63-612: Robert Kuok Hock Nien , better known as Robert Kuok , (born 6 October 1923) is a Malaysian business magnate, investor and philanthropist based in Hong Kong since 1973. According to Forbes , his net worth is estimated at $ 11.8 billion as of April 2023, making him the wealthiest Malaysian citizen and 96th wealthiest person in the world. As of April 2023, according to the Bloomberg Billionaires Index 2023 , Kuok has an estimated net worth of $ 17.7 billion, making him
126-573: A bachelor's degree from McGill University , Canada. Kuok Hui Kwong, his daughter, is the managing director and chief executive of SCMP Group and chairperson of Shangri-La Asia . One of his sons, Kuok Khoon Ean, handles most of the day-to-day operations of his businesses. He resides in Kuala Lumpur. During the reign of Iskandar of Johor as the King of Malaysia , Kuok was offered a " Yang Berbahagia Tan Sri " title (comparable to Sir ), but rejected
189-664: A buyer, Forbes suspended publication of these two magazines as of May 17, 2007. Both magazines were purchased by the American Heritage Publishing Company and resumed publication as of the spring of 2008. Forbes has published the Forbes Travel Guide since 2009. In 2013, Forbes licensed its brand to Ashford University , and assisted with the launch of the Forbes School of Business & Technology . CEO Mike Federle justified
252-579: A collaborator and worked as a clerk in the rice-trading department of Japanese industrial conglomerate Mitsubishi Shoji Kaisha during the Japanese occupation period between 1942 and 1945, in Singapore, a conglomerate that with the help of Japanese military unit monopolized the rice trade in Malaya during the occupation period. He was soon promoted to head the rice-trading department. After the war, he took
315-599: A deal valuing the company at $ 800 million. His majority ownership was to include the remaining portion of the company owned by the Forbes family which was not previously sold to Integrated Whale Media. The transaction attracted scrutiny by the Committee on Foreign Investment in the United States . Russell denied reports that Russian businessman Magomed Musaev was involved in the transaction. In November 2023,
378-558: A financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street , founded Forbes magazine on September 15, 1917. Forbes provided the money and the name and Drey provided the publishing expertise. The original name of the magazine was Forbes: Devoted to Doers and Doings . Drey became vice-president of the B.C. Forbes Publishing Company, while B.C. Forbes became editor-in-chief,
441-566: A nationwide public holiday in addition to Hari Merdeka on 31 August. The 2012 theme proved to be controversial, as it was seen by many Malaysians to be a political slogan rather than a patriotic one ( Janji Ditepati was Najib Razak 's campaign jingle in the run-up to the 2013 elections ). The official "logo" was also ridiculed for its unconventional design. A video of the theme song uploaded on YouTube (with lyrics penned by Rais Yatim ) garnered an overwhelming number of "dislikes" because of its overtly political content, which had nothing to do with
504-476: A part. A 2009 New York Times report said: "40 percent of the enterprise was sold... for a reported $ 300 million, setting the value of the enterprise at $ 750 million." Three years later, Mark M. Edmiston of AdMedia Partners observed, "It's probably not worth half of that now." It was later revealed that the price had been US$ 264 million. In 2021, Forbes Media reported a return to profit, with revenue increasing by 34 percent to $ 165 million. Much of
567-453: A policy announced by the then Minister of Communication and Multimedia Ahmad Shabery Cheek , Hari Merdeka celebrations are to be held without mentioning the number of years since independence. This is to be more inclusive of Sabah and Sarawak, who left British rule in a different year. The Minister of Land Development of Sarawak, the late James Jemut Masing , responded to this announcement by stating that Malaysia Day on 16 September should be
630-551: A post he held until his death in 1954. B.C. Forbes was assisted in his later years by his two eldest sons, Bruce Charles Forbes (1916–1964) and Malcolm Forbes (1919–1990). Bruce Forbes took over after his father's death, and his strengths lay in streamlining operations and developing marketing. During his tenure, from 1954 to 1964, the magazine's circulation nearly doubled. On Bruce's death, his brother Malcolm Forbes became president and chief executive officer of Forbes, and editor-in-chief of Forbes magazine. Between 1961 and 1999
