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Trump says he has approved a deal for purchase of TikTok – CNN

(CNN)President Donald Trump said Saturday he has approved a deal between TikTok’s parent company, ByteDance, and Oracle (ORCL), temporarily averting a ban on TikTok in US app stores.

The Commerce Department confirmed in a statement Saturday evening that it would delay — by one week — restrictions that were originally to take effect on Sunday.
ByteDance will continue to be majority owner of TikTok under the agreement Trump said he approved, according to a person familiar with the matter.
Speaking to reporters, Trump said he approved the deal “in concept.”
“I have given the deal my blessing,” Trump said. “If they get it done, that’s great. If they don’t, that’s okay, too.”
The deal will also include Wal-Mart (WMT), Trump said, adding that “the security will be 100 percent. They’ll be using separate clouds and very, very powerful security.”
Trump said the deal will also include a $5 billion fund for US education, though he did not say which companies would be making the payment. Trump had previously expressed a desire for the companies to make a payment to the US Treasury, but was surprised when he was told such an arrangement would be illegal.
Trump’s blessing comes hours before restrictions from the Commerce Department were set to take effect that would remove TikTok from US app stores, including those operated by Apple and Google. The White House declined to comment.
ByteDance will continue to be majority owner of TikTok under the agreement Trump said he approved, the person said.
That contradicts Trump’s claim to reporters on Saturday that TikTok would be “totally controlled” by Wal-Mart and Oracle, who will have up to a 20% share in TikTok, the person said.
TikTok confirmed in a statement that Oracle and Walmart will together hold up to a 20% share.
“As part of this proposal, Oracle will become our trusted technology provider, responsible for hosting all US user data and securing associated computer systems to ensure US national security requirements are fully satisfied,” TikTok said. “We are currently working with Wal-Mart on a commercial partnership as well. Both companies will take part in a TikTok Global pre-IPO financing round in which they can take up to a 20% cumulative stake in the company. We will also maintain and expand TikTok Global’s headquarters in the US, while bringing 25,000 jobs across the country.”
Trump also said that TikTok would be incorporated in Texas as a new company.
Oracle CEO Safra Catz said in a statement:
“As a part of this agreement, TikTok will run on the Oracle Cloud and Oracle will become a minority investor in TikTok Global,” said Oracle CEO Safra Catz. “Oracle will quickly deploy, rapidly scale, and operate TikTok systems in the Oracle Cloud. We are a hundred percent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users, and users throughout the world. This greatly improved security and guaranteed privacy will enable the continued rapid growth of the TikTok user community to benefit all stakeholders.”
Walmart said that it plans to take a 7.5% stake in the new company, and that Wal-Mart CEO Doug McMillon would serve on its five-member board.
“We are excited about our potential investment in and commercial agreements with TikTok Global,” Wal-Mart said in a statement, adding it will also “enter into commercial agreements to provide our ecommerce, fulfillment, payments and other omnichannel services to TikTok Global.”
Speaking to reporters, Trump offered high praise to Walmart and Oracle executives, including Oracle chairman Larry Ellison, a close political ally.
“You have the combination of the Wal-Mart, that’s obvious, and the high tech of Oracle, and the genius of the two leaders of those companies, okay?” Trump said.

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approved extra

NJ approved for extra $300 a week in unemployment by FEMA – NorthJersey.com

, NorthJersey.com
Published 5:50 p.m. ET Sept. 5, 2020 | Updated 2:38 p.m. ET Sept. 6, 2020

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Reporters from the USA TODAY NETWORK Northeast discuss what the region got right and wrong during the first coronavirus spike and where we go from here.

NorthJersey.com

An unemployment benefit that will provide an additional $300 a week to those out of work due to COVID-19 has gained approval from the Federal Emergency Management Agency.

FEMA Administrator Pete Gaynor approved New Jersey for a FEMA grant under the Lost Wages Assistance program, according to a press release from the agency on Friday.

The agency plans to work with Gov. Phil Murphy to implement a system to make the funding, which will be on top of regular unemployment benefits for those who are unemployed due to the virus.

Unlike the $600 a week supplemental payment that expired in July, those who were unemployed before COVID-19 are not eligible for the $300 a week benefit. Those who receive less than $100 a week in unemployment are also not eligible. 

More: NJ applying for extra $300 a week in federal COVID unemployment benefits. What to know

More: Extra $300 a week in unemployment in NJ: What you need to know, including who would get it

New Jersey’s application will cover three weeks: Aug. 1, 8 and 15. Those who are eligible for the program would most likely see one check of $900 for those weeks in their bank accounts. 

Beyond those three weeks of retroactive pay, it’s unclear how long the program will actually last. The FEMA grant is capped at $44 billion. State Labor Commissioner Rob Asaro-Angelo said while he does not know how long it will last, the “general consensus is between seven and nine” weeks. But the program would also end if FEMA’s Disaster Relief Fund balance drops below $25 billion

Approximately 800,000 unemployed workers may not see the first check until October, said Asaro-Angelo last month.   

“Because this is an entirely new program … for which we cannot use any of our current unemployment trust fund money, accounts, staff or infrastructure, it will not be easy or quick to get this additional money into the pockets of those who need it the most,” Asaro-Angelo said. 

Stephanie Noda is a local reporter for NorthJersey.com. For unlimited access to the most important news from your local community, please subscribe or activate your digital account today.

Email: noda@northjersey.com Twitter: @snoda11 

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