TikTok's chief executive Kevin Mayer quit weeks after US President Donald Trump revealed his plans to ban the social media app within the US, according to a media report.
Mr Mayer told employees of his decision to leave on Thursday, the Financial Times newspaper reported.
“In recent weeks, as the political environment has sharply changed, I have done significant reflection on what the corporate structural changes will require and what it means for the global role I signed up for,” Mr Mayer said in a letter to TikTok’s employees.
“Against this backdrop and as we expect to reach a resolution very soon, it is with a heavy heart that I wanted to let you all know that I have decided to leave the company,” he added.
Vanessa Pappas, currently general manager of TikTok for North America, Australia and New Zealand, will become interim chief executive of the company, according to the memo.
The development comes after TikTok this week sued the US administration over an executive order passed on August 6 that bans transactions in the US.
"We do not take suing the government lightly … but with the executive order threatening to bring a ban on our US operations, we simply have no choice,” TikTok said.
TikTok was launched in China in 2016 and released in the US in 2018 after its parent company ByteDance acquired lip-syncing app Musical.ly.
The platform allows users to share video clips of up to 15 seconds and is popular with young audiences around the world. It has more than one billion users in 140 countries, including 100 million in the US.
Mr Mayer, who was also the chief operating officer of ByteDance, joined the Chinese firm in May after spending nearly 15 years at The Walt Disney Company.
At that time, it was seen as a move to boost the app's American credentials and improve its standing with the US government and regulators.
In a brief statement to The National, TikTok thanked Mr Mayer for his time with the company.
“We appreciate that the political dynamics of the last few months have significantly changed what the scope of Kevin’s role would be going forward, and fully respect his decision," the company said.
“We thank him for his time at the company and wish him well.”
TikTok started actively looking for a buyer for its US operations after Mr Trump issued an executive order banning businesses and US residents from transacting with the app. Companies including Microsoft, Oracle and Twitter are reportedly in the race to buy app’s US operations.
Google’s parent company Alphabet briefly mulled taking a stake in TikTok but the search engine giant’s chief executive Sundar Pichai said the company has no plans to acquire the app.
In another executive order passed on August 14, the Trump administration directed ByteDance to sell its US assets within 90 days.
“There is credible evidence that leads me to believe that ByteDance … might take action that threatens to impair the national security of the US," Mr Trump said in the order.
The executive order directed ByteDance to sell all its interests and rights in any assets or property used to enable or support TikTok in the US.
“I understand that the role that I signed up for – including running TikTok globally – will look very different as a result of the US administration's action to push for a sell-off of the US business,” Mr Mayer said.
According to a media report, private tech investor SoftBank is also considering buying TikTok’s US operations.
So far, Microsoft – the second-most valuable tech firm in the world – is the only company that has confirmed it is in discussions with TikTok to buy its business in the US, Canada, Australia and New Zealand. The potential deal could reportedly fetch up to $30 billion (Dh36.7bn).
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
if you go
The flights
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
|
Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850
|
Events and tours
There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
For walking tours focussing on the Glasgow Style, see the website of the Glasgow School of Art.
