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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
CNBC Daily Open: Everyone gave Reddit an upvote
  + stars: | 2024-10-30 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +3 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. It's not too surprising, then, that the companies behind those services – Snap , Reddit and Alphabet – reported third-quarter results that beat Wall Street's expectations. It's Meta's and Microsoft's turn to report earnings later today. Note: CNBC Daily Open will be on a break Thursday, Oct. 31, for the public holiday in Singapore.
Persons: Rachel Reeves, Reddit, Evan Spiegel, That's, It's, Microsoft isn't, Meta, — CNBC's Julia Boorstin, Jonathan Vanian, Jennifer Elias Organizations: New York Stock Exchange, Inc, CNBC, Finance, Google, Microsoft, Meta Locations: Singapore
The outcome of this year's presidential election could bode well for different parts of the stock market, according to Evercore ISI. "Trump will be positive for US-only retailers (which have higher tax rates vs retailers with int'l exposure)," Evercore ISI said. Under a Harris win, these stocks could benefit, per Evercore ISI: Evercore ISI forecasts Harris winners to be renewable energy and EV companies, as that administration is expected to maintain the Inflation Reduction Act and other clean energy policies. Discount retailers such as Burlington and Ross Stores are another likely beneficiary of a Democratic win, according to Evercore ISI. A slew of tech companies, namely Apple , Dell and Hewlett Packard Enterprise , could fare well with a Harris win given the risk of lower tariffs.
Persons: bode, Kamala Harris, Donald Trump, Emanuel, Halliburton, Trump, ULTA, Dave Kimbell, Tesla, Elon Musk's, Harris, BURL, LSEG, Ross, Biden Organizations: ISI, Democratic, Republican, NBC, Trump, Halliburton, Exxon Mobil, Exxon, Care, NextEra, Harris . Discount, Ross Stores, Burlington, Apple, Dell, Hewlett Packard Enterprise, Palo Alto Networks Locations: U.S, China, Burlington
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
Harris delivered a "closing argument" speech at the same spot Trump held his January 6 rally. AdvertisementOn Tuesday evening, exactly one week out from the end of the 2024 race, Vice President Kamala Harris delivered a speech in the heart of Washington, DC that her campaign described as their "closing argument." Her choice to hold the rally at the Ellipse, a 52-acre park sandwiched between the White House and the Washington Monument, was all-important. Harris talked about January 6 in her rally, noting that former President Donald Trump "stood at this very spot" when he delivered his speech that day. AdvertisementAs far as closing arguments go, it may work — particularly when her opponent's own "closing argument" speech at Madison Square Garden was drowned out by one comedian's offensive joke about Puerto Ricans.
Persons: Harris, Trump, , Kamala Harris, Donald Trump, Victoria Leacock Hoffman, Taylor, Missy Elliot's, Mitzi Maxwell, Joe Biden, Eager, Biden, denigrate Trump, he's, Joe Biden's, who's Organizations: Service, White, Capitol, DC, Biden, Democratic, Israel, Trump, Puerto Ricans Locations: Washington, American, America, USA, Florida, Orlando, Gaza, Madison, Puerto
Much of Trump's closing message is focused on illegal immigration, one of the centerpieces of his campaign. The interview, which was widely hyped by Trump and his supporters, was a snapshot of his, at best, untraditional attempt at a campaign closing message and, at worst, his tendency to step on his own policy pushes. The discipline of the Harris campaign contrasts with that of Trump, whose late-cycle rallies have maintained the sort of rambling, unfocused structure he has long been known for. That dynamic can be seen even in his final speeches as Trump tries to close out his third presidential campaign. “This joke does not reflect the views of President Trump or the campaign,” Danielle Alvarez, a senior adviser, said in a statement shortly after the joke was made.
