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Tuesday newspaper round-up: TikTok, Arrival, Twitter
(Sharecast News) - As the US legislative battle over TikTok continues to escalate, Shou Zi Chew, the chief executive of the video-sharing app, will make his first appearance before Congress to testify next month. Chew will testify before the House energy and commerce committee on 23 March, Republican representative Cathy McMorris Rodgers confirmed in a statement on Monday, as scrutiny of the Chinese-owned app over data privacy concerns grows. - Guardian The British electric vans startup Arrival is cutting 800 jobs, about half its remaining workforce, to reduce costs as it seeks extra funding and plans US expansion to take advantage of green energy subsidies. The troubled electric vehicle maker said "approximately 50%" of the company's 1,600-strong global workforce would leave the company. Arrival told investors that the job cuts, and other measures to trim spending, would results in a halving of its operating costs to "approximately $30m (£24m) per quarter" following a review of its operations. - Guardian
Elon Musk is going head to head with his old company PayPal as Twitter gears up to become an online payments business. The social media company has been applying for payments processing licences across the US as well as hiring people to start building a payments system. - Telegraph
Britain's electric car market risks being left behind as the EU ramps up a transatlantic subsidies war with the US, Chancellor Jeremy Hunt has been warned. Brussels is preparing to unveil a package of measures on Wednesday aimed at supporting renewable energy, electric vehicles and other green technologies, in response to similar measures in Joe Biden's $430bn Inflation Reduction Act. - Telegraph
The UK is on course to be the world's worst-performing big economy this year, according to the International Monetary Fund. In an update to its growth outlook, the IMF delivered a hefty blow to Britain's prospects despite brightening global conditions, with a 0.9 percentage point downgrade to the UK's annual growth projection year. - The Times
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