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TikTok sues Trump administration over U.S. ban

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Markets summary

The Maltese market closed in the green on Monday, with the MSE total index ending the session 0.474% higher to 7,636.669 points. The best performer was Simonds Farsons Cisk plc with a 5.71% surge, to close at 7.40, followed by 3.32% jump of Malta International Airport plc with a closing price of 4.98. The biggest fall was seen from BMIT Technologies plc with a drop of 2.10% to close at 0.466. PG plc was down 1.60% to 1.85, while GO plc slid 0.60% to close at 3.32.

European markets close higher as investors monitor coronavirus developments. By the end of trading, the pan-European Stoxx 600 was 1.58% higher to 370.85 alongside a 2.36% jump for the German Dax to 13,066.54. The Cac-40 added 2.28% to 5,007.89, while the FTSE Mibtel was adding 2.12% to 20,113.36.

Wall Street stocks finished on the green on Monday, after the Food and Drug Administration issued an emergency use authorisation for convalescent plasma on Covid-19 patients. At the close, the Dow Jones Industrial Average was up 1.35% at 28,308.46, as the S&P 500 added 1% to 3,421.28, and the Nasdaq Composite was 0.6% firmer at 11,379.72.

TikTok sues Trump administration over U.S. ban, calls it an election ploy

TikTok and one of its employees on Monday separately sued U.S. President Donald Trump’s administration over his executive order banning transactions in the United States with the popular short-form video-sharing app, calling it a pretext to fuel anti-China rhetoric as he seeks re-election.

Culver City, California-based TikTok and its Chinese parent ByteDance Ltd rejected what they called the White House’s position that it was a national security threat, saying they had taken “extraordinary measures to protect the privacy and security of TikTok’s U.S. user data.”

They also described Trump’s call in his Aug. 6 executive order for a TikTok ban as a means to further his alleged “broader campaign of anti-China rhetoric” ahead of the Nov. 3 U.S. presidential election, where Trump is seeking a second term.

“We do not take suing the government lightly,” TikTok said in a blog post. “But with the Executive Order threatening to bring a ban on our U.S. operations … we simply have no choice.”

Patrick Ryan, a technical program manager at TikTok, sued the Trump administration over concerns that he and his 1,500 colleagues, including many on employment visas, will lose their jobs next month if Trump’s order is enforced.

This article was issued by Nadiia Grech, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.