TikTok says to increase investment in Britain
The news coincided with the start of London's Tech Week, which sees British Prime Minister Keir Starmer welcoming some of 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 ($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 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.
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France 24
2 hours ago
- France 24
TikTok says to increase investment in Britain
The news coincided with the start of London's Tech Week, which sees British Prime Minister Keir Starmer welcoming some of 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 ($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 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.
Euronews
3 hours ago
- Euronews
Greek island of Santorini sees significant drop in number of tourists
The main street without many people, alleys that are not crowded with visitors; these are uncommon sights during the summer months in Santorini's capital, Fira. For the first year since the COVID-19 pandemic, Santorini, one of the most popular Greek islands, is experiencing a decline in tourist traffic. Earthquake activity on the island earlier this year deterred many international visitors from choosing it for their summer holidays. In recent weeks, arrivals have been increasing, but the numbers are far short of the highs of previous years. "In Santorini, available airline seats are down 26% from the beginning of the year to date. But the indications we have in terms of supply of seats are down in the range of 7%-8% for the summer, so we expect a result with losses of 10%-15%," said president of the Association of Greek Tourism Enterprises (SETE), Yannis Paraschis. The president of the Santorini hoteliers, Antonis Pagoni, told Euronews he estimates a further fall in tourist traffic and warned that the effects will spread throughout the entire Greek economy. "The president of SETE talked about airport arrivals," he added, "but I will unfortunately say that overall arrivals will be down about 20%-25%. Right now we are moving at -25% to -30%. It's a huge reduction in a destination like Santorini that attracts more than 3 million visitors. You know, it's 10% of Greek tourism. We are not sure if Greece can afford to lose that revenue." The island's hoteliers are offering discounts on room rates to attract last-minute tourists. Almost every day three cruise ships stop in Santorini and thousands of visitors get off to admire the island's sights. The cruise tax, which will finally start to be collected from July, is not expected to affect this year's cruise ship arrivals. At the same time, the cost of living crisis affecting many parts of the world is also leaving its mark on Santorini. This year, visitors are more restrained in their spending and this can be seen not only in hotel bookings but also in the alleys of the Greek islands. According to shop owners, tourists this year are spending significantly less than in previous years, not only on dining but also on buying souvenirs. Shares in chip designer Alphawave rose sharply on Monday after the British-Canadian firm agreed to be acquired by US rival Qualcomm for around $2.4bn (€2.1bn) in cash. As of around 9.45am London time, Alphawave's stock had risen around 23% in daily trading on the LSE. Qualcomm's offer values each share at 183p, a 96% premium on the closing price seen on 31 March, the final day before Qualcomm and Alphawave announced they were holding discussions. The $2.4bn valuation is still half of the total worth attributed to Alphawave when it launched an IPO in 2021. At its stock market debut, Alphawave shares were worth 410p each and the group was valued at £3.1bn (€2.7bn), although the firm has generally traded well below this level since its IPO. The deal is expected to close in the first three months of 2026, subject to shareholder and regulatory approval. Alphawave designs semiconductor technology for data centres and AI applications, thus providing Qualcomm with an opportunity to diversify away from smartphone components. 'Qualcomm's acquisition of Alphawave Semi represents a significant milestone for us and an opportunity for our business to join forces with a respected industry leader and drive value to our customers,' said Tony Pialis, CEO of Alphawave Semi. 'By combining our resources and expertise, we will be well-positioned to expand our product offerings, reach a broader customer base, and enhance our technological capabilities,' he added. Cristiano Amon, CEO of Qualcomm, commented on the deal: 'The combined teams share the goal of building advanced technology solutions and enabling next-level connected computing performance across a wide array of high growth areas, including data center infrastructure.' Alphawave said its directors would unanimously advise shareholders to vote in favour of the takeover. For the deal to go ahead, it would require a green light from investors representing 75% of shares. The takeover raises concerns about the attractiveness of listing in the UK, particularly after other high-profile departures from the LSE. Food-delivery service Deliveroo and cybersecurity and AI firm Darktrace have both agreed to be acquired by US firms. The fintech Wise also announced last week that it would be moving its primary listing to the US.