693-515: A streaming platform Forbes8, highlighting notable entrepreneurs and sharing business tips. In 2020, the network announced the release of several documentary series including Forbes Rap Mentors , Driven Against the Odds , Indie Nation and Titans on the Rocks . Independence Day (Malaysia) Independence Day ( Malay : Hari Merdeka ), also known as National Day ( Hari Kebangsaan ),
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#1732793235462756-407: A wide network of freelancers ("contributors") writes and publishes articles directly on the website. Contributors are paid based on traffic to their respective Forbes.com pages; the site has received contributions from over 2,500 individuals, and some contributors have earned over US$ 100,000, according to the company. The contributor system has been criticized for enabling "pay-to-play journalism" and
819-659: Is Steve Forbes , and its CEO is Mike Federle . It is based in Jersey City, New Jersey . Competitors in the national business magazine category include Fortune and Bloomberg Businessweek . Published eight times a year, Forbes features articles on finance, industry, investing, and marketing topics. It also reports on related subjects such as technology, communications, science, politics, and law. It has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide. The magazine
882-690: Is 'Malaysia Madani: Determination in Unity, Fulfilling Hope'. The theme was selected to strengthen the spirit of unity and to achieve the shared aspirations for a stronger Malaysia by government of Anwar Ibrahim . Legally, Hari Merdeka is the official independence day of 'the federation' as defined in the Article 160 of the Constitution of Malaysia , which was that established under the Federation of Malaya Agreement 1957. However, beginning in 2015, in
945-771: Is a follower of Buddhism. He lives in the Deep Water Bay neighbourhood on Hong Kong Island . In 2023, Kuok became a centenarian . In March 2018, Kuok published a book about his life entitled, Robert Kuok: A Memoir. It won Best Book of the Year at the Singapore Book Publishers Association awards 2018. Forbes Forbes ( / f ɔːr b z / ) is an American business magazine founded by B. C. Forbes in 1917 and owned by Hong Kong –based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief
1008-592: Is a stake in the Singaporean company Wilmar International , the world's largest listed palm oil trader company. For three months in 2018, Kuok was appointed to the Council of Eminent Persons as an advisor during Mahathir Mohamad 's second stint as prime minister . Kuok was born on 6 October 1923 in Johor Bahru during British colonial rule to a wealthy Malaysian Chinese family. He was named after Robert
1071-476: Is celebrated as Malaysia Day . Hari Merdeka continued to be celebrated on 31 August, the original independence date of Malaya, while Malaysia Day became a public holiday only in East Malaysia. This caused discontent among East Malaysians in particular, it being sometimes felt that celebrating the national day on 31 August is Malaya-centric. In 2009, it was decided that starting 2010, Malaysia Day would be
1134-587: Is known for its lists and rankings, including of the richest Americans (the Forbes 400 ), lists of 30 notable young people under the age of 30 ( Forbes 30 Under 30 ), America's Wealthiest Celebrities, the world's top companies (the Forbes Global 2000 ), Forbes list of the World's Most Powerful People , and The World's Billionaires . The motto of Forbes magazine is "Change the World". B. C. Forbes ,
1197-569: Is the independence day of the Federation of Malaya from the British Empire . It commemorates the Malayan Declaration of Independence of 31 August 1957, and is defined in article 160 of the Constitution of Malaysia . The day is marked by official and unofficial ceremonies and observances across the country. The observation of 31 August as Malaysia's national day is the cause of some controversy, with calls to prioritize
1260-540: The Asia Society , wrote in The Washington Post that "Since that purchase, there have been several instances of editorial meddling on stories involving China that raise questions about Forbes magazine's commitment to editorial independence." On August 26, 2021, Forbes announced plans to go public via a merger with a special-purpose acquisition company called Magnum Opus Acquisition, and to trade on
1323-558: The Japanese occupation of Malaya in World War II . He also studied at English College Johore Bahru for his secondary education and later at Raffles Institution in Singapore where he was classmates with Lee Kuan Yew , the founding father of Singapore and the country's first prime minister . According to Kuok himself, he began his business career as an office boy, and later started a business from scratch with financial backing coming from his relatives. Upon graduation, he became
