Former Head of Chase Manhattan Bank David Rockefeller Dies at 101

David Rockefeller, a former head of Chase Manhattan bank and luminary in political and philanthropic circles, died Monday at the age of 101, a spokesman said.

He died in his sleep due to congestive heart failure at his home in Pocantico Hills, just north of New York City, spokesman Fraser Seitel said.

The last living grandson of Standard Oil co-founder John D. Rockefeller, he led Chase Manhattan, now part of JPMorgan Chase, in the 1960s and 1970s. Forbes magazine ranked Rockefeller 581st on its annual list of billionaires released Monday with a fortune of $3.3 billion.

His accomplishments in finance included opening the first Moscow offices of an American bank and the first in mainland China after President Richard Nixon’s 1972 visit there. He also oversaw the growth of Chase Manhattan’s operations in the Middle East, Latin America and Japan, Seitel said.He also embodied an era when globe-trotting bank chiefs worked with the world’s most powerful politicians.

Rockefeller was also well known in political circles in the United States and overseas, where he encountered heads of states from close to 100 countries and was known as an outspoken champion of American capitalism.

He famously helped persuade then-President Jimmy Carter to allow the shah of Iran into the United States for cancer treatment in 1979. The move was widely seen as spurring the Iranian revolution led by the fundamentalist Ayatollah Ruhollah Khomeini.

Among his most important civic roles, Rockefeller served as chairman of the Council on Foreign Relations and executive committee chair of the Museum of Modern Art, which his mother founded.
The Rockefeller Foundation mourned “the loss of great man and philanthropist,” president Rajiv Shah said in a statement.

“David was one of the world’s foremost advocates for the power of partnership and collaboration,” he said.

“Long before it became popular wisdom, he believed effective partnerships across sectors and geographies was the only way to affect lasting change.”

Rockefeller’s grandfather was one of the original American “robber baron” tycoons of the 19th and early 20th centuries, employing brass-knuckles business tactics to build his oil empire before the US Supreme Court ruled in 1911 that his Standard Oil company should be broken up.

Today’s oil giants, including ExxonMobil and Chevron, are descendants of Standard Oil.

However, Rockefeller family philanthropic organizations have strongly supported action on climate change policy, sparring with ExxonMobil and providing financing to research and journalism groups that accused the oil giant of knowingly supporting propaganda questioning the science of climate change.

Reducing Expenditures is Common among Saudi Companies

Saudi

Riyadh – Saudi stock market companies continued to announce fiscal results of 2016 one after another. Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemicals groups, announced a 4.5% drop of net profit in 2016.

Saudi Telecom Company (STC) reported a rebound in fourth-quarter profit in 2016 up to 8% compared to the same period of 2015.

SABIC said that net profit in 2016 reached SAR17.9 billion (USD4.8 billion) compared to SAR18.7 billion (USD4.9 billion) in 2015, a drop of 4.5% while the fourth quarter net profit reached SAR4.5 billion (USD1.2 billion) compared to SAR3.08 billion (USD821.3 million) in the same period of 2015.

Yousef Abdullah Al-Benyan, Vice Chairman and Chief Executive Officer of SABIC, stated that the company presented a good performance in 2016 in the face of unusual conditions of the market. “The company has a strong financial and strategic capability that makes it qualified to exploit chances during economic instability phases. SABIC also achieved sustainable development through expanding productivity energies of its current facilities and investing in new industrial facilities around the world,” said Benyan.

In a news conference in SABIC Riyadh headquarters, Benyan affirmed that the company succeeded in reinforcing performance and increasing productivity and sales year after year.

He added that the company activities are in an expanding phase due to new joint projects with pioneering companies such as: Aramex, ExxonMobil in the U.S., Shenhua Ningxia Coal Industry Group in China and other projects.

In the telecommunication sector, Mobily announced a drop in losses to SAR202.9 million (USD54.1 million) in the end of 2016. The company attributed this positive development to key reasons including reducing expenditures and collecting some dues.