Canada orders TikTok to close its offices in the country

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why TikTok was death a huge blow in Canada.

Transcript

00:00I'm Conway Diggs reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04By a unanimous decision, the Federal Reserve

00:06cut interest rates by 25 basis points on Thursday.

00:10Policymakers said the economy is expanding, quote,

00:13at a solid pace, but did acknowledge

00:15that while unemployment is low, it has ticked up recently.

00:19Chairman Jerome Powell also described the US economic

00:21outlook as, quote, uncertain, leaving the door

00:24open for further rate cuts.

00:27On Friday, Wall Street will get the first November

00:29read on consumer sentiment and quarterly results

00:32from Sony and Paramount Global.

00:35Turning to other news, TikTok is in trouble

00:37with another country.

00:38The China-based company has been ordered

00:41to close its two offices in Canada

00:43due to what the Canadian government has described

00:45as national security concerns.

00:47In an interview on CBC, Francois-Philippe Champagne,

00:51Minister of Innovation, Science, and Industry,

00:53said, quote, I'm not at liberty to go into much detail,

00:56but I know Canadians would understand when you're

00:59saying the government of Canada is taking measures

01:01to protect national security.

01:03That's serious.

01:05Even though TikTok has to shut physical operations

01:07within the country, the app will still

01:09be available for download and use by Canadian citizens.

01:13TikTok's parent, ByteDance, is facing trouble

01:16in several countries.

01:17The biggest threat comes from the US.

01:20The outgoing Biden administration

01:22has called for a spinoff of the app from its Chinese parent

01:25or an outright ban.

01:27The US has also banned the app from being

01:29downloaded on government phones.

01:31The same practice is in effect in Canada, Belgium, the UK,

01:35and the European Union.

01:36The EU also slapped a $368 million fine on TikTok in 2023

01:42for not doing enough to protect child privacy.

01:46That'll do it for your daily briefing from the New York Stock

01:48Exchange.

01:49I'm Conway Giddens with The Street.

Category

Transcript

Recommended