Chapter 1: What is the main topic discussed in this episode?
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.
Chapter 2: What deal has TikTok made regarding its U.S. operations?
We've got TikTok and ByteDance that have established that JV to transfer parts of TikTok's US business to non-Chinese owners. And so as part of that deal, you're going to get essentially a newly created US entity. And we've actually already been hearing that staff within the US 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. President Trump is suing JPMorgan Chase and its CEO Jamie Dimon for at least $5 billion. Trump alleges the lender stopped offering him and his businesses banking services for political reasons. Now, Dimon previously denied rejecting business on ideological grounds.
we don't do you think people could have a political religious affiliations what's your message to your but there are a lot of things to be fixed and we should fix them there are no rules the requirements are so onerous and it does cause people to be deep into my opinion should not be debate in a statement jp morgan said the suit has no merit
The bank also said it closes accounts because they create legal or regulatory risk for the company. President Trump is demanding credit card companies cap their interest rates at 10 percent for one year. Now, Bank of America and Citigroup are trying to figure out how they can do that or come close.
We are told each bank is considering offering cards with a 10 percent interest rate as one potential solution. Here is Bloomberg's Michael McKee.
I think the general feeling is it could reduce credit availability because it's not in the financial interest of the banks to do that. Okay. And so it could be a problem for the economy. I saw a note that some of the banks are considering it. But really what it is is who's going to get the card? Is it the people who pay their bills off every month, in which case it doesn't matter? Right.
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Chapter 3: What is President Trump's status on selecting a new Fed chairman?
We want a respectful and peaceful relationship and a strong partnership as an ally, trusted ally, through many, many years. But no doubt, the rhetoric we have heard the last year is unacceptable for us. It is talking about acquiring Greenland and so on. That's, of course, unacceptable.
That is Jens Friedrich Nielsen, the prime minister of Greenland, speaking at a news conference. Former special counsel Jack Smith testified today before the House Judiciary Committee. This was his first public testimony about his investigations into President Trump's actions. after the 2020 election, as well as the alleged mishandling of sensitive government documents.
Now, the House committee is investigating what it calls politically motivated prosecutions of President Trump. However, Smith stood by his decisions.
President Trump was charged because the evidence established that he willfully broke the law. The very laws he took an oath to uphold. Grand juries in two separate districts reached this conclusion based on his actions, as alleged in the indictments they returned.
President Trump, by the way, has adamantly denied any wrongdoing. And that is news when you want it. With Bloomberg News Now, I'm Doug Krisner and this is Bloomberg.
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