Late German billionaire Klaus-Michael Kuehne leaves $49 billion fortune to his foundation
Klaus-Michael Kuehne died at 89 with no children. His $49 billion portfolio, built on Kuehne+Nagel and Hapag-Lloyd, passes to a Swiss foundation.
Germany
German billionaire Klaus-Michael Kuehne, logistics magnate behind Kuehne + Nagel, dies at 89
Klaus-Michael Kuehne, the controlling shareholder of Swiss logistics group Kuehne + Nagel and one of Germany's richest investors, has died at the age of 89.
Algerian billionaire Abderrahmane Benhamadi's Condor signs German pipe manufacturing deal in Berlin
Abderrahmane Benhamadi's Condor agreed with Germany's Maincor to make pipes in Algeria, among more than 30 deals signed in Berlin.
Adidas displays financial strength amid Kanye West’s Yeezy influence
Adidas held over $1 billion worth of unsold Yeezy inventory in May.
Kanye West didn’t mean antisemitic comments, says Adidas CEO Bjorn Gulden
Last year, Adidas ended its lucrative collaboration with West following a series of offensive and antisemitic comments.
Rihanna unveils new sneaker design in exclusive Puma collaboration
This release marks the resurrection of the partnership between Rihanna and Puma, a collaboration that had previously yielded a series of sell-out sneakers.
Adidas proves it can survive without Kanye West as market cap soars above $35 billion
Adidas’ adept maneuvering following its separation from West has ensured its resilience, with significant gains in share value and market capitalization.
Adidas takes $364-million hit in wake of Kanye West’s Yeezy sneakers resale
The recent downturn came shortly after the German sportswear giant announced the launch of the second sale of West’s Yeezy sneakers.
Adidas rakes in $440 million in sales from Kanye West’s Yeezy sneakers
This marks the first release of the Yeezy sneakers following the termination of Adidas’ collaboration with West in October 2022.
Scandal-plagued South African billionaire Markus Jooste faces arrest as German court takes action
This comes weeks after Jooste failed to appear in court, marking his first criminal charge since the collapse of Steinhoff.
Aliko Dangote, Mo Ibrahim join France in deliberating on Sudan’s $5-billion debt cancellation
President of France Emmanuel Macron announced the cancelation as a nod to Sudan’s progress with reforms.