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☆ Founder of TikTok owner ByteDance jumps to top of China’s rich list as number of billionaires shrinks
▼ + stars: | 2024-10-30 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +2 min

SHANGHAI — ByteDance founder Zhang Yiming is China’s richest person, with personal wealth of $49.3 billion, an annual rich list showed Tuesday, although counterparts in real estate and renewables have fared less well. Zhang, 41, who stepped down in 2021 as chief executive of ByteDance, the Beijing-based parent company of TikTok, becomes the 18th individual to be crowned China’s richest person in the 26 years since the Hurun China Rich List was first published. He overtook bottled water magnate Zhong Shanshan, who slipped to second place as his fortune dropped 24%, to $47.9 billion. Despite a legal battle over its U.S. assets, ByteDance’s global revenue grew 30% last year to $110 billion, Hurun said, helping to propel Zhang’s personal fortune. The number of billionaires on the list dropped by 142 to 753, shrinking more than a third from its 2021 peak.

Persons: Zhang Yiming, Zhang, China Rich, Zhong Shanshan, Hurun, Pony Ma, Colin Huang, ”, Rupert Hoogewerf, Lei, Hoogewerf Organizations: SHANGHAI, ByteDance, PDD Holdings Locations: Beijing, China

☆ China lost 36% of its billionaires to years of economic troubles and crackdowns
▼ + stars: | 2024-10-30 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +7 min

According to Hurun's 2024 rich list, China lost 432 billionaires since the high of 1,185 in 2021. Hurun, a private research group that has tracked Chinese billionaires since 1999, said the total peaked in 2021 with 1,185 billionaires, a figure which fell to 753, a decline of 432, or 36% of the total. It comes as some of China's superrich choose to lie low or leave the country, finding covert ways to take their money with them. "The stories of the individuals on the Hurun China Rich List tell the story of the Chinese economy," said Rupert Hoogewerf, Hurun's Chairman and Chief Researcher. AdvertisementThat led, among other things, to regulatory crackdowns on tech platform companies and campaigns against China's rich entrepreneurs.

Persons: —, crackdowns, China's superrich, Zhang Yiming, Bytedance, Yiming, Zhong Shanshan, Rupert Hoogewerf, Robin Zeng, Li, Kerry Brown, Xi, Jack Ma, Alibaba, Brown, Joel Gallo, China shouldn't, it's Organizations: Service, Reuters, King's College London, Ant Group, & Partners, Bloomberg, New York University Shanghai, Communist Locations: China, Taiwan, Greater China

☆ TikTok’s founder is now China’s richest person. But the country’s total number of billionaires has shrunk
▼ + stars: | 2024-10-30 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +4 min

CNN —China has a new richest person – and it’s the entrepreneur behind the wildly popular, and controversial, app TikTok. Zhang Yiming, 41, co-founder of TikTok’s parent company ByteDance, topped the 2024 Hurun China Rich List, released Tuesday. His wealth reached $49.3 billion, as assessed by research, media and investment group Hurun Inc, which publishes the ranking of the country’s richest people. ByteDance also holds China’s popular news app Toutiao and Douyin, TikTok’s sister app in China. Billionaires on the declineOverall, the number of US-dollar billionaires in China shrank to 753, down 142 from the previous year.

Persons: Zhang Yiming, Zhang’s ascendency, Hurun, TikTok, it’s, –, Zhang, Liang Rubo, ByteDance, Zhong Shanshan, Zhong, Ma, Rupert Hoogewerf, ” Organizations: CNN, Hurun Inc Locations: China, India, Britain, Canada, Australia, Beijing, Hong Kong, Macao, Taiwan

Zhang Yiming has built a $49.3 billion fortune since cofounding ByteDance, the Chinese tech giant behind TikTok. He recently became the richest person in China. AdvertisementThe widespread popularity of TikTok has created not only a new generation of social media stars — it's also helped mint China's wealthiest person. Zhang is a highly private person and little is publicly known about his personal life. He has recently, however, been thrust back into the spotlight after being named on the list as the richest person in China.

