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Trump gives Microsoft 45 days to clinch TikTok deal

  • NEW YORK/WASHINGTON (Reuters) - President Donald Trump only agreed to allow Microsoft Corp (MSFT.O) to negotiate the acquisition of popular short-video app TikTok if it could secure a deal in 45 days, three people familiar with the matter said on Sunday.
  • Trump said on Friday he was planning to ban TikTok amid concerns that its Chinese ownership represents a national security risk because of the personal data it handles.
  • But following a discussion between Trump and Microsoft CEO Satya Nadella, the Redwood, Washington-based company said in a statement on Sunday that it would continue negotiations to acquire TikTok from ByteDance, and that it aimed to reach a deal by Sept.
  • This is a deadline that was put to ByteDance and Microsoft by the Committee on Foreign Investment in the United States (CFIUS), which scrutinizes deals for potential national security risks, according to the sources.

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AstraZeneca exempt from coronavirus vaccine liability claims in most countries

  • With 25 companies testing their vaccine candidates on humans and getting ready to immunise hundred millions of people once the products are shown to work, the question of who pays for any claims for damages in case of side effects has been a tricky point in supply negotiations.
  • EU officials told Reuters this week product liability was among contentious points in European efforts to secure supply deals for potential COVID-19 vaccines from Pfizer, Sanofi and Johnson & Johnson.
  • The United States, however, already has a law to exclude tort claims from products that help control a public-health crises in the form of the 2005 Public Readiness and Emergency Preparedness, or PREP Act. AstraZeneca, Britain’s second-largest drugmaker, has pledged to supply a total of more than 2 billion doses at no profit in agreements with the United States, Britain and European countries, among other nations and organisations.

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TikTok's Chinese owner offers to forego stake to clinch U.S. deal - sources

  • NEW YORK/WASHINGTON (Reuters) - China’s ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President Donald Trump said on Friday he had decided to ban the popular short-video app, two people familiar with the matter said on Saturday.
  • Trump told reporters onboard Air Force One late on Friday that he would issue an order for TikTok to be banned in the United States as early as Saturday.
  • Under the new proposed deal, ByteDance would exit completely and Microsoft Corp would take over TikTok in the United States, the sources said.
  • Reuters reported last year that CFIUS had opened an investigation into TikTok. The United States has been increasingly scrutinizing app developers over the personal data they handle, especially if some of it involves U.S. military or intelligence personnel.

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Australia to make Facebook, Google pay for news in world first

  • SYDNEY (Reuters) - Australia will force U.S. tech giants Facebook Inc (FB.O) and Alphabet Inc’s (GOOGL.O) Google to pay Australian media outlets for news content in a landmark move to protect independent journalism that will be watched around the world.
  • Australia will become the first country to require Facebook and Google to pay for news content provided by media companies under a royalty-style system that will become law this year, Treasurer Josh Frydenberg said.
  • Following an inquiry into the state of the media market and the power of the U.S. platforms, the Australian government late last year told Facebook and Google to negotiate a voluntary deal with media companies to use their content.
  • A 2019 study estimated about 3,000 journalism jobs have been lost in Australia in the past 10 years, as traditional media companies bled advertising revenue to Google and Facebook which paid nothing for news content.

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Facebook beats estimates for quarterly revenue, user growth

  • Facebook projected that ad revenue for the third quarter is likewise expected to grow faster than Wall Street estimates, despite an ad boycott in July.
  • Ad sales, which comprise nearly all of Facebook’s revenue, rose 10% to $18.3 billion in the second quarter.
  • Monthly active users rose to 2.7 billion in the second quarter, ahead of estimates of 2.6 billion.
  • Revenue growth at Facebook, the world’s second-biggest seller of online ads after Alphabet Inc’s (GOOGL.O) Google, had been cooling even prior to the pandemic as its business matured, although it still came in at more than 20% throughout 2019.
  • Alphabet shares were up 1% after posting revenue and profit that beat expectations but failed to smash estimates.
  • Chief Executive Mark Zuckerberg said in April that Facebook would somewhat control costs this year in response to the pandemic, without “slamming on the brakes” on strategic investments.

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