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#17327932354621386-642: The Singapore Stock Exchange to raise $ 400 million. His political influence is attested by his selection as one of the Hong Kong Affairs Advisors in the run-up to the transfer of sovereignty over Hong Kong , and his minority stake in CITIC Pacific . He was also instrumental in conveying information and setting up the meetings between Malaysian and Chinese governments leading to full diplomatic cross recognition of
1449-647: The 2009 Times report: "Steve Forbes recently returned from opening up a Forbes magazine in India , bringing the number of foreign editions to 10." In addition, that year the company began publishing ForbesWoman , a quarterly magazine published by Steve Forbes's daughter, Moira Forbes , with a companion Web site. The company formerly published American Legacy magazine as a joint venture, although that magazine separated from Forbes on May 14, 2007. The company also formerly published American Heritage and Invention & Technology magazines. After failing to find
1512-469: The 97th richest person in the world. Although Kuok is a major figure in business circles in East and Southeast Asia, he has remained media shy and maintains a low public profile despite his massive business success and immense wealth, with most of his companies being privately held by him or his family members. Apart from presiding the ownership over a multitude of businesses spread across numerous industries in
1575-555: The Bruce , and was enrolled at an English-medium primary school by his father's English-speaking clerk. Kuok's father Kuok Keng Kang arrived in British Malaya from Fuzhou (Hokchew), Fujian (Hokkien), China, at the beginning of the 20th century, and Robert was the youngest of three brothers born to Kuok Keng Kang and Robert's mother Zheng Ge Ru. He grew up speaking his parents' Fuzhou dialect , English and later Japanese during
1638-563: The Malay states, foreign dignitaries, members of the federal cabinet, and citizens. The Queen 's representative, the Duke of Gloucester presented Tunku Abdul Rahman with the instrument of independence. Tunku then proceeded to read the Proclamation of Independence , which culminated in the chanting of "Merdeka!" seven times with the crowd joining in. The ceremony continued with the raising of
1701-589: The Malayan people". Before giving the address to the crowd, he was given a necklace by representatives of the Alliance Party youth in honour of this great occasion in history, with a map of Malaya inscribed on it. The event ended at one in the morning. On the morning of 31 August 1957, the festivities moved to the newly completed Merdeka Stadium . More than 20,000 people witnessed the ceremony, which began at 9:30 am. Those in attendance included rulers of
1764-835: The Malaysian constitution is the "Federation of Malaya" that was established in 1957. The effort for independence was spearheaded by Tunku Abdul Rahman Putra Al-Haj , the first Prime Minister of Malaysia , who led a delegation of ministers and political leaders of Malaya in negotiations with the British in London for Merdeka , or independence along with the first president of the Malaysian Chinese Association (MCA) Tun Dato Sri Tan Cheng Lock and fifth President of Malaysian Indian Congress Tun V. T. Sambanthan . Once unity between Malay, Indian, and Chinese peoples
1827-624: The Malaysian economic landscape, his companies have investments in many countries throughout Continental Asia. His business interests (collectively known as the Kuok Group of Companies ) range from sugarcane plantations ( Perlis Plantations Bhd ), sugar refineries , flour milling , animal feed , oil , mining , financial services , hotel ( Shangri-La Hotels and Resorts ), real estate ( Kerry Properties ), trading , freight shipping ( Kerry Logistics ) and publishing . The biggest source of wealth that has contributed to his private fortune
1890-467: The National Flag of Malaya accompanied by the national anthem being played by a military band and a 21-gun salute , followed by an azan call and a thanksgiving prayer in honour of this great occasion. The day followed with the solemn installation of the first Yang di-Pertuan Agong, Tuanku Abdul Rahman of Negeri Sembilan , at Jalan Ampang, and the first installation banquet in his honour in
1953-480: The National Recovery Plan (Pelan Pemulihan Negara) theme, Malaysia Menang Bersama (English: Malaysia Winning Together ). 2022 marks the first parade to be held after 2 years of hiatus caused by the pandemic, which was themed Keluarga Malaysia Teguh Bersama. A number of nearly 20,000 participants of various contingents involved in the parade. In 2023, the theme for Malaysia's Independence Day
Robert Kuok - Misplaced Pages Continue