Persons: Zhang Yiming, cofounding ByteDance, Zhang, —, TikTok, — it's Organizations: Service Locations: China

☆ ByteDance founder tops China's rich list for the first time, beating Tencent and Nongfu heads
▼ + stars: | 2024-10-29 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

ByteDance founder Zhang Yiming for the first time has emerged as China's richest person, according to a list compiled by Hurun Research Institute, leaving behind Nongfu Spring Chairperson Zhong Shanshan who has topped the rankings for three years. Midea founder He Xiangjian and CATL's CEO Zeng Yuqun took fifth and sixth places on the list. "The Hurun China Rich List has shrunk for an unprecedented third year running, as China's economy and stock markets had a difficult year," said Rupert Hoogewerf, Hurun report chairman and chief researcher. The current rich list predominantly comprises entrepreneurs from the technology, consumer electronics and new energy space, from what used to be dominated by real estate developers, Hoogewerf noted. "The stories of the individuals on the Hurun China Rich List tell the story of the Chinese economy," he said.

Persons: Zhang Yiming, Zhong Shanshan, Zhang, Zhong, ByteDance, Hurun, Ma Huateng, Colin Huang, Xiangjian, Zeng Yuqun, Rupert Hoogewerf, Hoogewerf, ByteDance's Zhang, Huang Organizations: Hurun Research Institute, Nongfu, Research Locations: Shanghai, China

☆ China's bond market is rattled as central bank squares off with bond bulls
▼ + stars: | 2024-08-12 | by ( ) www.cnbc.com time to read: +4 min

A "Buy Treasury bonds" poster is seen at a bank in Haian, East China's Jiangsu province, Aug 1, 2024. "We remain actively bullish," said a bond fund manager, undeterred by unprecedented government moves to cool the sizzling treasury market and arrest a plunge in yields, which move inversely to prices. Falling yields also complicate the People's Bank of China's (PBOC) efforts to stabilize the weakening yuan. Unlike the West, "China's financial markets, including the bond market, are subject to top-down regulation," said Ryan Yonk, economist with the American Institute for Economic Research. Late on Friday, the central bank said it will gradually increase the purchase and sale of treasury bonds in its open market operations.

Persons: Wang Hongfei, Ryan Yonk, Pan Gongsheng, Kiyong Seong, Tan Yiming Organizations: Bank of China's, American Institute for Economic Research, Societe Generale, Minsheng Securities Locations: Haian, East China's Jiangsu, Beijing, Shanghai, China, Asia

☆ Chinese Firms Face Authoritarianism at Home and Hostility Abroad
▼ + stars: | 2024-05-20 | by ( Li Yuan | ) www.nytimes.com time to read: 1 min

One April afternoon in 2018, Zhang Yiming, the founder of the Beijing-based online media company ByteDance, got a notice from Chinese regulators to shut down an app where people shared jokes and silly videos. He followed orders and expressed his deep remorse in a public apology. “I feel regretful because I have let down the guidance and expectations of the supervisory authorities all along,” he wrote. On top of the list: Build up the Communist Party’s presence at ByteDance and educate its employees to think from the perspectives of the party and the government. Now ByteDance, which owns TikTok, is facing a similar order from the U.S. government: It needs to divest the short video app or it will face a ban.

Persons: Zhang Yiming, “, ”, Zhang Organizations: U.S . Locations: Beijing, U.S

☆ Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: +2 min

Japan's Toyota Motor will pair up with China's Tencent while Nissan will team up with Baidu , the companies said on Thursday, cross-border partnerships that highlight the importance of artificial intelligence for carmakers. Both Tencent, a gaming and social media giant and Baidu, China's leading search engine, have been leaders in the country's generative AI race. The companies will offer services through Tencent's strengths in big data, AI and cloud computing, Xu said. Nissan said it and Baidu had signed a memorandum of understanding to carry out research on AI and so-called "smart cars". Nissan will use Baidu's generative AI on its platform to study the feasibility of future tech development, it said.

