Tag: TikTok

TikTok parent ByteDance plans to set up international data centre in India

China-based ByteDance, the parent company of popular short video application TikTok, will set up a data centre in India, becoming one of the first social media companies to do so in the country, the company said in a statement shared exclusively with Business Standard.

“India is one of our strongest markets and we are happy to be part of the mainframe of Digital India in 15 languages. Since the launch of our platforms in India, we have stored the data of our Indian users at industry-leading third party data centres in the US and Singapore…We now believe the time has come to take the next big leap,” the statement read.

The company has set an internal target of 6-18 months to set up the data centre, Business Standard has learnt. The plan is part of the $1 billion ByteDance has recently committed to the Indian market over the next three years.

The move is also significant because of the Indian government’s ongoing focus on data localisation, as well as the increasing number of issues that TikTok is facing in the country.

Top 10 biz headlines: No relief for FPIs, more trouble for TikTok, and more

FPIs get no relief from FM Nirmala Sitharaman on ‘super-rich‘ tax

The controversial super-rich tax on foreign portfolio investors (FPIs) that are organised as trusts will stay undiluted as Parliament passed the Finance Bill, 2019, on Thursday. Finance Minister Nirmala Sitharaman dismissed the argument of the Opposition that the tax would lead to a flight of FPIs.

Sebi tightens disclosure framework for listed banks; to address issue of abrupt auditor exits

Sebi said that all listed banks will have to disclose if their additional provisioning for NPAs assessed by RBI exceeds 10 per cent of the reported profit before provisions and contingencies. Meanwhile, the market regulator has also proposed stricter norms to strengthen audit processes and curb abrupt resignations of auditors in publicly traded companies. On the other hand, it said that recent budget proposals could undermine its role as regulator, particularly with respect to the recommendation that the minimum public shareholding be raised to 35 per cent from 25 per cent.

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