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Most Asian markets rose Monday following a rally on Wall Street and a record-breaking day in Europe, with sentiment boosted by positive talks between Donald Trump and Chinese President Xi Jinping that soothed worries about the incoming US leader’s second term.A sense of caution has permeated trading floors ahead of the tycoon’s inauguration later in the day after he warned he would impose hefty tariffs on imports, fanning fears of another debilitating trade war between the economic superpowers.Pledges to slash taxes, regulations and immigration have also led to concerns that inflation could be reignited and force the Federal Reserve to hold off cutting interest rates further, with some observers even flagging possible hikes.Still, while dealers nervously eye the next four years, there was some relief after news of the phone call on Friday.Trump and Xi vowed to improve ties between Washington and Beijing, with the Chinese leader hoping for a “good start” to relations and the president-elect saying “it is my expectation that we will solve many problems together”.On his Truth Social media platform, Trump added: “We discussed balancing Trade, Fentanyl, TikTok, and many other subjects.”President Xi and I will do everything possible to make the World more peaceful and safe!”Their comments provided some cheer to markets, with the S&P 500 ending up one percent and Nasdaq 1.5 percent. London and Frankfurt had earlier chalked up fresh all-time highs.”The start of a new presidency often brings fresh energy — and uncertainty — to the financial markets,” said Saxo Markets chief investment strategist Charu Chanana.”With Donald Trump’s inauguration, investors are bracing for significant policy shifts. This could mean changes in taxes, spending, and trade agreements.”Hong Kong led gains in Asia amid hopes that the feared trade war can be averted, with Tokyo, Shanghai, Sydney, Taipei, Manila, Mumbai, Bangkok, Singapore and Jakarta also rising. Manila and Wellington fell.London and Frankfurt extended gains at the open while Paris also rose.Seoul slipped after the Bank of Korea cut its 2025 economic growth forecast owing to weakening sentiment and political risks following last month’s brief declaration of martial law by President Yoon Suk Yeol and the political crisis it has sparked.There was little relief from news that the South Korean central bank had unveiled a $250 billion support package for its exporters, citing the risk of possible tariffs by Trump.Bitcoin hit a fresh record of $109,241 on hopes for more supportive measures from Trump, who has pledged to make the United States the “bitcoin and cryptocurrency capital of the world”.On currency markets the yen edged up against the dollar ahead of the Bank of Japan’s policy meeting this week, with expectations that it will hike rates for the third time since March.Economists at Moody’s Analytics said the central bank has “struggled to provide consistent guidance on policy” but that recent hawkish comments from the governor and deputy governor “suggest further tightening is on the horizon”.”The yen has weakened significantly since the BoJ decided to skip a rate hike in December. This, combined with a series of hotter-than-expected inflation prints for consumer, producer and import prices, raises the odds of monetary policy action in January,” they added. – Key figures around 0815 GMT -Tokyo – Nikkei 225: UP 1.2 percent at 38,902.50 (close)Hong Kong – Hang Seng Index: UP 1.8 percent at 19,925.81 (close)Shanghai – Composite: UP 0.1 percent at 3,244.38 (close)London – FTSE 100: UP 0.1 percent at 8,509.54Euro/dollar: UP at $1.0313 from $1.0272 on FridayPound/dollar: UP at $1.2213 from $1.2168Dollar/yen: DOWN at 156.00 yen from 156.20 yenEuro/pound: UP at 84.44 pence from 84.41 penceWest Texas Intermediate: FLAT at $77.88 per barrelBrent North Sea Crude: DOWN 0.3 percent at $80.56 per barrelNew York – Dow: UP 0.8 percent at 43,487.83 (close)

TikTok restored service in the United States Sunday after briefly going dark, as a law banning the wildly popular app on national security grounds came into effect.The video-sharing platform credited President-elect Donald Trump, who retakes power on Monday, for making the reversal possible — though the outgoing administration of President Joe Biden had earlier said that it would not enforce any ban. TikTok had shut down in the United States late Saturday as a deadline loomed for its Chinese owners ByteDance to sell its US subsidiary to non-Chinese buyers.Earlier Sunday, as millions of dismayed users found themselves barred from the app, Trump promised to issue an executive order delaying the ban to allow time to “make a deal.”He also called in a post on his Truth Social platform for the United States to take part ownership in TikTok.Trump said he “would like the United States to have a 50 percent ownership position in a joint venture,” arguing that the app’s value could surge to “hundreds of billions of dollars — maybe trillions.””By doing this, we save TikTok, keep it in good hands,” wrote Trump, who had previously backed a TikTok ban and during his first term in office made moves towards one.In a statement posted on X following Trump’s comments, TikTok said it “is in the process of restoring service.””We thank President Trump for providing the necessary clarity and assurance to our service providers that they will face no penalties providing TikTok to over 170 million Americans.”Beijing on Monday urged Washington to listen to “rational voices” over the ban.Foreign ministry spokeswoman Mao Ning also said China attached “great importance to and protect data privacy and security”.”We have never and will not ask companies or individuals to collect or provide foreign data located in foreign countries in a way that violates local laws,” she said.TikTok, which was back online in the United States by Sunday afternoon, did not address Trump’s call for part American ownership of the app.Wedbush Securities analyst Dan Ives told AFP the episode “marked a big win for TikTok and a political win for Trump,” likening the episode to “high-stakes poker between the US and China.”