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<p><strong></strong></p><ul><li><strong><keyword id="6358963" type="DEFINITION" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword>'s <keyword id="6362665" type="ORGANIZATION" weightage="60" keywordseo="berkshire-hathaway">Berkshire Hathaway</keyword> isn't alone in struggling to make a major acquisition.</strong></li><li><strong><keyword id="414503" type="COMPANY" weightage="60" keywordseo="3G-Capital">3G Capital</keyword>, a Brazilian-US private-equity firm, has requested more time from its investors to strike a deal, the Financial Times <a href="https://www.ft.com/content/a9e49276-127f-4b95-852d-e87d91edf805">reported on Friday</a>.</strong></li><li><strong>Berkshire and 3G have partnered several times in the past, most notably to buy Heinz in 2013 and merge it with Kraft in 2015.</strong></li><li><strong>However, Buffett has acknowledged that Berkshire overpaid for Kraft, and its <keyword id="6376543" type="UNKNOWN" weightage="60" keywordseo="kraft-heinz">Kraft Heinz</keyword> stake has plunged in value by more than two-thirds in the past few years.</strong></li><li><strong><strong><a href="https://www.businessinsider.com/international?r=US&amp;IR=TIR=T">Visit Business Insider's homepage for more stories</a>.</strong></strong></li></ul><p>Warren Buffett's Berkshire Hathaway isn't the only company <a href="https://markets.businessinsider.com/news/stocks/why-warren-buffett-unhappy-berkshire-hathaway-record-137-billion-cash-2020-4-1029181516#">hunting for an elephant-sized acquisition</a> and coming up empty-handed.</p><p>3G Capital, which has partnered with the famed investor's conglomerate several times in the past, has asked its investors for more time to deploy their money, the Financial Times <a href="https://www.ft.com/content/a9e49276-127f-4b95-852d-e87d91edf805">reported on Friday</a>.</p><p><strong><em>Read More: </em></strong><em><a href="https://www.businessinsider.com/stock-picks-buy-cyclical-recovery-value-europe-covid-deutsche-2020-11" target="_blank" rel="noopener noreferrer">Deutsche Bank says you need to own these 10 value stocks set to rise by as much as 52% as Europe gets a grip on COVID-19</a></em></p><p>The Brazilian-US private-equity firm doesn't want the pressure of closing a deal by a certain date or having to return  cash to its backers, a person familiar with the talks told the newspaper. It has a $10 billion war chest and could make an acquisition worth up to $50 billion by leveraging its target's balance sheet, the Financial Times said.</p><p>The pandemic has caused widespread disruptions to businesses and clouded the economic outlook, while company valuations have soared to record levels, making it tricky to make big acquisitions at attractive prices.</p><h2>Weathering a dry spell</h2><p>3G, cofounded by Brazilian billionaire <keyword id="1636823" type="PERSON" weightage="60" keywordseo="Jorge-Paulo-Lemann">Jorge Paulo Lemann</keyword>, has struck out repeatedly in recent years. For example, it tried to buy German industrial giant Thyssenkrupp's elevator division in February but lost out to a rival bid.</p><p>Kraft Heinz — the global food titan it created with Berkshire's help — also made a $143 billion offer for Unilever in 2017, but withdrew it after the Anglo-Dutch consumer-goods behemoth said it wasn't interested.</p><p><strong><em>Read More:</em></strong><em> </em><em><a href="https://www.businessinsider.com/investing-strategy-how-to-pick-esg-stocks-di-zhou-2020-11" target="_blank" rel="noopener noreferrer">Di Zhou's international ESG fund is beating 98% of its peers this year. The investor breaks down her process for selecting winning stocks and explains why Alibaba is the biggest holding in her portfolio.</a></em></p><p>3G's past deals include acquiring Burger King and later adding Tim Hortons and Popeyes to a holding company called Restaurant Brands. Berkshire helped <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword> the Tim Hortons transaction, and also joined 3G to acquire Heinz in 2013 and merge the condiments titan with Kraft Foods in 2015.</p><p>That deal has been a disappointment. Buffett has admitted to overpaying for Kraft, and Berkshire's 26.6% stake in Kraft Heinz has plunged in value from about $30 billion in early 2017 to $9.8 billion at the end of the last quarter.</p><p>However, Buffett's fondness for Lemann and public comments about 3G suggest another tie-up could still be on the cards.</p><p><strong><em>Read More:</em></strong><em> </em><em><a href="https://www.businessinsider.com/sports-betting-investing-strategy-decade-of-growth-fanduel-paul-martino-2020-11" target="_blank" rel="noopener noreferrer">One of FanDuel's early investors breaks down how to capitalize on the booming US sports betting industry amid a 'tremendous decade' of growth</a></em></p><p>"Jorge Paulo is a good friend of mine," the investor said at Berkshire's annual shareholder meeting in 2019. "I think he's a marvelous human being."</p><p>"We love the idea of being their partner and I think there's a good chance that we will do more and perhaps even bigger things together," he said at his company's meeting in 2017.</p>

