US Treasury seeks 'resolution' with ByteDance on security concerns
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Saturday
February 04, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
SATURDAY, FEBRUARY 04, 2023
US Treasury seeks 'resolution' with ByteDance on security concerns

World+Biz

Reuters
12 November, 2020, 01:15 pm
Last modified: 12 November, 2020, 01:24 pm

Related News

  • NATO chief stresses importance of Indo-Pacific partners amid security tensions
  • US yields mostly lower, in line with gilts, European bond market
  • US national debt surpasses $31 trillion: Treasury report
  • US Treasury seeks three-phased Russian fuel price cap
  • Dollar scales new 2-decade high, sterling on the ropes again

US Treasury seeks 'resolution' with ByteDance on security concerns

The Trump administration contends the merged entity poses national security concerns as the personal data of US users could be obtained by China’s government

Reuters
12 November, 2020, 01:15 pm
Last modified: 12 November, 2020, 01:24 pm
Flags of China and US are seen near a Bytedance logo in this illustration picture taken September 18, 2020. Photo:Reuters
Flags of China and US are seen near a Bytedance logo in this illustration picture taken September 18, 2020. Photo:Reuters

The US Treasury Department said on Wednesday it wants a resolution of national security concerns it has raised over China-based ByteDance's acquisition of US social media app Musical.ly, which it then merged into video-sharing app TikTok.

The statement came a day after China-based ByteDance filed a petition with the US Court of Appeals in Washington challenging a Trump administration order set to take effect on Thursday requiring it to divest TikTok unless it can reach agreement with US regulators or win an extension.

"The Treasury Department remains focused on reaching a resolution of the national security risks arising from ByteDance's acquisition of Musical.ly," Treasury spokeswoman Monica Crowley said. "We have been clear with ByteDance regarding the steps necessary to achieve that resolution."

The divestiture order was based on a government review of ByteDance's acquisition of Musical.ly in 2017. The Trump administration contends the merged entity poses national security concerns as the personal data of US users could be obtained by China's government. TikTok, which has over 100 million US users, denies the allegations.

ByteDance's petition named President Donald Trump, Attorney General William Barr, Treasury Secretary Steven Mnuchin and the Committee on Foreign Investment in the United States (CFIUS), the inter-agency panel that reviews certain transactions involving foreign investment on national security concerns.

"We remain focused on continuing to engage CFIUS and look forward to reaching a resolution that addresses their security concerns, even as we disagree with them," TikTok said in a statement on Wednesday.

Trump directed ByteDance, which owns 100% of TikTok, in an Aug. 14 order to divest the app within 90 days, which falls on Thursday.

ByteDance has been in talks for a deal with Walmart Inc and Oracle Corp to shift TikTok's US assets into a new entity called TikTok Global. It said on Tuesday it was requesting a 30-day extension so that it can finalize terms. Trump said in September the deal had his "blessing."

"Facing continual new requests and no clarity on whether our proposed solutions would be accepted, we requested the 30-day extension that is expressly permitted in the August 14 order," TikTok said in a statement.

ByteDance said a fourth proposal submitted on Friday sought to address US security concerns "by creating a new entity, wholly owned by Oracle, Walmart and existing US investors in ByteDance, that would be responsible for handling TikTok's US user data and content moderation."

Separate restrictions on TikTok from the US Commerce Department have been blocked by federal courts, including restrictions on transactions that were scheduled to take effect Thursday that TikTok warned could effectively ban the app's use in the United States.

A ban on Apple Inc and Alphabet Inc's Google offering TikTok for download for new US users that had been set to take effect Sept. 27 has also been blocked by federal judges.

Top News

ByteDance / US treasury / Security concerns

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Is the IMF to blame for growing pressure on your wallet?
    Is the IMF to blame for growing pressure on your wallet?
  • Dr Salehuddin Ahmed. Illustration: TBS
    Reforms in banking must to sustain financial sector
  • Why 2012 reforms were not done is a million-dollar question
    Why 2012 reforms were not done is a million-dollar question

MOST VIEWED

  • Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly
    US FDA says India-made eye drop linked to some infections, blindness and one death
  • Photo: Bloomberg
    S&P cuts two Adani firms' rating to negative from stable
  • U.S. Secretary of State Antony Blinken holds a joint press availability with French Foreign Minister Catherine Colonna at the State Department in Washington, U.S. October 21, 2022. REUTERS/Michael A. McCoy
    Blinken postpones trip to China after spy balloon detected in US: reports
  • As the central bank of the US, the Federal Reserve sets financial policy and bank-industry regulations that ultimately affect every American.  Photo: Getty Images via Foreign Policy
    Fed seen hiking policy rate above 5% as hiring surges
  • Photo: Bloomberg
    The China-Russia friendship is too big to fail
  • US one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS/Lee Jae-Won
    Dollar jumps as US employers add more jobs than expected in January

Related News

  • NATO chief stresses importance of Indo-Pacific partners amid security tensions
  • US yields mostly lower, in line with gilts, European bond market
  • US national debt surpasses $31 trillion: Treasury report
  • US Treasury seeks three-phased Russian fuel price cap
  • Dollar scales new 2-decade high, sterling on the ropes again

Features

Andy Mukherjee. Sketch: TBS

What makes India's billionaires' support special for Adani

20h | Panorama
Photo: Rejaul Hafiz Rahi

A jackal farewell

21h | Earth
The trio spearheading the revival of book cover designs

The trio spearheading the revival of book cover designs

22h | Panorama
Six Jeep Wranglers and a special XJ Jeep Cherokee set out into the depths of Lalakhal, Sylhet for an experience of a lifetime. Photo: Ahbaar Mohammad

Jeep Life Bangladesh: A club for Jeep owners to harness the power of their vehicles

1d | Wheels

More Videos from TBS

A proper price formula can help investors to plan big

A proper price formula can help investors to plan big

1d | TBS Round Table
Rumors about Sarika that everyone thinks are true

Rumors about Sarika that everyone thinks are true

1d | TBS Entertainment
Mugging rife in Tejgaon, murder in Wari

Mugging rife in Tejgaon, murder in Wari

1d | TBS Current Affairs
What secrets are hidden behind Adani's wealth?

What secrets are hidden behind Adani's wealth?

1d | TBS Stories

Most Read

1
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

2
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

3
Photo: Collected
Energy

8 Ctg power plants out of production

4
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

5
Photo: Collected
Court

Japanese mother gets guardianship of daughters, free to leave country

6
Fund cut as Dhaka's fast-track transit projects on slow spending lane
Infrastructure

Fund cut as Dhaka's fast-track transit projects on slow spending lane

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]