Word: behemothly
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Jack R. Meyer, who over 14 years grew a $4.7 billion fund into a $22.6 billion behemoth, said yesterday he was departing to form his own private investment firm with four of his current associates, including two who have been the targets of recent criticism over multimillion-dollar salaries at the management company...
...Ashanti Goldfields, the gregarious Jonah helped steer Ghana's biggest company through the rocky waters of international expansion, spreading Ashanti's businesses across Africa. In 1996 Ashanti became the first African operating company listed on the New York Stock Exchange. This year, it finalized its sale to South African behemoth AngloGold to create the world's second biggest gold miner, AngloGold Ashanti. There have been setbacks: in 1999 Ashanti almost went under after a disastrous hedging decision made on Jonah's watch. As president and possibly the next CEO of AngloGold Ashanti, Jonah, Africa's most influential black miner, believes...
DIED. JAY VAN ANDEL, 80, billionaire co-founder of direct-sales behemoth Amway; in Ada, Mich. With his childhood friend Richard DeVos, Van Andel founded the company in the pair's basements in 1959 and built it into a worldwide network of individual distributors who sold cosmetics and furniture polish and earned a cut for recruiting others. In the 1970s the government investigated Amway, suspecting it was a pyramid scheme, but the charges were never proved. In 2000, it became part of a larger sales and business-services company, Alticor Inc., formed by Van Andel's and DeVos' families...
...Those employees aren't alone in worrying about China's new overseas business adventures. A small but growing number of firms are trying to claw their way into world markets by buying foreign companies. Last year, Guangdong-based TCL bought the television arm of French electronics behemoth Thomson, which gave it the RCA brand. Shanghai Automotive Industry Corp. is in talks to acquire the very English MG Rover, and has already bought Korean SUV maker Ssangyong. A consortium of Chinese companies bid on the Canadian mining firm Noranda. According to a recent study by Bain & Co., China's foreign investments...
...DIED. JAY VAN ANDEL, 80, billionaire co-founder of direct-sales behemoth Amway; in Ada, Michigan. With his childhood friend Richard DeVos, Van Andel founded the company in the pair's basements in 1959 and built it into a worldwide network of individual distributors who sold cosmetics and furniture polish and earned a cut for recruiting others. In the 1970s the U.S. government investigated Amway, suspecting it was a pyramid scheme, but the charges were never proved. In 2000, Amway became part of a larger sales and business-services company, Alticor Inc., formed by Van Andel's and DeVos' families...