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Jia Xu is a computer scientist and AI researcher with a global academic career spanning Europe, Asia, and the United States. She is currently where her work focuses on natural language processing and large language models.

Xu began her academic journey in Germany. She completed her bachelor’s and master’s degrees at TU Berlin, studying and working entirely in German. She later earned her PhD from RWTH Aachen University under Professor Hermann Ney, a leading figure in machine translation. During this period, she also completed research visits at Microsoft Research and IBM Watson, gaining early exposure to industry-scale AI systems.

Her academic career continued in Asia. Xu served as an Assistant Professor and PhD adviser at Tsinghua University and later became an Associate Professor at the Chinese Academy of Sciences. Across these roles, she led research teams working on dialogue systems, machine learning generalisation, and efficient AI models.

Jia Xu is known for combining theory with real-world application. She has authored around 50 research papers and holds 12 patents and provisional patents. Her teams have ranked among the top performers in 18 major AI competitions, including second place in the Amazon Alexa Prize Social Bot Challenge.

In recent years, Xu’s work has focused on making large language models smaller, smarter, and more sustainable. She believes true success in AI comes from lasting impact, not scale alone.

An Interview with Jia Xu on Building a Global Career in AI

Your career has taken you across Europe, Asia, and the United States. Where did it all begin?

I began my academic journey in Germany when I was nineteen. I moved there to study computer science and had to learn how to live, study, and think in a new language at the same time. I completed both my bachelor’s and master’s degrees at TU Berlin entirely in German. That experience shaped how I approach challenges. I learned early that progress often comes from patience and persistence rather than speed.

How did that early experience influence your research mindset?

It taught me resilience. When language is limited, fundamentals speak.. Fundamentals lead. Listening sharpens. Preparation deepens. That mindset stayed with me during my PhD at RWTH Aachen University, where I worked under Professor Hermann Ney in machine translation. At the time, machine translation was still considered very difficult. Seeing how long-term research could slowly turn impossible ideas into real systems left a strong impression on me.

You also spent time in industry research labs. What did those experiences add?

During my PhD, I had research visits at Microsoft Research Redmond and IBM Watson. Those environments showed me how research operates at scale. I am grateful for that time and my mentors and colleagues. Industry labs care deeply about whether ideas can work in real systems. That balance between theory and application stayed with me. It reinforced my belief that strong research should eventually connect to real use cases.

After your PhD, you moved into academic leadership roles in Asia. What stood out during that phase?

I served as an Assistant Professor and PhD adviser at Tsinghua University and later as an Associate Professor at the Chinese Academy of Sciences. These were intense and productive years. I worked with talented students and researchers on machine learning and natural language processing. Different academic cultures value different things, and adapting to those expectations helped me grow as a leader. I learned that thinking is just as important as directing.

Many people know your work through AI competitions. Why were those important to you?

Competitions test whether ideas actually work. My teams contributed to 18 top-ranking results in major natural language processing challenges. One highlight was earning second place in the Amazon Alexa Prize Social Bot Challenge. That project forced us to think about long-term conversations, system robustness, and user experience. It showed clearly that accuracy alone is not enough. Real systems must be reliable, efficient, and engaging.

In recent years, your research has focused on efficiency and smaller models. Why does that matter?

Large language models are impressive, but they are expensive and resource-heavy. Many organisations cannot use them easily. I am interested in making models smaller and smarter so they can be deployed more widely. Efficiency is not about lowering standards. It is about better design. A well-built, smaller model can be more practical and trustworthy in real-world settings.

How do you personally define success in your field?

I measure success using two standards. One is my own judgement as a researcher. I understand the depth and impact of my work. The second is social feedback. If an idea is recognised and helps make the world better, then it matters. Decades ago, machine translation seemed unrealistic. Today, it is part of everyday communication. Being part of that long journey of turning the unreachable into something achievable is meaningful to me.

You place strong emphasis on values and integrity. Where does that come from?

Every career includes challenges that test your principles. I believe lasting success comes from staying aligned with one’s goals and social values, even when it can be difficult sometimes. Authenticity matters. It affects how one works with colleagues, mentors students, and chooses research problems. For me, success is not just about achievement. It is about contributing something that lasts beyond oneself.

What role does mentorship play in your work today?

