Bloomberg Daybreak: Asia Edition
TikTok Ban, Asia Real Estate
Apr 23, 2024
Bloomberg Tech Reporter discusses TikTok's legal battle in the US and EU. APAC markets insights from JLL's Investor Intelligence Head. Bloomberg Asia Credit Markets Editor talks about South Korea's real estate challenges and exposure issues.
22:47
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Quick takeaways
- TikTok faces potential EU fines for its addictive point system, intensifies lobbying in the US to combat proposed divestment bills.
- South Korea's real estate market poses systemic risks with rising delinquency rates, offering lessons for financial stability measures in Asia.
Deep dives
EU Investigates TikTok's Reward System
The European Union has initiated a probe into TikTok's parent company regarding its new TikTok light app. The EU is concerned about the app's promise to pay users through a point system, which might have addictive effects. TikTok has been given 24 hours to provide a risk assessment to avoid potential fines of up to 1% of its annual income and suspension of the reward system.
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