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India’s 150 million users were forced to stop using the Chinese-owned app in 2020. But an internal tool reviewed by Forbes showed that ByteDance and TikTok employees can still mine some of their most sensitive data. One employee called it “NSA-To-Go.” By Alexandra S. Levine , Forbes Staff A lmost three years after TikTok’s largest market, India, banned the Chinese-owned social media app over geopolitical tensions, troves of personal data of Indian citizens who once used TikTok remain widely accessible to employees at the company and its Beijing-based parent, ByteDance, Forbes has learned. The revelation comes as President Joe Biden’s administration threatens to ban the platform used by more than 100 million Americans if TikTok’s Chinese owner does not sell its stake. Officials in the highest levels of the U.S. government see a blanket TikTok ban as a possible solution to the country’s national security concerns about the potential for China to surveil or … [Read more...] about India Banned TikTok In 2020. TikTok Still Has Access To Years Of Indians’ Data

Share to Twitter Share to Linkedin China Evergrande Group has unveiled its plan to restructure about $19 billion of offshore debt, buying more time for its billionaire founder Hui Ka Yan to resume operations and generate much-needed cash. But analysts say the plan lacks details and offers less-than-favorable terms for creditors. Holders of offshore debt in the Hong Kong-listed company are to receive a basket of options, according to a late Wednesday filing to the city’s stock exchange. The bondholders can either swap their debt for new notes with maturities of 10-12 years, or they can convert them into new notes with repayment terms of five to nine years combined with equity-linked instruments. The instruments will be tied to the shares of Evergrande itself, its property management business or its Hong Kong-listed electric car unit. “The proposed restructuring will alleviate the company’s pressure of offshore indebtedness and facilitate the company’s … [Read more...] about Evergrande’s Restructuring Plan For Offshore Debt Still Carries Considerable Risks For Creditors

Share to Twitter Share to Linkedin Key News Asian equities were mostly higher overnight as the Yuan and the Asia Dollar Index both gained significantly versus the US dollar. Xi Jinping returned to Beijing from Russia with some lower-level agreements, especially regarding the northern and eastern borders. I have not heard an update on Xi’s call with Ukrainian leader Zelenskyy, but we know that he is keen to meet with the Chinese president. Given his reticence about Xi’s visit to Moscow, we can assume that he is open to hearing Xi out. An end to the war could be a positive black swan for markets. Tencent’s over-the-counter ADR traded at a significant discount to its Hong Kong share class, which was up +8% overnight versus the ADR's only +2% gain yesterday. This echoes the continued disparity between US and global/China views of China. Tencent’s results were slightly lower than expected, but the company is rebounding in its advertising division after the … [Read more...] about Yuan Strengthens Versus USD, Tencent Soars On Earnings

Share to Twitter Share to Linkedin Topline The U.K. parliament will block all devices on its network from accessing TikTok, according to an announcement Thursday, complementing efforts by European governments and the U.S. in restricting the China-owned app over national security and data privacy concerns. Key Facts A spokesperson for the U.K. parliament—citing cybersecurity concerns—said Thursday that TikTok will be blocked from all parliament devices and any device accessing its network. Deputy First Minister John Swinney said Thursday the Scottish government will ban the app from all devices accessing its network effective immediately, following discussions with the British government. Cabinet Office minister Oliver Dowden said all devices used by British government employees would be unable to access TikTok—and the devices will only be able to access pre-approved third-party apps. TikTok will be deleted from all devices … [Read more...] about U.K. Bans TikTok From Parliament Devices—Here Are The Other Governments Banning The App

Key Takeaways ADB’s fourth Southeast Asia Development Symposium (SEADS) will bring together decision-makers, innovators, and climate leaders from government, industry, academia, and the development sector to discuss practical ways to achieve carbon neutrality by 2050. SEADS 2023’s plenary panel discussion, “Financing Net Zero,” will explore measures to bridge the gap in climate financing, and enable countries in ASEAN to attain net-zero and the Sustainable Development Goals. SEADS 2023 will launch a new ADB report, ASEAN and Global Value Chains: Locking in Resilience and Sustainabliity, which provides actionable insights for strengthening ASEAN’s value chain resilience against the impacts of climate change. ADB SEADS 2023 will be a low-carbon event, with less than 10% of participants travelling to the sustainable venue, and with carbon offsets for every attendee. In response, countries in Southeast Asia have committed to decarbonization, with eight out of 10 member … [Read more...] about ADB SEADS 2023: Imagining a Net-Zero ASEAN

