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Historic Dores Inn Acquired by Scotland’s wealthiest Billionaire for Major Restoration

A company owned by Anders Holch Povlsen, one of Scotland’s wealthiest landowners, has acquired the historic Dores Inn, a well-known pub situated on the shores of Loch Ness in the village of Dores, approximately 10 miles south of Inverness. WildLand, Povlsen’s conservation and hospitality enterprise, confirmed that the pub would be closed for about two years for significant restoration work, with a planned reopening in 2026 or 2027.

WildLand already holds ownership of the nearby Aldourie Castle, a 300-year-old estate with extensive grounds and woodland. Povlsen, a Danish billionaire with a retail fortune valued at over £6 billion, owns hundreds of thousands of acres across regions like Sutherland, Lochaber, and the Cairngorms, where his company is actively involved in environmental initiatives, including a beaver reintroduction project.

The Dores Inn, a well-loved landmark on the Loch Ness shoreline, has a storied history, including a visit from Queen Elizabeth and Prince Philip in 1967. Over the years, it has been owned by various community members, notably Ella Macrae, a respected local figure. WildLand has outlined its intention to carefully restore the inn and its surrounding grounds to preserve its historic significance and appeal.

Tim Kirkwood, WildLand’s Chief Executive, shared that the decision to acquire the Dores Inn was driven by the opportunity to enhance its long-term sustainability through thoughtful investment. He explained that WildLand’s approach would align with the community’s needs while preserving the character of this iconic site. Kirkwood also highlighted the company’s commitment to a substantial investment program and indicated that they would involve the village in the planning process once assessments were completed.

In a further statement, WildLand acknowledged local concerns around issues like parking, public facilities, and access to a nearby beach. The company assured that it would work closely with the community to address these matters, particularly as Dores attracts numerous visitors from Inverness and beyond, leading to increased congestion during peak tourist seasons.

 

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CEOWORLD magazineLatestMoney and WealthHistoric Dores Inn Acquired by Scotland’s wealthiest Billionaire for Major Restoration


Egypt Declared Malaria-Free After Nearly a Century of Efforts

The World Health Organization (WHO) has officially certified Egypt as malaria-free, a monumental achievement for a country with over 100 million inhabitants. This certification marks the culmination of nearly 100 years of efforts by the Egyptian government and its people to eradicate a disease that has plagued the country since ancient times.

Dr. Tedros Adhanom Ghebreyesus, WHO Director-General, highlighted that malaria had been part of Egypt’s history since the time of the pharaohs, but it now belongs to the past. He praised the Egyptian government and its citizens for their commitment to eliminating the disease, stating that the certification serves as a historic moment and an inspiration for other nations in the region. The success demonstrated that with the right tools and resources, achieving such milestones is possible.

Egypt is now the third country in the WHO Eastern Mediterranean Region to receive the malaria-free certification, following the United Arab Emirates and Morocco, and the first to do so since 2010. Globally, 44 countries and one territory have reached this landmark status.

Egypt’s Deputy Prime Minister, Dr. Khaled Abdel Ghaffar, emphasized that while receiving the certificate represents a significant accomplishment, it also signals the beginning of a new phase. He stressed the need for continued vigilance, particularly in surveillance, diagnosis, and vector management, to maintain the country’s malaria-free status. He reiterated the government’s commitment to protecting public health and enhancing Egypt’s healthcare system, guided by the nation’s leadership.

To be granted malaria-free certification, a country must prove that malaria transmission by local mosquitoes has been interrupted for at least three consecutive years, and it must demonstrate the ability to prevent the disease from re-establishing itself.

The presence of malaria in Egypt dates back to 4000 B.C., with genetic evidence of the disease found in mummies, including that of Tutankhamun. Early efforts to combat the disease began in the 1920s, when the country prohibited rice cultivation near residential areas to reduce mosquito contact. By 1930, Egypt had designated malaria as a notifiable disease and established its first control station focused on surveillance, diagnosis, and treatment.

Dr. Hanan Balkhy, WHO Regional Director for the Eastern Mediterranean, noted that Egypt’s success in eliminating malaria is not only a victory for public health but also a beacon of hope for other countries still battling the disease. She credited the achievement to Egypt’s long-term investments in a strong, integrated healthcare system and community engagement, along with its ongoing support for neighboring endemic countries like Sudan.

Egypt’s fight against malaria faced numerous setbacks, particularly during World War II, when population displacement and disruptions in medical services led to over 3 million cases by 1942. Despite these challenges, the country controlled the outbreak by establishing treatment divisions and recruiting thousands of health workers.

