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World News

How well do you know America's founding documents? Watch 'Fox Nation 101: The Constitution'

Watch Fox Nation 101’s ‘The Constitution: Designing Democracy’

The new series "Fox Nation 101: The Constitution" explains the history and significance of one of America's founding documents: The Constitution.

The U.S. Constitution is the world's longest surviving written charter of government, penned in 1787 and ratified in 1788. It was brought about by necessity.

"As of the summer of 1787, when the Founders came together in Philadelphia, they understood that we wouldn't survive as a country," explained Sen. Mike Lee, R-Utah, in the Fox Nation show.

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The United States declared independence on July 4, 1776, laying out the reasoning behind the war fought by the people of the original 13 colonies to free themselves from the Kingdom of Great Britain.

Now, the new nation had to determine how to govern itself.

"The biggest challenge for the Americans was that they no longer had a king. They no longer had a monarch," said Randy Barnett, director of the Georgetown Center for the Constitution.

"They had what was known at the time and is still known as a republic, meaning it was a nation that was set up to be ruled in some sense, more or less by the people themselves," he continued. "And that created well-known historical challenges because most republics in history were either weak or had otherwise failed."

The first attempt to create a government to secure the ideals of the Declaration of Independence was the Articles of Confederation.

"Following the Revolution, we instinctively and reflexively went to a very limited national government and we adopted something under the Articles of Confederation that was anemic at the federal level," said Lee, observing that the fledging United States could not effectively defend itself from foreign enemies or resolve disputes between states.

"That's why we needed the Constitution," he observed. "We found how to strike a more appropriate balance between a federal government that was powerful enough to do what needed to be done at the national level. But not so powerful as to jeopardize individual liberty."

'FOX AND FRIENDS' CO-HOST BRIAN KILMEADE PLEADS WITH AMERICANS TO LEARN HISTORY, NOT DESTROY IT

The Founders were students of history and recent victims of the tyranny of a monarch, so they understood that any form of government that preserved the rights of its people must ensure that no single group came to dominate the rest.

"This is one of the central messages that we gained from the American revolutionary experience," remarked Lee.

One solution to this conundrum is the separation of powers laid out in the first three articles of the Constitution. The three main functions of government were delineated to three separate and equal branches of government.

The Legislative branch makes federal laws. The Executive branch, headed by the president, enforces and executes the laws. The Judicial branch interprets the laws and resolves any conflicts between parties who cannot agree on what the law actually means.

"The genius of our constitutional system is that as long as you protect and preserve these structural protections, you prevent any one person or any one group of people from accumulating too much power," said Lee.

WATCH FOX NATION 101: PANDEMICS AND EPIDEMICS

Barnett noted that this system of government inherently leads to clashes among the branches of government, as well as between individuals, state governments and the federal government, which is its intention.

"If you have the legislature checking the executive branch, the president, and you have the president checking the legislature by means of veto power, and if you have the judiciary checking all the branches of government, and then you superimpose that over a federal system – in which you have 50 states that to some extent are checking the federal government and the federal government is certainly checking them – this is a recipe for conflict," he said. "But that conflict is a feature, not a bug, of the U.S. Constitution."

To watch all of this Fox Nation 101 series, including a debate over how America's founding principles have shifted over time, go to Fox Nation and sign up today.

Also watch the Fox Nation series "Pandemics and Epidemics 101," with Dr. Nicole Saphier, who is a full-time practicing physician at Memorial Sloan Kettering Cancer Center and a Fox News contributor.

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Economy

How to clear your credit card bill fast

Here’s what to do if you went on an online shopping spree during COVID-19. (iStock)

When the coronavirus crisis forced millions of Americans to hunker down at home this spring amid shelter-at-home and stay-in-place orders, online shopping surged.

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If you shopped a lot online while in quarantine, you may be struggling to pay off your credit card bills, especially if you were furloughed, laid off, or had your work hours reduced. (In fact, roughly 47 million people have filed for unemployment during the pandemic).

The good news is there are several ways you can pay off your credit card debt. Here are some smart tactics you can use to attack your credit card bills.