Persons: China's, BYD, Toyota's Yiming Xu, Xu, Nissan Organizations: Beijing Auto, Toyota, Nissan, Baidu Locations: Beijing, China

☆ A Trove of ByteDance Records Mistakenly Went Public. Here’s What They Say.
▼ + stars: | 2024-04-18 | by ( Mara Hvistendahl | ) www.nytimes.com time to read: +1 min

Somehow, thousands of pages of sealed court documents relating to the birth of TikTok’s owner, ByteDance, were mistakenly released by a Pennsylvania court. The documents — emails, chat transcripts and memos — are a fascinating window into ByteDance’s origins. They also tell a new version of the ByteDance origin story, one with fits and starts on the way to becoming one of the world’s most highly valued start-ups. The ByteDance origin story, as we know it, has the ring of Silicon Valley lore. As the story goes, the company’s founder, Zhang Yiming, sketched out the idea on a napkin for an employee of a Susquehanna subsidiary in 2012.

Persons: Jeff Yass, ByteDance, Zhang Yiming Organizations: Susquehanna International Group, Republican, Susquehanna Locations: Pennsylvania

☆ How an Obscure Chinese Real Estate Start-Up Paved the Way to TikTok
▼ + stars: | 2024-04-18 | by ( Mara Hvistendahl | Lauren Hirsch | ) www.nytimes.com time to read: +1 min

In 2009, long before Jeff Yass became a Republican megadonor, his firm, Susquehanna International Group, invested in a Chinese real estate start-up that boasted a sophisticated search algorithm. Behind the scenes, employees of a Chinese subsidiary of Mr. Yass’s firm were so deeply involved, records show, that they conceived the idea for the company and handpicked its chief executive. They said in one email that he was not the company’s “real founder.”As a real estate venture, 99Fang ultimately fizzled. They say that 99Fang’s chief executive — and the search technology — resurfaced at another Susquehanna venture: ByteDance. ByteDance, the owner of TikTok, is now one of the world’s most highly valued start-ups, worth $225 billion, according to CB Insights, a firm that tracks venture capital.

Persons: Jeff Yass, Republican megadonor, 99Fang, Yass’s, —, Zhang Yiming Organizations: Republican, Susquehanna International Group, Mr, Susquehanna Locations: ByteDance

☆ TikTok: Is it really Chinese?
▼ + stars: | 2024-03-18 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Is TikTok Chinese? In March 2023, CEO Chew was repeatedly pressed by US lawmakers on whether TikTok was Chinese. According to TikTok’s own website, its subsidiaries around the world are all structured under Bytedance Ltd.Is ByteDance Chinese? At last year’s congressional hearing, Chew didn’t directly answer any questions about whether ByteDance is a Chinese company either. That means the Chinese government now owns 1% of Beijing Douyin Information Service, which is the domestic Chinese unit of Bytedance.

Persons: TikTok, Shou Chew, Trump, Chew, Jose Luis Magana, Musical.ly, TikTok’s, ByteDance, Zhang Yiming, Liang Rubo, Zhang, Liang, Jinri, Chew didn’t, Shannon Stapleton, Zhang Fuping, Xi Jinping, Wu Shugang, Shu Yuting Organizations: Hong Kong CNN, TikTok LLC, TikTok Ltd, ByteDance Ltd, Bytedance Ltd, Tianjin’s Nankai University, ByteDance, Carlyle Group, General Atlantic, Susquehanna International Group, Reuters, Communist, Cyberspace Administration, Beijing Douyin Information Service, Chinese Communist Party, National Intelligence Law, Commerce Ministry Locations: China, Hong Kong, United States, Beijing, California, Los Angles, Singapore, Delaware, Culver City , California, Cayman Islands, Shanghai, Chinese, TikTok

WASHINGTON (AP) — If some U.S. lawmakers have their way, the United States and China could end up with something in common: TikTok might not be available in either country. But while U.S. lawmakers associate TikTok with China, the company, headquartered outside China, has strategically kept its distance from its homeland. Since its inception, the TikTok platform has been intended for non-Chinese markets and is unavailable in mainland China. Some have insisted they be called “global companies” instead of “Chinese companies.”But for TikTok, this may not be enough. “America’s foremost adversary has no business controlling a dominant media platform in the United States.

