عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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
TT
TT

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."

Most Viewed

 
 
Business

Russian Court Seizes Deutsche Bank, Commerzbank Assets

FILE PHOTO: An exterior view shows an office building, which houses the Russian headquarters of Deutsche Bank, in Moscow, Russia, September 17, 2015. REUTERS/Maxim Zmeyev/File Photo
FILE PHOTO: An exterior view shows an office building, which houses the Russian headquarters of Deutsche Bank, in Moscow, Russia, September 17, 2015. REUTERS/Maxim Zmeyev/File Photo
TT
TT

Russian Court Seizes Deutsche Bank, Commerzbank Assets

FILE PHOTO: An exterior view shows an office building, which houses the Russian headquarters of Deutsche Bank, in Moscow, Russia, September 17, 2015. REUTERS/Maxim Zmeyev/File Photo
FILE PHOTO: An exterior view shows an office building, which houses the Russian headquarters of Deutsche Bank, in Moscow, Russia, September 17, 2015. REUTERS/Maxim Zmeyev/File Photo

A Russian court has ordered that Deutsche Bank's and Commerzbank's assets, accounts, property and shares be seized in Russia as part of a lawsuit involving the German banks, court documents showed.
The banks were among the guarantor lenders under a contract for the construction of a gas processing plant in Russia with Germany's Linde, which was terminated due to Western sanctions, Reuters reported.
The lawsuits were filed by St Petersburg-based RusChemAlliance, a joint venture 50% owned by Russian gas giant Gazprom which is the operator of the project.
The St Petersburg arbitration court has barred Deutsche Bank from exercising its 100% interest in the authorized capital of its Russian subsidiary, as well as Deutsche Bank Technology Center LLC.
The court has also imposed the seizure of up to 238.6 million euros ($259 million) in securities, real estate and bank accounts of Deutsche Bank, as well as its Russian subsidiary and Deutsche Bank Technology Center.
Deutsche Bank in Frankfurt said it had already provisioned around 260 million euros for the case.
"We will need to see how this claim is implemented by the Russian courts and assess the immediate operational impact in Russia," the bank said in a statement.
The court also seized Commerzbank's assets worth 93.7 million euros ($101.85 million) as well as securities and the bank's building in central Moscow.
Commerzbank did not immediately respond to a request for comment.
The Russian court on Friday ordered UniCredit's assets, accounts and property, as well as shares in two subsidiaries, be seized as part of a parallel lawsuit.

Business

Minister of Environment Leads Saudi Delegation at 10th World Water Forum

Minister of Environment Leads Saudi Delegation at 10th World Water Forum
TT
TT

Minister of Environment Leads Saudi Delegation at 10th World Water Forum

Minister of Environment Leads Saudi Delegation at 10th World Water Forum

Minister of Environment, Water, and Agriculture Eng. Abdulrahman Abdulmohsen Alfadley is leading the Kingdom's delegation to the 10th World Water Forum in Bali, Indonesia.

The Saudi delegation, which represents the water sector, will present its efforts to develop the water sector, as well as its regional and international contribution in the field through a pavilion.

Saudi Arabia will engage in events and a special session focused on hosting the 11th World Water Forum 2027 in Riyadh under the theme "Action for a Better Tomorrow."

Hosting the event aligns with Saudi Arabia's Vision 2030 and boost its regional and global efforts and role in the water sector. These efforts included the announcement by Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, of the establishment of a global water organization in Riyadh.

The event in Bali is held under the theme "Water for Shared Prosperity." It will tackle six sub-themes: Water Security and Prosperity; Water for Humans and Nature; Disaster Risk Reduction and Management; Governance, Cooperation, and Hydro-diplomacy; Sustainable Water Finance; and Knowledge and Innovation.

Indonesia expects 180 countries and representatives from 250 organizations to attend the forum that concludes on May 25.

The World Water Forum is the largest international event on water. It brings together all levels of participants from different areas, including politics, institutions, academia, civil society, and the private sector.

Business

Saudi EXIM Signs Line of Credit Agreement with Ziraat Bank of Türkiye

Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye. - SPA
Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye. - SPA
TT
TT

Saudi EXIM Signs Line of Credit Agreement with Ziraat Bank of Türkiye

Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye. - SPA
Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye. - SPA

The Saudi Export-Import Bank (Saudi EXIM) announced it signed a line of credit agreement worth $100 million with the Turkish Ziraat Bank, which aims at financing the export activities of Saudi non-oil products and services to Turkish markets.
The agreement comes within the EXIM’s efforts to empower the non-oil national economy and enhance the competitiveness of Saudi products in international markets, according to SPA.
Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye.
AlKhalb explained that the agreement comes within the framework of the bank’s efforts to strengthen international trade relations to open new markets for Saudi exporters to expand their activities and increase Saudi products and services to global markets, underlying the bank’s endeavor to achieve the targets of the Saudi Vision 2030 in creating a diversified and sustainable economy, maximizing the economic impact of export activities, and increasing Its contribution to non-oil gross domestic product (GDP) to 50% by 2030.

