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ByteDance Says 'No Plans' to Sell TikTok after US Ban Law

A new US law requires TikTok to sever all ties with its Chinese parent ByteDance or face a ban in the United States. OLIVIER DOULIERY / AFP/File
A new US law requires TikTok to sever all ties with its Chinese parent ByteDance or face a ban in the United States. OLIVIER DOULIERY / AFP/File
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ByteDance Says 'No Plans' to Sell TikTok after US Ban Law

A new US law requires TikTok to sever all ties with its Chinese parent ByteDance or face a ban in the United States. OLIVIER DOULIERY / AFP/File
A new US law requires TikTok to sever all ties with its Chinese parent ByteDance or face a ban in the United States. OLIVIER DOULIERY / AFP/File

Chinese tech giant ByteDance has said it has no plans to sell TikTok after a new US law put it on a deadline to divest from the hugely popular video platform or have it banned in the United States.
US lawmakers set the nine-month deadline on national security grounds, alleging that TikTok can be used by the Chinese government for espionage and propaganda as long as it is owned by ByteDance, said AFP.
The Information, a tech-focused US news site, reported that ByteDance was looking at scenarios for selling TikTok without the powerful secret algorithm that recommends videos to its more than one billion users around the world.
ByteDance denied it was considering a sale.
"Foreign media reports about ByteDance exploring the sale of TikTok are untrue," the company posted Thursday on Toutiao, a Chinese-language platform it owns.
"ByteDance does not have any plans to sell TikTok."
TikTok has been a political and diplomatic hot potato for years, first finding itself in the crosshairs of former president Donald Trump's administration, which tried unsuccessfully to ban it.
It has forcefully denied any link to the Chinese government, and said it has not and will not share US user data with Beijing.
TikTok says it has also spent around $1.5 billion on "Project Texas", under which US user data would be stored in the United States.
Its critics say the data is only part of the problem, and that the TikTok recommendation algorithm -- the "secret sauce" for its success -- must also be disconnected from ByteDance.
TikTok CEO Shou Zi Chew has said the company will take the fight against the new law to the courts, but some experts believe that for the US Supreme Court, national security considerations could outweigh free speech protection.
Bullish investors
The estimated valuations of TikTok are in the tens of billions of dollars, and any forced sale would present major complications.
Among those with deep enough pockets, US tech giants such as Instagram-parent Meta or Google would likely be blocked from buying the app over competition concerns.
Further, many investors consider TikTok's recommendation algorithm to be its most valuable feature.
But any sale of such technology by a Chinese company would require approval from Beijing, which designated such algorithms as protected technology following Trump's attempt to ban TikTok in 2020.
Beijing has so far vocally opposed any forced sale of TikTok, saying it will take all necessary measures to protect Chinese companies.
While TikTok is a global phenomenon, it represents a small fraction of ByteDance's revenue, according to analysts and investors.
ByteDance has enjoyed explosive growth in recent years, becoming one of the most valuable companies in the world. Its international investors, including US firms General Atlantic and SIG as well as Japan's SoftBank, have stakes worth billions.
"TikTok US is a very small part of the overall business. It is an exciting part of the story, for sure, but... relative to the overall size, it's a very small part," ByteDance investor Mitchell Green, of US-based Lead Edge Capital, told CNBC television last month.
"If it was kicked out of the US, we would not sell."

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Hyundai Motor to Roll Out In-House Driver-Assist System in 2029

The logo of Hyundai Motor India Limited is seen outside a car showroom, in Ahmedabad, India, October 7, 2024. (Reuters)
The logo of Hyundai Motor India Limited is seen outside a car showroom, in Ahmedabad, India, October 7, 2024. (Reuters)
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Hyundai Motor to Roll Out In-House Driver-Assist System in 2029

The logo of Hyundai Motor India Limited is seen outside a car showroom, in Ahmedabad, India, October 7, 2024. (Reuters)
The logo of Hyundai Motor India Limited is seen outside a car showroom, in Ahmedabad, India, October 7, 2024. (Reuters)

Hyundai Motor Group ‌will launch vehicles equipped with its proprietary driver-assistance software in late 2029, two years later than planned, turning to Nvidia in the interim to accelerate deployment.

The South Korean automaker will partner with the US chipmaker to roll out advanced driver-assistance systems (ADAS), known as Level 2+ and Level 2++, in 2028, a Hyundai executive said.

The shift underscores the challenges Hyundai faces in developing automated driving software in-house, a project originally slated for a late-2027 debut, while raising concerns over its deepening reliance on Nvidia.

The delay has fuelled worries that the automaker could ‌fall further behind Tesla ‌and Chinese rivals in the race to commercialise ‌vehicle ⁠autonomy.

"Our partnership with ⁠Nvidia is not about leaving our destiny entirely in their hands," Park Min-woo, a president at Hyundai Motor Group, told a media briefing.

Park said Hyundai will co-design the technology with Nvidia and use the data from the system to train and refine its own software platform, dubbed Atria.

Park, a former Nvidia executive who joined Hyundai in January, ⁠has spearheaded the automaker's deepening ties with the chipmaker. ‌His strategy marks a shift ‌from that of his predecessor, Song Chang-hyeon, who focused heavily on internal software development ‌before his abrupt departure in December.

Hyundai vehicles powered by ‌Nvidia's Hyperion 10 platform will initially bypass expensive lidar sensors in favour of cameras, ultrasonic sensors and a radar, Park said.

However, Hyundai is considering lidar for its Level 3 automated systems, which allow hands-off driving under specific conditions.

