EU opens probe into TikTok data transfer to China - Tech
TikTok was fined 530 million euros ($620 million) in May by the Data Protection Commission over European data transfers to China, though the Chinese social media giant had insisted this data was only accessed remotely.
The DPC on Thursday said it had been informed by TikTok in April that "limited EEA user data had in fact been stored on servers in China," contrary to evidence presented by the company.
The regulator said it had expressed "deep concern" in its previous investigation that "TikTok had submitted inaccurate information".
TikTok is a division of Chinese tech giant ByteDance.
But since it has its European headquarters in Ireland, the Irish authority is the lead regulator in Europe for the social platform, as well as others such as Google, Meta and Apple.
The DPC is tasked with ensuring companies comply with the EU's strict General Data Protection Regulation (GDPR), launched in 2018 to protect European consumers from personal data breaches.
It has imposed a number of big fines against tech companies as the EU seeks to rein in big tech firms over privacy, competition, disinformation and taxation.
Follow us on:
Short link:
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
EU Welcomes Armenia-Azerbaijan Peace Agreement
Nada Mustafa The European Union (EU) welcomed the meeting held in Washington between Azerbaijani President Ilham Aliyev and Armenian Prime Minister (PM) Nikol Pashinyan, under the auspices of U.S. President Donald Trump, which witnessed the initial signing of a peace treaty and the establishment of relations between the two countries. In a joint statement published on the European Council's official website, European Council President António Costa and European Commission President Ursula von der Leyen said that the signing of the political declaration at the White House represents a major development paving the way for lasting and sustainable peace between Armenia and Azerbaijan, crowning years of EU efforts in this path. The statement added that the next step is to ensure the timely implementation of the agreed measures, guaranteeing steady progress toward the full normalization of relations. The European leaders expressed their strong support for the normalization process and the EU's readiness to invest in regional connectivity projects and full openness, bringing benefits to the peoples divided by the legacy of conflict and bringing the region closer to peace, stability, and sustainable prosperity. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani
Daily News Egypt
3 hours ago
- Daily News Egypt
Greca Developments eyes Egyptian investors as gateway to Greek real estate, EU residency
Investing in real estate abroad has emerged as a compelling strategy for individuals seeking financial growth, asset diversification, and greater lifestyle flexibility. Whether driven by the promise of stable returns, the appeal of dual residency, or the desire to hedge against local market volatility, a growing number of investors are looking beyond their national borders. From the charming streets of European capitals to emerging hotspots in Southeast Asia, international property markets present a wide array of opportunities for savvy buyers seeking long-term value and global mobility. Ahmed Abbassi, Founder and CEO of Greca Developments—a company specializing in transforming older buildings in central Athens into residential units for sale or lease—announced that the company is preparing to launch 150 new units. This expansion is part of Greca's current portfolio, which includes 15 buildings comprising a total of 300 units, with a combined investment value exceeding €50m. Abbassi added that Greca has laid out expansion plans for the coming years, with a further €30m in investments earmarked to support growth. The company also owns five land plots across Greece, totaling 4,000 square meters, which are slated for development as part of its broader strategy to expand its footprint in the Greek real estate market. Abbassi emphasized that the company's presence in Egypt is not intended to compete with local developers. Instead, Greca is targeting a specific segment of clients interested in external investments that offer stable returns along with the added benefits of European travel and residency. He clarified that Greca's operations in Egypt will be limited to marketing its overseas real estate projects, with no plans to engage in local development. The company aims to attract Egyptian investors seeking opportunities abroad, particularly those looking to diversify their portfolios and secure access to European residency. Abbassi noted that around 80% of Greca's current client base consists of Egyptians, with the remaining 20% made up primarily of Turkish investors. In light of this growing demand, the company plans to open an office in Egypt during the last quarter of next year, aiming to facilitate the marketing of its projects and allow for in-person client meetings, replacing the current reliance on virtual communication. Additionally, Greca plans to participate in the Cityscape exhibition in September 2025 as part of its strategy to increase visibility and promote its projects to the Egyptian market. Abbassi highlighted that owning property in Greece not only generates attractive annual returns—reaching up to 6.5% in some cases—but also allows investors to obtain Greek residency, which is renewable every five years as long as the property remains under ownership. This residency permits visa-free travel across 46 Schengen countries, offering significant lifestyle and mobility advantages. He further explained that Greca manages investment properties on behalf of clients, handling rental operations, maintenance, and the direct transfer of rental income to investors. The company follows a business model that focuses on converting commercial and office buildings into residential units that qualify for European residency, enabling clients to secure residency by purchasing property starting from just €250,000. This stands in contrast to the significantly higher investment thresholds for new-build properties, which can reach up to €800,000. Abbassi pointed out that these regulatory changes were introduced by the Greek government to prevent pressure on new residential projects and to avoid inflating property prices, making converted properties a more accessible and sustainable option for residency seekers. He concluded by stating that the company plans to expand its operations in Egypt shortly, to attract more clients to purchase residential units owned by Greca and obtain permanent residency. The company is particularly targeting investors who are seeking new and stable opportunities within the European Union, using Greece as their entry point.
