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Loblaw investing $75 million for minority stake in telemedicine firm Maple – CTV News

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TORONTO —
Loblaw Companies Ltd. is spending $75 million for a minority stake in telemedicine company Maple Corp., which helps connect people with doctors and medical specialists using a smartphone or computer.

The company said Tuesday the investment will be made through its Shoppers Drug Mart Inc. subsidiary.

Shoppers Drug Mart president Jeff Leger said the COVID-19 pandemic has shown that Canadians need new ways, particularly virtual ways, to get access to care.

“We believe that our store network and infrastructure, combined with Maple’s technology can help better connect Canadians to the health care support they need, whenever and wherever they are,” Leger said in a statement.

Shoppers Drug Mart has already been working with Maple and its virtual care is available in more than 160 Shoppers Drug Mart locations in B.C.

The two companies also worked together early in the pandemic to help enable virtual care visits.

“We’ve watched virtual care solve some of the most complex healthcare issues around the globe, as well as right here in Canada through our own programs,” said Dr. Brett Belchetz, CEO and co-founder of Maple.

“We’re thrilled to work hand-in-hand with Shoppers Drug Mart to bring the reliable, convenient, and high-quality access to care that we’ve developed over the past five years to more Canadians than ever before.”

Shoppers Drug Mart has almost 1,300 stores under its Shoppers Drug Mart and Pharmaprix banners.

The investment by Loblaw in Maple comes as part of the company’s investment in health care.

The company, which in addition to the Shoppers Drug Mart chain operates pharmacies in its grocery stores, owns electronic medical records company QHR and virtual care service Medeo.

It also runs the Health Clinic by Shoppers, a primary-care and family practice clinic, and Wellwise, a new retail chain offered by Shoppers Drug Mart.

This report by The Canadian Press was first published Sept. 15, 2020

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Oracle TikTok Investment Wins Trump’s Blessing: Deal at a Glance – Yahoo Canada Finance

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Oracle TikTok Investment Wins Trump’s Blessing: Deal at a Glance

(Bloomberg) — Oracle Corp.’s agreement to take a stake in TikTok has won the long-awaited blessing of U.S. President Donald Trump.

The proposal, which would give Oracle and other investors minority ownership of a new company called TikTok Global, still needs approval from regulators in China, where TikTok’s parent ByteDance Ltd. is based.

Trump’s praise for the agreement suggests that weeks-long deliberations over the fate of a popular music and video-sharing app are nearing completion. ByteDance began holding discussions with investors in its U.S. operations after the Trump administration threatened to shutter the business, saying that it poses a threat to national security.

While some of the terms remain undetermined, here’s what’s known about the deal, based on public statements and people with knowledge of the matter:

What We Know

Who’s in and who’s outOracle plans to take a 12.5% stake in a round of financing that would precede an IPOTikTok also said that together, Oracle and Walmart Inc. could end up with as much as 20%The new company, called TikTok Global, will seek a U.S. IPO and raise a pre-IPO round of financingExisting Bytedance investors that could participate in the pre-IPO round include Sequoia Capital, General Altantic and Coatue CapitalA host of other companies made proposals or considered bidding. Microsoft Corp. was rebuffed because it wanted to control all of TikTok in the U.S., a condition that didn’t sit well with BeijingWhat the deal looks likeOracle will be TikTok’s “trusted technology provider,” meaning Oracle will house the entity’s data in its U.S. servers — a boon to a cloud computing business that has lagged behind those of Amazon.com Inc., Alphabet Inc. and Microsoft. It will also get access to monitor TikTok’s source code and algorithmsWalmart Chief Executive Officer Doug McMillon will sit on Tiktok Global’s board and is discussing a commercial partnership with TikTokTikTok Global will likely be headquartered in Texas and will hire at least 25,000 people, Trump said, without mentioning a timeline for those hiresByteDance would retain a majority stake in TikTok’s assets and control the closely guarded algorithm that determines what clips users seeThe new company will hold an initial public offering in about a yearHow the parties are addressing security concernsOracle will review TikTok’s full source code and updates to make sure there are no back doors that could be used by ByteDance to gather data or spy on the app’s 100 million or so American usersOracle will be able to continue to review the technology as updates come in to make sure there are no new points of access to the dataTikTok was able to convince the U.S. government that TikTok Global would be controlled by American investors by counting the passive stakes of existing shareholders in TikTok’s Chinese parent, people familiar with the matter said. Although Bytedance will retain an 80% stake in the new company, because existing U.S. investors hold a 40% stake in ByteDance, the math works out to 53% ownership by U.S. companies and investorsWhether Trump will get a payoutTikTok Global will use proceeds of the IPO to create a $5 billion education fund“They’re going to be setting up a very large fund,” Trump said Saturday. “That’s their contribution that I’ve been asking for”

