Word: tycooning
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When media tycoon Rupert Murdoch gained enough support to acquire The Wall Street Journal’s parent company Dow Jones this summer, the media speculated frantically over what the move would mean for the venerable newspaper. Was the acquisition one more step towards Murdoch’s eventual media monopoly? Would the conservative mogul destroy The Journal’s objectivity? Would the acquisition spell the end of The Journal as we know it? We find much of this hype is ill-reasoned. Murdoch is at heart a businessman and as The Journal’s owner, he will...
Sitting in his majestic home in northern Johannesburg, Richard Maponya tells a story. After building up a retail empire in the 1960s and 1970s, South Africa's first black tycoon fought for six years to become a racehorse owner when the Jockey Club of Southern Africa (now known as the National Horseracing Authority) was a white-only bastion. But once he was admitted (after a lengthy legal battle), he couldn't resist the temptation to needle his adversaries. "I called my first horse Another Color," the 80-year-old Maponya recalls. "On his third time out, Another Color came scorching...
...York City hotelier Leona Helmsley, who donned a tiara for a high-profile ad campaign in which she assured would-be guests that "the queen stands guard," was really just a perfectionist. By all accounts, Leona adored and was devoted to her real estate tycoon husband Harry, who was said to have always been spared her wrath. But in 1989, the testimony of the Queen's abused underlings helped get her convicted of tax evasion, and she spent 19 months in jail...
...though, has a big head start on the rest of the industry, thanks largely to Singh. The amiable tycoon, known by his initials K.P., was dressed during a recent interview in a white suit with a polka-dot pocket square. He recalled how prescient strategy--and a stroke of luck--turned DLF into a property powerhouse. Founded by Singh's father-in-law Chaudhury Raghuvendra Singh, DLF (originally Delhi Land & Finance) got started in 1946, a year before India won its freedom from Britain. Raghuvendra bet that hundreds of thousands of refugees who were expected to settle in India...
...biggest threat, though, is a crash in the property or stock market. When U.S. property and media tycoon Sam Zell visited India in April, he told local real estate executives that they were "on the brink of excess" and that the boom could end in a bust. Real estate stocks plunged as much as 50% in a general market sell-off last spring, while property prices have fallen 20% or so in some areas in the past six months. Both the government and the Reserve Bank of India are trying to cool the real estate sector without crashing...