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US plans more actions against China after telecoms hack
A senior White House official announced on Friday that they’ve found a ninth telecommunications company that was targeted by Chinese spying activities. The American government is also planning more steps to stop cyber attacks from China.
The Biden administration is learning more about a major cyber attack called ‘Salt Typhoon’, which they say China carried out. Anne Neuberger, who advises on cyber security and new technology at the White House, criticised companies for being too slow to spot they were being attacked.
“The reality is that China is targeting critical infrastructure in the United States. Those are private sector companies, and we still see companies not doing the basics,” Neuberger told reporters on Friday.
She added: “That’s why we’re looking forward and saying ‘Let’s lock down this infrastructure.’ And frankly, let’s hold the Chinese accountable for this.”
Elon Musk and Trump’s supporters argued intensely over immigration
An argument about immigration rules on social media has revealed growing tensions between two groups who support Donald Trump: his Silicon Valley backers (including billionaire Elon Musk) and his supporters who strongly oppose immigration.
During the holiday week, technology leaders who supported Trump’s campaign were arguing on social media platforms, including Musk’s X (formerly Twitter). They want more work visas for skilled foreign workers, but this angered conservative Trump supporters.
Trump himself stayed quiet while his supporters argued with each other. But this disagreement shows a bigger problem he might face in a second term as president: his ordinary supporters often want different things from his wealthy business supporters.
The argument started when Laura Loomer, a far-right supporter with close ties to Trump, criticised him for choosing Sriram Krishnan, who was born in India, as a senior adviser on artificial intelligence.
Read Also: Trump dismisses claims that Elon Musk controls his government
Trump asked the Supreme Court to pause the law that could ban TikTok
Donald Trump, who will become president on 20th January, has asked America’s highest court to delay a law that would either ban TikTok or force its Chinese owners to sell it. He says he wants time after becoming president to find a “political resolution” to the situation.
The Supreme Court will hear arguments about this case on 10th January. The law they’re looking at would make TikTok’s Chinese owner, ByteDance, sell the app to an American company – if they don’t, TikTok would be banned in the United States.
Congress voted in April to ban TikTok unless ByteDance sells it by 19th January. This affects a lot of people, as more than 170 million Americans use TikTok. The company and its parent ByteDance have gone to court to try to stop this law.
If the Supreme Court doesn’t rule in TikTok’s favour and ByteDance doesn’t sell the app, TikTok could be banned in America on 19th January – just one day before Trump becomes president.
This is quite different from Trump’s position in 2020 when he was president before. Back then, he tried to ban TikTok in America and make its Chinese owners sell it to American companies.
NGX transactions declined 12%
The Nigerian stock market saw less trading activity in November 2024, with total trades dropping by 12.01 per cent to 442.34 billion naira, down from 502.73 billion naira in October 2024.
The Nigerian Exchange Limited revealed these figures in their report about domestic and foreign investments on Friday.
The report showed that Nigerian investors’ trades fell by 11.83 per cent, from N455.27 billion in October to N401.40 billion in November. Foreign investors also traded less, with their activity dropping by 13.74 per cent from N47.46 billion to N40.94 billion.
Nigeria and China renewed a $2bn currency-swap deal
China and Nigeria have agreed to continue their money-exchange deal worth 15 billion yuan (about 2 billion US dollars) for another three years. This deal helps both countries trade and invest with each other more easily.
The People’s Bank of China (China’s central bank) announced on Friday that this agreement will help both countries use their own currencies – the Chinese yuan and the Nigerian naira – more often when doing business with each other.
“The agreement is valid for three years and may be renewed upon mutual consent,” the Chinese central bank said in a statement.
The bank added that continuing this deal will help strengthen business ties between the two countries and make it easier for them to trade. It also means they won’t need to use US dollars as much when doing business together.
