"President Donald Trump said Saturday he's given his 'blessing' to a proposed deal that would see the popular video-sharing app TikTok partner with Oracle and Walmart and form a U.S. company," reports CBS News: Mr. Trump has targeted Chinese-owned TikTok for national security and data privacy concerns in the latest flashpoint in the rising tensions between Washington and Beijing. The president's support for a deal comes just a day after the Commerce Department announced restrictions that if put in place could eventually make it nearly impossible for TikTok's legions of younger fans to use the app. Mr. Trump said if completed the deal would create a new company likely to be based in Texas...

TikTok said Oracle and Walmart could acquire up to a cumulative 20% stake in the new company in a financing round to be held before an initial public offering of stock, which Walmart said could happen within the next year. Oracle's stake would be 12.5%, and Walmart's would be 7.5%, the companies said in separate statements. The deal will make Oracle responsible for hosting all TikTok's U.S. user data and securing computer systems to ensure U.S. national security requirements are satisfied. Walmart said it will provide its ecommerce, fulfillment, payments and other services to the new company. "We are pleased that the proposal by TikTok, Oracle, and Walmart will resolve the security concerns of the U.S. administration and settle questions around TikTok's future in the U.S.," TikTok said in a statement.
"According to a source close to the matter, ByteDance would keep the rest of the shares," reports a public TV station in Australia. "But since the Chinese company is 40 per cent owned by American investors, TikTok would eventually be majority American-owned."

Today America's Treasury Department told CBS that the deal still needs to close with Oracle and Walmart, and those documents and conditions then need to be approved by government regulatory. But because of today's announcement, "the department said Saturday that it will delay the barring of TikTok from U.S. app stores until Sept. 27 at 11:59 p.m."

Kanye West is being sued for pulling the tried-and-true Silicon Valley tactic of allegedly stealing trade tech secrets. Gizmodo reports: First spotted by TMZ, the suit is being spearheaded by small, Pennsylvania-based ecommerce company MyChannel (MYC, for short). MYC allege that after pouring millions of dollars and half a year's worth of work into mocking up a spiffy new site for Ye's online clothing store, the rapper stepped out on their contract. According to the lawsuit, West then took the company's ideas for himself, and from the sound of things, just... ghosted them -- breaking multiple promises, violating NDAs, and acting like a huge tool in the process.

According to the [30+ pages of MYC's complaint], West initially contracted MYC back in the spring of 2018 with the promise that if the company created a juiced-up video platform for his e-commerce site, he'd not only, y'know, pay the company for its services, but would invest a hefty $10 million into the business. MYC also had West sign an NDA just to make sure that the company's proprietary video tech wouldn't be "ripped off" without any payment. Probably assuming that Kanye would keep his word, MYC says its team spent the next six months clocking 80 hour workweeks on the project, spending tens of thousands on the proposed video software in the process. Not only that, but because Kanye "demanded" that the team move its HQ from its home in Philly over to California, and later Chicago, living expenses sunk them even deeper into the hole. All told, MYC claims to have spent spent $7 million of its own funds before confronting West and telling him to make good on his end of the deal.

Instead of fulfilling his side of the bargain, the suit describes how West -- who it's worth pointing out is a literal billionaire -- came up with some "untrue perceived slight," and cut all ties with MYC's team, leaving them stranded and in a mountain of debt. Meanwhile, West spent the months immediately afterward using what MYC describes as a near-carbon copy of their platform as part of the promotion for "Sunday Service," West's so-called pop-up church experience.

schwit1 writes: India has drawn up a list of 275 Chinese apps that it will examine for any violation of national security and user privacy, signaling heightened scrutiny and the possibility of more Chinese internet companies being banned in the country, according to people aware of the developments. This follows the high-profile ban of 59 Chinese apps last month, including short video app TikTok, amid simmering geopolitical tensions between the two Asian giants.

