Treasury Secretary Scott Bessent said a deal to transfer control of TikTok to US owners and keep the social platform available has been agreed to after meetings between American and Chinese officials.
“We finalised the TikTok agreement in terms of getting Chinese approval and I would expect that will go forward in the coming weeks and months so we can finally see a resolution to that,” Mr Bessent told Fox Business Channel on Thursday.
While previous announcements of a TikTok deal from the White House have not been backed up by Beijing, a post on X by the Chinese embassy in the US implied that it was one of several “outcomes achieved” during recent meetings between US and Chinese delegations in Kuala Lumpur.
“China will properly resolve issues related to TikTok with the US side,” read another post from Chinese representative Liu Pengyu.
TikTok has not yet responded to The National’s requests for comment.
The video-based social media platform used by at least 170 million Americans has come under criticism in recent years as elected officials and technology experts voiced concerns that US data could be compromised by China’s government.
TikTok is owned by ByteDance, which is based in China. The company has repeatedly denied accusations about US user data being breached.
Specifics about a deal to keep TikTok operating remain unclear, but Bloomberg has previously reported that Oracle, Silver Lake Management and Abu Dhabi-based investment company MGX were among those in talks to invest in a US version of the social platform and receive board seats in the venture.
During a recent appearance on CBS, Republican Representative John Moolenaar, chairman of the House select committee on the Chinese Communist Party, said he had reservations about the potential deal with ByteDance.
“The law requires a divestment and getting Chinese Party control away from the app as well as the algorithm, and allows ownership only up to 20 per cent for ByteDance,” he said, referring to the 2024 law passed by Congress that sought to force TikTok to be sold to a US entity.
“How you get that algorithm completely out of Chinese control is going to be up to the experts. There’s six million pieces of code in the algorithm and we need to make sure it’s protected for the American people.
“We want to make sure that data from Americans is kept secure and I think as long as the Chinese are involved there are reasons for distrust.”
On January 18, ByteDance briefly deactivated TikTok in the US after it failed to meet a deadline for divesting the platform to a US owner.
The blackout was lifted several days later after President Donald Trump decided to give ByteDance an extension.
He has since given the China-based company several more extensions during continuing negotiations.
ENGLAND SQUAD
Goalkeepers Pickford (Everton), Pope (Burnley), Henderson (Manchester United)
Defenders Alexander-Arnold (Liverpool), Chilwell (Chelsea), Coady (Wolves), Dier (Tottenham), Gomez (Liverpool), James (Chelsea), Keane (Everton), Maguire (Manchester United), Maitland-Niles (Arsenal), Mings (Aston Villa), Saka (Arsenal), Trippier (Atletico Madrid), Walker (Manchester City)
Midfielders: Foden (Manchester City), Henderson (Liverpool), Grealish (Aston Villa), Mount (Chelsea), Rice (West Ham), Ward-Prowse (Southampton), Winks (Tottenham)
Forwards: Abraham (Chelsea), Calvert-Lewin (Everton), Kane (Tottenham), Rashford (Manchester United), Sancho (Borussia Dortmund), Sterling (Manchester City)
HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
- Be wary of other embeds lengthy fact boxes could crash into
- That's about it
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
RESULTS
6.30pm Handicap (TB) $68,000 (Dirt) 1,200m
Winner Canvassed, Par Dobbs (jockey), Doug Watson (trainer)
7.05pm Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m
Winner Dubai Future, Frankie Dettori, Saeed bin Suroor
7.40pm UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m
Winner Mouheeb, Ryan Curatolo, Nicholas Bachalard
8.15pm Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m
Winner Secret Ambition, Tadhg O’Shea, Satish Seemar
9.50pm Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m
Winner Topper Bill, Richard Mullen, Satish Seemar
9.25pm Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m
Winner Man Of Promise, William Buick, Charlie Appleby
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
MATCH INFO
Newcastle United 1 (Carroll 82')
Leicester City 2 (Maddison 55', Tielemans 72')
Man of the match James Maddison (Leicester)
The Bio
Ram Buxani earned a salary of 125 rupees per month in 1959
Indian currency was then legal tender in the Trucial States.
He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses
Buxani followed in his father’s footsteps when he applied for a job overseas
His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s
Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business
He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery
Buxani lives by a simple philosophy – do good to all
UAE currency: the story behind the money in your pockets
Abu Dhabi Sustainability Week
Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
MATCH INFO
AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
