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(Bloomberg) -- President Donald Trump said his administration is considering banning the short video app TikTok in the U.S. as one possible way to retaliate against China over its handling of the coronavirus.Trump’s comments on Tuesday came one day after Secretary of State Michael Pompeo said officials were looking at barring the app, whose parent company is China’s ByteDance Ltd.“It’s something we’re looking at, yes,” Trump said when asked in an interview with Gray Television’s Greta Van Susteren about Pompeo’s remarks. “It’s a big business. Look, what happened with China with this virus, what they’ve done to this country and to the entire world is disgraceful.”Trump did not offer any specifics about a potential decision. He said that banning TikTok is “one of many” ways he is looking to hit back at the Beijing government over the coronavirus, which has infected nearly 3 million people in the U.S. and killed more than 130,000.The president has seen his poll numbers plummet as his own response to the pandemic has come under widespread criticism, including for his refusal to unequivocally urge Americans to wear masks.TikTok played up its U.S. ties and said it doesn’t feed user data to China, pushing back against comments by Pompeo, who said the government was weighing a ban in part over concerns about its ownership.“TikTok is led by an American CEO, with hundreds of employees and key leaders across safety, security, product, and public policy here in the U.S.,” a company spokesperson said. “We have never provided user data to the Chinese government, nor would we do so if asked.”TikTok hired former Walt Disney Co. executive Kevin Mayer as chief executive officer last month. He also serves as chief operating officer of ByteDance.Calling attention to India’s recent move to ban almost 60 Chinese apps, including TikTok, Fox News host Laura Ingraham asked Pompeo whether the Trump administration would also consider banning the app in the U.S. “We’re certainly looking at it,” Pompeo responded.He then recommended Americans not download the app unless they want to see their private information fall “in the hands of the Chinese Communist Party.”Pompeo joins other U.S. government officials, including Senators Marco Rubio and Chuck Schumer, who have called for investigations of TikTok over possible threats to national security. The U.S. government has also launched a national security review of ByteDance’s acquisition of Musical.ly, a startup that later merged with TikTok.Young people organizing through Tiktok were cited as one reason many people signed up to attend Trump’s first post-shutdown campaign rally last month in Tulsa, Oklahoma, but then didn’t show up. The Trump campaign denied the online organizing effort contributed to lower-than-expected attendance.In the U.S., TikTok has been downloaded more than 165 million times, according to SensorTower estimates. TikTok has denied allegations that it poses a threat to U.S. national security.In a public show of support for protecting user data from the Chinese government, TikTok said Monday it would cease operations in Hong Kong over a national security law that compels social media apps to hand over user data to Beijing. TikTok operates a separate version of its app in China called Douyin.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
What happened Shares of Walmart (NYSE: WMT) climbed 6.8% on Tuesday after news broke that the retail titan is gearing up to take on Prime from Amazon.com (NASDAQ: AMZN). So what Walmart will launch a new subscription service later in July, according to tech site Recode.
Walt Disney (DIS) closed at $113.63 in the latest trading session, marking a -0.7% move from the prior day.
In the latest trading session, AT&T (T) closed at $30.32, marking a -0.56% move from the previous day.
Levi Strauss & Co. (LEVI) reported Q2 earnings directly after Tuesday's closing bell, giving some sense of the abyss awaiting the Retail sector.
Also, Paychex earnings disappoint, and Becton, Dickinson was granted authorization for a 15-minute COVID-19 test.
AT&T (NYSE: T) is giving new customers a break on certain wireless plans. The sprawling telecom announced on Monday that it has expanded a 25% discount program to include doctors, nurses, and teachers. According to AT&T, the discount could save customers as much as $50 per month on a four-line Unlimited Elite plan, as an example.
Retail giant Walmart (NYSE: WMT) is launching a subscription program later this month. The Walmart+ membership program will include fuel discounts, same-day shipping at no additional cost, and other perks, at an annual cost of $98. Walmart's subscription-plan ambitions were reported by Recode on Tuesday and confirmed by Bloomberg's anonymous insider sources.
A small media company takes a hard fall after an "exciting" development that isn't very exciting.
