Trump gives 'blessing' to TikTok tie-up with Oracle

We Chat is seen among U.S. flags in this illustration

Separately, the Commerce Department late Saturday said it was delaying enforcement of another order issued Friday that would also have banned US app stores from offering TikTok starting late Sunday.

TikTok Global will also create a $5 billion American youth education fund as part of the deal, according to Trump.

Oracle and Walmart will be given the chance to take a total stake of up to 20 percent in TikTok prior to an initial public offering by the company, TikTok said.

TikTok's owner, ByteDance, has denied accusations that it is controlled by or shares data with China's ruling Communist Party.

They added that if Walmart negotiates having a stake, its chief executive Doug McMillon will get a seat on the company's board. Speaking to reporters outside the White House before he departed for North Carolina, Mr Trump said the deal will be "totally secure".

According to a report from Bloomberg, Oracle and Walmart have rights to buy 12.5% and 7.5% respectively of a newly established TikTok Global under an agreement that has gotten the approval of President Donald Trump.

Oracle and TikTok followed Trump's comments with announcements that Oracle will become the cloud provider and a minority shareholder in the app, which is owned by China-based ByteDance.

The China-owned app will face a "real shutdown" after November 12 in the absence of a deal, according to the U.S. Secretary of Commerce Wilbur Ross.

Turkey upset by Sarraj's plan to step down in Libya, Erdogan says
Libya is split between the internationally recognized Government of National Accord (GNA) in Tripoli and Haftar's forces in the east.

The Trump administration has used its own "entity list" to shut Chinese telecom giant Huawei out of the U.S. market, in addition to the recent moves against TikTok and WeChat. "Its data policies and procedures meet the strictest privacy standards in the world", Tencent said in a statement previously.

Oracle will be in charge of hosting all US user data and the security of the associated computer systems, while Walmart will supply its online sales, order management and payment services.

Trump signed an executive order last month giving ByteDance 90 days to sell TikTok.

TikTok has an estimated 80 million daily active users in the United States.

Shortly after, TikTok - owned by China's ByteDance - confirmed the agreement, which came with companies racing against a Sunday deadline set by Trump's administration after which new downloads of the app would be banned.

ByteDance is in a race to avoid a ban on TikTok after the US Commerce Department said on Friday that it would block new downloads and updates to the app from Sunday.

The filing, published by CourtListener, reveals the judge considers the U.S. government "does not meaningfully contest through evidence" the effect of preventing WeChat business transactions on WeChat users in the United States, even when taking into account the "overarching national-security interest".

Users who sued the Trump administration over the ban have raised "serious questions" about First Amendment free speech issues, Judge Beeler said, and that tipped the "balance of hardships" in their favor.

Related News:



Most liked

The Scenario in Which Kelly Could Stop Trump's Pick
Many of Biden's remarks were directed not at Trump and McConnell, but at Senate Republicans who could derail the nomination. Before that, she was the first Hispanic woman and the first Cuban American woman on the Supreme Court of Florida.

World's Most Popular Game Banned From Google Play
Google said Fortnite will remain available on Android , just not through its app store. District Court in Northern California for dropping Fortnite .

Sanofi, GlaxoSmithKline score European Union supply pact for 300M coronavirus shots
A handful of vaccines, including those from Pfizer Inc and AstraZeneca , are also being tested in large studies. "This second agreement is yet another milestone in our EU Vaccines Strategy".

AstraZeneca Resumes Its COVID-19 Vaccine Trials In The U.K.
AstraZeneca's COVID-19 vaccine candidate AZD1222 is one of the most advanced projects in the race to develop a vaccine. AstraZeneca's study was paused while it investigated whether the adverse reaction was linked with the vaccine.

North-east England in Tougher Lockdown as COVID-19 Cases Rise
Given the recurrence of the epidemic, many people with symptoms can not access a test that has been heavily criticized by the government.

Gareth Bale to fly to London for Spurs medical
Bale originally joined Spurs from Southampton in 2007 before moving to the Spanish giants for a then world record £85m in 2013. Tottenham confirmed in a statement that Bale would not be able to represent the club until after the October worldwide break.

Facebook allegedly spies on Instagram users through selfie cameras
Brittany Conditi, an Instagram user filed the lawsuit against Facebook in a Federal court in San Francisco, Bloomberg reported. The suit accuses Facebook of using people's mobile phone cameras to spy on them.

Unemployment Claims Down, But Recovery Remains Uneven
The housing market is being fueled by record low interest rates and a pandemic-fueled migration to suburbs and low density areas. In addition, California's figures show a wide discrepancy with nationally-reported data on continuing PUA claims in California.

Oil flat as Libya developments counter OPEC+ boost
WTI oil hit two-week high on Thursday in extension of Wednesday's 4.4% advance, inflate by significant drop in U.S. crude stocks. In this light, Russia's oil demand recovery forecast looks like a way to support the market rather than a true forecast.

U.S. to Impose Sanctions on Violators of UN Arms Embargo on Iran
The immediate concern of the USA has been the indefinite extension of the arms embargo that would otherwise expire on October 18. The U.S. argues it retains the right to do it as an original participant in the deal and a member of the council.

Conservative leader Erin O'Toole tests positive for coronavirus
The Prime Minister Justin Trudeau had a coronavirus scare earlier this year when his wife, Sophie, tested positive for the virus. Legault said on Twitter that he would get tested as a precaution and isolate himself at home, adding that no one is immune.

Best Apple Watch Series 6 Deals: Where to buy Apple's new smartwatch
In terms of cameras , it has a 12-megapixel rear camera like the iPad Pro but with enhanced video stabilization qualities. Both devices are nearly identical in size, with the new iPad Air being ever so slightly thicker than the iPad Pro.

Monkey takes phone, selfies
Zackrydz Rodzi, 20, on Wednesday said that his mobile phone was missing from his bedroom when he woke up on Saturday. While the macaque was a phone thief, Zackrydz did not want to be accused of stealing credit from the monkey.

Fed to keep rates near zero
US gold futures were 0.5 percent higher at $1,960.10. -With assistance from Kamaron Leach, Liz Capo McCormick and Lu Wang. Recent flare-ups of the virus and a fading post-pandemic recovery have renewed calls for more fiscal support as well.

Samsung Galaxy F41 expected to launch in India soon
This discount has been introduced on Samsung.com , nearest Samsung store, leading online portals and retail stores as well . In terms of connectivity, there is 4G LTE, Wi-Fi 6, Bluetooth 5.0, GPS/ A-GPS, NFC, and a USB Type-C port for charging.