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Special Reports

China Hosts Seminar on Meteorological Management for Developing Nations

From October 10 to 23, a Seminar on Management for Director-Generals of National Meteorological and Hydrological Services (NMHSs) in Developing Countries took place in Beijing and Anhui, China. The event attracted 20 senior officials from the World Meteorological Organization (WMO) and representatives from sectors such as meteorology, hydrology, agriculture, and fisheries in developing nations.

The Seminar addressed topics related to meteorological advancements and international governance, equipping participants with insights into emerging issues such as global meteorological governance, enhanced meteorological services, and industry applications through “meteorology+.” The agenda included lectures, field visits, and other learning activities aimed at improving capabilities in meteorological disaster prevention and response.

Ali Juhaydir, Director General of the Libyan National Meteorological Service (LNMS), shared that LNMS staff frequently attend similar events in China, especially training on satellite imagery, numerical weather prediction, and early warning systems, which he described as beneficial to Libya’s development. Juhaydir noted LNMS’s goal to establish a network of observation stations and an early warning system, adding that LNMS hopes to collaborate with the China Meteorological Administration (CMA) to advance technical research and training initiatives.

KOSMOS EBENEZER AKANDE-ALASOKA, WMO’s Regional Association for Africa representative from Nigeria, recounted sending Seminar photos to his family, who expressed a desire for a similar experience. He characterized the Seminar as a memorable experience he hopes to replicate on future visits to China.

Bernard Edward Gomez, Public Information Officer at WMO from the Gambia, remarked that the engaging lectures reminded him of his own days as a student, finding the shared case studies both persuasive and actionable. He expressed an intention to advocate for these methods at WMO to support meteorological data development and sharing across Africa.

This Seminar was organized by the WMO Regional Training Centre Beijing, the Academy for International Business Officials (AIBO), and the Ministry of Commerce of the People’s Republic of China (MOFCOM).

 

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Money and Wealth

Thailand’s Realthiest: Sarath Ratanavadi’s Wealth Surges to $16 Billion Amid Gulf Energy’s Stock Rally and Strategic Telecom Merger

Sarath Ratanavadi, Thailand’s wealthiest individual, has seen his net worth soar past $16 billion, spurred by a substantial rise in his holdings across the energy and telecommunications sectors. The 59-year-old billionaire’s fortune has grown by around $7 billion over the past three months, as indicated by the Bloomberg Billionaires Index, cementing his influence within Asia’s elite energy and power industries.

Shares of Gulf Energy Development, Thailand’s leading power producer and the core of Ratanavadi’s business empire, have surged by 52% during this period, fueled by investor optimism surrounding a soon-to-be-finalized merger with Intouch Holdings. Intouch, a controlling shareholder in Advanced Info Service (AIS)—Thailand’s second-largest telecom operator—has attracted significant market attention with the merger, sparking a sharp rise in equity value.

The planned merger, perceived as a strategic alignment of energy and telecom assets, has garnered robust shareholder backing, with clear votes in favor. Market confidence is high regarding the potential synergies from combining Gulf Energy’s cash-rich power portfolio with Intouch’s telecom infrastructure, positioning the merged entity for expanded growth both within Thailand and internationally.

A native of Bangkok, Ratanavadi has constructed a diversified empire that reaches beyond Thailand’s power sector, encompassing investments in European and U.S. energy assets, deep-sea ports, data centers, and cryptocurrency trading. This global expansion has further strengthened investor confidence in the conglomerate’s long-term growth prospects.

The recent rally of Gulf Energy shares has propelled Ratanavadi into Asia’s top tier of energy magnates, positioning him among notable industry leaders such as Mukesh Ambani and Gautam Adani. His rise underscores Thailand’s increasing prominence within the energy sector and its growing appeal to global investors, especially as the country modernizes its infrastructure and expands its influence in international energy markets.

Investor sentiment remains favorable toward Ratanavadi as the market eagerly watches his next strategic moves. While future volatility in global energy markets could impact this optimism, Ratanavadi’s latest achievements have firmly established him as a central figure in Thailand’s economic landscape.

GDP (nominal) Capital Head of State Head of Government GDP (nominal) per capita GDP (PPP) GDP (PPP) GDP (PPP) per capita
Thailand Bangkok Maha Vajiralongkorn Srettha Thavisin 512.193 7.298 1.578.452 22.491

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Special Reports

IMF Reaffirms India’s Strong Growth Amid Global Uncertainties Projecting 7% Expansion for FY25

The International Monetary Fund (IMF) has upheld its growth forecast for India, projecting a 7% expansion for FY25 and maintaining its estimate of 6.5% for FY26. These predictions were outlined in the IMF’s latest “World Economic Outlook” report.

