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<ul class="summary-list"><li>Five intruders held <keyword id="25931" type="COMPANY" weightage="60" keywordseo="billionaire">billionaire</keyword> <keyword id="9418929" type="UNKNOWN" weightage="60" keywordseo="he-xiangjian">He Xiangjian</keyword> hostage over the weekend, <a href="https://www.bloomberg.com/news/articles/2020-06-17/foiled-kidnapping-hurls-publicity-shy-billionaire-into-spotlight">Bloomberg reports</a>.</li><li>He was only freed after his son escaped and swam across a river to alert authorities.</li><li>Photos and videos on social media reportedly showed about a dozen police surrounding the mansion as He's residential community went on lockdown.</li><li>He, 77, is the founder of appliance maker <keyword id="2251054" type="ORGANIZATION" weightage="60" keywordseo="Midea-Group">Midea Group</keyword> and is worth about $23 billion.</li></ul><p>Billionaire He Xiangjian — the founder of <a href="https://www.businessinsider.com/reports-chinese-billionaire-held-hostage-rescued-by-police-2020-6">Midea Group</a>, the world's largest appliance manfacturer — was held hostage by a group of five intruders from Sunday afternoon to Monday morning, <a href="https://www.bloomberg.com/news/articles/2020-06-17/foiled-kidnapping-hurls-publicity-shy-billionaire-into-spotlight">Bloomberg's Venus Feng reports</a>.</p><p>The intruders infiltrated his villa in the Foshan, Guangdong province, which is located within a residential golf resort. It comes equipped with checkpoints and 24-hour security booths; He also reportedly has a personal bodyguard.</p><p>Forbes reports that the billionaire was only released after his 55-year-old son, He Jianfeng, <a href="https://www.forbes.com/sites/daviddawkins/2020/06/15/chinese-billionaire-held-hostage-with-explosives-as-son-swims-across-lake-to-raise-the-alarm/#49c99c0459fa">escaped and swam across a river</a>, where he was able to alert authorities. </p><p>According to Yujing Liu and Iris Ouyang at the <a href="https://www.scmp.com/business/china-business/article/3089069/mideas-billionaire-founder-he-xiangjian-rescued-after">South China Morning Post</a>, photos and videos on social media showed about a dozen police surrounding the two-story mansion. The residential community was put on lockdown, and Midea employees who work out of the company's headquarters were told not to go into work on Monday.</p><p><div type="image" title="He Xiangjian Midea Group founder" height="502" width="670" msid="76430707" hostid="261"></div></p><p><a href="https://www.cnn.com/2020/06/16/asia/china-billionaire-hostage-intl-hnk-scli/index.html">Ben Westcott at CNN</a> reports that the police ultimately arrested five suspects after a standoff; no one was hurt.</p><p>"After receiving the report, the provincial, municipal, and district public security organs became highly concerned about the case and quickly organized police to rush to the scene," the police said in a statement, according to CNN. </p><p>He, who is 77 years old and <a href="https://www.bloomberg.com/billionaires/profiles/xiangjian-he/?sref=BLKWHazc">worth about $23 billion</a>, according to the Bloomberg Billionaires Index, founded the Midea Group in 1968. In 2012, <a href="https://www.nytimes.com/2020/06/15/business/china-he-xiangjian-kidnap.html">he stepped down</a> from operations of the company, but he still holds a seat on the board of directors.</p><p>Midea <a href="https://www.businessinsider.com/reports-chinese-billionaire-held-hostage-rescued-by-police-2020-6">issued a statement thanking police</a>, although they did not explicitly confirm that He was involved in the kidnapping attempt.</p><p>He is not the first Chinese billionaire to be targeted for kidnapping. Li Ka-shing — the richest man in Hong Kong — <a href="https://www.businessinsider.com/heres-how-li-ka-shing-became-the-richest-man-in-hong-kong-2015-6">paid a $127.5 million ransom in 1996</a> after infamous Chinese mobster "Big Spender" Cheung Tze-keung kidnapped his son, Victor.</p>

Would-be kidnappers broke into a Chinese billionaire's home and held him hostage over the weekend

