TikTok has deployed Washington power brokers and $1,500-an-hour attorneys to fend off a new law barring the app unless its Beijing-based parent, ByteDance Ltd., divests. With a $4.8 million ad campaign, a full-court press on Capitol Hill and the US Constitution, TikTok is in a multifront fight for its survival.
"They're out in full force," said Joel Thayer, a Republican lawyer who helped push the legislation, arguing the company's data collection and ties to the Chinese government make it a national security threat. "It's end-of-life for them. It's a very well-orchestrated play."TikTok's fate rests in part with US courts after it sued to overturn the law signed by President Joe Biden forcing ByteDance to sell the app by Jan. 19 or be barred from operating in the US. The government's response is due Friday ahead of oral arguments in September, and the company is prepared to take its case to the Supreme Court.
With more than 170 million monthly US users, TikTok has a lot at stake. A ban would exclude ByteDance from the world's most lucrative advertising market and give an immediate boost to rivals like Meta Platforms Inc.'s Reels or YouTube's Shorts.
Denne historien er fra July 27, 2024-utgaven av Business Standard.
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Denne historien er fra July 27, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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FY25 as weak-earnings year is gradually getting priced in
Even as many blame record foreign portfolio outflows for the market downturn, the real culprit is weak earnings amid rich valuations, says GAUTAM CHHAOCHHARIA, head of global markets, India, UBS. In an interview with Samie Modak in Mumbai ahead of the UBS India Summit, Chhaochharia highlights that 2024-25 (FY25) weak earnings growth is now factoring into market expectations. Investors are shifting their focus to the actions of the Reserve Bank of India (RBI) and the central government, as well as the outcome of upcoming state elections. Edited excerpts:
Non-disclosure of foreign property invites ₹10 lakh penalty per yr
Many high-net-worth individuals who allegedly own undeclared properties in Dubai have received notices from the tax office.
Modest increase in SBI share price after Q2
Brokerages positively revise their earnings forecasts, maintain target price
Strong growth, margin metrics could support LIC's valuations
In the September quarter (Q2FY25), LIC reported net premium income of ₹1.2 trillion, up 12 per cent year-on-year (Y-o-Y).
Mkts settle flat on FPI selling
Benchmark stock indices Sensex and Nifty closed flat in highly volatile trade on Monday as continuous foreign portfolio investors (FPI) selling, disappointing quarterly earnings and weak trends from Asian markets dented investor sentiment.
Rising retail ownership to spur equity cult in India: Morgan Stanley
Retail investors have become a force to reckon with as their ownership of Indian equities has risen by 800 basis points or 8 per cent to 23.4 per cent in the last 10 years, suggests a recent note from Morgan Stanley.
China wrests MSCI EM IMI top spot from India
Change in the pecking order comes amid a sharp rally in Chinese equities
HAVING A TRUCK WITH LNG
Things are changing rapidly with the entry of the private sector, but the path of LNG trucks in India is strewn with rocks
Accounting for climate finance
The climate negotiations meeting of the Conference of Parties signatory to the convention, COP29, at Baku, Azerbaijan, where most nations of the world have gathered currently, shall deal with various concerns relating to climate change.
Re-examine trade pacts
India must consider entering CPTPP, RCEP