Euronews
5 hours ago
- Euronews
NATO Chief Rutte to call for 'quantum leap' in defence spending
NATO Chief Mark Rutte will tell members that a "quantum leap" in collective security is necessary as he meets UK leader Keir Starmer in London on Monday. The secretary-general of the military alliance is expected to renew calls for member states to swiftly boost defence spending in response to mounting global threats, particularly from Russia A "400% increase in air and missile defences" and thousands more armoured vehicles and shells are needed to maintain deterrence and defence, according to excerpts of Rutte's speech released by NATO. "We see in Ukraine how Russia delivers terror from above, so we will strengthen the shield that protects our skies" Rutte is expected to say. Rutte will meet Starmer at Downing Street ahead of a NATO summit in the Netherlands where the alliance's 32 member countries are expected to commit to a huge hike in military spending. The alliance's leader has proposed a target of 3.5% of each countries GDP on military spending and another 1.5% on "defence-related expenditure" such as bridges, airfields, sea ports and roads. Rutte's proposed new target would deliver on longstanding demands made by US President Donald Trump, who has repeatedly criticised the alliance's 2% goal as inadequate. NATO's current target, agreed at a summit in 2014, is 2% of GDP. Currently, 22 of the 32 member countries meet or exceed the current target. Only Poland exceeds the 3.5% target at 4.32%. The US defence budget, the largest in the alliance, amounts to 3.4% of its GDP. A majority of NATO member countries have recently signalled plans to bolster their defence capabilities in response to Russia's ongoing invasion of Ukraine and mounting pressure from US President Donald Trump for European allies to take greater responsibility for their own security. In the UK, Starmer has pledged to hike the country's defence spending to 2.5% of its GDP, and an additional 3% by 2034. Last week, the UK government unveiled a plan to build 12 new attack submarines and six ammunition factories, marking the most sweeping overhaul of British defences in more than three decades. Germany has also pledged a substantial increase in military spending for 2025. Its parliament recently approved a constitutional amendment exempting defence spending exceeding 1% of GDP from the country's debt-brake, a move enabling significantly more investment from a nation historically hesitant to be a leader in European military spending. A total of 27 were arrested in downtown Los Angeles on Sunday as thousands of protesters took to the streets in response to US President Donald Trump's ICE raids and deployment of National Guard troops. At least 10 people were detained during scuffles between police officers and demonstrators in downtown Los Angeles, LAPD Police Chief Jim McDonnell said during a news conference Sunday evening local time. Decrying the escalation of violence as "disgusting", McDonnell said Molotov cocktails, fireworks, rocks and other objects were being used to target officers. "It's escalated now since the beginning of this incident," McDonnell said, calling the protests "increasingly worse and more violent." Another 17 were arrested by the California Highway Patrol, clearing protesters from busy highways. Separately, around 60 people were detained on Sunday in the city of San Francisco following a protest outside the Immigration Services building that turned violent. Hundreds had gathered outside the building to rally against the agency's raids and deportations across California as ordered by the Trump administration. The initially peaceful protest escalated into a tense standoff with San Francisco police officers wearing riot gear, according to local media reports. Another 29 people were also apprehended on Saturday, adding to the tally of 56 arrested in Los Angeles over the weekend in connection with the protests. Sunday's skirmishes in Los Angeles were sparked by protests that began on Friday after it emerged Immigration Customs Enforcement (ICE) officers were carrying out raids across the city in predominantly Hispanic neighbourhoods. Trump has ramped up immigration raids during his tenure, asking federal agents last month to arrest 3,000 people a day. Under his directive, ICE officials are allowed to locate, detain and deport illegal immigrants living in the US. Tensions escalated and protests became increasingly violent as demonstrators took to the streets in response to the deployment of some 300 National Guard soldiers, blocking off a major freeway and setting fire to self-driving cars. 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About 500 Marines are stationed at Twentynine Palms, close to Los Angeles, where they were in a 'prepared to deploy status' Sunday afternoon, according to the US Northern Command.
