Tuesday, May 28

Tag: USA

US House Set to Vote on Controversial TikTok Ban
USA

US House Set to Vote on Controversial TikTok Ban

13th March 2024, Washington: The US House of Representatives is set to vote on Wednesday on a bill that could potentially force TikTok ban in the United States. The proposed legislation poses the most significant threat to TikTok yet, as concerns have mounted among governments and security officials regarding its Chinese ownership and potential allegiance to the Communist Party in Beijing. The scheduled vote, expected to take place at 10:00 am, is anticipated to pass with widespread support, showcasing a rare moment of bipartisan unity in the currently divided political landscape in Washington. While the outcome of the bill remains uncertain in the Senate, where key figures are hesitant to take such drastic action against a widely-used app boasting 170 million US users, President...
Rising mortgage rates slow down home sales in US
USA

Rising mortgage rates slow down home sales in US

SEATTLE, Oct. 19, 2022 -- The housing market continued to cool in September, though rebalancing from monumental appreciation is producing vastly different conditions depending on region and metro, according to latest market report. Affordability issues are driving the pullback in activity; steep prices mixed with high and volatile mortgage rates have stunted sales and frozen current owners in their homes, reducing the flow of new inventory.  Current homeowners are looking at home prices and the mortgage market and deciding to stay put. Among home sellers, 71% are also buyers. Homeowners who either bought or refinanced at record-low rates over the past two years understand that current rates are going to yield a lot less home than they're currently in unless they seek out a much mo...
US Govt Filed Antitrust  Lawsuits Against Facebook For Crushing Smaller Competitors
News

US Govt Filed Antitrust Lawsuits Against Facebook For Crushing Smaller Competitors

Washington, Dec 10, 2020: The US government and 48 states have filed parallel antitrust lawsuits against Facebook, accusing the social media giant of anti-competitive conduct by abusing its market power to create a monopoly and crushing smaller competitors, a move which may force it to sell WhatsApp and Instagram. Soon after the Federal Trade Commission (FTC) and 48 state attorney generals sued the California-headquartered company, Facebook shares fall significantly. The bipartisan coalition led by New York attorney general Letitia James alleged that Facebook has engaged in a systematic strategy to eliminate threats to its monopoly. This includes its 2012 acquisition of up-and-coming rival Instagram, its 2014 acquisition of the mobile messaging app WhatsApp and the imposition of ant...
Trump vs Biden: The First US Presidential debate 2020
USA

Trump vs Biden: The First US Presidential debate 2020

Washington, 30th Sept 2020: During the first of the three presidential debates in Cleveland, Ohio, Trump and Biden clashed over each other's personality, past record, family, and their visions. Democratic challenger Joe Biden on Wednesday termed President Donald Trump a "liar" and a "clown" as the pair clashed in a fiery start to their first presidential debate. "The fact is that everything he's (Trump) saying so far is simply a lie. I'm not here to call out his lies. Everybody knows he's a liar," Biden said. Responding to the jibe, Trump said Biden is a liar and graduated last in his class. Attacking Trump over the handling of the coronavirus, Biden said the president has lied to Americans on the COVID-19 issue. While on the market point of view, the US presidential d...
US Adds 1.4M Jobs In August, Unemployment Falls To 8.4 Pct
USA

US Adds 1.4M Jobs In August, Unemployment Falls To 8.4 Pct

Job growth slowed further in August in the United States as financial assistance from the government ran out, threatening the economy's recovery from the COVID-19 recession. Nonfarm payrolls increased by 1.371 million jobs last month after advancing 1.734 million in July, the Labor Department's closely watched employment report showed on Friday. The unemployment rate fell to 8.4 percent from 10.2 percent in July. Economists polled by Reuters news agency had forecast 1.4 million additional jobs in August and the unemployment rate sliding to 8.4 percent. Companies from transport to manufacturing industries have been announcing layoffs or furloughs, putting pressure on the White House and Congress to restart stalled negotiations for another fiscal package. With just two mo...
TikTok CEO resigns within 90 days
News

TikTok CEO resigns within 90 days

HongKong, Aug 27th, 2020: TikTok CEO Kevin Mayer resigned amid US pressure for its Chinese owner to sell the popular video app, which the White House says is a security risk. In a letter to employees, Mayer said that his decision to leave comes after the "political environment has sharply changed". His resignation follows President Donald Trump's order to ban TikTok unless its parent company, ByteDance, sells its US operations to an American company within 90 days. "I have done significant reflection on what the corporate structural changes will require, and what it means for the global role I signed up for," he said in the letter. "Against this backdrop, and as we expect to reach a resolution very soon, it is with a heavy heart that I wanted to let you all know that I have decid...
TikTok sues US President Trump over banning its app
USA

