decade ago his last wife fought a bitter public battle against his second and third wives for control of SJM Holdings, the group’s publicly traded arm. His elder children joined the acrimonious spat, which ended in a truce.Many Asian firms face similarly complex successions. Family concerns make up over half of all big businesses in Asia. Other recently departed patriarchs include Eka Tjipta Widjaja of Indonesia’s Sinar Mas Group, Henry Sy of SM Group in the Philippines and Shin Kyuk-ho of South Korea’s Lotte …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “Why Asian business dynasties struggle with succession”

Farmington escape room business expanding

farmington escape room business expanding

BEGIN ARTICLE PREVIEW:

×

You have run out of free articles. You can support our newsroom by joining at our lowest rate!

Loading&hellp;

{{start_at_rate}}

{{format_dollars}}
{{start_price}}
{{format_cents}}

{{promotional_format_dollars}}{{promotional_price}}{{promotional_format_cents}} {{term}}

{{html}}

{{action_button}}

‘);
$(‘.lee-featured-subscription’).html(sFallBack);
}

function lee_formatPackage(oService){
try {
var bOnlyModal = true;
var oSettings = lee_getPackageSettings(oService.HomeMembership);
var newService = {};
if(parseInt(oService.WebFeatureFG) === 2) return false;
if(oService.WebStartPrice != ”){
var custom = JSON.parse(oService.WebStartPrice);
$.each(custom, function(k,v){
newService[k] = v;
});
}
if(bOnlyModal && newService.in_modal === ‘false’) return false;
if(!bOnlyModal && newService.not_members === ‘true’) return false;

newService.sort = parseInt((newService.sort) ? newService.sort : oSettings.sort);
newService.title = oSettings.title;
newService.level = oService.HomeMembership;
newService.html = oService.WebOfferHTML;
newService.disabled = newService.disable_purchase ? ‘disabled’ : ”;

var price = lee_formatPackagePrice(newService.start_price);
newService.start_price = price.cost;
newService.format_dollars = (price.format_dollars) ? price.format_dollars : ”;
newService.format_cents = (price.format_cents) ? price.format_cents : ”;
newService.start_at_rate = (newService.fixed_rate === ‘true’) ? ‘for the low price of’ : ‘starting at’;

if( !newService.term ) newService.term = ‘per month’;

if( newService.promotional_price && newService.promotional_price != ” ){
newService.has_promotion_class = ‘has-promotion’;
var promotion = …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “Farmington escape room business expanding”

These restrictions on coronavirus loans may surprise business owners

these restrictions on coronavirus loans may surprise business owners

BEGIN ARTICLE PREVIEW:

Closed signs hang on a fast food restaurant amid the coronavirus pandemic on April 24, 2020 in New York City, United States. COVID-19 has spread to most countries around the world, claiming over 196,000 lives with over 2.8 million cases. (Photo by Alexi Rosenfeld/Getty Images)Alexi RosenfeldA type of loan for small businesses impacted by the coronavirus pandemic comes with restrictions that may catch some entrepreneurs by surprise.Loans made through the Economic Injury Disaster Loan program, which was recently expanded by lawmakers, carry terms that may cause business owners to inadvertently default on their loan in the future, experts said.And in the mad scramble to access federal funds and keep their businesses afloat, entrepreneurs who were approved for the EIDL program may not have carefully reviewed the provisions, experts said.While terms may be familiar to larger businesses that sought loans, some fear they won’t be as clear to small-business owners, who often finance operations with credit cards and credit lines instead of loans, said Brooke Lively, the president of Cathedral Capital, which serves as a CFO for small businesses.They may also be unsuspecting given the relatively short and straightforward loan application, she said.’Brave new world'”You’re running a $50 …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “These restrictions on coronavirus loans may surprise business owners”

Wilmington business steps up, starts making PPE

wilmington business steps up, starts making ppe

BEGIN ARTICLE PREVIEW:

WILMINGTON — As demand for personal protective equipment (PPE) remains high, local business American Bench Craft has stepped up to the plate.Brothers Jason and Chris Angelini started American Bench Craft in 2014 by securing funding through Kickstarter to make what they call the most durable, seamless leather wallet.
Jason, who has a degree in mechanical engineering, got the idea to create the wallet after two leather wallets he had purchased fell apart at the seams.
Since launching in 2014, American Bench Craft has grown and doubled its workforce. The Wilmington-based business now sells everything from wallets and belts to sheaths and journals.
“We’re still small but we’re still continuing to grow,” said Eric Morton, head of business development for American Bench Craft.
Morton, who has been friends with Jason since childhood, joined the business in 2018 when American Bench Craft was operating out of a small, windowless basement office. Morton had been home recovering from a back injury sustained while serving as a merchant marine when Jason asked him to join American Bench Craft. Morton had always dreamed of working for a small business and getting into entrepreneurship; the chance to do that with his friends Jason and Chris made the …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “Wilmington business steps up, starts making PPE”

Local expert talks economic outcomes for area businesses and what should be done moving forward

local expert talks economic outcomes for area businesses and what should be done moving forward

BEGIN ARTICLE PREVIEW:

CLOSE

Shreveport Economic Development Director Brandon Fail talks about best-case scenarios for reopening the economy.

