DIRS.INFO The most relevant business & tech news

☆ McCarthy expects US House will pass legislation to address TikTok
▼ + stars: | 2023-03-24 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Evelyn HocksteinWASHINGTON, March 24 (Reuters) - U.S. House Speaker Kevin McCarthy thinks lawmakers will pass bipartisan legislation to address national security worries about Chinese-owned short video app TikTok, he said on Friday, and called the testimony of the company's CEO "very concerning." There are growing calls to ban TikTok or to pass bipartisan legislation to give the Biden administration legal authority to seek a ban. Former U.S. President Donald Trump lost a series of court rulings in 2020 when he sought to ban TikTok and another Chinese-owned app, WeChat, a unit of Tencent (0700.HK). At Thursday's House hearing, Representative Neal Dunn asked Chew if ByteDance has spied on Americans at Beijing's request. "There are real national security concerns with respect to TikTok," said House Democratic Leader Hakeem Jeffries on Friday, citing privacy and consumer protection issues.

☆ The US government is seeing ‘an increasing number’ of TikTok-like data security cases
▼ + stars: | 2023-03-24 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

CNN —The US government is tracking a growing number of foreign-linked business transactions that pose potential data risks to national security similar to those raised by TikTok, Treasury Secretary Janet Yellen told lawmakers Thursday. At a House Appropriations Committee hearing, Yellen said regulators charged with screening foreign investment deals for national security risks have witnessed a rise in such cases, but she declined to discuss specifics. “When it comes to data, we’re seeing an increasing number of cases that do present risks around this issue of the type that have been mentioned in connection with TikTok,” Yellen told Iowa Republican Rep. Ashley Hinson. “We’ve requested increases to be able to do that, especially given the role that the Department plays in imposing sanctions,” Yellen said. “We are a target of a serious number of cyberattacks and we are investing very heavily in cybersecurity to meet very high standards.”

March 23 (Reuters) - U.S. lawmakers at a congressional hearing on Thursday accused TikTok of serving harmful content and inflicting "emotional distress" on young users, grilling the Chinese-owned app's CEO on the company's outsized influence on teens. Like other social media platforms, TikTok has long faced scrutiny over its policing of content on the app. REUTERS/Evelyn Hockstein 1 2Rep. Frank Pallone, a Democrat from New Jersey, said content on TikTok "exacerbated feelings of emotional stress" in children. Pew Research Center said 67% of U.S. teens ages 13 to 17 use TikTok, and 16% of all teens say they use the app almost constantly. Reporting by Sheila Dang in Dallas and Rami Ayyub in Washington; Editing by Mark Porter and Lincoln Feast.

☆ TikTok’s Rivals Shouldn’t Bank on Ban
▼ + stars: | 2023-03-23 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

TikTok Chief Executive Shou Zi Chew appeared before the House Energy and Commerce Committee Thursday. Facebook, Google, Snapchat and Pinterest have been unable to vanquish TikTok. Now their investors may be a bit too hopeful that the U.S. government will do it for them. Stocks of the parent companies of TikTok’s main U.S. rivals jumped Thursday as Shou Zi Chew —Chief Executive Officer of the red-hot social media app—was grilled before Congress over a host of issues that are mostly related to the company’s Chinese ownership. Mr. Chew’s appearance before the House Energy and Commerce Committee came after the Biden administration threatened earlier this month to ban the app if the company’s Chinese owners didn’t divest their ownership stakes.

☆ TikTok congressional hearing: CEO Shou Chew grilled by US lawmakers
▼ + stars: | 2023-03-23 | by ( David Shepardson | ) www.reuters.com time to read: +6 min

TikTok, which has more than 150 million American users, was repeatedly hammered in the ongoing hearing where no lawmaker offered any support. PARENTS UNHAPPYRepresentative Diana DeGette, a Democrat, said TikTok's efforts to prevent the spread of misinformation on the platform were not working. REUTERS/Evelyn Hockstein 1 2 3 4 5"You gave me only generalized statements that you're investing, that you're concerned, that you're doing work. Wedbush analyst Dan Ives on Twitter said, "TikTok CEO testimony so far we would characterize as a 'mini disaster' for this key moment for TikTok. TikTok is now poster child of the US/China tensions and lawmakers have a lot of q’s with not enough concrete answers."