In later years, the construction of the Aswan Dam posed a new malaria threat by creating mosquito breeding grounds. In collaboration with Sudan, Egypt launched an extensive vector control and surveillance project to detect and respond to potential outbreaks. By 2001, local malaria transmission was under control, and a minor outbreak in 2014 in the Aswan region was swiftly contained through early detection, treatment, and public education.

Malaria treatment and diagnosis in Egypt are provided free of charge to the entire population, regardless of legal status. Health professionals nationwide are trained to identify and screen for cases, including at borders. Cross-border cooperation with neighboring countries, particularly Sudan, has been key in preventing the re-emergence of malaria, ultimately leading to Egypt’s certification as malaria-free.

GDP (nominal) Capital Head of State Head of Government GDP (nominal) per capita GDP (PPP) GDP (PPP) GDP (PPP) per capita
Egypt Cairo Abd el-Fattah Saeed Hussein Khalil el-Sisi Mostafa Madbouly 398.397 3.770 1.920.000 17.123

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CEOWORLD magazineLatestSpecial ReportsEgypt Declared Malaria-Free After Nearly a Century of Efforts


Green Hydrogen Systems Appoints René Umlauft as New CEO Amid Strategic Shift

On October 30, the Board of Directors of Green Hydrogen Systems announced the appointment of René Umlauft as Chief Executive Officer, effective November 1, 2024. Umlauft will succeed Peter Friis, who will be departing the company.

Thomas Broe-Andersen, Chairman of the Board, acknowledged that the third quarter presented significant challenges for Green Hydrogen Systems, creating a need for a revised strategy aimed at securing a sustainable and profitable future. Broe-Andersen expressed gratitude for Friis’s contributions since 2023, noting that the Board agreed on the necessity of appointing a new leader to guide the company’s turnaround initiatives. He highlighted Umlauft’s expertise in complex green transition industries and his experience in business transformation and restructuring as key qualifications for the role, adding that the Board sees Umlauft as integral to establishing a robust foundation for the company’s future.

René Umlauft conveyed his eagerness to step into the CEO position at Green Hydrogen Systems, noting that he looks forward to utilizing his extensive leadership experience to help navigate the company’s current challenges. Umlauft stated that he believes recent strategic choices by the Board have positioned the company well for growth and that he is eager to work with his new team to support Green Hydrogen Systems’ role in the clean technology sector.

Holding a Ph.D. in engineering, Umlauft has previously served as Managing Director and CSO at Rittal and as CEO at MAN Diesel and Siemens Renewable Energy, bringing substantial expertise in both business transformation and restructuring.

Moving forward, the Executive Management team at Green Hydrogen Systems will consist of CEO René Umlauft and CFO Michael Kaalund.

 

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CEOWORLD magazineLatestBanking and FinanceGreen Hydrogen Systems Appoints René Umlauft as New CEO Amid Strategic Shift


Booking Holdings CEO Has Big Plans as AI is Set to Revolutionize the Future of Travel Planning

A 2024 survey by consumer data company CivicScience revealed that 71% of more than 2,400 respondents who handle their own travel arrangements find the process at least somewhat stressful. The figure is even higher among parents with children and teenagers, the survey noted.

Trip planning often involves navigating through a maze of booking websites, star ratings, reviews, and fine print — not only to decide what to book but also to secure the best available price. However, artificial intelligence promises to simplify this process, as generative AI tools like ChatGPT can already generate itineraries and recommendations in mere seconds.

Glenn Fogel, CEO of Booking Holdings, stated that he aims to “go beyond” this level of service. Instead of requiring travelers to plan their trips from scratch, Fogel explained that his company’s brands — including Booking.com, Agoda, Kayak, Priceline, and OpenTable — should proactively anticipate customer needs.

Fogel expressed a vision where the company reaches out to travelers with tailored suggestions based on their data, saying that they could suggest destinations like Naples in Italy, informed by customer preferences and past behavior. This, he suggested, would create a more engaging experience for customers.

Fogel explained that travelers with specific preferences, such as connecting rooms, baby cribs, or high-floor hotel rooms, would not have to request these extras repeatedly because AI would predict these needs in advance. He likened this future to the days of human travel agents who knew their clients well but suggested that technology could offer an even better experience.

Fogel also mentioned that generative AI could adapt to travelers’ changing needs over time, accommodating shifts from post-college trips to Ibiza in their 20s to family vacations at Disney World in their 30s. The AI would learn from clues, such as the first time a traveler requests a baby chair, indicating they have a child and would need similar amenities in the future.

According to Expedia Group’s “The Path to Purchase” report, conducted with Luth Research, travelers currently spend more than five hours reading around 141 travel-related webpages in the 45 days leading up to their bookings. But Fogel envisioned a future where entire trips — including flights, accommodations, activities, and meals — could be booked in a single session.