Persons: TikTok, Joe Biden, Zhiqun Zhu, ” Zhu, Alex Capri, Hinrich, ” Capri, Capri, Zhang Yiming, Mike Gallagher, ”, Gallagher, “, Sen, Tom Cotton, Shou Zi Chew, beholden, Chew, Nancy Pelosi, ” Chew, Thomas Zhang, Zhang, It's, Donald Trump, Trump Organizations: WASHINGTON, Bucknell University, “, National University of Singapore, Hinrich Foundation, Chinese Communist Party, CCP, Communist, Wired, Republicans Locations: United States, China, Beijing, Hong Kong, U.S, Washington, there's, Chinese, Chew

☆ TikTok leaders are pretty surprised that a bill to ban TikTok is zooming through Congress: report
▼ + stars: | 2024-03-11 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +4 min

Read previewA bill to ban TikTok in the US is speeding through Congress and has caught the social media platform off guard, The Wall Street Journal reported. A TikTok spokesperson told Business Insider it expects the bill to pass, saying it had a "predetermined outcome." Others, like former President Donald Trump and Elon Musk, have also weighed in, expressing their opposition to a TikTok ban. The movement to ban TikTok in the US has been pushed by legislators who believe the company will hand over user data to the Chinese government. AdvertisementIn response to the House bill, TikTok went on the offensive and urged its users to contact their representatives to let them know they opposed it.

Persons: —, Mike Gallagher, Raja Krishnamoorthi, Joe Biden, Biden, Rand Paul, Lindsay Graham, Donald Trump, Elon Musk, Paul, TikTok, Sen, Ed Markey, Bobby Kotick, ByteDance, Zhang Yiming, Kotick, Sam Altman Organizations: Service, Street Journal, Republican Rep, Democratic Rep, Business, House Energy, Commerce, Senate, Associated Press, Elon, Google, Big Tech, Activision, Journal, Kotick, BI Locations: Wisconsin, Illinois, United States, TikTok

☆ Ex-Activision CEO Bobby Kotick pitched buying TikTok to potential partners, including Sam Altman: report
▼ + stars: | 2024-03-11 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Bobby Kotick, the former chief of gaming giant Activision, wants to buy TikTok. He's floated the idea to ByteDance cofounder Zhang Yiming and OpenAI's Sam Altman, the WSJ reports. A proposed bill gaining steam in Congress would force TikTok to sell to a US entity or shut down. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBobby Kotick, the former CEO of gaming giant Activision, may see TikTok as his next act — that is, if a controversial bill making its way through Congress becomes law.

Persons: Bobby Kotick, He's, Zhang Yiming, OpenAI's Sam Altman, TikTok, —, Kotick Organizations: Activision, Service, Microsoft, Street Journal, Business

☆ China’s EV players ramp up competition with Tesla using new tech
▼ + stars: | 2024-01-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

CNBC | Evelyn ChengBEIJING — Hot competition in China's electric car market is pushing local automakers to sell vehicles with fancy tech that Tesla doesn't yet offer in the country — and sometimes at lower prices. Tesla's cars don't come with those accessories, and Elon Musk's automaker only offers a limited version of its driver-assist tech in China right now. Xpeng 's G9 SUV, widely considered a leader in China for driver-assist tech on city streets, starts at 289,900 yuan. That's because electric car batteries and other parts aren't made in the U.S., which means American companies are already paying a premium for core components of the electric car, Li said. Traditional foreign auto giants like Volkswagen are struggle to adjust to the surge of electric cars in China, while domestic companies, including smartphone company Xiaomi and Geely-backed startup Zeekr, are rushing to release electric cars.