1. Open a 0% balance transfer card

The average credit card interest rate is 19.02 percent for new card offers and 15.10 percent for existing accounts, according to a recent credit card report. If you’re carrying high-interest credit card debt, transferring the debt to a zero percent balance transfer card may be a wise move.

Most balance transfer cards offer a zero percent interest rate for a year or longer, which can give you some much-needed breathing room to pay off your credit card bills without accruing any interest.

You can shop and compare balance transfer cards through Credible.

GET 0% CREDIT CARDS TO SAVE MONEY: HERE'S HOW IT WORKS

2. Take out a personal loan

If you can find a personal loan that has a lower interest rate than your credit card’s rate, jump on it. Paying off a loan with a lower rate will enable you to pay off more of your debt principal each month and wipe out the debt faster than if you kept it on a high-interest credit card.

Use a tool like Credible to find a lender that offers the best terms for your financial situation.

EVERYTHING YOU NEED TO KNOW ABOUT PERSONAL LOANS

3. Pay off your bills using the debt snowball or avalanche method

Two of the most popular debt payoff strategies are the snowball method and the avalanche method. The snowball method entails paying off credit card debt in order from the card with the smallest balance to the card with the largest balance. The “snowball” name comes from the idea that, much like a snowball rolling downhill, wiping out your smaller balances first will enable you to gain the momentum that you need to pay off all of your credit card debts.

DEBT SNOWBALL VS. DEBT AVALANCHE: WHAT'S THE DIFFERENCE?

The snowball method’s counterpart is the debt avalanche method, which involves paying off the card with the highest interest rate first. This approach saves you more money in interest than you’d save with the snowball method.

To select the right payoff method for you, it’s important to consider how you approach debt. If you’re the kind of person who needs encouragement, the debt snowball method may be the right solution; but, if you’re already self-motivated to eliminate your credit card debt, the avalanche method may be a better strategy.

4. Pay in small installments

Many banks are helping customers navigate financial hardship from COVID-19 by allowing customers to pay off their bills through smaller installments or bi-weekly payments, in order to make their debt more manageable. Depending on your situation, you may qualify for credit card forbearance, a method of debt management that allows you to skip or reduce your payments for a set period of time.

FED’S EMERGENCY RATE CUTS AFFECT YOUR CREDIT CARD — HERE’S HOW

Check with your credit card company to see what relief package you qualify for.

Clampdown on your spending

U.S. e-commerce sales jumped 49 percent in April alone, according to Adobe’s Digital Economy Index. Online grocery shopping purchases saw a 110 percent spike in daily online sales that month, Adobe found. Consumers also shelled out on timely apparel: pajama e-commerce sales increased more than 143 percent.

In turn, large online retailers are making a killing. For example, Amazon reported a 26 percent increase in first-quarter revenue, with sales soaring to $75.5 billion, up from $59.7 billion the same quarter a year ago.

The bad news: Many consumers racked up credit card debt. According to a recent survey, 28 million U.S. adults have added to their credit card debt as a direct result of the COVID-19 outbreak. Millennials have been hit the hardest — 34 percent said they went more deeply into debt because of the pandemic, compared to 23 percent of Gen Xers and 15 percent of Baby Boomers.

The last thing you want to do when you’re taking steps to pay off credit card debt is to add to your debt. So, make sure you rein in your discretionary spending, especially online, in the coming months.

One way to curb online shopping is by unsubscribing to emails from online retailers with daily deals, to avoid being tempted to purchase products that you don’t need. You can also install a web extension like StayFocusd, which allows you to set a limit of much time you spend on a particular website.

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Business

How coronavirus is affecting Brexit

London (CNN Business)The United Kingdom has passed the point of no return. It has less than six months to reach a new trade deal with the European Union or risk heaping more pressure on companies that are already laying off tens of thousands of workers because of the coronavirus pandemic.

