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India and Europe hope to strike the “mother of all deals” when EU chiefs meet Prime Minister Narendra Modi in New Delhi next week, as the two economic behemoths seek to forge closer ties.Facing challenges from China and the United States, India and the European Union have been negotiating a massive free trade pact — and talks, first launched about two decades ago, are nearing the finishing line.”We are on the cusp of a historic trade agreement,” European Commission President Ursula von der Leyen said this week.Von der Leyen and European Council president Antonio Costa will attend Republic Day celebrations Monday before an EU-India summit Tuesday, where they hope to shake hands on the accord.Securing a pact described by India’s Commerce Minister Piyush Goyal as “the mother of all deals”, would be a major win for Brussels and New Delhi as both seek to open up new markets in the face of US tariffs and Chinese export controls.But officials have been eager to stress there is more to it than commerce.”The EU and India are moving closer together at the time when the rules-based international order is under unprecedented pressure through wars, coercion and economic fragmentation,” the EU’s top diplomat, Kaja Kallas said Wednesday. – ‘Untapped potential’ -Russia’s invasion of Ukraine and US President Donald Trump’s punitive tariffs have brought momentum to the relationship between India and the EU, said Praveen Donthi, of the International Crisis Group think tank.”The EU eyes the Indian market and aims to steer a rising power like India away from Russia, while India seeks to diversify its partnerships, doubling down on its strategy of multi-alignment at a time when its relations with the US have taken a downward turn,” he said. The summit will offer Brussels the chance to turn the page after a bruising transatlantic crisis over Greenland — now seemingly defused.Together the EU and India account for about a quarter of the world’s population and GDP.Bilateral trade in goods reached 120 billion euros ($139 billion) in 2024, an increase of nearly 90 percent over the past decade, according to EU figures, with a further 60 billion euros ($69 billion) in trade in services.But both parties are eager to do more. “India still accounts for around only around 2.5 percent of total EU trade in goods, compared with close to 15 percent for China,” an EU official said, adding the figure gave a sense of the “untapped potential” an agreement could unlock.EU makers of cars, machinery and chemicals have much to gain from India lowering entry barriers, said Ignacio Garcia Bercero, an analyst at Brussels think tank Bruegel, who led EU trade talks with New Delhi over a decade ago.”India is one of the most heavily protected economies in the world, with very, very high tariffs, including on many products where the European Union has a competitive advantage,” he told AFP. Its economy in the doldrums, the 27-member EU is also pushing to ease exports of spirits and wines and strengthen intellectual property rules.India — the fastest‑growing major economy in the world — wants easier market access for products such as textiles and pharmaceuticals. – Defence pact -EU officials were tight-lipped about the deal’s contents as negotiations are ongoing.But agriculture, a sensitive topic in both India and Europe, is likely to play a limited role, with New Delhi eager to protect its dairy and grain sectors.Talks are focusing on a few sticking points, including the impact of the EU’s carbon border tax on steel exports and safety and quality standards in the pharmaceutical and automotive sectors, according to people familiar with the discussions. Still EU officials said they were confident negotiations could be concluded in time for the summit. An accord on mobility to facilitate movement for seasonal workers, students, researchers and highly skilled professionals, is also on the menu, alongside a security and defence pact.The latter envisages closer cooperation in areas including maritime security, cybersecurity and counter-terrorism, an EU official said. It is also a “precondition” for the possible joint production of military equipment, said a second EU official. New Delhi, which has relied on Moscow for decades for key military hardware, has tried to cut its dependence on Russia in recent years by diversifying imports and pushing its own domestic manufacturing base. Europe is doing the same vis-a-vis the US. “We’re ready to open a new chapter in EU-India relationships, and really to unlock what we think is the transformative potential of this partnership,” said another EU official. 

