2025-09-22 10:24

Trump allies would gain influence over social media app US-China work toward deal to transfer TikTok US assets Lachlan Murdoch set to control conservative media empire WASHINGTON, Sept 21 (Reuters) - President Donald Trump said on Sunday that media mogul Lachlan Murdoch and business leaders Larry Ellison and Michael Dell would be involved as U.S. investors in a proposed deal to keep TikTok operating in the United States. Trump has said that the United States and China have made progress on a deal requiring TikTok's American assets to be transferred to U.S. owners from China's ByteDance. Sign up here. The proposed investors would give Trump allies in corporate America influence over a widely popular social media app, which counts 170 million U.S. users and helps shape public discourse on politics and culture. Under the expected deal, TikTok's U.S. assets would be majority-owned by American investors and operated in the United States by a board of directors with national security and cybersecurity credentials, Reuters reported on Saturday, citing a White House official. ByteDance's current shareholders include Susquehanna International Group, General Atlantic, and KKR (KKR.N) , opens new tab. ByteDance would hold less than 20% of the stock of a joint venture controlling TikTok's U.S. operations, the official added. Trump praised the group in an interview with Fox News' "The Sunday Briefing" program, calling them prominent people and "American patriots." "I think they're going to do a really good job," Trump said, crediting TikTok with helping build his support among young voters in the 2024 presidential election. Murdoch, the CEO of Fox Corp, recently cemented long-term control of his family's media empire that includes Fox News and the Wall Street Journal after settling a years-long legal battle with his siblings. The family patriarch, 94-year-old Rupert Murdoch, may also be involved in the deal, Trump said. Any investment in TikTok U.S. would come through Fox Corp, two people familiar with the matter told Reuters. The Murdochs would not invest as individuals, nor would News Corp, parent company of the Wall Street Journal and the New York Post, these sources said. Rupert and Lachlan Murdoch are known for their conservative views and their news outlets attract right-leaning audiences, but they have occasionally drawn Trump's ire. Trump sued the Wall Street Journal and Rupert Murdoch for defamation over a July report that said Trump signed a 2003 birthday greeting for late financier and convicted sex offender Jeffrey Epstein that included a sexually suggestive drawing and a reference to shared secrets. The newspaper has defended its reporting and vowed to fight the lawsuit. Ellison, the co-founder of Oracle and a major Republican donor, has long been linked to a potential TikTok deal. Dell is the CEO of Dell Technologies (DELL.N) , opens new tab. Dell did not immediately respond to a request for comment. The Trump administration has declined to enforce a 2024 U.S. law enacted during the Biden administration requiring TikTok's divestiture by January 2025 over fears its U.S. user data could be accessed by the Chinese government. Trump has included negotiations over the app as part of wide-ranging economic talks with China. The Trump administration has made a series of unusual interventions in U.S. business, including taking a 10% stake in Intel Corp (INTC.O) , opens new tab and allowing AI chip giant Nvidia (NVDA.O) , opens new tab to sell its H20 chips to China in exchange for receiving 15% of those sales. Trump has defended those moves as benefiting U.S. interests. Critics, including some business leaders and Republican lawmakers, have called the interventions a stark departure from the norms of American capitalism and said they risk hurting the competitiveness of the U.S. economy. https://www.reuters.com/world/china/trump-says-chinas-xi-approved-tiktok-deal-2025-09-19/

2025-09-22 10:19

MUMBAI, Sept 22 (Reuters) - The Indian rupee closed slightly weaker on Monday as new U.S. visa norms weighed on markets and dragged IT stocks lower, with traders expecting the currency to stay under pressure until there is progress on U.S.-India trade talks The rupee closed at 88.3075 against the U.S. dollar, down 0.2% on the day. Sign up here. India's benchmark equity indexes, the BSE Sensex (.BSESN) , opens new tab and Nifty 50 (.NSEI) , opens new tab ended lower by 0.5% each. Domestic listed IT stocks (.NIFTYIT) , opens new tab fell nearly 3% after U.S. President Donald Trump imposed a $100,000 fee on new H-1B visa applications, raising costs and threatening growth in their biggest market. "India stands out as the key country which could be negatively affected disproportionately by these visa changes," MUFG said in a note. "From an FX perspective, we think this development gives us more confidence that the Indian Rupee will underperform Asian FX and core G10 crosses," the note added. Worries over steep U.S. tariffs have weighed on the rupee, down 3% this year versus 3%–6% gains in the offshore yuan and Korean won. On Monday, traders cited dollar demand from foreign and private banks pressuring the rupee even as the greenback slipped against major peers. The dollar index was last down 0.2% at 97.47 as traders looked ahead to a slew of speeches from Federal Reserve officials throughout the week that could provide further clues to the U.S. rate outlook. Money markets are currently pricing in a near 92% chance of a rate cut by the Federal Reserve in October, per CME's FedWatch tool. https://www.reuters.com/world/india/rupee-slips-h-1b-visa-fee-hit-indian-stocks-drags-sentiment-2025-09-22/

2025-09-22 10:01

MUMBAI, Sept 22 (Reuters) - Walmart-backed Indian fintech firm PhonePe's PHOP.NS losses narrowed in the year ended March 2025 to 17.2 billion rupees ($194.78 million), the company said in a regulatory filing, ahead of the firm's widely anticipated initial public offering. The company reported a loss of 19.96 billion rupees in the year ended March 2024. Sign up here. PhonePe, among the most widely used apps in India to make payments via the country's popular unified payments interface (UPI), is preparing for a public listing on the country's stock exchanges, the firm said in a statement released earlier this year. It has more than 600 million registered users across 40 million merchants and processes over 310 million online transactions daily. Its revenue from operations rose 40% to 71.15 billion rupees ($805.63 million). ($1 = 88.3037 Indian rupees) https://www.reuters.com/world/india/walmart-backed-phonepes-losses-shrink-ahead-anticipated-listing-2025-09-22/