The list, reviewed by ET, includes gaming app PubG, Zili by phonemaker Xiaomi, AliExpress by ecommerce giant Alibaba as well as apps like Resso and ULike from TikTok-owner ByteDance. "The government may ban all, some or none from the list," said one person cited above. A spokesperson for the union home ministry did not respond to queries from ET on the developments. However, official sources said reviews aimed at identifying more Chinese apps and their funding is underway. "Some of these apps have been red-flagged due to security reasons while others have been listed for violation of data sharing and privacy concerns," an official explained. This is in addition to examining the alleged flow of data from these apps to China that poses a threat to sovereignty and integrity of India, according to officials who pointed to what they termed as China's data-sharing norm that requires companies of Chinese-origin to share data with the home country, irrespective of where they operate.

Google is getting serious about competing with Amazon in online shopping -- just like it did in 2013, 2014, 2017 and 2019. The New York Times: But in 2020, as the coronavirus pandemic continues to grip America, the push to create an online shopping marketplace to compete with Amazon has taken on new urgency as consumers are avoiding stores and turning to the internet to fill more of their shopping needs. On Thursday, Google announced that it would take steps to bring more sellers and products onto its shopping site by waiving sales commissions and allowing retailers to use popular third-party payment and order management services like Shopify instead of the company's own systems. Currently, commissions on Google Shopping range from a 5 percent to 15 percent cut depending on the products.

Google is usually the starting point for finding information on the internet, but that is often not the case when consumers are searching for a product to buy. More consumers in the United States are turning first to Amazon to find products that they plan to purchase. This has allowed Amazon to build a rapidly growing advertising business, which is a threat to Google's main financial engine. Google's seven-year battle to take on Amazon has had more lows than highs. In 2013, it started a shopping service called Google Shopping Express, offering free same-day delivery. It offered $95 annual memberships for faster delivery and it tried delivering groceries. Google eventually scrapped the efforts. Google Express evolved into an online shopping mall filled with top retailers like Target and Best Buy. In 2017, it added Walmart to its virtual mall, but the partnership was short-lived. Last year, Google ditched Google Express for Google Shopping and introduced a buy button to allow shoppers to use credit cards stored with the company to complete the transaction without leaving the search engine.

An anonymous reader quotes a report from Ars Technica: Hackers are abusing Google Analytics so that they can more covertly siphon stolen credit card data out of infected ecommerce sites, researchers reported on Monday. Payment card skimming used to refer solely to the practice of infecting point-of-sale machines in brick-and-mortar stores. The malware would extract credit card numbers and other data. Attackers would then use or sell the stolen information so it could be used in payment card fraud. One challenge in pulling off the hack is bypassing website security policies or concealing the exfiltration of massive amounts of sensitive data from endpoint security applications installed on the infected network. Researchers from Kaspersky Lab on Monday said that they have recently observed about two dozen infected sites that found a novel way to achieve this. Instead of sending it to attacker-controlled servers, the attackers send it to Google Analytics accounts they control. Since the Google service is so widely used, ecommerce site security policies generally fully trust it to receive data.

"Google Analytics is an extremely popular service (used on more than 29 million sites, according to BuiltWith) and is blindly trusted by users," Kaspersky Lab researcher Victoria Vlasova wrote here. "Administrators write *.google-analytics.com into the Content-Security-Policy header (used for listing resources from which third-party code can be downloaded), allowing the service to collect data. What's more, the attack can be implemented without downloading code from external sources." The researcher added: "To harvest data about visitors using Google Analytics, the site owner must configure the tracking parameters in their account on analytics.google.com, get the tracking ID (trackingId, a string like this: UA-XXXX-Y), and insert it into the web pages together with the tracking code (a special snippet of code). Several tracking codes can rub shoulders on one site, sending data about visitors to different Analytics accounts." The "UA-XXXX-Y" refers to the tracking ID that Google Analytics uses to tell one account from another. As demonstrated in the following screenshot, showing malicious code on an infected site, the IDs (underlined) can easily blend in with legitimate code.

An anonymous reader quotes a report from The Next Web: Coatue's $350 million data-driven 'quant fund' made a swift exit from the market in early April -- having realized the coronavirus pandemic had rendered its algorithm unreliable, Business Insider reports. The tech-focused fund, launched by billionaire Philippe Laffont just over one year ago, joins a growing list of "quant funds" to have failed to turn a profit due to 2020's unpredictable nature. Quant funds use complex algorithms to find hidden trade signals in a hyperconnected web of data. While Coatue's quant fund mixes old-school stock picking with quantitative analysis (a method dubbed "quantamental"), execs were reportedly concerned that data farmed in the midst of COVID-19 would confuse its in-house trading program.

