Latest Economy News

Twitter staff brace for major layoffs

Employees at Twitter are preparing themselves for a major set of layoffs, as around 2,000 staff, or 25% of the workforce, may be dismissed as part of an extensive overhaul. Soon after buying Twitter for $44 billion, new owner Elon Musk appointed himself CEO, dissolved the board of directors and fired leading executives. Earlier reports… Read More

Asia Crypto Ecosystem Faces New Opportunities and Challenges

The crypto space in Asia is set to undergo a great deal of change in the coming months, as Singapore prepares to introduce strict guidelines on virtual digital assets and China increases its efforts to reduce crypto transactions. However, the Asian crypto space is increasingly diverse, with a number of positive developments around cryptocurrencies and… Read More

Citeline, Norstella Merge to Form $5bn Pharma Tech Company

Norstella and Citeline have completed a $5 billion merger to form one of the world’s largest pharmaceutical intelligence solutions providers. More than 1,600 employees make up Norstella’s five brands: Evaluate, MMIT, Panalgo, The Dedham Group, and now Citeline. “We believe that patient access starts with identifying unmet needs and doesn’t end until a patient has… Read More

Rockwell Automation acquires CUBIC, broadening access to data centre solutions

Rockwell Automation, the world’s largest industrial automation and digital transformation company, has completed its acquisition of CUBIC, a Danish company specialising in modular systems for constructing electrical panels. The deal is expected to broaden Rockwell’s market access in renewable energy and data centre solutions. “We are excited to welcome the CUBIC team with their expertise… Read More

Indian semiconductor component market forecast to reach $300bn by 2026

A combination of supply chain challenges and COVID-related issues have significantly impaired the semiconductor manufacturing sector. The massively growing number of devices and products that require semiconductors, such as smartphones, computers, trains and cars, is helping drive demand. According to a new joint report by the India Electronics & Semiconductor Association (IESA) and Counterpoint Research,… Read More

Research shows organisations expect to ramp up tech investment post Covid-19

Investment in new tech by businesses is likely to increase despite uncertainty from the coronavirus pandemic, new research suggests.

A survey of IT professionals by CWJobs as part of its annual Confidence Index found that almost half (49%) of senior staff believe they will increase their tech budget in the wake of the outbreak.

Alibaba Cloud to inject $28 billion into cloud infrastructure

Alibaba has announced plans to plough $28 billion into its cloud division over the next three years following a surge in demand for cloud services that assist remote working.

The majority of the investment will fund an expansion of Alibaba’s cloud operating system and servers and chips for its data centres. Alibaba Cloud currently has 63 availability zones, located in Asia, Australia, the Middle East, Europe and the United States.

Schneider Electric reopens China factories closed due to coronavirus

Electrical equipment and data centre infrastructure giant Schneider Electric has said the financial impact of coronavirus on its quarterly revenues could reach €300m after factory closures in China temporarily halted production.

The company was forced to shut down facilities in China in response to the outbreak, 80 percent of which have now reopened.

UK businesses in chronic need of deep learning skills

British businesses are in dire need of more deep learning talent and risk falling behind other countries if the skills gap is not bridged, according to new research.

AI firm Peltarion surveyed UK and Nordic firms about the impact of the AI skills shortage on their businesses. 83 percent of the AI decision-makers surveyed said the deep learning skills shortage is hampering business productivity and competitiveness. 49 percent said AI projects had been delayed due to the gap, while 44 percent said the shortage was preventing further investment in the technology.

Donald Trump to warn UK against ‘discriminatory’ tax on online tech giants

The US Treasury Secretary has also highlighted the prospect of retaliatory trade tariffs if the UK presses ahead with the planned levy. Donald Trump will heap pressure on Boris Johnson to drop a tax on US tech giants, Washington indicated as the UK insisted it will implement the measure in April.

Facebook set to create 1000 jobs by the end of 2020 in the UK 

Facebook plans to hire 1,000 more people in the UK by the end of 2020, with a large number working on technologies to remove harmful content. The social network said more than half of the recruits will work in technology-focused roles across software engineering, product design and data science, as well as developing the WhatsApp app, and Workplace, its business-skewed version of Facebook.

Tech investors in the UK helped create eight ‘unicorns’ in 2019

The UK created eight unicorns in 2019 – companies worth more than one billion US dollars – as investment into the tech sector hit new record highs, research has found. Investment in UK tech hit 13.2 billion dollars (£10.1 billion) last year, with the speed of growth faster than both the US and China and outstripping fundraisers in France and Germany.