This 7% growth estimate marks a slight improvement of 0.2 percentage points from the IMF’s previous forecast in April, demonstrating confidence in India’s economic prospects despite global economic challenges. The IMF also anticipated that inflation would stabilize at 4.4% in FY25, with a marginal reduction to 4.1% in FY26, signaling a positive outlook for consumers and businesses. This moderation in inflation is seen as crucial for maintaining consumer confidence and ensuring that interest rates remain manageable, thereby supporting both investment and consumption. The report attributed the upward revision largely to the contributions of India and Russia among emerging and developing economies.

Meanwhile, China’s growth outlook has been revised downward to 4.8%, primarily due to ongoing difficulties in its real estate sector and weakening consumer confidence. India, on the other hand, is expected to see its per capita economic output rise by 6% in FY25, outpacing major economies such as Brazil, Russia, China, and the United States.

The report noted that India’s GDP growth would moderate from 8.2% in 2023 to 7% in 2024 and 6.5% in 2025 as the post-pandemic surge in demand subsides and the economy aligns with its potential. The IMF projected a more gradual slowdown for China.

Despite global uncertainties, India’s economic trajectory remains positive, supported by robust domestic demand, stabilizing inflation, and ongoing reforms. The IMF’s reaffirmation of India’s 7% growth for FY25 and 6.5% for FY26 places the country among the fastest-growing major economies in the world.

India’s Finance Minister, Nirmala Sitharaman, was in Washington, DC, attending the IMF and World Bank Annual Meetings, as well as the G20 Finance Ministers and Central Bank Governors meetings. During her visit to New York on October 22, 2024, she chaired the Tech Leaders Roundtable and visited the TCS headquarters. She also addressed a roundtable on investment opportunities in India at the New York Stock Exchange and took part in a fireside chat with IBM Chairman and CEO Arvind Krishna on India’s economic reforms and growth. Reflecting on the challenges posed by geopolitical issues, Sitharaman expressed concern over rising insurance costs, uncertain shipping routes, and disruptions in global supplies of food, fertilizer, and fuel.

The IMF report concluded that while global growth remains stable, regional dynamics reveal a more nuanced picture. The strength of the U.S. economy and the technology-driven growth in emerging Asian economies like India and China, particularly in sectors such as semiconductors and artificial intelligence, offer a silver lining. However, advanced European economies continue to struggle, and regions such as the Middle East, Central Asia, and sub-Saharan Africa face ongoing challenges related to geopolitical tensions, supply chain disruptions, and environmental crises. Despite these hurdles, global growth is projected to reach 3.1% over the next five years, although this figure remains below pre-pandemic levels.

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CEOWORLD magazine – Latest – Special Reports – IMF Reaffirms India’s Strong Growth Amid Global Uncertainties Projecting 7% Expansion for FY25

Banking and Finance

Quorn Eyes Revival Amid Leadership Change, Bringing Former Heineken UK Executive to Serve as CEO

The UK’s leading meat-free business is looking to rebound from a difficult period with fresh leadership, appointing former Heineken UK executive David Flochel as its new CEO. Flochel will succeed Marco Bertacca, who has led the company since January 2020 and will begin his role next month. The two will work together during a transition phase before Bertacca departs.

This change comes after the company, which includes the Quorn and Cauldron Foods brands, reported a significant fourfold increase in losses last year, reaching over $81.7 million. Despite the financial challenges, the company made strategic moves, including rebranding its food service range as Quorn Pro, launching the Marlow Ingredients division to serve B2B clients, and securing a deal to supply mycoprotein to the NHS. Quorn also continues to hold a dominant position, capturing a third of the UK’s meat-free market.

Bertacca took charge just before the pandemic, succeeding Kevin Brennan. During his tenure, he steered Quorn through the difficulties posed by COVID-19 lockdowns, inflation, and cost-of-living pressures, as well as broader industry struggles in the vegan sector. Under his leadership, Quorn began supplying its mycoprotein to other businesses for the first time, boosted food service sales, and introduced its ingredients for blended meat products through a partnership with the NHS.

Monde Nissin CEO Henry Soesanto acknowledged Bertacca’s contributions, noting that his leadership during critical moments in Quorn’s history and his dedication to the company’s mission and values had been extraordinary.