More than 100 companies, entrepreneurs and trade organizations have written to Boris Johnson, warning the prime minister that erecting barriers to doing business with the United Kingdom’s biggest trading partner would put even more people out of work and lower living standards.
The firms, many of which are in the manufacturing and chemicals sectors, have called for a new trade deal that matches current arrangements as closely as possible. Brexit took effect on January 31 but UK-EU trade has continued as if nothing changed thanks to a transition agreement. The deadline for the United Kingdom to ask the European Union to extend that transition beyond the end of this year expired on Tuesday.

    “Businesses simply do not have time or capacity to prepare for big changes in trading rules by the end of the year — especially given that we are already grappling with the upheaval caused by coronavirus,” said the letter, which was shared with CNN Business. The decision not to extend the transition period is a “huge gamble,” they added.
    The warning came within hours of two major employers saying they would slash a combined 6,700 jobs in the United Kingdom because of the coronavirus pandemic, which has pushed the country into its worst economic downturn in 300 years and triggered mass layoffs. UK companies in aviation and retail have cut over 10,000 jobs in just two days.

    Signatories of the letter called for alignment with EU regulations in order to allow the free flow of products such as pharmaceutical, medical, and chemical supplies. A good deal is “the only way to avoid chemical supply chain disruption,” Peter Newport, CEO of the Chemical Business Association said in a statement.
    Britain delays border controls to soften Brexit blow to its crashing economy
    The United Kingdom and European Union have made little progress in negotiations over their future relationship, and time is running out to prevent a rupture when transitional arrangements expire at the end of this year. On Wednesday, a UK government spokesperson told CNN Business that there is “no reason” why an agreement can’t be reached by the end of July.
    “What we can’t have is a situation where this drags on into the autumn, where our businesses and people who want to trade don’t know what to prepare for,” the spokesperson said. “That’s why we welcome the fact that the EU have agreed an intensified timetable … to take the talks forward.”
    The government has already backtracked on plans to impose full border checks on EU imports on January 1 in a bid to avoid choking off vital supplies and piling pain on British businesses.
    Major companies in the United Kingdom have announced well over 80,000 job cuts because of the pandemic, with more expected when government support for salaries ends in October. Airbus (EADSF) and catering firm SSP are the latest to add to the total, while the BBC reports that Topshop owner Arcadia, menswear retailer TM Lewin and Harrods are also slashing jobs. The running list over the past two days includes:

    • Airbus – 1,700 jobs
    • Arcadia – 500 head office roles
    • EasyJet – 2,017 pilots and cabin crew
    • Harrods – up to 700 jobs
    • TM Lewin – 600 jobs
    • SSP – up to 5,000 jobs

    SSP, which owns Upper Crust and other cafés in airports and train stations, said the slow pace of recovery in the United Kingdom necessitated the restructuring, which could make half its workforce redundant. Rail passenger numbers remain about 85% below their level a year ago and the UK air sector “has to date been largely closed,” SSP said.

    An Upper Crust in Waterloo Station, London.
    Unemployment in the United Kingdom could soar to nearly 15% in the fourth quarter if there is a second coronavirus outbreak, according to the Organization for Economic Cooperation and Development. Even without a second outbreak, the jobless rate is expected to be nearly 10% at year end, the Paris-based agency said earlier this month.

    Financial services hit a snag

    It’s not just hospitality and travel companies that are at risk. The United Kingdom’s financial services sector, which employed 1.1 million people and contributed £132 billion ($164 billion) to the economy in 2018, is also headed for trouble.
    Assessments to confirm that UK regulations will remain equivalent to those in the European Union, which would secure UK financial firms’ access to the bloc after this year, have not yet been finalized.
    Chief EU Brexit negotiator Michel Barnier said Tuesday that UK proposals for the future relationship are “unacceptable,” and the country is seeking to keep the benefits of the single market without the obligations.
    The United Kingdom “would like to make it easy to continue to run EU businesses from London, with minimal operations and staff on the continent,” Barnier said in an address to Eurofi, a think tank for financial services.
    “I know that many hope our equivalence decisions will provide continuity,” he noted. “Many believe that ‘responsible politicians’ on both sides of the Channel should make this happen. But things have to change.”
    Financial services accounted for more than a fifth of the United Kingdom’s services exports to the European Union in 2018, valued at £26 billion ($32 billion), according to the Office for National Statistics.

