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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."

 

ABC News

Financial Times

Los Angeles Times

Reuters

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The Federal Trade Commission has ordered Instacart to pay $60m in refunds to settle allegations that it used deceptive practices to raise costs for shoppers. The federal agency alleged that the company misled consumers by saying their first order was “free” despite charging a mandatory grocery delivery fee, according to a complaint and settlement filed in California federal court. It also noted that Instacart failed to clearly disclose the terms of its Instacart+ subscription service and refused to offer refunds, instead giving consumers a credit toward a future order. “We flatly deny any allegations of wrongdoing by the Federal Trade Commission, and we stand firmly behind the integrity and transparency of our programs”, the company said in response.

 

TechCrunch

Bloomberg

CNBC

Wall Street Journal

Chris Brooks, chief of staff to UAW President Shawn Fain, will leave the union on December 31 after a federal monitor's report found he improperly sought to remove duties from secretary-treasurer Margaret Mock. The UAW has been under federal oversight since a 2020 corruption settlement. The monitor, in its report, called the union's recent actions, including holding Brooks accountable for the treatment of Mock, steps that signal “to union staff and membership that the union is willing to address acts of retaliation, even at the highest level of the union.”

 

U.S. News

Elon Musk's X Corp has launched a lawsuit against Operation Bluebird, a start-up which is seeking to cancel Twitter's trademarks to launch its own platform named "twitter.new." X said in Delaware federal court that its Twitter brand is still "alive and well," and Operation Bluebird's attempt to "steal" the name constituted trademark infringement. Operation Bluebird founder Michael Peroff said: "Our cancellation petition is based on well-established trademark law and we believe we will be successful . . . We are prepared to take this as far as we need to in order to achieve our goal."

 

Reuters

Giovanni Pennetta, a New York investment manager, has been charged with securities fraud, wire fraud, and aggravated identity theft for allegedly scamming investors out of millions via a fraudulent pre-IPO investment scheme related to drone manufacturer Anduril Industries. Prosecutors claim Pennetta misled clients into believing they had access to exclusive shares in Anduril, despite having no legitimate connection to the company. Anduril's spokesperson noted that any investment offers not directly from the company are likely scams, underscoring the rising risks of investment fraud as private tech firms continue to grow.

 

Reuters

South Africa has accused the United States of using Kenyan nationals without work permits at a facility processing applications by white South Africans for refugee status. A statement from South Africa's department of home affairs said seven Kenyans were arrested and would be deported after intelligence reports indicated that people "had recently entered South Africa on tourist visas and had illegally taken up work" at the center. The seven Kenyans will not be allowed to return to South Africa for five years, South African law enforcement officials said. Washington has accused South Africa of "interference" in its efforts to offer asylum status to Afrikaners, who it says face persecution. South Africa's government has rejected the claims.

 

New York Times

BBC News

U.S. inflation unexpectedly slowed to 2.7% in November from a year earlier, according to a delayed report from the Labor Department, above the Federal Reserve's 2% target, but below the 3.1% rise expected among analysts polled by Dow Jones. Energy prices surged by 4.2%, while core inflation, excluding food and energy, rose 2.6%. “It’s hard to read too much into the November inflation data. The shutdown clearly had a big impact on data collection,” Heather Long, chief economist at Navy Federal Credit Union, wrote in a note on Thursday. “Inflation did not suddenly improve a lot between September and November. Anyone who has been to the grocery store or paid a utility bill knows this.”

 

CNN

Bloomberg

Chicago Tribune

CNBC

The Philadelphia Fed Manufacturing Index has fallen to -10.2 in December, down from -1.7 and well below the forecast of 2.5, indicating worsening business conditions across the region’s manufacturing sector and raising broader concerns for the U.S. economy and dollar.

 

Investing

RTT News

The U.S. Postal Service (USPS) is seeking bids to open up its 18,000 delivery destination units to major retailers and shippers, including Amazon, in an effort to generate new last-mile delivery revenue and avoid running out of cash by early 2027. Postmaster General David Steiner warned that without urgent reform and new income streams, the service will exhaust its funds within 12-24 months, following a $9bn annual loss and $118bn in cumulative net losses since 2007. USPS currently generates $5.5bn-$6bn from last-mile deliveries but has capacity for up to 4bn units.

 

Reuters

Sweetgreen co-founder and chief brand officer Nathaniel Ru will retire on January 1st after 20 years with the company, with the struggling fast-casual chain facing mounting losses and an 80% drop in its share price this year. Mr. Ru will remain on the board, but he exits following operational missteps, shrinking sales, and investor concerns over high costs and weak execution, with only one-third of stores meeting performance standards. Sweetgreen has yet to turn a profit since going public in 2021.

 

Bloomberg

Restricted chipmaking tools are being retrofitted by Chinese fabrication plants producing advanced smartphone and AI chips, exposing cracks in U.S.-led export controls, according to people familiar with the matter.

 

Financial Times

European safety authorities have ordered inspections of fuselage panels on 177 Airbus A320-family aircraft and an additional 451 in production following a manufacturing issue identified at a Spanish supplier. The inspections, mandated by the European Union Aviation Safety Agency (EASA), are to verify panel thickness and address a "potentially unsafe condition" related to previous repairs. Amid these concerns, some airlines are hesitant to accept new deliveries until the issues are resolved, contributing to a slowdown in Airbus’s delivery targets for 2025.

 

Reuters

Tesla drivers are purchasing alternative vehicles to avoid being trapped inside their cars due to door malfunctions. One such case involved Erin Geter, whose toddler was locked inside her 2021 Tesla Model Y when the electric doors failed to operate. Geter described the experience as "very traumatizing," underscoring growing frustration among Tesla customers regarding vehicle reliability. Geter ultimately purchased a Honda CR-V with traditional door handles. 

 

Bloomberg

The Trump administration has announced plans to dismantle the National Center for Atmospheric Research in Boulder, Colorado, labelling it as having deviated from its original mission by focusing on climate change. The decision has shocked both the scientific community and local Colorado officials, who are determined to oppose the move. Russell Vought, director of the Office of Management and Budget, confirmed the center's dismantling via a post on X.

 

Bloomberg