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- TikTok and its parent company ByteDance were caught off guard by a political storm from the U.S., which proposed the "Protecting Americans from Foreign Adversary Controlled Applications Act" to potentially ban TikTok due to its Chinese company background. The bill passed the House with overwhelming support and is pending in the Senate, with President Biden indicating he would sign it into law.
- Despite facing potential U.S. ban, TikTok has made significant strides in e-commerce through TikTok Shop, achieving nearly $1.2 billion in Gross Merchandise Value (GMV) within months of launching in the U.S., with projections reaching above $20 billion by 2024. However, if banned, TikTok might not be able to divest its assets as required within 180 days, leading to its removal from U.S. app stores.
- The situation has sparked reactions from China's Ministry of Commerce and Foreign Ministry, criticizing the U.S. for suppressing foreign companies under the guise of national security without fair competition. Meanwhile, TikTok CEO Shou Zi Chew has been lobbying in Washington D.C., trying to negotiate a favorable outcome amidst growing bipartisan support for the app's ban due to concerns over data privacy and national security.
Mar.23 2024 18:47 PM

Facebook knew in 2018 that developers in ‘high risk’ countries including China, Russia and North Korea had access to sensitive user data, senators write in letter to CEO
Feb.8 2023 03:16 AM

Cabinet ministers of the city-state affirmed their choice of the party’s fourth-generation team leader on Thursday, Prime Minister Lee Hsien Loong says in a statement
Apr.14 2022 20:28 PM

A Security Council resolution sought to condemn Russia’s attack on Ukraine and called for the immediate withdrawal of its forces
Feb.27 2022 11:52 AM

New generation of China’s ‘tech rich’ offers a lucrative target for the two venues’ burgeoning family office industries
Feb.2 2022 06:03 AM

Primavera Capital founder Fred Hu and Nobel laureate Michael Spence offer their takes on China’s regulatory crackdown on big tech, its approach to wealth inequality and what cryptocurrencies are good for
Jan.22 2022 17:46 PM

Despite several internet restrictions in Southeast Asia, foreign tech firms are increasingly interested in the region
Jan.10 2022 16:06 PM

Tech and gaming companies are pouring cash into their vision for the immersive VR world, but regulators appear to be eyeing the business with suspicion
Nov.19 2021 20:08 PM

Short-video platform among companies summoned to hearing on how products can ‘amplify harms’
Oct.21 2021 20:27 PM

Rapidly expanding interest in the concept of an all-encompassing virtual 3D space is presenting humanity with new risks
Sep.20 2021 16:15 PM

Shares of Shenzhen Zhongqingbao and Zhejiang Jinke surge by 100% and 50% respectively, reflecting investor interest in the metaverse concept
Sep.14 2021 20:56 PM

Purchase of Pico Interactive parallels the move by social networking giant Facebook to acquire VR-headset maker Oculus in 2014
Aug.30 2021 20:40 PM

Telegram, a messaging app that can delete posts, also moves up the ranking as data protection concerns grow
Aug.9 2021 17:20 PM

Attending school during summer break is no longer mandatory in China, and NBA president hopes to continue broadcasting games in China
Jul.9 2021 21:31 PM

Issues with language, payments and logistics have hampered e-commerce companies’ foray into the potentially lucrative market
Jun.16 2021 18:12 PM

92-year-old billionaire gets second dose of the BioNTech shot, his foundation announces
May.27 2021 19:37 PM

ByteDance video unit moves to tap into $1.7 trillion Chinese e-commerce arena, aiming to generate $185 billion by next year
May.12 2021 07:51 AM

Apr.16 2021 23:48 PM

Tech company challenges Google and Microsoft in race to add cloud facilities
Apr.12 2021 15:23 PM

Mar.26 2021 12:07 PM
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