Mentorship is at the heart of my work. I help students view research not as a series of immediate wins, but as a long-term journey where setbacks are stepping stones. Success is built through steady effort and curiosity. At the same time, I learn from my students, their questions, fresh perspectives, and fearless curiosity constantly push me to grow and evolve. For me, mentorship is a team journey of discovery, resilience, and shared growth.

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Jia Xu on Building a Global Career in Artificial Intelligence

Many businesses enter the market believing their product will appeal to everyone, yet the reality is extremely diverse.

Studies show that companies that precisely define their target group can improve marketing efficiency by up to 50%, a number that often surprises first-time sellers. Ignoring this step can quietly erode your sales potential long before you even notice. Discover how a clear target group strategy can transform your e-commerce performance and why it is worth your attention.

When your message reaches the wrong audience

Missing a defined target group leads to marketing communication that feels generic and disconnected from buyer needs. Instead of persuading customers, such messaging confuses them and pushes them away to competitors who understand them better. Your promotional budget also evaporates quickly because ads reach people who were never interested in your offer. Over time, this weakens your brand perception and makes scaling your e-commerce business significantly harder.

When you analyze your target group, however, your communication becomes sharper, more relevant, and more persuasive. You can tailor descriptions, visuals, and value propositions directly to the expectations of your ideal customers.

Marketplaces like Allegro give you even greater opportunities because you can match your listings to audience segments that already show strong purchase intent. This targeted approach boosts click-through rates, conversion rates, and the total value of your sales.

When your product does not match real buyer needs

Without defining your target group, you risk creating or offering products that customers do not want. This leads to low sales and high stock levels that drain your resources. Eventually, this damages both profitability and customer trust.

By applying target group analysis, you gain insights into what features and benefits your buyers actually care about. This enables you to create offers that genuinely reflect what your customers expect and address the challenges they face. As a result, your product lineup becomes more profitable and appealing.

When you invest in the wrong marketing channels

Not knowing your target group causes you to spend money where your customers are not present. Your ads appear in irrelevant places and fail to bring meaningful traffic. This raises acquisition costs and reduces your overall marketing effectiveness.

By conducting detailed target group analysis, you uncover where your audience actually spends time and what shapes their purchasing decisions. It helps you direct your budget toward channels that deliver real impact instead of wasting resources elsewhere. It increases the return on investment and strengthens your overall marketing strategy.

When your competitors outperform you with data

E-commerce is highly competitive, and sellers who work without customer insights fall behind faster than ever. Competitors who understand their audience use better keywords, create more persuasive listings, and optimize their promotions with precision. Without a defined target group, your offers become invisible among thousands of similar products. As a result, your brand blends into the market and struggles to build lasting customer loyalty.

Sellers who invest in target group research, however, operate with the advantage of clarity and direction. They can develop sharper product strategies, adjust their pricing intelligently, and stand out through value-driven messaging. On platforms like Allegro, this gives them a measurable performance edge, from higher organic visibility to stronger conversion rates. In short, precise targeting enables you to compete effectively and grow sustainably.

Identifying your target group is a crucial step for achieving stable, long-term business growth. With the right insights, every decision becomes more profitable and less risky. Start analyzing your audience today to unlock your full e-commerce potential.

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What you miss out on when you do not define your target group

Private equity investment in the UK is showing renewed signs of life, as dealmakers adapt to higher interest rates, tighter lending conditions and growing pressure from investors for more control and lower fees.

While mega-buyouts remain subdued, a quieter but significant shift is under way: the rise of co-investments in private markets.

After two years of muted activity, UK-focused private equity firms are increasingly targeting mid-market opportunities, platform acquisitions and bolt-on deals, particularly in sectors offering resilient cash flows such as healthcare, business services, technology infrastructure and energy transition. According to industry figures, deal volumes are stabilising, even as valuations remain below the peaks of 2021.

Fund managers say the market is not short of capital — often described as “dry powder” — but that deployment strategies have changed. With debt more expensive and exit routes less predictable, firms are structuring deals more cautiously and leaning on co-investments to spread risk and align interests.

Co-investments allow institutional investors, such as pension funds, insurers and family offices, to invest directly alongside private equity sponsors in individual transactions, often on more favourable fee terms. For investors, the appeal is twofold: lower costs and greater transparency. For fund managers, co-investments offer a way to execute larger or more complex deals without overconcentrating risk within a single fund.