Global stocks were subdued and precious metals hit new highs Friday as US President Donald Trump followed up conciliatory comments on Greenland with a fresh warning on Iran.Trump, who on Wednesday backed away from threatened tariffs on Europe over Greenland, told reporters the United States was sending a “massive fleet” toward Iran “just in case.”Gold — a safe-haven asset — pushed closer to a record $5,000 an ounce, while fellow safe haven silver also kept rising, blasting through $102 an ounce amid worries over what Trump may say next, or actually do.The dollar retreated, falling to a four-month low against the euro.Sentiment had calmed over the past two days after the US president pulled back from his threat to hit several European nations with levies because of their opposition to Washington taking over the Danish autonomous territory of Greeland.Trump has repeatedly left open the option of new military action against Iran after Washington backed and joined Israel’s 12-day war in June aimed at degrading Iran’s nuclear and ballistic missile programs.The prospect of immediate American action seemed to recede in recent days, with both sides insisting on giving diplomacy a chance.European markets sought direction in vain, Frankfurt closing just in the green as London and Paris fell on the red side of the line at the end of the week.Wall Street painted a similar picture, with the Dow retreating while the Nasdaq pushed higher. Intel plunged 17 percent after lackluster expectations on the chip maker’s earnings.Asian markets closed higher.- Powell under pressure -Trump’s latest salvo against allies revived trade war fears and uncertainty about US investment, putting downward pressure on the dollar this week.Analysts said there was no guarantee that Europe-US relations had improved durably.The US president’s willingness to threaten tariffs over any issue had rattled confidence on trading floors, boosting safe-haven metals, analysts said.Investors were also preparing for next week’s Federal Reserve meeting following economic data broadly in line with forecasts and after US prosecutors took aim at boss Jerome Powell, which has raised fears over the bank’s independence.The bank is tipped to hold interest rates steady, after cutting them in the previous three meetings.The meeting also comes as Trump considers candidates to replace Powell when the Fed chair’s term comes to an end in May.The Bank of Japan left its key interest rate unchanged ahead of a snap election next week, which could impact government spending plans.After sharp volatility in the wake of the announcement, the yen traded slightly higher.Next week’s US earnings calendar is packed with results from Apple, Microsoft, Boeing, Tesla, Meta and other corporate giants.- Key figures at around 2120 GMT -New York – Dow: DOWN 0.6 percent at 49,098.71 (close)New York – S&P 500: FLAT at 6,915.61 (close)New York – NASDAQ: UP 0.3 percent at 23,501.24 (close)London – FTSE 100: DOWN 0.1 percent at 10,143.44 (close)Paris – CAC 40: DOWN 0.1 percent at 8,143.05 (close)Frankfurt – DAX: UP 0.2 percent at 24,900.71 (close)Tokyo – Nikkei 225: UP 0.3 percent at 53,846.87 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 26,749.51 (close)Shanghai – Composite: UP 0.3 percent at 4,136.16 (close)Euro/dollar: UP at $1.1823 from $1.1755 on ThursdayPound/dollar: UP at $1.3636 from $1.3501Dollar/yen: DOWN at 157.00 yen from 158.41 yenEuro/pound: DOWN at 86.70 pence from 87.07 penceWest Texas Intermediate: UP 2.9 percent at $61.07 per barrelBrent North Sea Crude: UP 2.8 percent at $65.88 per barrel

After a long legal saga, TikTok has established a majority American-owned joint venture to operate its US business, deflecting the threat of a ban over its Chinese ownership.Here is a look at the potential consequences of the deal — if any — for users and beyond:- What it means for users -Whether the 200 million users in the United States will notice any difference in their online experience remains unclear. After the deal, users don’t need to download a new app, though they were prompted to accept new terms of service covering “new types of location information” and data usage.At the heart of the ownership drama is TikTok’s powerful algorithm, which US lawmakers feared could be weaponized for data