CNBC: ‘Unfair’ but not the worst-case scenario: Chinese state media reacts to ‘reasonable’ TikTok deal
* President Donald Trump tentatively agreed to a deal in which Oracle and Walmart would take a combined 20% stake in TikTok Global.
* ByteDance said it would retain an 80% stake.
* China’s state-backed Global Times tabloid called the deal a “reasonable” outcome but said it was “unfair” ByteDance was put in this position.
GUANGZHOU, China — Chinese state media said ByteDance’s deal to set up TikTok Global in the U.S. is “reasonable,” adding that Chinese authorities would still need to give their approval to a deal with U.S. giants Oracle and Walmart.
Global Times, a Chinese state-backed tabloid, said the TikTok deal avoids the “worst-case scenario” even though it was “unfair” that ByteDance was forced into this position.
On Saturday, President Donald Trump tentatively agreed to a deal in which Oracle and Walmart would take a combined 20% stake in TikTok Global. Oracle will be the cloud provider responsible for storing and handling U.S. user data.
Trump claimed the deal has “nothing to do with China” and Secretary of State Mike Pompeo said the new entity will be “controlled by Americans.”
However, Beijing-headquartered ByteDance on Monday confirmed it would have an 80% stake of TikTok Global. ByteDance also said it would not transfer its algorithms and technology to Oracle, though the U.S. firm can inspect the source code to ensure it’s safe.
Read more ....
WNU Editor: A few hours ago the indication from Beijing was that they were going to approve the deal (see above). A different story is now emerging .... Beijing Reportedly Plans To Kill Oracle-TikTok Deal (Zero Hedge). I personally think the deal will die because of the jaw-dropping price tag (reportedly around $60 billion US). Bottom line. I will not be surprised if TikTok and other major Chinese apps will be eventually banned from the US.
5 comments:
If Chinese found the deal reasonable that would worry me
Anyone know the details?
It is certainly a disappointment, but it has to be done. This is not your grandmother's spyware. This is full strength stuff meant for espionage.
Just demanding access to all your contacts and being able to construct affinity charts is worrisome or threatening.
It is bad enough when a retailer does it for sales.
It is worse when Google and Facebook do it.
It is the worst, when one of the 3 world powers do it.
10:22 is succinct, on point, and hits it out of the park.
Meanwhile bigger news at home
DOJ Declares New York, Portland And Seattle ‘Anarchist Jurisdictions,’ First Step To Cutting Federal Funding
It is look a lot like Rome and its Civil Wars.
On De Blasio. This guy had 150 to 160 CEOs tell him to shape up and restore order. I donlt think he listed or cares. I do not consider de Blasio to have had an honest job in his, life or any real skills. Being mayor is an honest job. It is not an honest job for him, because he is not doing his job. De Blasio is so fucking stupid that I think Dilma Rousseff would do better as mayor. I thought of her because she is a prominent socialist/communist, one that de Blasio worships or likes. Thing is many of her cadre supposedly broke their chops learning how to run Porto Alegre.
Point is that all card carrying Communists are not equal. de Blasio is at the bottom of the barrel. Card carrying communists in my family could do better than that slop de Blasio.
And what was his job before mayor? Public Advocate of New York City
What are the metrics for that job?
Yup de blasio had a do nothing job.
https://en.wikipedia.org/wiki/New_York_City_Public_Advocate
Now, as mayor he is doing nothing good.
If de Blasio had a no show Mafia job, he would do less harm.
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