Warren Buffett's Berkshire Hathaway isn't alone in struggling to make a big acquisition. Past partner 3G Capital is also coming up short

<p><div class="image-container float_right"><div class="image"><p class="source on-image">AP Images</p></div></div>It's not all Dilly bars and Cherry Cokes when <keyword id="6358963" type="PERSON" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword> takes over your company, <a href="http://www.bloomberg.com/news/2013-09-18/buffett-s-9-heinz-dividend-means-3g-cutting-jobs-mini-fridges.html">Bloomberg reports</a>. When the Oracle of Omaha decides you're ready for Berkshire - at least in <keyword id="141837" type="COMPANY" weightage="60" keywordseo="Heinz">Heinz</keyword>'s case - it's time for some serious changes.</p>
<p>Earlier this year Buffett teamed up with Brazil's richest man, Jorge Paulo Lemann, and his private equity firm 3G, to buy Heinz in a $23 billion deal.</p>
<p>Now it's time to make the company really sing (and pay down the $12.6 billion of debt that had be taken on to do the deal). That means cutting costs. All kinds of costs - like 11 senior executives.</p>
<p><a href="http://www.bloomberg.com/news/2013-09-18/buffett-s-9-heinz-dividend-means-3g-cutting-jobs-mini-fridges.html">From Bloomberg:</a></p>
<p style="padding-left: 30px;">An August memo obtained by Bloomberg News outlines new rules. They limit printing to 200 pages a month per employee and restrict color pages to "customer-facing purposes." Employees can spend no more than $15 a month on office supplies and are expected to reuse items such as box files. To save on electricity, mini-refrigerators "are not permitted moving forward" and staff should rely on appliances in common areas.</p>
<p style="padding-left: 30px;">Employee spending on business trips was limited to $45 per day for food and incidentals, two of the people said. The aviation department, which included two leased aircraft and a company-owned Gulfstream IV, was shut, according to one.</p>
<p>Not the G-IV, anything but the G-IV.</p>
<p>There are also the 600 job cuts that are expected in the U.S. and Canada, and 250 jobs in peril in the U.K.  It looks like, on the east side of the Atlantic, lawyers are particularly concerned <a href="http://www.thelawyer.com/in-house/heinz-lawyers-among-250-jobs-at-risk-in-uk-and-ireland/3009751.article">(from thelawyer.com)</a>:</p>
<p style="padding-left: 30px;">In a statement Heinz said: "After a comprehensive evaluation process, the company has developed a proposed new streamlined structure for Heinz UK &amp; Ireland.</p>
<p style="padding-left: 30px;">"Unfortunately, the proposals may result in a number of difficult organizational changes, including the elimination of 248 office positions across the UK and Ireland. We regret the impact this may have on Heinz employees and their families.</p>
<p style="padding-left: 30px;">"The proposal is subject to a consultation process with employees and their representatives, and Heinz is committed to ensuring all employees are treated with the utmost respect and compassion.</p>
<p>Still sounds rough.</p>

There Have Been Some Pretty Brutal Changes At Heinz Since Warren Buffett Bought The Company

