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TikTok’s breakneck rise from niche video-sharing app to global social media behemoth has drawn intense scrutiny, particularly over its links to China.The platform faces accusations of espionage in the United States, while the European Union has launched an investigation into claims it was used to sway Romania’s presidential election in favour of a far right candidate.So is TikTok a spying tool for Beijing, a fun app, or both?- Romania influence campaign -The EU is probing whether far-right presidential candidate Calin Georgescu’s surprise victory in the first round of Romania’s presidential election was aided by Russian meddling and “preferential treatment” by TikTok.It is the third investigation the commission has launched against TikTok, which risks fines of up to six percent of its global turnover.The platform said it had taken “robust actions” to tackle election-related misinformation. Russia has denied interfering in the vote.- Under pressure -The United States in April passed a law obliging TikTok’s Chinese owner ByteDance to sell off the platform by January 19 on the grounds it allowed China to access data on US users.If not, the platform would be banned in the United States — denying TikTok its claimed 170 million users in the countries.TikTok admitted ByteDance employees in China had accessed Americans’ data but it has denied giving data to the Chinese authorities.To protect data, the US government, the European Commission and Britain’s government had already banned TikTok from their employees’ work devices in 2023.- Teenage ban in Australia -But bans have not halted TikTok’s growth.With more than one billion active users worldwide, the platform is a phenomenon for young people attracted by its never-ending scroll of ultra-brief videos.Nearly a third of TikTok users are between 10 and 19 years old, according to the Wallaroo agency.But that success has brought accusations that the platform encourages the spread of misinformation and illegal, violent, or pornographic content, particularly among young people.TikTok was among the many platforms targeted by a landmark law passed in Australia in November banning under-16s from accessing social media.Social media firms that fail to comply with the law face fines of up to Aus$50 million (US$32.5 million) for “systemic breaches”.TikTok said it was “disappointed” by the Australian legislation, claiming it could push young people to the “darker corners of the internet”.- Opaque algorithm -Its editing features and powerful algorithm have kept it ahead of the game, attracting an army of creators and influencers as well as creating many of its own.But the algorithm is opaque and often accused of leading users into digital content silos.TikTok and ByteDance employees also manually increase the number of views on certain content, according to a report in Forbes.TikTok has said manual promotion only affects a tiny fraction of recommended videos.In August, the company, under pressure from EU regulators, was forced to ditch a feature in its TikTok Lite spinoff in France and Spain rewarding users for the time spent in front of their screens.In that rewards programme, users aged 18 and over could earn points to exchange for goods like vouchers or gift cards by liking and watching videos.It was accused by the EU of potentially having “very addictive consequences”.- Disinformation -The app is regularly accused of putting users in danger with the spread of hazardous “challenge” videos.Several children have reportedly died while trying to replicate the so-called blackout challenge, which involves users holding their breath until they pass out.And around one-fifth of videos on topical issues such as the Russian invasion of Ukraine were found to be fake or misleading in a study by misinformation group NewsGuard.AFP, along with more than a dozen fact-checking organisations, is paid by TikTok in several countries in Asia and Oceania, Europe, the Middle East and Spanish-speaking Latin America to verify for internal moderation videos that potentially contain false information. The videos are removed by TikTok if the information is shown to be false by AFP teams.