"To ‌truly ensure safety, we believe sensor redundancy is critical: if one sensor fails, others must be able ⁠to maintain safe ⁠operation," Park said, without providing a timeline for Level 3 commercialisation.

Hyundai and affiliate Kia Corp, which together rank as the world's third-largest automaker with annual sales exceeding 7 million vehicles, plan to use their global fleet scale to harvest data to train their autonomous driving technology, Park said. Hyundai said it expects to surpass competitors in accumulated driving data by 2033.

Hyundai Motor Group is deepening collaboration with Nvidia spanning autonomous driving, artificial intelligence data centers and humanoid robots developed by Hyundai-owned Boston Dynamics.

"Level 2+" generally refers to more capable driver-assistance systems that work on highways, while "Level 2++" systems can handle more complex urban driving, similar to Tesla's Full Self-Driving system. Both still require driver supervision.

Business

S&P Global Ratings Affirms Saudi Arabia Credit Rating at A+ with Stable Outlook

An aerial view of the Financial District in Riyadh (SPA)
An aerial view of the Financial District in Riyadh (SPA)
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S&P Global Ratings Affirms Saudi Arabia Credit Rating at A+ with Stable Outlook

An aerial view of the Financial District in Riyadh (SPA)
An aerial view of the Financial District in Riyadh (SPA)

Credit rating agency S&P Global affirmed Saudi Arabia's credit rating at A+ with a stable outlook, according to its latest report.

It stated that the stable outlook reflects its view that Saudi Arabia will be able to withstand pressures stemming from the ongoing Middle East conflict.

This takes into account the Kingdom's diversified energy export infrastructure, including its ability to redirect crude oil exports to the Red Sea through the East-West oil pipeline, as well as its substantial oil storage and refining capacity both domestically and abroad.

The agency also noted that the stable outlook reflects continued non-oil growth momentum and associated non-oil revenue, together with the government's ability to calibrate investment expenditure linked to Saudi Vision 2030, which should continue to support the economy and fiscal trajectory.

Despite the conflict, non-oil activity has remained reasonably resilient, supported by consumer spending.

S&P expects real GDP to contract by 0.9% in 2026 before rebounding sharply by 8.2% in 2027, supported by an increase in oil production, and to average 3.3% in 2028-2029.

The non-oil sector, including government activities, now accounts for about 70% of GDP, up from 65% in 2018, reflecting continued structural progress in economic diversification.

The agency further highlighted Saudi Arabia's substantial net general government asset position as a key strength and noted that foreign-exchange reserves reached their highest level since early 2020.

It stated that the ongoing recalibration of Saudi Vision 2030 project implementation should support fiscal resilience. S&P also expects the Kingdom to continue adopting a prudent and flexible approach in this regard, having stressed its commitment to achieving Saudi Vision 2030 goals without jeopardizing public finances.

The agency noted that ongoing structural reforms will remain important in supporting non-oil growth.

Business

CEER to Reveal First Flagship Vehicles in Saudi Arabia on Sept. 21

A glimpse of the car's design that CEER aims to launch later this September (Asharq Al-Awsat)
A glimpse of the car's design that CEER aims to launch later this September (Asharq Al-Awsat)
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CEER to Reveal First Flagship Vehicles in Saudi Arabia on Sept. 21

A glimpse of the car's design that CEER aims to launch later this September (Asharq Al-Awsat)
A glimpse of the car's design that CEER aims to launch later this September (Asharq Al-Awsat)

CEER, Saudi Arabia's first automotive company and Original Equipment Manufacturer (OEM), has announced the reveal date of the world premiere of its first flagship vehicles, an electric sedan and SUV, on September 21.

Friday’s announcement reflects the Kingdom’s strategic direction toward developing an advanced industrial sector aligned with the objectives of Saudi Vision 2030 and strengthening Saudi Arabia’s position on the global automotive industry map.

“At the beginning of this year, we said that 2026 is the year of CEER. I am happy to announce that we’ve set the date for the reveal of our first flagship vehicles,” said CEO of CEER James DeLuca.

“The world is about to witness a historic moment, the result of an incredible journey from initial design and intensive engineering to the buildup of one of the most advanced manufacturing facilities in the world, in record time.”

CEER was created as a joint venture between the Public Investment Fund and Foxconn. It is the only company in Saudi Arabia to design, engineer, source, validate, manufacture, and soon sell and service a portfolio of aspirational vehicles.

CEER is positioned to be a key enabler of Saudi Arabia's industrial transformation (Asharq Al-Awsat)

Since its inception in 2022, CEER has been focused on building a diverse mix of Saudi talent and global experts that had grown from 20 employees to 2,300; securing key partnerships with renowned international partners including BMW, Hyundai Transys, Rimac, Siemens, Sabelt, Isoclima, ANDRITZ Schuler, Dürr, XYG, Lear, Benteler, Fangxin, Shin Young, JVIS, as well as leading local companies including Zamil Group, Abdul Latiff Jameel Group and APICO (Balubaid Group) that are driving the target of reaching 45% local content by 2034; building one of the most advanced manufacturing complexes in the world; and designing, engineering and testing vehicles that are tailor-made to the specific requirements of Saudi Arabia and the region.

CEER is positioned to be a key enabler of Saudi Arabia's industrial transformation, creating lasting economic impact and supporting the Kingdom's diversification ambitions under Vision 2030.

CEER is projected to contribute $8 billion (around SAR30 billion) to Saudi Arabia’s GDP, $21 billion (around SAR80 billion) to trade balance improvement, and create approximately 30,000 direct and indirect jobs, with 80% of direct jobs held by Saudis. CEER supports the Saudi Green Initiative target of Net-Zero emissions in Saudi Arabia by 2060.