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Amr Abdallah Dalsh</span></p><p class="caption">A man shows cracks in his walls in Al-Assal, one of the oldest slums in the Shubra district of Cairo, Egypt.</p></div><p></p></div></div>Good morning! Here's what you need to know.</p><p><strong>Microsoft is making a big acquisition.</strong> Microsoft is buying LinkedIn for $26.2 billion, the company announced on Monday. Microsoft will pay $196 per share for the company. LinkedIn CEO Jeff Weiner <a href="http://www.businessinsider.com/afp-microsoft-unveils-plan-to-buy-linkedin-for-26.2-bn-2016-6?IR=T">will remain CEO of the social network for professionals, reporting directly to Microsoft CEO Satya Nadella.</a></p><p><strong>Brexit is gaining support.</strong> According to two ICM polls, one online and one conducted by telephone, "Out" held 53% support compared with 47% support for "In," the Guardian newspaper, <a href="http://www.businessinsider.com/r-out-camp-widens-lead-over-in-ahead-of-uks-eu-referendum-icm-2016-6?IR=T">which sponsored the telephone poll said.</a></p><p><strong>Asian shares dipped.</strong> <span>MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4% in early trade, after Wall Street lost ground for the third straight session. <a href="http://www.businessinsider.com/r-asian-shares-slip-as-fed-brexit-loom-2016-6">Japan's Nikkei stock index slipped to two-month lows in choppy trade.</a></span></p><p><strong>Amazon is getting fined.</strong> The US Federal Aviation Administration said on Monday it is proposing a $350,000 civil fine against Amazon for allegedly violating hazardous materials regulations,<a href="http://www.businessinsider.com/r-faa-proposes-fining-amazon-350000-for-hazardous-package-2016-6?IR=T"> when it transported a corrosive drain cleaner.</a></p><p><strong>A Chinese company is buying European assets.</strong> China's Midea Group Co is only seeking a 49% stake in German industrial robot maker Kuka, Handelsblatt reported, <a href="http://www.businessinsider.com/r-chinas-midea-seeking-49-percent-kuka-stake-report-2016-6?IR=T">citing unnamed sources in the German government.</a></p><p><strong>Bitcoin is on a tear.</strong> In the space of a month, bitcoin's value has jumped by more than 30% - from around $450 (£317.38) in mid-May to the $700 mark it is hovering around today. <a href="http://uk.businessinsider.com/bitcoin-price-skyrocketing-june-13-halvening-2016-6">This is the highest bitcoin's price has been in around two years - it last broke the $700 mark back in February 2014.</a></p><p><strong>The former owner of BHS made millions.</strong> Dominic Chappell received £2.6 million ($3.7 million) in fees, salary, and other payments from <a href="http://www.bhs.co.uk/" target="_blank" title="" data-skimwords-id="404170" data-skimlinks-editor="0" data-skimwords-word="Bhs" data-group-id="0" data-skim-creative="300001" data-skim-product="404170" data-skim-node-id="143:DominicChappellrecei_1">BHS</a> during his time owning the department store, <a href="http://www.parliament.uk/documents/commons-committees/work-and-pensions/Correspondence/Dominic-Chappell-to-BIS-and-Work-and-Pensions-Committees-10-June-2016.pdf">according to a letter sent to MPs.</a></p><p><strong>Nokia is strengthening its Chinese ties.</strong> Nokia has signed a €1.36 billion ($1.5 billion) one-year framework deal with China Mobile, the Finnish company said, easing fears<a href="http://www.businessinsider.com/r-nokia-signs-15-billion-framework-deal-with-china-mobile-2016-6?IR=T"> that it would lose market share while it merges operations with Alcatel-Lucent.</a></p><p><strong>Sarkozy will face a challenger.</strong> A former top aide to Nicolas Sarkozy said he would run against him in the conservative <a href="http://www.businessinsider.com/r-ex-sarkozy-aide-says-will-run-in-french-presidential-election-2016-6?IR=T">party's primaries for the 2017 presidential election, further weakening Sarkozy's own bid.</a></p><p><strong>It will be harder to get an Uber in Hungary.</strong> Hungary passed legislation which could curb the activities of Uber after months of protests by taxi drivers, following in the footsteps of other countries <a href="http://www.businessinsider.com/r-hungarian-parliament-passes-law-that-could-block-uber-sites-2016-6?IR=T">that have banned some of its ride-hailing services.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/hugh-hefner-son-cooper-playboy-mansion-sale-2016-6">Hugh Hefner's son reacts to the sale of the Playboy Mansion</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="A3aWwwNDE6JhQ99gtsV_5KWDFsTjBJld" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