Business

Saudi Aramco Signs MoUs with US firms Aeroseal, Spiritus and Rondo

(FILES) This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (Photo by Fayez Nureldine / AFP)
(FILES) This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (Photo by Fayez Nureldine / AFP)
TT
TT

Saudi Aramco Signs MoUs with US firms Aeroseal, Spiritus and Rondo

(FILES) This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (Photo by Fayez Nureldine / AFP)
(FILES) This picture shows Aramco tower at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (Photo by Fayez Nureldine / AFP)

Saudi Aramco signed three memorandums of understanding (MOU) with US companies Aeroseal, Spiritus and Rondo, the state-owned oil giant said on Friday.

Under the MoU the companies will develop potential lower-carbon energy solutions, Aramco's statement said.

Aramco and Aeroseal agreed to deploy Aeroseal’s technology to expand its fleet and commercialize the technology in novel applications such as gas pipelines, the statement said.

With Spiritus, Aramco has agreed to explore opportunities in direct air capture to reduce energy needs.

The statement added that Aramco and Rondo agreed to explore deployment of heat batteries in Aramco’s global facilities to reduce operating costs and cut emissions.

The MoUs were signed during the visit of US Secretary of Energy Jennifer Granholm to Saudi Arabia.

Business

Morocco to Impose Anti-dumping Duty on Turkish Electric Ovens

A man waves a Turkish flag - REUTERS/Vincent Kessler
A man waves a Turkish flag - REUTERS/Vincent Kessler
TT
TT

Morocco to Impose Anti-dumping Duty on Turkish Electric Ovens

A man waves a Turkish flag - REUTERS/Vincent Kessler
A man waves a Turkish flag - REUTERS/Vincent Kessler

Morocco's trade ministry plans to introduce an anti-dumping duty on electric ovens imported from Türkiye that would amount to 62% to protect the local market, a ministry source said on Friday.

However, Turkish brand ITIMAT will be subject to an import duty of 34%, the source said.

The dumping margin of Turkish oven makers stood at up to 71.4%, while that of ITIMAT was at 34%, the ministry said on its website.

Morocco and Türkiye signed a free trade agreement in 2004, Reuters reported.

The deal was amended in 2020 to introduce import duties on some Turkish goods following complaints by Moroccan textile manufacturers.

Business

Gold Heads for Second Weekly Gain, Extending Support to Silver and Platinum

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
TT
TT

Gold Heads for Second Weekly Gain, Extending Support to Silver and Platinum

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices were on track for a second consecutive weekly gain on Friday due to improved interest rate cut expectations, providing support to silver and platinum, which are up 5.6% and 6.3%, respectively, this week.

Spot gold rose 0.5% to $2,387.85 per ounce by 1141 GMT. Bullion prices are up 1% so far this week after hitting a one-month high on Thursday.

"Signs that inflation may be slowing down raise the prospect of interest rate cuts in the coming months, which tend to support gold and silver prices," said Frank Watson, market analyst at Kinesis Money, Reuters reported.

On the demand side, expectations of continuing strong demand in China got a boost after the country announced more efforts to stabilize its crisis-hit property sector.

Demand in China, which contributed to the gold price rally in recent months, is becoming more crucial as the market is waiting to see if high gold prices prompt some central banks to slow down purchases and as outflows from physically backed gold exchange-traded funds continue.

Global central banks actively bought gold in 2022-2023, but the largest purchaser among them, China's central bank slowed down buying in April when spot gold prices hit a record high of $2,431.29.

"Central banks these days are much more nuanced in their buying behaviour and will alter the programme to be more opportunistic - that is to say buying on dips and scaling back on rallies," independent analyst Ross Norman said.

In the physical market, dealers were offering lower premiums in China and deeper discounts in India this week.

On the supply side, the 15% increase in gold price since the start of 2024 keeps margins robust for gold miners. According to the World Gold Council, gold miners' global average total expenses were at $1,342 per ounce in the last quarter of 2023.

