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...“They are overriding our local decisions [and] demoting American leadership,” said one current senior US employee....
...The company’s major backers include billionaire Jeff Yass’s Susquehanna International Group, Sequoia Capital and its Chinese split-off HongShan as well as Yuri Milner’s DST Global and SoftBank....
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...The US is pushing allies in Europe and Asia to tighten the restrictions, following the debut of an advanced chip by Chinese mobile phone maker Huawei and chipmaker Semiconductor Manufacturing International...
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...The standalone unit, which voluntarily walls off American data, is up and running but has failed to persuade US lawmakers that the app is safe....
...Bishop said Apple was already enforcing the filing requirement for Chinese developer accounts, and was required to do so for international services....
...“Many Americans, particularly young Americans, are rightfully sceptical,” Warner said. “At the end of the day, they’ve not seen what Congress has seen....
...Policy “inconsistency” in China is discouraging foreign investors despite Beijing’s efforts to reassure international companies, a leading American business lobby group has said....
...A Biden campaign official said the app — which has been downloaded by 170mn Americans, more than half the population — was one of the ways the president would ensure his message was being received by young...
Americans account for 14% of users but their revenue contribution will be higher
...It is a forced divestiture, and hopefully, a precedent on foreign corporate ownership of tools that can reach hundreds of millions of Americans....
...TikTok has urged its supporters to make the same case to Congress, arguing that the rights of the 170mn Americans who have downloaded the video app are in jeopardy....
...For the past five years, I have been covering tech for Nikkei Asia from the centre of American innovation....
...The move followed briefings from national security officials who warned that China could gain access to Americans’ personal data held on the app....
...Additional reporting by Cheng Ting-Fang and Lauly Li A version of this article was first published by Nikkei Asia on April 17 2024. ©2024 Nikkei Inc. All rights reserved....
...International banks Goldman Sachs, JPMorgan, Morgan Stanley, UBS and HSBC had spent months lobbying to work on the Syngenta listing, drawn to the prospect of advising a large international company that has...
...And US commerce secretary Gina Raimondo helped Microsoft, a would-be American “national champion,” ink a $1.5bn artificial intelligence investment in the United Arab Emirates....
...In response, North American manufacturers say they are pulling back on expansion plans despite lucrative incentives available under the Inflation Reduction Act, the landmark US climate law....
...International firms have also had to navigate mounting geopolitical tensions between Beijing and Washington, where a select committee has scrutinised American business on the mainland....
...Nonetheless, analysts have forecast bumper sales for the two drugs given the 7mn Americans and more than 50mn people worldwide suffering from Alzheimer’s....
...In raising concerns over the deal Biden did not refer to national security, speaking only of the need to maintain “strong American steel companies powered by American steel workers”....
...ByteDance’s US investors include the likes of private equity firm General Atlantic as well as Susquehanna International Group and Sequoia Capital....
...But letting them snap TikTok up would only increase their power over the American psyche....
...After the vote, TikTok said lawmakers were “attempting to strip 170mn Americans of their constitutional right to free expression”....
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