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Five years ago, Chen Tianqiao started a bare-bones online gaming company with five employees, two of whom were his wife and brother. Today, after a dazzling IPO, the 31-year-old is one of China's richest men, worth more than $1 billion, with a staff of more than 1,000 and building an interactive-media empire that soon could turn him into a local Rupert Murdoch. Even in the turbo-charged world of Chinese business, Chen's firm, Shanda Networking, has posted stunning growth, expanding 20% each quarter, with $73 million in net income last year. "China...
...PLEADED GUILTY. YOSHIAKI TSUTSUMI, 71, named by Forbes magazine as the richest man in the world in 1990; to insider trading and falsifying financial records; in Tokyo. Tsutsumi, former chairman of Japan's Seibu conglomerate, ran the railroad and real estate empire for 40 years before he stepped down last October. He faces up to eight years in prison...
...lucky investor. Works by Fernando Botero from that period are worth about $500,000 these days. "I sold my paintings myself to friends," Botero says. "They would come over after dinner. I was broke." Talk about a reversal of fortune. Botero is now one of the world's richest and most successful artists. This week, a major retrospective, covering merely the last 15 of his 56 years' work, opens in Rome's Palazzo Venezia, showcasing 170 paintings, drawings and sculptures. The exhibition moves to the Würth Museum in Künzelsau, north of Stuttgart, Germany, in October...
When it comes to providing social space for its students, the oldest and richest university in the country is a blundering failure. Few were surprised in April when a confidential internal memo revealed that Harvard finished fifth from the bottom in a 2002 student satisfaction survey of 31 colleges. With Harvard receiving an average rating of 2.62 on a five point scale for its campus social life, it’s clear that many Harvard students are frustrated with a campus that provides few social options and even fewer social venues...
...leading ice cream manufacturer, intend to take an even bigger bite out of the $32.4 billion global market? By making some of its 2,000 ice cream brands--ranging from Ben & Jerry's to Magnum--a little healthier. This summer the company is launching lower-fat versions of its richest flavors, hoping slimmed-down ice cream will excite consumers increasingly concerned about their waistlines...