Business

Revised TikTok Proposal Emerges Amid U.S. Ban Concerns

Published

1 month ago

January 27, 2025

RTX

A revised proposal aiming to address U.S. national security concerns over TikTok has surfaced, offering a potential solution for the embattled app’s future in the country. The proposal, submitted by artificial intelligence startup Perplexity, seeks to create a new structure involving TikTok’s U.S. operations, with significant government oversight and reduced Chinese control.

Details of the Revised Plan

The updated proposal allows the U.S. government to own up to 50% of the new structure after it completes an initial public offering valued at a minimum of $300 billion. However, the government’s shares would lack voting power and board representation, according to an unnamed source familiar with the proposal.

The plan, which builds on feedback from the Trump administration, offers a middle ground by allowing ByteDance, TikTok’s Chinese parent company, to retain ties to the app. ByteDance would, however, relinquish operational control to a U.S.-based board.

Crucially, ByteDance would contribute TikTok’s U.S. business but exclude the proprietary algorithm that powers the app’s content recommendations. This aligns with concerns raised by U.S. officials about separating TikTok’s technology from Chinese ownership.

Government and Investor Reactions

Former Treasury Secretary Steven Mnuchin has previously suggested a similar strategy, emphasizing the need to disconnect TikTok’s technology from China. He indicated that a deal involving dilution of Chinese ownership could satisfy U.S. legal requirements.

President Donald Trump expressed optimism about a potential resolution, stating on Saturday that a deal could be finalized within 30 days. Speaking aboard Air Force One, Trump underscored the high level of interest from investors, adding, “The United States will be a big beneficiary.”

Background and Controversy

TikTok faced a ban in the U.S. under a bipartisan law enacted last year, citing national security risks tied to its Chinese ownership. While the Supreme Court upheld the ban, Trump issued a 75-day delay through an executive order.

Concerns over TikTok’s algorithm and data collection practices remain central to the debate. While U.S. officials have argued the risks are too significant, no public evidence has emerged showing TikTok has shared user data with Chinese authorities or allowed algorithm manipulation.

Future Prospects

With Perplexity’s revised proposal and increasing investor interest, the fate of TikTok in the U.S. hinges on whether the plan satisfies lawmakers’ demands for security and operational independence. For now, TikTok continues to operate, albeit under close scrutiny, as discussions progress.

Business

BBVA to Launch Crypto Trading for Customers in Spain

Published

7 hours ago

March 10, 2025

RTX

Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA) is set to introduce cryptocurrency trading services in Spain, allowing customers to buy, sell, and manage Bitcoin and Ether transactions directly through the bank’s mobile app.

The move follows BBVA’s approval from the Spanish Securities and Exchange Commission (CNMV) under the European Markets in Cryptoassets Regulation (MiCA), which requires banks to secure regulatory clearance before offering crypto-related services.

Gradual Rollout of Crypto Trading

BBVA announced that the service will first be introduced to a small group of users before gradually expanding to all private banking customers in Spain over the next few months.

“Customers in Spain will be able to manage their crypto trading orders within the app, alongside their accounts, investments, and regular banking activities,” the bank said in a statement.

This development places BBVA among the frontrunners in Europe’s crypto banking sector, alongside Germany’s Deutsche Bank and France’s Société Générale, both of which have taken steps to integrate digital assets into traditional banking services.

BBVA’s Global Crypto Expansion

BBVA has already been operating crypto trading services in Switzerland since 2021 and Türkiye since 2023, where regulatory frameworks were established before MiCA became fully effective in December 2024.

Unlike some financial institutions that rely on third-party custodians, BBVA emphasized that it will use its own cryptographic key custody platform to safeguard customers’ assets.

“BBVA will maintain full control over safeguarding its customers’ crypto assets without relying on external providers,” the bank stated, reinforcing its commitment to security and regulatory compliance.

A Growing Trend Among Banks

The introduction of crypto services by traditional financial institutions reflects the growing mainstream adoption of digital currencies, particularly as regulatory frameworks in Europe and the U.S. evolve.

While BBVA’s crypto trading service will be available upon customer request, the bank clarified that it will not provide advisory services on crypto investments.

With this move, BBVA strengthens its position in Europe’s digital asset sector, potentially setting the stage for other banks to follow suit as cryptocurrency adoption continues to expand.

Business

China Imposes Retaliatory Tariffs on Canadian Goods Amid Escalating Trade War

Published

7 hours ago

March 10, 2025

RTX

China has announced retaliatory tariffs on Canadian agricultural and seafood products, intensifying trade tensions between the two nations. The move, revealed on Saturday, comes in response to Canada’s tariffs on Chinese electric vehicles and metals imposed in October last year.

Beijing will enforce 100% tariffs on rapeseed oil, oil cakes, and peas, along with a 25% import levy on pork and aquatic products from March 20, further straining economic ties between the two countries.

Tit-for-Tat Tariffs Escalate Trade Conflict

The trade dispute between China and Canada has been growing since October 2023, when Ottawa imposed a 100% tariff on Chinese electric vehicles and 25% levies on Chinese steel and aluminum.

China’s Ministry of Commerce condemned Canada’s measures as violations of World Trade Organization (WTO) rules, calling them “acts of protectionism” that restrict Chinese exports and damage the country’s legitimate trade interests.

Impact on Canadian Exports

Canada’s rapeseed (canola) industry is expected to be heavily impacted by the new tariffs. In 2023, the crop generated C$13.6 billion (€8.73 billion) in sales, while Canadian canola meal and oil exports to China were valued at C$920.9 million (€591.3 million) and C$21 million (€13.5 million) respectively in 2024.