2025-09-22 09:27

(Reuters, Sept 22) - Sterling edged up against the dollar on Monday as investors paused following Friday's selloff driven by fiscal concerns. The dollar edged down as investors await speeches from Federal Reserve officials throughout the week that could provide further clues on the U.S. rate outlook. Sign up here. Analysts highlighted several factors weighing on the British currency, including vulnerabilities in the UK labour market, the potential need for further fiscal consolidation in the Autumn budget, and broader global cyclical risks. Britain's borrowing has shot past the official forecasts that underpin the government's tax and spending plans, compounding the already big challenge facing finance minister Rachel Reeves in her November budget. Sterling rose 0.2% to $1.3496 , after hitting $1.3453, its lowest level since September 5. The dollar rose 0.61% versus the British currency last week. Analysts argued they no longer view UK monetary policy developments as a key driver of the pound in the coming weeks and months, while a slower-than-expected pace of Bank of England rate cuts may still offer limited support against the euro. The single currency dropped 0.05% against the British currency at 87.09 pence per euro, after rising 0.78% last week. “While the euro is managing to shrug off a political and budget crisis in France and while the yen has not been too shaken by political uncertainties in Japan, the pound is more vulnerable to poor domestic news due to the UK’s current account deficit,” said Jane Foley, senior forex strategist at Rabobank. Investors also await data from the UK PMI on Tuesday. “With inflation still to peak and budget uncertainty there is scope for downside here and the services PMI looks too strong for us,” said Callum McLaren-Stewart, UK economist at Citi. “The manufacturing PMI is weak on all fronts and unlikely to meaningfully pick up in the coming months.” https://www.reuters.com/world/uk/sterling-rises-versus-dollar-fiscal-concerns-still-focus-2025-09-22/

2025-09-22 07:52

MANILA, Sept 22 (Reuters) - President Ferdinand Marcos Jr ordered the Philippines disaster response agency to go on full alert and mobilise all government agencies as Super Typhoon Ragasa threatened the north of the country and set off storm alerts across East and Southeast Asia. Packing winds of 215 kph (134 mph) and gusts of up to 295 kph (160 mph), Ragasa made landfall in Calayan Island in Cagayan province, raising the risk of storm surges exceeding three metres (nine feet), the state weather agency said. Sign up here. The Babuyan islands remained under a high-level storm warning signal, with residents advised to stay away from coastal areas and riverbanks. Video clips shared by disaster agencies showed the northern Cagayan province being pummelled by fierce winds and heavy rain, triggering strong waves and sending trees swaying violently. The government suspended work and classes across Metro Manila and large parts of Luzon as outer rainbands began lashing the region, prompting warnings of power outages, landslides, floods, and dangerous seas. Airlines have cancelled two dozen domestic flights, mostly serving Luzon's main hubs, while ports have suspended ferry services. Although Ragasa will not directly hit Taiwan, its outer bands are expected to bring heavy rain to the island's sparsely populated east coast. Taiwan has issued land and sea warnings, cancelled 146 domestic flights, and evacuated more than 900 people from mountainous southern and eastern areas. Vietnam's defence ministry has ordered its forces to monitor the storm and prepare for a possible landfall later this week. Chinese authorities have activated flood control measures in several southern provinces, warning of heavy rain beginning Tuesday night. Hong Kong said its airport will remain open, but operations will be scaled down. Yeung Tat-wing, director of service delivery at the Hong Kong Airport Authority, said flight operations would be significantly reduced after 6 p.m. (1000 GMT) on Tuesday, and most flights will be affected on Wednesday. Cathay Pacific said it will cancel about 500 flights. Macau and Zhuhai are also bracing for impact, with school closures and evacuation plans under way. In Hong Kong, residents started stockpiling daily necessities on Monday morning. Long queues formed at supermarkets where products like milk had already sold out, while vegetables were being sold for more than triple their normal price at fresh markets, according to Reuters witnesses. https://www.reuters.com/business/environment/philippines-halts-work-classes-super-typhoon-barrels-toward-luzon-2025-09-22/

2025-09-22 07:34

Sept 22 (Reuters) - Canadian pension fund La Caisse will buy Australian renewables developer Edify Energy for A$1.1 billion ($724.57 million), the companies said in a joint statement on Monday. The deal includes equity for the development of two advanced solar and battery storage projects, which will supply clean energy to major offtake partners including mining giant Rio Tinto (RIO.L) , opens new tab and the Australian federal government. Sign up here. La Caisse, one of the world’s largest institutional investors, reported net assets of C$496 billion ($359.5 billion) as of the end of June. The acquisition of Edify provides the Canadian firm with a substantial foothold in Australia's rapidly growing clean energy sector — a strategic market it has been targeting for several years as part of its global expansion efforts. The Australian government has set its 2035 emissions target at a reduction of 62%-70% from 2005 levels, a lower-than-expected figure that will still need substantial deployment of renewable capacity in its energy mix. ($1 = 1.5181 Australian dollars) ($1 = 1.3799 Canadian dollars) https://www.reuters.com/sustainability/climate-energy/canadas-la-caisse-buy-australias-edify-energy-724-million-renewables-push-2025-09-22/