One example cited by Business Insider's sources highlighted the way Coatue's program interpreted ecommerce data. It reportedly showed surges in website traffic for certain retailers as COVID-19 lockdowns spread across the world -- usually a positive sign for stock -- but failed to consider their dwindling revenues and closed physical stores. But Coatue's quant fund had underperformed long before COVID-19 hit. In February, reports surfaced showing it had posted only 2% returns since its launch in May 2019, and had actually lost money (1.2%) in last year's fourth quarter. On the other hand, Laffont's human-led fund bested the industry average to return 10% profit last year. Bloomberg has since noted that those profits have taken a hit, bringing its losses the year to roughly 6%. While quant funds as a whole have had a really tough year, there were at least two that are doing just fine. "Toronto's Castle Ridge Asset Management, which trades some $100 million in assets, made 2.6% in March with its 'self-evolving' AI system that works with large-cap stocks," reports The Next Web.

"Over in Sweden, Volt Capital Management AB (in charge of roughly $30 million in assets) has returned a loin-tickling 24% to investors this year. Volt's fund was also reportedly prepared for those plunging oil prices."

phalse phace shares a report: So much for Walmart's big and expensive effort to take on Amazon with a digitally-native brand. Amid the coronavirus crisis and its impact on the retail industry, today the retail giant quietly announced in its quarterly report that it would be discontinuing Jet.com, the online-only marketplace that it acquired when it was just over one year old for $3 billion (plus $300 million in earn-outs over time), as it struggles to bring its e-commerce operations into that black after reportedly seeing a loss of $2 billion in the division in 2019 and shifting how to deliver its e-commerce strategy: by betting on giant stores, rather than online warehouses, as the hubs of its online delivery model. Jet.com's fate was disclosed as part of a Walmart's Q1 earnings report, in which the company said it saw growth of less than 10% in its core US market, and said that it would be withdrawing guidance for fiscal 2021. The company tried to put a positive spin on the news despite those numbers highlighting how it helped its digital transformation. "Due to continued strength of the Walmart.com brand, the company will discontinue Jet.com," the company said in a short statement. "The acquisition of Jet.com nearly four years ago was critical to accelerating our omni strategy."

Amazon will begin to put new grocery delivery customers on a wait list and curtail shopping hours at some Whole Foods stores to prioritize orders from existing customers buying food online during the coronavirus outbreak, the company said. From a report: Many shoppers recently seeking to purchase groceries from the Seattle-based e-commerce company found they could not place orders due to a lack of available delivery slots. Amazon said it would have to relegate all new online grocery customers to a wait list starting Monday while working on adding capacity each week. In recent weeks, it increased the number of Whole Foods stores offering grocery pickup to more than 150 locations, up from 80 previously.

Amazon also plans to shorten some Whole Foods stores' hours for the public so its employees can more quickly fulfill online grocery orders, the company said. The moves illustrates how the world's largest online retailer, which showed its ambition to enter the grocery industry by acquiring Whole Foods for $13.7 billion in August 2017, is now leveraging its presence both online and in physical stores to handle high demand from consumers who are stuck eating at home, with many restaurant dining rooms closed to the public.

hackingbear writes: After testing blood from 500 residents for antibodies to the COVID-19 virus in the town of Gangelt, which is a hot spot of the pandemic in Germany, scientists at a nearby university say they have determined that 14% have been infected and are therefore "immune." Some of those people would have had no symptoms at all. Scientists found that 2% of residents were actively infected by the coronavirus and a total of 14% had antibodies, indicating a prior infection. "From the result of their blood survey, the German team estimated the death rate in the municipality at 0.37% overall, a figure significantly lower than what's shown on a dashboard maintained by Johns Hopkins, where the death rate in Germany among reported cases is 2%," reports MIT Technology Review. In contrast, the 2019-2020 seasonal flu has infected up to 17% of U.S. population and killed ~0.1% of those infected. Since first emerged in late December, or purportedly as early as late November, the COVID-19 has infected over 1.6 million people and killed over 100,000.

