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(Reuters) &#8211; Beijing opposes a forced sale of TikTok’s U.S. operations by its Chinese owner ByteDance, and would prefer to see the short video app shut down in the United States, three people with direct knowledge of the matter said on Friday.



ByteDance has been in talks to sell TikTok&#8217;s U.S. business to potential buyers including Microsoft&nbsp;<a href="https://www.reuters.com/companies/MSFT.O">MSFT.O</a>&nbsp;and Oracle&nbsp;<a href="https://www.reuters.com/companies/ORCL.N">ORCL.N</a>&nbsp;since U.S. President Donald Trump threatened last month to ban the service if it was not sold.



Trump has given ByteDance a deadline of mid September to finalise a deal.



However, Chinese officials believe a forced sale would make both ByteDance and China appear weak in the face of pressure from Washington, the sources said, speaking on condition of anonymity given the sensitivity of the situation.



ByteDance said in a statement to Reuters that the Chinese government had never suggested to it that it should shut down TikTok in the United States or in any other markets.



Two of the sources said China was willing to use revisions it made to a technology exports list on Aug. 28 to delay any deal reached by ByteDance, if it had to.



China’s State Council Information Office and its foreign and commerce ministries did not immediately respond to requests for comment sent after working hours.



Asked on Friday about Trump and TikTok, Chinese foreign ministry spokesman Zhao Lijian said at a regular press briefing that the United States was abusing the concept of national security, and urged it to stop oppressing foreign companies.



<h2 class="wp-block-heading">CLASH BETWEEN POWERS</h2>



Reuters has reported that TikTok’s prospective buyers were discussing four ways to structure an acquisition from ByteDance.



Within these, ByteDance could still push ahead with a sale of TikTok’s U.S. assets without approval from China’s commerce ministry by selling them without key algorithms.



ByteDance and its founder Zhang Yiming have been caught in a clash between the world’s two preeminent powers.



Trump last month issued two executive orders that require ByteDance to sell TikTok’s U.S. assets or face being banned in the country, where the app is hugely popular among teenagers.



U.S. officials have criticised the app’s security and privacy, suggesting that user data might be shared with Beijing. TikTok has said it would not comply with any request to share user data with the Chinese authorities.



Beijing has said it firmly opposes Trump’s executive orders and on Aug. 28 moved to give itself a say in the process, revising a list of technologies that will need Chinese government approval before they are exported. Experts said TikTok’s recommendation algorithm would fall under this list.



Chinese regulators said last week the rules were not targeted at specific companies but they reaffirmed their right to enforce them.

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NEW YORK (Reuters) &#8211; U.S. stocks closed lower after a choppy trading session on Thursday as heavyweight tech-related stocks resumed their decline following a sharp rebound the previous session, while elevated jobless claims reminded investors of a still-difficult recovery ahead.



Names that have rallied since March lows, such as Apple Inc, Microsoft Corp and Amazon.com, all fell at least 2.8%.



Tesla Inc rose 1.4%, initially helping to limit the Nasdaq’s losses before the tech-heavy index’s slide widened.



<h4 class="wp-block-heading">RELATED COVERAGE</h4>



<ul class="wp-block-list"><li><a href="https://www.reuters.com/article/us-usa-stocks-shorts/short-sellers-upped-positions-as-stocks-recoiled-tech-shorts-rout-winners-s3-idUSKBN2602ZQ">Short sellers upped positions as stocks recoiled, tech shorts rout winners: S3</a></li></ul>



The NYSE FANG+TM Index, which includes the core FAANG stocks, fell 1.8%, and all 11 sectors of the S&amp;P 500 traded lower.



Wall Street’s main indexes bounced back sharply on Wednesday from their biggest three-day rout since March, as investors returned to tech-focused stocks that are deemed insulated from the current economic downturn.



The number of Americans filing new claims for unemployment benefits remained high last week, Labor Department data showed, as layoffs and furloughs persisted across industries.



In addition, the U.S. Senate on Thursday killed a Republican bill that would have provided around $300 billion in new coronavirus aid, as Democrats seeking far more funding prevented it from advancing.



Senate Majority Leader Mitch McConnell said in an interview with Fox News the electoral outcome for control of the Senate could go either way.



“It’s more of this sort of stew of stuff than has come together than any one particular thing you can point to, and maybe most importantly you are looking at an extended market,” said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.



