E-commerce and trade

Meta unveils new video editing app to compete with CapCut

Meta announced the launch of a new video editing app called Edits, set to release next month for iOS, with an Android version to follow. The app comes after ByteDance’s CapCut was removed from the Apple App Store and Google Play Store amid the ongoing TikTok ban. Instagram head Adam Mosseri shared the news on Threads, emphasising the company’s focus on providing creators with the best tools for video-making.

Edits will offer a suite of creative tools, including a dedicated inspiration tab, an idea tracker, a high-quality camera, and the ability to share drafts with collaborators. Users will also have access to insights on video performance after publishing on Instagram. Mosseri clarified that the app is geared more toward serious creators than casual video makers.

Meta has a history of launching products to fill gaps in the market, such as Instagram Reels in 2020 when TikTok was banned in India. The company likely sees Edits as an opportunity to capture video creators after CapCut’s removal, positioning itself as a key player in the video editing space. Meanwhile, competitors like Captions are also stepping up, shifting to a freemium model to attract users.

X launches vertical video feed to attract US users

Social network X is introducing a dedicated vertical video feed for users, aiming to capitalise on the removal of ByteDance apps like TikTok and Lemon8 from US app stores. The new video tab, added to the app’s bottom bar, provides users quick access to immersive video content.

X users could scroll through short videos by tapping them in their timeline, but the new tab creates a dedicated space for videos. This marks the platform’s latest effort to enhance video experiences, following the launch of a standalone TV app last year to showcase content from creators and organisations.

As TikTok’s future in the US remains uncertain, other social networks are seizing the opportunity. Meta recently announced a video editing app, Edits, to rival ByteDance’s CapCut, while Bluesky introduced a custom feed for vertical videos, further intensifying competition in the short video market.

US trade groups fight new payment app rules

Two technology trade groups have filed a lawsuit against the US Consumer Financial Protection Bureau (CFPB), aiming to block a rule granting the agency oversight of payment apps and digital wallets offered by large non-bank companies. The rule, announced in November, targets companies handling over 50 million transactions annually, including platforms like Apple Wallet, Google Pay, and Venmo.

The groups, NetChoice and TechNet, argue the rule is an overreach of the US CFPB’s authority, claiming it stifles innovation and increases costs. They assert that the bureau failed to identify specific consumer risks justifying such oversight. CFPB Director Rohit Chopra, however, defended the measure, saying it ensures users of digital payments receive the same protections against fraud and privacy violations as traditional banking customers.

The lawsuit raises concerns about the potential impact on competition and innovation within the digital payments sector. With uncertainty over whether the incoming Republican administration will seek to modify or repeal the rule, the legal challenge underscores ongoing tensions between regulators and the tech industry.

Donald Trump rebrings TikTok online

TikTok began restoring its services in the US on Sunday after President-elect Donald Trump announced plans to revive the app upon taking office on Monday. Speaking at a rally ahead of his inauguration, Trump assured his supporters that TikTok, a platform used by 170 million Americans, would be brought back online through a joint venture that protects national security. Hours earlier, TikTok users had received a message crediting Trump for the app’s restoration efforts.

TikTok ceased operations late Saturday after a law banning the platform on national security grounds came into effect. The shutdown sparked a frenzy among users and businesses dependent on the app, with web searches for VPNs surging and concerns mounting over disruptions to TikTok Shop transactions. The app’s temporary return relieves millions, but important questions remain about its long-term future in the US.

Trump’s pledge to extend the ban’s enforcement period to facilitate a deal marks a shift from his stance in 2020 when he sought to ban TikTok over concerns that its Chinese parent company, ByteDance, was sharing user data with Beijing. Trump now calls for a joint venture, proposing a 50% US ownership stake while guaranteeing that service providers would not face penalties for restoring TikTok.

Despite Trump’s assurances, the law mandating TikTok’s divestiture remains contentious. Republican lawmakers, including Senators Tom Cotton and Pete Ricketts, have criticised any attempt to circumvent the law, insisting that ByteDance sever all ties with China to meet the divestiture requirements. Meanwhile, TikTok’s ongoing connection to China continues to fuel tensions in US-China relations, with Beijing accusing Washington of unfairly targeting Chinese companies.