or propaganda by the Chinese government. The new ownership has promised to “retrain” the app’s magic sauce, but how that will affect the user experience is still unknown.TikTok insists that US users will maintain a “global TikTok experience,” meaning US creators can still be discovered internationally and businesses can “operate on a global scale.”However, the US-only algorithm raises questions. “There are still questions of how this new entity will interact with other versions of TikTok globally,” said Jennifer Huddleston of the CATO Institute in Washington. She also wondered about “what influence the US government may have over the algorithm and the free speech concerns that could arise from this new arrangement.”A major investor in the new entity is Larry Ellison, who is also financing his son David’s recent takeover of Paramount and bidding war to take over Warner Bros — potentially giving the family unprecedented power over US media.Creators are watching especially closely, since their popularity and income depend on the algorithm’s mysterious workings. Some have already migrated to other platforms, frustrated or anxious about the political turmoil surrounding the app.- What it means for TikTok -Before President Donald Trump took office, TikTok’s fate in the United States looked bleak. The app was even briefly switched off in its biggest market after exhausting all legal options. The political chaos has likely taken a toll on TikTok, despite Trump ultimately coming to its rescue.”TikTok remains incredibly popular in the US, but it’s facing more competition than ever, particularly from Instagram Reels,” said Emarketer analyst Minda Smiley.The algorithm that took the world by storm five years ago is no longer unique. Instagram Reels and YouTube Shorts now offer similar experiences, retaining engagement and attracting advertisers at comparable scale.According to Emarketer, while US TikTok users still spend more time on the app than on other social networks, that time is declining each year, “signaling that the app is struggling to keep users hooked in the way it once did.”- What it means for national security -The divestment may have satisfied the Trump administration, but whether it will satisfy the lawmakers who passed the divest-or-ban law remains to be seen, warned University of Florida media professor Andrew Selepak.”The TikTok deal has improved the privacy of exactly no one and has done nothing to improve national security,” said Kate Ruane of the Washington-based Center for Democracy & Technology.ByteDance now owns just under 20 percent of the company, with the rest spread across several mainly US companies. However, John Moolenaar, the Republican chairman of the House Foreign Affairs Committee, has vowed to conduct full oversight of the agreement, signaling potential trouble ahead.TikTok says key functions like e-commerce and marketing will remain tied to the global entity and that could be problematic.”I don’t know how you could accomplish e-commerce and not take data from me as an American user,” Selepak said.For Carl Tobias of the University of Richmond School of Law, “It seems like Trump has just eclipsed whatever Congress might have intended in terms of national security.”

Global stocks were subdued and precious metals hit fresh highs Friday after a turbulent week that saw US President Donald Trump back down from threats to seize Greenland and hit European allies with fresh tariffs.Gold — a safe-haven asset — pushed closer to a record $5,000 an ounce despite “a calmer end to a chaotic week on the markets”, said Dan Coatsworth, head of markets at AJ Bell.Fellow safe haven silver also continued its rise, blasting through $101 an ounce amid worries over what Trump may say, or actually do, next.”Gold nudged ahead… as investors were reluctant to let go of their safety blanket, just in case Donald Trump woke up with another controversial idea,” said Coatsworth.Sentiment has calmed over the past two days after the US president pulled back from his threat to hit several European nations with levies because of their opposition to Washington taking over the Danish autonomous territory.European markets sought direction in vain, Frankfurt closing just in the green as London and Paris fell the red side of the line at the end of the week.Wall Street was a similar picture, with the Dow losing 0.6 percent around two hours into trading although the broader-based S&P and the tech-heavy Nasdaq were just in positive territory.Intel plunged 16 percent after lacklustre expectations on the chip maker’s earnings.Asian markets closed higher.