TikTok to increase investment in Britain
LONDON: TikTok plans to raise its investment in the UK, its biggest community in Europe, with the creation of 500 more jobs, the Chinese-owned social media giant announced Monday (Jun 9).
The news coincided with the start of London's Tech Week, which sees British Prime Minister Keir Starmer welcoming some of the sector's biggest firms.
"TikTok's UK workforce will grow to 3,000 this year with the addition of more than 500 jobs," the company said in a statement.
It added that it was investing in a new London office, set to open next year, and whose size will dwarf its current UK head office.
It will take TikTok's investment in UK infrastructure to around £140 million (US$190 million), the group said.
Around half the UK population, more than 30 million people, use TikTok each month, making it the platform's "largest user-community in Europe", the statement added.
"Whether through direct investment in jobs and innovation, or the wider economic contribution from millions of British businesses on TikTok, we're pleased to be increasing our investment and presence here in the UK," said Adam Presser, director of TikTok UK and global head of operations and trust and safety.
TikTok has been in the crosshairs of Western governments for years over fears that personal data could be used by China for espionage or propaganda purposes.
"What underpins our continued growth is our deep commitment to safety and to creating an enjoyable and secure digital space to sustainably support creators, entrepreneurs and the wider economy, which is why we also invest significantly in safety," Presser added Monday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
32 minutes ago
- CNA
T-Mobile US boss set to leave post early, Handelsblatt newspaper reports
FRANKFURT :The head of T-Mobile U.S., the fast-growing and profitable subsidiary of Germany's Deutsche Telekom, is due to step aside before the end of his current contract, German newspaper Handelsblatt reported on Monday. Deutsche Telekom did not immediately respond to a request for comment on the report. Handelsblatt reported Mike Sievert, who has headed the mobile operator since 2020, wanted to take a break and that Chief Operating Officer Srini Gopalan, until recently head of Deutsche Telekom's Germany business, was a leading candidate to succeed him. The chief executive would step down this year or next, the newspaper added. Previously facing troubles, T-Mobile has become a revenue and profit driver in recent years. Thanks to strong figures from the U.S. mobile operator, Deutsche Telekom has raised its earnings targets several times. T-Mobile U.S. customer growth fell short of expectations at the beginning of the year due to an intensified price war. The subsidiary nonetheless aims to win 5.5 to 6 million new users by 2025. Sievert, who joined T-Mobile as marketing head in 2012, had been due to remain in post until 2028.
Independent Singapore
3 hours ago
- Independent Singapore
Singapore fund inflows rebound in 2024 at S$7.6B, up 167%
Photo: Freepik/freestockcenter SINGAPORE: Singapore's fund management industry rebounded in 2024, pulling in S$7.6 billion in total net inflows, up 167% from the S$2.85 billion recorded the year before. According to Singapore Business Review, citing the latest quarterly report from the Investment Management Association of Singapore (IMAS), net inflows in the fourth quarter of 2024 (Q4 2024) alone reached S$1.72 billion, led by fixed income and allocation funds at S$758.83 million and S$630.09 million, respectively. Money market funds, which had an inflow of S$1.5 billion in the previous quarter, followed with S$158.83 million. Equity funds also recorded inflows of S$171.83 million. Meanwhile, alternative assets, commodities, and convertibles posted minor outflows. In Singapore, global equity income funds saw the highest inflows, attracting S$91.83 million, followed by Singapore equity funds, which drew in S$78.82 million. In contrast, Asia-Pacific ex-Japan equity funds had the most outflows at S$121.85 million. Globally, fund flows were mixed. In Q4 2024, the US equity market drew US$145.6 billion in fresh inflows, driven mostly by large blend funds. In Europe, equity inflows reached €13.56 billion (S$19.66 billion). Meanwhile, China bucked the trend with ¥85.48 billion (S$761.7 million) pulled from equity funds in the same period. Fixed income stayed popular with investors globally. US fixed income brought in US$128.3 billion (S$165.2 billion), while Europe recorded €75.36 billion in net income inflows for Q4. In Asia, the city-state's fixed income segment pulled in S$758.83 million, led by global fixed income at S$415.82 million and Asia fixed income at S$278.79 million. /TISG Read also: Citi sees social finance funding in Asia growing 10% in 2025 as investor interest heats up
CNA
4 hours ago
- CNA
Italy and Israeli Paragon part ways after spyware affair
ROME :Italy and Israeli spyware maker Paragon said they have ended contracts following allegations that the Italian government used the company's technology to hack the phones of critics, according to a parliamentary report on Monday and the company. Both sides said they had severed ties, giving conflicting accounts that triggered widespread criticism from opposition parties in Italy, while the journalists' federation FNSI called on prosecutors to investigate to ascertain the facts. An official with Meta's WhatsApp chat service said in January that the spyware had targeted scores of users, including, in Italy, a journalist and members of the Mediterranea migrant sea rescue charity critical of Prime Minister Giorgia Meloni. The government said in February that seven Italian mobile phone users had been targeted by the spyware. At that time the government denied any involvement in illicit activities and said it had asked the National Cybersecurity Agency to look into the affair. A report from the parliamentary committee on security, COPASIR, said on Monday that Italian intelligence services had initially put on hold and then ended their contract with Paragon following a media outcry. It was unclear when the contract was ended. However, COPASIR recalled that, addressing parliament on February 12, the government had said that it was still in place. The committee also added it found no evidence that Francesco Cancellato, a reported target and editor of investigative website Fanpage, had been put under surveillance using Paragon's spyware, as he had alleged to Reuters and other media outlets. In a statement quoted by Fanpage, Paragon said it stopped providing spyware to Italy when Cancellato's alleged involvement became public, and said the government declined an offer to jointly investigate whether and how he was spied upon. The company did not reply to requests for comment from Reuters. Opposition politicians called on the government to clarify the matter in parliament. Meloni's office declined to comment. The COPASIR report said Italy's domestic and foreign intelligence agencies activated contracts with Paragon in 2023 and 2024 respectively and used it on a very limited number of people, with permission from a prosecutor. The foreign intelligence agency used the spyware to search for fugitives, counter illegal immigration, alleged terrorism, organised crime, fuel smuggling and counter-espionage and internal security activities, COPASIR said. It added that members of the Mediterranea charity were spied on "not as human rights activists, but in reference to their activities potentially related to irregular immigration", with permission from the government. Undersecretary Alfredo Mantovano, Meloni's point man on intelligence matters, authorised the use of Paragon spyware on Mediterranea activists Luca Casarini and Beppe Caccia on September 5, 2024, the report said. Mantovano was not immediately available for comment. A Sicilian judge last month ordered six members of Mediterranea, including Casarini and Caccia, to stand trial on accusations of aiding illegal immigration, the first time crew members of a rescue vessel have faced such prosecution. All have denied wrongdoing.
