Money

TikTok executive falls short on China questions

Published

3 years ago

September 16, 2022

ticker NEWS

TikTok’s Chief Operating Officer has faced questions over whether or not the company hands data to China

Vanessa Pappas has become the first TikTok executive to answer questions from lawmakers about the company’s alleged ties to Beijing.

Pappas was facing members of the Senate Homeland Security and Governmental Affairs Committee.

U.S. officials asked whether TikTok shares data with the Chinese Government. But Pappas was unable to confirm whether the company shares data, and if it can cut off its information-sharing.

“ByteDance is founded in China, but we do not have an official headquarters as a global company,” she said.

TikTok is owned by ByteDance, which is based in China.

The popular video-sharing platform has faced a series of probes by U.S. authorities, including by former President Donald Trump who placed an executive order to limit unspecified “transactions” with the Chinese owners of the app.

“I’m concerned that you’re not able to answer the question, except to say that you will not make the commitment to cutting off this data to China,” Senator Rob Portman said during the hearing.

“We also have very strict access controls around the type of data that they can access and where that data is stored, which is here in the United States. And we’ve also said under no circumstances would we give that data to China.”
VANESSA PAPPAS, TIKTKOK CHIEF OPERATING OFFICER

The executive maintained the Chinese Government “in no way, shape or form—period” has control over TikTok’s corporate policies.

Money

France receives lowest credit rating due to crisis

France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability

Published

9 hours ago

September 13, 2025

Ahron Young

France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability

In Short:
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.

Fitch Ratings has downgraded France’s credit rating from AA- to A+, the lowest ever recorded, amid ongoing political and fiscal challenges.

The decision comes shortly after Prime Minister François Bayrou was removed in a vote of no confidence regarding his €44 billion austerity plan.

President Emmanuel Macron has appointed Sébastien Lecornu as the new prime minister, marking the fifth leadership change in under two years.

Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.

The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.

Political Instability

The new prime minister faces a divided parliament and must secure budget approval by October 7.

The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.

Money

Trump moves to fast-track removal of Fed governor Lisa Cook

Published

1 day ago

September 12, 2025

ticker NEWS

The White House is set to fast-track a ruling on firing Federal Reserve Governor Lisa Cook, just days before the crucial FOMC meeting.

The move comes as markets reel from surging inflation, weak jobless data, and global currency shifts, raising questions about the Fed’s independence and the stability of policy decisions.

Money

ANZ job cuts spark banking clash

ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.

Published

3 days ago

September 10, 2025

ticker NEWS

ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.

ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.

The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.

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