Persons: Evelyn Cheng, Tesla, Elon, Li Yi, Aito, Li Auto, Yiming Wang, Wang, Li, wasn't, Appotronics, aren't, BYD, Zhong Shi, Omer Ganiyusufoglu Organizations: CNBC, Elon Musk's, Huawei, HSBC, Consumers, China Renaissance Securities, Price, U.S ., U.S, China Automobile Dealers Association, BYD, Volkswagen, German's National Academy of Science, Engineering Locations: Evelyn Cheng BEIJING, China, Shenzhen, Europe, Shanghai, U.S, Tesla

☆ China's securities watchdog asks Alibaba's Cainiao to submit more info for HK listing
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

People visit the booth of Alibaba's logistics unit Cainiao at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 3, 2021. REUTERS/Florence Lo/File Photo Acquire Licensing RightsSHANGHAI, Nov 14 (Reuters) - China's securities watchdog has asked Cainiao, the logistics arm of Alibaba Group (9988.HK), to submit additional information about its shareholders and operational structure as the unit seek to list in Hong Kong. It is a common practice for the regulator to seek supplementary information from listing hopefuls under this current system. The CSRC also asked Cainiao if beneficiaries of the firm's stock incentive scheme abided by Chinese foreign exchange management rules and other regulations. Cainiao was also asked to explain Alibaba's logic, principle and arrangements in spinning off assets for listing, and offer details of listing plans by other units.

Persons: Florence, Cainiao, Shen Guojun, Alibaba, Shen Yiming, Brenda Goh, Miral Organizations: Fair for Trade, Services, REUTERS, Rights, Alibaba, HK, China Securities Regulatory Commission, Hong, Thomson Locations: Beijing, China, Hong Kong, Alibaba

☆ China can raise 2024 budget deficit ratio to spur growth - c.bank adviser
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

A man wearing a mask walks past the headquarters of the People's Bank of China, the central bank, in Beijing, China, February 3, 2020. A higher budget deficit next year will help drive the country's economic recovery, he said. Last month, China sharply lifted its 2023 budget deficit to around 3.8% of gross domestic product from 3% because of the planned issuance of 1 trillion yuan ($137.14 billion) in sovereign bonds. China is able to achieve economic growth of slightly above 5% this year, Wang said. Weak external demand and inadequate domestic demand increase overcapacity pressures in China, Wang said.

Persons: Jason Lee, Wang Yiming, Wang, Ellen Zhang, Kevin Yao, Christopher Cushing Organizations: People's Bank of China, REUTERS, Rights, Monetary, Thomson Locations: Beijing, China, Rights BEIJING

☆ In the Market: Treasury market braces for seismic SEC rule
▼ + stars: | 2023-10-30 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

SIFMA, which has lobbied the SEC, expects the final rule next month, ahead of a Treasury market conference on Nov. 16. The SEC rule would be the most significant regulation so far to come out of that review. There is broad consensus on the need for Treasury market reform, including the benefits of central clearing -- even among the industry sources interviewed for this article. "It is going to improve financing and reduce the risks for turmoil in the U.S. Treasury market," said Yiming Ma, an associate professor at Columbia Business School. The SEC rule would force the banks to move that to central clearing.

Persons: Andrew Kelly, JPMorgan Chase, ”, Rob Toomey, SIFMA's, Gary Gensler, Banks, Ma, SIFMA, Toomey, Paritosh Bansal, Anna Driver Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Treasury, SEC, JPMorgan, Bank of New York Mellon, Federal Reserve, U.S . Treasury, Columbia Business School, Depository Trust, Clearing Corp, Thomson Locations: Washington ,, U.S

☆ ByteDance says committed to VR business Pico after report of it shutting brand
▼ + stars: | 2023-10-24 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

The statement came after Chinese research firm EqualOcean published a report saying that ByteDance founder Zhang Yiming told Pico's management team ByteDance would gradually give up on the Pico business. Pico is under normal operation and the company will continue to invest in the extended reality (XR) business over the long term," ByteDance said in a statement shared with Reuters. The Pico headsets are often seen as ByteDance's answer to the popular Quest headsets developed by Meta Platforms Inc (META.O). Pico has the biggest market share for VR headsets in China, accounting for over 58% of the market, as Meta's Quest devices have yet to enter the country officially. The Wall Street Journal reported earlier this year that Pico has increased its headset shipments last year while Meta's headset shipments declined.