“This thing has had a massive move so the line of least resistance might be to correct a little bit.”FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo



Massocca cited election uncertainty and the length of time it may take the economy to fully reopen due to the coronavirus pandemic.



The Dow Jones Industrial Average fell 405.89 points, or 1.45%, to 27,534.58, the S&amp;P 500 lost 59.77 points, or 1.76%, to 3,339.19 and the Nasdaq Composite dropped 221.97 points, or 1.99%, to 10,919.59.



The S&amp;P tech index was one of the weaker performers on Thursday afternoon, stumbling 2.28%. Despite the recent pullback, the tech index is up about 24% in 2020, far outperforming the benchmark S&amp;P 500’s rise of 3.3% in the same period.



A few notably large, bullish tech-related options positions in Facebook Inc, Adobe Inc and Netflix Inc were partially unwound on Thursday, in line with more cautious sentiment toward tech names, according to Christopher Murphy, co-head of derivatives strategy at Susquehanna Financial Group.



Many market participants view the sell-off as a bout of turbulence rather than the start of a deeper slide.



The CBOE volatility index climbed on Thursday. The index hit a near three-month high at the start of a historically tumultuous September. Investors have also remained cautious as data paints a mixed picture of U.S. economic health.



A separate report showed U.S. producer prices rose slightly more than expected in August as the cost of services increased solidly.



Energy stocks dropped 3.67% as oil prices extended losses after U.S. data showed a surprise build in crude stockpiles last week and on forecasts for lower global oil demand.FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York City, New York, U.S., June 26, 2020. REUTERS/Brendan McDermid



Declining issues outnumbered advancing ones on the NYSE by a 2.14-to-1 ratio; on Nasdaq, a 1.97-to-1 ratio favored decliners.



The S&amp;P 500 posted 6 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 42 new highs and 25 new lows.



About 9.72 billion shares changed hands in U.S. exchanges, compared with the 9.23 billion daily average over the last 20 sessions.

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HARARE (Reuters) &#8211; International donors have raised $700 million &#8211; less than half the target &#8211; to purchase future coronavirus vaccines for poor countries in a global initiative to ensure eventual vaccines do not go only to rich countries, a World Health Organization official said on Thursday.



The COVAX Advanced Market Commitment has an initial target of $2 billion to buy the vaccines.



“Up to today, what has been mobilised so far is $700 million &#8230; So there is a great deal of work to be done to diversify the possible sources of funding,” Matshidiso Moeti, Africa regional director for the WHO, told an online press briefing.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1110" height="831" src="https://www.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-3-scaled-e1587051237581-1110x831.jpg" alt="" class="wp-image-368228" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-3-scaled-e1587051237581-1110x831.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-3-scaled-e1587051237581-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-3-scaled-e1587051237581-1536x1151.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-3-scaled-e1587051237581-696x521.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-3-scaled-e1587051237581-1068x800.jpg 1068w" sizes="auto, (max-width: 1110px) 100vw, 1110px" /><figcaption>Matshidiso Moeti</figcaption></figure>



COVAX is co-led by the GAVI Vaccine Alliance, the WHO and the CEPI Coalition for Epidemic Preparedness Innovations. Its aim is to deliver 2 billion doses of effective, approved COVID-19 vaccines by the end of 2021.



At least eight African countries, including South Africa, Gabon, Namibia and Equatorial Guinea had agreed to self-finance access to the vaccine, Moeti said.



The Africa Centres for Disease Control and Prevention said last month the continent had started to slowly “bend the curve” of COVID-19 infections as measures like mask-wearing and social distancing slow the spread of the pandemic.

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NEW YORK (Reuters) &#8211; Half of Americans believe media reports that President Donald Trump referred to U.S. soldiers as “suckers” and “losers,” despite his denials, but the alleged comments do not appear to have hurt his standing among Republicans, a Reuters/Ipsos poll shows.



The national public opinion poll, released Thursday, found that 50% of U.S. adults said they found the reports to be credible, while 37% said they did not and 13% said they were not sure.



Yet most Republicans still hold favorable views of Trump, and a majority of Republicans say the recent news has not influenced their choice for president.



Trump has denounced multiple news reports that he repeatedly disparaged American servicemen, including a report in The Atlantic magazine that he had once called dead U.S. marines “suckers” for getting killed, and that a cemetery of fallen American servicemen in Europe was filled with “losers.”



