Corporate
Trump okays ‘fantastic’ TikTok deal with Oracle; download ban delayed till Sep 27
The TikTok-Oracle deal will lead to the creation of a new company, headquartered in Texas, that will have "nothing to do with China" but will still be called TikTok, according to the Trump.
Popular video app TikTok announced Saturday it has proposed an agreement with Oracle as its US technology provider and Walmart as a commercial partner, a potential deal US President Donald Trump touted as "fantastic."
"We are pleased that the proposal by TikTok, Oracle, and Walmart will resolve the security concerns of the US Administration and settle questions around TikTok's future in the US," a spokeswoman for TikTok, owned by China's ByteDance, told AFP.
Oracle will become the "trusted technology provider, responsible for hosting all US user data and securing associated computer systems to ensure US national security requirements are fully satisfied," the spokeswoman said. "We are currently working with Walmart on a commercial partnership as well."
She gave few further details about the deal, other than saying that the companies will "maintain and expand" TikTok's global headquarters in the US and create 25,000 new jobs.
Trump had earlier praised the deal as "fantastic."
Exports increase five percent in the first five months of current FY
Declining cardamom price dejects farmers
Country gains self-sufficiency in marigold: flower trade declining
Nepse reaches 2,032 points, witnesses transaction of Rs 30 bln this week
Five ways to enable a data-driven approach in Nepal’s private sector
Central Bank to issue development bond worth Rs 20 billion
Auto China 2020: German carmakers look to switch gears
Porsche Shows Off Panamera Turbo S at Virtual Beijing Auto Show
China’s Economy Comes Roaring Back, Led by Wealthy Consumers
What is your Reaction?