Meanwhile, silver and platinum got support from higher prices for gold and base metals.

Spot silver rose 0.5% to $29.74 per ounce after hitting a more than three-year high and flirting with a major resistance level of $30 in the previous session.

Platinum lost 0.3% to $1,054.54, after hitting a one-year high on Thursday. The metal is up 6.3% so far this week due to continued structural deficits.

Palladium dropped 0.8% to $985.50, under pressure from rising market share of electric vehicles.

Business

Red Sea Int’l Airport in Saudi Launches 8 Weekly Flights

Group CEO of Red Sea Global John Pagano. (Asharq Al-Awsat)
Group CEO of Red Sea Global John Pagano. (Asharq Al-Awsat)
TT
TT

Red Sea Int’l Airport in Saudi Launches 8 Weekly Flights

Group CEO of Red Sea Global John Pagano. (Asharq Al-Awsat)
Group CEO of Red Sea Global John Pagano. (Asharq Al-Awsat)

The Red Sea International Airport in Saudi Arabia’s western region, which opened last year, is now buzzing with eight weekly flights connecting Riyadh, Jeddah, and Dubai.

The airport is a key part of Saudi Arabia’s national transformation plan, “Vision 2030,” led by Prince Mohammed bin Salman, Crown Prince and Prime Minister.

It is meant to serve projects in the region developed by Red Sea Global (RSG).

RSG is one of the world’s most visionary developers, wholly owned by the Public Investment Fund (PIF) of Saudi Arabia.

The company is spearheading a new model of development, putting people and planet first and leveraging the most innovative concepts and technologies to deliver projects that actively enhance the well-being of customers, communities and environments.

Its portfolio includes two world-leading destinations announced by Crown Prince Mohammad, The Red Sea and Amaala.

Collectively, these responsible and regenerative tourism destinations will aim to enhance Saudi Arabia’s luxury tourism and sustainability offering, going above and beyond to not only protect the natural environment, but to enhance it for future generations to come.

A cornerstone of Vision 2030, RSG will help transform the nation, creating significant economic opportunities for the people of Saudi Arabia and actively enhancing the Kingdom’s rich environmental and cultural heritage.

By 2030, the airport is expected to serve a million passengers annually, with a peak capacity of 900 passengers per hour for both domestic and international flights.

Domestic flights started in September 2023, followed by international flights from Dubai International Airport on April 18, 2024.

John Pagano, Group CEO of RSG, disclosed to Asharq Al-Awsat at the sidelines of the “GREAT FUTURES” conference in Riyadh that the company has already opened three tourist resorts.

He revealed plans for two more resorts to open later this year.

Pagano explained that RSG has made significant investments and struck diverse deals.

According to the group CEO, around 17 billion riyals ($4.5 billion) in funding and partnerships for infrastructure projects worth 20 billion riyals ($5.3 billion) have been secured.

Business

Saudi PIF Leads Integrated Effort to Build National Car Sector

Saudi PIF launched Saudi Arabia’s first electric car brand, “CEER,” in November 2022. (PIF)
Saudi PIF launched Saudi Arabia’s first electric car brand, “CEER,” in November 2022. (PIF)
TT
TT

Saudi PIF Leads Integrated Effort to Build National Car Sector

Saudi PIF launched Saudi Arabia’s first electric car brand, “CEER,” in November 2022. (PIF)
Saudi PIF launched Saudi Arabia’s first electric car brand, “CEER,” in November 2022. (PIF)

Saudi Arabia’s Public Investment Fund (PIF) is making big moves to kickstart the Kingdom’s own car industry.

It launched Saudi Arabia’s first electric car brand, “CEER,” in November 2022 and is backing the National Automotive and Mobility Academy (NAFAM) while investing heavily in the car and mobility sector.

In one of its reports, PIF emphasized how this sector can create jobs, boost the economy beyond oil, and fill skill gaps regionally. The fund also aims to create opportunities for private businesses and push forward research and development.

Following Saudi Arabia’s national transformation plan, Vision 2030, the Kingdom’s investments are driving economic growth and diversification.

PIF’s investment in the US electric vehicle company, Lucid, is a prime example. Lucid opened its first electric car factory in Saudi Arabia in September 2023, coinciding with CEER’s launch.

CEER recently announced a major deal worth about $1.3 billion for a new industrial complex.

According to CEER CEO Jim DeLuca the complex will set new industry standards both locally and globally. It will feature top-notch technologies, equipment, and staff, backed by partnerships with leading industry players like Durr, Schuler, and Siemens.

