The Canadian government has ordered TikTok to close it’s offices in the country, however, it will not block the app from operating.
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Conway Gittens: By a unanimous decision, The Federal Reserve cut interest rates by 25 basis points on Thursday. Policymakers said the economy is expanding “at a solid pace” but did acknowledge that while unemployment is low, it has ticked up recently. Chairman Jay Powell also described the U.S. economic outlook as “uncertain,” leaving the door open for further rate cuts.
On Friday, Wall Street will get the first November read on consumer sentiment and quarterly results from Sony and Paramount Global.
Turning to other news, TikTok is in trouble with another country. The China-based company has been ordered to close its two offices in Canada, due to what the Canadian government has described as national security concerns.
In an interview on CBC, Francois-Philippe Champagne, Minister of Innovation, Science and Industry said “ I’m not at liberty to go into much detail, but I know Canadians would understand when you’re saying the government of Canada is taking measures to protect national security, that’s serious.”
Even though TikTok has to shut physical operations within the country, the app will still be available for download and use by Canadian citizens.
TikTok’s parent ByteDance is facing trouble in several countries. The biggest threat comes from the U.S. The outgoing Biden administration has called for a spin-off of the app from its Chinese parent or an outright ban. The U.S. has also banned the app from being downloaded on government phones. The same practice is in effect in Canada, Belgium, the U.K. and the European Union. The EU also slapped a $368 million fine on TikTok in 2023 for not doing enough on child privacy.
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