Flochel, who has extensive experience in the food and beverage industry, including roles at Mars, Unilever, and Selecta Group, most recently worked at consumer health company Haleon, where he led the nicotine replacement therapy team outside the U.S. He described 2025 as a pivotal “reset year” for Quorn as it looks to recover from its recent struggles.

In 2023, Quorn’s revenue fell by 7% to $266 million, marking its lowest since 2017. The business hasn’t reported a pre-tax profit since 2021, and despite halving its selling and distribution costs, soaring production expenses severely impacted its gross profit, which dropped from $84 million in 2022 to just $1.8 million last year. Inflation was cited as a major factor, with retail being the hardest-hit channel, where Quorn’s sales declined by 8.6%.

These financial setbacks led the company to restructure its UK operations, resulting in layoffs across retail, supply chain, research and development, and other support areas, as well as cutbacks at its factory in Billingham. In the U.S., the company devalued a $22.2 million investment to zero in 2022 and responded by exiting from several retailers and foodservice locations, reducing marketing expenditure, and downsizing its workforce. Quorn also withdrew from retail markets in Belgium, the Netherlands, and Luxembourg.

Despite these challenges, Quorn remains the top-selling meat-free brand in the UK, although its sibling brand Cauldron was recently overtaken by tofu producer The Tofoo Co. as the second-best seller.

Quorn’s difficulties reflect broader issues within the plant-based food sector. In both the UK and the U.S., consumer interest in meat-free products has waned. NIQ data shows that in the UK, chilled meat substitutes saw a 5% decline in sales over the year ending in May 2024, with frozen meat alternatives falling by 6%. In the U.S., Circana reported a 9% drop in retail sales of meat alternatives for the year ending in July 2024.

Investment in the plant-based sector has also taken a hit globally, decreasing by 25% in 2023. By the third quarter of 2024, the industry had only attracted 21% of the funding it received in 2023. These pressures have led to the collapse of several plant-based brands. In the UK, LoveSeitan ceased operations last year after six years of trading, while Meatless Farm and VBites narrowly avoided closure.

 

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Tech and Innovation

World Space Business Week: Satellite Industry Faces Transformation Amidst Competition from SpaceX’s Starlink

The satellite industry is undergoing a profound shift as major operators consolidate in response to the growing competition from SpaceX’s Starlink. During the operator panel at the World Space Business Week in Paris on September  16, Viasat CEO Mark Dankberg described the current landscape as a “quantum period of change,” unlike anything he has witnessed in his four decades in the industry. Viasat is at the forefront of this consolidation, having acquired Inmarsat last year.

Dankberg highlighted the progress in integrating Viasat and Inmarsat, emphasizing the significance of access to the L-band spectrum as a tool for the direct-to-device (D2D) market. He noted that demand in the commercial sector remains robust, with user demand growing by 20 to 30 percent annually. However, he pointed out that traditional supply chains are struggling to keep pace with the need for multi-orbit and multi-band capabilities.

On the defense front, Dankberg emphasized the increasing recognition by nation-states of the critical role space plays in border control and other national issues. He described space as a “shared but fragile domain,” with countries seeking both participation and control in this arena.

Intelsat CEO David Wajsgras acknowledged the intensifying competition among satellite operators but saw this as an opportunity to focus on customer needs. He noted a significant rise in demand for bandwidth across all verticals, especially in land mobility, government, and defense sectors. Wajsgras previewed a forthcoming multi-year deal between Intelsat and a telecommunications company, signaling a broader strategy to work across multiple sectors. He remains optimistic about the future of the industry, highlighting the importance of scale and multi-orbit solutions.

Telesat, which is advancing its Lightspeed Low-Earth Orbit (LEO) constellation, recently secured financing from the governments of Canada and Quebec. CEO Dan Goldberg informed the panel that Telesat is making significant strides in executing the next phase of Lightspeed, with manufacturer MDA Space ramping up its supply chain. Goldberg stressed that while building a high-quality network is essential, having the right distribution channels to serve customers is equally important. Telesat is targeting enterprise markets, including telecommunications companies, ISPs, and the maritime and government sectors.

Goldberg also discussed the evolving satellite ecosystem, noting that customers demand high throughput, security, and resilience at a lower cost but prefer to avoid relying on a single operator. He believes that customers want multiple options and emphasizes the need for competition in the market.

