Discussions Between Xi and Trump Determine TikTok's Future Course
In recent news, a series of significant events have unfolded across various sectors.
Politics and Economy
- Donald Trump has expressed his desire for Bagram air base in Afghanistan to return to US control, marking his most high-profile pitch yet for the move. Meanwhile, Trump has also called on the US Supreme Court to reverse judgments that allowed Federal Reserve governor Lisa Cook to remain in her job.
- The race for smart glasses has begun with the launch of Meta's Ray-Ban Display. In the world of finance, Deutsche Bank chief executive Christian Sewing is expected to be named as a defendant in London legal proceedings brought by five former employees seeking hundreds of millions of pounds in damages.
Energy
- Big banks, energy agencies, and analysts are forecasting a glut of oil supplies next year that could push prices below $50 a barrel. However, Brent crude is still trading near $70 a barrel, little changed from late June. The EU ambassadors are set to meet in Brussels today to discuss fresh sanctions targeting Russia's oil and gas production and companies in countries such as India and China that purchase those products.
Technology and Business
- The deal involving TikTok's US operations transferring into the hands of American investors is expected to be finalized. The consortium currently in discussion to take over TikTok's US business consists of Oracle, Andreessen Horowitz, and Silver Lake, holding about 80% of the shares. The new US TikTok operation will be governed mainly by US representatives, selected by the US government. The spun-off app is expected to be controlled by American investors while preserving some "Chinese characteristics."
- Nvidia agreed to invest $5bn in Intel, causing Intel shares to have their best day since 1987 and helping the Nasdaq Composite and S&P 500 indices reach record highs.
International Relations
- Republican senator Jim Risch and Democrat Jeanne Shaheen plan to introduce new legislation targeting Russia's "shadow fleet" of oil tankers. The Bank of Japan unveiled plans to start selling $250bn of exchange traded funds, a move that caused Japanese stocks to sell off and the yen to strengthen.
- The World Bank's corporate lending arm is planning to start regularly offloading slices of its loans to private investors after a successful securitisation test last month.
Culture
- The decision to give US First Lady Melania Trump an Anya Hindmarch handbag this week was a clear demonstration of the British brand's soft power.
Read also:
- Tesla is reportedly staying away from the solid-state battery trend, as suggested by indications from CATL and Panasonic.
- Tesla's 37th week update: Stock remains steady, potential successor for Musk, unveiling of new megapack, fuel reveal delayed until IAA event
- Lieutenant Governor Kounalakis joins SoCalGas in unveiling the novel H2 Hydrogen Innovation Experience, a one-of-a-kind demonstration.
- Review of the 2025 Lamborghini Revuelto: Blazing Beasts on Wheels