REUTERS/Evelyn HocksteinMarch 23 (Reuters) - U.S. lawmakers at a congressional hearing on Thursday accused TikTok of serving harmful content and inflicting "emotional distress" on young users, grilling the Chinese-owned app's CEO on the company's outsized influence on teens. Rep. Cathy McMorris Rodgers, a Republican from Washington, kicked off the hearing with TikTok Chief Executive Shou Zi Chew saying that within minutes of creating an account on TikTok, the content algorithm promotes self-harm and eating disorder content, and encourages "dangerous" challenges that can put kids' lives at risk. Rep. Frank Pallone, a Democrat from New Jersey, said content on TikTok "exacerbated feelings of emotional stress" in children. Lawmakers quizzed Chew about whether Americans' user data could be accessed by the Chinese government as well as how it prevented harmful content from reaching young users. Chew later said during the hearing that content such as dangerous challenges were prohibited from TikTok.

☆ Shou Zi Chew: Who is the TikTok CEO testifying before Congress?
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Evelyn HocksteinMarch 23 (Reuters) - TikTok Chief Executive Shou Zi Chew has mostly kept a low profile since taking the job in 2021 but on Thursday he is testifying before U.S. lawmakers, many of them suspicious of the popular Chinese-owned social media app. Chew previously worked as an investment banker at Goldman Sachs and investment firm DST, which was an early backer of ByteDance, the company that owns TikTok. TikTok pointedly said in a letter to lawmakers last year that Chew was not from China and that the company is independent of ByteDance. Chew, who is married and has two children, raised his public profile last year by creating his own TikTok account, @shou.time. Chew has told media that TikTok does not threaten U.S. interests.

☆ TikTok CEO faces tough questions from Congress about Chinese influence
▼ + stars: | 2023-03-23 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

CEO Shou Zi Chew's testimony before Congress capped a week of actions by the Chinese company aimed at convincing Americans and their lawmakers that the app creates economic value and supports free speech. The House of Representatives Energy and Commerce Committee hearing will be chaired by Cathy McMorris Rodgers, a Republican who said she is unconvinced by TikTok's security commitments. Some political experts say a TikTok ban could be damaging to Democrats who have used the platform to reach younger voters. Three House Democrats rallied with TikTok creators on Capitol Hill on Wednesday in opposition to a ban. TikTok last week said President Joe Biden's administration demanded its Chinese owners divest their stakes or face a potential ban.

☆ TikTok CEO to face tough questions amid calls for U.S. ban
▼ + stars: | 2023-03-23 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The House of Representatives Energy and Commerce Committee hearing will be chaired by Cathy McMorris Rodgers, a Republican who says she is unconvinced by TikTok's security commitments. "It's clear that TikTok will say anything to ... ensure that it is not banned in the United States," she told Fox News. Some political experts say a TikTok ban could be damaging to Democrats who have used the platform to reach younger voters. Three House Democrats rallied with TikTok creators on Capitol Hill on Wednesday in opposition to a ban. TikTok last week said President Joe Biden's administration demanded its Chinese owners divest their stakes or face a potential ban.

☆ TikTok CEO Seeks to Convince Congress Chinese-Owned App Isn’t Security Threat
▼ + stars: | 2023-03-23 | by ( John D. Mckinnon | Ryan Tracy | ) www.wsj.com time to read: 1 min

WASHINGTON—TikTok CEO Shou Zi Chew testifies Thursday morning at a high-stakes congressional hearing, as safety and security concerns over the Chinese-controlled platform deepen even as its popularity in the U.S. grows. Mr. Chew, a Harvard-educated Singaporean army reservist and former Goldman Sachs banker, will testify before the House Energy and Commerce Committee, whose members have already signaled concerns that Beijing could influence TikTok content and harvest user data.

