Under-fire Chinese app TikTok to set up European hub in Ireland – dpa international

DUBLIN — Video-sharing app TikTok will invest 420 million euros (500 million dollars) in a European data storage centre in Ireland, the company announced on Thursday. The proposed hub will house European user data, according to Roland Cloutier, TikTok’s global chief information security officer, who said the move will strengthen “safeguarding and protection of TikTok user data” in a “state of the art physical and network security defence system.” Cloutier said “hundreds” of jobs will be created – an announcement welcomed by IDA Ireland, the state investment promotion agency, as “good news.” IDA Ireland Chief Executive Officer Martin Shanahan said IikTok’s statement “postions Ireland as an important location in the company’s global operations.” Banned in China, US online giants Facebook, Google and Twitter have substantial operations in low-tax Ireland.

Amazon announces 1,000 new jobs and cloud investment in Ireland – dpa international

Outside an Amazon office in Dublin (Smon Roughneen)

DUBLIN — Retailer Amazon will hire 1,000 people in Ireland over the next two years, according to a Monday statement by the country’s official investment promotion agency, IDA Ireland. The jobs are expected to take Amazon’s Irish headcount to 5,000 and are mostly in engineering and technical roles. “We have seen a surge in demand for cloud services in Ireland and globally, and we are excited to add 1,000 highly skilled roles,” said Mike Beary, Amazon’s country manager in Ireland. US-based Amazon will also invest in a cloud computing centre due to open in 2022 in Dublin, according to the IDA Ireland statement. Irish Prime Minister Micheál Martin said that the announcement bolsters Ireland’s “reputation as a leading nation in global technology.”

Ireland could face tougher investment fight after coronavirus – dpa international

DUBLIN — Ireland’s investment promotion agency warned on Wednesday of a “very challenging” two years for the country’s economy if the coronavirus pandemic leads to investment plummeting along predicted lines. Though Ireland is a hub for US businesses operating in the European Union, a looming plunge in global foreign direct investment (FDI) will leave ireland facing “heightened competition,” according to state body IDA Ireland. The United Nations Conference on Trade and Development warned in June of a 40 per cent drop in worldwide FDI due to the pandemic. “We will have to fight harder than ever before for new investment projects,” said Leo Varadkar, Minister for Enterprise, Trade and Employment.

Ireland battles with EU rivals for Asia Brexit bonus – Nikkei Asian Review

DUBLIN — Ahead of the U.K. exit from the European Union in March 2019, several Asian financial institutions have already set up hubs in other cities within the bloc to ensure continued access to the continent. Ireland is among the countries hoping to benefit from Asian unease prompted by the Brexit vote, with Dublin regularly touted alongside Amsterdam, Frankfurt, Luxembourg and Paris as possible destinations for banks trying to reposition due to Brexit. So far, Nomura International and Daiwa Securities have set up hubs in Frankfurt, base of the European Central Bank, to serve their European businesses while still keeping their London presence; Mitsubishi UFJ Financial Group has chosen Amsterdam for its new European base; and Bank of China has opened a new subsidiary in Dublin.