Persons: Aly, ByteDance, EqualOcean, Zhang Yiming, Pico's, Pico, Bytedance, Josh Ye, Deborah Kyvrikosaios Organizations: REUTERS, Reuters, XR, Meta Platforms Inc, Street Journal, IDC, Thomson Locations: Shanghai, China, HONG KONG, Pico

Washington on Tuesday said it plans to halt shipments to China of more advanced artificial intelligence chips designed by Nvidia and others. It also restricted a broader swathe of advanced chips and chipmaking tools to a greater number of countries including Iran and Russia, and blacklisted Chinese chip designers Moore Threads and Biren. China's CSI Semiconductor Index (.CSI931865) dropped 1.4% on Wednesday following the announcement, while the STAR Chip Index (.STARCHIP) lost 1.2%. AI stocks were further hit after the U.S. announced further controls on Nvidia chip exports to China, UBS wrote in a note to clients. Moore Threads said it was communicating with all parties involved and evaluating the impact.

Persons: Janet Yellen, Mark Schiefelbein, Biden, Moore, Yang Wang, Charlie Chai, Xi Jinping, Biren, Shen Yiming, Bernadette Baum, Kirsten Donovan Organizations: Treasury, Rights, Washington, Nvidia, CSI Semiconductor, U.S, UBS, Biren, Thomson Locations: United States, Diaoyutai, Beijing, China, Rights SHANGHAI, BEIJING, U.S, Iran, Russia

☆ As the Olympics loom, Paris's transport grid worries wheelchair users
▼ + stars: | 2023-08-31 | by ( Yiming Woo | ) www.reuters.com time to read: +3 min

With Paris streets often clogged by traffic, travelling underground is often much quicker but only 9% of metro stations can be accessed without walking up and down steps. Wheelchair users, however, would need to travel by bus as both metro stations have stairs and no lifts, a test ride carried out by Maille, who was accompanied by a Reuters journalist, showed. In Berlin, 83% of underground stations are accessible for wheelchair users, according to the operator. The company also plans to deploy 250 specially refitted buses that can transport more wheelchair users, he added. But wheelchair activist Maille said this won't help many visitors with their trips between hotels and venues.

Persons: Franck Maille, Stephanie Lecocq, Alexander III, la, Maille, Gregoire de Lasteyrie, Yiming Woo, Tassilo Hummel, Ingrid Melander, Ken Ferris Organizations: APF, Madeleine, REUTERS, Rights, la Chapelle, Wheelchair, Reuters, Transport, Thomson Locations: APF France, Paris, France, London, Berlin

☆ US-Sino tensions help spawn China card game craze
▼ + stars: | 2023-08-28 | by ( Yew Lun Tian | ) www.reuters.com time to read: +4 min

[1/4] Amateur players take part in a competition of guandan, a poker-like card game, in Beijing, China August 13, 2023. Total U.S.-based venture-capital investment in China plummeted to $9.7 billion last year from $32.9 billion in 2021, PitchBook data shows. "In finance, information is currency," said Yang, for whom a game of guandan has become a standard gambit before wining and dining local officials. Yu Longze, a broker based in Beijing, said his boss this month ordered all staff to learn the game. In April, the ruling Communist Party's anti-graft watchdog censured one of its officials in the eastern province of Anhui for playing guandan during a training course, among other misdeeds.