What We Don’t Know

What China thinksThe Chinese government will also have to approve ByteDance’s plans under new restrictions Beijing imposed on the export of artificial intelligence technologies, Bloomberg News reported earlierAs of earlier this week, ByteDance was growing increasingly confident that the proposal would pass muster with Chinese regulators, people familiar with the matter told BloombergEarly reaction from Chinese state media appeared positive. “This scheme is still unfair, but it avoids the worst result that TikTok is shut down or sold to a US company completely,” wrote Hu Xijin, the influential editor in chief of China’s state-owned Global Times

Fate of the Commerce Department’s ban

The Commerce Department said Saturday it will push a ban back by one week that would bar TikTok from the Apple Inc. and Android app stores, extending the Sept. 20 deadline set by President Trump

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©2020 Bloomberg L.P.

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Oracle TikTok Investment Wins Trump's Blessing: Deal at a Glance – BNN

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(Bloomberg) — Oracle Corp.’s agreement to take a stake in TikTok has won the long-awaited blessing of U.S. President Donald Trump.

The proposal, which would give Oracle and other investors minority ownership of a new company called TikTok Global, still needs approval from regulators in China, where TikTok’s parent ByteDance Ltd. is based.

Trump’s praise for the agreement suggests that weeks-long deliberations over the fate of a popular music and video-sharing app are nearing completion. ByteDance began holding discussions with investors in its U.S. operations after the Trump administration threatened to shutter the business, saying that it poses a threat to national security.

While some of the terms remain undetermined, here’s what’s known about the deal, based on public statements and people with knowledge of the matter:

What We Know

  • Who’s in and who’s out
    • Oracle plans to take a 12.5% stake in a round of financing that would precede an IPO
    • TikTok also said that together, Oracle and Walmart Inc. could end up with as much as 20%
    • The new company, called TikTok Global, will seek a U.S. IPO and raise a pre-IPO round of financing
    • Existing Bytedance investors that could participate in the pre-IPO round include Sequoia Capital, General Altantic and Coatue Capital
    • A host of other companies made proposals or considered bidding. Microsoft Corp. was rebuffed because it wanted to control all of TikTok in the U.S., a condition that didn’t sit well with Beijing
  • What the deal looks like
    • Oracle will be TikTok’s “trusted technology provider,” meaning Oracle will house the entity’s data in its U.S. servers — a boon to a cloud computing business that has lagged behind those of Amazon.com Inc., Alphabet Inc. and Microsoft. It will also get access to monitor TikTok’s source code and algorithms
    • Walmart Chief Executive Officer Doug McMillon will sit on Tiktok Global’s board and is discussing a commercial partnership with TikTok
    • TikTok Global will likely be headquartered in Texas and will hire at least 25,000 people, Trump said, without mentioning a timeline for those hires
    • ByteDance would retain a majority stake in TikTok’s assets and control the closely guarded algorithm that determines what clips users see
    • The new company will hold an initial public offering in about a year
  • How the parties are addressing security concerns
    • Oracle will review TikTok’s full source code and updates to make sure there are no back doors that could be used by ByteDance to gather data or spy on the app’s 100 million or so American users
    • Oracle will be able to continue to review the technology as updates come in to make sure there are no new points of access to the data
    • TikTok was able to convince the U.S. government that TikTok Global would be controlled by American investors by counting the passive stakes of existing shareholders in TikTok’s Chinese parent, people familiar with the matter said. Although Bytedance will retain an 80% stake in the new company, because existing U.S. investors hold a 40% stake in ByteDance, the math works out to 53% ownership by U.S. companies and investors
  • Whether Trump will get a payout
    • TikTok Global will use proceeds of the IPO to create a $5 billion education fund
    • “They’re going to be setting up a very large fund,” Trump said Saturday. “That’s their contribution that I’ve been asking for”

What We Don’t Know

©2020 Bloomberg L.P.

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UAE Makes Appointments to Investment Body, UN Aviation Group – BNN

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(Bloomberg) — The United Arab Emirates appointed new heads to several federal committees, as well as a permanent representative to the International Civil Aviation Organization.

The UAE’s prime minister, Mohammed Bin Rashid Al Maktoum, named Thani Ahmed Al Zeyoudi as head of the federal committee for direct investment, according to the official news agency WAM. Saeed Mohammed Al Suwaidi was named as permanent representative for the UAE at the United Nations’ civil aviation body known as ICAO, WAM reported.

©2020 Bloomberg L.P.

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