Major stock markets mostly fell Tuesday as attention turned to the US Federal Reserve’s upcoming policy decision, with traders hoping for guidance on its interest rate plans as President-elect Donald Trump prepares to take office.Wall Street’s major indices slid, with the Nasdaq Composite coming off a record high despite solid US retail sales data.”Investors are cashing in some of their profits ahead of Wednesday’s Fed rate decision at which a 25-basis-point rate cut is baked in,” said IG analyst Axel Rudolph.The Fed is widely expected to lower borrowing costs on Wednesday for the third meeting in a row as it looks to guide the world’s largest economy to a soft landing.But investors have already started paring their bets on how many times the Fed will cut over the next 12 months owing to still-sticky inflation, a strong labor market and uncertainty about Trump, who has pledged to slash taxes and impose tariffs on US imports.The reduction in the number of Fed interest rate cuts investors expect is evident in the rise in US Treasury yields, as they demand higher returns in expectation of fewer cuts.”US yields continue to rise as investors worry about the Fed pausing or slowing its monetary loosening cycle in 2025,” said Rudolph.The Fed statement and comments by its policymakers will be pored over for clues about next year’s outlook.- Tariffs fallout -The Canadian dollar fell to its lowest level against the US dollar since April 2020 after Canada’s Deputy Prime Minister Chrystia Freeland quit Monday in a surprise move, saying she disagreed with PM Justin Trudeau over Trump’s tariff threats.The resignation of Freeland, who also stepped down as finance minister, marked the first open dissent against Trudeau from within his cabinet, and may threaten his hold on power.Investors are also keeping tabs on Beijing after Chinese leaders’ latest measures to kickstart the economy fell short of expectations, with weak retail sales data Monday reinforcing the need for more support.In European equities trading, London slid as official data showing a jump in UK wage growth cemented forecasts that the Bank of England will avoid cutting interest rates this week.Paris edged higher but Frankfurt dipped as sentiment was hit by news that German business confidence this month hit the lowest level since the start of the coronavirus pandemic.”The Ifo Business Climate Index published today speaks for itself: the German economy is in the midst of a crisis,” said CMC Markets analyst Konstantin Oldenburger.Bitcoin traded close to a record high of almost $107,791 reached Monday on continued optimism that Trump will introduce measures to deregulate the cryptocurrency market.Among individual companies, Pfizer jumped 4.8 percent as it projected slightly higher profits in 2025 compared with this year.- Key figures around 2150 GMT -New York – Dow: DOWN 0.6 percent at 43,449.90 (close)New York – S&P 500: DOWN 0.4 percent at 6,050.61 (close)New York – Nasdaq Composite: DOWN 0.3 percent at 20,109.06 (close)London – FTSE 100: DOWN 0.8 percent at 8,195.20 (close)Paris – CAC 40: UP 0.1 percent at 7,365.70 (close)Frankfurt – DAX: DOWN 0.3 percent at 20,246.37 (close)Tokyo – Nikkei 225: DOWN 0.2 percent at 39,364.68 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 19,700.48 (close)Shanghai – Composite: DOWN 0.7 percent at 3,361.49 (close)Euro/dollar: DOWN at $1.0498 from $1.0512 MondayPound/dollar: UP at $1.2707 from $1.2683Dollar/yen: DOWN at 153.41 yen from 154.15 yen Euro/pound: DOWN at 82.52 pence from 82.88 penceWest Texas Intermediate: DOWN 0.9 percent at $70.08 per barrelBrent North Sea Crude: DOWN 1.0 percent at $73.19 per barrelburs-jmb/aha

Japanese auto giants Honda Motor and Nissan Motor will enter talks on a merger aimed at helping them compete against Tesla and other electric vehicle makers, newspaper Nikkei reported early Wednesday.The two firms are looking to operate under a single holding company and will soon sign a memorandum of understanding for the new entity, according to the Tokyo-based Nikkei.It reported that Honda and Nissan will consider bringing in Mitsubishi Motors, of which Nissan is the top shareholder, under the holding company to create one of the world’s largest auto groups.Honda and Nissan issued almost identical statements in response, saying the details in the report had not been announced by either firm, and that they are “exploring various possibilities for future collaboration, leveraging each other’s strengths,” as previously announced.In March, Japan’s number two and three automakers, after rival Toyota, deepened ties when they agreed to explore a strategic partnership on electric vehicles.Analysts said the move was aimed at catching up with Chinese competitors such as BYD who have stolen a march on EVs while Japanese firms have lost ground by focusing more on hybrid vehicles.China overtook Japan as the world’s biggest vehicle exporter in 2023, helped by its dominance in electric cars.Honda announced plans in May to double investment in electric vehicles to $65 billion by 2030, part of its ambitious target set three years ago of achieving 100 percent EV sales by 2040.Nissan has signalled similar ambitions, saying in March that 16 of the 30 new models it plans to launch over the next three years would be “electrified”.The world’s auto giants are increasingly prioritising electric and hybrid vehicles, with demand growing for less polluting models as concern about climate change grows.At the same time, however, there has been a slowdown in the EV market on the back of consumer concern about high prices, reliability, range and a lack of charging points.Hybrids that combine battery power and internal combustion engines have proved enduringly popular in Japan, accounting for 40 percent of sales in 2022.But Japanese firms’ focus on hybrids has left them in the slow lane in meeting the growing appetite for purely electric vehicles.Just 1.7 percent of cars sold in Japan in 2022 were electric — compared to 15 percent in western Europe and 5.3 percent in the United States.