- President proof? -At a pre-election rally Sunday evening at a Washington sports arena, Trump hammered home his enthusiasm for saving the app, telling the crowd: “Frankly, we have no choice, we have to save it,” while indicating that there were a “lot of jobs” involved.”We don’t want to give our business to China, we don’t want to give our business to other people,” Trump told his supporters.The law allows for a 90-day delay of the ban if the White House can show progress toward a viable deal, but so far ByteDance has flatly refused any sale.The Biden administration said it would leave enforcement of the law to Trump.From teenage dancers to grandmothers sharing cooking tips, TikTok has been embraced for its ability to transform ordinary users into global celebrities when a video goes viral.But it is also rife with disinformation, and its Chinese ownership has long spurred national security fears, internationally as well as in the United States.Sunday’s blackout came after the US Supreme Court on Friday upheld the legislation banning it pending any sale.Trump, who signed an executive order stepping up pressure on ByteDance to sell in 2020, has since credited the app with connecting him to younger voters.It is unclear what the incoming president can do to lift the ban unless ByteDance ultimately sells, however.”Congress wrote this law to be virtually president-proof,” warned Adam Kovacevich, chief executive of industry trade group Chamber of Progress.Besides removing TikTok from app stores, the law requires Apple and Google to block new downloads, with the companies liable for penalties of up to $5,000 per user if the app is accessed.Oracle, which hosts TikTok’s servers, would also be legally obligated to enforce the ban.- ‘I love TikTok’ -In Europe, TikTok’s suspension drew praise from the foreign minister of Estonia, Margus Tsahkna, who said on X that banning the platform “must be considered in Europe as well.”The ban also became a hot topic at the Australian Open in Melbourne, where American tennis player Coco Gauff scrawled “RIP TikTok USA” on a courtside camera.Meanwhile, in the US state of Wisconsin, a man was accused of setting a fire early Sunday at an unoccupied building where a member of Congress keeps an office “in response to recent talks of a TikTok ban,” police in the city of Fond du Lac said in a statement.A last-minute proposal made Saturday by the highly valued start-up Perplexity AI offered a merger with the US subsidiary of TikTok, a source with knowledge of the deal told AFP.The proposal did not include a price but the source estimated it would cost at least $50 billion.burs-oho/fox

Indonesia opened its carbon exchange to international buyers on Monday, aiming to raise funds to help meet ambitious domestic climate goals.The move opens the way for foreign investors to enter a market launched in September 2023 for domestic players.Carbon credits are generated by activities that avoid or reduce emissions of carbon dioxide — a potent greenhouse gas.They can be purchased by companies seeking to “offset” or cancel out some of their own emissions, either to comply with regulations or bolster their “green” credentials.Indonesia is one of the world’s biggest polluters and is heavily reliant on coal to fuel its growing economy.It has made little progress on a multi-billion-dollar investment plan agreed with the United States and European nations in 2022 to wean its power grid off coal.New President Prabowo Subianto last year brought forward the country’s timeline for carbon neutrality by a decade to 2050, and pledged to close hundreds of coal and fossil-fuel power plants by 2040. The government says it wants to build over 75 gigawatts of renewable energy capacity by 2040 but so far has laid out little detail on how it hopes to achieve that. It hopes that funds raised by carbon credits sales on the exchange will finance some of the green transition.The launch is an “important milestone in our collective journey towards a sustainable future”, Environment Minister Hanif Faisol Nurofiq said. The move comes after new guidelines on country-level trade in carbon credits were agreed at COP29 last year.But carbon credits have come under fire in recent years over revelations of shoddy accounting and even outright fraud in projects.Hanif said the government would guarantee every credit issued on the exchange, with scrutiny to ensure emissions could not be double counted.Some experts expressed skepticism about the exchange however, noting the domestic market had attracted relatively little interest.”If domestic demand was high, we wouldn’t need to open it to foreign entities,” Fabby Tumiwa, executive director of the Institute for Essential Services Reform, told AFP.He said the domestic exchange had not been designed to align with Indonesia’s emissions reduction strategy and he had concerns about the “additionality” of projects on the market.Carbon credit programmes must show that emission reductions or avoidance would not have happened without the credits, and are “additional”.This often requires trying to prove a counterfactual — what would have happened in the absence of the carbon credits — and has been a key problem for the sector. Fabby warned it was not immediately clear if the credits available on the exchange were compatible with standards set by other countries.Still, at least nine transactions took place at the start of Monday trade, accounting for more than 41,000 tons of carbon dioxide equivalent, according to a board at the stock exchange.