Mohammed Al-Shiha, who heads the Automotive and Mobility Sector at the Middle East and North Africa division of the fund, underscores their focus on future-ready tech. For cars, this means prioritizing electric and hydrogen vehicles for a greener future.

He noted that Saudi Arabia has laid a strong foundation for its car industry and is now shifting towards building its own suppliers. Examples include partnering with global giant Pirelli for top-notch tires and teaming up with Hyundai Motor to set up an advanced car plant.

Alongside global brands, the fund is launching a joint venture with the Saudi Electricity Company to establish “Electric Vehicle Infrastructure Company.” Their aim is to provide fast charging services across the Kingdom by 2030.

Business

Saudi Arabia Launches Training Program to Combat Money Laundering, Terrorism Financing

Director-General of Saudi Arabia’s Financial Academy Mana bin Mohammed Al-Khamsan. (Asharq Al-Awsat)
Director-General of Saudi Arabia’s Financial Academy Mana bin Mohammed Al-Khamsan. (Asharq Al-Awsat)
TT
TT

Saudi Arabia Launches Training Program to Combat Money Laundering, Terrorism Financing

Director-General of Saudi Arabia’s Financial Academy Mana bin Mohammed Al-Khamsan. (Asharq Al-Awsat)
Director-General of Saudi Arabia’s Financial Academy Mana bin Mohammed Al-Khamsan. (Asharq Al-Awsat)

Saudi Arabia has unveiled a new training program to fight money laundering and terrorism financing. The initiative targets leaders in financial and non-financial sectors across the country.

The announcement was made during the "Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units," a two-day event sponsored by Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, in Riyadh.

The 18-month program aims to train personnel to better prevent, analyze, and report illegal activities. It also seeks to improve information sharing between financial institutions and regulatory bodies, bolstering the overall integrity of the financial system.

The program, presented by Mana bin Mohammed Al-Khamsan, Director-General of Saudi Arabia’s Financial Academy, is a joint effort with the Kingdom’s state security and an international consultancy.

Al-Khamsan stressed the importance of combating financial crimes and highlighted the academy’s commitment to providing specialized training and certifications.

Aligned with Saudi Arabia’s national transformation plan, Vision 2030, the academy aims to support entities combating corruption and financial crimes. It has conducted over 500 training programs benefiting thousands of professionals from various sectors.

Al-Khamsan emphasized the value of professional certifications in boosting workforce efficiency, noting partnerships with respected international associations and institutions.

Business

Saudi Arabia Tops G20 Countries in Financial Regulation Compliance

The Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units was held over two days in Riyadh. (X)
The Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units was held over two days in Riyadh. (X)
TT
TT

Saudi Arabia Tops G20 Countries in Financial Regulation Compliance

The Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units was held over two days in Riyadh. (X)
The Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units was held over two days in Riyadh. (X)

Saudi Central Bank Governor Ayman Al-Sayari announced that Saudi Arabia has the highest compliance in supervision and regulation among G20 countries. He warned that financial crimes are costly for countries, harming their financial stability and investment levels.

Al-Sayari spoke at the “Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units,” a two-day event sponsored by Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia and held in Riyadh.

The forum aimed to strengthen cooperation and build capacity among agencies fighting financial crimes, money laundering, and terrorism financing in the Middle East and North Africa.

Al-Sayari highlighted that Saudi Arabia’s compliance with international anti-corruption and organized crime standards has strengthened the Kingdom’s financial system and increased trust.

He pointed out the effective measures taken against financial crimes and corruption, including preventive steps.

The Saudi Central Bank uses a comprehensive approach to balance growth with acceptable risk levels, ensuring financial stability and integrity, asserted the governor.

Al-Sayari stressed the importance of working closely with regulatory bodies and authorities, especially in combating financial crimes and corruption.

He also noted that Saudi Arabia’s financial regulators provide specialized training to employees, equipping them with the technological tools needed to detect crimes.

At the end of its sessions on Thursday, the forum issued recommendations for Arab countries to adopt a model agreement to boost local cooperation between anti-corruption agencies and financial intelligence units.

The forum suggested Arab countries promote this model agreement in international forums to showcase their efforts in fighting money laundering, terrorism financing, and related crimes, especially corruption.

The recommendations also called for stronger local and international cooperation to combat money laundering, terrorism financing, and corruption.

This includes effectively implementing the UN Convention against Corruption and other relevant agreements.

The forum emphasized working with the private sector and building partnerships to protect societies from these crimes. It also highlighted the need for capacity building and knowledge enhancement through specialized courses, workshops, and the exchange of expertise.