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Ueslei Marcelino</span></p><p class="caption">Lemann's investments have earned him a fortune of $25.5 billion and made him the 35th-richest person on earth, according to Forbes.</p></div><p></p></div></div></p><ul class="summary-list"><li>Brazilian financier Jorge Paulo Lemann called the fact that the citizens of his adopted home of Switzerland retire at 60 "a horror," according to <a href="https://www.bloomberg.com/news/articles/2019-08-09/billionaire-lemann-says-it-s-a-horror-that-swiss-retire-at-60">Bloomberg</a>.</li><li>Lemann is the founder of investment firm 3M Capital, and is a major shareholder in <a href="https://www.businessinsider.com/category/ab-inbev">Anheuser-Busch InBev,</a><span> <a href="https://www.businessinsider.com/category/kraft-heinz">Kraft Heinz</a></span>, as well as Burger King and Tim Horton parent <a href="https://www.businessinsider.com/category/restaurant-brands-international">Restaurant Brands International</a><span>. </span></li><li>Lemann's investments have earned him a fortune of $25.5 billion and made him the 35th-richest person on earth, according to <a href="https://www.forbes.com/profile/jorge-paulo-lemann/#39dae9d465f7">Forbes</a>.</li><li><span><a href="https://www.businessinsider.com/?hprecirc-bullet"><span><strong>Visit Business Insider's homepage for more stories.</strong></span></a></span></li></ul><p>Brazilian billionaire Jorge Paulo Lemann, 80, isn't planning on retiring anytime soon.</p><p><span>"It's a horror that everybody in Switzerland retires at 60 and thinks it's all right," the financier said while speaking at a panel for his foundation, according to <a href="https://www.bloomberg.com/news/articles/2019-08-09/billionaire-lemann-says-it-s-a-horror-that-swiss-retire-at-60">Bloomberg</a>.</span></p><p>Lemann is the founder of investment firm 3M Capital, and is a major shareholder in <a href="https://www.businessinsider.com/category/ab-inbev">Anheuser-Busch InBev,</a><span> <a href="https://www.businessinsider.com/category/kraft-heinz">Kraft Heinz</a></span>, and Burger King and Tim Horton parent <span>Restaurant Brands International. </span>Lemann's investments have earned him a fortune of $25.5 billion and made him the thirty-fifth richest person on earth, according to <a href="https://www.forbes.com/profile/jorge-paulo-lemann/#39dae9d465f7">Forbes</a>.</p><p>The financier was born in Brazil, holds dual Brazilian and Swiss citizenship, and resides in Switzerland, according to <a href="https://www.bloomberg.com/news/articles/2019-08-09/billionaire-lemann-says-it-s-a-horror-that-swiss-retire-at-60">Bloomberg</a>. Switzerland, notably, is the third-best retirement destination in the world based on its affordability, health-care, climate, and happiness, <a href="https://www.businessinsider.com/best-countries-to-retire-2018-2">Business Insider</a> previously reported.</p><p>Lemann also runs the Lemann Foundation, which supports educational initiatives in Brazil, according to its <a href="https://fundacaolemann.org.br/en">website</a>.</p><p><em><strong>Read more</strong>: <a href="https://www.businessinsider.com/north-dakota-first-billionaire-gary-tharaldson-hotels-money-lifestyle-2019-6">A former gym teacher who built a hotel empire just became North Dakota's first billionaire, and his take on money lines up with what many of the world's richest self-made people say</a></em></p><p>In addition to working, Lemann also has a daily exercise routine that he called "sacred," according to <a href="https://www.bloomberg.com/news/articles/2019-08-09/billionaire-lemann-says-it-s-a-horror-that-swiss-retire-at-60">Bloomberg</a>. A former professional tennis player, Lemann still plays and even showed off his skills at an investment event in Sao Paulo in July 2019, <a href="https://www.bloomberg.com/news/articles/2019-07-06/billionaire-lemann-wins-tennis-match-in-brazil-finance-event">Bloomberg</a> reported.</p><p>Delaying or even forgoing retirement has become increasingly common in the United States, as advances in health care have made workers over 65 healthier than ever before, <a href="https://www.businessinsider.com/baby-boomers-working-past-retirement-age-healthier-2019-4">Business Insider</a>'s <span data-e2e-name="Tanza Loudenback">Tanza Loudenback previously reported. In fact, 75% percent of retirement-age workers say there are no limitations in the kind of work they can do, according to investment and financial-planning firm <a href="https://unitedincome.com/documents/papers/United_Income_Older_Americans_in_the_Workforce.pdf">United Income</a>.</span></p><p>And Lemann's continued work ethic at age 80 puts him in good company amongst people who continued to work well past the age of retirement. The late <a href="https://www.businessinsider.com/karl-lagerfeld-never-retired-before-death-85-2019-2">Karl Lagerfeld</a>, for one, refused to retire right up until his death at age 85. And then there's <a href="https://www.businessinsider.com/warren-buffett-has-no-plans-to-retire-as-berkshire-hathaway-ceo-2019-4">Warren Buffett, who, at age 88, still goes to work every day</a> and said in an interview with the Financial Times that he has no plans to retire.</p><h3><a href="https://www.bloomberg.com/news/articles/2019-08-09/billionaire-lemann-says-it-s-a-horror-that-swiss-retire-at-60">Read the full report at Bloomberg »</a></h3>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/i-spy-walter-wick-photographer-can-you-see-books-2019-7">Meet the photographer behind the 'I Spy' books that captured millions of readers' imaginations</a></h3>        <div>                    </div>    </div>

