President Donald Trump on Tuesday announced an agreement between the U.S. and China to keep TikTok operating in the United States, with three sources familiar with the matter saying the deal was similar to one discussed earlier this year.
Tiktok – Reuters
The agreement requires TikTok’s American assets to be transferred to U.S. owners from China’s ByteDance, potentially resolving a saga that has lingered for nearly a year.
A deal for the popular social media app, which counts 170 million U.S. users, would represent a breakthrough in months-long talks between the two biggest economies as they seek to defuse a wide-ranging trade war that has unnerved global markets.
“We have a deal on TikTok … We have a group of very big companies that want to buy it,” Trump said at a White House briefing, without providing further details. The announcement comes a day before a September 17 deadline to sell or shut down the short video app.
The basics of the new deal, also similar to April, include that ByteDance will keep the single largest ownership stake at 19.9%, just under the law’s 20% threshold, two of the sources said.
While the broad terms are expected to remain the same, the sources did say they do not know what the final deal would exactly look like, given the potential for last-minute changes.
U.S. Treasury Secretary Scott Bessent told CNBC on Tuesday the commercial terms of the deal had, in essence, been done since around March with just a few details left to be ironed out.
“This deal wouldn’t be done without proper safeguards for U.S. national security,” Bessent said. “It seems as though we were also able to meet the Chinese interest.”
CNBC reported Tuesday that the deal is expected to be closed within the next 30 to 45 days, and that the agreement will include existing investors in TikTok’s China-based parent, ByteDance, and new investors.
The details are in line with Reuters’ reporting in April that the deal would spin off TikTok’s U.S. operations into a new company based in the U.S. and majority-owned and operated by U.S. investors.
Any agreement may require approval by the Republican-controlled Congress, which passed a law in 2024 during the Biden Administration that required TikTok’s divestiture due to fears that its U.S. user data could be accessed by the Chinese government, allowing Beijing to spy on Americans or conduct influence operations through the app.
The Trump administration has declined to enforce the law due to worries it would anger TikTok’s huge user base and disrupt political communications, instead extending the divestiture deadline on three separate occasions.
Trump, who has credited TikTok with helping him win re-election last year and has 15 million followers on his personal account, was expected to extend the deadline for the fourth time. The White House also launched an official TikTok account last month.
A deal for TikTok, which had been in the works in the spring, was put on hold after China indicated it would not approve it following Trump’s announcements of tariffs on Chinese goods.
Washington has said that TikTok’s ownership by ByteDance makes it beholden to the Chinese government.
But the company has said U.S. officials have misstated its ties to China, arguing its content recommendation engine and user data are stored in the U.S. on cloud servers operated by Oracle, while content moderation decisions that affect American users are also made in the U.S.
CNBC reported on Tuesday that Oracle will keep its cloud deal with TikTok. Reuters reported earlier this year that the White House was working on a plan to tap Oracle, along with a group of outside investors, to control the app’s operations.
As part of the plan, Oracle would have been responsible for addressing national security issues, Reuters had reported.
Oracle shares pared some gains on Tuesday following the news and were last up 1%.
A framework agreement was reached by officials from both countries on Monday. A final confirmation on the deal is expected on Friday in a call between Trump and Chinese President Xi Jinping.
Trump said in March that his administration was in touch with four different groups on TikTok’s sale. Microsoft, Amazon billionaire Frank McCourt and a consortium led by OnlyFans founder have been among the bidders, according to reports.
London’s Selfridges continues to be the pop-up destination of choice in London’s West End (Harrods has that status in Knightsbridge) and one of the world’s best known labels will be there as of January.
Dior
Dior, which already has a strong presence in the London flagship will be unveiling its first pop-up boutique for its new summer 2026 creations inside the in-demand Corner Shop.
That’s important because it will celebrate the launch of Jonathan Anderson’s first collection.
Running from 8 January to 28 February, the unique space will “reveal a playful world like a waking dream”. The company said the summer 2026 menswear collection “breathes a certain spontaneity into the art of dressing, while the womenswear line radiates freshness, with leather goods presented alongside exquisite creations. An exceptional selection that expresses the reinvented essence of Dior”.
Dior is currently inviting customers to book appointments and said it will “extend the experience through a curated selection of exclusive events at the pop-up boutique”.
That includes notebook personalisation with “a nod to Versailles-style gilding, personalised detailing applied by an expert [that] promises to add a truly signature touch”. And there’s also bookmark calligraphy where visitors can add their initials to a bookmark, inspired by the newest Dior Book Tote designs by Anderson.
The news of the pop-up comes in the same week that Dior unveiled its super-sized flagship concept House of Dior Beijing. That five-storey space dwarfs the Selfridges space but underscores the ambitious plans LVMH has for the brand, the huge investment Dior is putting into its global growth and its targeting of key luxury markets.
Lululemon was making headlines last week as its CEO exited but it had more upbeat news on Sunday as Lewis Hamilton made a personal appearance at the Regent Street, London, flagship store to to celebrate the launch of The Lewis Hamilton Edit, a curated 36-piece capsule personally selected by the champion racing driver.
André Maestrini and Lewis Hamilton – Lululemon
Importantly too, joining Hamilton in-store for photos was Lululemon’s new interim co-CEO, André Maestrini, marking his first public appearance in the role and highlighting the company’s focus on innovation, as well as stressing that there’s no vacuum at the top of the company’s leadership tree.
Hamilton became a Lululemon ambassador earlier this year and made an unannounced appearance in the store.
Available exclusively at the Regent Street location and on the brand’s UK webstore, the Edit brings together Hamilton’s favourite menswear and womenswear pieces from the brand’s Winter 2025 collection — “each style chosen for its high performance and elevated aesthetic, all filtered through the distinctive personal style he’s renowned for”.
The appearance may have been unannounced but there were plenty of fans gathered outside to see him in a full look from the Edit as he greeted the crowd, signed autographs, and posed for photos.
The first 100 people in the queue also received Lululemon products signed by Hamilton and he was also helping staff style looks and wrap gifts behind the tills.
Such appearances are hugely important for stores at this time of year as they compete to attract customers.
Richemont’s Watchfinder.co.uk has filed its accounts for the year to March 2025 with the retailer of premium pre-owned watches reporting a similar sized loss to the previous year although revenue was higher.
Watchfinder & Co.
In fact, sales increased as much as 18%, reaching just under £110 million and gross profit was up 10% at £15.4 million. But the operating loss was £12.58 million after a loss of £12.53 million in the previous year. The net loss for the financial year was slightly narrower than in the previous period, dropping to £12.156 million from £12.614 million.
The numbers relate to its UK activities specifically and the company said that despite a challenging trading year, it maintained its position as a market leader for luxury preowned watch sales in the country. But the strong volatility of prices in the market, together with the difficult economic environment in Britain had an impact on its trading results.
For the current year, the board said that it will continue to elevate the brand positioning, enhanced brand awareness and develop its presence further in key locations around the world. It will also look at continuing to expand the business in the UK via a combination of e-commerce and a physical retail presence.
Politics8 years ago