fbpx

Latest Economy News


MPs urge Chancellor to push forward robotics tax breaks

The Chancellor should bring forward proposals for new tax incentives to encourage investment in robotics to boost productivity, a group of MPs has urged.

In a new report, the Commons Business, Energy and Industrial Strategy Select Committee warns that if the transition to a more automated workplace is managed badly, entire groups and regions could be left behind and British businesses could find themselves uncompetitive.


108,000 retail jobs lost to automation and e-commerce since 2011

More than 100,000 high street retail jobs have been lost to automation and e-commerce since 2011, according to a report.

Women and regional workers were most affected as retailers cut traditionally female customer service positions in favour of extra warehouse roles which had mostly gone to men, the Royal Society for the Encouragement of Arts, Manufactures and Commerce (RSA) said.


First US-regulated token sale raises $23 million

Blockchain outfit Blockstack has raised $23 million in a Securities and Exchange Commission-approved token sale, the first time an ICO has been approved by the regulator.

In June, the Commission granted the decentralised app platform permission to sell its tokens under Regulation A+ — an exemption that allows smaller companies to raise up to $50 million from the public and not just accredited investors. Compared to traditional IPOs, Regulation A+ offerings have lenient disclosure requirements.


AI investment in the UK reaches all-time high

Investment into UK artificial intelligence companies reached record levels in the first six months of this year, sealing a record year for funding and the UK’s position as a top-three country for AI investment.

Tech Nation compiled the statistics to compare the UK’s performance with other countries worldwide, to coincide with the launch of its new Applied AI growth programme.


Tech-literate millennials are the biggest victims of bank scams

Millennials are falling victim to scams involving handing money to fraudsters more than any other age group, according to Lloyds Bank.

New data shows that victims aged 18 to 34 are losing £2,630 on average to the fraud, which typically involve scammers impersonating banking staff, the police or HM Revenues and Customs.


Weak pound drives record investment into UK tech sector

Investment in the UK tech sector has continued to surge, as British firms secured more foreign funding in the first seven months of 2019 than during the whole of 2018, according to new research.

Fast-growing UK tech companies secured a “staggering” 6.7 billion US dollars (£5.5 billion) in investment in the period to July, according to new research by Tech Nation and Dealroom.


Further delay for US ban on trade with Huawei

A US ban on trade with Huawei has been delayed by a further 90 days, the US Commerce Secretary has confirmed.

Wilbur Ross said a temporary licence that eased restrictions on the Chinese technology giant and had been due to expire on Monday has now been extended to November.

Mr Ross told the Fox Business TV channel that the aim of the initial licence and its extension was to give US firms “a little more time to wean themselves off” Huawei products.


Young people believe their future jobs do not yet exist

A survey of young people, coinciding with A-level results day, found that almost half (47 percent) of 16 to 24-year-olds believe they will work in a role that does not currently exist.

But less than one-in-five think they have the skills required to future-proof their careers.


Growth of UK tech sector slows for first time in seven years

Wider economic downturn finally hits the typically resilient tech sector Growth in the UK tech economy has eased for the first time in seven years, with Brexit uncertainty and cuts to corporate spending blamed. The KPMG UK Tech Monitor Index, which measures the economic strength of the sector, revealed growth had dropped from 54.4 points… Read More


Mastercard R&D boss says Facebook digital currency has ‘good intentions’

Ken Moore said Mastercard believed the social network was trying to remove some of the challenges around cryptocurrency Facebook’s new digital currency has “good intentions” in wanting to remove some of the challenges around cryptocurrencies, a Mastercard executive has said. The social network has announced plans to launch its Libra digital currency as part of… Read More


NTT combines Dimension Data, NTT Communications, and NTT Security into $11 billion entity

New $11bn IT services entity to be headquartered in London Japanese telecommunications company NTT Corp has consolidated three of its key IT businesses into a single $11bn (£8.7bn) business. The new technology services arm is called NTT Ltd and is made up of Dimension Data, NTT Communications and NTT Security. In total 28 brands have… Read More


Sir Nick Clegg calls for Big Tech regulation but defends Facebook

Facebook’s VP of global affairs defended the company and said it had been the victim of a ‘tech lash’ of suspicion Facebook’s head of global affairs Sir Nick Clegg has reiterated his belief that increased regulation of tech firms can not be done solely by the internet companies themselves. Sir Nick said it should not… Read More



Do NOT follow this link or you will be banned from the site!