Shreveport TimesIt’s no secret that local retailers suffered from the COVID-19 impact, with small businesses hit the hardest.The Greater Bossier Economic Development Foundation publishes a monthly report highlighting the economic indicators for the Shreveport-Bossier MSA (Metropolitan Statistical Area). The report includes data based on employment figures, retail sales, residential and commercial construction, Bossier City casino revenue and cargo tonnage from the Port of Caddo Bossier. According to the Foundation’s retail data for the Shreveport-Bossier area, which includes — City of Shreveport, Bossier City, Caddo and Bossier parishes — show a -1.2% decline in total retail sales, dipping from $1,171,468,108 in February to $1,156,557,995 in March.Reopening the economy“It’s been very positive,” Greater Bossier Economic Development Foundation executive director Rocky Rockett said. “We’re only allowed from the governor’s (John Bel Edwards) orders to open in some retail at 25%. There’s still some retail and some of the department stores still shuttered.”Bossier City had a 17% increase from $337,003,091 in February to $360,153,564 in March.Bossier Parish had a 5.9% increase from February to March.Caddo Parish came out on the downside with a -7.4%  …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “Local expert talks economic outcomes for area businesses and what should be done moving forward”

In the shadow of coronavirus, how one business owner is mourning, adapting all at once

in the shadow of coronavirus, how one business owner is mourning, adapting all at once

BEGIN ARTICLE PREVIEW:

Darralynn Hutson, Special to the Detroit Free Press
Published 6:01 a.m. ET May 28, 2020
CLOSE Tatiana Grant runs three small businesses, and COVID-19 has changed them all. In March, Grant lost her business partner, Marlowe Stoudamire, to the virus, a week before the public launch of their consulting firm. She also runs two companies that specialize in event planning. The virus stopped their marquee events in their tracks.Like many small business owners across metro Detroit, Grant has had to mourn and strategize in the same breath.Last month, Grant, mother of an 18-month-old daughter, spent days digging up the documents she needed to apply for federal small business loans, to keep on as many of her 15 employees as possible.“I was having to gather that paperwork and documentation plus 2019 taxes, while mourning the loss of Marlowe, trying to have some composure to continue to service our clients — you have to hold onto all the clients you have — and home-school a toddler,” she said.    Entrepreneur Tatiana Grant of Farmington Hills is seen outside of her home on Thursday, May 7, 2020 as her daughter Giana Bibbs stands in the doorway. Grant owns several businesses that have been impacted by the coronavirus including her …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “In the shadow of coronavirus, how one business owner is mourning, adapting all at once”

House to vote on changes to small business pandemic aid program

house to vote on changes to small business pandemic aid program

BEGIN ARTICLE PREVIEW:

The legislation — titled the Paycheck Protection Program Flexibility Act — was introduced by Republican Rep. Chip Roy of Texas and Democratic Rep. Dean Phillips of Minnesota. It is intended to make loans more accessible under the program by making its terms of use more flexible.The legislation would give small businesses more time to use emergency loans under the program by extending the eight-week period in which they must use the money to qualify for loan forgiveness to 24 weeks.The bill would also give small businesses more flexibility by changing the so-called 75/25 rule, which requires recipients of funds under the program to use three-quarters of the money for payroll costs and limit other costs to no more than 25% in order to be eligible for loan forgiveness. The new ratio would be at least 60% on payroll and no more than 40% on other costs.The legislation would also allow businesses that receive loan forgiveness under the program to defer payroll taxes. The push to make fixes to the loan program comes as Democrats and Republicans have yet to reach agreement over how to move forward with a new, sweeping coronavirus relief package. But sponsors of the bill argue that fixes to …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “House to vote on changes to small business pandemic aid program”

COVID-19 Outlook and Impact- Business Process Management as a Service (BPMaaS) Market 2020-2024 | Increasing Demand for Process Automation to Boost Growth | Technavio

covid-19 outlook and impact- business process management as a service (bpmaas) market 2020-2024 | increasing demand for process automation to boost growth | technavio

BEGIN ARTICLE PREVIEW:

The business process management as a service (BPMaaS) market is poised to grow by USD 24.01 bn during 2020-2024, according to Technavio

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “COVID-19 Outlook and Impact- Business Process Management as a Service (BPMaaS) Market 2020-2024 | Increasing Demand for Process Automation to Boost Growth | Technavio”

G.E., Which Traces Its Roots to Thomas Edison, Sells Its Lighting Business

g.e., which traces its roots to thomas edison, sells its lighting business

BEGIN ARTICLE PREVIEW:

More than 140 years after Thomas Edison and his assistants conducted their first successful experiments with a carbon-filament lamp in a vacuum, the company he helped to found — General Electric — has sold its lighting business.Analysts said the sale, announced Wednesday, was not a surprise. G.E. had sought to offload its lighting division for several years, as it focused on more profitable areas such as renewable energy and health care technology.But in the annals of American corporate culture, where G.E. and the light bulb have long been synonymous, the uncoupling struck some as a pivotal moment, as if Kellogg had jettisoned its cornflakes business or Ford had stopped making cars.“From the standpoint of people who associate the light bulb as the symbol of modern invention and innovation, there’s a kind of sadness to the fact that G.E., which for many years was at the forefront of that industry, has moved away from it,” said Paul Israel, director and general editor of the Thomas A. Edison Papers at Rutgers University.Major League Baseball played its first night game under G.E. floodlights in 1935. Nick Holonyak, an engineer, developed the first visible light-emitting diode, or LED, at …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “G.E., Which Traces Its Roots to Thomas Edison, Sells Its Lighting Business”