- Powell under pressure -Trump’s latest salvo against allies revived trade war fears and uncertainty about US investment, putting downward pressure on the dollar this week.Analysts said there was no guarantee that Europe-US relations had improved durably.The US president’s willingness to threaten tariffs over any issue had rattled confidence on trading floors, boosting safe-haven metals, analysts said.Investors were also preparing for next week’s Federal Reserve meeting following economic data broadly in line with forecasts and after US prosecutors took aim at boss Jerome Powell, which has raised fears over the bank’s independence.The bank is tipped to hold interest rates, having cut them in the previous three meetings.The meeting also comes as Trump considers candidates to replace Powell when the Fed chair’s term comes to an end in May.The Bank of Japan left its key interest rate unchanged ahead of the country’s snap election next week, which could impact government spending plans.After sharp volatility in the wake of the announcement, the yen traded slightly higher.Next week’s US earnings calendar is packed with results from Apple, Microsoft, Boeing, Tesla, Meta and other corporate giants.- Key figures at around 1650 GMT -New York – Dow: DOWN 0.6 percent at 49,114.15 pointsNew York – S&P 500: UP 0.2 percent at 6,917.18New York – NASDAQ: UP 0.4 percent at 23,531.81London – FTSE 100: DOWN 0.1 percent at 10,143.44 (close)Paris – CAC 40: DOWN 0.1 percent at 8,143.05 (close)Frankfurt – DAX: UP 0.2 percent at 24,900.71 (close)Tokyo – Nikkei 225: UP 0.3 percent at 53,846.87 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 26,749.51 (close)Shanghai – Composite: UP 0.3 percent at 4,136.16 (close)Euro/dollar: UP at $1.1774 from $1.1751 on ThursdayPound/dollar: UP at $1.3593 from $1.3500Dollar/yen: DOWN at 157.52 yen from 158.39 yenEuro/pound: DOWN at 86.63 pence from 87.05 penceWest Texas Intermediate: UP 2.8 percent at $61.02 per barrelBrent North Sea Crude: UP 2.7 percent at $65.80 per barrel

Global stocks were subdued and precious metals hit fresh highs Friday after a turbulent week that saw US President Donald Trump back down from threats to seize Greenland and hit European allies with fresh tariffs.Gold — a safe haven asset — pushed towards a record $5,000 an ounce despite “a calmer end to a chaotic week on the markets”, said Dan Coatsworth, head of markets at AJ Bell.”Gold nudged ahead… as investors were reluctant to let go of their safety blanket, just in case Donald Trump woke up with another controversial idea,” he added.And silver jumped almost three percent to reach record highs to within 25 cents of $100 as a weakening dollar saw precious metals firm.Sentiment has calmed over the past two days after the US president pulled back from his warning to hit several European nations with levies because of their opposition to Washington taking over the Danish autonomous territory.After European stocks hesitated — London, Paris and Frankfurt all dipped — Wall Street saw a turgid opening as the Dow was down 0.6 percent some 30 minutes into the session. The broader S&P 500 and tech heavy Nasdaq just edged into the red.Intel plunged 16 percent after lacklustre expectations on the chip-maker’s earnings.Asian markets closed higher, tracking a successive advance on Wall Street.- Powell under pressure -Trump’s latest salvo against allies revived trade war fears and uncertainty about US investment, putting downward pressure on the dollar this week.Analysts said there was no guarantee that Europe-US relations had improved durably.The US president’s willingness to threaten tariffs over any issue had rattled confidence on trading floors, weighing on the dollar and boosting safe-haven metals, analysts said.Investors were also preparing for next week’s Federal Reserve meeting following economic data broadly in line with forecasts and after US prosecutors took aim at boss Jerome Powell, which has raised fears over the