Persons: Donald Trump, Trump, Kamala Harris, Harris, it's, — Trump, , Arnold Palmer, , Joe Rogan, strongmen, Kim Jong Un, Vladimir Putin, Rogan, Xi Jinping, ” Rogan, Palmer, It's, “ Kamala, Donald J, ” Trump, Danielle Alvarez, Biden, Rick Wilson, ” Wilson, Jan, “ Trump, Tony Hinchcliff, ” Danielle Alvarez Organizations: Trump, United, Social Security, NBC, Republican Party, CNN, Republican, Trump Lincoln Project, , Washington , D.C, U.S, Capitol, White House, Sunday, Madison, Garden, MSG Locations: Arizona , Michigan, Georgia, North Carolina, United States, Russian, U.S, Latrobe , Pennsylvania, Springfield , Ohio, Congo, Washington ,, Trump, Manhattan, Queens, Puerto Rico, York
19-year-old Italian skier Matilde Lorenzi died after a crash during a training session in northern Italy, the country's defense ministry announced on Tuesday. The "promising Italian skier" fell while skiing on the Grawand G1 slope in Val Senales, a valley in northern Italy’s South Tyrol province, the International Ski and Snowboard Federation said in a statement. "The International Ski and Snowboard Federation (FIS) extends its deepest condolences following the tragic loss of Matilde Lorenzi," they said. Many former Olympic skiers, like Italian Olympic skier Luca De Aliprandini, Spanish Olympic skier Juan del Campo and Swiss Olympic skier Michelle Gisin took to the comments of the FIS Instagram post to pay their own respects to Lorenzi. Lorenzi, who was part of the Italian Army’s sports section, was last season's Italian junior champion, according to Olympics.com.
Persons: Matilde Lorenzi, Val Senales, Matilde, Luca De Aliprandini, Juan del Campo, Michelle Gisin, Mikaela Shiffrin, Lindsey Vonn, Lorenzi Organizations: Federation, Snowboard Federation, Olympic, Spanish Olympic, FIS, FIS Europa Locations: Italian, Italy, Val, Italy’s South Tyrol, Swiss, U.S
What is the key to human happiness? That's one of life's biggest questions and Ron Gutman has dedicated a big part of his career to learning more about the topic. In his quest to learn more about human happiness, he decided to conduct some real-world research. Ron Gutman with local spiritual and religious leader, Khedrupchen Rinpoche, during his October 2024 trip in Bhutan. The key to happiness: simplicitySo, what is the key to human happiness?
Persons: Ron Gutman, Gutman, Khedrupchen Rinpoche, Gutman trekked, Bhutan's, Jigme Singye Wangchuck, King Jigme Khesar Namgyel Organizations: TED, Gross, OECD, CNBC, aha Locations: Kingdom of Bhutan, Bhutan, Bhutan The Kingdom, India, China, King, Paro, There's
Amember of staff hands flyers with picture of Japan's Prime Minister Shigeru Ishiba before his election campaign speech in Tokyo on October 26, 2024. Voters delivered a "harsh judgement" to the LDP, in the words of Prime Minister Shigeru Ishiba. Following that result, parties have 30 days to try to form a coalition government and pick a prime minister. It's still unclear what the exact makeup of a coalition government could look like, clouding the outlook for both economic policy and Ishiba's fate. Thong predicted there will be no significant changes to the country's defense policy, although he pointed out that "a major increase in [defense] exports may be challenging."
Persons: Shigeru Ishiba, Yuichi Yamazaki, It's, William Pesek, CNBC's, Damian Thong, Thong, Fumio Kishida, Masahiko Loo Organizations: Japan's, Afp, Getty, Liberal Democratic Party, Voters, Trump, Macquarie Capital, State Street Global Advisors Locations: Tokyo, Japan
U.S. economy is not slowing, T. Rowe Price says
  + stars: | 2024-10-29 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. economy is not slowing, T. Rowe Price saysSebastien Page, CIO & head of global multi-asset T. Rowe Price, discusses the U.S. economic outlook ahead of the country's elections.
Persons: Rowe Price, Sebastien Page Organizations: U.S
China is considering a fresh $1.4 trillion stimulus, Reuters reported. The package could be approved next week and would increase in size if Trump wins the election. The large fiscal stimulus would be increased if Republican nominee and former President Donald Trump wins the US election, the report says. The remaining 4 trillion yuan would be raised by local government bonds and put toward idle land and property purchases, the sources told Reuters. AdvertisementIf Trump is elected, the stimulus package could be higher due to the economic challenges Trump's policies would pose for China, the sources told Reuters.