“Co-investment has moved from being a niche option to a core part of private market strategies,” said one London-based private equity partner. “It allows sponsors to be more selective while still backing high-quality assets.”

The trend is particularly pronounced in private credit-backed transactions, infrastructure and growth equity, where capital requirements can be substantial and long-term horizons suit institutional investors. UK pension schemes, under pressure to boost returns while supporting domestic investment, are increasingly active participants.

This shift comes as policymakers continue to push for greater mobilisation of UK institutional capital into private markets. Recent reforms to pension fund rules and the creation of long-term asset vehicles have made it easier for large pools of capital to access private equity and co-investment opportunities.

Despite the cautious tone, executives managing private equity investments remain optimistic about the medium-term outlook. Improved visibility on interest rates, easing inflation and a gradual reopening of exit markets, including secondary buyouts and selective IPOs, are expected to support dealmaking through the second half of the year.

However, competition for the best assets remains intense. Assets with strong management teams, pricing power and clear growth narratives are commanding premium valuations, even as weaker businesses struggle to attract interest.

For UK businesses seeking investment, the message is clear: private equity remains open for business, but scrutiny is higher and structures are more flexible. For investors, co-investments are no longer an add-on, they are becoming central to how capital is deployed across private markets.

As the cycle matures, private equity’s ability to adapt its models may prove just as important as the capital it brings to the table.

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Private equity turns to co-investments as UK dealmaking regains momentum

UK government borrowing has climbed to its second-highest level on record for the first eight months of the financial year, underlining the scale of the challenge facing Rachel Reeves despite stronger tax receipts.

Figures from the Office for National Statistics (ONS) show that the government borrowed £132.3 billion between April and November, £10 billion more than over the same period last year. The only higher total for that stretch of the year was recorded in 2020, when emergency spending during the Covid-19 pandemic pushed borrowing to unprecedented levels.

Borrowing in November alone came in at £11.7 billion, £1.9 billion lower than a year earlier and the lowest figure for that month since 2021. However, earlier months were revised upwards by almost £4 billion, reinforcing the picture of sustained pressure on the public finances.

Tom Davies, senior statistician at the ONS, said that while November’s figure showed some improvement, the broader trend remained challenging. “Despite an increase in spending, this month’s borrowing was the lowest November for four years,” he said. “The main reason for the drop from last year was increased receipts from taxes and National Insurance contributions. However, across the financial year to date as a whole, borrowing is higher than last year.”

Markets reacted cautiously to the data, with the yield on the benchmark ten-year gilt edging up to 4.5 per cent and sterling slipping slightly against the dollar.

Tax revenues rose sharply over the period, climbing by £25 billion to £516 billion. This was driven by a £21 billion increase in National Insurance contributions and a £14 billion rise in income tax receipts. However, spending grew even faster, up £55 billion to £736 billion, largely due to a £15 billion increase in benefit payments.

Reeves has already introduced a £25 billion rise in employer National Insurance contributions, announced in her first budget last October and implemented in April, and extended a freeze on income tax thresholds in her second budget last month. The Office for Budget Responsibility (OBR) estimates those measures helped the chancellor rebuild fiscal headroom to around £22 billion, after £26 billion of additional tax rises — most of which take effect later in the forecast period.

Economists warned that the latest figures highlight the fragility of that position. Elliott Jordan-Doak, senior UK economist at Pantheon Macroeconomics, said the data illustrated “the shaky foundations” of relying on back-loaded tax rises to restore credibility. “The bigger picture is that the public finances remain weak,” he said.

Sandra Horsfield, economist at Investec, added that progress in reducing the deficit appeared “a little slower than hoped”, despite stronger revenues.

The ONS said the current budget deficit — which Reeves must turn into a surplus within five years to meet her fiscal rules — stood at £93 billion over the eight-month period, £7 billion higher than a year earlier. The OBR forecasts total borrowing of £138 billion for the full financial year.

Public sector net debt rose to 85 per cent of GDP in November, up 2.7 percentage points on the year. Debt interest payments fell to £3.4 billion in November, down from £9 billion in October, but remain forecast to exceed £100 billion a year over the next five years.