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="480" height="360" src="https://www.cnbcafrica.com/wp-content/uploads/2020/01/hqdefault-184.jpg" alt="" class="wp-image-353926" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/01/hqdefault-184.jpg 480w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/hqdefault-184-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/hqdefault-184-80x60.jpg 80w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/hqdefault-184-265x198.jpg 265w" sizes="auto, (max-width: 480px) 100vw, 480px" /><figcaption>President Trump’s keynote address at the 2020 WEF annual meeting</figcaption></figure>



The poll shows that while public disapproval of Trump has increased slightly over the past week, it is mostly unchanged among Republicans.



Republicans have unflinchingly backed Trump since before he won the White House, with little variation in their approval of him during events including his impeachment in the U.S. House of Representatives.



The poll, conducted on Tuesday and Wednesday, showed 58% of Republicans or Republican-leaning independents said Trump’s alleged comments have had no impact on their decision to vote for him. Another 18% said they were now more likely to vote for Trump and 14% said they were less so. The remaining 10% said they are not sure.



The poll also showed that 85% of Republicans have a favorable impression of Trump, about the same as last week, and 84% said they would vote for his re-election while 8% would back Biden.



Among all likely voters, Trump trails Biden nationally by 12 percentage points.



The Reuters/Ipsos poll was conducted online, in English, throughout the United States. It gathered responses from 1,004 American adults, including 855 registered voters. It has a credibility interval, a measure of precision, of about 4 percentage points.

gettyimages-642093036-594×594

Republicans back Trump despite reports he called soldiers ‘suckers’ and ‘losers’: Reuters/Ipsos poll

GENEVA/BRUSSELS (Reuters) &#8211; The World Trade Organization’s effort to select a leader entered a new stage this week as ambassadors from 164 member countries met with senior officials for private ‘confessionals’ to say who they support.



But the politicking in Geneva, the first in a three-stage elimination process, could be a wasted effort according to six former WTO officials and trade experts. They say the decisive developments that will shape the future of the embattled global organization are unfolding thousands of miles away in Washington.



The U.S. presidential election on Nov. 3 is overshadowing the WTO’s efforts to fill the gap left by Roberto Azevedo since he stepped down as director-general on Aug. 31 and it could end up thwarting the WTO’s aim of filling the vacant top spot within the prescribed two months.



The United States’ support for a particular candidate is critical but four trade experts including former WTO employees believe the administration of U.S. President Donald Trump is unlikely to throw a lifeline to a multilateral body the president has threatened to leave, particularly during an election campaign in which trade is a hot button issue.



Trump has launched a trade war with China, imposed tariffs on U.S. allies and crushed the WTO’s ability to intervene in disputes – a key part of its raison d’etre — by blocking the appointment of members to its Appellate Body.



“I find it hard to imagine that the Trump administration would shift tack and do something very positive for the system,” said David Tinline, a former adviser to Azevedo.



The White House referred questions to the U.S. Trade Representative’s (USTR) office. The USTR declined to comment, and referred Reuters to remarks made by U.S. Trade Representative Robert Lighthizer to U.S. lawmakers in June, in which he said the WTO needed a reform-driven leader and that he would veto any candidate who showed “any whiff of anti-Americanism”.



The U.S.-China economic conflict is a further complicating factor. Any candidate backed by the United States could be automatically rejected by Beijing and vice versa, former WTO officials and trade experts say.



In a statement, China’s Ministry of Foreign Affairs said it would participate constructively in the selection process.



“We are willing to work closely with all parties to elect a good director-general through full consultation, ensure a smooth handover and push the WTO to play a greater role in global economic governance,” the ministry said.



<h3 class="wp-block-heading">THE BIDEN FACTOR</h3>



Azevedo’s departure has left a void at the WTO amid worsening U.S.-China relations and as the coronavirus crisis accelerates protectionism and pulverises the global economy.



There are currently eight candidates in contention and they will be winnowed down to five after the first ‘confessional’ meetings conclude on Sept. 16. The field will then be cut to two, with the winner due to be confirmed by a Nov. 7 deadline.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/07/amina-2-1-e1594212124466.jpeg" alt="" class="wp-image-375888" width="507" height="811"/><figcaption>Amina Mohammed</figcaption></figure>



Many delegates perceive the main frontrunners as being two women from Africa, Nigeria’s Ngozi Okonjo-Iweala and Kenya’s Amina Mohamed. Either would be the body’s first female leader.



For a Factbox on candidates click here:



The final decision is designed to be taken by consensus. The alternative, a vote, has never occurred and is described under WTO rules as a “last resort”. So, it is possible but unlikely it would anoint a new director-general without a nod from its largest paymaster, America.