An anonymous reader shares a report: As the coronavirus pandemic has forced people to stay inside, few companies have proven themselves as essential as Amazon. From groceries to cleaning supplies, shipments from Amazon have become lifelines for many who are steering clear of supermarkets and other physical retail stores. Company executives have likened the surge in demand to the annual holiday shopping crush. But e-commerce isn't the only sector where Amazon is booming. Analysts say its cloud business, Amazon Web Services, faces higher demand as people turn to some of its biggest clients -- from Zoom to Netflix -- for work and play. Amazon sells access to audiobooks and original television programs that are helping to entertain reluctant shut-ins. And with more people staying home, that's more time they have to engage with Amazon's AI-powered smart speakers.

The breadth of Amazon's sprawling business interests, and its increasingly central place in America's fragile supply chain, underscores the company's hold on consumers -- and its potential to solidify its dominance in the coming months. The longer this crisis goes on, the more formidable Amazon will become, according to James Bailey, a management professor at George Washington University's business school. "Every crisis creates a void," said Bailey. "And whatever force fills that void, inherits power." Amazon isn't the only company that could benefit. The crisis appears to be lifting the entire e-commerce industry, according to Bank of America research, which showed the sector grew 16% in March compared to a year ago. Those consumer habits could persist even after the crisis passes, marking a potential tidal wave of change benefiting Amazon's bottom line for years to come. But thanks to its existing advantages in scale and efficiency, Amazon stands to emerge from the pandemic stronger than many of its competitors, experts say. In light of the pandemic, Amazon could pull in as much as an additional $4 billion in revenue this year, though added costs of managing the pandemic may cut into Amazon's profits, said Bank of America in an investor note last week.

Maddy Varner, reporting for The Markup: On March 17, Amazon informed U.S. sellers that it would no longer accept nonessential products at its warehouses. To the casual shopper, it might have sounded similar to the pledges Amazon has made in Italy, France, and India to stop taking orders from customers entirely for nonessential goods. But examining the fine print reveals that it was nothing of the sort. The original pledge -- which was announced as policy for March 17 to April 5 -- allowed Amazon to ship nonessential items that were already stocked in its warehouse, and sellers could also stock nonessential items in their own warehouses and ship directly to customers.

Amazon defined essential loosely, saying that "most of the products" it would accept were in the categories of "Baby Products," "Health & Household," "Beauty & Personal Care," "Grocery," "Industrial & Scientific," and "Pet Supplies." Since that mid-March announcement, Amazon has quietly relaxed even further its definition of what is essential, while also extending indefinitely the date by which "operations will be fully restored." On March 27, archived snapshots of the page indicated that Amazon would broaden the list of new shipments it would accept from sellers, on an unspecified "item-by-item" basis. As of April 6, in the United States, you could still order a bowling ball, a 10-pack of rubber chickens, and a prom dress and have them show up at your door within a week. All of the items are described on the website as either "Fulfilled by Amazon" or "Ships from and sold by Amazon.com," and none of the items are in the categories previously deemed essential.

Shifting sick-leave policy and communication issues are causing employees to assert themselves after they stayed on the job. From a report: As millions of Americans heed government orders to hunker down, ordering food and medicines and books and puzzle boards for home delivery, many of Amazon's 400,000 warehouse workers have stayed on the job, fulfilling the crushing demands of a country suddenly working and learning from home. Orders for Amazon groceries, for example, have been as much as 50 times higher than normal, according to a person with direct knowledge of the business. The challenge is keeping enough people on the job to fill those orders, according to more than 30 Amazon warehouse workers and current and former corporate employees who spoke with The New York Times. For all of its high-tech sophistication, Amazon's vast e-commerce business is dependent on an army of workers operating in warehouses they now fear are contaminated with the coronavirus.

[...] Amazon's response to the pandemic has differed from warehouse to warehouse. Over the years, that sort of autonomy has allowed Amazon to nimbly adjust to local market conditions. Now it is leading to distrust, as workers see some facilities close for cleaning while others remain open. Since the first worker in the Queens facility learned on March 18 that he had tested positive, the company has learned of cases in more than 50 other facilities, out of the more than 500 it operates across the country. In recent weeks, Amazon has raised wages and added quarantine leave, and it is offering overtime at double pay. It said it had tripled its janitorial staff. And it has added space between many workstations. But in private groups, conversations with their managers and public protests, some workers have expressed alarm about their safety.

