TikTok has hit back at a recent report that alleges the social media platform is working on a separate version of its app for US users, as a potential ban in the country looms.
The US version of the app would purportedly have a different algorithm and an independent user data storage system to alleviate lawmaker concerns about data being accessible by Chinese officials.
The platform, which is owned by China-based ByteDance, has repeatedly denied that user data is vulnerable or compromised.
"The recently posted Reuters story, which is based on anonymous uninformed sources, is factually inaccurate," read a statement issued on Thursday by the social media company.
The National contacted to TikTok for further comment and was referred to the earlier statement.
The statement comes weeks after President Donald Trump granted a third 90-day stay on the ban, approved by Congress last year. Congress originally gave ByteDance until mid-January to divest from the platform due to national security concerns over user data.
As a result of the most recent extension, ByteDance now has until September 17 to divest TikTok from its portfolio, or risk going dark in the US.
Mr Trump said about a week ago that his administration had identified buyers for TikTok, although he declined to name anyone and acknowledged he still needed approval from Beijing.
The app briefly was inaccessible in the US on January 18, as the initial deadline set by Congress was about to go into effect, but shortly after being sworn in on January 20, Mr Trump signed an executive order granting ByteDance an extension.
Although user confidence in the viability of platform was briefly shaken, it bounced back.
Yet for advertisers who help fuel TikTok's revenue, it took longer to rebound.
"I think they're still iffy about it," said Matt Navarra, a social media consultant and analyst.
"Confidence isn't back to 100 per cent because ad buyers aren't just measuring potential social media engagement, they're also factoring in geopolitical risk."
Mr Navarra pointed out that businesses wouldn't want their advertising campaigns to be snuffed out by a potential ban, nor would they want to be associated with a banned app.
Regardless of whether TikTok will in fact introduce a new version of the social media app for the US market, questions abound about how the new app would function.
Some have argued that a new app would make the sale of TikTok assets to a US entity easier, while others have said that an independent app would make it easier for ByteDance to maintain control over the platform's main assets.
"I think this move smells more like a pressure valve for public relations and political optics and any genuine structural change," said Mr Navarra, speculating on the potential of a different version of TikTok's app.
"If users think they're on a safe version and regulators buy into it, that might buy TikTok some time."
But he cautioned that a hypothetical new version of the app would also come under intense scrutiny.
"I think tech insiders and privacy advocates will tear it apart within hours of launch," he said.
This week has been particularly turbulent for TikTok in various parts of the world.
In Canada, concerns about TikTok's ownership prompted lawmakers to order that the platform's offices be closed in the country, although the app itself will not be banned.
In Ireland, the country's data protection commission opened an inquiry into user data being stored on servers in China.
"The purpose of the inquiry is to determine whether TikTok has complied with its relevant obligations under the General Data Protection Regulation (GDPR)," a statement read.
COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20CarbonSifr%3Cbr%3EStarted%3A%202022%3Cbr%3EBased%3A%20Dubai%3Cbr%3EFounders%3A%20Onur%20Elgun%2C%20Mustafa%20Bosca%20and%20Muhammed%20Yildirim%3Cbr%3ESector%3A%20Climate%20tech%3Cbr%3EInvestment%20stage%3A%20%241%20million%20raised%20in%20seed%20funding%3Cbr%3E%3C%2Fp%3E%0A
Mohammed bin Zayed Majlis
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
Central%20Bank's%20push%20for%20a%20robust%20financial%20infrastructure
%3Cul%3E%0A%3Cli%3ECBDC%20real-value%20pilot%20held%20with%20three%20partner%20institutions%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPreparing%20buy%20now%2C%20pay%20later%20regulations%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPreparing%20for%20the%202023%20launch%20of%20the%20domestic%20card%20initiative%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPhase%20one%20of%20the%20Financial%20Infrastructure%20Transformation%20(FiT)%20completed%3C%2Fli%3E%0A%3C%2Ful%3E%0A
PREMIER LEAGUE STATS
Romelu Lukaku's goalscoring statistics in the Premier League
Season/club/appearances (substitute)/goals
2011/12 Chelsea: 8(7) - 0
2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
2013/14 Everton (loan): 31(2) - 15
2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
2016/17 Everton: 37(1) - 25
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.”