The 80-year-old billionaire investor behind AB InBev and Burger King calls it 'a horror' that the Swiss retire at 60, and it's a mindset shared by some of the other biggest names in business

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>JASPER JACOBS/AFP/Getty Images</span></p><p class="caption">Brito convinced former Brazil tennis star&#xa0;Jorge Paulo Lemann to fund his time at Stanford, according to the Financial Times.</p></div><p></p></div></div></p><ul class="summary-list"><li>Carlos Brito is the <a href="https://www.businessinsider.com/category/ceo">CEO</a> of brewery group <a href="https://www.businessinsider.com/category/anheuser-busch">Anheuser-Busch</a> InBev, which produces popular beers like Budweiser, Bud Light, Corona, and Stella Artois.</li><li>As <a href="https://markets.businessinsider.com/news/stocks/ab-inbev-asia-pacific-ipo-would-be-years-biggest-2019-7-1028324905">Markets Insider</a> reported on July 2, AB InBev is planning to hold what is expected to be the largest <a href="https://www.businessinsider.com/category/ipo">initial public offering</a> of 2019.</li><li><span>Brito is extremely private about his personal life.</span></li><li><span><a href="https://www.businessinsider.com/?hprecirc-bullet"><span><strong>Visit Business Insider's homepage for more stories.</strong></span></a></span><span></span></li></ul><p>Brewery titan Anheuser-Busch InBev is reportedly planning the largest IPO of 2019, and one of the greatest beneficiaries will be CEO Carlos Brito.</p><p><a href="https://markets.businessinsider.com/news/stocks/ab-inbev-asia-pacific-ipo-would-be-years-biggest-2019-7-1028324905">Markets Insider</a> reported on July 2 that the debut of AB InBev's Asia-Pacific business on the Hong Kong Stock Exchange could raise $9.8 billion.</p><p>Brito had an options grant that was worth more than <span>€250 million (about $469 million in today's dollars) in 2008 </span>according to the <a href="https://www.ft.com/content/d6029592-0eb9-11e5-8aca-00144feabdc0#slide1">Financial Times</a>, but it could be worth substantially more after the IPO.</p><p>The Brazilian-born CEO is notoriously private, but keep reading to learn to take a look into his life.</p>

The owner of Budweiser and Corona is planning the largest IPO of 2019. Meet the company's notoriously private CEO, who only has one hobby and doesn't like company perks

