• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

ByteDance applies for export license from China as TikTok deal waits for approval

5 years ago
in Business, highlights, Home, latest News, Tech-guide, Technology
2 min read
0 0
0
34
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

TikTok owner ByteDance has applied for an export license in line with Chinese regulations, as it pushes for a deal with Oracle and Walmart for the video-sharing app’s U.S. operations to avoid a shutdown in the country.

The application was submitted to the Beijing municipal bureau of commerce, ByteDance said in a statement in Chinese on Thursday. The company said it was waiting for a decision.

But the statement did not mention the pending deal in the U.S. nor the exact technology it was looking to get a license for export. 

ByteDance did not immediately respond to a request for comment when contacted by CNBC.

Last month, China updated its list of technologies subject to export restrictions to include technologies for “recommendation of personalized information services based on data analysis.”

This appeared to relate to TikTok’s core recommendation algorithm that suggests videos to users and is seen as a reason behind the app’s popularity. 

ByteDance said it would abide by any technology export rules, which could give Beijing a say in the final deal. 

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

However, the company also said on Monday that it would not transfer algorithms or technology to oracle as part of the deal. 

Over the weekend, Oracle said it would take a 12.5% stake in a new U.S.-based company called TikTok Global and be the cloud provider, handling American user data. Walmart would take a 7.5% stake. 

President Donald Trump said he approved the deal in concept.

Confusion emerged when ByteDance came out on Monday and said that it would have an 80% stake in TikTok Global. Oracle then responded saying Americans will have a “majority” of control over TikTok Global. 

That’s because Americans will make up four out of five board seats. But also, through a calculation of ByteDance’s American investors, Oracle can claim the new entity would be backed by mostly U.S. money.

TikTok was going to be shut down in the U.S. on Sunday. But since the deal was announced Saturday, that ban has been delayed by a week. 

Over the weekend, state-backed tabloid Global Times, hailed the deal “unfair” but “reasonable.” As confusion spread over the deal however, the publication, which is often seen as being close to Beijing’s thinking, accused the U.S. of “hooligan logic” in its push for certain conditions, adding it cannot see how China will approve the deal.

The state-backed China Daily also published an editorial in which it called the deal “dirty and unfair” and said Beijing has “no reason to give the green light to such a deal.”

Via: norvanreports
Tags: ByteDanceChinaOracleTiktokUSWalmart
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.