TikTok set to become standalone US company, central banks preview, Nikola fights off fraud claims
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 16 September 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
ByteDance will place TikTok’s global business in a new US-headquartered company with Oracle investing as a minority shareholder, FedEx delivered a forecast-beating fiscal first quarter on the back of strong demand for international shipping, and investors will look to the Federal Reserve’s policy-setting committee today for more detail on the central bank’s new inflation policy. Plus, the FT’s motor industry correspondent, Peter Campbell, explains how truckmaker start-up Nikola is defending itself after a short seller’s report claimed the business was an “intricate fraud”.
TikTok set to become a standalone US company to satisfy White House
https://www.ft.com/content/58eb7c26-2154-477f-af19-19157ae29261
FedEx results deliver as pandemic drives ecommerce boom
https://www.ft.com/content/86e2dc79-e662-3d6f-8252-4ff5fe979fdd#post-54430
US Justice Department inquires into Nikola fraud claims
https://www.ft.com/content/a45a6638-167b-4e27-a9fd-576e7229f959
Germany to take in 2,750 migrants from Greek camps
https://www.ft.com/content/50be2fb8-215e-4780-8ece-3163e9ed0819
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:02.0 | Today is Wednesday, September 16th, |
| 0:04.4 | and this is your FT news briefing. |
| 0:09.0 | Tik-T-T's global business will be based in the US. |
| 0:12.0 | FedEx rides a wave on international priority shipping, |
| 0:15.2 | and we'll take a look at what to expect |
| 0:16.8 | from the Federal Reserve and the Bank of England this week. |
| 0:20.1 | Plus, truckmaker Nicola is trying to defend itself after short sellers accused it a fraud. |
| 0:25.2 | I'm Mark Filipino, and here's the news you need to start your day. Bike Dance is going to |
| 0:35.8 | to headquarter TikTok's global business in the US. |
| 0:38.8 | That's according to people briefed on a plan that was presented to U.S. officials. |
| 0:43.0 | Oracle won the bidding in Tik-Tok's global business, |
| 0:46.0 | but it'll only act as a minority investor. |
| 0:48.6 | Other companies could also own a minority stake, |
| 0:51.3 | Bight Dance will be the majority shareholder of the new entity. |
| 0:55.0 | But with this plan, Oracle would independently process all of Tik-T's global data. |
| 1:00.1 | A source told the FT American data would be managed and stored in the U.S. to address national security concerns. |
| 1:06.0 | The current plan is in line with the recommendations made by the Committee on Foreign Investment, or Cipheus, |
| 1:12.0 | before Donald Trump threatened to ban Tik-Tok in August. |
| 1:17.0 | A bellwether of economic growth had a strong fiscal first quarter. |
| 1:25.0 | FedEx said that there was a big boost for international priority shipments and parcels coming |
| 1:29.8 | into the U.S. in the three months to the end of August. |
... |
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