Eutelsat CEO Eva Berneke focused on the growing demand for sovereign capacity and the significance of the IRIS² program in Europe. She highlighted the importance of avoiding siloed technology stacks and fostering a robust ecosystem of suppliers, viewing IRIS² as a key driver for this change. Berneke also noted that advancements in satellite technology have led to more dynamic discussions with telecommunications companies.

EchoStar CEO Hamid Akhavan added that there is substantial potential for greater satellite penetration, likening the current trajectory of the satellite industry to that of the mobile industry during the rise of 5G. He emphasized the potential for open systems to interconnect, creating significant opportunities for the satellite sector.

 

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Special Reports

Singapore Home Prices Dip Slightly as New Sales Revive Market Momentum

Singapore’s private home prices declined less than anticipated in the third quarter, as a surge of new property sales in late September helped reduce the drop, while rental prices saw an uptick for the first time since 2023.

According to figures from the Urban Redevelopment Authority released Friday, the index of private residential valuations fell by 0.7% compared to the previous quarter. This final figure is an improvement over the earlier estimated 1.1% decline, which was based only on transactions recorded up to mid-September.

The dip, marking the first drop in private home prices in five quarters, followed a slowdown in sales influenced by rising interest rates and stricter purchasing restrictions. Developers, however, are optimistic that this decrease is temporary, especially as borrowing costs start to ease and buyers continue to show interest in newly launched residential projects.

Rental prices for private homes also rose by 0.8%, reversing a 0.8% drop in the second quarter and halting three straight quarters of decline. This increase could contribute to growing concerns over housing affordability in Singapore, where both property values and rents surged during the pandemic. In response, authorities have enacted several cooling measures as the ruling People’s Action Party works to address voter concerns in the lead-up to an election expected by the end of next year.

To address the demand, the government aims to expand housing supply, planning to auction the most private residential land seen in over a decade. The URA reported that around 52,200 new private housing units are projected for completion in the coming years.

Despite these efforts, developers have slowed new project launches and maintained selective, lower bids for land, keeping prices high even as transaction volumes fall. Developers have also indicated an unwillingness to lower prices, even if total new sales are on track for their lowest level since 2008.

Some segments of local demand have helped sustain positive sentiment. Developers sold 1,160 new private residential units in the third quarter—a notable 60% increase from the previous quarter. This includes a project in Bukit Timah’s prime district, which sold over half of its 158 units in September.

City Developments Ltd., Singapore’s largest listed developer, recently launched a separate project that quickly became the country’s best-selling project of the year, with 84% of its 348 units sold despite an average rate of $1,567 per square foot, setting a record for the northern suburban area near the Malaysian border.

Analyst Brandon Lee from Citigroup Inc. observed in a note this week that the successful performance of the Norwood Grand project could potentially apply upward pressure on private residential prices in the fourth quarter.

GDP (nominal) Capital Head of State Head of Government GDP (nominal) per capita GDP (PPP) GDP (PPP) GDP (PPP) per capita
Singapore Singapore Tharman Shanmugaratnam Lawrence Wong 497.347 87.884 786.870 133.108

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Money and Wealth

IPS Study: Nearly 50% Of The Pension Benefits Go To The Wealthiest 20% of Sri Lanka

A recent study conducted by the Institute of Policy Studies (IPS) has uncovered significant imbalances in Sri Lanka’s Public Service Pension distribution, revealing that nearly 50% of the benefits are concentrated among the wealthiest 20% of the population.

The IPS study aimed to assess the fairness of tax policies and government welfare programs, analyzing which segments of the population bear the heaviest tax burdens and who reaps the most from government welfare schemes. Using data from the 2019 Household Income Survey (HIS) and the 2022 Labour Force Survey, the study examined both direct and indirect taxes, as well as government spending on key welfare programs such as pensions and subsidies.

According to the study, Public Service Pensions, which account for 8% of the government’s recurrent expenditure, disproportionately benefit the richest households. Approximately 44% of pension recipients come from the wealthiest 20%, while only 11% of pension benefits reach the bottom 40% of the population.

Additionally, the study noted a 20.5% increase in pension expenditures in 2023, following a government decision to reduce the retirement age from 65 to 60. This policy shift caused a surge in retirees, leading to a 4.2% rise in the number of pensioners, from 676,430 in 2022 to 704,795 in 2023. The decision was part of broader measures aimed at reducing capital expenditure as the country navigated a severe economic crisis.

