The Online Citizen Asia

TikTok content creators protested against a potential ban on the app at the US Capitol, arguing that the platform is no more prone to data breaches than other apps. A group of around a dozen teenagers, teachers, and business owners rallied at Congress to draw attention to the benefits of TikTok on their lives and livelihoods.

Tencent's net profit fell 16% YoY in 2022, earning 188.2 billion yuan ($27.3 billion), as China's tech sector faced increasing regulatory scrutiny over anti-competitive behavior and data security.

UBS and Credit Suisse's merger will create the biggest bank in Switzerland, raising concerns about its size. Both banks are considered too big to fail and are of strategic importance to the global banking system. Some in business, industry, and politics are sceptical about the merger and the impact on services offered to companies, costs, and competition. The merger prevented the collapse of Credit Suisse and triggered criticism among Swiss political circles, with calls for further regulation and partial nationalization.

Credit Suisse's $17.3 billion worth of high-risk debt will be written off as part of its merger with UBS, according to Swiss authorities. The 16 billion Swiss francs of additional tier 1 bonds will be written down, resulting in an increase in the bank's core capital. Shareholders will receive three billion Swiss francs, while the AT1 bonds will be written off to zero, a blow to bondholders. The merger with UBS was designed to prevent Credit Suisse's troubles from spreading to the wider banking industry.

Flagstar Bank will take over deposits and some loan portfolios of failed Signature Bank, according to the Federal Deposit Insurance Corporation. The bank's 40 branches will open under Flagstar on Monday, but $60 billion in loans and $4 billion in deposits related to Signature Bank's digital banking business will remain under the regulator's control. Meanwhile, the FDIC is seeking to sell the failed Silicon Valley Bank in at least two parts after a massive wave of withdrawals from the bank sparked fears of contagion across the industry.