<p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="YouTube" title_caption="3G Capital's Jorge Lemann is worth $25 billion." class="zoomin" href="https://static-ssl.businessinsider.com/image/56aa376258c3238c008b5e8d-960/screen shot 2013-08-29 at 5.16.55 pm.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span><a href="http://www.youtube.com/watch?v=6Mp15_L4f5M">YouTube</a></span></p><p class="caption">3G Capital's Jorge Lemann is worth $25 billion.</p></div><p></p></div></div>Of the 50 wealthiest people in the world, only one hails from South America: Brazilian business magnate </span><span style="font-weight: 400;"><a href="http://www.wealthx.com/billionaires/jorge-paulo-lemann/">Jorge Paulo Lemann</a>, who's worth $25 billion.</span></p><p><span style="font-weight: 400;">Brazil's wealthiest man ranks as the 26th richest person in the world, according to data provided to Business Insider by <a href="http://www.wealthx.com/home/">Wealth-X</a>, a company that conducts research on the super-wealthy, as featured in our recent list of the </span><a href="http://www.businessinsider.com/50-richest-people-on-earth-2016-1"><span style="font-weight: 400;">50 richest people on earth</span></a><span style="font-weight: 400;">.</span></p><p><span style="font-weight: 400;">Lemann took an unorthodox path to affluence. He worked as a journalist and professional tennis player - he played at Wimbledon - before buying a small brokerage in Brazil for $800,000 in 1971. Lemann and his partners modeled the firm after Goldman Sachs, eventually building it into a powerhouse and </span><span style="font-weight: 400;"><a href="http://www.businessinsider.com/who-is-brazils-jorge-lemann-2015-9">selling to Credit Suisse in 1998</a> for $657 million</span><span style="font-weight: 400;">.</span></p><p><span style="font-weight: 400;">In 2004, he cofounded investment firm 3G Capital, where he's built a reputation for </span><a href="http://www.businessinsider.com/who-is-brazils-jorge-lemann-2015-9"><span style="font-weight: 400;">orchestrating huge mergers and acquisitions</span></a><span style="font-weight: 400;">, often alongside friend and fellow billionaire Warren Buffett. At the end of 2014, Lemann created a fast-food giant, with the </span><a href="http://www.bloomberg.com/news/articles/2014-08-26/buffett-to-help-finance-burger-king-tax-saving-deal"><span style="font-weight: 400;">help of Buffett's Berkshire Hathaway</span></a><span style="font-weight: 400;">, by merging Burger King with Canadian brand Tim Hortons in a series of deals </span><a href="http://www.nasdaq.com/article/long-awaited-burger-king-tim-hortons-merger-completed-analyst-blog-cm423414"><span style="font-weight: 400;">worth over $11 billion</span></a><span style="font-weight: 400;">. </span></p><p><span style="font-weight: 400;">Then last March, 3G and Berkshire Hathaway teamed up again to invest $10 billion into the megamerger of </span><a href="http://www.businessinsider.com/warren-buffett-and-a-private-equity-firm-are-combining-heinz-and-kraft-in-a-food-industry-mega-merger-2015-3"><span style="font-weight: 400;">Kraft and Heinz</span></a><span style="font-weight: 400;">, which created the fifth-largest food and beverage company in the world with combined revenues of $28 billion.</span></p><p><span style="font-weight: 400;">And in November, 3G's Anheuser-Busch InBev orchestrated a mammoth $108 billion deal to take over SABMiller, becoming the most dominant beer producer in the world. The megamerger puts brand-name beers like </span><a href="http://www.businessinsider.com/ab-inbev-sabmillers-agree-merger-megabrew-2015-10"><span style="font-weight: 400;">Budweiser, Stella Artois, and Leffe</span></a><span style="font-weight: 400;"> all under one roof, and it puts Lemann one step closer to his </span><a href="http://www.ft.com/intl/cms/s/0/efd62d3a-6cfb-11e5-8608-a0853fb4e1fe.html#axzz3xi5t1scg"><span style="font-weight: 400;">lifelong dream of controlling the beer market</span></a><span style="font-weight: 400;">.</span></p><p><span style="font-weight: 400;">Lemann, who also has a home in Zurich, Switzerland, remains notoriously private when it come to his personal life, choosing to let his business performance do the talking.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/where-american-billionaires-live-bill-gates-jeff-bezos-rich-people-2016-1">Here's where the 20 richest people in America live</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tkcjhnMDE6r_qJWbjsVSh5MepJInya27" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Warren Buffett's favorite deal partner is the richest person in South America