bank’s independence.The bank is tipped to hold interest rates, having cut them in the previous three meetings.The meeting also comes as Trump considers candidates to replace Powell when his term comes to an end in May.The Bank of Japan left its key interest rate unchanged ahead of the country’s snap election next week, which could impact government spending plans. After sharp volatility in the wake of the announcement, the yen traded slightly higher. In company news, the share price of Japanese giant Nintendo closed up 4.5 percent as industry data showed its Switch 2 console led the US hardware market in unit and dollar sales in 2025.Czech weapons manufacturer CSG debuted on the Amsterdam stock market Friday, raising 3.8 billion euros ($4.5 billion) — the world’s biggest initial public offering in the defence sector.Next week’s US earnings calendar is packed with results from Apple, Microsoft, Boeing, Tesla, Meta and other corporate giants. – Key figures at around 1445 GMT -New York – Dow: DOWN 0.6 percent at 49,063.07 pointsNew York – S&P 500: DOWN 0.2 percent at 6,902.68New York – NASDAQ: DOWN 0.1 percent at 23,417.71London – FTSE 100: DOWN 0.1 percent at 10,145.00Paris – CAC 40: DOWN 0.4 percent at 8,115.47Frankfurt – DAX: DOWN 0.2 percent at 24,811.35Tokyo – Nikkei 225: UP 0.3 percent at 53,846.87 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 26,749.51 (close)Shanghai – Composite: UP 0.3 percent at 4,136.16 (close)Euro/dollar: DOWN at $1.1743 from $1.1751 on ThursdayPound/dollar: UP at $1.3529 from $1.3500Dollar/yen: DOWN at 158.30 yen from 158.39 yenEuro/pound: DOWN at 86.81 pence from 87.05 penceWest Texas Intermediate: UP 2.5 percent at $60.90 per barrelBrent North Sea Crude: UP 2.5 percent at $65.65 per barrel

The world must utterly reject the outcome of this weekend’s final round of “sham” elections in Myanmar, the United Nations’ special rapporteur on the country said Friday.He and other democracy advocates say that with deposed democratic leader Aung San Suu Kyi sidelined and her massively popular party dissolved, the three-stage vote has been rigged by a crackdown on dissent and a ballot stacked with military allies.”The junta has orchestrated the election specifically to ensure a landslide by its political proxy,” said Tom Andrews, the special rapporteur on the situation of human rights in Myanmar.”It took no chances, banning credible opposition parties, jailing popular political figures, muzzling the press, crushing fundamental freedoms, and using fear and coercion to drive a reluctant electorate to the polls.”In his statement, the independent expert said the junta was hoping countries would “accept military rule dressed up in civilian clothing”.”Governments must not allow that to happen,” he added.Andrews, a former Democratic congressman in the United States, voiced hope Sunday’s final day of balloting would bring relief to Myanmar’s people.They had faced election-related intimidation, threats, arrests and lengthy prison terms if they criticised the election or failed to participate, he said.Voters had reported junta officials “pushing citizens to polling stations even as military jets bombed villages throughout the country”, he added.- ‘Rigged process’ -Most countries “recognised the absurdity of the junta’s election ploy”, he said, and states endorsing the result would be “complicit”.”International acceptance of this fraudulent exercise would set back the clock on genuine resolution to this crisis,” he said.UN special rapporteurs are independent experts appointed by the UN Human Rights Council, but do not speak in the name of the United Nations itself.The military has ruled Myanmar by force for almost all of its post-independence history, before a decade-long democratic experiment gave civilian politicians tentative control.The generals took back power in a 2021 coup deposing the government of Aung San Suu Kyi, detaining the democratic figurehead and plunging the country into civil war.Andrews urged countries to cut the flow of weapons, aviation fuel, and funds to the Myanmar military.”The people of Myanmar have shown extraordinary courage in resisting military tyranny,” Andrews said.”They deserve a future decided by their will — not by a rigged process designed to keep their oppressors in power.”

