COMPANY NEWS IN BRIEF

TikTok to challenge Trump

TikTok said it plans to file a lawsuit against president Donald Trump's executive order prohibiting transactions with the popular short video app and its Chinese parent ByteDance, confirming an earlier Reuters report.

Reuters exclusively reported on Friday that TikTok would challenge Trump's executive order as early as Monday. TikTok said it had tried to engage with the US administration for nearly a year, but faced "a lack of due process" and that the government paid no attention to the facts.

"To ensure that the rule of law is not discarded and that our company and users are treated fairly, we have no choice but to challenge the executive order through the judicial system," the company said in a statement.

TikTok's owner ByteDance issued a separate statement on Sunday saying it will officially file a lawsuit against Trump administration.

Trump issued an executive order on Aug. 14 that gave ByteDance 90 days to divest the U.S. operations of TikTok. ByteDance has been making progress in talks with potential acquirers, including Microsoft Corp and Oracle. – Nampa/Reuters

Apple under antitrust probe

Apple Inc.'s South Korean unit has proposed measures to address antitrust concerns and offered to provide 100 billion won (US$84.02 million) worth of support programmes for small businesses, consumers and others, the country's competition watchdog said.

Apple Korea has been under investigation by the Korea Fair Trade Commission over allegations it abused its dominant position by forcing mobile carriers to pay for advertising and warranty repairs, the commission has said.

Apple has agreed to fix "unfair" terms with mobile carriers as part of its proposal, the KFTC said in a briefing. For example, Apple will discuss how to share advertising costs with telecoms firms, which will help reduce burdens to carriers, the KFTC said.

Out of the 100 billion won, Apple pledged to offer 40 billion won to build a centre to support research and development for Korea's small manufacturers and 25 billion won to establish an "academy" to provide education to developers.

Another 25 billion won will be used to give consumer discounts on warranty repair costs and other benefits. The regulator will close the case without concluding whether Apple did anything illegal if it finds the proposed remedies reasonable after collecting public opinion. – Nampa/Reuters

Qantas remains grounded

Qantas Airways Ltd said its international division head Tino La Spina would leave the company, in a cost-saving move at a time when the airline has grounded all international flying due to the coronavirus pandemic.

The head of its domestic business, Andrew David, will also take over the responsibilities of La Spina, a former Qantas chief financial officer who spent 14 years at the company and is well known to investors.

Qantas chief executive Alan Joyce said it had become increasingly clear that the airline's international flights would be grounded until at least mid-2021 and it would take years for flying to return to historical levels.

"Under those circumstances, we've made the decision to consolidate the domestic and international business units under a single divisional CEO," Joyce said in a statement.

It added that Joyce would be on reduced pay of 65% of normal levels until November, while his direct reports were on 85% of normal pay as part of its response to the pandemic. – Nampa/Reuters

Participants enrolled for trials

Drug developer Moderna Inc said it has so far enrolled 13 194 participants in the ongoing late-stage 30 000-volunteer US trial testing its Covid-19 vaccine candidate.

In a tweet, the company also said that 18% of the participants currently enrolled are Black, Latino, American, Indian or Alaska Native, groups among the hardest hit by the coronavirus virus pandemic.

The 30 000 subject US trial is among the first late-stage studies supported by the Trump administration's effort to speed development of measures against the novel coronavirus, adding to hope that an effective vaccine will help end the pandemic.

Last week, the company entered a supply agreement with the US government to provide 100 million doses of its potential Covid-19 vaccine for around US$1.5 billion.

Moderna, which has never brought a vaccine to market, had earlier received nearly US$1 billion from the US government, which is helping bankroll several vaccine candidates under its Operation Warp Speed program. – Nampa/Reuters

Avianca dismisses allegations

German Efromovich, a majority shareholder of Avianca Holdings, said he is innocent of alleged corruption under investigation by Brazilian prosecutors and hopes to win back control of the Colombian airline.

Efromovich and his brother, Jose, were placed under house arrest in Brazil earlier this week as part of the country's massive Car Wash corruption probe.

Protesting his innocence in a virtual press conference, Efromovich said he remained a willing investor in Avianca, as the air carrier undergoes a Chapter 11 restructuring in the United States after filing for bankruptcy protection in May.

Brazilian prosecutors have accused the brothers of laundering money and bribing public officials in order to land ship-building contracts with Transpetro, the logistics unit of Brazilian oil company Petrobras.

"The documents speak for themselves and this will fall by gravity, because of its own weight," Efromovich said of the accusations against him. – Nampa/Reuters