TikTok went dark in the United States on Sunday as millions of dismayed users found themselves barred from the popular app, with President-elect Donald Trump vowing to seek a reprieve.Hours before a law banning the Chinese-owned platform in the name of national security came into effect, TikTok was removed from app stores and told users attempting to log on that under the new legislation “you can’t use TikTok for now.”It said “we are fortunate that President Trump has indicated that he will work with us on a solution to reinstate TikTok once he takes office. Please stay tuned!”Trump, who had previously backed a ban and during his first term in office made moves towards one, posted “Save TikTok!” on his own Truth Social platform early Sunday. The blackout followed a US Supreme Court decision on Friday to uphold the legislation banning the video-sharing platform, unless Chinese owner ByteDance reached a deal to sell it to non-Chinese buyers by Sunday.From teenage dancers to grandmothers sharing cooking tips, TikTok has been embraced for its ability to transform ordinary users into global celebrities when a video goes viral.It also now has a fan in Trump, who since signing an executive order stepping up pressure on ByteDance to sell in 2020 has credited the app with connecting him to younger voters.After discussing TikTok with Chinese President Xi Jinping, Trump told NBC News on Saturday that he could activate a 90-day reprieve after he reclaims the Oval Office on Monday.The law allows a 90-day delay if the White House can show progress toward a viable deal, but ByteDance has flatly refused any sale.Outgoing President Joe Biden’s administration has said it will leave the matter to Trump and that it would not enforce any ban.It is unclear what the incoming president can do to lift the ban unless ByteDance sells, however.”Congress wrote this law to be virtually president-proof,” warned Adam Kovacevich, chief executive of industry trade group Chamber of Progress.- ‘I love TikTok’ -Besides removing TikTok from app stores, the law requires Apple and Google to block new downloads, with the companies liable for penalties of up to $5,000 per user if the app is accessed.Oracle, which hosts TikTok’s servers, would also be legally obligated to enforce the ban.Other social media platforms such as X were flooded with memes and comments mourning the move early Sunday — though some posts were more cynical, with many pointing to Trump’s own previous efforts to ban TikTok. “Nothing is more American than banning TikTok before AR-15s,” posted X user David Leavitt, referring to an automatic weapon often used in US mass shootings. In Europe, TikTok’s suspension drew praise from the foreign minister of Estonia — among the countries most resilient to disinformation, according to the European Media Literacy Index. “Banning TikTok must be considered in Europe as well,” Margus Tsahkna said on X, adding that the US banned app has been used to spread disinformation and manipulate elections, and is known to pose a national security risk. The ban even became a hot topic at the Australian Open tennis in Melbourne, where American player Coco Gauff scrawled “RIP TikTok USA” on a courtside camera.”I could not access it after my match,” Gauff said after winning her fourth-round match.”I love TikTok, it’s like an escape… hopefully it comes back,” the world number three told reporters.- Offers for TikTok -A last-minute proposal made Saturday by the highly valued start-up Perplexity AI offered a merger with the US subsidiary of TikTok, a source with knowledge of the deal told AFP.The proposal did not include a price but the source estimated it would cost at least $50 billion.Frank McCourt, the former Los Angeles Dodgers owner, has also made an offer to purchase TikTok’s US activity.Meanwhile, thousands of worried TikTok users turned to Xiaohongshu (“Little Red Book”), a Chinese social media network similar to Instagram, ahead of the suspension. Nicknamed “Red Note” by its American users, it was the most downloaded app on the US Apple Store last week. 

