FirstFT: Tense US hearing for TikTok chief

Good morning. TikTok’s chief government was grilled today by US lawmakers, who referred to as the Chinese language-owned app a “most cancers” and gear of surveillance.

In a tense listening to, Shou Zi Chew instructed legislators that the viral-video app might be stored “free from any manipulation by any authorities”, however he struggled to go off a possible US ban.

TikTok has develop into a flashpoint in rising tensions between the US and China, with Washington involved that it may very well be used to steal delicate US information.

Washington has demanded that the US arm of TikTok ought to be separated from its Chinese language homeowners, however China is unlikely to co-operate.

“Forcing the sale of TikTok will significantly injury the arrogance of buyers from everywhere in the world, together with from China, on investing in the US,” the commerce ministry mentioned earlier than the listening to, including that it could “firmly” oppose such a move.

The opposite occasions I might be watching at this time embody:

• Japan inflation: February shopper value index inflation fee information might be launched this morning.

• UK-Israel assembly: Prime minister Rishi Sunak will host his Israeli counterpart Benjamin Netanyahu in London.

• Melbourne meals and wine pageant: The annual pageant kicks off at this time with occasions in Melbourne and throughout Victoria.

What did you consider at this time’s FirstFT? Tell us at firstft@ft.com. Thanks for studying.

5 extra prime tales

1. Toshiba’s board has permitted a $15bn buyout proposal led by Japan Industrial Companions. The deal, during which the 147-year-old conglomerate might be taken non-public by a consortium backed by 17 home firms and 6 monetary establishments, paves the best way for the country’s biggest ever take-private deal.

2. Swiss monetary regulator Finma has defended its resolution to wipe out an enormous swath of dangerous subordinated bonds as a part of the Credit score Suisse rescue deal. The transfer, which rendered SFr16bn ($17bn) of investments nugatory, has develop into one of the most controversial elements of the shotgun marriage between Credit Suisse and UBS.

3. The crypto fugitive Do Kwon has been arrested in Montenegro, in keeping with inside minister Filip Adzic. In a press release on Twitter, Adzic mentioned the crypto entrepreneur behind the $40bn implosion of the terraUSD and luna digital tokens had been detained by police at Podgorica Airport with falsified documents.

4. Indian opposition determine Rahul Gandhi has been sentenced to 2 years in jail for remarks he made about Narendra Modi by a courtroom within the prime minister’s dwelling state of Gujarat, elevating the temperature of Indian politics a yr forward of a nationwide election. Right here’s what else we all know in regards to the sentencing of the best-known figure in the Congress party.

5. China’s inhabitants of super-rich fell greater than 14 per cent final yr as President Xi Jinping’s zero-Covid coverage, regulatory crackdowns and a property collapse took their toll on the nation’s largest fortunes. The number of billionaires in China fell by 164 to 969 in contrast with a decline of 25 to 691 within the US, in keeping with the 2023 M3M Hurun World Wealthy Listing.

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The Huge Learn

The EU needs to make solar energy its single greatest supply of power by 2030. That will imply virtually tripling its solar energy era capability over the subsequent seven years. The issue is greater than three-quarters of the EU’s photo voltaic panel imports in 2021 came from a single country: China.

We’re additionally studying . . .

Chart of the day

There might hardly be a much less auspicious time for US enterprise to attend Beijing’s flagship funding convention. However this weekend Individuals together with former secretary of state Henry Kissinger and investor Ray Dalio will head to Beijing. Latest earnings calls out of the US present that consciousness of the geopolitical panorama is tempered by optimism over the Chinese market.

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Take a break from the information

As shares of Credit score Suisse hover beneath $1, the price of its memorabilia is on the rise. When the storied Swiss financial institution ceased to exist virtually in a single day baseball caps, ski hats and different gadgets bearing its logos have been posted on public sale websites and racked up bids, as collectors tried to seize items of vogue, and monetary, historical past.

Further contributions by Tee Zhuo and Emily Goldberg