☆ Potential TikTok ban sends advertisers scrambling
▼ + stars: | 2023-03-23 | by ( Sheila Dang | ) www.reuters.com time to read: +5 min

In recent discussions with ad buyers, TikTok representatives have stuck to the company's current talking points. TikTok employees have played up ongoing plans to separate the user data of Americans and store it in the country. In a section of the email titled "Can the Chinese government request TikTok U.S. user data?" Even with talk of a ban, most advertisers have not changed their spending plans on TikTok, media buyers said, because discussions of a ban have lingered since 2020 without any result. "A ban isn't a ban until it's a ban," he said.

☆ TikTok CEO to face tough questions as support for U.S. ban grows
▼ + stars: | 2023-03-23 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The House of Representatives Energy and Commerce Committee hearing will be chaired by Cathy McMorris Rodgers, a Republican who says she is unconvinced by TikTok's security commitments. Some political experts say a TikTok ban could be damaging to Democrats who have used the platform to reach younger voters. Three House Democrats rallied with TikTok creators on Capitol Hill on Wednesday in opposition to a ban. Last week, TikTok said President Joe Biden's administration demanded its Chinese owners divest their stakes or face a potential ban. Democratic Senator Mark Warner said on Wednesday two additional senators backed his bipartisan legislation with Republican John Thune to give the Biden administration new powers to ban TikTok - raising the total to 10 Democrats and 10 Republicans.

☆ U.S. urges rail tank car owners, shippers to use safer, newer cars
▼ + stars: | 2023-03-23 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, March 22 (Reuters) - The U.S. Transportation Department (USDOT) on Wednesday urged rail tank car owners and hazmat shippers of flammable liquids to stop using tank cars like some in a Feb. 3 Norfolk Southern (NSC.N) train derailment in East Palestine, Ohio and replace them with newer, safer tank cars. Norfolk Southern CEO Alan Shaw said at a Senate Commerce hearing on Wednesday the railroad supports the provision "for accelerating safer tank car standards". Last month, Transportation Secretary Pete Buttigieg called on Congress to mandate owners of tank cars to expedite the phase-in of safer DOT-117 tank cars in advance of the congressionally mandated 2029 deadline. The PHMSA advisory calls on shippers of flammable liquids "to voluntarily upgrade their tank car fleets to the newest, and safest, available tank car design authorized for flammable liquid service." The advisory added railroads should consider applyingrequirements applicable to high-hazard flammable trains to trains with fewer tank cars carrying flammable liquids in DOT-111 tank cars.

☆ TikTok creators, some U.S. Democratic lawmakers oppose ban on app
▼ + stars: | 2023-03-23 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

[1/5] TikTok creators hold a news conference to speak out against a possible ban of TikTok at the House Triangle at the United States Capitol in Washington, U.S., March 22, 2023. REUTERS/Evelyn HocksteinWASHINGTON, March 22 (Reuters) - TikTok creators and three U.S. Democratic Party lawmakers on Wednesday said they opposed any potential ban on the Chinese-owned short video sharing app that is used by more than 150 million Americans. Critics fear that TikTok user data in the United States could be passed on to China's government. Pocan said a "xenophobic witch hunt" is motivating some in Congress to seek a TikTok ban. Democratic Senator Mark Warner said two additional senators backed his bipartisan legislation with Republican John Thune to give the Biden administration new powers to ban TikTok.

