News That Matters

Tag: firms

Brexit sending UK space firms out of orbit

Brexit sending UK space firms out of orbit

Technology
UK companies are already starting to lose out on European space contracts as a result of Brexit, MPs have heard.Simon Henley, president-elect of the Royal Aeronautical Society - which represents professionals in the industry - said firms were missing out on bids on the Galileo satellite programme because it is funded by the European Union.Separately, the UK head of aviation giant Airbus - which builds wings for its aeroplanes in north Wales - told the Commons Business, Energy and Industrial Strategy (BEIS) committee that other countries were now "knocking at the door" for that business.MPs were taking evidence as part of an inquiry into the impact of Brexit on aerospace.It came as elsewhere, the Institute of Directors (IoD) added to voices from business warning that a transitional arrangem...
Firms deliver Brexit warning to May at talks

Firms deliver Brexit warning to May at talks

Business
Business groups from across the EU have warned Theresa May on the threat to investment and jobs without "urgent progress" in Brexit talks within the next two weeks. The delegation visited Downing Street to voice fears that current uncertainty over the UK's future trading relationship with the EU was damaging to firms across the continent.Business groups from countries including Germany, France and Ireland joined UK counterparts in urging both sides in the break-up to heed their united stance on the need for trade talks to be given the green light by EU leaders at their December summit in two weeks' time.As we leave the EU, we must do all we can to ensure that UK and EU businesses continue to thrive side-by-side. That’s why it was so important to speak to European business leaders in Downin
Backing Big Brother: Investors are pouring into Chinese facial recognition firms

Backing Big Brother: Investors are pouring into Chinese facial recognition firms

Finance
Buoyed by China's plans to build a ubiquitous CCTV surveillance network, Chinese and some foreign investors are pouring money into start-up technology firms that specialize in facial recognition software.At stake for firms such as SenseTime Group, Face++ and DeepGlint, is a multi-billion dollar global public and private market for facial recognition technology that can quickly identify individuals by measuring major elements of their faces, such as the distance between the eyes and the curve of the cheekbones.With the use of artificial intelligence (AI) the technology can recognise and track those wanted by the authorities by seeking a match from a database of photographs. In the commercial world it can be used for security at homes, workplaces and ATM machines, and as a part of payments s...
Broadband firms agree automatic compensation

Broadband firms agree automatic compensation

Business
Broadband and landline providers have agreed a new system of automatic compensation when customers suffer poor service, the telecoms regulator has announced.Ofcom said that issues such as slow repairs and missed appointments would result in money back from the company responsible, without it having to be claimed.It calculated the change would bolster levels of redress to customers - including many small businesses - by 900% because compensation was currently only paid in about one in seven cases.The watchdog's plan contains set compensation levels for certain failures. They include £25 for an engineer missing an appointment or failing to give 24 hours' notice of a cancellation, and £5 for each day missed through delays to a new contract.But Ofcom cautioned that it would be at least 15 mont
'Big six' energy firms in advanced merger talks

'Big six' energy firms in advanced merger talks

Business
Two of Britain's "big six" energy suppliers are in advanced talks about a merger that would alter the landscape of the under-fire sector.SSE and Innogy - the German owner of npower - said they had been in discussions about combining their gas and electricity supply businesses in the UK.Any such move would be likely to face a competition probe and consumer Which? said authorities "must take a hard look before allowing any venture to go ahead".If cleared, a deal would see the big six potentially turned into a big five, by consolidating the operations of two of the companies that currently dominate the sector.SSE, which is currently Britain's second largest energy supplier, said: "The discussions between SSE and Innogy are continuing and are well advanced but no final decisions have been take...