(Bloomberg Opinion) -- Robin King, this week's guest on Masters in Business, didn't expect to be involved with the Naval Special Warfare program. When her photographer husband followed his older brother into the Navy Seals program, King, decided to put her business degree to good use. (Her past employers were Walt Disney and McDonnell Douglas, later bought by Boeing).She began working in the finance department of a nonprofit serving the special warfare community. Then a $100,000 donation came in with a small catch: It had to go to an IRS- recognized, tax-deductible organization. Thus, the Navy SEAL Foundation was born.King began in the finance department, eventually becoming chief financial officer and then chief executive officer. The organization provides critical support and assistance to the Naval Special Warfare community and its families.King discusses the balance that all special forces spouses seem to adapt to: being both independent when your spouse goes off to battle, yet part of a larger community supporting families through trauma and tragedy. She discusses why she (and other special forces wives and husbands) don’t stress out while their spouses are in harm’s ways: Their equipment, training, planning and leadership are so good it imbues them all with a reassuring sense of confidence in their team and their own abilities. It is not just that they like their chances, it is that they have done everything possible to tilt the odds in their own favor.Her favorite books are here; a transcript of our conversation is here.You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Overcast, Google, Bloomberg and Stitcher. All of our earlier podcasts on your favorite pod hosts can be found here.Next week, we speak with Martin Franklin of Mariposa Capital. Franklin has founded and run numerous companies, including Element Solutions Inc. and Jarden Corp., since acquired by Newell Brands. He has also created more than a dozen special purpose acquisition companies, co-investing with money managers such as Bill Ackman of Pershing Square Capital.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Barry Ritholtz is a Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Disney (DIS)-owned Disney+ sees huge increase in downloads following the launch of popular Broadway musical Hamilton.
Starbucks has increased its delivery options. Before anyone had ever heard of the coronavirus, Walt Disney (NYSE: DIS) and Starbucks (NASDAQ: SBUX) were flying high. Disney was the harder hit of the two: Movie theaters shut down, theme parks were closed, and the ad market dried up as companies stopped spending.
Investor sentiment for ExxonMobil (XOM) is likely to remain poor until the company comes out with promising results from the massive long-term capital expenditure program.
The Australian dollar went back and forth on Tuesday, reaching towards the crucial 0.70 level. That is an area that against massive resistance.
The Zacks Analyst Blog Highlights: Chevron, Devon Energy, Dine Brands Global, Ahold and Conagra Brands
The Zacks Analyst Blog Highlights: Nvidia, Intel, Dollar General, Pernod Ricard and Fastenal
Royal Dutch Shell (RDS.A) and ExxonMobil (XOM) issued updates on their upcoming Q2 earnings, while BP plc (BP) agreed to sell its global petrochemicals business for $5 billion.
By Christiana SciaudoneInvesting.com -- Amazon.com Inc. (NASDAQ:AMZN)shares dropped Tuesday as the e-commerce giant braces for Walmart’s rival Prime service to start operations this month.Walmart (NYSE:WMT) is up 4% to $123.65, trading close to the record $132.33 that it hit in April. Amazon closed at a record $3,057.04 Monday, up from $1,898 at the start of the year. Amazon was down 0.3% in midday trading on Tuesday.Walmart+ will cost $98 a year and include same-day grocery delivery, fuel discounts and other benefits, Vox reported, citing Recode. Amazon Prime, created in 2005, charges an annual fee of $119.The membership program was to have begun earlier this year but was delayed because of the coronavirus pandemic. Amazon is the biggest e-commerce retailer with a 38.7% share of the U.S. market, compared to Walmart, in second place with 5.3%, according to eMarketer. The Statista website reports that Amazon Prime has 112 million members in the U.S. Prime includes entertainment like video and music streaming, and Walmart plans to add video capacity at some point to its membership program. On July 1, Walmart announced a virtual summer camp and drive-in movie theaters in its parking lots.
