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...latest bid to combat rising food costs and economic uncertainty, South Korean natural-resource-development company Daewoo Logistics said on Nov. 19 that it signed a 99-year lease to farm oil palms and corn on more than 2.5 million acres of land in Madagascar. A Madagascar land minister refuted the claim, however, saying the agreement allowed Daewoo only the right to search for about 250,000 acres of arable farmland. Other countries being scouted...
...latest move to prop up the nation's flailing financial system, the U.S. government unveiled plans on Monday to rescue one of the world's biggest banks, plowing $20 billion of new capital into Citigroup and shouldering up to tens of billions of dollars in losses tied to the bank's soured assets. After a brutal week for Citi - marked by pink slips for tens of thousands of workers and a 60% drop in its stock price - news that the government would step in propelled its shares, which rose 58% from Friday's close. "Equity investors were panicked about...
...store owners big and small, 'tis the season of sweating brows. U.S. retail sales dropped a record 2.8% last month, just the latest in a string of bad months. By the end of 2008, 148,000 retail establishments will have closed, the largest number since 2001, according to the International Council of Shopping Centers. A rough holiday season will produce an additional 73,000 store closings in the first half of 2009, the council predicts. "In the first six months of next year there will be a lot more retail museums than retail stores," says Beemer...
...latest candidate for such a fall is Wong Kwong Yu, 39, the chairman of mainland electronics retailing giant Gome. Wong, named by the Hurun Report last month as China's richest man with an estimated net worth of $6.3 billion, was detained last week on suspicion of fraud, Chinese media reported. According to a report in the financial magazine Caijing, Wong (his name is also spelled Huang Guangyu) is being investigated for manipulating the share prices of Shanghai-listed Shandong Jintai Group, a medical company controlled by his brother, Wong Chung-yam. (See pictures of what money...
...government launched an investigation into loan fraud charges brough against Wong. A year later, Gome announced that the investigation was completed, and its founder was never charged. His recent troubles make him the latest high-profile tycoon to run afoul of authorities. The ranks of recent years' rich lists read like a police blotter. In 2003 Yang Bin, an agribusiness and real estate tycoon once named the mainland's second-richest man, was convicted of tax evasion and sentenced to 18 years in prison. Gu Chujun, once head of a leading appliance company, was ranked China's 20th richest businessperson...