Major stock markets mostly fell Tuesday as attention turned to the Federal Reserve’s upcoming policy decision, with traders hoping for guidance on its interest rate plans as president-elect Donald Trump prepares to take office.Wall Street’s major indices fell at the opening bell, having ended the previous day mostly higher with Asia unable to pick up the baton Tuesday.In one of the last data releases ahead of the Fed’s rate decision, November US retail sales rose by 0.7 percent, beating analyst expectations, but excluding auto sales were up only 0.2 percent.”The key takeaway from the report is in the ex-auto number, which was up modestly and a reflection of some softening spending activity given that it is not adjusted for price changes,” said Briefing.com analyst Patrick O’Hare.Investors were also reacting to a rise in Treasury rates, he added. The Fed is expected to lower borrowing costs on Wednesday for the third meeting in a row as it looks to guide the world’s top economy to a soft landing.However, its statement will be pored over for clues about next year’s outlook, and investors have already started paring their bets on how many times the Fed will cut over the next 12 months owing to still-sticky inflation, a strong labour market and uncertainty about Trump, who has pledged to slash taxes and impose tariffs on imports.- Tariffs fallout -The Canadian dollar fell to the lowest level against the US dollar since April 2020 after Canada’s Deputy Prime Minister Chrystia Freeland quit Monday in a surprise move, saying she disagrees with Justin Trudeau over US president-elect Donald Trump’s tariff threats.The resignation of Freeland, who also stepped down as finance minister, marked the first open dissent against Prime Minister Trudeau from within his cabinet, and may threaten his hold on power.In her letter, Freeland said the country needed to take Trump’s tariffs threats “extremely seriously”.Warning that it could lead to a “tariff war” with the United States, she said Ottawa must keep its “fiscal powder dry”.Trudeau flew to Florida last month to dine with Trump at the latter’s Mar-a-Lago resort and try to head off the tariff threat, but nothing yet indicates the US president-elect is changing his position.Investors are also keeping tabs on Beijing after Chinese leaders’ latest measures to kickstart the economy fell short of expectations, with weak retail sales data Monday reinforcing the need for more support.In European equities trading, London slid in afternoon deals as official data showing a jump in UK wages growth cemented forecasts that the Bank of England will avoid cutting interest rates this week. Paris edged higher but Frankfurt dipped as sentiment was hit by news that German business confidence this month hit the lowest level since the start of the coronavirus pandemic.Bitcoin traded close to a record high of almost $107,791 reached Monday on continued optimism that Trump will introduce measures to deregulate the cryptocurrency market.Oil prices retreated, hit by concerns that China’s struggling economy will impact demand for crude.- Key figures around 1430 GMT -New York – Dow: DOWN 0.5 percent at 43,495.92 pointsNew York – S&P 500: DOWN 0.5 percent at 6,043.09New York – Nasdaq Composite: DOWN 0.5 percent at 20,078.31London – FTSE 100: DOWN 0.7 percent at 8,208.25 Paris – CAC 40: UP less than 0.1 percent at 7,360.29Frankfurt – DAX: DOWN 0.1 percent at 20,287.68Tokyo – Nikkei 225: DOWN 0.2 percent at 39,364.68 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 19,700.48 (close)Shanghai – Composite: DOWN 0.7 percent at 3,361.49 (close)Euro/dollar: DOWN at $1.0506 from $1.0509 MondayPound/dollar: UP at $1.2695 from $1.2678Dollar/yen: DOWN at 153.63 yen from 154.13 yen Euro/pound: DOWN at 82.77 pence from 82.86 penceWest Texas Intermediate: DOWN 1.2 percent at $69.87 per barrelBrent North Sea Crude: DOWN 1.1 percent at $73.10 per barrelburs-rl/gv