Millions of TikTok users were blocked from accessing the popular app in the United States as a national ban came into effect Sunday, with incoming president Donald Trump unable to intervene until he takes office.TikTok, removed from prominent app stores hours before the ban, said in a message to users attempting to log on that a “law banning TikTok has been enacted in the US.” “Unfortunately, that means you can’t use TikTok for now.”It said “we are fortunate that President Trump has indicated that he will work with us on a solution to reinstate TikTok once he takes office. Please stay tuned!”The blackout followed a US Supreme Court decision on Friday to uphold a law banning the popular video-sharing platform in the name of national security, unless its Chinese owners reached a deal to sell it to non-Chinese buyers by Sunday.From teenage dancers to grandmothers sharing cooking tips, TikTok has been embraced for its ability to transform ordinary users into global celebrities when a video goes viral.It also has a fan in Trump, who has credited the app with connecting him to younger voters, contributing to his election victory in November.After discussing TikTok with Chinese President Xi Jinping, Trump told NBC News on Saturday that he could activate a 90-day reprieve after he reclaims the Oval Office on Monday.”The 90-day extension is something that will be most likely done, because it’s appropriate,” he said.”If I decide to do that, I’ll probably announce it on Monday.”The law allows a 90-day delay if the White House can show progress toward a viable deal, but TikTok owner ByteDance has flatly refused any sale.Outgoing President Joe Biden’s administration has said it will leave the matter to Trump. TikTok CEO Shou Chew appealed to Trump after the court defeat, thanking him for his “commitment to work with us to find a solution.”Chew — who is also set to attend Monday’s inauguration — said Trump “truly understands our platform.”Besides removing TikTok from app stores, the law requires Apple and Google to block new downloads, with the companies liable for penalties of up to $5,000 per user if the app is accessed.Oracle, which hosts TikTok’s servers, would also be legally obligated to enforce the ban.In Europe, TikTok’s suspension drew praise from the foreign minister of Estonia — among the countries most resilient to disinformation, according to the European Media Literacy Index. “We’ve witnessed TikTok spreading disinformation & being a platform for election manipulations. On top of that, its vast data collection is known to pose a serious security risk,” Margus Tsahkna said on social media platform X.”Banning TikTok must be considered in Europe as well.”The ban even became a hot topic at the Australian Open tennis in Melbourne, where American player Coco Gauff scrawled “RIP TikTok USA” on a courtside camera.”I could not access it after my match,” Gauff said after winning her fourth-round match.”I love TikTok, it’s like an escape… hopefully it comes back,” the world number three told reporters.- Offers for TikTok -A last-minute proposal made Saturday by the highly valued start-up Perplexity AI offered a merger with the US subsidiary of TikTok, a source with knowledge of the deal told AFP.That deal could offer ByteDance a possible solution without selling off the app entirely. The plan, first reported by US broadcaster CNBC, would create a new joint venture combining the assets of US TikTok and Perplexity AI, which has been backed by Amazon founder Jeff Bezos. The proposal did not include a price but the source estimated it would cost at least $50 billion.Frank McCourt, the former Los Angeles Dodgers owner, has also made an offer to purchase TikTok’s US activity.Canadian investor Kevin O’Leary, who is involved in that offer, told Fox News that ByteDance was offered $20 billion for TikTok’s US operation but he also acknowledged the legal uncertainty over the case.Adam Kovacevich, chief executive of industry trade group Chamber of Progress, warned that: “Congress wrote this law to be virtually president-proof.” Thousands of worried TikTok users turned to Xiaohongshu (“Little Red Book”), a Chinese social media network similar to Instagram, ahead of the suspension. Nicknamed “Red Note” by its American users, it was the most downloaded app on the US Apple Store this week. 

