Asia Business Brief – Japan’s Richest Man Named, Toyota Building Car Plant in China, Generali Names Asia Manager

Here are the top business stories around Asia for April 3, 2015

Japan’s Richest Man is Tadashi Yanai

The latest list released by Forbes showed that retail mogul Tadashi Yanai is the richest man in Japan with a net worth of USD21.1 billion. Yanai, founder and CEO of Fast Retailing, was ranked second last year, thanks to the sales increase at his apparel chain, Uniqlo. Joining Yanai in the top 10 are Masayoshi Son (USD13.9 billion), Nobutada Saji & family (USD10.9 billion), Hiroshi Mikitani (USD10.5 billion), Takemitsu Takizaki (USD8.8 billion), Keiichiro Takahara & family (USD5.4 billion), Han Chang-Woo & family (USD4.9 billion), Kunio Busujima & family (USD4.4 billion), Akira Mori & family (USD3.8 billion) and Masatoshi Ito (USD3.8 billion).

Toyota To Build New Car Plant in China

Japanese car manufacturer Toyota Motor Corp has finally ended a three-year expansion freeze as it is set to announce building two new car plants in China and Mexico, sources told Reuters. The new plant in China, which will produce up to 100,000 Yaris subcompacts a year, will be located in the city Guangzhou. It will start car production by 2018, the report said.

South Korean CEO Resigns Three Days After Appointment

Kumho Tire co-CEO Park Se-chang officially stepped down from his post Friday after its major creditors demanded his resignation, citing procedural problems in his appointment, the Korea Herald reported. Park’s resignation came just three days after the company’s board of directors approved his promotion from senior vice president to CEO.

China’s Launches Crowdfunding Platform

China’s leading online direct sales company, has launched JD Equity Crowdfunding platform, to help finance the creation of start-up companies in China, reported. The platform will give China’s entrepreneurs access to a broad set of potential early-stage investors. The platform is expected to be China’s largest equity crowdfunding platform.

Generali Names New Asia Manager

Italy’s largest insurance group Generali has appointed Jack Howell as its new regional officer of Asia, further boosting the Italian insurance group’s international management team. Howell will be responsible for Generali’s activities in 10 Asian markets, succeeding Sergio Di Caro, who was been appointed head of Generali Employee Benefits. Howell, 44, has extensive leadership experience in Asia, including Hong Kong, Indonesia, Philippines and Vietnam. He was chairman and CEO of Philam Plans, an insurance company based in the Philippines and was appointed CEO of Prudential Vietnam in 2008. –