TikTok’s temporary return has reignited debates over its valuation, reportedly as high as $50 billion, and potential suitors, including former Los Angeles Dodgers owner Frank McCourt and billionaire Elon Musk. While Beijing has reportedly discussed a possible sale, ByteDance denies such plans. Separately, US startup Perplexity AI has proposed merging with TikTok’s US operations to create a new entity.

The platform’s restoration signals its cultural and economic significance, but it also highlights the geopolitical complexities of its existence. Whether TikTok ultimately secures a deal or faces renewed legal battles, its journey reflects the growing and complicated intersection of technology, digital policies, cyber diplomacy, politics, and global commerce.

TSMC’s US expansion struggles with costs and regulations

Taiwan Semiconductor Manufacturing Co (TSMC) is facing significant challenges in bringing its most advanced chip technology to its new Arizona plant, the company’s CEO, C.C. Wei, said. Complex regulatory hurdles, labour shortages, and supply chain gaps have slowed progress, making it unlikely for the US factory to match Taiwan’s production timeline for cutting-edge chips. Wei noted that the Arizona project has already taken twice as long as similar facilities in Taiwan.

TSMC is investing $65 billion in three massive factories in Arizona, with support from the US government, including a $6.6 billion grant. However, Wei highlighted the high costs of compliance, including $35 million spent on establishing regulatory guidelines, as well as the logistical strain of shipping essential chemicals like sulfuric acid from Taiwan. Labour shortages have further complicated the project, requiring the relocation of workers from Texas and driving up costs.

Despite the obstacles, Wei expressed confidence in the factory’s ability to deliver high-quality chips, pointing to recent progress in producing advanced 4-nanometer chips for US clients. While most of TSMC’s cutting-edge manufacturing will remain in Taiwan, the Arizona plant marks a critical step in the US’s effort to diversify its semiconductor supply chain and reduce dependence on Asia.

Coinbase offers crypto loans for Bitcoin holders

Coinbase has reintroduced crypto-backed loans, allowing US customers to borrow against their Bitcoin. The service, currently unavailable in New York, uses the decentralised finance (DeFi) protocol Morpho to handle lending operations. Customers can borrow USDC while Coinbase facilitates the process, removing the need to interact directly with complex DeFi systems.

The new programme marks a significant step in bridging traditional crypto exchanges with the DeFi world. By integrating a sleek, consumer-friendly interface, Coinbase makes over-collateralised loans more accessible, concealing the intricate mechanics of DeFi from users. The loans use cbBTC, a DeFi-compatible version of Bitcoin issued by Coinbase, as collateral.

The move follows the discontinuation of Coinbase’s previous loan offering in 2023 after regulatory challenges and waning demand. With this streamlined approach, Coinbase hopes to attract more users to DeFi lending, tapping into the billions of dollars worth of Bitcoin held by its customers.

Advertisers scramble as TikTok faces possible US ban

As a potential US ban on TikTok looms, advertisers dependent on the platform are scrambling to prepare contingency plans. With a January 19 deadline for ByteDance, the Chinese parent company of TikTok, to sell its US assets or face a ban, many marketers are facing the reality that the app may soon be inaccessible. This has led to a sense of urgency, with some industry professionals describing the situation as a “hair on fire” moment.

TikTok, which has become a key player in US digital advertising, particularly among younger audiences, may lose over $11 billion in annual ad revenue if the ban goes through. Most of this ad spend would likely shift to platforms like Meta’s Instagram and Alphabet’s YouTube Shorts, where many advertisers are already established. Despite the uncertainty, TikTok continued to pitch new advertising features and planned its presence at major global events like the World Economic Forum in Davos.

In the face of potential shutdown, many influencers and brands are downloading their data in a last-ditch effort to preserve content and advertising materials. TikTok has offered favourable refund terms to advertisers, though some still question the platform’s future in the US. This heightened uncertainty marks a stark contrast to the optimism advertisers held just weeks ago, when many expected a resolution before the ban could take effect.

TikTok’s growing influence in US advertising, particularly in e-commerce, has been notable, with ad spending on the platform increasing rapidly. Despite challenges, the app’s powerful ability to drive sales through influencers and short-form video content has made it a favourite among advertisers looking to tap into the youth market. As the deadline approaches, all eyes are on whether the incoming administration will intervene to prevent TikTok’s shutdown.