Japan wants renewables to be its top power source by 2040 in its push to become carbon neutral by mid-century, under government plans unveiled on Tuesday.Thirteen years after the 2011 Fukushima disaster, Tokyo also reaffirmed that it sees a major rule for nuclear power in helping Japan meet growing energy demand from artificial intelligence and microchip factories.The world’s fourth-largest economy has the dirtiest energy mix in the G7, campaigners say, with fossil fuels accounting for nearly 70 percent of its power generation last year.The government has already set a target of becoming carbon-neutral by 2050 and to cut emissions by 46 percent by 2030 from 2013 levels.Under the new plans, renewables such as solar and wind were expected to account for 40 to 50 percent of electricity generation by 2040.That marks a jump from last year’s level of 23 percent and a previous target for 2030 of 38 percent.Resource-poor Japan “will aim to maximise the use of renewable energy as our main source of power”, according to the draft Strategic Energy Plan.Government experts were reviewing the proposals released by the Agency for Natural Resources and Energy and it was due to be presented to the cabinet for approval.Japan is aiming to avoid relying heavily on one energy source to ensure “both a stable supply of energy and decarbonisation”, the draft said.Geopolitical concerns affecting energy lines, from the Ukraine war to Middle East unrest, were also behind the shift to renewables and nuclear, it said.- Imports -Nearly 70 percent of Japan’s power needs in 2023 were met by power plants burning coal, gas and oil.Almost all must be imported, last year costing Japan about $500 million per day.The government wants that figure to fall to 30 to 40 percent by 2040. The previously announced 2030 target was 41 percent, or 42 percent when hydrogen and ammonia were included.The new plans forecast a 10 to 20 percent jump in overall electricity generation by 2040, from 985 billion kilowatt hours (kWh) in 2023.”Securing decarbonised sources of electricity is an issue directly related to our country’s economic growth,” Yoshifumi Murase, the head of the national energy agency, told the government’s expert panel on Tuesday.- Nuclear -Unlike the previous plan three years ago, the new draft dropped language on reducing Japan’s reliance on nuclear “as much as possible” — a goal set after the 2011 Fukushima disaster.Japan pulled the plug on nuclear power plants nationwide after the tsunami-triggered Fukushima meltdown, this century’s worst atomic disaster.However, it has gradually been bringing them back online, despite a public backlash in some places, mirroring nuclear power returning to favour in other countries too.Nuclear accounts for about 20 percent of Japan’s energy needs under the 2040 targets, around the same as the current 2030 target.But that is more than double the share of 8.5 percent of overall power generation that nuclear provided in 2023.- Too little, too late -Hirotaka Koike from Greenpeace welcomed the new plan but said it was “too little, too late”, calling for “much larger ambition” on renewables.Japan “has committed to ‘fully or predominantly decarbonised power systems by 2035’ and, evidently, their current plan doesn’t cut it,” Koike said.Hanna Hakko from climate think-tank E3G also called Japan’s ambitions “quite disappointing”.”The power mix suggested by the government is not consistent with Japan’s international commitments to tackle climate change and accelerate clean energy transition,” Hakko told AFP.”Various scenarios by energy experts show that if the government were to enact supportive policies, renewables could expand to cover between 60 to 80 percent of Japan’s electricity generation mix in the latter half of 2030s,” she said.

