An unspoken feat that comes with running a multi-generational family business is the weathering of multiple crises in one a lifetime. Particularly in the style and retail industry, where shoppers tightening their purse strings often means yours is the first luxury to go. Some have seen wars; others have had a taste of pandemic-era retail with the 2003 Sars (Severe Acute Respiratory Syndrome) epidemic. All are focused on continuing their families’ legacies, even if it means one day taking succession outside of the family. This National Day, The Straits Times shines the spotlight on four family businesses that have stood the test of time. Leaving legacies: Passion and pressure drive 2nd-generation jeweller Jeweller Thomis Kwan, 67, keeps his entire life in five plastic drawers. Inside, packed to the brim, are thousands of unfinished, handcrafted Peranakan jewellery made over the course of 20 years. Some are polished to a shine and just missing diamonds; others are skeletal … [Read more...] about Leaving legacies: How multi-generational S’pore family businesses stood the test of time
MANILA, Philippines – President Rodrigo Duterte’s “war” against those he calls “oligarchs” has escalated with his latest threats against 3 big names in Philippine business – the Ayala family, tycoon Manny Pangilinan, and the Lopezes – all in the same curse-laden speech. He’s been targeting certain businessmen early on, starting with property and mining magnate Roberto Ongpin in August 2016, a little over a month after he took his oath in Malacañang. The presidential threats are ignited by any “injustice” Duterte perceives is done to the government – something he always takes very personally. People close to him say that, even as mayor, and as early as his youth, Duterte had always exploded whenever he felt “cheated” or tricked. When it’s an “injustice” done by big business, Duterte takes on the tone of a populist champion, pitting the firm and its owners as the enemy of the people and abusers of privilege. “ Pakita ko sa Pilipino … [Read more...] about Look back: Duterte’s tussles with big business
The White House convened a meeting of business executives on Monday to discuss semiconductor supply chains amid a global chip shortage , with President Biden using the moment to pitch his $2.3 trillion infrastructure plan, which aims in part to bolster high-tech domestic manufacturing. “China and the rest of the world is not waiting, and there’s no reason why Americans should wait,” Mr. Biden said. At one point, he held up a silicon wafer and declared, “This is infrastructure.” Participants in the meeting, described by the White House as a “virtual C.E.O. summit on semiconductor and supply chain resilience,” included executives from AT&T, Ford Motor, General Motors, Google, Intel, Samsung and Taiwan Semiconductor Manufacturing Company. The meeting was closed to the news media, aside from a brief portion when Mr. Biden gave remarks. The global semiconductor shortage has disrupted auto production in the United States and elsewhere, underscoring both a short-term and … [Read more...] about Amid a chip shortage, the White House gathers business leaders to discuss supplies.
LMVH Chairperson Bernard Arnault’s net worth is estimated at $195.4 billion, currently a couple of billions more than Jeff Bezos's. The Tokyo Olympics will conclude on August 8, 2021. But the Net Worth Olympics never end. And currently, Bernard Arnault is once again in the lead. Chairman of Louis Vuitton Moet Hennessy (LVMH), Arnault’s net worth is $195.4 billion. That puts him a couple of billions above Amazon founder Jeff Bezos, whose numbers fell by $14 billion in one day when the Amazon stock price dropped by 7.6 per cent. In bronze medal position, for now, is Elon Musk. The Tesla founder has a net worth of about $185 billion. What makes Arnault stay sharp and hungry at age 72? It’s all the wisdom he has gained over several years. Here are three keys to success from the Frenchman’s journey. 1. Long-term vision Arnault first went to China in 1991. There were no immediate signs of prosperity. Yet he opened a Louis Vuitton store there. Close “I remember … [Read more...] about 3 business success tips from the world’s richest person: Bernard Arnault of LVMH
A Minneapolis man who spray painted "Black Owned Business" on his bar amid the George Floyd protests has praised how the city has come together in the wake of the destruction. Tony Zaccardi, owner of the Palmer's Bar in the Cedar-Riverside neighborhood of the city, gained national attention after he painted the words on his business in an attempt to ward off any suspecting looters that may arrive amid the disorder. In an essay for Newsweek during the height of the riots, Zaccardi supported the demonstrations but said that "people who are opportunists and looting are ruining the protests." Other businesses later followed suit with their own signs as they boarded up the windows to protect their stores, bars and restaurants. Several days later, Zaccardi tells that the wooden boards remain on Palmer's Bar, which has stood for more than 110 years in the city, but tells Newsweek there is a sense that "the worst is over"' in terms of violence. "Where I live right now, … [Read more...] about Minneapolis man who painted “black owned business” on his bar during riots says there is “sense of hope” in city