Additionally, Canada’s pea exports to China reached C$303 million (€194.5 million) last year. The new tariffs could severely disrupt trade flows, affecting Canadian farmers and exporters who rely on the Chinese market.

The Canadian Global Affairs Ministry denounced China’s tariff announcement as “unjustified”, stating that Canada rejects China’s findings and remains open to dialogue. The ministry accused China of unfair market practices, saying that its policies artificially lower production costs and distort global markets.

Wider Global Trade War Intensifies

China’s latest trade action follows a string of tariff hikes introduced by former US President Donald Trump last week, which included 25% duties on Canadian and Mexican imports and a doubling of tariffs on Chinese goods to 20%.

Shortly after, Trump granted a one-month exemption on auto and agricultural tariffs for Canada and Mexico under the USMCA agreement, as both countries signaled a willingness to reassess tariffs on Chinese imports.

China’s Economic Struggles Deepen

The trade war escalation comes amid economic uncertainty in China, with consumer prices falling 0.7% year-over-year in February, marking the first negative inflation rate in 13 months.

At its annual government meeting last week, Beijing set its 2025 GDP growth target at 5% and unveiled a trillions-of-yuan stimulus package to boost economic activity. However, analysts warn that sluggish domestic demand and mounting trade tensions could make achieving this target difficult.

To support economic recovery, China has pledged a “proactive fiscal policy and moderately loose monetary policy”, increasing its budget deficit to 4% of GDP—the highest in three decades.

Market Reaction and Currency Decline

Financial markets reacted negatively to the ongoing trade tensions. On Monday, the Chinese Yuan fell 0.22% against the US dollar, while Hong Kong’s Hang Seng Index slipped 1.7% in early trading.

Despite the recent downturn, Chinese markets have been rallying this year, partly fueled by the January launch of DeepSeek’s AI model, a Chinese tech startup competing with US AI firms.

As global trade disputes intensify, China and Canada remain locked in a growing economic standoff with potential long-term impacts on international commerce and investment flows.

Business

Ukrainian Women Lead Europe in Entrepreneurial Ambitions, New Study Finds

Published

2 days ago

March 8, 2025

RTX

A new study commissioned by Mastercard reveals that Ukrainian women have the highest entrepreneurial aspirations in Europe, despite facing war and economic uncertainty. According to the report, 66% of Ukrainian women plan to start their own businesses, a figure that rises to 83% among Gen Z women.

Women in Ukraine Defy Challenges to Pursue Entrepreneurship

The study highlights how Ukrainian women are turning to business ownership as a means of financial stability and social impact. Many cite lack of funds (76%), lack of experience (47%), and lack of confidence (38%) as barriers, yet their resilience remains strong.

Among the most popular industries for female entrepreneurs in Ukraine are online sales (22%), education (17%), agriculture (15%), and food and drink (15%).

Mastercard emphasized the role of female entrepreneurs in economic resilience and recovery, citing stories like Inna Bozhko, a businesswoman from Kharkiv. Bozhko, a mother of a child with cerebral palsy, opened Barbershop Inclusive, which includes a soundproofed area for children with sensory sensitivities. She received support from the Mastercard Center for Inclusive Growth, demonstrating how financial backing and mentorship can help women succeed.

Portugal, Poland, and Greece Lead Female Entrepreneurship in the EU

Within the European Union, Portugal, Poland, and Greece have the highest number of women aspiring to start businesses.

Portugal: 62% of women have considered starting a business, with 56% actively planning to do so.
Poland: 47% of women have shown interest, with 36% making concrete plans.
Greece: 46% are considering entrepreneurship, with the same percentage moving forward with their plans.

Portuguese women stand out not only for their business ambitions but also for their financial literacy. The study found that Portuguese women are twice as confident in handling finances compared to the average European woman.

Gen Z Women Are Driving Change

The study also highlights the influence of Gen Z women, who are increasingly motivated by a desire to make a positive impact.

19% of Gen Z women in Europe say they want to start businesses to “do something good for the world,” compared to 13% of Millennials and 14% of Gen X.
Their preferred industries include education, childcare, and cosmetics, with beauty entrepreneurship being the most popular sector (26% vs. 10% European average).

Challenges and Solutions for Female Entrepreneurs

Despite their ambition, women across Europe continue to face significant barriers when starting businesses. The study identified three major concerns:

Fear of failure (31%)
Lack of financial resources (29%)
Lack of experience (28%)

In addition, many women struggle with balancing family responsibilities, which can limit their ability to pursue business ventures.

However, Mastercard and Amazon Web Services (AWS) believe that digital technology can help bridge the gap. From AI-powered automation to e-commerce platforms, technological advancements are making it easier for women to start, manage, and scale their businesses.

Empowering the Next Generation of Female Entrepreneurs

AWS Vice President Tanuja Randery, a founder of the PowerWomen Network, emphasized the need for sponsorship, mentorship, and financial support for women entrepreneurs.

“To accelerate female entrepreneurship and enable the next unicorns in Europe, we need to ensure women have access to the right sponsors, networks, and funding,” Randery told Euronews Business.

She offered three key pieces of advice for aspiring female entrepreneurs:

Have a plan – “If you don’t know where you’re going, any road will take you there.”
Find sponsors, not just mentors – “Women are often over-mentored but under-sponsored.”
Take risks – “Move across industries and geographies, embrace feedback, and stay true to yourself.”

As entrepreneurial ambition among women grows across Europe, particularly in Ukraine, greater financial access, mentorship, and digital tools could help unlock the full potential of female-led businesses.