FT News Briefing TikTok set to become standalone US company, central banks preview, Nikola fights off fraud claims
Sep 16, 2020
TikTok is set to become a standalone U.S. company, with Oracle stepping in as a minority investor, addressing national security concerns. FedEx reported a strong fiscal quarter thanks to high demand for international shipping. Investors are keenly awaiting insights from the Federal Reserve on new inflation policies. Meanwhile, Nikola faces scrutiny after fraud allegations, prompting inquiries from the U.S. Department of Justice, raising questions about the integrity of its operations.
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TikTok's Restructuring
- ByteDance will place TikTok’s global business in a new US-based company.
- Oracle will be a minority investor, addressing US national security concerns.
FedEx's Success
- FedEx saw strong fiscal first-quarter results, driven by increased demand for international shipping.
- Revenue rose 13.5% year-over-year, boosting shares to a two-year high.
Fed's New Inflation Policy
- The Federal Reserve will tolerate higher inflation to offset periods of undershooting its target.
- Chairman Jay Powell will explain how this new strategy will support the economic recovery.