UAE’s DIFC to set up global knowledge hub as financial data values soar

People walk outside the Gate Building at the Dubai International Financial Centre. (Reuters)
Updated 04 July 2017
0

UAE’s DIFC to set up global knowledge hub as financial data values soar

DUBAI: The Dubai International Financial Centre (DIFC) in the UAE is planning to set up a research and information hub to capitalize on the soaring value of financial data in international investment markets.
The DIFC’s aim is to “build a regional knowledge hub by aggregating financial market insight and providing the tools to assess the pulse of the global economy,” according to a memo sent to selected financial members of the center and seen by Arab News.
The first step will be a website “as a platform by research providers and institutions… that can be used by policymakers, (economists), analysts, traders, students and others,” the memo continued.
Although the plan is at an early stage, it is a prototype of a database for financial and economic information that could become very valuable.
Just last week, it emerged that GIC, the sovereign wealth fund of the government of Singapore, was in talks with the owners of Mergermarket, a financial data service specializing in the areas of mergers and acquisitions, corporate finance and private equity.
Reports said that the GIC was interested in buying a 30 percent stake in Mergermarket, in a deal that would value the subscription-based website at as much as £1 billion ($1.3 billion).
That potential deal follows others in the field of financial information that have illustrated a rising trend in values in this specialist sector.
Zawya, the Middle East-focused information and financial-data website, was sold to Thomson Reuters for a reported $40 million in 2012, while the Financial Times, the London-based newspaper regarded as a global market leader in financial information, was sold by its then-owner, the UK conglomerate Pearson, to Nikkei of Japan for £844 million in 2015.
In between those deals, Mergermarket, then also owned by Pearson, was sold to private-equity investor BC Partners for £382 million in cash, after a fierce bidding round that saw interest
from some of the biggest private-equity investors in the world.
If the deal, currently under consideration, goes through it would represent a doubling of BC Partners’ investment in three years.
Founded in 2000, Mergermarket has expanded to 67 locations across the US, Europe, Asia and the Middle East and currently boasts 190,000 subscribers.
Although DIFC’s plans are at an early stage, observers believe it is a logical step for a center often regarded as the premier financial hub in the Arabian Gulf.
“There is a lot of brainpower and information in the DIFC, and it should really be the thought-leader in financial matters in the region. The challenge, however, is to monetize all that knowledge. Subscription-based databases have to get it just right to be successful,” said one expert, who did not want to be identified.
In 2014, the DIFC announced a 10-year strategy that would see it triple in size — in terms of member firms and employees, rentable space, and value of financial assets.


India court reverses TikTok app restrictions

Updated 25 April 2019
0

India court reverses TikTok app restrictions

  • It is already banned in neighboring Bangladesh and was hit with an enormous fine in the US
  • The case against TikTok was launched by an activist group that said the app encouraged paedophiles and pornography

NEW DELHI: An Indian court has reversed a decision that ordered Google and Apple to take down Chinese-owned video app TikTok over the spread of pornographic material, local media said.
The controversial but wildly popular app allows users to upload and share short 15 second clips from their phones and claims to have 500 million users worldwide — more than 120 million of them in India.
It is already banned in neighboring Bangladesh and was hit with an enormous fine in the United States for illegally collecting information from children.
The Wednesday ruling by the Madras High Court in India’s southern Tamil Nadu state requires the popular platform to prevent “obscene videos” from being posted.
“(The court) warned if any controversial video violating its conditions were found uploaded using the app, it would be considered a contempt of court,” a report by the Press Trust of India agency said.
On April 16, India’s government demanded Google and Apple remove the service from its app stores, though the order did not stop those who had already downloaded the app from using it.
The case against TikTok was launched by an activist group that said the app encouraged paedophiles and pornography.
India’s government told the court on Wednesday that they had formed a committee to suggest ways to regulate apps like TikTok, PTI said.
TikTok told the court that they had removed around six million controversial videos from the platform since the order was announced banning new downloads last week.
The app hit the headlines in India earlier in April after a 19-year-old man was accidentally shot dead by a friend in Delhi as they posed with a pistol to make a video on the platform.
TikTok has become a major rival to Facebook, Instagram and other social network sites among teenaged smartphone users in the past year.
Bangladesh banned TikTok in February as part of a clampdown on Internet pornography.
The same month, the US Federal Trade Commission (FTC) said a $5.7 million fine ordered against the company was the largest imposed in a child privacy investigation.
The social network failed to obtain parental consent from underage users as required by the US Children’s Online Privacy Protection Act, FTC officials said.