Choosing a leader can be a messy process at the WTO. In 1999, countries were so evenly split that the selection took a year, creating acrimony and distracting from a global trade round which ultimately failed.



Britain’s former trade secretary Liam Fox, whom Lighthizer has described as “one of the favorites” to win the leadership race, was upbeat on Washington’s role in the selection process.



“I don’t think there is the hostility there that is sometimes mooted,” he said of the current administration, describing a “strong reservoir of support for free trade and the multilateral rules-based system” in both U.S. political parties.FILE PHOTO: U.S. President Donald Trump and Director-General of World Trade Organization Roberto Azevedo leave after a news conference at the 50th World Economic Forum (WEF) in Davos, Switzerland, January 22, 2020. REUTERS/Jonathan Ernst



If a favourite candidate does not emerge, some WTO members might prefer to wait until after the U.S. election in case Joe Biden, Trump’s Democratic challenger, wins.



“They could play a waiting game, but that would push the decision until at least February or March,” said Peter van den Bossche, a former member of the now crippled WTO body that adjudicated on trade disputes.



Biden has said the United States needs to reduce its reliance on China but he is seen as a more WTO-friendly leader having emphasised a multilateral approach to dealing with trade issues and criticising Trump’s tariffs.



No WTO member has publicly acknowledged plans for a calculated delay although two delegates privately said it would be preferable if the U.S. election winner weighs in. WTO spokesman Keith Rockwell said there were no indications of an extension to the selection process.



The WTO has already been through two months of lobbying by candidates, with COVID-19 restrictions meaning normally large hotel receptions laid on by candidates’ home countries have been replaced by lower-key functions. Nigeria’s Okonjo-Iweala did much of her canvassing online while quarantining.



Even though the WTO is member-led, a strong leader who can faciliate decision-making is seen as crucial, particularly with global trade under attack on many fronts.



This year alone, compromise will be needed to conclude negotiations to reduce tens of billions of dollars in fishing subsidies.



Then there is the budget. Last year, it snuck through after Azevedo assuaged U.S. concerns that the WTO was overspending. These are expected to resurface this year.



“You need a good person, but this is not about a superman or superwoman to save the multilateral system,” said van den Bossche.

WTO.

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NEW YORK (Reuters) &#8211; As the ruins of New York’s World Trade Center smoldered following the September 11 attacks of 2001, skeptics doubted it could ever rise again.



Now, as the 19th anniversary of 9/11 approaches, the grand vision set forth after its destruction has largely been realized. But the rebuilt World Trade Center complex is under threat anew &#8211; this time, from a microscopic virus.



“People are much more worried about someone coughing on them than someone blowing up a building,” said Vishal Garg, chief executive of mortgage refinance startup Better.com, headquartered at 7 World Trade Center adjacent to the site known as Ground Zero.



After the Twin Towers and surrounding buildings were destroyed by al Qaeda hijackers, killing 2,753 of the nearly 3,000 people who died that day, the economy of lower Manhattan was devastated.



But a plan was born, and a lengthy metamorphosis turned the disaster zone into a giant pit, then a walled-off construction site, and finally, some $25 billion later, a tourist attraction and business center with three skyscrapers, a transportation hub, a museum and a memorial.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/071-576x1024.jpg" alt="" class="wp-image-380961" width="627" height="1115" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/071-576x1024.jpg 576w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/071-169x300.jpg 169w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/071-450x800.jpg 450w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/071-768x1365.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/071-864x1536.jpg 864w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/071-scaled.jpg 1152w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/071-696x1237.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/071-1068x1899.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/071-1920x3413.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/071-600x1067.jpg 600w" sizes="auto, (max-width: 627px) 100vw, 627px" /></figure>



The coronavirus pandemic has stalled its completion, with a performing arts center under construction and a fourth and final skyscraper planned. Six months after New York City began shutting down due to COVID-19, the World Trade Center and the once-bustling Financial District are now eerily devoid of crowds.



“It’s pretty melancholy. A bit gloomy,” said James Busse, a retail stock broker taking a cigarette break nearby.



Ground Zero became both a solemn memorial and a leisure destination. Choked-up visitors to the 9/11 museum or memorial could step onto an esplanade of children eating ice cream or out-of-town visitors admiring the glass-sheathed towers.