US officials push for more time to save TikTok

TikTok’s future in the US grew more uncertain this week as officials suggested its Chinese owner, ByteDance, should have more time to sell the app and prevent a ban. With the clock ticking toward Sunday’s deadline, key figures from both political sides urged for a 90-day extension to allow for a divestiture. US Representative Mike Waltz, who was appointed as Trump’s national security adviser, indicated that the new administration would take steps to keep TikTok operational if substantial progress is made in securing a deal.

Senate Majority Leader Chuck Schumer, traditionally a supporter of the law forcing TikTok to sell its US assets, also called for an extension, citing concerns over the app’s potential shutdown disrupting the lives of millions of users. The law, passed in April, mandates ByteDance either sell TikTok’s US assets by Sunday or face a ban on national security grounds. However, it’s now unclear whether the app will be allowed to stay active in the US without an official extension.

TikTok CEO Shou Zi Chew is reportedly set to attend President-elect Donald Trump’s inauguration, further hinting at a shift in relations between the app and the Trump administration. While concerns about Chinese ownership and its potential for data collection remain, Schumer and other lawmakers are signalling a growing bipartisan desire to avoid the political and economic fallout of a TikTok ban. The situation remains fluid, with decisions expected to unfold in the coming days.

As the deadline approaches, TikTok’s potential shutdown has already caused some users to explore alternatives, with RedNote, another Chinese social media platform, seeing a surge in US users. Meanwhile, with more than 170 million American users and substantial ad revenue at stake, the clock is ticking for a resolution before the app faces a permanent ban.

Indian Jio Platforms unveils JioCoin as reward token on Polygon

Indian telecom giant Jio Platforms, owned by billionaire Mukesh Ambani, has launched its reward-based token, JioCoin, on the Polygon network. The token was integrated into Jio’s proprietary JioSphere browser, which allows users to earn JioCoins while browsing. However, Jio has not made an official announcement regarding the token’s full utility or potential use cases.

While JioCoin is currently not transferable or redeemable, industry experts speculate it may eventually serve as a currency within Jio’s vast network of companies. Users could potentially redeem the token for services such as mobile recharges or purchases at Reliance gas stations. Despite the potential, the community has raised questions about the token’s transparency, including concerns about its block explorer, smart contracts, and listing on price trackers.

Critics have compared JioCoin to the Brave browser’s Basic Attention Token (BAT), while some view it as a marketing gimmick. Meanwhile, supporters highlight the token’s integration with blockchain and Web3 technology, noting it could bring practical utility to users in the future. The launch comes amid a strict regulatory environment for cryptocurrencies in India, with a flat 30% tax on crypto gains and no loss offsets.

Google invests in Indian biochar initiative to offset emissions

Google has entered into a significant deal to buy carbon credits from an Indian project that turns agricultural waste into biochar, a form of charcoal that removes carbon dioxide (CO2) from the atmosphere and stores it in the soil. This partnership with Indian supplier Varaha is one of the largest of its kind and marks Google’s first venture into India’s carbon dioxide removal (CDR) sector. The tech giant plans to purchase 100,000 tons of carbon credits from the initiative through 2030, as part of its broader strategy to offset emissions.

Biochar, which can sequester CO2 for centuries, is seen as a promising, cost-effective solution for carbon removal, offering immediate scalability using existing technologies. Varaha will use waste from hundreds of smallholder farms in India to produce the biochar, which will also be distributed to farmers as an alternative to fertilisers. The project has the potential to store millions of tons of CO2 annually, with Varaha’s CEO, Madhur Jain, noting that India’s agricultural waste could generate enough biochar to store over 100 million tons of CO2 each year.

While carbon dioxide removal efforts like biochar are gaining traction, some experts caution that such solutions should not replace direct emissions cuts. There are also concerns about the long-term permanence of CO2 storage through biochar. However, Jain emphasised the urgent need to address global warming, stating that even temporary reductions in CO2 are critical in the fight against climate change. As the CDR market expands, it remains a key tool for companies like Google seeking to offset their environmental impact.