Revealed
Canadian Government Orders National Security Review of TikTok
• The Canadian government ordered a national security review of TikTok in September 2023, but did not disclose it publicly due to confidentiality provisions of the Investment Canada Act.
• The review is based on the expansion of a business, which it considers the establishment of a new Canadian entity.
• The review is not accessible online due to the protection and confidentiality of the Investment Canada Act.
• The review is part of a new policy on foreign investments in the interactive digital media sector, which warns of potential misuse of foreign investments to propagate disinformation or manipulate information in a way that threatens Canada’s national security.
• The review is not related to the proposed U.S. bill, which concerns the company’s ownership structure as a national security threat.
TikTok’s US-China Relations and Canadian Concerns
• TikTok, a subsidiary of Chinese tech firm ByteDance Ltd, is under scrutiny by U.S. lawmakers for its ties to the Chinese government.
• The U.S. government could demand access to TikTok’s U.S. consumer data, under Chinese national security laws.
• The bill, which requires Senate review, is expected to be signed by U.S. President Joe Biden.
• Canadian creators, including Scott Benzie, fear a ban on TikTok could end their careers and revenue streams.
• Nathan Kennedy, a content creator, remains calm, stating that threats to ban TikTok have been around for years.
• The Canadian government has issued a new policy on foreign investments in the interactive digital media sector, indicating increased scrutiny of TikTok.
• The federal government banned TikTok from its mobile devices in February 2023.
This report by The Canadian Press was first published March 14, 2023.
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Robinhood’s (NASDAQ:HOOD) shares rose over 11% after its February performance results. At the trading platform, assets under custody rose 16% from February 2023 and 59% from February 2023. Trading volumes increased 36%, 12%, and 10% over the previous month, with equities notional trading volumes reaching $80.9B, options contracts at $119.1M, and crypto at $6.5B. Equity daily average revenue trades jumped 12% to 1.9M, options DARTs rose 14% to 0.8M, and crypto DARTs were steady at 0.3M but rose 50% from a year earlier, demonstrating strong user engagement and platform development.
Dollar General’s (NYSE:DG) shares rose 6% after the business announced Q4 earnings that exceeded both management and market forecasts. For FY2024, the business expects sales growth of 6.0% to 6.7%, compared to a consensus growth forecast of 4%. The anticipated diluted EPS is likely to range between $6.80 and $7.55, which is consistent with the consensus of $7.50. Dollar General predicts a 1.5% to 2.0% growth in same-store sales in Q1, with diluted EPS in the $1.50 to $1.60 range, which is lower than the consensus of $1.88.
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