James Murray, chief secretary to the Treasury, said the figures underscored the urgency of the government’s approach. “£1 in every £10 we spend goes on debt interest — money that could otherwise be invested in public services,” he said. “That is why last month the chancellor set out a budget that delivers on our pledge to cut debt and borrowing.”

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UK borrowing hits second-highest level on record despite tax take surge

Tom Pellereau, the first winner of The Apprentice to secure an equity investment from Lord Sugar, has regained full ownership of his business after buying out Lord Sugar’s 50 per cent stake.

The deal, agreed 14 years after the original investment, returns Styl Pro to 100 per cent founder ownership and marks the end of one of the show’s longest-running business partnerships. Financial terms of the buyout have not been disclosed.

Pellereau founded Styl Pro in 2011 after winning The Apprentice, when Lord Sugar invested £250,000 for a half share in the company. The deal was a landmark moment for the BBC series, which had previously offered winners a salaried role in Lord Sugar’s organisation before shifting to an investment-and-partnership model.

Since its launch, Styl Pro has grown into one of the UK’s fastest-selling electrical beauty-tech brands, known for products such as automated makeup brush cleaners and skincare devices. The company will continue to operate under Pellereau’s leadership, with him remaining founder and chief executive.

Lord Sugar said the timing was right to step away and allow Pellereau to take the business forward independently. “Fourteen years after investing in Tom, I have agreed with Tom’s decision to purchase back my shares and return sole ownership to him,” he said. “When I first met Tom, he was a naïve inventor with ideas and drive, but he desperately needed my business help. He has gone on to build one of the UK’s fastest-selling electrical beauty-tech brands. It’s now the right time to part ways and allow Tom and his team to take the company to new heights.”

Pellereau described the move as a natural next step in the evolution of the business, while paying tribute to Lord Sugar’s role in its success. “I will always be so grateful for the investment Lord Sugar made, and the potential he saw in me and my inventions,” he said. “His time, knowledge and guidance have been invaluable. While now is the right time to regain full ownership of my business, I look back on the amazing journey we’ve taken together over the last 14 years with deep gratitude and happy memories.”

The buyout brings to a close one of The Apprentice’s most high-profile success stories and positions Styl Pro for its next phase of growth as a fully founder-led company.

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Apprentice winner Tom Pellereau buys out Lord Sugar to regain full control of Styl Pro

The strategy behind goZeal’s movement to transform talent and the future of work

In 2025, when “flexibility” is marketed as a perk and “diversity” is measured as a KPI, goZeal is taking a different approach. Founded by Sanghamithra (Sangha) Penesetti, the company is not following the traditional rules of recruitment and workforce development. Instead, it is rewriting them.

goZeal’s mission is simple: “You employ us. We employ change.”

This phrase reflects more than a tagline. It represents a strategy that challenges business leaders to think differently about how they hire, lead, and build teams for the future.

Principle 1: Hire Differently, Lead Boldly

For goZeal, hiring diverse talent is not a branding exercise but a business strategy. Many companies continue to rely on outdated hiring models that unintentionally exclude the very professionals they aim to attract.

goZeal’s approach reverses that dynamic. The company directly employs experienced women, especially those returning to work and women of color, and places them in flexible, high-impact roles across insurance, data, and technology.

These professionals are not gig workers. They are analysts, engineers, and innovators who contribute strategic value from day one. When clients hire through goZeal, they gain more than a resume. They access a system designed to unlock overlooked potential and build teams grounded in empathy, agility, and performance.

Principle 2: Flexibility Is a Performance Strategy

In many companies, flexibility is still treated as a reward rather than a core performance strategy. goZeal’s model demonstrates how rethinking flexibility can strengthen both morale and the bottom line.

The company’s clients have reported measurable results. One reduced onboarding time by 35% through goZeal’s fractional talent model. Another cleared a six-month data backlog in half the time and with fewer resources.

By designing work around people’s lives instead of forcing lives to fit jobs, goZeal enables higher productivity, better retention, and more consistent delivery. For goZeal, flexibility is not about convenience. It is about performance.

Principle 3: Solve Economic Problems with Human-Centered Talent

Across industries, transformation leaders face a common challenge: finding talent that combines technical expertise with regulatory and business understanding. Behind this challenge are structural issues such as high consulting costs, legacy systems, and persistent hiring gaps.

goZeal addresses these problems with a precision-based model that connects companies to vetted, skilled professionals who bring both deep domain knowledge in insurance and tech. These professionals integrate quickly and begin adding value immediately.

