NEWS

What to expect from Osborne's emergency budget this week

July 07 ,2015 | by Thiago Kiwi

All eyes will be on British chancellor George Osborne this week as he unveils the first Budget of the new Conservative administration.

Although this will be Mr Osborne's seventh Budget as chancellor since succeeding Alistair Darling in 2010, it will be the first delivered under a Conservative majority government, with the departure of former coalition partners the Liberal Democrats expected to have an impact on the strategic direction of government policy.

The announcement on Wednesday (8 July) will therefore be seen as a barometer of what to expect from David Cameron's new administration, with the Budget proposals widely expected to be led by a fresh raft of cuts to public spending.

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Greek referendum: global markets feel impact as Greece rejects austerity

July 06 ,2015 | by Hari Sri

Global markets are readjusting following after the Greek referendum on the terms of its proposed bailout led to a resounding rejection of further austerity measures in the country.

The nation went to the polls yesterday (5 July) in a referendum called by the leftist Syriza government to decide whether or not to accept austerity proposals from the country's creditors - including the European Central Bank (ECB) and the International Monetary Fund (IMF) - that had been set out as preconditions for any further bailouts for the debt-stricken nation.

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Venture capital investment in UK tech hits record high

Venture capital investment in technology companies across Britain hit $1.5 billion in the six months to June, with London leading the way.

A record high of almost $1.5 billion (£963 million) was invested by venture capital firms in Britain's technology companies during the first half of 2015. 

This is according to new figures released by London & Partners, the promotional company for the capital set up by mayor Boris Johnson.

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Bank of England plan measures to shield UK from Greece risk

Bank of England governor Mark Carney has revealed plans are being put in place to shield the British economy from the financial crisis in Greece.

The economic crisis in Greece could have a knock-on effect on the UK economy, but the Bank of England (BoE) is taking steps to ensure it remains protected.

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India prepares for ecommerce boom

July 01 ,2015 | by Hari Sri

Ecommerce looks set to boom in India in the coming years, with many companies looking to take advantage.

Ecommerce has taken developed nations by storm, changing the way both consumers and businesses make purchases. It has been hugely popular across Europe, the US and Asia for years, and now other nations are catching up.

One country where ecommerce is expected to boom is India. A PwC report, using data from the Internet and Mobile Association of India, shows the sector grew in value from $3.8 billion (£2.4 billion) in 2009 to an estimated $12.6 billion in 2013, and this rise is expected to continue.

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GDP growth and consumer confidence boost UK economy

June 30 ,2015 | by Hari Sri

Better-than-expected GDP figures and a 15-year high in consumer confidence have both boosted the UK economy.

There has been a double boost for the UK economy yesterday (June 30th), with statistics revealing not only that growth has been stronger than expected this year, but that consumer confidence has jumped.

The Office for National Statistics says that gross domestic product (GDP) expanded by 0.4 per cent in the first quarter of 2015, greater than the 0.3 per cent it initially estimated.

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FTSE falls as markets react to Greece turmoil

June 29 ,2015 | by Thiago Kiwi

Greece now looks likely to default on loans and could exit the euro as banks close and prime minister Alexis Tsipras calls a referendum.

Shares have fallen around Europe today (29 June) as markets react to the ongoing financial crisis in Greece, where banks are expected to remain closed all week.

The FTSE 100 ended the day down nearly two per cent, as banking and travel stocks reacted negatively to Greece inching closer to leaving the euro.

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Bill Gates calls for investment in renewable energy innovation

June 26 ,2015 | by Helen Gould

Governments should ramp up investment in research to power innovation in renewable energy, says Bill Gates.

Philanthropist Bill Gates has called on governments to shift to funding research into renewable energies, instead of merely subsidising it. 

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London and New York best at fostering innovation

New research shows that the cities of New York and London provide the best environment for fostering innovation and entrepreneurship.

New York and London are the top two cities for fostering innovation and entrepreneurship, according to a new report. The research, published by innovation charity Nesta, Accenture and the Future Cities Catapult, sought to measure how well a city strives to support budding businesses in the tech community.

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UK government called on to offer more support for exports

June 24 ,2015 | by Thiago Kiwi

Cole Commission report urges UK government to further support and fund small exporters to help reach £1 trillion goal.

The UK’s government has been called upon to improve British exports by a new report, which suggests cabinet-led action to make it easier to support businesses. Commissioned by the last Labour opposition, the study said that improving UK exports was a “huge task” that should not be underestimated.

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UK productivity growth predicted by Bank of England

June 23 ,2015 | by Hari Sri

Bank of England deputy governor Jon Cunliffe forecasts improvement in Britain’s productivity as reserve of spare labour runs out.

The solution to Britain’s productivity problem could be just around the corner, according to Jon Cunliffe, the Bank of England’s (BOE’s) deputy governor for financial stability. He predicts that productivity in the UK is set to gradually increase as the economy’s spare labour capacity dries up.

Speaking in Luton, Mr Cunliffe outlined how several factors were aligning to suggest that productivity growth in Britain would resume after eight years of contraction.

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Markets in Europe ride wave of optimism higher

June 22 ,2015 | by Claire Payne

European stock markets surge on renewed optimism over the Greek debt crisis.

Equities in Europe took a positive turn after new developments in the ongoing Greek debt crisis on Monday 22nd June. Hopes for a coming deal between the heavily indebted nation and its European creditors soared on news that Greece had submitted a new reform proposal that sought a compromise on key issues.

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India to create IPO platform for startups

Market regulator of India, Sebi, will create a platform to help startups get listed and raise funds.

