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China sentences tycoon Xiao Jianhua to 13 years, fines his company $8.1 bln

14 Sept 09:52 Key points summarised by AI

Chinese-Canadian billionaire Xiao Jianhua was sentenced to 13 years in jail, and his Tomorrow Holdings conglomerate received a record $8.1 billion fine by a Shanghai court.
Xiao and Tomorrow Holdings were convicted of illegally siphoning public deposits, betraying entrusted property, illegal use of funds, and extensive bribery of government officials.
The court stated that Xiao and Tomorrow severely violated financial management order and harmed state financial security by illicitly controlling numerous financial institutions and platforms.
Despite his Canadian citizenship, China denied consular access, citing its non-recognition of dual nationality, a decision that has raised concerns from Canadian officials regarding transparency and Xiao's well-being.

Today 12:56 Key points summarised by AI

President Macron condemned widespread rioting and looting during nationwide protests, blaming far-left activists and criminals for the "unrestrained violence" and vowing accountability for those who "sought to bring down the Republic."
Over 2,400 arrests were made as protests against rising living costs and poor school conditions escalated, causing extensive damage to public buildings and businesses in cities like Paris, Limoges (where City Hall burned), Marseille, and Lyon.
The unrest, which organizers hoped would revive the "yellow vest" movement, saw political leaders trade blame, with Macron instructing prefects to protect public buildings and potentially ban future protests to prevent further disorder.