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AFRICA. As he pores over plant tissue and petri dishes in a laboratory in Johnston, Iowa, Luke Mehlo is half a world away from his home in South Africa.
Although the cornfields of Iowa bear little resemblance to the arid plains of Africa, the research centre where Mehlo toils has become home to a unique joint venture that is merging African agricultural interests with US money and technology.
The goal is to turn sorghum ? a common US crop used in animal feed, cereals and industrial products ? into a plant that can not only weather devastating drought but also yield a rich blend of vitamins and minerals. Researchers believe such a combination could help combat the hunger and malnutrition ravaging parts of Africa.
An estimated 300 million people in arid regions of Africa rely on sorghum as a food source along with other crops. Pioneer Hi-Bred International, a subsidiary of Dupont, is a key US partner and the sole commercial player in the endeavour.
Still, it is expected to take eight years and a second round of funding before a specialised seed is ready for market. Pioneer will have no rights to revenues from the biotech sorghum once it is developed and commercialized.
Along with the sorghum project, the Gates group is funding projects aimed at creating more nutritious bananas, cassava and rice as part of a total of $450 million in grants for improved nutrition, disease prevention and treatment.
FORTUNES. To prevent sibling rivalries and personal disputes from sapping family finances, financial advisers are urging the ultra-wealthy to learn from transparency-driven public companies and talk more frankly about their money.
Amy Braden, who heads the Family Wealth Centre at JPMorgan Private Bank, recommends that extremely well-to-do families hold regular meetings to discuss their bank balances, investment strategies and longer-term philanthropic and other goals.
Many family fortunes do not survive to a third generation, partly because relatives struggle over financial issues, according to a JPMorgan study ?Beating the Odds?. The report, prepared for the bank?s ?ultra high net worth? clients ? those who generally have at least $10 million worth of assets to invest ? said many problems arose when one person controlled a family?s investment choices.
JPMorgan suggests that all family members be given regular updates like the financial reports companies issue to shareholders. Sustaining the wealth of the wealthy could be important to more people than the relatives involved, she said.
To instil a sense of responsibility among the children of ultra-wealthy families, JPMorgan runs ?Next Generation? workshops to teach financial planning and business principles.
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