Persons: Yang Yiming, Joe Biden, Xi Jinping, Yang, Yu Longze, Huang, Hua Min, Li Keshu, Yew Lun, John Geddie, Clarence Fernandez Organizations: REUTERS, Rights, China's, Total U.S, Reuters, Thomson Locations: Beijing, China, Rights BEIJING, United States, Texas, Anhui

☆ Olympic triathletes test swimming in the Seine
▼ + stars: | 2023-08-16 | by ( Yiming Woo | ) www.reuters.com time to read: +1 min

PARIS, Aug 16 (Reuters) - Olympic triathletes tested swimming in the Seine in Paris on Wednesday, 10 days after heavy rainfall caused the water quality to dip below minimum health standards and forced the cancellation of another open water competition. The Seine is in the spotlight as the river - where swimming has long been banned - is due to be the venue for marathon swimming at next year's Olympic Games. Blummenfelt and others were jumping in to get used to the course and the currents before an official Paris 2024 test event scheduled for Thursday. Bathing in the Seine has been banned since 1923, with promises to restore water quality going back to 1990, when Paris mayor Jacques Chirac - later French president - vowed to make the Seine safe for swimming again. Reporting by Yiming Woo; Writing by Ingrid Melander, editing by Pritha SarkarOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristian Blummenfelt, Jacques Chirac, Yiming Woo, Ingrid Melander, Pritha Sarkar Organizations: Paris, Triathlon, Thomson Locations: Seine, Paris

HONG KONG/NEW YORK, July 31 (Reuters) - For all the excitement whipped up in China's markets by the Politburo last week, foreign investors say policymakers' words will have to be matched by substantive action to clean up an ailing property sector before confidence recovers. "The question is what resources they will deploy, because China is still very focused on de-leveraging and preventing financial risks." Absolutely, and urgently," said Qi Wang, the chief investment officer (CIO) of MegaTrust Investment (HK), a boutique China fund manager specializing in domestic Chinese A-shares. Mark Dong, general manager of Minority Asset Management, based in Hong Kong, has reduced his exposure to the property sector. The safest bets in the sector, he said, had come down to state-owned companies such as China Resources Land (1109.HK) and Poly Property (0119.HK).

Persons: Tara Hariharan, Qi Wang, Wang, Mark Dong, Bo Zhuang, Loomis, Weng, Rob Hinchliffe, Hinchliffe, Mei Leong, Xie Yu, Georgina Lee, Shen Yiming, Jason Xue, Ankur Banerjee, Tom Westbrook, Vidya Ranganathan, Simon Cameron, Moore Organizations: HONG KONG, MegaTrust Investment, Asset Management, Loomis Sayles Investments, Eastspring Investments, PineBridge Investments, China Evergrande Group, HK, China Resources, Poly Property, Thomson Locations: HONG, China, Hong Kong, Loomis Sayles Investments Asia, Shanghai, New York, Singapore

☆ Billie Eilish, Lenny Kravitz perform at concert tied to Paris summit
▼ + stars: | 2023-06-22 | by ( Yiming Woo | ) www.reuters.com time to read: +2 min

[1/4] Billie Eilish and Finneas O'Connell perform during the "Power Our Planet: Live in Paris" concert at the Champ de Mars on the sidelines of the Summit for a "New Global Financial Pact" in Paris, France, June 22, 2023. REUTERS/Stephanie LecocqPARIS, June 22 (Reuters) - Singers including Billie Eilish and Lenny Kravitz, politicians and activists took to the stage in Paris on Thursday at a concert calling for action on climate change and inequality as world leaders met at the Summit for a New Global Financing Pact. During his set, Kravitz told the crowd: "I want us all to be part of the solution, not the problem". The concert took place amid the gathering of some 40 leaders seeking to give impetus to a new global finance agenda. Reporting by Yiming Woo; Additional reporting by Marie-Louise Gumuchian; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Persons: Billie Eilish, Finneas O'Connell, de Mars, Stephanie Lecocq PARIS, Lenny Kravitz, Michelle Yeoh, Eilish, de, Kravitz, Jon Batiste, H.E.R, Diane Kruger, Connie Britton, Yiming Woo, Marie, Louise Gumuchian, Cynthia Osterman Organizations: Summit, Global, REUTERS, Pact, Global Citizen, World Bank, Paris, International Monetary Fund, Thomson Locations: Paris, France, Brazil, Kenya, Barbados

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