Daily News Egypt
3 hours ago
- Daily News Egypt
With independent customs operation, Hainan Free Trade Port poised to pioneer China's high-standard opening up
China's Hainan Free Trade Port (FTP) is set to launch an island-wide independent customs operation on Dec. 18, 2025, underscoring the country's wider push for high-standard opening up. In the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, senior officials from China's key economic departments shared policy insights on the Hainan FTP and its role in advancing the country's evolving opening-up strategy. As China's largest special economic zone, Hainan holds unique advantages in serving as a testing ground for reform and opening up. In April 2018, China announced plans to transform the island into a pilot free trade zone, with a long-term vision of developing a free trade port with Chinese characteristics. A master plan released in 2020 aimed to make Hainan a globally influential hub for high-level openness by mid-century. 'The launch of the island-wide independent customs operation will give Hainan greater latitude to pilot higher-standard opening-up measures,' said Cai Ping, an official with the National Development and Reform Commission (NDRC). These initiatives will not only drive the island's high-quality development, but also provide a testing ground for broader national reform and opening up, sending a clear message to the world that China's commitment to high-level openness is unwavering, and that its doors will continue to open wider, Cai said. ZERO-TARIFF INCENTIVES 'The move is aimed at expanding opening up and accelerating development,' said Cai, emphasizing that Hainan's opening up is not merely about lifting restrictions, but about systematically building an institutional framework to ensure the free and efficient flow of people, goods and capital. A central pillar of the policy framework is the enhanced zero-tariff policy. 'Businesses will enjoy broader zero-tariff incentives,' said Wu Jingfang, an official with the Ministry of Finance. The proportion of tariff lines with zero-tariff products in the Hainan FTP will increase from 21 percent to 74 percent, while the number of tariff-free items in Hainan will increase from about 1,900 to around 6,600. Imported products that undergo at least 30 percent value-added processing in Hainan can enter the mainland tariff-free. In addition, certain goods currently banned or restricted nationwide will enjoy open policies in Hainan. These measures will further reduce business costs, help attract upstream and downstream enterprises to Hainan, and promote the clustered development of industrial chains, according to Wu. With a zero-tariff system fundamentally in place after the independent customs operation, high-quality global resources can flow into Hainan with greater freedom and efficiency, Wu said. Trade liberalization and facilitation are defining features of a free trade port. Jiang Zijun from the Ministry of Commerce stressed that a key focus of the FTP's trade policies is the adoption of more favorable zero-tariff measures, alongside more relaxed trade management rules. LONG-TERM ENDEAVOR FOR OPENING UP Experts believe that launching an unprecedented, island-wide independent customs operation is a complex undertaking with no ready-made blueprint. It is a 'complex and systemic project' that requires careful alignment in policy transition, risk management, and regulatory coordination, said Cai from the NDRC. Looking ahead, the Hainan FTP will prioritize promoting the free and efficient flow of key production factors, including trade, investment, cross-border capital, personnel and logistics, alongside the secure and orderly movement of data, according to Cai. In response to the evolving needs of the Hainan FTP and China's wider push for opening up, the Ministry of Finance will continue to advance tax system reforms, Wu said. Key priorities will include advancing preferential corporate and personal income tax policies to attract top talent and leading enterprises, as well as expanding the list of zero-tariff products. With its optimized business environment, Hainan has emerged as a premier foreign investment destination, ranking among China's top performers. From 2020 to 2024, Hainan attracted more foreign investment than it did in the entire 32 years since becoming a province, while its goods trade grew at an average annual rate of over 30 percent. Amid rising protectionism and mounting challenges to the global trade order, the planned launch of the island-wide independent customs operation in Hainan — along with phased steps to build a policy and institutional framework for a free trade port with the highest level of openness — marks a strong signal of China's commitment to deeper opening up and advancing economic globalization, according to Guo Da, executive director of the China Institute for Reform and Development. The Ministry of Commerce will make more efforts to support Hainan in aligning with high-standard international economic and trade rules, enhancing institutional openness, and fostering new growth drivers through targeted measures, Jiang said. 'With the independent customs operations, Hainan FTP is poised to become a key gateway for China's new era of opening up and innovation,' Cai added.
