Friday newspaper round-up: TikTok, Walt Disney, Emirates
The US government has announced it will delay enforcement of a ban on TikTok, granting the Chinese-owned social media app a temporary reprieve in its battle against the Trump administration. The popular app was facing restrictions over national security concerns that would have effectively barred it from app stores in the US. The rules were expected to take effect on Thursday. But the US commerce department said it was holding off “pending further legal developments”. - Guardian
The former business partner of the disgraced entrepreneur Gavin Woodhouse is being pursued by the Financial Conduct Authority in the high court over alleged links to care home investments in which investors appear to “have lost at least £30m”. Robin Forster, who ran Qualia Care Developments (QCD) and Qualia Care Properties (QCP) before the companies entered administration this year, is accused of running “unauthorised” collective investment schemes, which the regulator says resembled “Ponzi schemes”. – Guardian
Walt Disney has added 73.7m subscribers to its streaming service launched last year, in a bright spot for the entertainment titan which is reeling from the impact of Covid on its theme parks and studios. The California-based company said revenue fell 23pc for the three months to October 3, to $14.71bn, compared to the same period last year. Results, however, were better than an expected 26pc fall forecast by Bloomberg analysts, despite the pandemic forcing its parks to temporarily shut down and a delay in film releases over cinema closures. – Telegraph
The accountancy regulator has raised renewed concerns about the financial market’s vulnerability to the failure of one of the Big Four firms that dominate the audit market. The Financial Reporting Council, the watchdog for accountants, said it had requested detailed information from firms including Deloitte, KPMG, EY and PWC on their responses to the pandemic and financial resilience. – The Times
The state-owned airline of the Gulf state of Dubai and traditionally one of the world’s biggest money-making carriers, has plunged into deep losses. Emirates, which operates the world’s largest fleet of Airbus A380 double-decker superjumbos — although most of the 114 aircraft are grounded — reported losses of $3.8 billion for the six months to September 30 on revenues that collapsed 74 per cent to $3.7 billion. – The Times