Persons: Trump's, , Donald Trump, Trump, he's, Goldman Sachs Organizations: Reuters, Trump, Service, Republican, National People's Congress, China, Wall Locations: China, Beijing
If you're a digital nomad or can work from just about anywhere, and have been wanting to add the continent of Africa to your list of destinations, you might want to consider Kenya. President William Ruto announced Kenya's Digital Nomad Work Permit on October 2 at the opening of the Magical Kenya Travel Expo. The president said the visa is "specifically designed to welcome global digital professionals, allowing them to live and work in Kenya while enjoying the country's natural beauty and high-quality lifestyle," according to Nation.
Persons: William Ruto Locations: Africa, Kenya
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Oil slump boosts marketsAll major U.S. indexes rose Monday on soft oil prices while investors awaited Big Tech earnings. Japan's Nikkei 225 extended gains to a second day, up 0.7% as the country's jobless rate for September dropped to 2.4% from 2.5% the previous month. [PRO] How to trade Japan's electionAfter Japan voted on Monday, the Nikkei 225 rose on the results.
Persons: Irene, Shigeru Ishiba Organizations: CNBC, Big Tech, Japan's Nikkei, Liberal Democratic Party, Nasdaq, CR Beverage, HSBC, Japan, Nikkei Locations: Lower Manhattan , New York, Asia, Pacific, Japan, U.S, Hong Kong, IPOs
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
Hollie Adams | Afp | Getty ImagesBritain's Labour government appears poised to raise "sin taxes" in its highly anticipated October budget as it seeks to cash-in on lucrative industries to bolster Treasury revenues. Among a litany of measures, including a major change to the government's fiscal rules, Reeves is reported to be considering a sin tax raid. "Sin stocks are a good place to start. Shares of London-listed gambling stocks fell sharply on the news. A Treasury spokesperson was not immediately available to comment when contacted by CNBC about the prospect of sin taxes in the budget.
Persons: Keir Starmer, Rachel Reeves, Hollie Adams, Reeves, Michael, Britain's, William Hill, Paddy Power, Chris J, Ratcliffe, Bruce Morley, Morley, Morningstar's, Field, Alishia Abodunde Organizations: Britain's, Labour, Afp, Getty, Finance, Michael Field, Morningstar Analysts, Morningstar, CNBC, Guardian, London, Entain Plc, Bloomberg, Department, Environment, Food, Rural Affairs, Treasury, University of Bath, Imperial Brands, American Tobacco, Government Locations: London, Michael Field Europe, Europe, crosshairs, U.S, England, vapes
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Trump accuses Taiwan of stealing businessFormer U.S. President Donald Trump accused Taiwan of stealing the country's chip business, he said on "The Joe Rogan Experience" podcast. Bernstein analyst Stacy Rasgon told CNBC the idea of Taiwan stealing the U.S.'s chip industry is "ridiculous." [PRO] Tech might be in trouble, chart showsThe bursting of the 2000 dot-com bubble was one of the worst moments ever for tech stocks.
Persons: Thomas Schäfer, Trump, Donald Trump, Joe Rogan, Bernstein, Stacy Rasgon Organizations: CNBC, Big Tech, Philips, Volkswagen, U.S, New York Stock Exchange, bourse, Intercontinental Exchange, Tech, Wolfe Research Locations: New York City, China, Germany, Taiwan
North Korea sent thousands of troops to support Russia in its war against Ukraine. AdvertisementWhy is North Korea helping Russia? STR/KCNA VIA KNS/AFP via Getty ImagesIt's unclear what exactly is driving North Korea to become increasingly involved in the war and send troops to Russia. North Korea also has an aging fighter jet fleet it wants to upgrade and a desire for advanced satellite technologies. Beijing has often aligned with Russia and North Korea, and Western officials have accused China of also giving military aid to Russia in return for certain technologies and information.
