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Ex-TikTok employees claim China still runs US subsidiary

Former employees of TikTok have come forward with allegations that challenge the company's assertions of independence from its Chinese parent company, ByteDance. These claims cast doubt on TikTok's efforts to distance itself from Beijing amid concerns over national security risks.

According to interviews conducted by Fortune with 11 ex-workers, including four who were employed as recently as last year, TikTok's operations were allegedly intertwined with ByteDance during their tenures. These individuals, some speaking anonymously due to fear of retaliation, contend that the company's purported autonomy from China was largely cosmetic.

You can read more on the matter here.

What’s going on?

• Housing Starts Fall 7% Across Canada In March On Seasonally Adjusted Basis (theDeepDive)

• Annual inflation rate increased to 2.9% in March as gasoline prices rose (BNN)

• Former Bank of Canada Governor Expects 2024 Budget To Be ‘The Worst Since 1982’ (theDeepDive)

• IMF Steps Up Its Warning to US Over Spending and Ballooning Debt (Bloomberg)

• Copenhagen stock exchange fire: Spire collapses as historic Borsen engulfed in flames (Reuters)

• Tenants Face Unexpected Tax Burden from Non-Resident Landlords (theDeepDive)

• Iran vows to strike with weapon ‘never used before’ as Israel pledges they won’t ‘get off scot-free’ after missile blitz (Sun)

• A $10 Billion Copper Mine Is Now Sitting Idle in the Jungle (Bloomberg)

• Calls Begin For Canada To Build A Full Nuclear Supply Chain (theDeepDive)

• Federal budget to include tax hikes for wealthiest Canadians, some corporations (Globe)

What’s the latest?

• Budget Day: Finance Minister Chrystia Freeland is set to present her fourth federal budget today, which aims to address housing supply issues with significant funding allocations. This strategy not only seeks to improve housing availability but also to enhance the Liberal party's appeal among key voter demographics. The budget is expected to be tabled at 4 PM EST.

• Inflation Rate: Canada experienced a slight uptick in its annual inflation rate in March, rising to 2.9% from 2.8% in February, largely driven by a 4.5% increase in gasoline prices due to higher global oil prices. However, when excluding gasoline, the overall inflation rate slightly decreased to 2.8%. The Bank of Canada's core inflation metrics also showed a downward trend in March.

• BioSteel Dumped: The NHL has entered a new partnership with Bodyarmor, making it the official sports drink of the league. This move comes after the previous sponsor, BioSteel, declared bankruptcy. The agreement is part of a larger trend for the NHL, which continues to experience significant growth, projecting another revenue record of approximately $6.2 billion and setting a new attendance record with over 22.5 million fans.

• IMF Forecast: The International Monetary Fund (IMF) has updated its global economic forecast, predicting stable growth rates of 3.2% for both 2024 and 2025, matching the growth rate from 2023. This slight improvement from earlier projections is mainly due to a significant revision of the U.S. economic outlook, which has shown stronger than expected consumer spending and employment.

• Timmy’s Pizza: Tim Hortons is expanding its menu to include flatbread pizzas, aiming to attract more customers in the afternoon and evening. This strategic move seeks to leverage Tim Hortons' morning strength into the later parts of the day, addressing the chain's lower market share during these times. The introduction of flatbread pizza is part of a broader effort to diversify the menu and enhance customer visits beyond traditional breakfast hours, tapping into the significant market share of pizza, which is among Canada’s top ordered restaurant items.

Was HP Really Scammed?

The stock market and stuff

• Bitcoin Miners Bracing for Multibillion-Dollar Revenue Hit as Reward Halving Looms (theDeepDive)

• DS Smith agrees $7.2 bln all-share deal with International Paper (Reuters)

• Tesla's global job cuts include leading markets US, China (Bloomberg)

• Apple Relaxes Rules, Allowing First Emulator Apps on the App Store (theDeepDive)

• Trading in Bullish Oil Options Hits Record After Iran’s Attack (Bloomberg)

In the juniors

• Golden Cariboo Sees Drill Program Get Underway At Quesnelle Gold Quartz Mine Project (theDeepDive)

• PharmaDrug Engages Research Lab To Advance Patented Cocaine Synthesis Method (theDeepDive)

• First Majestic Produces 2.0 Million Silver Ounces, 35,936 Gold Ounces In Q1 (theDeepDive)

• Vizsla Silver Acquires New Project In Mexico Adjacent To Panuco (theDeepDive)

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