    UK economy facing historic slump

    The timing of the trade threat could not be worse.
    Data from the British Chambers of Commerce on Wednesday showed that 20 of 28 key indicators across the country’s manufacturing and services sectors, including sales and cashflow, dropped to their lowest levels on record in the second quarter.
    Forward-looking indicators, such as orders and investment intentions, also fell to record lows, dashing hopes of a swift economic recovery, according to the report, which surveyed 7,700 UK firms employing 580,000 people.
    'Catastrophic' one-two punch from coronavirus and Brexit threatens UK
    “Our results demonstrate the need for swift and substantial action. The government has one chance to jump-start the economy and business confidence over the coming weeks — and they must take it,” director general Adam Marshall said in a statement. “The UK cannot meander its way back to success in this era of uncertainty,” he added.
    In a speech on Tuesday, Johnson promised to accelerate billions of pounds in spending on infrastructure projects, including new schools, hospital maintenance, roads and housing. He promised to “build, build, build” and reiterated a previous commitment to “level up” Britain with increased investment in regions outside London.
    Labour Party leader Keir Starmer said on Twitter that Johnson’s “re-announcements of old pledges and commitments are simply not enough.” Britain needs a “Back to Work Budget with a focus on jobs, jobs, jobs,” he added.

      Finance minister Rishi Sunak is expected to set out a plan to support the UK economy through the first phase of its recovery next week.
      — Sharon Braithwaite and Eoin McSweeney contributed reporting.
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      World News

      Lunar Eclipse 2020: How to spot July's Buck Moon during penumbral eclipse this weekend

      A BUCK Moon will be gracing our skies this weekend and some lucky stargazers will also be treated to a partial penumbral eclipse.

      This is a subtle eclipse caused by the Moon passing through part of Earth's shadow.


      The Buck Moon is the phrase used to describe July's Full Moon.

      It's set to rise on July 4 and will continue beaming into July 5.

      A stargazing event that could fit in nicely with any Independence Day celebrations in the US.

      The eclipse will be visible across most of North and South America.

      Parts of Europe and Africa will also be treated to the celestial phenomenon.

      To workout the best time to see the eclipse from your location you can head tothe Time and Date website.

      For example, Londoners should be able to spot the subtle eclipse best on July 5 at 04:41am.

      The best time for people in New York is reportedly 00:29am on July 5.

      The Full Moon will only be catching a section of the Earth's outer shadow, called the penumbra.

      This will make a small chunk of the Moon look a bit darker than the rest.

      According to Nasa, the Buck Moon nickname can be traced back to farmers in the US observing "new antlers of buck deer push out of their foreheads".

      The different types of moons

      Here are some of the most interesting moon phases and when to see them…

      A Blue Moon refers to the occasion when a full Moon appears for the second time in the same month, this is very rare and the next Blue Moon should occur on Halloween in 2020.

      The Harvest Moon appears around the time of the autumnal equinox when farmers tend to do their main crop harvesting.

      A Supermoon appears when it is at its closest point to Earth and therefore at its brightest, the next one will appear in September.

      A Blood Moon occurs during a total lunar eclipse, the next one should happen in May 2020.

      Each month of the year actually has its own special full moon phenomenon, they are as follows:

       

      • January: Wolf Moon
      • February: Snow Moon
      • March: Worm Moon
      • April: Pink Moon
      • May: Flower Moon
      • June: Strawberry Moon
      • July: Buck Moon
      • August: Sturgeon Moon
      • September: Full Corn Moon
      • October: Hunter's Moon
      • November: Beaver Moon
      • December: Cold Moon.

      In other news, a massive star in a distant galaxy has baffled astronomers by disappearing without a trace.

      Alien life may be lurking in hidden Earth-like ocean on nearby Jupiter moon Europa.

      And, mysterious signals have been coming from space for over 500 days and scientists aren't sure why.