2016-704: The New York Stock Exchange as FRBS. In February 2022, it was announced that Cryptocurrency exchange Binance would acquire a $ 200 million stake in Forbes as a result of the SPAC flotation. In June 2022, the company terminated its SPAC merger citing unfavorable market conditions. In August 2022, the company announced that it was exploring a sale of its business. In May 2023, it was announced that billionaire Austin Russell , founder of Luminar Technologies , agreed to acquire an 82 percent stake in
2079-605: The Philippines, Thailand, Mainland China , Indonesia, Fiji, and Australia. Businesses in China include 10 bottling companies for Coca-Cola and the ownership of the Beijing World Trade Centre . His company's freight shipping interests include Malaysian Bulk Carriers Berhad and Transmile Group . In 2007, Kuok merged his plantations, edible oil, and grain businesses with Wilmar International , making it
2142-557: The app. David Churbuck founded Forbes ' s web site in 1996. The site uncovered Stephen Glass 's journalistic fraud in The New Republic in 1998, an article that drew attention to internet journalism . At the peak of media coverage of alleged Toyota sudden unintended acceleration in 2010, it exposed the California "runaway Prius" as a hoax, as well as running five other articles by Michael Fumento challenging
2205-429: The brothers, his mother Zheng Ge Ru doted on and adored William the most, and was heartbroken when she received news of his death. His nephew, Kuok Khoon Hong is the chairman of Wilmar International, and one of the richest people in Singapore. Kuok Khoon Hong's father, Kuok Hock Swee, was an older cousin of Robert Kuok. His grand-nephew, Kuok Meng Ru, is in the music retail industry, owning Swee Lee music company. Kuok
2268-566: The celebration of Malaysia Day ( Hari Malaysia ) on 16 September instead. Malaysia Day commemorates the formation of Malaysia in 1963, when the four entities of North Borneo , Sarawak , Singapore and Malaya federated to form Malaysia. Some, especially people from East Malaysia , argue that it is illogical to celebrate 31 August 1957 as Malaysia's national day when Malaysia was only established in 1963. Supporters of Hari Merdeka argue that "the Federation" as defined in article 160 of
2331-631: The company published 100 articles each day produced by 3,000 outside contributors who were paid little or nothing. This business model, in place since 2010, "changed their reputation from being a respectable business publication to a content farm", according to Damon Kiesow, the Knight Chair in digital editing and producing at the University of Missouri School of Journalism. Similarly, Harvard University's Nieman Lab deemed Forbes "a platform for scams, grift, and bad journalism" as of 2022. In 2017
2394-766: The day was set months earlier by Tunku Abdul Rahman in a meeting of the Alliance in Malacca in February 1957. On the night of 30 August 1957, more than 20,000 people gathered at Merdeka Square (Dataran Merdeka ) in Kuala Lumpur to witness the handover of power from the British. Prime Minister-designate Tunku Abdul Rahman Putra Al-Haj arrived at 11:58 p.m. and joined members of the Alliance Party 's youth divisions in observing two minutes of darkness. On
2457-494: The deal collapsed, as Russell was unable to put together the necessary funds. Apart from Forbes and its lifestyle supplement, Forbes Life , the magazine has 42 international editions covering 69 countries: Chairman / Editor-in-chief Steve Forbes and his magazine's writers offer investment advice on the weekly Fox TV show Forbes on Fox and on Forbes on Radio . Other company groups include Forbes Conference Group, Forbes Investment Advisory Group and Forbes Custom Media. From
2520-406: The entire media premise of Toyota's cars gone bad. The website (like the magazine) publishes lists focusing on billionaires and their possessions, especially real estate. Forbes.com is part of Forbes Digital, a division of Forbes Media LLC. Forbes's holdings include a portion of RealClearPolitics . Together these sites reach more than 27 million unique visitors each month. Forbes.com employs
2583-416: The evening followed by a beating retreat performance and a fireworks display. Sports events and other events marked the birth of the new nation. The foreign guests of honour included: The Federation of Malaysia, comprising the states of the Federation of Malaya , North Borneo , Sarawak and Singapore , was officially declared on 31 August 1963, on the 6th anniversary of Malayan independence. However, it
Robert Kuok - Misplaced Pages Continue
2646-549: The licensing in 2018, stating that "Our licensing business is almost a pure- profit business , because it's an annual annuity ." Forbes would launch limited promotions for the school in limited issues. Forbes has never formally endorsed the school. On January 6, 2014, Forbes magazine announced that, in partnership with app creator Maz, it was launching a social networking app called "Stream". Stream allows Forbes readers to save and share visual content with other readers and discover content from Forbes magazine and Forbes.com within