This approach is not traditional staffing. It is surgical talent integration that enables mid-sized carriers, brokers, and managing general agents to become future-ready without excessive overhead or burnout.

Principle 4: Inclusion Is not a Program. It is a Platform.

goZeal’s foundation is rooted in its founder’s own experience.

Sangha Penesetti, a woman of color in a traditionally male-dominated industry, saw firsthand how rigid workplace structures forced many talented women out of their careers. Determined to change that, she built goZeal as a platform where inclusion is embedded in every process, not treated as a side initiative.

The company is women-led and women-employed. Its teams reflect the markets they serve. Every project is designed to be remote-first and impact-focused, ensuring that opportunities are accessible and equitable.

Clients work with goZeal not to check a box, but because they make DEI operational and measurable.

Principle 5: One Hire Can Transform a System

Each placement through goZeal represents more than a successful recruitment. It marks a small but significant step toward systemic change.

The company has seen junior underwriters evolve into data leads, women returning from career breaks take on product leadership roles, and  insurance executives have told them that they have “delivered what four firms could not.” These outcomes demonstrate that meaningful transformation begins at the human level.

When organizations hire differently, systems evolve.

Building the Future of Work

goZeal’s philosophy, “You employ us. We employ change,” captures the essence of its mission to transform how companies think about talent.

The firm invites leaders who are ready to embrace flexibility, diversity, and measurable performance to reimagine how work gets done.

For those who believe that the future of business depends on human-centered innovation, goZeal offers a model that turns intention into implementation. Because the companies that will thrive tomorrow are the ones hiring differently today.

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You Employ Us. We Employ Change

Artificial intelligence is likely to displace workers from jobs in a way comparable to the Industrial Revolution, the governor of the Bank of England has warned, as concerns grow over the impact of the technology on entry-level employment and younger workers.

Andrew Bailey said the rapid adoption of AI across the economy made it essential that the UK invested in training, education and skills to help workers transition into new roles created by the technology. Without those foundations, he cautioned, the labour market risked becoming more fragmented.

Speaking on BBC Radio 4’s Today programme, Bailey said people seeking work would find it “a lot easier” if they had the skills needed to work alongside AI, but acknowledged mounting worries about the effect on the career pipeline for younger and less experienced professionals.

“We do have to think about what it’s doing to the pipeline of people,” he said. “If it’s people working with AI, I’m not sure it will change the pipeline, but we’re right to keep a close eye on that.”

AI has become increasingly embedded in everyday life and business operations, with companies using the technology to process vast volumes of data, identify patterns and automate complex tasks. While the productivity benefits are widely acknowledged, there is growing unease about its impact on hiring, particularly in junior professional roles.

Official figures released this week showed the UK unemployment rate rising to 5.1 per cent in the three months to October, with younger workers bearing the brunt. The number of unemployed 18 to 24-year-olds rose by 85,000 over the period, the sharpest increase since late 2022.

Some economists argue that higher minimum wages and increased employment taxes have made firms more cautious about recruiting at the entry level. Others say AI adoption is already reshaping hiring decisions, with companies relying more on technology and fewer junior staff.

Professional services firms are among those reassessing their workforce needs. PwC’s global chairman, Mohamed Kande, recently said the firm was scaling back headcount growth as AI takes on work that would previously have required teams of consultants. Tasks that once took weeks can now be completed in minutes using AI models, he said.

Bailey said anxieties about technological disruption were nothing new, noting that similar fears had surfaced repeatedly throughout history. He cited concerns raised during the Industrial Revolution, which ultimately did not cause mass unemployment but did lead to significant job displacement.

“My guess would be that AI may well have a similar effect,” he said. “It didn’t cause mass unemployment, but it did displace people from jobs, and we need to be prepared for that.”

Despite the risks, Bailey described AI as the most likely driver of the next phase of UK economic growth, particularly through its potential to lift productivity. However, he cautioned that history suggested it could take time before those gains were fully realised.

The Bank of England itself is experimenting with AI, although Bailey said its use, like that of many institutions, remained at an early stage. “To get it into mainstream, everyday use will take some time,” he said, adding that putting the right conditions in place was “critically important”.