      Have you ever witnessed an eclipse? Let us know in the comments…

      We pay for your stories! Do you have a story for The Sun Online Tech & Science team? Email us at [email protected]

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      World News

      Facebook updates how it prioritizes news on users' timelines

      200+ brands boycotting ads on Facebook

      FOX Business’ Susan Li says the Clorox Company, along with other companies, are pausing advertisements on Facebook in an effort to target the social media platform for reported hate speech.

      Facebook is changing the way it prioritizes news stories in users' News Feeds, a company spokesperson confirmed to FOX Business Tuesday.

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      The move comes as the tech giant faces scrutiny for not taking enough action against users who incite hate and violence on the platform and for not amplifying high-quality, original reporting.

      "When we ask people what kind of news they want to see on Facebook, they continually tell us they want news stories that are credible and informative. Today, we’re updating the way news stories are ranked in News Feed to prioritize original reporting and stories with transparent authorship," Facebook Vice President of Global News Campbell Brown and Product Manager Jon Levin said in a Tuesday blog post.

      The social media platform plans to address this goal in two ways: by promoting more original reporting and demoting reporting that lacks transparency, the company said.

      FACEBOOK RAKES IN POLITICAL AD MONEY WHILE COMPANIES FLOCK TO BOYCOTT

      Facebook will use artificial intelligence technology to identify and promote original reporting by identifying, which outlets are cited most often as the original source of a story. Additionally, the company aims to demote stories that come from outlets that do not include accessible information about the publisher’s editorial staff.

      DENNY'S TO JOIN FACEBOOK AD BOYCOTT STARTING JULY 1

      "We've found that publishers who do not include this information often lack credibility to readers and produce content with click-bait or ad farms; all content that people tell us they don’t want to see on Facebook," a spokesperson told FOX Business.

      Facebook signup web page app on smartphone / iStock

      While the new effort will likely not create a dramatic change in users' News Feeds because they will continue to see stories shared by their friends – although original reporting will be highlighted – it does signify a greater effort on Facebook's part to deliver higher-quality content to users who depend on the platform for news.

      People on different sides of the political spectrum have criticized Facebook for its content moderation policies, which have changed in recent weeks.

      Left-leaning users argue that the company promotes alt-right voices and hate speech, which has led dozens of large companies to pull advertisements from the platform and its subsidiary, Instagram, at the request of civil rights groups leading the #StopHate4Profit campaign.

      CLICK HERE TO READ MORE ON FOX BUSINESS

      Right-leaning users argue that the platform's algorithms stifle conservative voices. Non-profit investigative journalism organization Project Veritas recently revealed instances of Facebook employee bias in a series of recent reports and videos called "Expose Facebook."

      On average, one-in-five U.S. adults often get their news from social media, according to a 2018 survey conducted by the nonprofit Pew Research Center. Sixty-seven percent of U.S. adults get at least some of their news from social media, a 2017 Pew Research report shows; 67 percent say that news comes from Facebook.

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      World News

      How to take advantage of today's low mortgage rates: Credible CEO

      Pending home sales in May doubled expectations

      Credible founder and CEO Stephen Dash says all regions saw some growth in the housing market due to low-interest rates, pent up demand and economies reopening.

      The number of Americans buying homes rebounded in May to a record 44.3 percent after a steep decline in April due to the coronavirus pandemic.

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      Mortgage buyer Freddie Mac reported earlier this month the average rate on the key 30-year loan declined to 3.13 percent from 3.21 percent — the lowest level since Freddie began tracking average rates in 1971.

      FOX Business' Maria Bartiromo noted on Tuesday that finding a dream home may be challenging with “severe shortages creating bidding wars for what’s available.”

      In turn, Credible Founder & CEO Stephen Dash offered tips on "Mornings with Maria" to those potential homebuyers as the housing market surges.

      “Before you start looking for a home, tip No. 1 is: Get a pre-approval online,” Dash suggested. “This is a letter that takes into account your specific situation. It’s not a rate range or a market rate, it’s a real preapproval and it tells you what your buying power is."

      US HOME PRICES INCREASE 4% IN APRIL

      Dash offered another tip: Optimize your credit score and down payment.

      “When you’re going through the search process for a home or an apartment, make sure you take care of your credit through that time,” Dash mentioned, adding that aspect is "really important.”