India’s market regulator, the Securities and Exchange Board of India (Sebi), will be implementing new changes to help startups access funding and go public. The plans will embrace current technology to create a new electronic system for startups that wish to embark on their initial public offering (IPO).

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Best British tech startups grow six times faster than UK businesses

The UK’s hottest tech startups part of London Tech City’s Future Fifty are growing at six times the rate than other UK businesses.

Startups that are part of Tech City’s Future Fifty, some of the UK’s leading digital businesses, have been found to be growing at a rate that is six times faster than the national average.

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Asia has become the world’s second-richest region

June 18 ,2015 | by Hari Sri

The Asia Pacific, excluding Japan, surpassed Europe in terms of private wealth, says Boston Consulting Group report.

Asia surpassed Europe to become the world’s second-richest region in terms of private wealth last year, according to new research. Private wealth in the Asia Pacific, which excludes Japan, grew by a steep 29 per cent in 2014 to nearly £30 trillion. The stellar rise was aided by increase in the number of millionaires in India and China.

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Does technology create or destroy jobs?

Many claim new technological advances pose a threat to employment as real people are replaced by software - but is this really the case?

Those who believe that technology is having a detrimental effect on jobs often point to industries like manufacturing, where machines are now carrying out the work that people used to do. A more recent example is the services industry, with the introduction of self-checkouts.

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UK SME growth rate at highest level since 2008, says report

Small businesses in the UK are growing at their fastest rate in seven years, says Enterprise Research Centre report.

The UK’s population of small and medium-sized enterprises (SMEs) is growing at its fastest rate of growth since the financial crisis in 2008, according to new research.

Published today, June 17th, the Enterprise Research Centre’s (ERC’s) report claimed that the private sector in Britain saw more than 600,000 new jobs added in 2014. Small businesses in the UK have now regained “the ground lost” in the recession as the economy continues to flourish.

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“Tech hub of Europe” sees launch of London Technology Week 2015

London Technology Week 2015 launches, with Mayor Boris Jonhson attending, as research shows the UK capital is the tech hub of Europe.

The burgeoning tech scene of the UK’s capital was confirmed to be the best in Europe by new research, which was published to celebrate the opening of London Technology Week. The event is set to last all week, scheduled until Sunday, 21 June.

In fact, London was the premier choice for almost three times as many tech startups as the next attractive city Paris. Over 1,000 tech startups came to London between 2005 and 2014, nearly triple the 381 startups that set up shop in Paris.

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UK wage growth forecast to hit seven-year peak, forecasts study

June 15 ,2015 | by Hari Sri

Wages in Britain will increase at fastest rate since the 2007 financial crisis, predicts independent thinktank.

When official figures are published later this week, workers in the UK are likely to see that real wages have grown at their fastest rate since before the financial crisis, according to a new forecast.

Independent thinktank Resolution Foundation expects that the coming release of employment figures will show that average weekly wages grew by 2.5 to 2.6 per cent in April this year, when compared with the same month last year. If we take into account that inflation has been near zero for the last few months, then real wages rose between 2.5 to 2.7 per cent - a near eight-year high.

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Higher education in Britain is "high growth export", says new report

June 12 ,2015 | by Thiago Kiwi

The UK economy could receive a welcome boost from exporting the higher education sector as a whole, says Universities UK research.

Higher education plays an essential role in the UK’s economy, supporting the uptake of skills while driving innovation and attracting investment and talent. New research this week from Universities UK shows that education exports offer a valuable contribution to Britain and its economy, creating a high-growth industry in its own right.

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Google announces plans to improve 3.5bn city dwellers’ lives worldwide

A plan to craft a business out of creating solutions to big-city problems has been unveiled by Google.

Internet search giant Google announced the launch of a company devoted to tackling the problems experienced by the world’s 3.5 billion city dwellers. The new subsidiary, Sidewalk Labs, will concentrate on developing and incubating urban technologies that can be implemented in cities across the globe.

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George Osborne wants to ban deficits in UK budgets

June 10 ,2015 | by Thiago Kiwi

UK Chancellor George Osborne will announce plans to create a law banning future governments from running a deficit.

The UK’s chancellor of the exchequer, George Osborne, will use his yearly speech at Mansion House the evening of June 10th to announce plans to introduce a law that forces future governments to run a budget surplus. It will effectively require governments to stop spending all the taxes and money it collects in “normal” economic conditions, instead saving some for times of hardship.

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Online shopping forecast to grow by £320bn by 2018

Research suggests collective value of online shopping in US, China, UK and Germany will double by 2018 to £645 billion.

The four largest online shopping markets in the world will continue to grow over the next three years, with new research suggesting that the size of the market will double to £645 billion by 2018.

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British economy exceeding expectations, says CBI

June 08 ,2015 | by Hari Sri

The UK’s economy is on a “firm footing” after growing faster than predicted in 2014 according to CBI forecast.

Britain’s economy has nothing to worry about, despite a slight downgrade in recent growth forecasts. In fact, the UK’s economy is on a “firm footing” after growth in 2014 surpassed expectations. Predictions point towards solid, steady and sustainable growth in 2016, according to the Confederation of British Industry (CBI).

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Health tech startups growth will not dwindle, say experts

Data-oriented health tech startups grow in strength as experts note that the recent boom is no bubble.

The number of health-focused companies that utilise data analysis techniques is not likely to decline any time soon, according to a panel of speakers from health technology companies at the Wisconsin Entrepreneurs’ Conference. Meanwhile, the surge in these startups is driving a wave of recruitment of some of the internet’s top talent.

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