TikTok sues US President Trump over banning its app

New York, 24th Aug 2020: Chinese short video platform TikTok suing Trump administration for banning its app service in the USA over national-security concerns. TikTok, owned by China's ByteDance said that it is not a national-security threat and that the government is acting without evidence or due process. The company filed suit Monday in federal court in California against the Commerce Department, President Donald Trump and Commerce Secretary Wilbur Ross, saying that it sought to prevent the government from “impermissibly banning" TikTok. President Donald Trump has issued two executive orders in August, first a sweeping but unspecified ban on any “transaction” with ByteDance, to take effect within 45 days. He then ordered ByteDance to sell assets used to support TikTok in the U...
Microsoft in talks to acquire TikTok, Trump considers ”banning” app in US
USA

Microsoft in talks to acquire TikTok, Trump considers ”banning” app in US

Washington, Aug 1, 2020: Microsoft said they are in advance talks to acquire TikTok's US operations, even as President Donald Trump considering to ban the popular Chinese-owned video app. "We are looking at TikTok. We may be banning TikTok," Trump told reporters at the White House. India has banned as many as 106 Chinese apps, including TikTok, a move welcomed by both the administration and the lawmakers. "We may be doing some other things. There are a couple of options. But a lot of things are happening, so we'll see what happens. But we are looking at a lot of alternatives with respect to TikTok," Trump said in response to a question. Microsoft team headed by Satya Nadella is in advanced talks to acquire the US operations of TikTok. The deal could run into billions of dollars. ...
Harley-Davidson fire CFO and 700 Employees
Automobile

Harley-Davidson fire CFO and 700 Employees

CHICAGO, 10th July 2020: The 117-year-old American bike company Harley-Davidson announced that it's eliminating 700 jobs and replacing CFO as part of its rebuild of the company plan. Chief Financial Officer John Olin, who has been with Harley 17 years, has left the company. His duties are being assumed on an interim basis by Treasurer Darrell Thomas, the company said in a news release. "Significant changes are necessary and we must move in new directions," Jochen Zeitz, chairman, president, and CEO said in the press release. Harley’s new efforts called “Rewire.” in which about 700 positions being eliminated by the end of the year. Harley has 6,000 employees worldwide. The cuts will affect 500 current employees globally and cost the company $50 million in restructuring co...
US looking at banning TikTok & other Chinese apps
USA

US looking at banning TikTok & other Chinese apps

Washington, Jul 7, 2020: Secretary of State Mike Pompeo said the US is "certainly looking" at banning Chinese social media apps, including TikTok, days after India blocked the popular video-sharing platform. India banned 59 apps with Chinese links, including TikTok and UC Browser, on June 29, saying they were prejudicial to sovereignty, integrity and security of the country. During an interview on Monday with Fox News'' Laura Ingraham, Pompeo said that he and President Donald Trump are taking the reports seriously after he was told by the host that India had already banned the app and Australia is considering doing so. "We are taking this very seriously and we are certainly looking at it. We have worked on this very issue for a long time, whether it's the problem of having Huawei...
US President Donald Trump suspends H-1B visas till year end
USA

US President Donald Trump suspends H-1B visas till year end

US President Donald Trump has issued a proclamation to suspend issuing of H-1B visas, which is popular among Indian and Chinese workers, along with other foreign work visas for the rest of the year. Trump said the step was essential to help millions of Americans who have lost their jobs due to the current economic crisis. Issuing the proclamation ahead of the November presidential elections, Trump has ignored the mounting opposition to the order by various business organisations, lawmakers and human rights bodies. The proclamation that comes into effect on June 24, is expected to impact a large number of Indian IT professionals and several American and Indian companies who were issued H-1B visas by the US government for the fiscal year 2021 beginning October 1. They would now have t...
155 Indian companies Invest $22 billion, creates 125K jobs in US in 2020
USA

155 Indian companies Invest $22 billion, creates 125K jobs in US in 2020

Washington, Jun 15, 2020: As many as 155 Indian companies have invested USD 22 billion in the US, thus creating nearly 125,000 jobs in the country, according to a report issued by the Confederation of Indian Industries (CII) on Monday. The report, “Indian Roots, American Soil 2020,” is a state-by-state breakdown of tangible investments made and jobs created by 155 surveyed Indian companies doing business in all 50 states, as well as Washington, DC, and Puerto Rico. Texas, California, New Jersey, New York and Florida are home to the greatest number of workers in the US directly employed by the reporting Indian companies, the report said. “Indian-Americans have made so many important cultural, economic, and scientific contributions to our country and Texas values your hard work and...