During the launch of the IPS annual report Sri Lanka: State of the Economy 2024, IPS Research Economist Priyanka Jayawardena emphasized that the Public Service Pension program in Sri Lanka lacks progressivity. She explained that one of the main reasons for the unequal distribution of benefits is that many pension recipients come from more affluent sections of society. Jayawardena further stressed the importance of introducing a contributory pension fund to ensure the sustainability of the system.

Sri Lanka’s Public Service Pension scheme primarily serves permanent public sector employees who have completed a minimum of 10 years of service. The findings from the IPS analysis were derived using household income data from the 2019 HIS.

GDP (nominal) Capital Head of State Head of Government GDP (nominal) per capita GDP (PPP) GDP (PPP) GDP (PPP) per capita
Sri Lanka Colombo Ranil Wickremesinghe Dinesh Gunawardena 74404 3.342 319.523 14.267

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Money and Wealth

UK’s Wealthiest Contribute Over $3.9 in Income Tax Amid Fears of Super-Rich Exodus

Sixty of the UK’s wealthiest individuals collectively paid more than $3.9 billion in income tax during the 2021/22 fiscal year, contributing a significant share of the nation’s tax revenue. Each of these high earners reported an income of approximately $65.4 million, though many likely earned far more and contributed through other forms of taxation as well. Their combined tax payments amounted to about two-thirds of the additional spending commitments outlined in Labour’s manifesto earlier this year.

Concerns have arisen that tax increases expected in this month’s Budget could drive some of the super-rich to leave the UK, potentially harming the country’s finances. UBS, a Swiss banking giant, predicted in July that the UK could lose as many as half a million millionaires by 2028, partly due to a shift to low-tax jurisdictions.

The Institute for Fiscal Studies (IFS) cautioned that even a small number of departures from this wealthy group could create a significant shortfall in the UK’s tax revenues. The Treasury has reportedly expressed concerns that one of the key sources of funds for Labour’s fiscal pledges—the scrapping of the non-dom scheme—might yield less revenue than anticipated. Initially expected to raise $1.3 billion, the scheme allows UK residents to be registered abroad for tax purposes.

Stuart Adam, a senior economist at the IFS, stated that while reports of wealthy individuals leaving the UK are currently anecdotal, the departure of even a few could have a sizable impact on public finances. He pointed out that tax contributions are highly concentrated among a small number of high earners, meaning that any exodus would disproportionately affect tax receipts. He suggested that Rachel Reeves, the Shadow Chancellor, must take these risks into account when considering future tax policies.

Adam also noted that tax changes speculated to target top earners could affect more than just income tax revenue. Wealthy individuals often contribute significantly through other taxes, such as capital gains.

The figures on income tax payments, compiled by HMRC and obtained through Freedom of Information requests, show that in 2021/22, the UK collected $294 billion in total income tax from 33 million taxpayers. The 60 people with incomes exceeding $65.4 million represented just 0.0002% of UK taxpayers but accounted for 1.4% of the total income tax collected.

HMRC initially resisted releasing the data, citing concerns that disclosing it could reveal the identities of the individuals involved. However, the information was eventually made public.

To discourage wealthy individuals from leaving the country, the IFS has proposed introducing an “exit tax.” Adam explained that in some countries if someone leaves, they are taxed on gains accrued while living there, even if the assets aren’t sold until later. Conversely, gains accumulated before moving to the UK could be exempt from taxation, even if the assets are sold while residing in the country.

Country Capital Head of State Head of Government GDP (nominal) per capita GDP (PPP) GDP (PPP) GDP (PPP) per capita
United Kingdom London Charles III Rishi Sunak 3,332,059 48,912 3,980,000 56,836

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Banking and Finance

Metso Appoints Sami Takaluoma as New President and CEO, Effective November 2024

Metso’s Board of Directors has announced the appointment of Sami Takaluoma as the company’s next President and CEO, with his tenure set to begin on November 1, 2024. The current President and CEO, Pekka Vauramo, will remain with Metso until the end of 2024, as per his contractual agreement, to ensure a seamless transition of leadership.

Sami Takaluoma, who has been with Metso since 1997 and has overseen the Services business area since 2021, has also been a member of the company’s Leadership Team since 2017. His extensive experience within the organization and his deep knowledge of the industries Metso serves were key factors in the Board’s decision.