A senior Amazon executive called a fired Staten Island warehouse worker "not smart or articulate" in internal discussions about how the company should respond to employee criticism of its handling of the pandemic, Bloomberg reported Friday. From a report: Amazon General Counsel David Zapolsky said fired worker Chris Smalls should be the focus of Amazon's public-relations campaign countering activist employees, said the person who saw an internal memo. Amazon workers around the country have been walking off the job or holding demonstrations to highlight what they describe as inadequate safety precautions. Smalls said the memo reveals that Amazon is more interested in managing its public image than protecting workers, and he called on employees to keep pressuring the company to implement stronger safeguards. "Amazon wants to make this about me, but whether Jeff Bezos likes it or not, this is about Amazon workers -- and their families -- everywhere," he said, referring to the company's chief executive officer. "There are thousands of scared workers waiting for a real plan from Amazon so that its facilities do not become epicenters of the crisis. More and more positive cases are turning up every day."

Everything is so dark, but the internet -- for all its bad and broken parts -- is helping to keep us together in a way that has never happened before, writes Joshua Topolsky in an essay on Input Mag. Two excerpts from the essay: What the hell would we do right now without the internet? How would so many of us work, stay connected, stay informed, stay entertained? For all of its failings and flops, all of its breeches and blunders, the internet has become the digital town square that we always believed it could and should be. At a time when politicians and many corporations have exhibited the worst instincts, we're seeing some of the best of what humanity has to offer -- and we're seeing it because the internet exists.

I was 12 the first time I logged onto whatever was called the internet then. There were no websites to speak of, not really. No ecommerce, no banner ads, no data tracking, no spyware. iPhones hadn't been invented yet; we called apps "programs"; and I had an EGA monitor on my PC (a whole 16 colors of range). But the first time I telnetted into a chatroom about raves, made new friends in Australia, or downloaded files to load into a music tracker, I felt the same elation that I feel now. This force, propelled by people, connected by copper and light, letting us make new connections. Connections we need now more than ever. We're here together, for how long we don't know. But we're not alone. Not anymore.

Amazon is no longer offering N95 masks to the general public, as it prioritizes the delivery of essential supplies to hospitals, government agencies and other groups amid the coronavirus outbreak. From a report: Earlier this week, the company rolled out a new section of its website dedicated to COVID-19 related supplies. There, any U.S.-accredited hospital or state or federal agency can fill out a form to access necessary items like N95 masks, surgical masks, facial shields, surgical gowns, surgical gloves and large-volume sanitizers. The site states it is not accepting requests from the general public, noting: "We are not accepting requests from individuals or non-qualified organizations at this time." Amazon also noted it will not make a profit from the orders.

An anonymous reader quotes a report from Forbes: The first internet streaming and usage figures are coming in as the coronavirus pandemic places a quarter of the world's population under lockdown. As millions of people go online for entertainment and more, total internet hits have surged by between 50% and 70%, according to preliminary statistics. Streaming has also jumped by at least 12%, estimates show. [Maria Rua Aguete of Omdia, the tech research arm of Informa Tech] said the annual figures are revealing: "Ecommerce will be the other sector that will see a revenue boost as a result of the pandemic, adding $175 billion in revenue in 2020, which represents a 5% increase."

Omdia predicts $11 billion losses for the movie industry with a 25% decline and a 15% drop in TV advertising, especially for ads promoting events such as concerts that can no longer take place. The surge in demand comes coupled with a warning from the company that paid TV advertising may decline by 15%. Omdia also predicted that industry recovery will start in 18 to 24 months. While official figures from Google's YouTube and other internet giants are awaited, Omdia's figures accord with other analysts. "Broadband providers are thus far experiencing a traffic surge between 30% and 50% across their mobile and fixed networks," said Alfonso Marone, who is head of media at KPMG U.K.: "Where self-isolation policies are at their peak in Europe, the spike in internet traffic has reached as high as 70%, which is indicative of what the traffic surge could look like in other regions in just two to three weeks' time. The most bandwidth-hungry are the online entertainment applications, especially those in high-definition like 4K movies and TV. For broadband providers, this spike may be seen as more a source of headache."