More information
For ideas on planning a trip to Scotland, visit www.visitscotland.com
UFC%20in%20Abu%20Dhabi
%3Cp%3E%3Cbr%3E%3Cstrong%3EUFC%20112%3A%3C%2Fstrong%3E%20Invincible%20(April%2010%2C%202010)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%20%3C%2Fstrong%3ENogueira%20v%20Nelson%20(April%2011%2C%202014)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20242%3A%3C%2Fstrong%3E%20Khabib%20v%20Poirier%20(September%207%2C%202019)%3Cbr%3E%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EFight%20Island%201%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20251%3A%3C%2Fstrong%3E%20Usman%20v%20Masvidal%20(July%2012%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20on%20ESPN%3A%3C%2Fstrong%3E%20Kattar%20v%20Ige%20(July%2016%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%20%3C%2Fstrong%3EFigueiredo%20v%20Benavidez%202%20(July%2019%2C%202020)%3Cbr%3E%3Cbr%3EUFC%20on%20ESPN%3A%20Whittaker%20v%20Till%20(July%2026%2C%202020)%3Cbr%3E%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EFight%20Island%202%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20253%3A%20%3C%2Fstrong%3EAdesanya%20v%20Costa%20(September%2027%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20on%20ESPN%3A%3C%2Fstrong%3E%20Holm%20v%20Aldana%20(October%204%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%3C%2Fstrong%3E%20Moraes%20v%20Sandhagen%20(October%2011%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%3C%2Fstrong%3E%20Ortega%20v%20Korean%20Zombie%20(October%2018%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20254%3A%20%3C%2Fstrong%3EKhabib%20v%20Gaethje%20(October%2024%2C%202020)%3Cbr%3E%3Cbr%3E%3Cbr%3E%3Cbr%3E%3Cstrong%3EFight%20Island%203%3Cbr%3E%3Cbr%3EUFC%20on%20ABC%3A%3C%2Fstrong%3E%20Holloway%20v%20Kattar%20(January%2016%2C%202021)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20on%20ESPN%3A%3C%2Fstrong%3E%20Chiesa%20v%20Magny%20(January%2020%2C%202021)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20257%3A%20%3C%2Fstrong%3EPoirier%20v%20McGregor%202%20(January%2024%2C%202021)%3Cbr%3E%3Cbr%3E%20%3Cbr%3E%3Cbr%3EUFC%20267%3A%20Blachowicz%20v%20Teixeira%20(October%2030%2C%202021)%3Cbr%3E%3Cbr%3EUFC%20280%3A%20Oliveira%20v%20Makhachev%20(October%2022%2C%202022)%3C%2Fp%3E%0A
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Biog:
Age: 34
Favourite superhero: Batman
Favourite sport: anything extreme
Favourite person: Muhammad Ali
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
RESULTS
6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)
6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill
7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby
7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer
8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill
8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass
9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby
Results
2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar
3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar
4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash
4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash
5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi
6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Results
Catchweight 60kg: Mohammed Al Katheeri (UAE) beat Mostafa El Hamy (EGY) TKO round 3
Light Heavyweight: Ibrahim El Sawi (EGY) no contest Kevin Oumar (COM) Unintentional knee by Oumer
Catchweight 73kg: Yazid Chouchane (ALG) beat Ahmad Al Boussairy (KUW) Unanimous decision
Featherweight: Faris Khaleel Asha (JOR) beat Yousef Al Housani (UAE) TKO in round 2 through foot injury
Welterweight: Omar Hussein (JOR) beat Yassin Najid (MAR); Split decision
Middleweight: Yousri Belgaroui (TUN) beat Sallah Eddine Dekhissi (MAR); Round-1 TKO
Lightweight: Abdullah Mohammed Ali Musalim (UAE) beat Medhat Hussein (EGY); Triangle choke submission
Welterweight: Abdulla Al Bousheiri (KUW) beat Sofiane Oudina (ALG); Triangle choke Round-1
Lightweight: Mohammad Yahya (UAE) beat Saleem Al Bakri (JOR); Unanimous decision
Bantamweight: Ali Taleb (IRQ) beat Nawras Abzakh (JOR); TKO round-2
Catchweight 63kg: Rany Saadeh (PAL) beat Abdel Ali Hariri (MAR); Unanimous decision
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Landfill in numbers
• Landfill gas is composed of 50 per cent methane
• Methane is 28 times more harmful than Co2 in terms of global warming
• 11 million total tonnes of waste are being generated annually in Abu Dhabi
• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year
• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away
• 50 per cent of Abu Dhabi’s waste is from construction and demolition
RESULTS
Tottenham 1
Jan Vertonghen 13'
Norwich 1
Josip Drmic 78'
2-3 on penalties
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
