Here’s what we have for you today:
• Rewind the clock
• FCC on your phone
• Credit UBS
US’ view on TikTok
The Tick: The Biden administration has given the company an ultimatum if it wants to continue operating in the United States. The federal government is asking current owners of TikTok to divest their stakes in the short video sharing app.
Current ownership: TikTok has indicated that 60% of ByteDance shares are owned by global investors, 20% by employees and 20% by its founders.
TikTok’s response: “If protecting national security is the objective, divestment doesn’t solve the problem: a change in ownership would not impose any new restrictions on data flows or access,” a TikTok spokeswoman told the Wall Street Journal.
FCC on satellite to phone rules
Access granted: The Federal Communications Commission has officially proposed, and voted to move forward with, a framework under which satellites can communicate directly with smartphones in a structured and useful way.
In the process: There’s still the matter of how this space-based connectivity would integrate with existing systems. Our mobile networks run on very carefully defined frequencies so that phones and towers don’t interfere with one another, including satellites, which have totally different frequencies and signal powers.
In addition: According to the agency “Satellite operators collaborating with terrestrial service providers would be able to obtain FCC authorization to operate space stations on certain currently licensed, flexible-use spectrum allocated to terrestrial services.”
UBS gets the “Credit”
The acquisition: UBS agreed to buy its rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) on March 19, 2023.
The deal: Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares they hold.
The government: The Swiss National Bank pledged a loan of up to 100 billion Swiss francs ($108 billion) to support the takeover. The Swiss government also granted a guarantee to assume losses up to 9 billion Swiss francs from certain assets over a preset threshold “in order to reduce any risks for UBS.”
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