Kari Stadigh, Chair of Metso’s Board of Directors, speaking on behalf of the Board, underscored Takaluoma’s qualifications, highlighting his strong track record in business leadership. Stadigh noted that Takaluoma had played a pivotal role in the growth of Metso’s services and consumables businesses, especially following the merger with Outotec. The Board expressed confidence that Takaluoma is the right leader to guide Metso into its next chapter.

Stadigh also extended gratitude to Pekka Vauramo for his service, acknowledging his contributions during his time as CEO. Under Vauramo’s leadership, Metso had transformed into a stronger organization with enhanced profitability, improved customer satisfaction, and a strengthened company culture. The Board wished Vauramo success in his future endeavors as he steps down from his role.

In his response to the appointment, Sami Takaluoma expressed his appreciation to the Board for entrusting him with the leadership role. Reflecting on his 27-year tenure at Metso, Takaluoma emphasized his deep understanding of the company and its potential. He noted that Metso, with its long history and solid foundation in the aggregates and mining sectors, is well-positioned to achieve industry leadership. He looked forward to working with the company’s talented team to drive further growth and value for customers and stakeholders.

Pekka Vauramo, in turn, expressed his thanks to his colleagues and Metso’s Board for the accomplishments over the past six years. He conveyed his optimism for the company’s future under Takaluoma’s leadership and wished his successor and the entire Metso team continued success.

Metso has scheduled a press conference for the media on October 24, 2024, from 11:30 to 12:15 at Hotel Vaakuna in Helsinki. Both the incoming CEO, Sami Takaluoma, and the current CEO, Pekka Vauramo, will be present for the event.

 

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Money and Wealth

Australian Mining Richest Gina Rinehart and Andrew Forrest: The Billion-Dollar Rivalry Intensifies

The longstanding rivalry between mining magnates Gina Rinehart and Andrew Forrest has escalated after a recent billion-dollar acquisition by Mineral Resources. Described by some as the Australian counterpart to Tesla and Edison’s historic feud, this clash places iron ore at the heart of the competition rather than electricity. Both Rinehart and Forrest have spent years vying for the title of Australia’s richest person, their rankings fluctuating with global market trends.

While they share the Pilbara as the birthplace of their fortunes, their similarities largely end there. Forrest, influenced by climate activism, has taken on the role of a progressive environmental advocate, openly supporting efforts against modern slavery and promoting ocean conservation. He is also a vocal supporter of gender inclusivity, particularly as a proud father to a non-binary child. Rinehart, by contrast, is a staunch conservative who has not shied away from expressing her skepticism about climate change. She resists government involvement and has voiced opposition to gender discussions in education.

The tension between the two is palpable: Forrest finds her environmental stance overly aggressive, while Rinehart questions the ethics of Forrest’s advocacy for renewable energy, given his recent development of an LNG import terminal at Port Kembla.

Forrest’s personal wealth took a recent turn following the division of assets due to his marriage split, leaving him with an estimated $17 billion—a fortune that, though sizable, positions him below Rinehart on the rich list. However, the cash flow both billionaires receive is remarkable, with royalty checks in the billions arriving semi-annually. Their liquid wealth is largely unmatched outside of Australia’s mining sector, creating a financial empire reminiscent of the great newspaper magnates of the past.

Rinehart recently received a massive $4.05 billion dividend from her iron ore venture, Roy Hill, with $2.8 billion of it allocated to her company, Hancock Prospecting. Just days later, she invested over a billion dollars in acquiring oil and gas assets from Chris Ellison, a transaction that once again brought her into direct competition with Forrest. Analyst Saul Kavonic noted that the deal’s strategic value may extend beyond the monetary benefits; he suggested that Rinehart’s new holdings may intersect with Forrest’s land at Minderoo Station, a historic Pilbara property his family has owned for generations.

Forrest has been highly protective of Minderoo, consistently resisting attempts from mining companies to explore there, including a past dispute with Ellison over a haulage road. Now, with Rinehart potentially holding mineral rights near his land, Forrest may face the reality of oil and gas exploration close to his family’s property.

Kavonic pointed out the potential implications for Forrest, humorously speculating on whether Rinehart might proceed with drilling on the land, disrupting her rival’s “peace and quiet.” The energy analyst suggested that this prospect alone might have justified the acquisition price, adding another chapter to one of Australia’s most captivating corporate rivalries.

 

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CEOWORLD magazine – Latest – Money and Wealth – Australian Mining Richest Gina Rinehart and Andrew Forrest: The Billion-Dollar Rivalry Intensifies