Share to Twitter Share to Linkedin Three years ago today, then prime minister Boris Johnson announced the first nationwide lockdown in the U.K., with the aim of curbing the outbreak of Covid-19. Leaders whose lives had previously been defined by the 7am train, takeaway cappuccinos and water cooler chats suddenly found themselves plunged into the world of hybrid working, home schooling and Zoom meetings. For many, this period of upheaval came with both pros and cons. On the one hand, leaders were suddenly handed freedom and flexibility while being simultaneously released from the arduousness of the morning commute. On the other, they battled loneliness and spent increasingly long hours chained to their laptops as work life blurred into home life, with delivery of the odd science lesson thrown in along the way. Overall, the pandemic is an era that most leaders will be glad to have left behind. But what important leadership lessons from that time can we still … [Read more...] about What Leadership Lessons From Lockdown Still Apply Today?

Share to Twitter Share to Linkedin Miami-Dade county taxpayers must be wishing Miami Marlins owner Jeffrey Loria had stuck with his original game plan. MIAMI, FL - MARCH 06: A general view of the new Marlins Ballpark shot throught a fishtank behind ... [+] home plate during a game between the Miami Marlins and the University of Miami Hurricanes at Marlins Park on March 6, 2012 in Miami, Florida. (Image credit: Getty Images via @daylife) For years Loria ran a low-budget baseball franchises and made a fortune by successfully maneuvering through Major League Baseball's financial system. Loria's strategy: rely on welfare from richer baseball teams and every now and then spend enough to have a contender (the Marlins defeated the New York Yankees in the 2003 World Series ) so fans stay at least somewhat interested. During the five years through the 2011 season the Marlins posted a staggering $153 million in aggregate operating income. But … [Read more...] about Miami Marlins Have Become Baseball’s Most Expensive Stadium Disaster

Share to Twitter Share to Linkedin WASHINGTON, DC - OCTOBER 02: Tomas Telis #18 of the Miami Marlins celebrates with Ichiro Suzuki #51 ... [+] after hitting his first career major league home run in the fifth inning against the Washington Nationals (Photo by Greg Fiume/Getty Images) The latest buzz among sports bankers is that the Miami Marlins can be had for $1.7 billion. Marlins owner Jeffrey Loria is an art dealer who originally became a baseball owner with a relatively small investment —$30 million—in the Montreal Expos--and was part of the controversial deal put together by then MLB commissioner Bud Selig that saw Loria swap his ownership of the Expos for the Marlins so that John Henry could unload the Marlins and purchase the Boston Red Sox. In March we valued the Marlins (and the economics of their stadium) at $675 million, 29th out of the league's 30 teams. The Marlins had attendance of only 1.75 million in 2015, 28th in MLB, … [Read more...] about Bankers Say Jeffrey Loria Floating $1.7 Billion Price For Miami Marlins

Share to Twitter Share to Linkedin Professional gamblers wager millions on the NCAA Tournament using an auction-style format that brings out casual hoop dreamers and sophisticated quants. With brackets busted, it still pays to play the game within the game. N eal, a 36-year-old insurance broker who lives in Ohio with his wife and two children, is the proud owner of the University of Texas, University of Connecticut, Tennessee, Creighton and Florida Atlantic men’s basketball teams. His wife doesn’t know about his ownership stakes, but hopefully by the end of the NCAA Men’s Basketball tournament his $19,000 investment will turn into $50,000. And then, he’ll let her know. “Right now, we’re on a heater,” he says of the March Madness run his teams are on. “We’re still in the red on paper, but I hope that will change quickly with a few wins.” Neal doesn’t technically own any team, of course, but the amateur sports gambler “bought” these college … [Read more...] about Inside A High-Stakes March Madness Calcutta

Share to Twitter Share to Linkedin Jakob Freund is the CEO of Camunda , a software company innovating end-to-end process orchestration. Record-high inflation rates and mixed economic signals have hit global organizations hard in the second half of 2022 and will continue their impact as we enter 2023. As a result, many IT leadership teams have made tough decisions about which technology investments stay and which ones go. According to the Gartner report “3 New Realities to Guide 2023 Planning as Inflation Response Cools Economies,” “about 45% of CEOs and CFOs say digital technology investments to improve performance efficiency would be among the last things they would cut.” What does that mean for automation investments? According to the 2023 State of Process Orchestration Report , 91% of IT leaders say their organization plans to increase investment in process automation over the next 24 months, compared with 88% who answered the same question … [Read more...] about The Power Of Process Orchestration For Efficiency And Cost Savings