2709-475: The magazine was edited by James Michaels . In 1993, under Michaels, Forbes was a finalist for the National Magazine Award . In 2006, an investment group Elevation Partners that includes rock star Bono bought a minority interest in the company with a reorganization, through a new company, Forbes Media LLC, in which Forbes Magazine and Forbes.com, along with other media properties, is now
2772-579: The offer. Kuok's brother, Philip Kuok Hock Khee was a former Malaysian Ambassador to Germany, Yugoslavia, Netherlands, Belgium, Luxembourg and Denmark. Philip married Eileen Kuok and had two sons and two daughters. Philip Kuok died in 2003. Another brother, William Kuok Hock Ling, was a member of the Malayan Communist Party and was killed during the Malayan Emergency in 1952. According to his memoir, Kuok described that of all
2835-459: The prices shot up, and continued to invest heavily in sugar refineries , at one time controlling 80% of the Malaysian sugar market with production of 1.5 million tonnes, equivalent to 10% of world production, earning himself the nickname "Sugar King of Asia" in the process. In 1971, he built the first Shangri-La Hotel in Singapore; with land acquired through Petaling Garden Berhad, a Malaysian based developer. His first foray into Hong Kong property
2898-454: The publisher's 2012 earnings before interest, taxes, depreciation, and amortization was US$ 15 million. Forbes reportedly sought a price of US$ 400 million. In July 2014, the Forbes family bought out Elevation and then Hong Kong-based investment group Integrated Whale Media Investments purchased a 51 percent majority of the company. In 2017, Isaac Stone Fish, a senior fellow of
2961-519: The rallying point for the nation's unity, rather than Hari Merdeka. He added "Everyone now knows that 31 August is Malaya's and Sabah's Independence Day … it's not our (Sarawak) independence day . They can celebrate it both in Malaya and in Sabah as they have the same Independence Day date, and we can join them there if they invite us. We must right the wrong". Before 16 September, there was no Malaysia. Let everyone remember that. It's on 16 September that
3024-433: The repackaging of public relations material as news. Forbes currently allows advertisers to publish blog posts on its website alongside regular editorial content through a program called BrandVoice, which accounts for more than 10 percent of its digital revenue. In July 2018 Forbes deleted an article by a contributor who argued that libraries should be closed, and Amazon should open bookstores in their place. As of 2019
3087-470: The revenue growth was attributed to Forbes’ consumer business, which was up 83 percent year-over-year. CEO Mike Federle says that Forbes is built on an audience and business scale with 150 million consumers. In January 2010, Forbes reached an agreement to sell its headquarters building on Fifth Avenue in Manhattan to New York University ; terms of the deal were not publicly reported, but Forbes
3150-724: The skills he learned from the occupying force to the family's business in Johor. After the senior Kuok died in 1948, Kuok and his two brothers and a cousin, Kuok Hock Chin founded Kuok Brothers Sdn Bhd in 1949, trading agricultural commodities. Kuok's relationship with the Japanese continued after Malaya gained independence . In 1959, Kuok formed Malayan Sugar Manufacturing Co. Bhd. together with two prominent Japanese partners. He also brought many influential Malay elites into his company as directors and shareholders, including politicians and royalty. In 1961, he bought cheap sugar from India before
3213-413: The slogan "Home Page for the World's Business Leaders" and claimed, in 2006, to be the world's most widely visited business web site. The 2009 Times report said that, while "one of the top five financial sites by traffic [throwing] off an estimated $ 70 million to $ 80 million a year in revenue, [it] never yielded the hoped-for public offering ". Forbes.com uses a contributor network in which
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#17327932354623276-554: The spirit of independence. The video has since been taken down. The 2020 Malaysia Prihatin theme had been chosen because of the COVID-19 pandemic and in recognition of the caring and concerned of all Malaysian. In 2021, despite the theme and logo remained the same, but the theme song changed from Malaysia Prihatin (sung by Aliff Satar, Syamel, Siti Sarah, and Aina Abdul for original version, and Ernie Zakri for symphony version) to Menang Bersama (sung by Faizal Tahir ), symbolizing