Most markets fell Tuesday as attention turned to the Federal Reserve’s upcoming policy decision, with traders hoping for guidance on its interest rate plans as president-elect Donald Trump prepares to take office.The decision, which is expected to see officials lower borrowing costs again, comes in a busy week for central banks, with announcements in Japan and Britain also due.Investors are keeping tabs on Beijing after Chinese leaders’ latest measures to kickstart the economy fell short of expectations, with weak retail sales data Monday reinforcing the need for more support.The Fed is widely expected to lower rates for the third meeting in a row Wednesday as it looks to guide the world’s top economy to a soft landing, though its statement will be pored over for clues about next year’s outlook.Investors have started paring their bets on how many times it will cut over the next 12 months owing to still-sticky inflation, a strong labour market and uncertainty about Trump, who has pledged to slash taxes and impose tariffs on imports.Stefan Hofrichter, head of global economics and strategy at Allianz GI, said the US economy had defied warnings of a recession and growth was expected to power ahead, adding the firm’s “base case scenario remains a ‘soft landing’ for the US and world economies”.However, he added: “The wild card is what happens after Donald Trump takes office as US president. The lavish spending he’s proposed could boost US growth in the short term. “But the impact of the higher tariffs he’s mooted for US trading partners may also dampen the outlook for Europe. We need to wait to see the extent to which his election campaign promises become policy.”Wall Street ended mostly on the front foot, with a surge in tech giants helping the Nasdaq to a record high, but Asia was unable to pick up the baton.Tokyo, Hong Kong, Shanghai, Singapore, Seoul, Taipei, Manila, Mumbai, Bangkok and Jakarta all fell, though Sydney and Wellington rose.London, Paris and Frankfurt dropped at the open.Bitcoin hit another record high of $107,791 on continued optimism that Trump will introduce measures to deregulate the cryptocurrency market.The Fed rate decision will be followed Thursday by announcements in Japan and Britain.Opinion is split on whether the Bank of Japan will unveil a third hike of the year — having lifted in March for the first time in 17 years — as officials in Tokyo look to shift the country away from years of ultra-loose policies.Still, while the BoJ and Fed are on course to bring their rates closer together, the yen is struggling to strengthen and is stuck around 154 per dollar.- Key figures around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.2 percent at 39,364.68 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 19,700.48 (close)Shanghai – Composite: DOWN 0.7 percent at 3,361.49 (close)London – FTSE 100: DOWN 0.5 percent at 8,217,35Euro/dollar: DOWN at $1.0500 from $1.0509  MondayPound/dollar: UP at $1.2704 from $1.2678Dollar/yen: DOWN at 153.95 yen from 154.13 yen Euro/pound: DOWN at 82.67 pence from 82.86 penceWest Texas Intermediate: UP 0.3 percent at $70.91 per barrelBrent North Sea Crude: UP 0.4 percent at $74.17 per barrelNew York – Dow: DOWN 0.3 percent at 43,717.48 (close)

In the shadow of the Grand Lisboa, the Macau casino world-famous for its “golden lotus” design, fashion boutique owner Suzanne Leong wonders if the economic miracle that initially made her fortune has now cast her aside.The Chinese casino hub once again tops the world in gaming revenue in 2024 as visitors return after the Covid-19 pandemic, but residents like Leong point to a huge disparity in which parts of the economy are bouncing back.As Macau celebrates 25 years under Beijing rule this week, many feel more urgently than ever that the city needs to diversify its economy — something Beijing has demanded for years to underwhelming results.”To truly make Macau a place that does not run on casinos, it’s not