Persons: Kim, Putin, , Mark Rutte, Vladimir Putin, Kim Jong, KRISTINA KORMILITSYNA, Ivan Samoilov, Rutte, Kirby, Kurt Campbell, Defense Lloyd Austin, Biden, Seoul's Organizations: Ukraine, Service, US, Korean, Russian, NATO, Department of Defense, Pentagon, Ukrainian, North, Duma, Research, Gwara, Getty, VIA KNS, National Security, Technologies, Roman, Defense, Publicly, Ministry of Foreign, South Locations: Korea, Russia, Ukraine, South Korea, Kursk, Ukrainian, North Korea, Russian, Pyongyang, Korean, Moscow, Iran, North Korean, AFP, Kyiv, China, Beijing
The Invesco Solar ETF (TAN) and the iShares Global Clean Energy ETF (ICLN) have tumbled more than 9% and 10%, respectively. While Trump's platform says he wants to unleash production from all sources, the document specifically calls out oil, gas and nuclear. How voters perceive the two candidates' energy policies could end up playing an influential role in the outcome of the election altogether. While the election will bring short-term volatility, the solar industry remains well positioned for long-term growth, according to Bank of America. About 25% of oil and 10% of natural gas production is on federal land and waters, according to the bank.
Persons: Donald Trump, Kamala Harris, Harris, fracking, Barack Obama, Trump, Steve Fleishman, Roger Read, Read, Biden, Morgan Stanley Organizations: Trump, Republican, Green New, Clean Energy, Bank of America, Keystone State, GOP, Republicans, Democratic, Wolfe Research, Wells, Wells Fargo Securities . Oil, Biden, CNBC, Exxon, Chevron Locations: Wisconsin , Michigan, Pennsylvania, China, Trump, Wells Fargo, U.S, New Mexico, Gulf of Mexico, Alaska, Iran, Tehran
A new law proposed by Germany will limit which solar producers are reimbursed when energy prices fall. The outlet cited fresh plans to restrict which producers will receive subsidies when energy falls below a fixed price. The government has previously estimated that German renewable subsidies would reach $21.6 billion this year. That's as the country's solar buildout has brought so much renewable energy online that wholesale power prices have frequently fallen below zero. AdvertisementMeanwhile, analysts have noted this year that supplementary investments in battery technology and the electric grid are needed if renewable energy is to escape negative pricing.
Persons: That's Organizations: Service, Bloomberg Locations: Germany, Europe, Ukraine
Citizens and Georgian Dream Party supporters, carrying flags of Georgia and the Georgian Dream Party, attend the Georgian Dream Party's election rally. Anadolu | Anadolu | Getty ImagesMass protests are expected in the Georgian capital of Tbilisi on Monday after the ruling, Russia-friendly party Georgian Dream claimed victory in a contentious parliamentary election this weekend. "We do not accept these stolen election results," stated Tina Bokuchava, the leader of Georgia's main opposition party, the United National Movement, at a press briefing late on Saturday. "It was a total fraud, a total taking away of your votes," Zourabichvili told reporters, flanked by Georgian opposition party leaders, in comments reported by Reuters. Supporters of the Georgian Dream party celebrate at the party's headquarters after the announcement of exit poll results in parliamentary elections, in Tbilisi, Georgia October 26, 2024.
Persons: that's, Salome Zurabishvili, Georgia's, Irakli Kobakhidze, Bidzina Ivanishvili, Tina Bokuchava, Vano Shlamov, Bokuchava, Bidzina, Zourabichvili, Timothy Ash, Ash, Ivanishvili, Dmitry Peskov, Peskov, Irakli Gedenidze, Antony Blinken, Blinken Organizations: Georgian Dream Party, Anadolu, Getty, Georgian, European Union, NATO, United National Movement, National Movement, Afp, Reuters, BlueBay Asset Management, Kremlin's, TASS, Google, OSCE Office, Democratic, Human, European Locations: Georgia, Georgian, Tbilisi, Russia, Soviet, Soviet Union, Russian, EU, Washington, Moscow, Europe, Tbilisi , Georgia, U.S
The Wall Street Journal reported that Elon Musk and Vladimir Putin have shared secret calls since 2022. A former DoD analyst said that a relationship like this could pose national security concerns. Because of his work with the federal government via SpaceX, Musk holds a security clearance that gives him access to some classified information. "The security clearance adjudication process looks at several factors, and undue foreign influence is just one of those factors," Stransky, now a partner at Thompson Hine law firm, said. The existence of an ongoing Musk-Putin relationship would be further complicated by the billionaire tech leader's recent foray into US politics.
