Billionaire whose social media company has become more valuable than Facebook

November 28, 2017

You may not have heard of Tencent, but about 1/7th of the world has. Last week, the Chinese Internet giant behind social media platforms like WeChat that together count more than 1 billion users briefly surpassed $530 billion in market capitalization — making it more valuable than Facebook. That has made its founder, a 46-year-old […]

Cities that never sleep are shaped by sunrise and sunset

Businessam StaffNovember 26, 2017

Long after the sun has gone down, the electric lights keep blazing. That might suggest that most humans aren’t as influenced by Earth’s light-dark cycle as we used to be. But a new study, drawing on the cellphone call records of more than a million people, shows that the times of day when they are […]

Saudi billionaires said to seek new corporate structures amid purge

Businessam StaffNovember 20, 2017

Wealthy Saudis are seeking to restructure their businesses to ring-fence assets in case of authorities widen their declared crackdown on corruption, according to three people with knowledge of the matter. According to Bloomberg, several family groups and businessmen who aren’t implicated in the purge are talking to local banks and international law firms about how to […]

Estranged Moscow exchange director emerges as blockchain boss

Businessam StaffNovember 20, 2017

Roman Sulzhyk

It’s been two years since a former managing director of the Moscow Exchange resigned his position in the aftermath of Russia’s annexation of the Crimean region in his native Ukraine. Now, after years of exploring his options, Roman Sulzhyk has become the latest in a string of senior-level executives around the world to make the jump to the blockchain sector. Not only […]

Diageo sues Indian tycoon Vijay Mallya over $40m payout

Businessam StaffNovember 17, 2017

Vijay Mallya, Indian business tycoon

Weeks before a London extradition hearing, Indian business tycoon Vijay Mallya faces a second legal battle after Diageo Plc. sued to recover a $40 million payment made when he was ousted from United Spirits Ltd. last year. According to a report by Bloomberg, Diageo filed the suit in London Tuesday after setting out the grievances […]

You have to pay nearly $1m just to view these apartments

Businessam StaffNovember 17, 2017

At one Hong Kong apartment complex, it will cost you close to $1 million to just get your foot in the door. Real estate agents in the city are asking potential buyers to stump up 7 million Hong Kong dollars ($900,000) to view a new batch of luxury condos, the latest example of the dizzying […]

Africa’s richest woman sacked from Angolan oil group in boardroom coup

Businessam StaffNovember 16, 2017

Angola’s new President Joao Lourenco has sacked Africa’s richest woman from chairing the state-owned oil company in a major boardroom cull just weeks after coming to power. Isabel dos Santos, the ousted chair of Sonangol, is the daughter of former Angolan president Jose Eduardo dos Santos who stepped down in September. She was appointed only […]

The five best destinations for a family holiday in December

Businessam StaffNovember 16, 2017

December means different things to different families: you may be off to ski, in search of hygge or Father Christmas, hankering after the perfect Christmas market, or trying to avoid the holidays altogether by heading to a long-haul sunny spot, these are your best options with children in tow. 1. Lapland to see Father Christmas […]

London’s Bond Street has world’s third-highest business rents

Businessam StaffNovember 15, 2017

The tourism boom prompted by the weakness of sterling since the Brexit vote has helped propel Bond Street in London into the top three of the world’s most expensive store locations. The shopping thoroughfare overtook the Champs Élysées in Paris in the global ranking compiled by the property company Cushman & Wakefield. New York’s Upper […]