      He reminded people that it's not a good idea to take out a loan or open a new credit card when checking your credit as they can often impact your score.

      “Don’t let your credit card debt run more than 30 percent of the limit," Dash also cautioned.

      He encouraged people to double-check their credit reports to make sure there aren't any mistakes.

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      “Your credit report is really important, as is your down payment,” Dash explained.

      Dash encouraged to save as much as possible for a down payment. Most importantly, potential homebuyers should check their rates before locking in a mortgage.

      “Take into account the total cost of a mortgage including appraisal fees, mortgage insurance and other closing costs,” he said.

       Credible is majority-owned by Fox Business Network's parent company, Fox Corporation.

      The Associated Press contributed to this report.

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      Business

      How private equity is gutting retail

      New York (CNN Business)Walgreens is hoping a new slate of tech tools will help it build stronger relationships with customers and keep pace with the rapidly occurring tech transformation in the pharmacy industry.

      Walgreens Boots Alliance (WBA) is implementing new customer analytics and outreach tools that will help it better understand and serve customers, thanks to a partnership with Microsoft (MSFT) and Adobe (ADBE). The new technology will allow Walgreens to compile data and create individual customer profiles — whether they shop in stores, online, through the mobile app or all three — and it will use that information to more frequently engage with customers.
      In addition to providing a better customer experience, the tools may encourage customers to spend more and shop at Walgreens more frequently, by providing prescription refill reminders, product recommendations and advice and other services.

        The effort could be a much-needed boost to the beleaguered drug store giant.
        Walgreens, which operates its namesake chain in the United States and Boots pharmacies in the United Kingdom and Europe, was one of the worst performing stocks in the Dow last year and shares have fallen another 28% since the start of 2020. The company has struggled as lower-priced generic drugs and a decline in reimbursement rates for medications from state and federal government health care plans weigh on profits. Walgreens, like Rite Aid (RAD) and CVS (CVS), has also been hurt by increased pharmacy competition from Walmart and Amazon, which now owns online pharmacy PillPack.

        The new partnership will help put Walgreens’ digital capabilities on a more even playing field with those competitors, and also give it a leg up against digital pharmacy startups like Capsule.
        “I would say more than just competing, it will help us truly leapfrog (the competition) and get us into this space,” said Vineet Mehra, chief marketing officer for Walgreens Boots Alliance.

        The Walgreens app will now use Microsoft's customer relationship management tech to make better use of customers' shopping data.
        Mehra said Walgreens also has existing assets that will improve the effectiveness of the new technology, including customer data profiles of more than 100 million individuals globally and stores within 5 miles of nearly 80% of the US population. The company employs more than 80,000 pharmacists and other health care professionals, which customers will now be able to access for health advice or product recommendations both in-person or online.
        The new tools will use information that Walgreens customers provide through its loyalty program.
        Here’s how the technology could change a customer’s experience, according to Mehra: If a customer purchases Vitamin B every month, at the end of the month when they log in to the Walgreens website, their personalized landing page will show a variety of Vitamin B products to choose from.
        If that customer also browses Vitamin C products while shopping online but doesn’t purchase any, they might receive a text the next time they walk by a Walgreens store, letting them know the product they were interested in is in stock. When they go inside to buy the Vitamin C, the customer could also get a notification that the prescription they were set to pick up from the pharmacy the following day is actually ready to now. The pharmacist might let the customer know they’re due for a flu shot, since they got one at the same location the prior year.
        “As we know more and more about these folks, what you can expect from WBA is a complete transformation in how we market to customers,” Mehra said. “We’ll be doing it in a 1:1 way, giving them what they need in the way they need it, with experiences being much more tailored.”
        Groceries were hard to find for millions. Now it's getting even worse
        The goal with the new technology, Mehra said, is “mass personalization,” something many retailers aim to provide these days. The company wants to offer a personalized, individual experience to each of the company’s millions of customers.
        Digital capabilities are especially important during the coronavirus pandemic, when fewer consumers are shopping in stores and many have shifted purchasing habits to buy from new retailers or brands.