Bailey also acknowledged growing concerns about a potential AI bubble, with some technology companies commanding valuations reminiscent of the dotcom era. The central bank has warned that a sharp correction could pose risks to financial stability.

“We have to watch the valuation question,” he said. “Most of the big companies are generating cash flow, but that doesn’t mean they’ll all be winners. We’re watching it very closely because we need to understand the consequences of any sharp unwinding.”

The comments underline a growing consensus among policymakers that while AI offers significant opportunities for growth, its impact on jobs, skills and market stability will require careful management in the years ahead.

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AI likely to displace jobs in a modern Industrial Revolution, warns Bank of England governor

Trump Media & Technology Group, the company behind President Donald Trump’s Truth Social platform, is set to merge with fusion energy company TAE Technologies in a deal valuing the combined business at more than $6bn (£4.4bn).

The tie-up, announced by the two companies on Thursday, marks a striking strategic pivot for Trump Media, taking it beyond social media and financial products into the fast-developing world of next-generation energy. The firms said the transaction would create one of the world’s first publicly listed fusion energy companies.

Fusion power, long touted as a potential holy grail of clean energy, generates electricity by replicating the reactions that power the sun, releasing vast amounts of energy with minimal radioactive waste. While commercial viability has remained elusive, renewed interest has been fuelled by surging electricity demand, particularly from artificial intelligence data centres, and the search for reliable low-carbon power.

Under the terms of the agreement, Trump Media and TAE Technologies will each hold a 50 per cent stake in the combined business once the transaction completes, which is expected by mid-2026, subject to regulatory and shareholder approval. The new group plans to begin construction of what it claims will be the world’s first utility-scale fusion power plant as early as next year, with additional facilities to follow.

The merged company will be overseen by a nine-member board, including Trump Media chief executive Devin Nunes, who will serve as co-chief executive, and Donald Trump Jr. TAE Technologies’ leadership team will also retain significant influence over the company’s scientific and engineering direction.

TAE Technologies, which counts Google and Goldman Sachs among its backers, has raised more than $1.3bn in private funding. Alongside its fusion research, the group develops energy storage and power delivery technologies for batteries and electric vehicles, while its life sciences arm applies related technology to cancer treatments.

Devin Nunes described the deal as a step towards “a revolutionary technology that will cement America’s global energy dominance for generations”, calling fusion power the most significant energy breakthrough since the mid-20th century. He said Trump Media would provide the capital and access to public markets needed to help bring the technology closer to commercial reality.

As part of the merger, Trump Media will inject up to $200m (£149m) in cash into TAE Technologies at completion, with a further $100m (£74.7m) available once the transaction is formally registered.

The move comes as Trump Media continues to struggle financially. The company, which derives most of its revenue from advertising on Truth Social, has posted consistent losses since its launch. In its most recent quarterly results, it reported declining revenues and a net loss of $54.8m (£40.9m).

Despite those challenges, the merger signals an ambitious attempt to reposition Trump Media as a player in one of the most capital-intensive and politically strategic sectors of the global economy, at a time when governments and investors alike are racing to secure long-term, low-carbon energy supplies.

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Trump Media to merge with fusion energy firm in $6bn bid to enter nuclear power race

Millions of people could soon be able to spend more than £100 with a single tap of their bank card, after the financial regulator confirmed plans to lift the current contactless payment limit.

From March, banks and card providers will be allowed to set their own maximum limits for contactless payments, including the option of removing the cap altogether, without requiring customers to enter their PIN. The Financial Conduct Authority (FCA) has also encouraged firms to give customers greater control, such as allowing them to set their own limits or disable contactless payments entirely.

The move marks a significant shift from the long-standing £100 cap, although the FCA stressed that it does not expect banks to raise limits immediately. Instead, firms will be given flexibility to adapt their products over time in response to consumer demand and technological change.

Contactless payments were first introduced in the UK in 2007 with a £10 limit. That ceiling has steadily risen over the years, reaching £100 in 2021 following a series of increases accelerated by the Covid pandemic. By contrast, smartphone payments using biometric security such as fingerprint or facial recognition already allow unlimited spending.

Despite the regulatory change, appetite for higher limits appears muted. An FCA survey conducted during the consultation found that 78 per cent of consumers did not want the £100 limit changed. Many respondents cited concerns over fraud, theft and accidental overspending.