While much of the economy grinds to a halt, Amazon is doing more business than ever. The company has announced it is hiring 100,000 workers to try to meet surging demand. In 2019, Amazon had over $280 billion in revenue and $11.9 billion in profits. As more Americans shift their shopping online, it will likely do better this year. But, as the pandemic continues, Amazon maintains one of the stingiest paid sick leave policies among major corporations. Judd Legum, writing for Popular Information: As Popular Information reported last week, a significant number of Amazon's workforce -- particularly part-time employees and contract workers -- are not receiving paid sick time. In response to the pandemic, Amazon said it would provide two weeks of sick leave to "all Amazon employees diagnosed with COVID-19 or placed into quarantine." Kroger had a similar policy until Saturday when Kroger expanded its policy to cover workers with COVID-19 symptoms or who need to care for sick family members. Amazon, however, has held firm.

Amazon's large contract workforce, which delivers packages and performs other critical tasks, is in even worse shape. Amazon is not providing any sick leave at all for these workers, even if they test positive for COVID-19. Instead, these workers must apply to the "Amazon Relief Fund" and apply for a grant to cover their sick leave. The fund is "focused on supporting our U.S.-based Delivery Associates employed by Delivery Service Providers, our Amazon Flex Delivery Partners, and Associates working for Integrity Staffing, Adecco Staffing, and RES Staffing, and drivers and support team members of line haul partners under financial distress due to a COVID-19 diagnosis or quarantine." Amazon donated $25 million to the fund and is soliciting individual donations to add to the pot. It initially included an option to donate by text.

Amazon said on Tuesday that it is temporarily discontinuing accepting orders for "lower-priority" products in India and prioritizing servicing urgent items such as household staples, health care, and personal safety products as the e-commerce player -- along with several of its competitors -- grapples with coronavirus outbreak in one of its key overseas markets. From a report: "To serve our customers' most urgent needs while also ensuring safety of our employees, we are temporarily prioritizing our available fulfilment and logistics capacity to serve products that are currently critical for our customers such as household staples, packaged food, health care, hygiene, personal safety and other high priority products," the American e-commerce giant said in a statement. "This also means that we have to temporarily stop taking orders and disable shipments for lower-priority products," it added. Understandably, the company said it did not have a timeline to share for how long this new measure would last. Amazon has taken a similar approach in the U.S. and Italy. The move, which goes into effect today, comes as nearly every Indian state has imposed a lockdown to prevent the spread of COVID-19.

Amazon is warning third-party sellers on its Marketplace platform not to gouge customers on protective face masks as the Wuhan coronavirus outbreak that originated in mainland China continues to spread internationally and becomes increasingly likely to hit the U.S. From a report: The effectiveness of the masks as a preventative measure against infection by the coronavirus, a novel virus called SARS-CoV-2 which causes a disease called COVID-19, is unclear. Proper handwashing and avoiding contact with infected individuals is probably more important, and the Centers for Disease Control isn't currently advising the general public wear masks. But prices for masks have tripled and in some cases quadrupled on Amazon, with Amazon telling some sellers that their listings are "not in compliance" with policies that ban price-gouging. Typically this policy is enforced during the holiday season when there are shortages of popular gifts, though price-gouging on Amazon during previous crises has been an issue (such as elevated prices for water before the impact of Hurricane Irma). Many states also have laws against raising prices of basic goods during emergencies, which the outbreak is after the feds declared a public health emergency last month.

India welcomed Jeff Bezos this week with an antitrust probe. On top of that, thousands of small merchants who typically compete with one another are beginning to gather across the country to hold a protest against the alleged predatory practices by the e-commerce giant. But Amazon founder and chief executive's love for one of the company's most important overseas markets remains untainted. From a report: At a conference in New Delhi on Wednesday, Bezos and Amit Agarwal, the head of Amazon India, announced that the American giant is pumping $1 billion into India operations to help small and medium-sized businesses in the country come online. This is in addition to about $5.5 billion the company has invested in the country. Bezos said the company is also eyeing making exports of locally produced goods from India -- in line with New Delhi's Make in India program that encourages companies to manufacture locally in the nation -- to be of $10 billion in size on Amazon platform by 2025.