we begin in the us, where time is ticking for tiktok. the chief of the social media app shou zi chew was grilled by us lawmakers over a range of issues, mostly related to the company s chinese ownership. his appearance before the congressional committee comes after the biden administration threatened to ban the social media app if the company s chinese owners didn t sell their stakes. tiktok is wildly popular in the states it has 150 million american users, which includes almost five million businesses. well, our north america business correspondent michelle fleury has been following the story in washington dc and sent this report. it was never going to be easy but from it was never going to be easy but from the moment the committee chairman opened the hearing. committee chairman opened the hearing, calling for tiktok to be banned in the united states, there be banned in the united states, there was be banned in the united states, there was no let up. the tiktok ceo
after bloomberg reported they are among the banks under scrutiny in a us department ofjustice probe into whether financial professionals helped russian oligarchs evade sanctions. shares of ubs and credit suisse fell more than 6%. and secondly deutsche bank slumped more than 13%, after a sharpjump in the cost of insuring against the risk of default after concerns about what happened to credit suisse. so what is happening to an already beseiged banking sector? hopefully, russ mould, an investment director at aj bell, can help us make sense of it. ross, what is happening? i think ubs and credit suisse under in a regulatory investigation is clearly unfortunate. equally, both forums have been under regulatory scrutiny before, so perhaps you shouldn t be quite so shocked there. i think the rise in deutsche bank is indicative of wider loss of confidence in the banking sector. i think there is a gathering fear that central banks may have overdone it with great interest rate increases
impacted and influenced and controlled by technology. certain parts of those digital surveys are supposed to be inaudible infrastructure, therefore governed by non profit and yet, there is so much capitalistic kind of approache to control of the commercial aspect and commercial potential of this technology. i think that openai saga was, you know the fundamental tension is really between the nonprofit mission versus full profit. of course, there is a lot of nuance between this in terms of how they governed, how the board handled this whole situation, including exactly what technical concerns that the board has seen to compel them to press the panic button. last night, overnight, ijust woke up to a lot of discussion in terms of studies we can take unpack that a little bit more but the most important thing we can ask is what kind of, you know, technology, what kind of digital service should be governed by non profit and regarded as a public service and what kind of technol
technology. certain parts of those surveys are supposed to be inaudible infrastructure and governed by non profit and yet, there is so much capitalistic kind of approaches to control of the commercial aspect and commercial potential of this technology. i think that openai saga was, you know, the fundamental tension is really between the nonprofit mission versus full profit but, of course, there is a lot of nuance between this in terms of how they govern, how the board handles this whole situation, including exactly what technical concerns that the board has seemed to compel them to press the panic button. last night overnight i woke up to a lot of discussion in terms of studies but we can take that later but the most important thing we can ask is what kind of, you know, technology, what kind of digital service should be governed by non profit and regarded as a public service and what kind of technology should be controlled by shareholders and commercial services? , sharehol
ceo there was no let up. the tiktok ceo was there was no let up. the tiktok ceo was bombarded by lawmakers worried ceo was bombarded by lawmakers worried that the chinese ownership of the app makes it unchosen ownership of the app makes it unchosen with the and that it is harmful to american teenagers. makes it untrustworthy. politicians of all stripes stand slammed tiktok all stripes stand slammed tiktok. , ., ., tiktok. they are engaged in psychological tiktok. they are engaged in psychological warfare - tiktok. they are engaged in i psychological warfare through tiktok to deliberately influence us children. out of the gate singaporean boss of tiktok thought the pushback against this characterisation. we also want to talk about national security concerns that you have raised and we take very, very seriously. let me start by addressing a few misconceptions about bytedance of which we are a subsidiarity. bytedance is not owned nor controlled by the chinese government.