The parent company of TikTok, a Chinese video-sharing app, has announced it is taking legal action against the US government, in an effort to safeguard its rights and interests.
Chinese state news agency Xinhua reports, ByteDance, the parent company, is likely to file a lawsuit against the federal government U.S. government.
In a statement, ByteDance said "To ensure that the rule of law is not discarded, and that our company and users are treated fairly, we announce that we will officially file a lawsuit to safeguard our interests."
It also said they have earnestly sought to communicate with the US government over the past year and provided solutions regarding its concerns.
But the US administration disregarded facts, disobeyed necessary legal procedures, and tried to insert itself into negotiations between private businesses, ByteDance alleged.
As part of the Trump administration’s signature economic and foreign policy strategy of decoupling with China, the president announced at the start of this month that he would be banning the popular Chinese video blogging app in the US, where it has 90 million users.
It prompted US tech giant Microsoft to enter the picture and offer to buy TikTok in order to save its American business. Trump initially entertained the idea but soon started demanding a ‘substantial cut’ of whatever price Microsoft managed to agree with Bytedance.
A few days later Trump doubled down on the ban and banned US companies from even interacting with Bytedance.
Apple is the first U.S. company to boast a market value of $2 trillion, just two years after it became the first to reach $1 trillion.
Apple shares have gained nearly 60% this year as the company overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales amid the coronavirus pandemic.
The company's hugely loyal customer base trusts its products so much that they continued to buy iPhones and other devices online while stuck at home. Apple recently reported blowout earnings for the April-June quarter.
An upcoming four-for-one stock split that will make Apple’s shares more affordable to more investors also sparked a rally after it was announced three weeks ago.
Apple has been at the vanguard of a group of Big Tech companies that are increasingly taking over people’s lives — and the stock market. Just five companies — Apple, Microsoft, Amazon, Facebook and Google’s parent company — account for nearly 23% of the S&P 500’s entire value.
Saudi Aramco reached a market value of $2 trillion shortly after becoming a public company in December 2019.
The Saudi energy producer's shares have fallen since amid a drop in oil prices and its market value is now about $1.82 trillion.
Nike has released a new 90-second commercial on the enduring power of sports with messages of inclusiveness and perseverance at a time when the coronavirus pandemic has forced cancellation or postponement of sporting events.
The themes include athletes’ relationship with social justice, specifically the Black Lives Matter movement, as well as the long shutdown due to the Covid-19 pandemic.
The video, "You Can't Stop Us," features a split-screen stitching together footage of athletes from various sports. It has been viewed millions of times since its launch on Thursday, reports CNN.
With Megan Rapinoe narrating, “You Can’t Stop Us” tells a powerful story about how sports will live on, no matter the circumstances, no matter the form they take.
"We're never alone, and that is our strength," says the ad's narrator, women's soccer star and equal-pay activist Rapinoe. "Because when we're doubted, we'll play as one. When we're held back, we'll go farther, and harder. If we're not taken seriously, we'll prove that wrong. And if we don't fit the sport, we'll change the sport."
The commercial, being hailed as an editing marvel, juxtaposes disabled and able-bodied athletes as well as male and female competitors in different sports. Throughout it, an athlete on one half of the screen mirrors another on the opposite side move-for-move, as if they are a single person.
Perhaps the most impressive thing about the commercial is the seamless editing that shows how all sport is linked, and how similar all athletes are.
The ad also addresses the Covid-19 crisis, showing split-screen images of workers in hazmat suits spraying down stadium seats.
Although it has been well-received, some have characterised it as hypocritical, citing past critiques of Nike as a foreign "sweatshop" operator.
"No matter how bad it gets, we will always come back stronger," the Nike ad says in closing. "Because nothing can stop what we can do together."
China underscored the efforts to further open up and keep foreign trade and investment stable, as well as to facilitate employment and ensure people's livelihood amid the pandemic.
The observations came out in a statement released on Wednesday after a State Council executive meeting chaired by Premier Li Keqiang.
It decided to expand the pilot program on the innovative development of trade in services, and unveil new measures to help migrant workers find jobs or start businesses.
Meanwhile, to promote a higher level of opening-up, the pilot program will be expanded to cover parts of 21 provincial regions, and explore widening the field of opening-up and improving trade facilitation, the statement said.
The meeting urged efforts to enhance foreign trade firms' capabilities to withstand risks, encourage the central, western and northeastern regions to take over labor-intensive foreign trade industries, and improve the policy environment to attract foreign investment.
It also said that work will be done to stabilize the employment of migrant workers in urban areas.
They will be supported to find jobs in or near their hometowns, such as promoting projects for new urbanization, rural water conservancies, and post-disaster reconstruction in townships to create more jobs.
Additionally, migrant workers will receive better financial support to start their own businesses, while poor laborers will enjoy further protection such as temporary allowances, the statement said.
The meeting also called for efforts to boost COVID-19 virus testing capabilities, which was regarded as a key method in coordinating epidemic control and economic and social development.
Uber on Thursday announced the appointment of Prabhjeet Singh as President Uber India and South Asia, tasked with overseeing the next phase of growth in the company’s mobility business and ensuring safety for riders and drivers across India, Sri Lanka and Bangladesh.
His appointment is effective immediately.
While making the announcement Pradeep Parameswaran, Regional General Manager for Asia Pacific, said, “I’m delighted to announce that Prabh is replacing me as Uber’s new President for India and South Asia, one of our fastest growing and most strategic markets."
"Prabh is a passionate and innovative leader and has been instrumental in helping build Uber from the ground up and established our category leadership in the ride-sharing market. I’m confident Prabh will exceed our expectations by leading Uber India SA on to the path of profitability, further consolidate our partnership with public transport authorities, continue our growth trajectory by expanding Auto and Moto to the next batch of cities, and build iconic teams.’’
Commenting on his new appointment Prabhjeet, said, “I’m thrilled to have been given the responsibility of leading Uber in India and South Asia, and look forward to collaborating with exceptional teams and gifted colleagues across the Uber family to strengthen our services and product offerings."
"Uber is an integral part of the fabric of our cities and as they start moving again, we have prioritized the highest standards of safety, sustainability and service that our riders and drivers expect of us.’’
Prabh, an IIT Kharagpur and IIM-A alum, joined Uber in August 2015 from McKinsey and Co., where he was an Associate Partner. Since, he’s been part of the core team that adapted the global business model to India, launched multiple new cities and led several India-first innovations, including scaling up Auto and Moto categories and building a multi-modal platform, which have both been exported to other emerging markets.