TikTok warned users in the United States late Saturday that the app would soon become “temporarily unavailable” as a law banning it in the country was set to take effect — though President-elect Donald Trump said he was considering a reprieve.”We regret that a US law banning TikTok will take effect on January 19 and force us to make our services temporarily unavailable,” read a notification to US users who opened the app Saturday night. “We’re working to restore our service in the US as soon as possible, and we appreciate your support. Please stay tuned,” the message added.After months of legal tussles, the US Supreme Court on Friday upheld a law that would ban the popular video-sharing platform in the name of national security, unless its Chinese owners reach a deal to sell it to non-Chinese buyers by Sunday.Only months after overwhelmingly backing the law, lawmakers and officials were now fretting about the ban, with all eyes on whether Trump can swoop in and find a way to save the app.From teenage dancers to grandmothers sharing cooking tips, TikTok has been embraced for its ability to transform ordinary users into global celebrities when a video goes viral.It also has a fan in Trump, who has credited the app with connecting him to younger voters, contributing to his election victory in November.After discussing TikTok with Chinese President Xi Jinping, Trump told NBC News on Saturday that he could activate a 90-day reprieve after he reclaims the Oval Office.”I think that would be, certainly, an option that we look at. The 90-day extension is something that will be most likely done, because it’s appropriate,” he said, ahead of Monday’s inauguration.”If I decide to do that, I’ll probably announce it on Monday.”The law allows a 90-day delay if the White House can show progress toward a viable deal, but TikTok owner ByteDance has flatly refused any sale.The administration of outgoing President Joe Biden has said it will leave the matter to Trump, and White House spokeswoman Karine Jean-Pierre qualified TikTok’s latest statements as a “stunt.”After the court defeat, TikTok CEO Shou Chew appealed to Trump, thanking him for his “commitment to work with us to find a solution.”Trump “truly understands our platform,” he added.TikTok has been lobbying furiously to thwart the law’s implementation, with Chew set to attend Trump’s inauguration on Monday.The law requires Apple and Google to remove TikTok from their app stores, blocking new downloads. The companies could face penalties of up to $5,000 per user who can access the app.Oracle, which hosts TikTok’s servers, would also be legally obligated to enforce the ban.None of the companies responded to requests for comment on Saturday.- Offers for TikTok -A last-minute proposal made Saturday by the highly-valued start-up Perplexity AI offered a merger with the US subsidiary of TikTok, a source with knowledge of the deal told AFP.That deal could allow parent company ByteDance a possible solution without selling off the app entirely. The plan, first reported by US broadcaster CNBC, would create a new joint venture combining the assets of US TikTok and Perplexity AI, which has been backed by Amazon founder Jeff Bezos. The proposal did not include a price for the transaction, but the source estimated it would be at least $50 billion.Frank McCourt, the former Los Angeles Dodgers owner, has also made an offer to purchase TikTok’s US activity and said he’s “ready to work with the company and President Trump to complete a deal.”Canadian investor Kevin O’Leary, who is involved in that offer, told Fox News that ByteDance was offered $20 billion for TikTok’s US operation.He acknowledged the legal uncertainty over the case, with it remaining an open question whether an executive order by Trump to halt the ban would override the law.”Congress wrote this law to be virtually president-proof,” warned Adam Kovacevich, chief executive of industry trade group Chamber of Progress.Sarah Kreps, a professor of government and law at Cornell University, said that “if an executive order conflicts with an existing law, the law takes precedence, and the order can be struck down by the courts.”If TikTok is forced into a shutdown, its US-based rivals Instagram Reels and YouTube Shorts would benefit.Thousands of worried TikTok users have protectively turned to Xiaohongshu (“Little Red Book”), a Chinese social media network similar to Instagram. Nicknamed “Red Note” by its American users, it was the most downloaded app on the US Apple Store this week. 

