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Columbia Business Monthly

The Business Narrative: TikTok Complaint

Oct 09, 2024 10:00AM ● By Donna Walker

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SC Attorney General Sues TikTok For Allegedly Violating South Carolina Consumer Protection Laws

South Carolina Attorney General Alan Wilson joined a bipartisan coalition of 14 attorneys general in filing separate enforcement actions against TikTok for alleged violations of state consumer protection laws.

 

Wilson’s action alleges that TikTok exploits and harms young users and deceives the public about the social media platform’s dangers. 

 

“TikTok is knowingly addicting children to their platform and monetizing this behavior, all while deceiving parents about the safety of their business model,” Wilson said. 

 

Use of TikTok is pervasive among young people in the United States.

 

According to Wilson, in 2023, 63 percent of all Americans aged 13 to 17 who responded to a Pew Research survey reported using TikTok, and most teenagers in the U.S. were using TikTok daily. 

 

Wilson said TikTok’s misconduct arises from its underlying business model that focuses on maximizing young users’ time on the TikTok platform to enable the company to boost revenue from selling targeted advertising space.

 

TikTok’s misconduct, according to Wilson, includes:

 

* Deploying a business model that is designed to be addictive and maximize the time young users spend on the platform.

* Using manipulative features, such as continuous scrolling, to keep kids and teens on the platform longer.

* Marketing the platform and platform features to parents as safe for kids and teens online and in app stores.

 

The Wall Street Journal reported TikTok strongly disagrees with the claims and believes many of them are inaccurate and misleading.

 

According to The Journal, the company said it provides robust safeguards and has voluntarily launched features such as screen-time limits and privacy by default for users under age 16.

 

Attorneys general from the following states joined Wilson in filing separate enforcement actions against TikTok: California, New York, Illinois, Kentucky, Louisiana, Massachusetts, Mississippi, North Carolina, New Jersey, Oregon, Vermont, Washington, and the District of Columbia.

 

As of Oct. 8, 2024, 23 attorneys general have filed actions against TikTok for its conduct toward youth, including existing actions filed by the attorneys general of Utah, Nevada, Indiana, New Hampshire, Nebraska, Arkansas, Iowa, Kansas, and Texas.

 

Birla Carbon Selects Orangeburg County for First SC Operation

Birla Carbon, a leading manufacturer and supplier of carbon solutions, announced it selected Orangeburg County to establish the company’s first South Carolina operation.

 

The $1 billion investment will create 124 jobs, according to Gov. Henry McMaster’s office.

 

“Birla Carbon is excited to join the state of South Carolina in making this significant investment that will contribute to the growth of this critical industry domestically,” said Birla Carbon President and Chief Executive Officer John Loudermilk. “As a global leader in our industry, we are constantly looking for opportunities to collaborate with like-minded partners that make a real difference.”

 

Loudermilk added, “This plant is an investment in the future as the demand for electric vehicles and energy storage markets will only grow. The investment aligns with our purpose to ‘Share the Strength’ as we will create value and drive positive change, supporting our stakeholders, especially our customers and the communities in which we operate.” 

 

With more than 160 years of experience, Birla Carbon is one of the largest manufacturers and suppliers of high-quality carbon additives globally.

 

The company operates 17 manufacturing facilities in 14 countries, providing solutions for rubber, plastics, coatings, inks and other niche industries.

Officials said Birla Carbon will construct a 435,000-square-foot building at the Tri-County Industrial Site in Orangeburg to serve as a next-generation, synthetic graphite continuous production facility.

 

The new operation will supply anode active materials which is enough to support more than 40-gigawatt hours (GWh) battery plants.

 

The initial phase will produce 25,000 tons of synthetic graphite annually to meet the projected demand for the electric vehicle, energy storage and defense markets.

Operations are expected to be online in 2026.

 

Officials said Birla Carbon will provide education and internship opportunities to build a pipeline of employees, as well as childcare subsidies to help new parents work at the company’s facility.

 

Employment opportunities will be available in 2025.

The state’s Coordinating Council for Economic Development approved job development credits related to the project.

CoreLogic: Final Estimated Damages for Hurricane Helene to be Between $30.5 Billion and $47.5 Billion

CoreLogic, a leading global property information, analytics and data-enabled solutions provider, announced its updated and final damage estimates for Hurricane Helene.

 

According to the new and final data analysis, total flood and wind losses are between $30.5 billion and $47.5 billion.

 

The estimate includes wind loss as well as insured and uninsured storm surge and inland flood loss for residential and commercial properties across 16 states.

 

Insured flood loss from the National Flood Insurance Program (NFIP) and private insurance for residential and commercial properties is estimated to be between $6 billion and $11 billion, which includes both re-evaluated storm surge and new estimates for inland flooding.

 

Wind losses are estimated to be $4.5 billion to $6.5 billion.

 

Uninsured flood loss is estimated to be between $20 billion and $30 billion.

 

"When intense storm surge and flooding events, like Hurricane Helene, reach regions that are infrequently affected by natural hazards, we can expect to see damage to homes without flood insurance coverage. The fact that so much damage was concentrated outside the Special Flood Hazard Areas (SFHAs) makes it challenging to realize the full extent of impact to uninsured homeowners,” said Jon Schneyer, director of Catastrophe Response at CoreLogic.

 

Schneyer added, “Thankfully FEMA's NFIP is expected to provide up to $6.5 billion of insurance for the recovery efforts, which will help bring much needed recovery aid to the affected areas."

 

Insured loss represents the amount insurers and NFIP will pay to cover damages.

 

Unlike wind damage, which is covered by a standard homeowner’s policy, flood is a separate coverage which isn’t mandatory outside the designated SFHAs.

 

The analysis includes damage to both buildings and their contents of residential, commercial, and industrial structures including a time element component and does not include broader economic loss from the storm.

 

The losses also include damage to automobiles.

 

Damage to personal marine craft, offshore infrastructure, governmental structures, and infrastructure (like roads and bridges) are excluded.

Duke Energy Announces Dividend Payments to Shareholders

Duke Energy (NYSE: DUK) on Oct. 7, 2024, declared a quarterly cash dividend on its common stock of $1.045 per share.

 

The dividend is payable on Dec. 16, 2024, to shareholders of record at the close of business on Nov. 15, 2024.

 

The company also declared a quarterly cash dividend on its Series A preferred stock of $359.375 per share payable on Dec. 16, 2024, to shareholders of record at the close of business Nov. 15, 2024.

 

This is equivalent to $0.359375 per depositary share.

 

Duke Energy has paid a cash dividend on its common stock for 98 consecutive years.

 

Duke Energy, a Fortune 150 company headquartered in Charlotte, North Carolina, is one of America's largest energy holding companies.

 

The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity.

 

Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

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