☆ TikTok CEO set for grilling in House hearing. But U.S. lawmakers also face questions
▼ + stars: | 2023-03-23 | by ( Lauren Feiner | ) www.cnbc.com time to read: +15 min

U.S. tech platforms including Meta's Facebook and Instagram, Google's YouTube , Twitter and Snap's Snapchat have raised similar fears for lawmakers and users. Evaluating a potential banThere's little appetite in Washington to accept the potential risks that TikTok's ownership by Chinese company ByteDance poses to U.S. national security. The interagency panel tasked with reviewing national security risks stemming from ByteDance's ownership has threatened a ban if the company won't sell its stake in the app. Trahan said members should ask about national security risks of the app, but those questions should be substantive. Bowman noted lawmakers haven't received a bipartisan congressional briefing from the administration on national security risks stemming from TikTok.

☆ The TikTok hearing was an ugly political theater
▼ + stars: | 2023-03-23 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Despite lacking evidence for their belief that TikTok is a spying tool for the Chinese Communist Party, US lawmakers from both parties on Thursday carried out an ugly political theater to advance that narrative. But — and I cannot stress this enough — the national security concerns are purely hypothetical. And against that tense (not to mention deeply xenophobic) backdrop, everyone in Washington is bolstering their “tough in China” credentials. “We see this handwringing about TikTok as a big distraction from the conversation that we really need to be having,” Greer said. “It’s a national embarrassment that we have no basic data privacy law in the United States.”Enjoying Nightcap?

☆ Stocks making the biggest moves midday: Netflix, Block, Snap, KB Home and more
▼ + stars: | 2023-03-23 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday:Netflix — The streaming giant's stock climbed 8.5% following a report from YipitData that said the company's gross additions in Canada have improved. Block — Shares plunged 14% after short seller Hindenburg Research announced its latest position in the stock. The firm alleges that Block facilitates fraud and described the company's internal systems as a "Wild West" approach to compliance. Meta Platforms , Snap — The social media stocks moved higher as TikTok CEO Shou Zi Chew testified before the House Energy and Commerce Committee. KB Home — Shares rallied 8.8% after the homebuilder's fiscal first-quarter earnings beat expectations.

☆ TikTok CEO got grilled by lawmakers from both parties on whether the Chinese-owned app can protect American privacy
▼ + stars: | 2023-03-23 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

"Welcome to the most bipartisan committee in Congress," boomed Rep. Rep. Greg Pence, R-Ind., noted this was the 32nd hearing Congress has held on privacy and Big Tech. A ban or forced sale of the app, which some members think is the only way to solve the immediate risks, is another matter. The Committee on Foreign Investment in the U.S. (CFIUS) is reviewing ByteDance's acquisition of TikTok's predecessor app, Musical.ly. Or, the government could find other ways to try to ban the app.

☆ TikTok CEO says China-based ByteDance employees still have access to some U.S. data
▼ + stars: | 2023-03-23 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

Lawmakers and intelligence officials fear that U.S. user data could get into the hands of the Chinese government via ByteDance. TikTok said Thursday that Project Texas is already in action but there are many steps to reach its completion. The data on those servers is the kind that could theoretically still be accessed by China-based ByteDance employees for the time being. Once that data is deleted, according to TikTok, those employees will no longer have access to U.S. user data from the app. WATCH: TikTok CEO Shou Zi Chew: I don't condone effort by former employees to access U.S. user data

☆ TikTok hearing: CEO Shou Chew to testify before Congress for the first time
▼ + stars: | 2023-03-23 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +4 min

TikTok CEO Shou Chew will face the House Energy and Commerce Committee during his first appearance before Congress, in a hearing that kicks off at 10 a.m. In his prepared remarks, Chew is expected to issue broad promises to protect US user data, to keep teens safe and to remain free from any government influence. As scrutiny from lawmakers’ mounts, however, so does the app’s popularity and reach in the United States. TikTok was the top downloaded app in the United States in 2021 and 2022, according to data from analytics firm Sensor Tower. In the months leading up to his appearance on Capitol Hill, Chew, who rarely gave interviews previously, has gone on a media tour in the United States.