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.linkedin.com/in/david-knopf-62142b92/">LinkedIn</a></span></p></div><p></p></div></div><a href="http://markets.businessinsider.com/stock/KHC-Quote">Kraft Heinz</a>, the $100 billion packaged foods maker known for its condiment line, has promoted 29-year-old Princeton grad David Knopf to CFO.</p><p>Knopf is currently the vice president and category head of Kraft Heinz's Planters nuts business, as well as a partner at Jorge Lemann's 3G Capital, which owns 23.9% of Kraft-Heinz - second only to Berkshire Hathaway's 27.7%.</p><p>Knopf will start in October, replacing current CFO Paulo Basilio.</p><p>Knopf previously worked at Goldman Sachs after graduating from Princeton in 2010. He joined 3G Capital in 2013 and started at Kraft Heinz in July 2015.</p><p>3G has a reputation for promoting young executives. Restaurant Brands International, 3G's second-biggest investment, is helmed by <a href="http://www.businessinsider.com/how-wall-street-prodigy-daniel-schwartz-saved-burger-king-2017-6">37-year-old Daniel Schwartz</a>, who was just 32 when he became CEO of Burger King. When the fast food chain merged with its Canadian neighbor Tim Hortons, he became CEO of the parent company.</p><p>Knopf made <a href="https://www.forbes.com/pictures/mdg45ekfel/david-knopf-28/#736b243d40d5">Forbes' 30-under-30</a> list this year for his role in the $11 billion Burger King-Tim Hortons merger and Heinz's merger with Kraft.</p><p>At Kraft Heinz, Knopf will have his work cut out for him. The company has not posted any sales growth since the 2015 merger. Since then, the Pittsburgh-based company been known more for cutting costs than expanding brands.</p><p>Earlier this year, Kraft Heinz attempted to acquire consumer goods conglomerate Unilever for $143 billion, but was rejected in what Berkshire Hathaway CEO Warren Buffett has called a "misunderstanding."</p><p>Shares of Kraft-Heinz were trading up fractions of a percent at midday in New York. Knopf did not immediately respond to a request for comment.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://markets.businessinsider.com/stock/KHC-Quote"></a><p class="source"><span><a href="http://markets.businessinsider.com/stock/KHC-Quote">Markets Insider</a></span></p></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/sri-kumar-watch-the-bond-market-for-signs-of-a-recession-2017-9">SRI-KUMAR: Watch the bond market for signs of a recession</a></h3>        <div>                    </div>    </div>

Meet the 29-year old who was just named CFO of $100 billion giant Kraft Heinz

Top 50 richest people In the world: Mark Zuckerberg is the youngest billionaire

<p><div class="KonaFilter image-container float_right"><div class="image"><p class="source"><a href="http://www.businessinsider.com/chinas-smog-satellite-photos-2013-1">http://www.businessinsider.com/chinas-smog-satellite-photos-2013-1</a></p></div><p></p></div>Bloomberg Markets Magazine just published the findings of the organization's tireless billionaire hunters - a list of the 100 richest people in the world.</p>
<p>This year, there are nine financiers that made the cut, meaning that a few familiar names were lopped off.</p>
<p>It's been a volatile year in <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword>, after all.</p>
<p>Abigail Johnson of Fidelity didn't make the cut this year, while Carl Icahn's fortune jumped a whopping 24%. </p>
<p><span style="line-height: 1.5em;">The Heinz deal has worked out very well for Warren Buffet and 3G Capital's Jorge Paulo Lemann, whose wealth rose by 22% and 14% respectively. <br /></span></p>

