Tok! US Congress Approves Bill Giving TikTok 6 Months to Divest its US Assets

The US Congress has passed a bill that requires ByteDance, the Chinese owner of TikTok, to sell the app's assets in the US within six months. Failure to comply with this requirement could result in a ban on TikTok in the US. The bill received bipartisan support with a vote of 352-65. However, its fate in the US Senate remains uncertain as some senators prefer a different approach to regulating foreign-owned apps that pose security concerns. Senate Majority Leader Chuck Schumer has announced that the Senate will review the legislation. TikTok has responded by stating that they are working to educate the Senate on the impact the bill will have on the millions of Americans who use the app. They believe that the best way to address national security concerns is through transparent, US-based protection of user data. The future of TikTok has become a major concern in Washington, as lawmakers have received numerous complaints from teenage TikTok users who oppose the legislation.

https://internasional.kontan.co.id/news/tok-kongres-as-setujui-ruu-yang-beri-waktu-tiktok-6-bulan-divestasi-asetnya-di-as
 

For the sixth year in a row, the US is the world leader in oil production

According to the US Energy Information Administration (EIA), US crude oil production has reached its highest level among oil producers for the sixth consecutive year. The average production for 2021 was 12.9 million barrels per day (bpd), with a new monthly record high of over 13.3 million bpd in December. The EIA stated that the US has produced more crude oil than any other country for the past six years, and it is unlikely that this record will be broken in the near future. In contrast, the Saudi Arabian government has recently instructed Saudi Aramco to cease its oil expansion plans and aim for a maximum sustainable production capacity of 12 million bpd, which is one million bpd lower than the target announced in 2020. Global benchmark Brent oil prices have fallen below $82 per barrel due to concerns about geopolitical issues in the Middle East and Russia, as well as worries over weakening demand in China. OPEC+ members, led by Saudi Arabia and Russia, have agreed to extend production cuts.

https://internasional.kontan.co.id/news/as-memimpin-produksi-minyak-global-selama-enam-tahun-berturut-turut

Body Shop bankruptcy, closure of all stores in America

The Body Shop, a cosmetics company, has filed for bankruptcy in the US and Canada after its parent company in the UK also filed for bankruptcy. The US branch has ceased trading and filed for Chapter 7 bankruptcy, putting approximately 400 jobs at risk. In Canada, 33 out of 105 stores have closed, resulting in over 200 job losses. The group's financial difficulties have also impacted its operations in Australia, where it manages almost 100 stores and supervises 20 others in New Zealand. The Australian branch's future is uncertain due to limited funds and struggles to pay off debts. Traditional retailers, like The Body Shop, have been affected by high inflation in recent years, especially those operating in malls and targeting the middle class.

https://internasional.kontan.co.id/news/body-shop-bangkrut-tutup-seluruh-gerai-di-amerika