Stocks were subdued and precious metals hit fresh highs Friday after a turbulent week that saw US President Donald Trump back down from threats to seize Greenland and to issue tariffs against European allies. Gold — a safe haven asset — pushed towards a record $5,000 an ounce despite “a calmer end to a chaotic week on the markets”, said Dan Coatsworth, head of markets at AJ Bell.”Gold nudged ahead… as investors were reluctant to let go of their safety blanket, just in case Donald Trump woke up with another controversial idea,” he added.Sentiment has calmed over the past two days after the US president pulled back from his warning to hit several European nations with levies because of their opposition to Washington taking over the Danish autonomous territory.European stocks hesitated Friday, with Paris dipping while Frankfurt and London were flat approaching the half-way stage. Asian markets closed higher tracking a successive advance on Wall Street.Trump’s latest salvo against allies revived trade war fears and uncertainty about US investment, putting downward pressure on the dollar this week.Analysts said there was no guarantee that Europe-US relations had improved durably.The Republican’s willingness to threaten tariffs over any issue had rattled confidence on trading floors, weighing on the dollar and boosting safe-haven metals, analysts said.Investors were also preparing for next week’s Federal Reserve meeting following economic data broadly in line with forecasts and after US prosecutors took aim at boss Jerome Powell, raising fears over the bank’s independence.The bank is tipped to hold interest rates, having cut them in the previous three meetings.The meeting also comes as Trump considers candidates to replace Powell when his term comes to an end in May.Elsewhere, the Bank of Japan left its key interest rate unchanged Friday ahead of the country’s snap election next week which could impact government spending plans. After sharp volatility in the wake of the announcement, the yen traded slightly higher. In company news, the share price of Japanese giant Nintendo closed up 4.5 percent as industry data showed that its Switch 2 console led the US hardware market in unit and dollar sales in 2025.Czech weapons manufacturer CSG debuted on the Amsterdam stock market Friday, raising 3.8 billion euros ($4.5 billion) in the world’s biggest initial public offering in the defence sector.Next week’s US earnings calendar is packed with results from Apple, Microsoft, Boeing, Tesla, Meta and other corporate giants. – Key figures at around 1100 GMT -London – FTSE 100: UP 0.1 percent at 10,159.13 pointsParis – CAC 40: DOWN 0.4 percent at 8,116.40Frankfurt – DAX: FLAT at 24,860.23Tokyo – Nikkei 225: UP 0.3 percent at 53,846.87 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 26,749.51 (close)Shanghai – Composite: UP 0.3 percent at 4,136.16 (close)New York – Dow: UP 0.6 percent at 49,384.01 (close)Euro/dollar: DOWN at $1.1735 from $1.1751 on ThursdayPound/dollar: UP at $1.3530 from $1.3500Dollar/yen: DOWN at 158.20 yen from 158.39 yenEuro/pound: DOWN at 86.73 pence from 87.05 penceWest Texas Intermediate: UP 1.4 percent at $60.19 per barrelBrent North Sea Crude: UP 1.4 percent at $64.95 per barrel

Asian markets extended their recovery on Friday after Donald Trump withdrew his tariff threats over Greenland, although lingering uncertainty about US policy weighed on the dollar and helped push precious metals to fresh records.Investors were also preparing for next week’s Federal Reserve meeting following data broadly in line with forecasts and after US prosecutors took aim at boss Jerome Powell, raising fears over the bank’s independence.Sentiment has picked up over the past two days after the US president pulled back from his warning to hit several European nations with levies because of their opposition to Washington taking over the Danish autonomous territory.Asian stocks extended Thursday’s gains in light of the row-back, with Tokyo, Hong Kong, Shanghai, Taipei, Sydney, Seoul, Singapore and Bangkok in positive territory.London was flat at the open but Paris and Frankfurt fell.That followed a second successive advance on Wall Street.However, Trump’s latest salvo against allies — as well as his ouster of Venezuelan President Nicolas Maduro this month — revived trade war fears and uncertainty about US investment, putting downward pressure on the dollar this week.Analysts said there was no guarantee that Europe-US relations had improved durably.The Republican’s willingness to threaten tariffs over any issue had rattled confidence on trading floors, weighing on the dollar and boosting safe-haven metals, analysts said.In Asian trade, gold rallied to a fresh peak above $4,967 an ounce while silver touched more than $99.With the Greenland crisis over for now, investors turned their attention to the US economy, which grew slightly more than originally estimated in the third quarter thanks to a boost in exports and investment, according to data delayed by last year’s government shutdown.Separate figures showed jobless numbers dipped and inflation settled slightly lower to where it was before the shutdown.The bank is tipped to hold interest rates, having cut them in the previous three meetings.The gathering comes against the backdrop of a deepening row between Trump and Powell, who the president has lambasted for not cutting borrowing costs quickly enough.The pressure ramped up on Powell this month when the administration issued subpoenas hinting at a possible probe into a $2.5 billion renovation of the Fed headquarters. “The bar to a further cut is too high and (Trump appointee) Steve Miran notwithstanding the Federal Open Market Committee are likely to err on the side of a hold, which will inevitably incur the wrath of president Trump,” wrote