One World Trade Center, America’s tallest building at 1,776 feet (541 meters), was built with a bomb-resistant base, as the old World Trade Center had been attacked in a truck bombing in 1993.



The vision laid out in Daniel Libeskind’s 2003 master plan drove a renaissance that has diversified the local economy, previously reliant on finance.



The public and private sectors have invested some $25 billion in reconstruction, according to the Port Authority of New York and New Jersey, which owns the land.



“Everybody coming to New York wants to come to Ground Zero,” Libeskind said in an interview. “It is the center of New York. It is the great public space.”



At its heart are two reflecting pools designed by Michael Arad, marking the footprints of where the Twin Towers once stood, with a pair of four-sided waterfalls draining into an abyss. The names of the victims are etched into its bronze borders.



Pre-pandemic, hundreds of visitors would gather there. But on a recent afternoon a family from Wichita, Kansas, were the only people at the south tower pool.



(Graphic: Lower Manhattan employment &#8211;&nbsp;<a href="https://graphics.reuters.com/USA-SEPT11/SCENE/jznpnxqrypl/employment.jpg">here</a>)



<figure class="wp-block-image"><a href="https://graphics.reuters.com/USA-SEPT11/SCENE/jznpnxqrypl/employment.jpg" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://graphics.reuters.com/USA-SEPT11/SCENE/jznpnxqrypl/employment.jpg" alt="Reuters Graphic"/></a></figure>



<h3 class="wp-block-heading">TWIN TOWER NOSTALGIA</h3>



Nostalgia over the Twin Towers grew after they were destroyed along with so many innocent lives, but they were unloved in their time.



Completed in the 1970s, the World Trade Center replaced a neighborhood known as Radio Row with an oversized block containing the Twin Towers and little else. The site was frequently called a “windswept plaza.”



“The problem with the World Trade Center is that it never really was that good,” said Carl Weisbrod, a former city planning official who worked on the redevelopment of the new site. “What’s emerged is a central business district that is now a model for the 21st Century as opposed to a sort of a historical artifact of the 20th Century.”



Planning the new site stirred public emotions associated with the attack on the United States, the loss of life and fears of working in tall buildings again.



Critics say the end result still lacks affordable housing and lament the absence of a direct rail link to major regional airports. Architectural critics have called One World Trade Center lackluster.







But there is agreement that, considering all the interests and complexities, it works.



“They did a really wonderful job of knitting it back in the city, but still honoring that sacred site,” said Leslie Koch, president of the complex’s Performing Arts Center.



(Graphic: Lower Manhattan hotel development &#8211;&nbsp;<a href="https://graphics.reuters.com/USA-SEPT11/SCENE/nmovaqbggva/hotel.jpg">here</a>)



<figure class="wp-block-image"><a href="https://graphics.reuters.com/USA-SEPT11/SCENE/nmovaqbggva/hotel.jpg" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://graphics.reuters.com/USA-SEPT11/SCENE/nmovaqbggva/hotel.jpg" alt="Reuters Graphic"/></a></figure>



<h3 class="wp-block-heading">THE MOVERS ARE HERE</h3>



In New York’s vertigo-inducing real estate market, prices rarely drop except after events like 9/11 or a recession, and prices are falling again now.



Downtown Manhattan rents are down 1.4% through July, the largest annualized fall since 2010, said Nancy Wu, an economist with the real estate database StreetEasy.



As of 2019, the neighborhood’s rental market was the city’s fastest-growing. But the inventory of available apartments rose 80 percent this July from a year earlier, Wu said.



Guy Khan,  director of banking at a financial services company, said the downturn was apparent around his home near City Hall, with chain stores and mom-and-pops closing and neighbors fleeing for the suburbs.



“You see moving trucks every day,” he said.



Developer Larry Silverstein acquired a 99-year lease on the Twin Towers from the Port Authority for $3.2 billion just six weeks before 9/11. He has spent the past 19 years rebuilding.



In 2015, Silverstein forecast the entire site would be rebuilt by 2020, but that changed after the planned anchor tenant for 2 World Trade Center pulled out.







“Life is so unpredictable,” he said.



Silverstein and Libeskind, the master planner, see the pandemic as a temporary pause in downtown Manhattan’s ascendance, noting how predictions of decline after 9/11 proved wrong.



“People said New York will never come back. And it’s the same thing during the pandemic,” Libeskind said. “But I don’t believe it. New York is too resilient,” .

Rebuilt after 9/11, World Trade Center threatened anew by coronavirus

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