Persons: Elon Musk, Vladimir Putin, , Bill Nelson, Musk, Putin, Nelson, Semafor, Adam Smith, aren't, Sen, Jeanne Shaheen, Smith, Shaheen, Dmitry Peskov, Steven Stransky, Thompson, Stansky, Robert English, Xi, Trump, he's, Tesla Organizations: Street Journal, Washington, Service, Democratic, SpaceX, Business, NASA, Department of Defense, House Armed Services Committee, Politico, Defense Department, New, New Hampshire Democrat, Senate Foreign Relations, Senate Armed Services Committee, DoD, National Reconnaissance Office, astronautics, Pentagon, Department of Homeland Security, National Security Council, Central, University of Southern, Trump Locations: New Hampshire, University of Southern California, Taiwan
The American presidential election isn’t the only vote that the Kremlin has its eyes on — and, arguably, is seeking to get its hands in. Two of Russia’s neighbors find themselves at a crossroads, with Moscow hoping to steer them toward its orbit rather than greater engagement with Europe. The key votes in Georgia and Moldova this week are therefore being closely watched across the West. In Georgia, the very possibility of future free and fair elections may be on the ballot. For Moscow’s part, Kremlin spokesperson Dmitry Peskov told NBC News on Friday that “we are in no way attempting and hardly have an opportunity to influence the situation and electoral processes in these countries.”
Persons: doesn't, ” Salome Samadashvili, Dmitry Peskov, Organizations: NBC News, European Union, NBC Locations: Moscow, Europe, Georgia, Moldova, In Georgia, Russia
United shares are up more than 80% since Jan. 1, more than double the gains of Delta Air Lines , the country's most profitable airline. United Airlines is the best-performing U.S. airline stock this year. United has been flying for nearly a century and is the world's largest airline by capacity. 3 or 4 depending on how you measure it," said Andrew Nocella, chief commercial officer of United Airlines. "United Airlines is an airline that is trying to be a more premium airline right now, much as Delta has been for more than 10 years," said Henry Harteveldt, president of Atmosphere Research Group, a travel industry consulting firm.
Persons: We've, Patrick Quayle, United's, Andrew Nocella, Henry Harteveldt Organizations: Delta Air Lines, United Airlines, Airlines, Atmosphere Research Locations: United, Chicago, Greenland, Mongolia, Delta
Israel strikes Iran military targets, Tehran says damage 'limited'
  + stars: | 2024-10-26 | by ( ) www.cnbc.com   time to read: +2 min
TEHRAN, IRAN - OCTOBER 26: A view of Iran's capital, Tehran, following the Israeli army's announcement of strikes targeting 'military objectives' in Iran on October 26, 2024. Israeli army stated, 'In response to the ongoing attacks against Israel in recent months, precise strikes are currently being conducted on military targets in Iran.' A semi-official Iranian news agency vowed a "proportional reaction" to the Israeli strikes. Tensions between Iran and Israel have grown rapidly since the Oct. 7, 2023 attack on Israel by Iran-backed Hamas. Israel's military, signalling it did not expect an immediate Iranian response, said there was no change to public safety restrictions across the country.
Persons: Israel, Fatemeh Bahrami Organizations: Getty Images, West Bank, Iran's, Hezbollah, United, Tehran's Locations: TEHRAN, IRAN, Tehran, Iran, Anadolu, Israel, Gaza, Lebanon, United States
Israeli strikes killed 38 people in southern Gaza, according to local officials, and three journalists overnight in southern Lebanon, their networks and local officials said — an attack that drew accusations of war crimes Friday from the country's government. Israeli forces meanwhile besieged and stormed one of the few functioning hospitals in northern Gaza according to local health officials, as they continued an intense assault on that part of the Palestinian enclave. Lebanese Information Minister Ziad Makary accused Israel of intentionally targeting the journalists in an attack he said amounted to a "war crime." “The Israeli enemy waited for the journalists’ night break to betray them in their sleep," Makary said in a post on X. "This is an assassination, after monitoring and tracking, with prior planning and design, as there were 18 journalists present at the location representing seven media institutions.
Persons: , Antony Blinken, Mohammed Rida —, Wissam Qassim, Ziad Makary, Israel, Makary Organizations: Hezbollah, Lebanese Locations: Gaza, Lebanon, Qatar, Beirut, Iran, Hasbaya, Israel
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