MCH Market Insights’ Michael Hewson, referring to the Fed’s decision-makers.Fiona Cincotta at City Index added: “Sticky inflation and solid growth provide little incentive for the Fed to cut rates further for now. These data points support the Fed’s wait-and-see stance.”The meeting also comes as Trump considers candidates to replace Powell when his term comes to an end in May.The president told reporters on Thursday that “I have somebody that I think will be very good but I’m not going to reveal it”.”It’s someone very respected, very, very well known, and will do, I think, a very good job.”While the dollar has struggled against most currencies, it rose against the yen on Friday after the Bank of Japan decided to hold off hiking interest rates while it tries to ascertain the impact of recent increases on inflation, which data showed remains above its two percent target. In company news, Japanese giant Nintendo jumped as much as 6.9 percent after gaming data firm Circana said its Switch 2 console led the US hardware market in unit and dollar sales in 2025. The firm ended 4.5 percent higher.The “Switch 2 remains the fastest selling video game hardware platform in tracked history”, Circana’s Mat Piscatella wrote on BlueSky.Next week’s US earnings calendar is packed with results from Apple, Microsoft, Boeing, Tesla, Meta and other corporate giants. There will also be a Federal Reserve monetary policy decision.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 53,846.87 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 26,749.51 (close)Shanghai – Composite: UP 0.3 percent at 4,136.16 (close)London – FTSE 100: FLAT at 10,152.45Euro/dollar: DOWN at $1.1739 from $1.1751 on ThursdayPound/dollar: DOWN at $1.3496 from $1.3500Dollar/yen: UP at 158.50 yen from 158.39 yenEuro/pound: DOWN at 86.98 pence from 87.05 penceWest Texas Intermediate: UP 0.5 percent at $59.63 per barrelBrent North Sea Crude: UP 0.4 percent at $64.34 per barrelNew York – Dow: UP 0.6 percent at 49,384.01 (close)

TikTok announced Thursday it has established a majority American-owned joint venture to operate its US business, allowing the company to avoid a ban over its Chinese ownership.The video-sharing app is a global digital entertainment powerhouse but its mass appeal and links to China have raised concerns over privacy and national security.The TikTok USDS Joint Venture LLC will serve more than 200 million users and 7.5 million businesses while implementing strict safeguards for data protection and content moderation, the company said.The new structure responds to a law passed under US President Donald Trump’s predecessor Joe Biden that forced Chinese-owned ByteDance to sell TikTok’s US operations or face a ban in its biggest market.Trump welcomed and claimed credit for the deal, but also thanked Chinese President Xi Jinping for approving it.”I am so happy to have helped in saving TikTok!” Trump said in a post on Truth Social late Thursday.”It will now be owned by a group of Great American Patriots and Investors, the Biggest in the World, and will be an important Voice.””I would also like to thank President Xi, of China, for working with us and, ultimately, approving the Deal,” he added.- Cybersecurity audit -ByteDance retains a 19.9 percent stake in the joint venture — keeping its ownership below the 20 percent threshold stipulated by the law.Three investors — Silver Lake, Oracle and Abu Dhabi-based AI investment fund MGX — each hold 15 percent stakes. Oracle’s executive chairman Larry Ellison is a longtime Trump ally.Other investors include Dell Family Office, affiliates of Susquehanna International Group and General Atlantic.The joint venture will retain decision-making authority over trust and safety policies and content moderation for US users.But TikTok’s global entities will manage international product integration and commercial activities including e-commerce and advertising.Under the arrangement, US user data will be stored in Oracle’s secure cloud environment, with cybersecurity audited by third-party experts and adhering to federal standards, TikTok said.Jasmine Enberg, co-CEO of Scalable, a media company focused on the creator economy, said TikTok users would be relieved by the deal but that there were “still big questions about how this will all play out.””Behind the scenes, TikTok is likely working hard to assure advertisers it will remain business as normal,” she told AFP.”While the need for users to download a new app seems unlikely, brand partners will want to know that their TikTok strategies won’t be disrupted.”- Ellison in spotlight -The joint venture will be governed by a seven-member, majority-American board including TikTok CEO Shou Chew and executives from investment firms.TikTok executive Adam Presser was appointed CEO of the new entity, with Will Farrell serving as chief security officer.The 2024 law came as US policymakers, including Trump in his first presidency, warned that China could use TikTok to mine Americans’ data or exert influence through its algorithm.But Trump, crediting the app for his appeal with young voters, delayed enforcement through successive executive orders, most recently extending the deadline to January 22.The deal largely confirms an outline announced to staff by Chew last month.In September, one-time venture capitalist and Vice President JD Vance said the US entity would be valued at about $14 billion but it would ultimately be up to investors to determine pricing.That month, Trump said a new venture had been agreed with China and would meet the law’s requirements.Trump specifically named Ellison, one of the world’s richest men, as a major player in the arrangement.Ellison has returned to the spotlight through his dealings with Trump, who has brought his old friend into major AI partnerships with OpenAI.