The Richest Financiers In The World

Top 100 richest people in the world: Some interesting facts

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Here is what you need to know.</p><p><strong>Deutsche Bank has a new CEO. </strong>Former UBS CFO <a href="http://www.businessinsider.com/deutsche-bank-shares-are-exploding-afterwards-after-its-ceos-were-replaced-2015-6">John Cryan is taking the reins at Deutsche Bank</a>. Cryan takes over following the resignation of co-CEOs Anshu Jain and Jurgen Fitschen. Jain will be leaving the firm this month while Fitschen will be stepping aside next May. The stock was up as much as 8% on the news in German trade.</p><p><strong>Turkey's president lost his parliamentary majority.</strong> Recep Tayyip Erdogan's AKP <a href="http://www.businessinsider.com/turkish-elections-lira-and-stock-markets-tumbling-after-president-recep-tayyip-erdoan-suffers-election-blow-2015-6">lost its majority in the weekend election</a> as a minority party representing Kurds made big gains. The setback means Erdogan will likely need to form a coalition government by partnering up with the far-right. A new election will take place if a government is not formed within six weeks. The results pushed Turkey's lira down more than 5% to a record low of 2.8096 per dollar.</p><p><strong>China's trade surplus grew.</strong> China announced a <a href="http://www.ft.com/intl/cms/s/0/885ef5a6-0dab-11e5-aa7b-00144feabdc0.html#axzz3cSyqfdZO">surplus of $59.5 billion</a>, up from $34.1 billion in April. The larger than expected surplus came as exports slipped 2.5% and imports tumbled 17.6%. According to the FT, "Export-focused manufacturers , who thrived during the past decade as China became the factory of the world, are under pressure because of the strength of the renminbi relative to most other major currencies apart from the US dollar." China's renminbi slipped 0.1% to 6.2060 per dollar.</p><p><strong>Japan's GDP saw a a huge upward revision. </strong>First quarter Final GDP was revised up to <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=newssearch&amp;cd=1&amp;cad=rja&amp;uact=8&amp;ved=0CB0QqQIoADAA&amp;url=http%3A%2F%2Fwww.cnbc.com%2Fid%2F102735507&amp;ei=x3R1VbWrHomfNo66gdgP&amp;usg=AFQjCNH79Q2olw3epkt6zAjP8PMayt2Fvg&amp;bvm=bv.95039771,d.eXY">an annual rate of 3.9%</a> from its preliminary reading of 2.4%. CNBC reports, "The upward revision mostly reflects better-than-expected capital spending, which rose 2.7 percent on quarter, far higher than the 0.4 percent preliminary estimate." Japan's yen is stronger by 0.3% at 125.31.</p><p><strong>The US denies President Obama was complaining about the strong US dollar at the G7 meetings. </strong>A French official was quoted as saying President Obama made references to a <a href="http://www.bloomberg.com/news/articles/2015-06-08/obama-said-to-tell-g-7-leaders-strong-dollar-poses-a-problem">strong US dollar hurting the economy</a>. However, a US official <a href="http://www.reuters.com/article/2015/06/08/us-g7-summit-obama-dollar-idUSKBN0OO0NG20150608">denied the report</a>, suggesting, "He made a point that he has made previously, a number of times: that global demand is too weak and that G7 countries need to use all policy instruments, including fiscal policy as well as structural reforms and monetary policy, to promote growth." The US Dollar Index is little changed at 96.30.</p><p><strong>There is speculation Diageo will be taken over. </strong>The alcoholic beverage producer spiked in London trade following a report from Brazilian newsweekly Veja that Brazilian billionaire Jorge Paulo Lemann and his partners, Marcel Telles and Beto Sicupira, at private equity firm 3G Capital are <a href="http://uk.businessinsider.com/diageo-shares-rise-on-brazilian-billionaire-lemanns-bid-2015-6">looking to buy the company</a>. Johnnie Walker whisky, Smirnoff vodka, and Guinness beer are among the company's products.</p><p><strong>Sears Holdings posted a big loss. </strong>The company announced a loss of $2.85 per share as revenue tumbled 25.3% to $5.88 billion. <a href="http://www.prnewswire.com/news-releases/sears-holdings-reports-first-quarter-2015-results-300095105.html">According to the release</a>, "Kmart and Sears Domestic comparable store sales declined 7.0% and 14.5%, respectively, in the first quarter of 2015 driven by more efficient and targeted promotional and marketing spend, and a focus on sizing certain categories, such as consumer electronics, to better fit member needs, that together generated higher margins and increased profitability year-over-year; revenues were also impacted by port issues on the West Coast."</p><p><strong>Apple will be making some big announcements today. </strong>Apple is holding a press event at Monday's <a href="http://www.businessinsider.com/apple-wwdc-ios-9-2015-6">conference for developers</a>. The company is expected to announce major improvements to the apps available for the Apple Watch. Also, look for Apple to possibly debut its streaming music service, and announce updates for the iPhone, iPad and Mac.</p><p><strong>China's stock market hit a 7-year high and Germany's entered a correction. </strong>Overnight, China's Shanghai Composite (+2.3%) led Asian markets higher as trade hit its best level since the first quarter of 2008. In Europe, Germany's DAX (-0.6%) is now 10% off its April 2015 high. S&amp;P 500 futures are down 3.00 points at 2089.25.</p><p><strong>US economic data is absent from the calendar. </strong>Data picks up tomorrow with the release of wholesale inventories and JOLTS - Job Openings.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-floyd-mayweather-spends-his-money-boxing-2015-4">Here's how Floyd Mayweather spends his millions</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NiaGVpdDqdBR4NCmtjL5odLe14N1R4Hp" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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