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Recent Editions
Risk Channel
North America
TikTok has signed binding agreements with investors including Oracle, Silver Lake and MGX for the sale of its U.S. arm, creating a joint venture as part of a deal orchestrated by President Donald Trump. Parent company ByteDance will retain a 19.9% share of the firm, with 30.1% held by affiliates of existing ByteDance investors. TikTok chief executive Shou Zi Chew said the joint venture will "operate as an independent entity with authority over U.S. data protection, algorithm security, content moderation and software assurance," adding that TikTok's U.S. entities "will manage global product interoperability and certain commercial activities, including e-commerce, advertising, and marketing."
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Risk Channel
UK/Europe
Several major banks have won their bid to block a £2.7bn ($3.6bn) lawsuit brought on behalf of thousands of asset managers, pension funds and financial institutions over alleged foreign exchange rigging. The lawsuit, which was brought against lenders including JPMorgan, UBS, Citigroup, Barclays and Natwest is based on European Commission findings. The commission fined banks more than €1bn ($1.1bn) in 2019 after finding they had rigged the multitrillion-dollar foreign exchange market in two separate cartels between 2007 and 2013. An appeal by the banks to the UK's Supreme Court reinstated a Competition Appeal Tribunal decision to refuse to certify the case on an opt-out basis.
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