Bloomberg Daybreak Asia: China Mulls US Trade Talks
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Associated Press
9 minutes ago
- Associated Press
What to know about a potential deal to keep TikTok running in US
Less than a month after extending a deadline to ban TikTok for the third time, President Donald Trump told reporters late Friday night that, 'We pretty much have a deal,' on TikTok — but he did not offer details. The details and timing of a potential deal are not clear. TikTok did not immediately respond to messages for comment on Monday. Emarketer analyst Jeremy Goldman said while TikTok is 'reportedly planning' a U.S. version of its app to comply with legal restrictions, the platform — if it launches without the original TikTok algorithm — 'risks losing the very personalization that drives user engagement.' In other words, TikTok just isn't TikTok without its algorithm. 'And getting millions to download a new app is no small feat, to say the least,' Goldman added. Here's what to know about where TikTok stands in the U.S. following Trump's comments. Extensions continue Though he has no clear legal basis to do so, Trump has continued to extend the deadline for TikTok to avoid a ban in the U.S. This gives his administration more time to broker a deal to bring the social media platform under American ownership. It is not clear how many times Trump can — or will — keep extending the ban as the government continues to try to negotiate a deal for TikTok, which is owned by China's ByteDance. While there is no clear legal basis for the extensions, so far there have been no legal challenges against the administration. Trump has amassed more than 15 million followers on TikTok since he joined last year, and he has credited the trendsetting platform with helping him gain traction among young voters. He said in January that he has a 'warm spot for TikTok.' TikTok stays for now For now, TikTok continues to function for its 170 million users in the U.S. Tech giants Apple, Google and Oracle were persuaded to continue to offer and support the app, on the promise that Trump's Justice Department would not use the law to seek potentially steep fines against them. Americans are even more closely divided on what to do about TikTok than they were two years ago. A recent Pew Research Center survey found that about one-third of Americans said they supported a TikTok ban, down from 50% in March 2023. Roughly one-third said they would oppose a ban, and a similar percentage said they weren't sure. Among those who said they supported banning the social media platform, about 8 in 10 cited concerns over users' data security being at risk as a major factor in their decision, according to the report. Trump said Friday that on Monday or Tuesday, the U.S. would take the proposal to Chinese leader Xi Jinping or one of his representatives. The president said he thinks they 'probably' need China to approve the deal but he wasn't sure they needed to. When asked whether he was confident China would approve the deal, Trump said, 'I'm not confident but I think so.' He said that for the U.S., 'we make a lot of money if the deal goes through.' Who wants to buy TikTok? Although it's unclear if ByteDance plans to sell TikTok, several potential bidders have come forward in the past few months. Aides for Vice President JD Vance, who was tapped to oversee a potential deal, have reached out to some parties, such as the artificial intelligence startup Perplexity AI, to get additional details about their bids, according to a person familiar with the matter. In January, Perplexity AI presented ByteDance with a merger proposal that would combine Perplexity's business with TikTok's U.S. operation. Perplexity had no comment on Monday. Other potential bidders include a consortium organized by billionaire business executive Frank McCourt, which recently recruited Reddit co-founder Alexis Ohanian as a strategic adviser. Investors in the consortium say they've offered ByteDance $20 billion in cash for TikTok's U.S. platform. And if successful, they plan to redesign the popular app with blockchain technology they say will provide users with more control over their online data. Among the possible investors are the software company Oracle and the investment firm Blackstone. Neither company immediately responded to messages seeking comment on Monday.
Bloomberg
12 minutes ago
- Bloomberg
Trump Unveils Tariffs Ranging From 25% to 40%
President Trump has announced plans to impose higher tariffs on goods from several countries, including Japan, South Korea, Malaysia, and others, with rates ranging from 25% to 40%. Rep. Kathy Cantor, a Democrat from Florida, says she doesn't know why Trump is imposing tariffs on allies like Japan and South Korea. (Source: Bloomberg)
Business Insider
12 minutes ago
- Business Insider
First Trust Financials AlphaDEX becomes the largest shareholders of Freedom Holding after Timur Turlov
New York, United States, July 7th, 2025, FinanceWire As part of its scheduled portfolio rebalancing, the First Trust Financials AlphaDEX Fund (NASDAQ: FXO) acquired 185,000 shares of Freedom Holding Corp. (NASDAQ: FRHC), adding them to its portfolio. As a result of this transaction, the fund has become the second largest shareholder of the company, following its founder and CEO, Timur Turlov. FRHC now holds a 1.22% weighting in the index that underlies the fund's structure. FXO is an exchange-traded fund (ETF) that tracks the performance of the StrataQuant Financials Index. This index includes companies from the financial services sector that are selected using the AlphaDEX methodology. This methodology screens stocks based on fundamental growth and value factors, highlighting Freedom Holding's appeal as a company with significant growth potential and robust investment fundamentals. "We are pleased to see that Freedom Holding has attracted the attention of such institutional investors as First Trust. This is a confirmation that our strategy of sustainable growth, digital transformation and building a full-fledged financial ecosystem resonates with the professional investment community," commented CEO Timur Turlov. FRHC's inclusion in the fund indicates a high evaluation of the company's business momentum, especially given its ongoing development of a comprehensive financial ecosystem. In recent months, Freedom Holding has significantly expanded its product range, strengthened its market presence, and continued to transform its platforms digitally. These initiatives, alongside strong financial performance, have led to an enhanced investment rating and a more robust position within the S&P index. International credit rating agency S&P Global Ratings has recently revised the outlook on Freedom Holding Corp.'s core operating subsidiaries from 'Stable' to 'Positive,' while affirming their credit ratings at 'B+/B'. The revised outlook applied to Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC. The rating of the parent company, Freedom Holding Corp., was affirmed at 'B-' with a Stable outlook. The addition of FRHC to FXO's portfolio serves as further confirmation that Freedom Holding meets the stringent selection criteria of leading institutional investors and continues to solidify its position as one of the most promising players in the financial sector. The Stanford Graduate School of Business has included a case study on Freedom Holding Corp. in its academic curriculum- the first case of its kind from Central Asia to be studied at one of the world's leading universities. About Freedom Holding Corp. Freedom Holding Corp. is an international financial and technology group listed on the Nasdaq (ticker: FRHC). The company offers investment, banking, insurance, and digital services through its integrated platform, Freedom SuperApp. The group operates in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company's principal executive office is located in New York City. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC). Contact Public Relations