Fogel expressed his desire for even more innovation, where travelers would receive proactive suggestions. For example, if planning a luxurious trip to London, the AI might recommend a steakhouse in Mayfair and offer discounts on wines the traveler is known to enjoy. He emphasized that such personalization would be groundbreaking.

While many are eager to know when these advanced planning tools will be available, Fogel acknowledged that the reality often lags behind the hype for such transformative technologies. He anticipated that these tools would develop incrementally, with new services and products being added over time, enhancing the models with more data to provide increasingly sophisticated services.

Fogel highlighted that the company had already launched a generative AI service called “Trip Planner” on Booking.com, which is currently in beta testing. He described it as providing “a small glimpse of what the future holds.” While he couldn’t provide a timeline for when seamless, all-in-one trip planning would become standard, he was confident it would eventually happen.

 

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CEOWORLD magazineLatestCEO AgendaBooking Holdings CEO Has Big Plans as AI is Set to Revolutionize the Future of Travel Planning


Danes Lead as Wealthiest in the EU, Romanians Rank Lowest, Central Bank Data Shows

Denmark holds the title of the wealthiest nation in the European Union, while Romania ranks as the poorest, according to data from the Central Bank of Denmark. In the final quarter of last year, the average Danish household had a net wealth of around $272,300. However, despite their wealth, Denmark also ranks high among EU countries with the most personal debt, Telegrafi reports.

On average, Danes carry approximately $82,020 in debt, with Luxembourg citizens topping the list, holding an average debt of $95,850 per person.

The Central Bank of Denmark noted that the majority of Danish wealth is tied up in real estate, with relatively little in liquid assets. The average financial wealth of a Danish household is $193,330, nearly three times the EU average.

Following the Danes, the Netherlands, Luxembourg, and Sweden are among the wealthiest EU nations. In contrast, Romania ranks as the poorest, alongside Lithuania, Bulgaria, and Greece.

GDP (nominal) Capital Head of State Head of Government GDP (nominal) per capita GDP (PPP) GDP (PPP) GDP (PPP) per capita
Denmark Copenhagen King of Denmark Frederik X Mette Frederiksen (female) 420.800 71.402 441.754 74.958

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CEOWORLD magazineLatestSpecial ReportsDanes Lead as Wealthiest in the EU, Romanians Rank Lowest, Central Bank Data Shows


Asia Drives Global Growth Despite Rising Trade Challenges, Says IMF Official

Asia, contributing 60% to global economic growth, remains the powerhouse of the global economy, noted Krishna Srinivasan, director of the International Monetary Fund’s Asia and Pacific Department. He emphasized that Asia is the world’s most dynamic region, citing its vast and increasingly skilled labor force, strong integration into global supply chains, and significant productivity gains as key factors.

Srinivasan highlighted these elements as the main reasons why Asia is contributing more to global growth than other regions. In its latest World Economic Outlook, the IMF has maintained a global growth forecast of 3.2% for 2024, while projecting 5.3% growth for emerging and developing Asia.

He observed that emerging Asian markets are currently driving growth more than advanced economies, where interest rates remain high and domestic demand is still subdued.

However, Srinivasan pointed to risks Asia must confront in the future, such as geoeconomic fragmentation, the impacts of artificial intelligence, and climate change. He raised particular concern over the increased trade restrictions affecting Asia. According to IMF data, trade-restrictive measures surged from roughly 1,000 in 2019 to 3,000 in 2023, leading to heightened global fragmentation.

In Asia, where economies have long benefited from regional and global integration, these rising trade barriers pose a serious threat. Srinivasan warned that any disruption to these supply chains could disproportionately impact Asia’s growth. While he acknowledged that some Southeast Asian economies have gained in targeted sectors due to U.S.-China trade tensions, he emphasized that, over the long term, everyone loses as global economic dynamism and output decline.

IMF research further indicates a high likelihood of retaliatory measures for each trade restriction, be it a tariff or non-tariff barrier, Srinivasan cautioned. He encouraged policymakers to prioritize reducing trade restrictions, and he praised the Asia-Pacific Economic Cooperation (APEC) as a valuable platform for such discussions. APEC, he noted, brings together 21 economies that represent a substantial portion of global trade, providing an effective forum for dialogue on trade friction and support for multilateralism.

The latest WEO report revised China’s projected growth rate to 4.8% this year, a 0.2 percentage point decrease. Srinivasan noted that recent third-quarter GDP figures, combined with newly introduced policy measures, have balanced the economic outlook. While some of these measures align with IMF recommendations in the Article IV report, he indicated that further fiscal support from the Chinese central government is needed, particularly to stabilize the property sector.

 

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CEOWORLD magazineLatestSpecial ReportsAsia Drives Global Growth Despite Rising Trade Challenges, Says IMF Official