easy to find a way. But if we don’t try now, there will only be fewer (options),” Leong, 51, told AFP.”Because I really love Macau, I feel panicked.”Born and raised in the former Portuguese colony, Leong belongs to a population that became China’s richest from two decades of wealth spilling out of casinos.But shifting consumer habits among locals and tourists have led her to believe those days are gone for good.Leong’s regulars are tightening purse strings while Chinese tourists are now more likely to eat from lunchboxes outside her shop instead of coming in to spend.Compared to the store’s heyday, earnings this year have fallen 90 percent. “Macau may look prosperous, but many restaurants and retailers are suffering,” she said. “Nobody knows what to do.”- ‘Easy wins’ -Macau’s gaming boom began in 2002 when authorities ended the monopoly of late tycoon Stanley Ho and brought in multinational casino operators known as concessionaires.The city — the only place in China where casino gambling is allowed — took less than five years to surpass Las Vegas in gross gaming revenue and consistently stayed ahead aside from a Covid-era dip.In Vegas, gaming-related taxes have accounted for around 35 percent of government revenue in recent years. But for Macau, the latest figure stood at 81 percent.”Since at least a decade ago, the central government had hoped that Macau’s economy would diversify, but it didn’t budge,” said Ieong Meng-u, a politics academic at the University of Macau.”With gaming, the money comes too easily. (Macau) basically didn’t have to do much for a robust income.”That partially changed when Chinese President Xi Jinping came into power.Xi’s anti-corruption drive brought an end to Macau’s lucrative junket industry, which enticed wealthy gamblers from China’s mainland with perks like VIP rooms and credit lines.The city’s six casino operators managed to renew their licences in 2022 only after they pledged to invest in other sectors, with $14.9 billion earmarked for projects such as theme parks and conference venues.Xi, who will visit Macau this week, will probably “want to see for himself what non-gaming, hard investment has eventuated”, said Ben Lee, managing partner of consultancy IGamiX.City officials have even designated six historic areas for revitalisation — one for each concessionaire — though Lee said the operators would prefer “easy wins”, as non-gaming ventures typically bring paltry returns.”The casinos are rational economic entities. They will only do as little as they think they can get away with.”- ‘Catch the moment’ -Now two years into their 10-year concessions, operators have developed a steady rhythm of concerts, conferences and sporting events, including a deal with the NBA to host pre-season games.Aside from boosting tourism, city officials — including Macau’s next leader Sam Hou-fai — have picked a range of sectors to become new economic drivers.But the government’s messaging is “sometimes muddled”, said Vitaly Umansky, a gaming expert at Seaport Research Partners.”(The government) would like other industries to start developing” but it would be “very, very difficult” for Macau to compete in proposed fields like financial services, technology and Chinese medicine, he said.Growing those sectors would likely require foreign talent, and there is a “consensus in the business community (that)… Macau needs to move faster and make bolder moves” on that front, said Jose Carlos Matias, director of Macau Business magazine.While much remains to be done, Matias said he would not bet against the house. “The doomsayers have been constantly proven wrong when it comes to Macau,” he said. Having endured an “extremely tough” year, boutique owner Leong said she had no plans to close her business.”We have to understand the present moment and adapt well. I think about my children and ask, what can they do to catch the moment?” she said.”I won’t leave Macau. I want to see it get better and better.”