TikTok has pledged to “go dark” in the United States on Sunday, threatening access for 170 million app users without 11th-hour guarantees from the government, as President-elect Donald Trump says he is considering a reprieve — after he takes office.After months of legal tussles, the US Supreme Court on Friday upheld a law that would ban the popular video-sharing platform in the name of national security, unless its Chinese owners reach a deal to sell it to non-Chinese buyers by Sunday.Only months after overwhelmingly backing the law, lawmakers and officials were now fretting about the ban, with all eyes on whether Trump can swoop in and find a way to save the app.From teenage dancers to grandmothers sharing cooking tips, TikTok has been embraced for its ability to transform ordinary users into global celebrities when a video goes viral.It also has a fan in Trump, who has credited the app with connecting him to younger voters, contributing to his election victory in November.After discussing TikTok with Chinese President Xi Jinping on Friday, Trump told NBC News on Saturday that he could activate a 90-day reprieve from the ban after he reclaims the Oval Office.”I think that would be, certainly, an option that we look at. The 90-day extension is something that will be most likely done, because it’s appropriate,” he said, ahead of Monday’s inauguration.”If I decide to do that, I’ll probably announce it on Monday.”The law allows a 90-day delay if the White House can show progress toward a viable deal, but TikTok owner ByteDance has flatly refused any sale.TikTok said late Friday its US services would “go dark” unless the government “immediately provides a definitive statement to satisfy the most critical service providers assuring non-enforcement” of the law calling for the platform’s ban.The administration of outgoing President Joe Biden has said it will leave the matter to Trump and White House spokeswoman Karine Jean-Pierre qualified TikTok’s latest statements as a “stunt.”After the court defeat, TikTok CEO Shou Chew appealed to Trump, thanking him for his “commitment to work with us to find a solution.”Trump “truly understands our platform,” he added.TikTok has been lobbying furiously to thwart the law’s implementation, with Chew set to attend Trump’s inauguration on Monday.The law requires Apple and Google to remove TikTok from their app stores, blocking new downloads. The companies could face penalties of up to $5,000 per user who can access the app.Oracle, which hosts TikTok’s servers, would also be legally obligated to enforce the ban.But it was not immediately clear how quickly users would feel the effects, and the Justice Department said implementing the ban could take time.None of the companies responded to requests for comment on Saturday.- Offers for TikTok -A last-minute proposal made Saturday by the highly-valued start-up Perplexity AI offered a merger with the US subsidiary of TikTok, a source with knowledge of the deal told AFP.That deal could allow parent company ByteDance a possible solution without selling off the app entirely. The plan, first reported by US broadcaster CNBC, would see the creation of a new joint venture combining the assets of US TikTok and Perplexity AI, which has been backed by Amazon founder Jeff Bezos. The proposal did not include a price for the transaction, but the source estimated it would be at least $50 billion.Frank McCourt, the former Los Angeles Dodgers owner, has also made an offer to purchase TikTok’s US activity and said he’s “ready to work with the company and President Trump to complete a deal.”Canadian investor Kevin O’Leary, who is involved in that offer, told Fox News that ByteDance was offered $20 billion for TikTok’s US operation.He acknowledged the legal uncertainty over the case, with it remaining an open question whether an executive order by Trump to halt the ban would override the law.”Congress wrote this law to be virtually president-proof,” warned Adam Kovacevich, chief executive of industry trade group Chamber of Progress.Sarah Kreps, a professor of government and law at Cornell University, said “if an executive order conflicts with an existing law, the law takes precedence, and the order can be struck down by the courts.”If TikTok is forced into a shutdown, its US-based rivals Instagram Reels and YouTube Shorts would benefit.Thousands of worried TikTok users have protectively turned to Xiaohongshu (“Little Red Book”), a Chinese social media network similar to Instagram. Nicknamed “Red Note” by its American users, it was the most downloaded app on the US Apple Store this week. 