3339-512: The stroke of midnight, the lights were switched back on, and the Union Flag in the square was lowered as the royal anthem God Save the Queen played. The new Flag of Malaya was raised as the national anthem Negaraku was played. This was followed by seven chants of "Merdeka" by the crowd. Tunku Abdul Rahman later gave a speech hailing the ceremony as the "greatest moment in the life of
3402-543: The two countries. On 12 May 2018, in the aftermath of the Malaysian general election that year where Mahathir Mohamad returned as prime minister of Malaysia, Kuok was appointed to the five-member Council of Eminent Persons along with Tun Daim Zainuddin , Tan Sri Datuk Seri Zeti Akhtar Aziz , Tan Sri Hassan Marican and Jomo Kwame Sundaram to advise the Pakatan Harapan (PH) federal government. The council
3465-466: The two territories, unlike the Philippines which claimed the eastern part of Sabah. To assure Indonesia that Malaysia was not a form of neocolonialism , a general survey (instead of a referendum) was organised by the United Nations involving interviews of approximately 4,000 people, which received 2,200 memorandums from groups and private individuals. The Cobbold Commission , led by Lord Cobbold,
3528-491: The website blocked internet users using ad blocking software from accessing articles, demanding that the website be put on the ad blocking software's whitelist before access was granted. Forbes argued that this is done because customers using ad blocking software do not contribute to the site's revenue. Malware attacks have been noted to occur from the Forbes site. Forbes won the 2020 Webby People's Voice Award for Business Blog/Website . In November 2019, Forbes launched
3591-618: The world's biggest palm-oil processor. On 31 October 2009, the PPB Group under the flagship of Robert Kuok issued a statement to the Bursa Malaysia that it had decided to dispose of its sugar units along with land used to cultivate sugar cane for RM 1.29 billion to FELDA . The sales resulted in a one-off gain for the company. In February 2014, PACC Offshore Services Holdings (POSH), a Singaporean-based oil services operator owned by Kuok started pre-IPO talks with investors to list on
3654-482: Was achieved, an agreement was reached on 8 February 1956, for Malaya to gain independence from the British Empire. However, logistical and administrative reasons led to the official proclamation of independence in the next year, on 31 August 1957, at Stadium Merdeka (Independence Stadium), in Kuala Lumpur , which was purposely built for the celebrations of the national independence day. The announcement of
3717-420: Was also formed to determine whether the people of North Borneo and Sarawak wished to join for the formation of Malaysia. Their eventual findings, which indicated substantial support for the formation of Malaysia among the peoples of Sabah and Sarawak, cleared the way for the final proclamation of Malaysia. The formation of the Federation of Malaysia was announced on 16 September 1963, the anniversary of which
3780-472: Was dissolved on 17 August 2018. Kuok has been married twice. His first wife was Joyce Cheah and his second wife is Pauline Ho Poh Lin. He has eight children from the marriages. His son, Kuok Khoon Ean born in 1955 married Kuok Cheng Sui and holds a bachelor's degree in economics from the University of Nottingham , England. His other son, Kuok Khoon Ho is the chairman of Kuok Brothers, born in 1951 and holds
3843-619: Was in 1977, when he acquired a plot of land on the newly reclaimed Tsim Sha Tsui East waterfront, where he built his second hotel, the Kowloon Shangri-La . In 1993, his Kerry Group acquired a 34.9% stake in the South China Morning Post from Murdoch 's News Corporation . Kuok officially retired from the Kerry Group on 1 April 1993. His companies have investments in many countries, including Singapore,
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#17327932354623906-440: Was postponed to 16 September 1963, mainly due to Indonesian and the Philippines' opposition to the formation of Malaysia. Nevertheless, North Borneo and Singapore declared sovereignty on 31 August 1963. Indonesian opposition later escalated to a military conflict . Indonesia considered Malaysia as a new form of colonisation on Sarawak and North Borneo, which bordered Indonesian territory on Borneo. However, they did not lay claim upon
3969-461: Was to continue to occupy the space under a five-year sale-leaseback arrangement. The company's headquarters moved to the Newport section of downtown Jersey City , New Jersey, in 2014. In November 2013, Forbes Media, which publishes Forbes magazine, was put up for sale. This was encouraged by minority shareholders Elevation Partners . Sale documents prepared by Deutsche Bank revealed that
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