(Bloomberg Opinion) -- With Congress set to tackle the next phase of economic relief this month, Thursday's jobs report provided more evidence of how much permanent damage is being done to the labor market by the coronavirus pandemic. The number of workers being permanently laid off continues to grow even as millions of Americans who were furloughed have gone back to work.Expectations for how long it will take to get the labor market back to where it was at the beginning of the year are fluid, but some, such as San Francisco Federal Reserve President Mary Daly, are saying it could take the economy a half-decade to recover even after the public-health crisis ends. If it does take that long, that would represent a failure by Congress and fiscal policy makers to learn the hard lessons of the past decade. In an environment of low inflation and low interest rates, fiscal stimulus can and should be used much more aggressively to support workers and the economy.The job of economic policy makers during the next year should be twofold. First, to keep households, businesses, and state and local governments afloat for the duration of the crisis. Thanks to the Coronavirus Aid, Relief, and Economic Security (Cares) Act the U.S. has done a good job of that so far for households. The results are more mixed for businesses, while state and local governments need much more support than they've gotten so far. After the pandemic is over and it's safe to fully reopen the economy, which may be during the next presidential term, more aggressive fiscal policy will be crucial.The end of the Covid-19crisis, which is at best an early 2021 story, might sound like a long way off, but we're at the point in the election cycle when both political parties are coming up with their agendas. The country's 17 million unemployed workers deserve to know that this president or his successor and Congress will mount a robust response to unacceptably high levels of unemployment.That's why it's dangerous and wrong for Daly and others to put forth the low expectations of a prolonged multiyear recovery for the jobs market. If there's one lesson we should have learned from the Great Recession and the slow expansion that followed, it's that budget deficits, growth in the national debt and monetary expansion undertaken by the Fed did not create runaway inflation or dollar debasement as the pessimists feared. There was scope for both fiscal and monetary policy to be used more assertively to support the labor market and the economy.The Fed does seem to have learned its lesson. Unlike in 2009, when the yield on 10-year Treasuries was more than 3% as investors anticipated an eventual tightening of monetary policy, there's no such expectation today. Fed Chairman Powell said last month that the central bank isn't "even thinking about thinking about raising rates." Fed policy makers have also talked about the value of using fiscal policy to support the labor market, recognizing that monetary stimulus has its limits.Fiscal policy doesn't have the same limits. An extreme example would be World War II, when the U.S. government increased its headcount by 50% between 1940 and 1942. We've seen with the Cares Act that when Congress is sufficiently motivated it can approve trillions of dollars in spending, send checks to households and supplement the income of workers who have been furloughed or laid off as a result of the pandemic. The constraints are political, not economic.Assuming there's a vaccine sometime between the end of the year and the spring of 2021, which still seems plausible, a goal for the next administration should be to restore employment to early 2020 levels by the 2022 midterm elections through payments to households, government spending and hiring directly. Since the onset of the pandemic we've seen companies such as grocery chains, Target, Walmart and Amazon recruit tens or hundreds of thousands of workers quickly, driven by rising demand. There's no reason other employers wouldn't do the same in amid a strong economic rebound.It's possible the U.S. will fall short: maybe too many small businesses will fail during the next six months or inflation makes an unexpected return that calls aggressive stimulus plans into question. But the reason for falling short shouldn't be that Congress didn't try hard enough or didn't appropriate enough money. There's no moral hazard here that demands a cautious approach by policy makers. This should be about the government pumping as much money into the economy as it takes to make workers whole for a crisis that wasn't their fault. Resigning the U.S. to a recovery that eats up a half-decade isn't acceptable.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Conor Sen is a Bloomberg Opinion columnist. He has been a contributor to the Atlantic and Business Insider.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Verizon (NYSE: VZ) recently announced a new promotion offering its higher-tier FiOS internet customers up to 12 months of Disney's (NYSE: DIS) Hulu for free. AT&T (NYSE: T) even explicitly told investors part of its go-to-market strategy for HBO Max is partnering with internet providers to bundle the streaming service with home internet. Comcast (NASDAQ: CMCSA) is trying to partner with other pay-TV providers to distribute Peacock, but Comcast's own internet-only subscribers also get free access.
Accenture and AT&T are working with Phillips 66 to develop industrial cellular wireless connectivity.
It was a terrible six months for energy companies, and these giants weren't spared the pain. Here's why things got so bad.
G10 currencies may bully the Japanese Yen this week as growing optimism over a swift economic recovery from the pandemic boost appetite for riskier assets at the expense of safe-havens.