As a law that could get TikTok banned in the United States is poised to go into effect, here is a look at the rise of the video-sharing social media platform.- Genesis -In 2016, Beijing-based ByteDance launched Douyin, an app for sharing short videos, in the Chinese market.ByteDance released TikTok for the international market the following year, shortly before buying “lip-synching” app Musical.ly and merging it into TikTok.The social network became a hit, with its algorithm serving up endless collections of short, looping and typically playful videos posted by users.- Pandemic boom -TikTok’s popularity soared during the Covid-19 pandemic declared in 2020, as people enduring lockdowns relied on the internet for diversion and entertainment.As a result, authorities worldwide began eyeing TikTok’s influence and addictive appeal.TikTok became one of the most downloaded apps in the world, as officials grew increasingly wary of the potential for the Chinese government to influence ByteDance or access user data.India banned TikTok in July 2020 due to tensions with China.- Targeted by Trump -While Donald Trump was US president in 2020, he signed executive orders to ban TikTok in the United States.Trump accused TikTok, without proof, of siphoning off US users’ data to benefit Beijing and of censoring posts at the direction of Chinese officials.Trump’s decision was made as his government clashed with Beijing on an array of issues.During a failed bid for reelection in 2020, the Republican continued to campaign on an anti-China message.Between legal challenges and Trump’s loss to Joe Biden in that year’s presidential election, the executive orders did not take effect.- Billion mark -In September 2021, TikTok announced it had one billion monthly users worldwide.But concerns grew about TikTok users facing risks of addiction, propaganda and spying.In 2022, BuzzFeed reported that ByteDance employees based in China had accessed TikTok users’ non-public information.ByteDance tried to cool privacy concerns by hosting user data on servers managed in the United States by Oracle.The move did not ease concerns, however, with TikTok banned from devices used by the US military.An array of other government agencies and academic institutes followed suit, forbidding members from using TikTok.TikTok’s Singaporean chief executive Shou Chew was grilled by members of the US Congress during a six-hour hearing in March 2023.- Sell or go -TikTok was back in the hot seat in the United States in 2024 when President Joe Biden authorized a law requiring TikTok to be banned if ByteDance does not sell the app to a company not associated with a national security adversary.Washington’s stated aim was to cut the risk of Beijing spying on or manipulating TikTok users, particularly the 170 million US users of the app.TikTok remains adamant that it has never shared user data with the Chinese government or done its bidding at the social network.ByteDance sued the US government, arguing the law violates free speech rights.A final decision in that case was made Friday by the US Supreme Court, which upheld a law going into effect on January 19.In a major defeat for TikTok, the court ruled that the law does not violate free speech rights and that the US government had demonstrated legitimate national security concerns about a Chinese company owning the app.President-elect Trump, who returns to office on Monday, has signaled he might intervene on TikTok’s behalf.The company, however, has said that unless the outgoing Biden administration makes “definitive” assurances that the law will not be implemented, it would be forced to “go dark.”

“I almost, like, don’t know how to define myself without TikTok,” content creator Ayman Chaudhary sighed, reflecting the consternation of millions over US authorities’ scheduled banning Sunday of the hugely popular app.After months of legal tussles, the US Supreme Court on Friday upheld a law that would ban the video-sharing platform — used by 170 million Americans — in the name of national security, unless its Chinese owners reach an 11th-hour deal to sell it to American buyers.”I’m more sad than shocked,” the 24-year-old Chaudhary told AFP. “But still, it’s sad and disappointing that the US government has come together to ban an app instead of banding together to adopt a law that matters about health or education.” It remains uncertain whether TikTok will turn out the lights Sunday — for a single day or forever. Potential buyers exist, though TikTok’s owner, Chinese tech company ByteDance, has systematically refused to part with its crown jewel.President-elect Donald Trump, just days from his second inauguration, said Friday that he “must have time” to decide whether to enforce the high court’s ruling. He promised a decision “in the not too distant future.”Until then, Ayman and countless other content creators have been left gloomily contemplating a future without TikTok.- Mandarin ‘out of spite’? -“I started five years ago in 2020 during (the Covid-19) quarantine, and I’ve been employed, like, through TikTok, and now it just feels like suddenly I’m unemployed,” said Ayman, an avid reader who offers book recommendations on the platform, earning enough from ads and sponsors to pay her bills. Like thousands of other worried TikTok users, she has protectively created a profile on Xiaohongshu (“Little Red Book”), a Chinese social media network similar to Instagram. Nicknamed “Red Note” by its American users, it was the most-downloaded app on the American Apple Store this week. People are turning to Red Note, Ayman said, as “kind of a protest, because it is a Chinese-owned app, and TikTok is being banned because it’s, like, Chinese-owned.”The language-teaching app Duolingo made a clear pitch to people looking for life after TikTok.”Learning Mandarin out of spite? You’re not alone,” Duolingo posted on X. “We’ve seen a 216% growth in new Chinese (Mandarin) learners in the US compared to this time last year.”On TikTok, many American creators have published videos combining their favorite moments on the app with farewell messages urging fans to follow them to other platforms, including Xiaohongshu — while openly mocking the concerns of American lawmakers. – ‘Micro-influencers’ -“Most students don’t buy the narrative that there’s Chinese spies that are controlling the algorithm” on TikTok, said Chris Dier, a history teacher who shares educational videos on TikTok and uses them as well in his classes.He said students “think that the United States government is not a fan of TikTok because… the government can’t easily control it.”Xiaohongshu, which is entirely in Mandarin, would not appear to provide a realistic long-term alternative for frustrated American users. Popular even before the pandemic, TikTok exploded among young people living in quarantine, and became a must-have resource for many small companies and start-ups.”It’s a scary time for a lot of smaller creators, because I think TikTok is one of the very few platforms on the internet where micro-influencers can really thrive,” said Nathan Espinoza, who has more than 550,000 subscribers on the app. Indeed, the social network has built its success not so much via personal recommendations as through its ultra-powerful algorithm, which lets it rapidly identify users’ interests and funnel content of particular interest to them. “I’m a more YouTube-centric creator now,” Espinoza said. “But I wouldn’t be where I am today without TikTok, because that first viral video showed me that it’s possible, and there’s an audience for the type of videos that I make.”

