Business

UK Parliament shuts down its TikTok account over China concerns

Published

6 months ago

August 4, 2022

There’s a TikTok ban in the UK Parliament over fears around China’s connection to the popular platform

Downing Street and senior ministers are being urged to shut down their TikTok accounts amid rising tensions with Beijing.

Conservatives have been pushing for the UK Parliament’s account to be closed. British MPs said they had not been informed about the account, and shared concerns over security.

“In light of your feedback and concerns expressed to us, we have decided that the account should be closed with immediate effect.”
Lindsay Hoyle, HOUSE OF Commons Speaker

Iain Duncan Smith is a Conservative MP, who is urging Downing Street and senior ministers with TikTok accounts to abandon the platform.

“[It] should send a strong signal to everybody else that they shouldn’t be setting up TikTok accounts because they’re a threat,” he said.

Some MPs have been reportedly sanctioned by Beijing for speaking out against alleged human rights abuses.

“While it is important to reach people through a wide range of channels, we would never jeopardise our security and take all our arrangements extremely seriously.”
DOWNING STREET SPOKESPERSON

TikTok has reportedly offered to meet the MPs and share their processes for protecting data.

“While it is disappointing that Parliament will no longer be able to connect with the millions of people who use TikTok in the UK, we reiterate the offer to reassure those members of Parliament who raised concerns and clarify any inaccuracies about our platform,” a company spokesperson said.

Business

Companies to pay extra for verified Twitter accounts

Published

3 hours ago

February 6, 2023

ticker NEWS

Elon Musk has announced that companies and brands will have to pay $1,000 per month – plus an additional $50 per sub-account – to get verified check-marks on Twitter

The new pricing falls under the new Twitter Blue for Business service.

Within the next few months, only paying Twitter customers will have verified status.

Twitter has stacked on $12.5 billion in debt, and this move hopes to increase subscription revenue to meet Musk’s obligations.

Advertisers halted spending on Twitter after the takeover, but Twitter has since announced partnerships with two brand-safety vendors to win back marketers.

Musk also announced that Twitter would start sharing ad revenue with creators for “ads that appear in their reply threads”, but didn’t provide further detail.

Business

BMW to invest €800 million in Mexico

Published

3 hours ago

February 6, 2023

ticker NEWS

BMW is set to invest €800 million in Mexico, to produce its next generation of high-voltage and fully electric batteries

The carmaker is looking to convert more than half of its sales into all-electric cars by 2030.

Construction will begin next year with production beginning in 2027.

The announcement follows several other major expansions from the automaker in recent months, including a $1.7 billion investment in the United States.

The move will add around 1,000 new jobs to its Mexico operations.

Business

A British digital currency “later this decade”

Published

1 day ago

February 5, 2023

ticker NEWS

The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.