Nepal becomes the latest country to ban TikTok
TheStreet’s J.D. Durkin brings you the biggest news of the day, including a fresh batch of economic data and another country pulling the plug on TikTok.
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00:00 I'm JD Durkin reporting from the New York Stock Exchange and here is a look at what
00:03 we are watching on the street today.
00:06 Investors are reacting to a lighter than expected inflation report.
00:10 Inflation rose at an annual rate of 3.2 percent for the month of October, below expectations
00:15 of 3.3 percent and down from last month's 3.7 percent.
00:20 This report is a sign that stubbornly high prices are finally beginning to ease.
00:25 Later on this week, investors will be turning their attention to the release of retail sales
00:29 data and earnings from companies like Target, Walmart, as well as Macy's.
00:34 Turning to tech, yet another country has banned TikTok.
00:37 Nepal has officially prohibited the use of the social media platform.
00:41 It's not the usual securities reason, but to keep the peace.
00:45 Of the ban, the country's Minister of Communication and Information Technology said, quote, "Considering
00:51 how TikTok is disrupting our social harmony and the impact it's having on our family and
00:55 social structures, the Cabinet has decided to ban TikTok for the moment."
01:00 Nepal is far from the first country to place some sort of ban on the Chinese-owned TikTok.
01:05 India, Taiwan and Afghanistan have banned all citizens from using the app, while the
01:11 United States, Australia and the entire European Union have all placed restrictions on the
01:16 use of TikTok on government devices.
01:18 Despite the bans and many restrictions, TikTok still boasts over one billion users, with
01:24 over 100 million of them living in the United States.
01:32 That's a lot of people.
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