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TikTok will be removed from US app stores from midnight on Sunday as Washington moves to implement executive orders from President Donald Trump that will also target WeChat, a Chinese social media app, according to a person briefed on the plans. The US commerce department, which issued the orders on Friday, stopped short of forcing Apple
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ByteDance has agreed to list TikTok on a US stock market at some point after its proposed partnership deal with American software group Oracle, as part of its effort to satisfy the Trump administration’s national security concerns with the video-sharing app. People with direct knowledge of the matter said that an initial public offering in
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The Federal Reserve indicated it would not raise interest rates until inflation has been higher than 2 per cent “for some time”, as it sought to boost its monetary response to the pandemic. The new guidance from the Federal Open Market Committee implements a shift towards a more dovish long-term policy stance that was endorsed
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President Donald Trump questioned whether climate change was responsible for the devastating wildfires that have swept across the West Coast, instead using a visit to California to blame the blazes on poor forest management. Meeting with state officials on Monday in California, parts of which have been razed by the wildfires, Mr Trump suggested that
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ByteDance has reached a preliminary “technical partnership” agreement with Oracle for TikTok’s US operations that does not include a full sale of the popular video app, according to three people with knowledge of the matter. As part of the deal, Oracle plans to address the national security concerns the Trump administration has raised over the
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SoftBank executives have revived discussions about taking the technology group private as the Japanese conglomerate seeks to redefine its strategy after a series of big asset disposals, people with direct knowledge of the matter said.  The talks are driven by frustrations over the persistent discount in SoftBank’s $115bn equity valuation compared with the value of
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When Bernard Looney makes his long-awaited pitch to investors on the future of BP this week, the chief executive is expected to hammer home one message: that BP will be a stronger company when it produces less oil and gas. Since the veteran oil man took the helm in February, he has promoted with unlikely
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The UK government was explicitly warned in January that Boris Johnson’s Brexit divorce deal would leave Brussels able to claim jurisdiction over “large amounts” of UK state aid policy after the end of the transition period, documents seen by the Financial Times have revealed. A 10-page official briefing document shows the civil service issued clear
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Firefighters in Oregon were battling 16 separate large fires that have forced authorities to evacuate 40,000 people and alert another 500,000 to prepare to flee, including residents of the city of Portland. Doug Grafe, the fire chief in the northwestern US state, said on Friday that the largest three fires were in counties near Portland
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The threat of a turbulent US presidential election is raising the pressure on companies to load up on cheap debt as bankers warn that disruption to financial markets could deny them access to funds on favourable terms. Corporate bond issuance has started strongly in September after companies raised $210bn in August — a record for
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Donald Trump told Bob Woodward, the Washington Post journalist, that he played down the seriousness of the coronavirus pandemic even after his aides said it would be the “roughest thing” he would face as US president. Mr Trump told Mr Woodward in March that Covid-19 was “deadly stuff” while publicly dismissing the seriousness of the
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AstraZeneca has paused all clinical trials of the Covid-19 vaccine it is developing with Oxford university after a participant in the UK section of the study suffered a suspected serious adverse reaction. The UK-based drugmaker voluntarily put the trial on hold after the discovery of the sick participant. AstraZeneca said it was working to review
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US technology shares that powered stock markets to record highs this summer are set to fall for a third consecutive session, in what some investors are calling a “healthy” correction to valuations that had surged since the coronavirus sell-off. Futures contracts linked to the tech-focused Nasdaq 100 index — which includes Apple, Microsoft and Google
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Donald Trump raised the prospect of “decoupling” the US economy from China and claimed that America was experiencing “the fastest recovery in US history”, honing his economic messaging as the presidential campaign enters its final stretch. Mr Trump, who made China a central focus of his 2016 campaign, previewed a tougher line on trade with
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German automotive giant Daimler has ruled out expanding production in its home country as it prepares for further cost cuts in the face of a sharp fall in global car sales. Ola Kallenius, chief executive of the group, which owns Mercedes-Benz and is the country’s oldest carmaker, told the Financial Times it would invest in
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On Friday, the Financial Times unmasked SoftBank, the Japanese investment group, as the “Nasdaq whale” whose options trading helped stoke an eye-popping rally in tech stocks before a vicious market correction this week. Now, with the air suddenly coming out of inflated valuations, investors are urgently trying to understand how activity in derivatives markets sent
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Chinese shares tumbled and US stock futures slid further after the record rally in global equities this year was thrown into sharp reverse by a sell-off of tech stocks. China’s CSI 300 index of Shanghai- and Shenzhen-listed stocks dropped 1.2 per cent, while Japan’s benchmark Topix fell 1 per cent and Australia’s S&P/ASX 200 shed