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Yahoo BusinessSep 20, 2020
Oracle TikTok Deal Wins Trump's Blessing: Deal at a Glance
(Bloomberg) -- Oracle Corp.'s agreement to take a stake in TikTok has won the long-awaited blessing of U.S. President Donald Trump.The proposal, which would give Oracle and other investors minority ownership of a new company called TikTok Global, still needs approval from regulators in China, where TikTok's parent ByteDance Ltd. is based.Trump's praise for the agreement suggests that weeks-long deliberations over the fate of a popular music and video-sharing app are nearing completion. ByteDance began holding discussions with investors in its U.S. operations after the Trump administration threatened to shutter the business, saying that it poses a threat to national security.While some of the terms remain undetermined, here's what's known about the deal, based on public statements and people with knowledge of the matter:What We KnowWho's in and who's outOracle plans to take a 12.5% stake in a round of financing that would precede an IPOTikTok also said that together, Oracle and Walmart Inc. could end up with as much as 20%The new company, called TikTok Global, will raise a pre-IPO round of financing and seek a U.S. IPO in less than 12 monthsA host of other companies made proposals or considered bidding; Microsoft Corp. was rebuffed because it wanted to control all of TikTok in the U.S., a condition that didn't sit well with BeijingWhat the deal looks likeOracle will be TikTok's "trusted technology provider," meaning Oracle will house the entity's data in its U.S. servers -- a boon to a cloud computing busi

Yahoo BusinessSep 20, 2020
U.S. Stock-Index Futures Slip; Yuan Ticks Higher: Markets Wrap
(Bloomberg) -- U.S. stock futures opened with declines, while equities in Asia were set for a softer start after a dip on Wall Street on Friday. The offshore yuan edged higher.Currencies elsewhere saw small moves, with the dollar largely steady against its main G-10 peers. Japan's equity market is shut for a holiday and cash Treasuries won't trade until the London open. Stock futures signaled modest declines in Australia and Hong Kong. Crude oil retreated. As U.S.-China tensions linger, President Donald Trump said he's approved Oracle Corp.'s bid for the U.S. operations of TikTok "in concept." Meantime, the Trump administration's curbs on WeChat were put on hold by a judge, upending an effort to halt use of the Chinese-owned app in the U.S.Investors remain watchful for any signs of progress on a U.S. fiscal stimulus package, while Federal Reserve Chair Jerome Powell will testify before Congress from Tuesday to Thursday to discuss pandemic relief efforts. Covid-19 cases in the U.S. steadied as deaths approached 200,000 and over in the U.K., the Health Secretary said the country is at a "tipping point."Elsewhere, the European Central Bank has launched a review of its pandemic bond-buying program to consider how long it should continue and whether its exceptional flexibility should be extended to older programs, the Financial Times reported.These are the main moves in markets:StocksS&P 500 futures slid 0.3% as of 8:04 a.m. in Sydney. The gauge on Friday fell 1.1%.Futures on Australia's S&P/AS

Yahoo BusinessSep 20, 2020
WeChat Avoids Ban After Federal Judge Blocks Trump Executive Order
Smartphone messaging app WeChat has averted a U.S. ban.A federal judge in California temporarily blocked the Trump administration's executive order preventing Americans' use of WeChat, a social network owned by Shenzhen, China-based Tencent Holdings (PINK: TCEHY).U.S. Magistrate Judge Laurel Beeler entered the order Sunday for a preliminary injunction blocking the federal ban on U.S. downloads from going into effect, which was slated for 11:59 p.m. Sunday.The move essentially prevents the Commerce Department from forcing Apple and Alphabet's Google to remove Tencent Holding's WeChat from its app stores.The news is a victory for Tencent, a tech giant under the helm of CEO Ma Huateng. Like TikTok's owner, Beijing-based ByteDance, the company faced scrutiny from the Trump adminstration that the service was a "natonal security" risk.U.S. President Donald Trump maintained that the data WeChat collects from U.S users could be tapped by the Chinese government.Judge Beeler countered by explaining that the "specific evidence about WeChat is modest."In a 22-page order, Judge Beeler said "there are no viable substitute platforms or apps for the Chinese-speaking and Chinese-American community."WeChat has about 19 million users in the U.S. and more than 1.2 billion users world-wide. See more from Benzinga * TikTok Ban Averted As Trump Gives Deal With Oracle, Walmart His 'Blessing' * Portnoy Touts Barstool Sportsbook's Top Ranking In App Store * TikTok Files Court Complaint To Stop Trump Ban(C) 2020 Benz

Yahoo BusinessSep 19, 2020
Oracle, Walmart Invest in TikTok to Gain Social Media Toehold
(Bloomberg) -- Oracle Corp. and Walmart Inc. plan an minority investment in TikTok Global, giving companies that have little experience in social media a stake in a fast growing music and video-sharing app that became the focal point of a trade standoff between the U.S. and China.Oracle and Walmart together could end up with as much as 20% of the entity, purchased in a round of financing that would precede an initial public offering, the companies said Saturday. Sequoia Capital and General Altantic, current investors in TikTok parent ByteDance Ltd., could also pursue stakes in the fundraising round, a person with knowledge of the matter said. ByteDance will retain majority control.ByteDance commenced a search for investors in TikTok's U.S. operations after Trump proclaimed that TikTok was a threat to U.S. national security, and ordered the app be sold to an American business or shut down by Sept. 20. The president said Saturday that he gave his "blessing" to the "concept" of the deal, even though ByteDance will retain such a large stake.For Oracle, the partnership fits with a plan to become a provider of a broad range of computing services delivered via remote server farms, rivaling leaders Inc., Microsoft Corp. and Alphabet Inc. The strategy, announced with fanfare half a decade ago, had mixed success. As of last year, Oracle had grabbed such a small share of the cloud computing and storage market that research firm Gartner Inc. didn't even tabulate the figure. In 2018 Gartner classified Oracle as
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