Those worries have been echoed by academics and consumer groups, who warn that higher or unlimited contactless limits could make cards more attractive to criminals. While safeguards already exist — such as requiring a PIN after a series of contactless transactions — critics argue that removing the cap could increase risk, particularly if a card is stolen.

There are also concerns about spending behaviour. Unlimited contactless payments could encourage impulsive purchases, especially on credit cards, where consumers are borrowing rather than spending their own money. Financial abuse charities have warned that higher limits could make it easier for abusers to drain victims’ accounts without immediate detection, while also accelerating the shift towards a cashless society.

The FCA said consumers would still be protected against fraud losses. David Geale, the regulator’s executive director of payments and digital finance, said the aim was to balance flexibility with safety.

“Contactless is people’s favoured way to pay,” he said. “We want to make sure our rules provide flexibility for the future, and choice for both firms and consumers.”

Industry bodies have sought to reassure customers that any changes would be cautious. Jana Mackintosh, managing director of payments and innovation at UK Finance, said banks would ensure “strong security and fraud controls remain in place”.

Several other countries, including Canada, Australia and New Zealand, already allow card providers to set their own contactless limits.

The announcement comes as efforts continue to preserve access to cash for those who rely on it. Cash Access UK said this week it has opened its 200th shared banking hub, offering face-to-face services in communities affected by branch closures.

While the £100 cap may soon be history, how far banks choose to push contactless limits — and how many customers opt in — remains to be seen.

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£100 contactless card limit to be lifted as banks gain freedom to set higher caps

TikTok has taken a decisive step towards securing its future in the United States after its Chinese owner, ByteDance, signed binding agreements with a group of US and international investors to operate the app’s American business.

In a memo to staff on Thursday, TikTok’s chief executive, Shou Zi Chew, confirmed that the deal will see a new joint venture take control of the platform’s US operations, bringing to an end years of political uncertainty and the threat of an outright ban on national security grounds. The transaction is expected to complete on 22 January.

Under the agreement, a consortium of investors including Oracle, Silver Lake and Abu Dhabi-based MGX will collectively own half of the new entity. ByteDance will retain a 19.9 per cent stake, while the remaining shares will be held by affiliates of existing ByteDance investors. Oracle, Silver Lake and MGX will each take a 15 per cent holding.

The deal aligns with a framework unveiled in September, when US President Donald Trump delayed enforcement of legislation that would have banned TikTok unless its US operations were sold. That law, passed by Congress in April 2024 under the Biden administration, had been due to take effect on 20 January 2025 but was repeatedly postponed as negotiations continued.

TikTok said the agreement would allow “over 170 million Americans to continue discovering a world of endless possibilities” on the platform. The White House has previously indicated that Oracle will license TikTok’s recommendation algorithm as part of the arrangement, with safeguards designed to address concerns over foreign influence and data security.

The path to the deal has been marked by geopolitical tension. Trump said in September that he had spoken directly with Chinese president Xi Jinping, claiming Beijing had given its approval. However, the app’s fate remained uncertain after US-China relations were strained by trade disputes and broader strategic rivalry.

Alvin Graylin, a lecturer at the Massachusetts Institute of Technology, said the agreement reflected a shift in tone between the two powers. He described TikTok as having become “a bargaining chip in the wider US-China relationship”, adding that China’s approval now looked like “calibrated de-escalation” rather than capitulation.

Not everyone is convinced the deal resolves underlying concerns. Senator Ron Wyden, a Democrat from Oregon, warned that the agreement may do little to protect Americans’ data privacy or prevent algorithmic influence. TikTok has said its recommendation system will be retrained on US user data to reduce the risk of external manipulation.

Among creators and businesses that rely on the platform, reaction has been cautious but hopeful. Tiffany Cianci, a small business owner with hundreds of thousands of followers on TikTok, said she hoped the new ownership structure would preserve the platform’s appeal to entrepreneurs. TikTok estimates that more than seven million small businesses in the US use the app to market their products and services.

With the deal now signed, TikTok appears to have bought itself stability in its largest overseas market. Whether the new structure fully satisfies lawmakers, regulators and users alike will become clear only after the joint venture begins operating under its new ownership.

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TikTok owner signs landmark deal to avert US ban