Asian markets fluctuated Tuesday as attention turned to the Federal Reserve’s upcoming policy decision, with traders hoping for guidance on its interest rate plans as president-elect Donald Trump prepares to take office.The decision, which is expected to see officials lower borrowing costs again, comes in a busy week for central banks, with announcements in Japan and Britain also due.Investors are keeping tabs on Beijing after leaders’ latest measures to kickstart the economy fell short of expectations, with weak retail sales data Monday reinforcing the need for more support.The Fed is widely expected to lower rates for the third meeting in a row Wednesday as it looks to guide the world’s top economy to a soft landing, though its statement will be pored over for clues about next year’s outlook.Investors have started paring their bets on how many times it will cut over the next 12 months owing to still-sticky inflation, a strong labour market and uncertainty about Trump, who has pledged to slash taxes and impose tariffs on imports.Stefan Hofrichter, head of global economics and strategy at Allianz GI, said the US economy had defied warnings of a recession and growth was expected to power ahead, adding the firm’s “base case scenario remains a ‘soft landing’ for the US and world economies”.However, he added: “The wild card is what happens after Donald Trump takes office as US president. The lavish spending he’s proposed could boost US growth in the short term. “But the impact of the higher tariffs he’s mooted for US trading partners may also dampen the outlook for Europe. We need to wait to see the extent to which his election campaign promises become policy.”Wall Street ended mostly on the front foot, with a surge in tech giants helping the Nasdaq to a record high, but Asia was mixed in early trade.Tokyo, Shanghai, Sydney, Wellington and Taipei all rose, but Hong Kong, Singapore, Seoul, Manila and Jakarta ticked lower.Bitcoin hit another record high of $107,791 on continued optimism that Trump will introduce measures to deregulate the cryptocurrency market.The Fed rate decision will be followed Thursday by announcements in Japan and the United Kingdom.Opinion is split on whether the Bank of Japan will unveil a third hike of the year — having lifted in March for the first time in 17 years — as officials in Tokyo look to shift the country away from years of ultra-loose policies.Still, while the BoJ and Fed are on course to bring their rates closer together, the yen is struggling to strengthen and is stuck around 154 per dollar.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 0.2 percent at 39,520.06 (break)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 19,752.82Shanghai – Composite: UP 0.3 percent at 3,395.67Euro/dollar: UP at $1.0521 from $1.0509  MondayPound/dollar: UP at $1.2689 from $1.2678Dollar/yen: DOWN at 154.05 yen from 154.13 yen Euro/pound: UP at 82.91 pence from 82.86 penceWest Texas Intermediate: FLAT at $70.71 per barrelBrent North Sea Crude: FLAT at $73.93 per barrelNew York – Dow: DOWN 0.3 percent at 43,717.48 (close)London – FTSE 100: DOWN 0.5 percent at 8,262.05 (close)

TikTok asked the US Supreme Court on Monday to temporarily block a law that would force its Chinese owner to sell the popular online video-sharing platform or shut it down a month from now.The appeal to the nation’s top court came on the same day that TikTok Chief Executive Shou Zi Chew met with US President-elect Donald Trump, according to an NBC News report.At a press conference Monday, Trump said he has “a warm spot” for TikTok and that his administration would take a look at the app and the potential for a ban.The law, signed by President Joe Biden in April, would block TikTok from US app stores and web hosting services unless its owner ByteDance divests from the app by January 19.TikTok asked for the move to be put on hold while it challenges a lower court ruling that upheld the law, the Protecting Americans from Foreign Adversary Controlled Applications Act, potentially with an appeal to the Supreme Court itself.TikTok asked the nation’s top court to make a decision by January 6.”Congress has enacted a massive and unprecedented speech restriction,” TikTok, which claims to have more than 170 million monthly US users, said in its filing with the Supreme Court.Should the law come into force it would “shutter one of America’s most popular speech platforms the day before a presidential inauguration,” TikTok said.”This, in turn, will silence the speech of Applicants and the many Americans who use the platform to communicate about politics, commerce, arts, and other matters of public concern,” it added.”Applicants — as well as countless small businesses who rely on the platform — also will suffer substantial and unrecoverable monetary and competitive harms.”The potential ban could strain US-China relations just as Donald Trump prepares to take office on January 20.Trump has emerged as an unlikely TikTok ally amid concerns that a ban on the app would mainly benefit Meta, the Facebook parent company owned by Mark Zuckerberg.Trump’s stance reflects conservative criticism of Meta for allegedly suppressing right-wing content, including the former president himself being banned from Facebook after the January 6, 2021, US Capitol riot by his supporters.Trump’s support for TikTok marks a reversal from his first term, when the Republican leader tried to ban the app over similar security concerns.The US government alleges TikTok allows Beijing to collect data and spy on users. It also says the video hosting service is a conduit to spread propaganda, though China and ByteDance strongly deny these claims.A three-judge US appeals court panel earlier this month unanimously upheld the law’s premise that TikTok divesting from Chinese ownership “is essential to protect our national security.”