Global equities rallied on Friday as traders digested corporate results and prepared for US President-elect Donald Trump’s inauguration next week, pushing London’s benchmark FTSE 100 and Frankfurt’s DAX 40 index to new all-time highs.All three major indices on Wall Street closed higher, with the Nasdaq Composite propelled by a rise in tech stocks. “The sentiment in the market has changed dramatically,” Steve Sosnick from Interactive Brokers told AFP, noting the rally had been “very broad-based.”He added that there seemed to be “a bit of enthusiasm” that Trump’s likely economic policies would be good for the financial markets. Trump is due to be sworn in as US president on Monday.- Buoyant markets -The UK’s index of blue-chip companies jumped to 8,533.43 points, surpassing an intra-day record achieved in May last year. “After years of trying, and failing, to play catch up (with peers), the FTSE 100 appears to have finally caught the ball of investor enthusiasm,” noted Susannah Streeter, head of money and markets at Hargreaves Lansdown. “Although fresh volatility is expected on global markets after President Trump returns to the White House, there may be more appetite to shelter in the resilience of the UK market,” she added.In Frankfurt, the DAX struck 20,924.50, besting a peak set just last month.Chinese markets also closed higher Friday after fresh data showed the country’s economy grew slightly quicker than expected last year.The five-percent expansion was in line with the government’s target but the weakest since 1990 — excluding the pandemic years — as leaders fought to address weak consumption and a real estate debt crisis.A surge in the final quarter was helped by a string of stimulus measures and a boost in retail sales.”Amid a relentless barrage of economic pessimism, China’s economy defied expectations with a robust five-percent growth last year, nailing the government’s ambitious target,” said independent analyst Stephen Innes. “Although slightly outpacing analyst forecasts, this growth fell just shy of the 5.2 percent expansion seen in 2023, painting a picture of an economy with both promising highs and undeniable challenges,” Innes added.- UK concerns -In London, stocks have been boosted in recent days by a drop in UK government bond yields after a spike in state borrowing costs last week sent the pound tumbling.Sterling was lower Friday, reflecting ongoing strains for the British economy, which is struggling to grow despite falling inflation. Official data Friday revealed a surprise drop in UK retail sales in December.The FTSE 100 contains numerous multinationals whose revenues are largely earned in dollars, enabling them to profit from a falling pound.London and its European peers — along with Wall Street — have won support this week also as traders forecast more interest-rate cuts this year from major central banks.Indices have also rallied thanks to some positive company earnings and easing geopolitical concerns.- Key figures around 2145 GMT -New York – Dow: UP 0.8 percent at 43,487.83 points (close)New York – S&P 500: UP 1.0 percent at 5,996.66 (close)New York – Nasdaq Composite: UP 1.5 percent at 19,630.20 (close)London – FTSE 100: UP 1.4 percent at 8,505.22 (close)Paris – CAC 40: UP 1.0 percent at 7,709.75 (close)Frankfurt – DAX: UP 1.2 percent at 20,903.39 (close)Tokyo – Nikkei 225: DOWN 0.3 percent at 38,451.46 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 19,584.06 (close)Shanghai – Composite: UP 0.2 percent at 3,241.82 (close)Euro/dollar: DOWN at $1.0272 from $1.0306 on ThursdayPound/dollar: DOWN at $1.2168 from $1.2237Dollar/yen: UP at 156.20 yen from 155.17 yenEuro/pound: UP at 84.41 pence from 84.18 penceBrent North Sea Crude: DOWN 0.6 percent at $80.79 per barrelWest Texas Intermediate: DOWN 1.0 percent at $77.88 per barrelburs-bcp/rl/gv/da-tmc/aha