☆ Watch live: TikTok CEO testifies before House committee as potential U.S. ban looms
▼ + stars: | 2023-03-23 | by ( Christina Wilkie | ) www.cnbc.com time to read: +2 min

TikTok has touted a complex plan known as Project Texas to help ease U.S. concerns over its ownership. After two years of negotiations with the Committee on Foreign Investment in the United States, or CFIUS, the White House reportedly demanded last week that ByteDance sell TikTok. On Thursday, a Chinese commerce ministry spokeswoman said, "If the news is true, China will resolutely oppose it." TikTok became a viral sensation in the U.S. by allowing young people to create and share short videos. But the company announced this week that it has 150 million users in the United States, a figure that, if confirmed, amounts to nearly 60% of the population.

☆ TikTok pile-on opens two cans of worms
▼ + stars: | 2023-03-23 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

Yet the bipartisan attack on the short-form video app, owned by China-based ByteDance, really points to two different complications – and each, in turn, opens up a much bigger can of worms. The overarching reason for Chew’s appearance is that President Joe Biden’s administration, and many in Congress, think TikTok’s Chinese backing makes it a dangerous tool of the People’s Republic. Committee Chair Cathy McMorris Rodgers accused TikTok of collecting biometric data and manipulating what information users see. It’s not just TikTok that potentially vacuums up consumer details while having close links to China. Follow @jennifersaba on TwitterCONTEXT NEWSTikTok Chief Executive Shou Zi Chew appeared before the U.S. House of Representatives Energy and Commerce Committee on March 23.

☆ TikTok CEO Shou Zi Chew Promises Firewall to Shield User Data
▼ + stars: | 2023-03-22 | by ( John D. Mckinnon | ) www.wsj.com time to read: 1 min

TikTok CEO Shou Zi Chew is scheduled to speak before the House Energy and Commerce Committee. WASHINGTON—TikTok CEO Shou Zi Chew plans to offer a series of broad promises on platform safety and security at a much-anticipated congressional hearing on Thursday, according to his testimony. Mr. Chew will pledge to keep safety on Chinese-owned TikTok a top priority—especially for teenagers—and also will promise to firewall U.S. user data from foreign access and keep the platform free from government interference.

☆ TikTok CEO: App has never shared US data with Chinese government
▼ + stars: | 2023-03-22 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

"TikTok has never shared, or received a request to share, U.S. user data with the Chinese government. TikTok's critics fear that its U.S. user data could be passed on to China's government by the app and prompted growing calls to ban the app by U.S. lawmakers. The video app has spent more than two years in talks with CFIUS seeking to reach an agreement on protecting U.S. user data. TikTok has formed a special-purpose subsidiary, TikTok U.S. Data Security (USDS), that currently has nearly 1,500 full-time employees and contracted with Oracle (ORCL.N) to store TikTok’s U.S. user data. "Oracle has already begun inspecting TikTok’s sourcecode and will have unprecedented access to the related algorithms and data models," Chew's testimony said.

☆ After growing a TikTok following, House Democrat leads push against a ban
▼ + stars: | 2023-03-22 | by ( Lauren Feiner | ) www.cnbc.com time to read: +6 min

On Wednesday, Bowman will host a news conference with more than 30 TikTok creators whose platforms are threatened by the U.S. government's push toward greater restrictions on the app. TikTok last week said the Committee on Foreign Investment in the U.S. threatened a broader ban of the app if ByteDance wouldn't sell its stake. The interagency group is reviewing potential national security risks stemming from ByteDance's 2017 acquisition of TikTok precursor Musical.ly. That lack of familiarity with the app may be part of what's driven lawmakers toward a ban, Bowman said. Simon's pitch to her boss was to show him just how many young users are on TikTok, especially over other platforms.

Search resuls for: "Commerce Committee"

25 mentions found