          “We talk about the old days of retail where (the retailer) gets to pick what to sell, where to sell it and when to sell it. That has completely flipped,” said Shelley Bransten, Microsoft’s vice president of global retail and consumer goods.
          “Consumers might not say, ‘I want personalization,’ but they’re making choices incredibly quickly based on: How relevant is this product for me? How relevant is the price to me? Can it get to me within an hour, or a day? The retailer being able to sense that and respond in real time is key,” Bransten said.
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          World News

          How China and India came to bloodiest clash in decades

          Hong Kong (CNN Business)TikTok’s efforts to dominate the Indian market just hit a major roadblock.

          The Indian government this week said it will ban TikTok and other well-known Chinese apps, including messaging platform WeChat and mobile browser UC Browser, saying they pose a “threat to sovereignty and integrity.”
          The move follows a border clash between the two countries earlier this month that left at least 20 Indian soldiers dead.

            TikTok has a lot to lose in the world’s second most populous country. India has been the biggest driver of new TikTok downloads, generating close to 660 million installs since its launch in 2017, according to analytics firm Sensor Tower.
            Parent company ByteDance could “miss out on another 100 to 150 million first-time installs of TikTok in India” in the second half of this year because of the ban, said Randy Nelson, an analyst with Sensor Tower.


            The ban also presents a major complication for ByteDance and other companies that are trying to take advantage of India’s internet boom, according to Akhil Bery, an analyst with the Eurasia Group.
            “With only about 50% of Indian consumers online, India’s market represents a massive amount of growth potential,” Bery said in a research note on Monday. “Now, that has seemingly been cut off, and it is unlikely that the Indian government will walk back these restrictions.”
            It remains unclear when the ban will take effect and how long it could last. Bery noted that the Indian government has yet to clarify how it intends to enforce the ban, or whether it plans to ask the Google (GOOGL) Play and Apple (AAPL) iOS stores to remove the apps. There is also no indication that the government plans a more sweeping effort, such as asking telecom operators to block traffic related to the apps, which would be difficult to implement, he added.
            The ban means the potential loss of a lot of advertising revenue for ByteDance.
            In addition to TikTok, the crackdown includes Helo, another app the Beijing-based startup has launched in India. That means ByteDance won’t be getting a slice of the country’s booming digital advertising market, which is forecast to grow 26% to nearly 280 billion rupees ($3.7 billion) this year, according to advertising media company GroupM.
            “It’s a tough slap in the face for ByteDance as they were growing 50% year-on-year in India,” said Greg Paull, an analyst with consulting firm R3.
            ByteDance had forecast over $1 billion in advertising revenue from India this year, most of it generated by TikTok, according to estimates from R3. It reached $280 million in the last quarter of 2019 alone.
            TikTok is winning over millennials and Instagram stars as its popularity explodes
            That is a small portion of ByteDance’s total advertising haul, which R3 estimates was about 140 billion yuan ($19.8 billion) in 2019.
            When it comes to in-app revenue — money users spend buying virtual items in TikTok — India also makes up about $1.5 million to date, or less than 1% of TikTok’s total, according to Nelson, of Sensor Tower. But growth there has been huge: Indian users spent about $520,000 in TikTok this quarter, up 277% compared to the same period a year earlier.
            Spokespersons for TikTok and ByteDance did not respond to requests for comment for this story. A spokesperson said after the ban was announced that ByteDance “is committed to working with the [Indian] government to demonstrate our dedication to user security and our commitment to the country overall.”
            TikTok has exploded in popularity around the world. The app was downloaded 315 million times from January through March, according to Sensor Tower — an amount that the analytics company says topped any other app ever for a single quarter. TikTok now has over 2 billion downloads overall, more than doubling its total from a year ago.
            But losing India could have knock-on effects for TikTok’s brand, which is already suffering in the face of increased scrutiny from US lawmakers.
            “In the battle for world domination, the India ban won’t hurt them in terms of revenue as much as profile,” Paull said.