Video-sharing platform TikTok has over a billion users worldwide, including more than 170 million in the United States, it says — nearly half the country’s population.Here is a closer look at the app, which on Thursday announced it had established a majority American-owned joint venture to operate its US business:- Born in China -TikTok’s transformation from niche video app to global digital entertainment powerhouse is one of the biggest shifts in the sector since the advent of social media.From friends dancing together to home chefs demonstrating recipes or people sharing political views, TikTok can turn ordinary users into celebrities, revolutionizing the traditional path to stardom.The platform was launched in 2016 by Chinese tech company ByteDance for the local market, where it is called Douyin. The international version, TikTok, was released in 2017.It gained massive momentum after merging with Musical.ly, a lip-synching app, a year later.- ‘For You’ page -The so-called secret sauce in TikTok’s rapid expansion has been its innovative recommendation algorithm.Instead of showing content from accounts that users already follow, the endless scroll of TikTok’s “For You” page is based on viewing habits, engagement patterns and sophisticated content analysis.A video from a complete unknown can reach millions of people if the algorithm determines it engaging enough — a model that the app’s rivals have been keen to follow.TikTok’s focus on short clips also helps keep users hooked.It was initially limited to uploads of 15 seconds, but this was later expanded to up to 10 minutes, and now some users can post videos as long as 60 minutes.- Suspicions -TikTok’s mass appeal has made its rise controversial — mainly over its Chinese ownership and built-in unpredictability.The platform has faced scrutiny worldwide, particularly in the United States, over data privacy and potential ties to the Chinese government, including accusations of spying and propaganda.India banned TikTok along with other Chinese apps in 2020, citing national security concerns.And a European Union watchdog fined TikTok 530 million euros ($620 million) last year for failing to guarantee its user data was shielded from access by Chinese authorities.The social media giant has appealed the fine, insisting it has never received any requests from Chinese authorities for European users’ data.- Sell or be banned -The US Congress passed legislation in 2024 requiring that ByteDance divest control of TikTok in the United States, or be banned.The matter was a major sticking point in US-China trade negotiations, and last month, an internal memo from TikTok’s CEO said an agreement had been reached on a new joint venture in the United States.On Friday, TikTok unveiled its new business structure, which it said would implement strict safeguards for data protection, algorithm security and content moderation.ByteDance retains a 19.9 percent stake in the joint venture, keeping its ownership below the 20 percent threshold stipulated by the law.Three investors — Silver Lake, Oracle and Abu Dhabi-based AI investment fund MGX — each hold 15 percent stakes. Oracle’s executive chairman Larry Ellison is a longtime Trump ally.- Teenage safety fears -In a world first in December, Australia banned under-16s from major social media platforms including TikTok, with the onus on tech firms to kick young users off their services.Other countries have expressed concern about the potential effects of TikTok on young users, including accusations it funnels them into echo chambers and fails to contain illegal, violent or obscene content.Albania banned TikTok for a year in March after a 14-year-old schoolboy was killed in the culmination of a confrontation that started on social media.burs-kaf/abs