Global shares mostly retreated Monday as markets awaited a Federal Reserve interest rate decision while concerns over political battles in Europe and China’s struggling economy pressured equities.The Nasdaq was the day’s outperformer, surging more than one percent to a fresh all-time high behind big gains for Broadcom, Google-parent Alphabet and other tech names.But the Dow fell, along with bourses in Europe and Asia as traders fretted over political instability in France and Germany.Bitcoin, meanwhile, hit a new record high, reaching $107,115.89 as it continues to gain support from Donald Trump’s backing of cryptocurrencies.Investors are turning their attention to Wednesday’s US Federal Reserve decision on borrowing costs at its last policy meeting of the year before Trump takes office next month.The Fed is widely expected to cut its key lending rate for a third straight time, reducing it by a quarter point despite a recent uptick in inflation.But there are fears it will have to slow its pace of easing next year owing to sticky inflation and bets that Trump’s tax cuts and tariffs will reignite price increases.Kathleen Brooks, research director at trading platform XTB, said that there would be “an elephant in the room” at the Fed meeting.”How to accurately forecast economic activity and inflation rates, when the President-elect’s policies are expected to have a huge economic impact and could trigger more inflation?” she wrote.- China and Europe worries -Investors also tracked data showing that Chinese retail sales grew 3.0 percent last month, much slower than in October and well off the five percent forecast.Hong Kong and Shanghai stock markets closed lower after the data release while oil prices fell slightly on concerns over Chinese demand.Chinese officials have unveiled a string of aggressive measures in recent months aimed at bolstering growth in the world’s second-biggest economy.In Europe, the Paris stock market fell 0.7 percent after Moody’s downgraded France’s credit rating Saturday following months of political crisis and the appointment of centrist Francois Bayrou as prime minister.”The market is likely to watch closely to see how the political problems in France affect sentiment in the German economy,” said Jochen Stanzl, an analyst at CMC Markets.Frankfurt slid 0.5 percent as Germany’s embattled center-left Chancellor Olaf Scholz lost a confidence vote, triggering elections set for February 23.The European Central Bank cut rates again last week as inflation appears to come under control and the eurozone economy shows signs of weakness.ECB chief Christine Lagarde said Monday that the bank would keep lowering interest rates, while warning that higher US tariffs under Trump could hit growth in the bloc.A closely watched survey released Monday showed that business activity declined further in the eurozone in December, though less sharply than the previous month thanks to an upturn in the services sector.- Key figures around 2210 GMT -New York – Dow: DOWN 0.3 percent at 43,717.48 (close)New York – S&P 500: UP 0.4 percent at 6,074.08 (close)New York – Nasdaq: UP 1.2 percent at 20,173.89 (close)Paris – CAC 40: DOWN 0.7 percent at 7,357.08 (close)Frankfurt – DAX: DOWN 0.5 percent at 20,313.81 (close)London – FTSE 100: DOWN 0.5 percent at 8,262.05 (close)Tokyo – Nikkei 225: FLAT at 39,457.49 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 19,795.49 (close)Shanghai – Composite: DOWN 0.2 percent at 3,386.33 (close)Euro/dollar: UP at $1.0509 from $1.0501 from FridayPound/dollar: UP at $1.2678 from $1.2619Dollar/yen: UP at 154.13 yen from 153.65 yen Euro/pound: DOWN at 82.86 pence from 83.22 penceWest Texas Intermediate: DOWN 0.8 percent at $70.71 per barrelBrent North Sea Crude: DOWN 0.8 percent at $73.91 per barrel