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Ferroro Chocolate and Michele Ferrero One of Ferrero factories Nutella produced from Italy Black Kerryon Johnson Jersey , priced at 6.25 BAM ($4.20), are displayed for sale at a FIS supermarket in Vitez March 13, 2012. REUTERSDado Ruvic Ferroro Chocolate
MILAN - Michele Ferrero, Italy's richest man and the owner of a global chocolate and confectionery empire, died on Saturday aged 89 Black Frank Ragnow Jersey , the company said.
His death opens the question of succession and potential tie-ups at the family-controlled Ferrero group, which has sales of around 8 billion euros ($9 billion) and continued to grow through Italy's longest recession since World War Two.
Ferrero dreamt up the chocolate-hazelnut Nutella spread, Ferrero Rocher pralines, Kinder eggs and Tic Tac sweets, turning a provincial chocolate factory into what is widely seen as Italy's most valuable privately-owned company.
The billionaire died at home in Monaco after months of illness Graham Glasgow Jersey , the group said in a statement.
Italian President Sergio Mattarella said he was deeply touched by Ferrero's death, calling him a "born entrepreneur".
Twitter was flooded with messages from people who thanked Ferrero for "sweetening up" their lives.
Ferrero's son Giovanni became chief executive of the chocolate empire after his older brother Pietro, the chosen heir, died of a heart attack in 2011 while cycling in South Africa.
In late 2013, Giovanni denied suggestions that the company had been approached by the Swiss-based multinational Nestle A'Shawn Robinson Jersey , saying Ferrero was not for sale. But industry insiders say he is less interested than his brother was in running the company.
Ferrero senior was a man of few words who shunned publicity, turning a local business from the Piedmont region into a global giant. He had a reputation as a forceful leader, but also as one who maintained generous working conditions and gave back to his community.
Until a few years ago, Ferrero commuted by helicopter every day from his Monte Carlo villa to company headquarters in Alba, northwest Italy Michael Roberts Jersey , to taste and help design new products.
He never let outsiders buy into the company, which his father set up in 1946. The group, which toyed with the idea of making a bid for its British rival Cadbury a few years ago, is present in 53 countries.
Forbes magazine described Ferrero as "the richest candyman on the planet", putting him and his family in 30th place on their list of the world's wealthiest people Jalen Reeves-Maybin Jersey , with a net worth of $23.4 billion.
DAR ES SALAAM, Jan. 10 (Xinhua) -- The executive board of the International Monetary Fund (IMF) said on Saturday that Tanzania's macro-economic developments remained favorable.
Economic growth was strong during the first half of 2014 and was expected to remain close to 7 percent, said a statement issued by the IMF in the commercial capital Dar es Salaam.
"Inflation remains in mid-single digits, consistent with the authorities' target of 5 percent by June 2015," said the statement issued after the IMF executive board completed its first review of Tanzania's economic performance under the program supported by the Policy Support Instrument (PSI).
The statement said performance under the PSI was satisfactory through June 2014 Kenny Golladay Jersey , but has deteriorated since risks have risen, stemming from delays in disbursements of donor assistance and external non-concessional borrowing, and shortfalls in domestic revenues.
"Against this backdrop, the authorities' commitment to keep the program on track is welcome, and they have reaffirmed their intention to meet the budget deficit target and will review revenues and adjust expenditures accordingly in the context of the mid-year budget review Teez Tabor Jersey ," said the statement.
The statement said the issue of domestic arrears, which continued to accumulate, needed to be addressed comprehensively and forcefully.
"Work to verify and eventually clear arrears to suppliers already incurred is ongoing," said the statement.
It said that the authorities' plan to prevent future arrears accumulation was appropriately ambitious and will require sustained implementation.
The statement said it will be important to strengthen the coordination between fiscal and monetary policies.
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