10 things you need to know before European markets open

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.gettyimages.co.uk/license/515548100">Alan Crowhurst/Getty Images</a></span></p><p class="caption">The Gordon Elliott string on the gallops at Cheltenham racecourse on March 14, 2016 in Cheltenham, England.</p></div><p></p></div></div>Good morning! Here's what you need to know in markets on Tuesday.</p><p><strong>Volkswagen AG is being sued for €3.3 billion (£2.6 billion, $3.7 billion) over the cover-up of its polluting diesel engines, its biggest legal challenge in Germany after a wave of lawsuits in the US centered on the scandal.</strong> <a href="http://www.bloomberg.com/news/articles/2016-03-14/volkswagen-sued-for-3-7-billion-in-germany-over-diesel-scandal">Bloomberg reports that the action was filed Monday</a> at the Braunschweig Regional Court on behalf of 278 institutional investors from around the world, lawyer Andreas Tilp said by telephone. The suit claims VW failed to publish information about the emissions scandal in a timely manner, he said.</p><p><strong>Chinese company Anbang agreed on Monday to drop $6.5 billion (£4.5 billion) to buy a portfolio of luxury hotels from Blackstone Group and led a bid to bust up Marriott's merger with Starwood Hotels.</strong> While Anbang is making a splash in the hotel industry, it's not a hospitality company. <a href="http://uk.businessinsider.com/china-anbang-buying-us-real-estate-2016-3">It's actually an insurance company (its full name is Anbang Insurance Group), with subsidiaries in financial leasing, banking, and asset management, in addition to its insurance wings.</a></p><p><strong>Asian markets are dipping after the Bank of Japan offered no new stimulus. </strong>Japan's Nikkei closed down 0.68%, while China's benchmark Shanghai Composite is down 0.21% at the time of writing (6.25 a.m. GMT/2.25 a.m. ET) and the Hong Kong Hang Seng is down 0.54%.</p><p><strong>Apple, Google, McDonald's, and IKEA will be asked about their European tax deals on Wednesday as EU lawmakers ratchet up the pressure on multinationals to pay more tax on their profits locally.</strong> The hearing, organized by the European Parliament's tax committee, <a href="http://www.businessinsider.com/r-apple-mcdonalds-google-and-ikea-to-face-eu-lawmakers-over-tax-deals-2016-3?IR=T">follows a similar event in November last year when Anheuser-Busch InBev, HSBC, Google, and eight other companies were quizzed on the same subject.</a></p><p><strong>Cosmetics maker Avon Products said on Monday it would cut about 2,500 jobs worldwide and shift its corporate headquarters to the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> as part of its three-year turnaround plan.</strong> <a href="http://www.businessinsider.com/r-avon-to-cut-jobs-shift-headquarters-to-uk-2016-3?IR=T">Avon shares were up nearly 4% at $4.55 (£3.19) in extended trading.</a> The company sold most of its North American business to Cerberus Capital, its biggest investor, after four years of falling sales.</p><p><strong>European jobs data is due later.</strong> Quarterly and yearly change in employment figures across the European Union will be released at 10.00 a.m. GMT (6.00 a.m. ET). Economists are forecasting a 0.2% quarterly change.</p><p><strong>A slew of US economic data is due from 12.00 p.m. GMT (8.00 a.m. ET) onwards.</strong> Latest figures are due for the New York Empire State Manufacturing Index, Producer Price Index, Redbook Index, and business inventories.</p><p><strong>The People's Bank of China (PBOC) could be about to implement rules designed to curb speculative trading in currency markets.</strong> The PBOC has drafted rules for a Tobin tax on currency trading, <a href="http://uk.businessinsider.com/china-may-be-about-to-tax-currency-trading-2016-3">according to sources close to the issue who spoke to Bloomberg</a>.</p><p><strong>Bond manager Bill Gross will be able to pursue his lawsuit to recoup at least $200 million (£140 million) he claims that Pacific Investment Management Co (Pimco) owes him in the wake of his 2014 ousting from the firm he co-founded. </strong>California Superior Court Judge Martha Gooding <a href="http://uk.businessinsider.com/bill-gross-just-got-the-green-light-to-pursue-200-million-pimco-lawsuit-2016-3">ruled late Sunday that Gross' breach-of-contract lawsuit was strong enough to proceed.</a></p><p><strong>Japanese industrial conglomerate Toshiba said it is in late-stage talks to sell its white goods business to Chinese household appliance giant Midea Group, Nikkei reported on Monday.</strong> The deal is expected to fetch tens of billions of yen, <a href="http://www.businessinsider.com/r-toshiba-in-talks-to-sell-its-white-goods-business-to-midea-group-nikkei-2016-3?IR=T">the Japanese business daily reported</a>.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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Would-be kidnappers broke into a Chinese billionaire's home and held him hostage over the weekend

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10 things you need to know before European markets open

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10 things you need to know in markets today

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