TikTok Seals US Deal, Fed Chair Interviews Wrapped, More
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News when you want it with Bloomberg News Now. I'm Doug Krisner. TikTok and its Chinese parent company have closed a deal to transfer part of TikTok's U.S. operations to American investors. Here is Bloomberg's Annabelle Droolers.
What are the details of TikTok's deal with U.S. investors?
We've got TikTok and ByteDance that have established that JV to transfer parts of TikTok's U.S. business to non-Chinese owners. And so as part of that deal, you're going to get essentially a newly created U.S. entity. And we've actually already been hearing that staff within the U.S. had already been starting to be split into these teams just in the last few weeks. So essentially just creating a bit of a firewall around what happens in the States.
That is Bloomberg's Annabelle Droolers. Now, this new U.S. entity will be owned by Oracle, Silverlake, MGX and existing ByteDance investors. President Trump says he has completed interviews with candidates to succeed Jay Powell as Fed chairman. Trump reiterated he has someone in mind and an announcement is coming soon. Here is Trump speaking to reporters aboard Air Force One.
I'll be telling you soon. No, I have somebody that I think will be very good, but I'm not going to reveal it. Someone from Wall Street? Someone from Wall Street? Somebody that's very respected, very well known, and will do, I think, a very good job.
Now, Treasury Secretary Scott Besson previously said Trump could announce his pick for Fed chair as soon as next week. The struggling chipmaker Intel issued a lackluster forecast for the current quarter. Now, in recent months, the market has been betting on new products from Intel, further boosting the company's finances. However, Intel says supply shortages are making it harder to meet customer demand. We got reaction from Matt Bryson of Wedbush Securities.
So it's a little bit hard to tell. When Intel tells you that they're really supply constrained, you don't know with their guide how much is the disappointment on the top line. Is it their inability to fulfill demand or is it rather just demand has dipped?
Capital One Financial has agreed to acquire the fintech company Brex. It focuses on corporate expense management and accounting. Now, the acquisition was announced as Capital One issued its latest quarterly results. More from Bloomberg's Charlie Pellett.
The deal would be Capital One's biggest since its roughly $35 billion acquisition of Discover Financial Services last year, which created the biggest U.S. credit card lender. Stephen Bigger is director of financial institutions at Argus Research.
If you think about some of these fintech firms and their ability to add rewards or more corporate cards, whether it's business banking, spend management, things like that, that BRICS is known for. So I think that is, you know, a pretty nice addition here.
The acquisition comes as Capital One's fourth quarter adjusted EPS missed estimates. In New York, Charlie Pellett, Bloomberg Radio.
We're hearing a bit more on that framework deal for Greenland reached on Wednesday between President Trump and NATO. Following the announcement, Trump said he would not impose tariffs on certain European countries that were set to begin February 1st. The president's pivot on Greenland has left many European allies scratching their heads. However, Commerce Secretary Howard Lutnick says the U.S. relationship with the EU is perfectly fine.
The framework is a national security based framework, that that's what the United States cares about. We care about our national security and we care about the shipping lanes.
What did President Trump say about the Fed chair interviews?
So let's talk about the national security and shipping lanes and let's see if we can't figure out a framework to do that together.
U.S. Commerce Secretary Howard Lutnick speaking to Bloomberg at the World Economic Forum in Davos. In Minnesota, there have been confrontations between protesters and immigration agents following the shooting of Renee Good, the woman killed by an ICE agent earlier this month. Today, Vice President J.D. Vance spoke in Minnesota in an effort to, quote, lower the temperature.
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