China denounces U.S. push to ban TikTok as Steven Mnuchin plots takeover

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Good morning. Beijing has condemned U.S. legislation banning TikTok, and former Treasury Secretary Steven Mnuchin said he was forming an investor group to buy the app from its Chinese owners.

Foreign Ministry spokesperson Wang Wenbin said yesterday that the United States has shown “gangster logic” towards this app, which has 170 million users in the United States. “When you see good things in others, you have to find a way to own them,” Wang said.

The U.S. House of Representatives on Wednesday approved a bill forcing TikTok owner ByteDance to sell the app to a non-Chinese company within six months or face being banned from U.S. app stores. It also requires Senate approval and President Joe Biden's signature.

Mnuchin told CNBC yesterday that he was forming a consortium to try to take over the short video app, which he said “should be owned by an American company.”

Here's more of the debate over banning TikTok — which U.S. security officials say poses a national security risk — and our coverage of what happened next:

• Explained by: How will a TikTok ban work? Do social media platforms really pose a national security risk? The Financial Times' Tabby Kinder has the answer.

• View: The uncertainty surrounding TikTok holds an important lesson for investors and, most notably, reveals a paradox currently plaguing the market, writes Gillian Tett.

Here's what I'm focusing on today and over the weekend:

• Economic data: The United States released industrial production data for February, and France, Italy and Poland released inflation data for last month.

• Russia’s fake election: Vladimir Putin is expected to handily win this weekend's election, which will extend his 24-year rule until at least 2030.

• Australia: Queensland will hold local elections on Saturday. The state's elections board warned candidates in a mayoral race to take action amid reports of a “toxic” campaign. (protector)

One more thing: The Financial Times and its research partner Statista are launching a new project to identify the best companies to work for around the world. Nominate a company as a “Best Employer” in Asia Pacific This simple online form (2 minutes to complete).and more information here.

Five more popular stories

1. US-Israel relations erupted yesterday after America's most prominent Jewish politician called for a replacement of Benjamin Netanyahu's hard-line government. Senate Leader Chuck Schumer, a close ally of President Joe Biden, accused the Israeli prime minister of weakening Israel's “political and moral fabric” and becoming an “obstacle to peace.”

2. Joe Biden announced his opposition to Nippon Steel's proposed $14.9 billion acquisition of U.S. Steel. The US president described his decision as an effort to side with American workers at a time when he faces pressure to retain blue-collar votes in his re-election campaign. But the announcement could damage Washington's relationship with Japan, a close ally.

• More US news: Donald Trump's “hush money” criminal trial could be delayed for up to a month after Manhattan prosecutors agreed to give him more time to review newly obtained documents.

3. Mukesh Ambani's Reliance Industries will acquire Paramount Global's stake in its Indian television business for more than $500 million. Just two weeks ago, Disney agreed to merge its India operations with Reliance in an $8.5 billion deal, strengthening Ambani's grip on India's fast-growing media market.

4. SpaceX's giant Starship rocket went missing on its return to Earth on its third attempt to reach orbit yesterday. This is the third time Starship, the world's most powerful rocket, has crashed in less than 12 months after its first two test flights ended in explosions. But the test mission passed several key milestones.

5. More companies will default on debt in 2024 than at any start of the year since the global financial crisis S&P Global Ratings said inflationary pressures and high interest rates continue to weigh on the world's riskiest borrowers. Here are the statistics on global corporate defaults this year.

How are you keeping up with the news this week? Take our quiz.

Great reading

Before the war, Gaza had more than 800 schools and 17 higher education institutions, including six universities. Many schools were later damaged or completely destroyed, devastating the enclave's education system. For a disproportionate number of young people in Gaza's population – about 65% are aged 24 or younger – returning to class will be one of the biggest challenges, with academics warning of a possible brain drain.

We are also reading. . .

Chart of the day

As Chinese consumers rapidly switch to electric vehicles, analysts predict that hundreds of auto factories that once produced internal combustion engines will become “zombie” car factories.

Take a break from the news

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Additional contributions come from Gary Jones and Gordon Smith