              The Indian government ban listed TikTok and 58 other apps, including many prominent Chinese ones. While the Indian government’s statement did not mention China by name, it comes as military tensions between China and India continue to escalate following the deadly border clashes.
              Many Indians have called for a boycott of Chinese goods and services, particularly from China’s dominant tech industry. Beijing said Tuesday that it was “strongly concerned” by the app ban.
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              World News

              How China and India came to bloodiest clash in decades

              San Francisco (CNN Business)India is banning TikTok and several other well-known Chinese apps, saying they pose a “threat to sovereignty and integrity,” in the latest indication of escalating tensions between the two countries.

              India’s Ministry of Electronics and Information Technology said in a statement Monday that it had received many complaints about misuse and transmission of user data by some mobile apps to servers outside India.
              “The compilation of these data, its mining and profiling by elements hostile to national security and defence of India, which ultimately impinges upon the sovereignty and integrity of India, is a matter of very deep and immediate concern which requires emergency measures,” the ministry said, listing 59 apps including many prominent Chinese ones that will be subject to the ban.

                While the Indian government’s statement did not mention China by name, the ban comes as military tensions between the two countries continue to escalate following deadly border clashes earlier this month that left at least 20 Indian soldiers dead. Many Indians have called for a boycott of Chinese goods and services, particularly from China’s dominant tech industry.
                Tensions between China and India are spilling over into global business
                “There has been a strong chorus in the public space to take strict action against apps that harm India’s sovereignty as well as the privacy of our citizens,” the government added. Other popular Chinese apps on the list include the video game Clash of Kings, messaging app WeChat, social network Weibo and photo app CamScanner.

                TikTok, the hugely popular video platform owned by Chinese tech giant Bytedance, has an estimated 120 million users in India, making the country one of its biggest markets. The company did not immediately respond to requests for comment.
                This is not the first time TikTok has run into trouble with the Indian government. The app was briefly blocked in India last year after a court ruled that it could expose children to sexual predators, pornography and cyberbullying. The app was reinstated a week later after successfully appealing the court’s decision.

                  While India’s diplomatic tensions with China are starting to have a knock-on effect on business and tech, a complete decoupling may be easier said than done. China dominates India’s massive internet market — the world’s second largest, with close to 600 million users — both in hardware and software. Chinese companies such as Xiaomi, Oppo, Vivo and OnePlus account for more than half of India’s smartphone market, according to industry figures, and Chinese tech giants Alibaba (BABA) and Tencent (TCEHY) are major investors in some of the country’s most valuable startups.
                  Nonetheless, the ban will be “a blow to the Chinese app industry that loses a strong installed base outside its home country,” according to research firm Canalys.
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                  How private equity is gutting retail

                  New York (CNN Business)Cirque du Soleil, the producer of a number of Las Vegas acrobatic shows, has filed for bankruptcy.

                  In an announcement Monday, the Montreal-based company blamed its bankruptcy on the “immense disruption and forced show closures as a result of the Covid-19 pandemic” and is aiming to restructure its debt with assistance from the Canadian government and private equity firms.
                  The filing comes three months after it temporarily suspended production of its shows, including six in Las Vegas. It also has about 10 shows on tour across the world, including “O,” “Michael Jackson One,” and “The Beatles LOVE.”

                    Cirque entered a “stalking horse” bid from its largest backers, including a mix of multinational private equity firms from the United States, China and Canada for $20 million. That offer is intended to be a starting point in an auction to draw other bidders.
                    The company has also received $300 million in fresh funding to “support a successful restart, provide relief for Cirque du Soleil’s affected employees and partners, and assume certain of the company’s outstanding liabilities,” it said in the release.

                      Cirque is drowning in nearly $1 billion in debt, according to multiple reports. That’s becoming increasingly untenable as its productions remain suspended. To help stem the financial loss, Cirque has laid off roughly 3,500 employees.
                      “For the past 36 years, Cirque du Soleil has been a highly successful and profitable organization,” said Daniel Lamarre, CEO of Cirque du Soleil Entertainment Group in a release. “However, with zero revenues since the forced closure of all of our shows due to Covid-19, management had to act decisively to protect the company’s future.”
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