Modi told me that 1 crore people will welcome me in Ahmedabad: Donald Trump

Washington, Jul 17: US President Donald Trump's economic adviser Larry Kudlow has said that TikTok may cut off ties to its Chinese parent and become a 100 per cent American company to circumvent demands to ban it as India has done.

"I think TikTok is going to pull out of the holding company which is China-run and operate as an independent American company," he told reporters at the White House on Thursday.

The US has not made a final decision on whether to ban it - which has been suggested by Secretary of State Mike Pompeo, he said.

TikTok being divested by ByteDance Technology Company "is a much better solution than banning or pushing away", said Kudlow, who is the Director of the National Economic Council.

He said that its services will be located in the US and "it will become an hundred per cent American company".

If it becomes a US company without Chinese links, India may have to reconsider the ban on the short video app wildly popular in the country.

India banned TikTok along with 58 other Chinese apps on June 29 citing threats to its defence and national security.

The ban came after a deadly clash between Indian and Chinese troops along the Line of Actual Control in Ladakh.

Under Beijing's National Security Law, all Chinese companies have to provide intelligence requested by the government, creating risks for users and their countries.

India was TikTok's biggest market outside of China, where it operates as Douyin.

There were about 200 million users in India and over 300 million downloads.

The US comes next with over 30 million users for the app.

Jun 25: Tencent Holdings Ltd.'s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshuffled the ranking of China's richest people.

The country's largest game developer has surpassed Alibaba Group Holding Ltd. as Asia's most-valuable company, with its shares rising above HK$500 in intraday trading Wednesday for the first time. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.

The rallies have propelled the wealth of their founders, with an added twist: Tencent's Pony Ma, worth $50 billion, has surpassed Jack Ma's $48 billion fortune, becoming China's richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.

The coronavirus pandemic has accelerated the digitization of the workplace and changed consumers' habits, boosting shares of many internet companies. Now tech tycoons are dominating the ranks of China's richest people. They occupy four of the top five spots: Ding Lei of Tencent peer NetEase Inc. follows China Evergrande's Hui.

‘Perform Strongly'

Tencent has come a long way since hitting a low in 2018, when China froze the approval process for new games. Since then, the stock has almost doubled, and last month the tech giant reported a 26 per cent jump in first-quarter revenue.

“Tencent's online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed,” said Vey-Sern Ling, a Bloomberg Intelligence analyst.

That has been a boon for Pony Ma, 48, who owns a 7 per cent stake in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year, data complied by Bloomberg show.

The native of China's southern Guangdong province studied computer science at Shenzhen University and was a software developer at a supplier of telecom services and products before co-founding Tencent with four others in the late 1990s. At the time, the company focused on instant-messaging services.

It has been a long comeback for Pony Ma. He overtook real estate tycoon Wang Jianlin as China's second-richest person in 2013 and topped Baidu Inc.'s Robin Li as the wealthiest in early 2014. Later that year, Alibaba went public in the U.S., catapulting Jack Ma's fortune.

Bloomberg Intelligence's Ling notes, however, that Tencent's jump this year has lagged behind some internet peers, especially those in e-commerce, games and online entertainment. Just consider: Tencent shares have climbed 31 per cent in 2020, while PDD's American depositary receipts have more than doubled. Alibaba, meanwhile, has advanced just 6.9 per cent.

Jun 1: The new coronavirus is losing its potency and has become much less lethal, a senior Italian doctor said on Sunday.

"In reality, the virus clinically no longer exists in Italy," said Alberto Zangrillo, the head of the San Raffaele Hospital in Milan in the northern region of Lombardy, which has borne the brunt of Italy's coronavirus contagion.

"The swabs that were performed over the last 10 days showed a viral load in quantitative terms that was absolutely infinitesimal compared to the ones carried out a month or two months ago," he told RAI television.

Italy has the third-highest death toll in the world from COVID-19, with 33,415 people dying since the outbreak came to light on Feb. 21. It has the sixth-highest global tally of cases at 233,019.

However new infections and fatalities have fallen steadily in May and the country is unwinding some of the most rigid lockdown restrictions introduced anywhere on the continent.

Zangrillo said some experts were too alarmist about the prospect of a second wave of infections and politicians needed to take into account the new reality.

"We've got to get back to being a normal country," he said. "Someone has to take responsibility for terrorizing the country."

The government urged caution, saying it was far too soon to claim victory.

"Pending scientific evidence to support the thesis that the virus has disappeared ... I would invite those who say they are sure of it not to confuse Italians," Sandra Zampa, an undersecretary at the health ministry, said in a statement.

"We should instead invite Italians to maintain the maximum caution, maintain physical distancing, avoid large groups, to frequently wash their hands and to wear masks."

A second doctor from northern Italy told the national ANSA news agency that he was also seeing the coronavirus weaken. "The strength the virus had two months ago is not the same strength it has today," said Matteo Bassetti, head of the infectious diseases clinic at the San Martino hospital in the city of Genoa.

"It is clear that today the COVID-19 disease is different."